第一章 总则 第一条 为加强国药集团一致药业股份有限公司（以下简称"公司"）市值管 理，进一步加强与规范公司的市值管理行为，维护公司、投资者及其他利益相关 者的合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司监管指引第 10 号——市值管理》《深圳证券交易所股票上市规则》等法 律法规、规范性文件及《国药集团一致药业股份有限公司章程》（以下简称"《公 司章程》"）的规定，结合公司实际情况，制定本制度。 国药集团一致药业股份有限公司 第二条 本制度所称市值管理，是指公司以提高公司质量为基础，为提升投 资者回报能力和水平而实施的战略管理行为。 市值管理制度 第三条 市值管理的基本原则包括： （一）合规性原则：在严格遵守相关法律法规、规范性文件、自律监管规则 以及《公司章程》等内部规章制度的前提下开展市值管理工作。 （二）系统性原则：按照系统思维、整体推进的原则，改善影响公司市值增 长的各大关键要素。 （三）科学性原则：市值管理依其规律科学而为，不能违背其内在逻辑。公 司将科学研判影响公司投资价值的关键性因素，以提升公司质量为基础开展市值 管理工作。 （四）常态性原则：公司将及时关注资本市场 ...

Group 1 - The core point of the article is that China National Pharmaceutical Group Corporation (国药一致) reported a decline in both revenue and net profit for the first quarter of 2025, indicating potential challenges in its financial performance [1] Group 2 - The company's revenue for the first quarter of 2025 was 18.294 billion yuan, representing a year-on-year decrease of 4.17% [1] - The net profit for the same period was 328 million yuan, which reflects a year-on-year decline of 15.63% [1]

Financial Performance - In Q1 2025, the company reported revenue of CNY 18.29 billion, a decrease of 4.17% compared to CNY 19.09 billion in the same period last year[5]. - Net profit attributable to shareholders was CNY 327.99 million, down 15.63% from CNY 388.77 million year-on-year, with basic earnings per share decreasing by 15.71% to CNY 0.59[5]. - The distribution segment generated revenue of CNY 13.59 billion, a decline of 2.61%, while net profit was CNY 23.10 million, down 3.75% year-on-year[5]. - The retail segment, represented by Guoda Pharmacy, achieved revenue of CNY 4.98 billion, a decrease of 7.49%, with net profit plummeting 94.28% to CNY 0.04 million[5]. - The net profit for the current period is CNY 347,677,306.80, a decrease of 22.1% compared to CNY 446,123,063.02 in the previous period[21]. - The total profit for the current period is CNY 438,326,864.61, down from CNY 550,249,302.13, reflecting a decline of 20.3%[21]. - The operating profit for the current period is CNY 439,138,215.70, compared to CNY 544,001,136.48 in the previous period, indicating a decrease of 19.3%[21]. - The company reported a decrease in sales revenue from CNY 16,287,280,704.30 to CNY 15,787,668,453.64, a decline of 3.1%[22]. Cash Flow and Assets - The company experienced a significant increase in cash flow from operating activities, reporting a net cash outflow of CNY 1.82 billion, compared to a net outflow of CNY 634.15 million in the previous year, marking a 186.57% decline[5]. - Cash flow from operating activities decreased by 118,312.42 million yuan, a decline of 186.57% due to increased payable notes and delayed receivables[12]. - Net cash flow from investment activities decreased by 2,047.98 million yuan, a drop of 82.44%, primarily due to reduced returns from investment projects[12]. - Cash flow from financing activities decreased by 33,042.73 million yuan, a reduction of 33.32%, mainly attributed to timing differences in factoring business[12]. - Total cash and cash equivalents decreased by 121,806.13 million yuan, a decline of 214.79%, influenced by increased payable notes and decreased sales scale[12]. - Cash and cash equivalents at the end of the period amount to CNY 5,338,493,281.93, slightly up from CNY 5,268,204,527.14 in the previous period[23]. - Current assets totaled ¥40,139,860,703.30, up from ¥37,576,395,698.77, representing an increase of 6.77%[18]. - Non-current assets decreased slightly to ¥9,883,181,465.79 from ¥9,979,464,716.45, a decline of 0.97%[18]. - Total liabilities increased to ¥28,921,099,065.70 from ¥26,800,461,097.40, marking an increase of 7.87%[19]. - Accounts receivable increased to ¥23,588,402,403.91 from ¥19,376,751,928.72, reflecting an increase of 21.43%[18]. - Inventory increased to ¥8,021,262,862.14 from ¥7,406,159,009.11, an increase of 8.31%[18]. - Long-term equity investments rose to ¥3,045,046,646.19 from ¥2,944,833,760.49, an increase of 3.41%[18]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 40,428[14]. - The largest shareholder, China National Pharmaceutical Group Corporation, holds 56.06% of shares, totaling 311,999,988 shares[15]. - The second-largest shareholder, National Social Security Fund 413 Portfolio, holds 1.36% of shares, totaling 7,560,013 shares[15]. Strategic Focus - The company is focusing on enhancing operational management in the distribution business and improving efficiency in the retail segment through dynamic management of loss-making stores[6]. - The company aims to strengthen its core business and develop a standardized management system to foster sustainable growth amidst a challenging market environment[6]. Other Financial Metrics - Basic and diluted earnings per share are both CNY 0.59, down from CNY 0.70 in the previous period[21]. - The total cash inflow from financing activities is CNY 661,184,385.13, compared to CNY 991,611,668.12 in the previous period, a decrease of 33.3%[23]. - The company incurred credit impairment losses of CNY -63,856,766.00, compared to CNY -40,849,138.51 in the previous period, indicating an increase in losses[21]. - The company has not yet audited the first quarter report for 2025[25].

证券代码：000028、200028 证券简称：国药一致、一致B 公告编号：2025-25 国药集团一致药业股份有限公司 关于举办2024年度暨2025年第一季度业绩说明会的公告 会议召开时间：2025年4月29日（星期二）15:30-16:30 会议召开地点：深圳市福田区八卦四路15号一致药业大厦5楼会 议室 会议召开方式：现场交流 二、参加人员 董事长、独立董事、总经理、财务总监、董事会秘书将出席此次 业绩说明会。 三、投资者参加方式 1、预约报名。请拟参与本次业绩说明会的投资者，于2025年4月 28日（星期一）12:00前通过网址https://eseb.cn/1nueUcIbYWs或使用微 信扫描下方小程序码进行预约登记，以便做好相关安排。 本公司及董事全体人员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 国药集团一致药业股份有限公司（以下简称"公司"）于2025年4 月8日发布公司2024年年度报告，并将于4月25日发布公司2025年第 一季度报告，为便于投资者了解公司经营情况及未来发展规划，将 举办2024年度暨2025年第一季度业绩说明会，现将有关事项公告如 下： ...

Core Insights - The company, China National Pharmaceutical Group Corporation (国药一致), demonstrated strong resilience and potential in 2024, achieving a total revenue of 74.378 billion yuan, despite a year-on-year decline of 1.46% [1][2] - The company has been recognized for its commitment to sustainable development, having published ESG reports for 18 consecutive years, and achieved A-level ratings in two major assessments in 2024 [1][4] Financial Performance - The company reported a net profit attributable to shareholders of 642 million yuan, a significant year-on-year decrease of 59.83% [2] - Operating cash flow showed positive performance, with a net cash flow from operating activities reaching 3.271 billion yuan, an increase of 11.38% year-on-year [3] - The company announced a cash dividend of 3.66 yuan per 10 shares, totaling 204 million yuan, with a dividend payout ratio of 31.7%, marking a historical high [3] Business Segments - The distribution segment achieved steady growth through accelerated digital application and optimization of product structure, contributing significantly to overall performance [2] - The retail segment, led by Guoda Pharmacy, shifted its strategic focus from "scale growth" to "high-quality development," with self-owned brand sales exceeding 1 billion yuan, a 46% increase year-on-year [2] ESG Initiatives - The company has made significant strides in environmental sustainability, reducing comprehensive energy consumption by 4.39% year-on-year, with a total of 13,730 tons of standard coal consumed in 2024 [4] - Waste management practices have improved, with hazardous waste emissions reduced by 52.69% to 48 tons in 2024 [5] - The company has implemented a green office initiative, achieving a paperless operation in business processes [6] Social Responsibility - The company invested 2.5998 million yuan in rural revitalization efforts in 2024, contributing to health and consumption support [8] - Employee training programs were expanded, with approximately 550 training projects conducted, benefiting around 300,000 individuals [7] - The company maintained a high employee satisfaction rate, with a focus on equal employment and comprehensive labor rights coverage [7] Governance Improvements - The proportion of independent directors increased to 57.14%, enhancing governance quality and oversight [8] - The company has established a robust anti-corruption training program, covering 14,017 individuals in 2024 [9] - Investor relations management has been strengthened, achieving a 100% response rate to investor inquiries [9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.56 CNY [6][12] Core Views - The distribution business shows steady growth, while the retail segment faces pressure due to policy changes and impairment losses. The company is optimizing store operations and focusing on its own brand to drive retail transformation, leveraging the synergy between wholesale and retail [2][12] - The company aims for "high-quality development" as its core strategy, enhancing efficiency through innovation in the distribution segment and improving profitability in the retail segment via store optimization and brand development [12] Financial Summary - For 2024, the company is projected to achieve revenue of 743.78 billion CNY, a decrease of 1.46% from the previous year. The net profit attributable to shareholders is expected to be 642 million CNY, down 59.83% [4][12] - The distribution business is expected to generate revenue of 529.84 billion CNY, reflecting a growth of 1.98%, while the retail segment is projected to decline to 223.57 billion CNY, a decrease of 8.41% [12] - The company plans to adjust its earnings per share (EPS) forecasts for 2025 and 2026 to 2.63 CNY and 2.82 CNY, respectively, with a new forecast for 2027 set at 3.04 CNY [12] Business Segments - The distribution segment is focusing on high-quality development, optimizing product structure, and increasing the proportion of innovative drugs, which is expected to drive future growth [12] - The retail segment is undergoing significant adjustments, shifting from scale growth to high-quality development, with a focus on loss management and the expansion of self-owned brands [12] Market Data - The company's market capitalization is approximately 13.72 billion CNY, with a current stock price of 24.65 CNY [7][12] - The price-to-earnings (P/E) ratio is projected to be 21.35 for 2024, decreasing to 8.12 by 2027 [4][12]

Investment Rating - The investment rating for the company is "Buy" [10] Core Views - The company's 2024 performance was impacted by impairment losses, but it is expected to achieve recovery growth in 2025 [6] - The company reported a revenue of 74.378 billion yuan in 2024, a decrease of 1.46%, and a net profit attributable to shareholders of 642 million yuan, down 59.83% [2][3] - The report highlights the company's focus on high-quality development and innovation in its distribution and retail segments [4][5] Financial Performance - The company recognized a total impairment of 1.094 billion yuan, which significantly affected its net profit [3] - The distribution segment achieved a revenue of 53 billion yuan, an increase of 1.98%, while the retail segment generated 22.357 billion yuan, a decrease of 8.41% [4] - The gross profit margin for 2024 was 11.09%, down 0.9 percentage points, and the net profit margin was 0.86%, down 1.26 percentage points [5] Profit Forecast and Investment Suggestions - The profit forecasts for 2025-2027 have been revised downwards, with expected net profits of 1.34 billion yuan, 1.46 billion yuan, and 1.59 billion yuan respectively [6] - The company is positioned as a leading pharmaceutical wholesale and retail platform, with significant potential for profit release in its retail business [6]

Core Insights - The company reported a revenue of 74.378 billion yuan for 2024, a year-on-year decline of 1.46%, with a net profit attributable to shareholders of 642 million yuan, corresponding to an earnings per share of 1.15 yuan, down 59.83% year-on-year [1] Distribution Segment - In 2024, the distribution segment generated a revenue of 52.984 billion yuan, a year-on-year increase of 1.98%, while net profit was 922 million yuan, down 12.74% due to high base effects from land disposal gains in 2023 and increased funding costs from extended accounts receivable [2] - The company is accelerating the transformation of its distribution business, enhancing digital applications, and optimizing product structure to increase the proportion of innovative drugs [2] Retail Segment - The retail segment is undergoing an adjustment, with 2023 revenue at 22.357 billion yuan, a year-on-year decline of 8.41%, and an operating loss of 1.067 billion yuan, down 249.62% [2] - The net profit for the retail segment was -1.104 billion yuan, a decline of 309.53%, primarily due to impairment provisions for intangible assets related to goodwill and acquisition payments [2] - The strategic direction of Guoda Pharmacy has shifted from "scale growth" to "high-quality development," resulting in the closure of over 1,270 direct stores, with a total of 9,569 stores remaining as of December 31, 2024 [2] - Sales of self-owned products at Guoda Pharmacy exceeded 1 billion yuan in 2024, a year-on-year increase of 46%, with gross profit rising by 44% [2] Cash Flow and Financial Ratios - The company's operating cash flow increased by 11.38% year-on-year, reaching 3.271 billion yuan, attributed to improved human efficiency management [3] - The asset-liability ratio stood at 56.36%, up 0.46 percentage points year-on-year, while the current ratio was 1.52, up 0.03, and the quick ratio was 1.18, up 0.05 [3] - The cash ratio improved to 0.29, an increase of 0.05 year-on-year, and the investment income from joint ventures was 370 million yuan, a year-on-year increase of 17.20% [3] Profit Forecast and Valuation - The company maintains a profit forecast of 900 million yuan for 2025 and 1 billion yuan for 2026, representing year-on-year growth of 40.2% and 11.1% respectively [4] - The current stock price corresponds to a price-to-earnings ratio of 15.0 times for 2025 and 13.5 times for 2026 [4] - The company maintains an outperform rating with a target price of 32.13 yuan, implying an upside potential of 32.1% from the current stock price [4]

Core Viewpoint - The company, Guoyao Yizhi, reported a significant decline in net profit for 2024, primarily due to goodwill impairment and increased competition in the retail sector, leading to a net profit drop of 59.83% year-on-year [1][2]. Financial Performance - In 2024, Guoyao Yizhi achieved operating revenue of 74.378 billion yuan, a year-on-year decrease of 1.46% [1]. - The net profit attributable to shareholders was 642 million yuan, down 59.83% year-on-year, with earnings per share decreasing by 59.93% [1][2]. - The company recorded a goodwill impairment provision of 8.88 billion yuan during the reporting period, contributing to a net profit reduction of 5.61 billion yuan [2]. Business Segments - The retail segment, primarily represented by Guoda Pharmacy, faced substantial losses, with a net profit of -1.104 billion yuan, a decline of 309.53% year-on-year [5]. - The distribution segment reported operating revenue of 52.984 billion yuan, a slight increase of 1.98%, but net profit decreased by 12.74% [3]. Market Environment - The pharmaceutical retail industry is undergoing significant structural adjustments, with an estimated closure of 39,000 retail pharmacies nationwide in 2024, reflecting a closure rate of 5.7% [6]. - Guoyao Yizhi's total number of Guoda Pharmacy stores was 9,569 as of December 31, 2024, with a net closure of 1,273 direct stores during the year [6]. Strategic Response - The company plans to restructure its business by closing unprofitable stores and focusing on digital transformation and diversified industry layouts [7]. - Despite the challenges, Guoyao Yizhi reported a net cash flow from operating activities of 3.271 billion yuan, an increase of 11.38% year-on-year, attributed to improved cash management and reduced employee-related expenses [7].

Core Viewpoint - The annual report of China National Pharmaceutical Group Corporation (Sinopharm) indicates a decline in both revenue and net profit for 2024, primarily due to challenges in the retail sector stemming from policy changes and intensified market competition [1][2]. Financial Performance - Sinopharm achieved operating revenue of 74.378 billion yuan, a year-on-year decrease of 1.46% [1]. - The net profit attributable to shareholders was 642 million yuan, down 59.83% year-on-year [1]. - The retail segment, primarily represented by Guoda Pharmacy, reported operating revenue of 22.357 billion yuan, a decline of 8.41% [2]. - The retail segment incurred a net loss of 1.072 billion yuan, a significant drop of 388.83% year-on-year [2]. Retail Sector Challenges - The retail sector's performance was adversely affected by industry policy changes and increased competition, leading to a substantial gap between expected and actual performance [2][3]. - The company recognized impairment losses of 970 million yuan on goodwill and intangible assets, which reduced net profit by 561 million yuan during the reporting period [2]. - The retail environment is characterized by declining customer traffic and sales of high-margin products, exacerbated by intensified competition and the impact of e-commerce [3]. Strategic Adjustments - In response to operational pressures, Sinopharm has initiated store closures, optimizing its retail footprint by shutting down over 1,270 stores in 2024 [3]. - The self-owned brand sales of Guoda Pharmacy exceeded 1 billion yuan, marking a 46% year-on-year increase, while innovative business sales reached 1.89 billion yuan [3]. - Despite these efforts, the overall performance of the retail business has not yet shown signs of recovery [3]. Distribution Segment Performance - The distribution segment generated operating revenue of 52.984 billion yuan, a slight increase of 1.98% year-on-year, but net profit fell by 12.74% to 922 million yuan [4]. - The decline in profitability is attributed to delayed receivables and increased funding costs due to a lack of extraordinary gains compared to the previous year [4]. Market Trends - The retail pharmacy market is experiencing a trend of store closures, with an estimated 39,000 retail pharmacies expected to shut down in 2024, resulting in a closure rate of 5.7% [5]. - The overall sales scale of the Chinese pharmaceutical retail market is projected to reach 501.9 billion yuan in 2024, reflecting a modest growth of 0.8% year-on-year [5]. Company Restructuring - Sinopharm has initiated bankruptcy liquidation for several subsidiaries, including Guoda Pharmacy's Anhui and Tianjin branches, as part of a strategy to enhance management efficiency and address financial challenges [6]. - The company acknowledges that the rapid expansion phase has led to structural adjustments in the retail sector, with a focus on improving operational quality and risk resilience [6].