Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 74.38 billion yuan in 2024, a year-on-year decrease of 1.5%, and a net profit attributable to shareholders of 640 million yuan, down 59.8% year-on-year. The fourth quarter alone saw a revenue of 17.91 billion yuan, a decline of 5.2%, and a net loss of 420 million yuan, a drop of 203.3% year-on-year [4] - The distribution segment achieved a revenue of 52.98 billion yuan in 2024, an increase of 2.0% year-on-year, while the retail segment reported a revenue of 22.36 billion yuan, a decrease of 8.4% year-on-year, resulting in a net loss of 1.1 billion yuan [8] - The company is expected to recover its profitability, with projected net profits of 1.33 billion yuan, 1.50 billion yuan, and 1.67 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 107.1%, 12.5%, and 11.7% [8] Financial Summary - In 2024, the company had a total market capitalization of approximately 13.7 billion yuan and a circulating market capitalization of about 13.53 billion yuan [2] - The company's total assets were reported at 47.56 billion yuan, with a debt-to-asset ratio of 56.36% [2] - The earnings per share (EPS) for 2024 was 1.15 yuan, with a projected EPS of 2.39 yuan for 2025 [7][9]

Core Viewpoint - The company reported a significant decline in net profit for 2024, attributed to a large goodwill impairment and challenges in the retail sector due to policy changes and increased competition [1][5][6]. Financial Performance - In 2024, the company achieved operating revenue of 74.38 billion yuan, a decrease of 1.46% compared to 2023 [2][3]. - The net profit attributable to shareholders was 642.49 million yuan, down 59.83% year-on-year [2][3]. - The net profit after excluding non-recurring gains and losses was 581.18 million yuan, a decline of 62.08% from the previous year [2][3]. - Basic and diluted earnings per share fell to 1.15 yuan, a drop of 59.93% [2][3]. - The weighted average return on equity decreased to 3.67%, down 5.89 percentage points from 2023 [2]. Business Segments - The distribution segment generated revenue of 52.98 billion yuan, a year-on-year increase of 1.98%, while net profit in this segment was 922 million yuan, down 12.74% [3]. - The retail segment, represented by Guoda Pharmacy, reported revenue of 22.36 billion yuan, a decline of 8.41%, and a net loss of 1.07 billion yuan, a decrease of 388.83% [4][5]. Goodwill Impairment - The company recorded a goodwill impairment of 9.7 billion yuan, which reduced net profit by 561 million yuan [5][6]. - The impairment was due to significant discrepancies between expected and actual performance of acquired assets, influenced by changes in consumer behavior and increased competition [5][6]. Store Closures - The number of stores decreased significantly, with Guoda Pharmacy closing over 1,270 direct-operated stores, resulting in a total of 9,569 stores by the end of 2024 [1][7]. - The strategic focus shifted from "scale growth" to "high-quality development," with measures in place to address losses [7][8]. Industry Context - The retail pharmacy sector is experiencing intense competition, with over 700,000 retail pharmacies in China, leading to a saturation of the market [8]. - The company anticipates further store closures and aims to improve single-store efficiency while adapting to the competitive landscape [8].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights a dual network layout of "Guangdong and Guangxi distribution + national retail," emphasizing the acceleration of performance growth through "quality improvement and efficiency enhancement" [2] - The company reported a revenue of 74.378 billion yuan in 2024, a decrease of 1.46% year-on-year, and a net profit attributable to shareholders of 642 million yuan, down 59.83% year-on-year [2] - The report anticipates a revenue recovery in 2025, projecting revenues of 75.655 billion yuan, with a net profit of 1.333 billion yuan, reflecting a year-on-year growth of approximately 107.5% [6] Summary by Sections Financial Performance - In 2024, the distribution segment achieved a revenue of 52.984 billion yuan, growing by 1.98% year-on-year, while net profit decreased by 12.74% to 922 million yuan [3] - The retail segment, represented by "Guoda Pharmacy," reported a revenue of 22.357 billion yuan, down 8.41% year-on-year, with a net loss of 1.104 billion yuan, a decline of 309.53% [4] - The company recorded a significant asset impairment loss of 984 million yuan in Q4 2024, primarily related to goodwill and intangible assets [2] Strategic Initiatives - The company is focusing on enhancing its traditional business while expanding innovative operations, including the introduction of 117 new innovative drugs and a 19% increase in innovative drug distribution in the Guangxi region [3] - The strategic direction for Guoda Pharmacy has shifted from "scale growth" to "high-quality development," leading to the closure of over 1,270 stores [4] Future Outlook - The company expects to achieve revenues of 77.229 billion yuan and 79.439 billion yuan in 2026 and 2027, respectively, with net profits projected at 1.446 billion yuan and 1.567 billion yuan [6] - The report maintains a "Buy" rating, indicating confidence in the company's potential for performance reversal in 2025 [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights a dual network layout of "Guangdong and Guangxi distribution + national retail," emphasizing the acceleration of performance growth through "quality improvement and efficiency enhancement" [2] - The company reported a revenue of 74.378 billion yuan in 2024, a decrease of 1.46% year-on-year, and a net profit attributable to shareholders of 642 million yuan, down 59.83% year-on-year [2] - The report anticipates a revenue recovery in 2025, projecting revenues of 75.655 billion yuan, with a net profit of 1.333 billion yuan, reflecting a year-on-year growth of approximately 108% [6] Summary by Sections Revenue and Profitability - In 2024, the company's distribution segment achieved a revenue of 52.984 billion yuan, growing by 1.98% year-on-year, while net profit in this segment fell by 12.74% to 922 million yuan [3] - The retail segment, represented by "Guangda Pharmacy," reported a revenue of 22.357 billion yuan, a decline of 8.41%, with a net loss of 1.104 billion yuan, marking a 309.53% decrease [4] Strategic Initiatives - The company is focusing on high-quality development, shifting its strategy from "scale growth" to "high-quality development," and has closed over 1,270 underperforming stores [4] - The introduction of innovative products has been a priority, with the pharmacy segment achieving sales of 1.89 billion yuan from innovative business, including O2O and B2C sales [4] Financial Forecast - The financial forecast indicates a gradual recovery, with expected revenues of 77.229 billion yuan in 2026 and 79.439 billion yuan in 2027, alongside net profits of 1.446 billion yuan and 1.567 billion yuan respectively [5][6] - The report projects an increase in operating cash flow by approximately 11% in 2024, reaching 3.271 billion yuan, driven by improved management of working capital [6]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 28.63 RMB [7][8] Core Views - The company's performance in 2024 is under pressure due to policy impacts such as DRG and outpatient coordination, as well as delays in accounts receivable collections and significant impairment provisions [1] - The company is expected to improve its performance as the impact of policies fades and the results of its strategic adjustments for high-quality development become evident [1] - The distribution business showed stable revenue growth of 2.0% year-on-year, but net profit decreased by 12.7% due to delayed collections and increased funding costs [2] - The retail segment faced challenges with a significant drop in net profit, attributed to industry policy changes and increased competition, leading to substantial impairment provisions [3] - The company has shifted its strategic focus from "scale growth" to "high-quality development," closing over 1,270 underperforming stores [3] Summary by Sections Financial Performance - In 2024, the company reported revenue of 743.78 million RMB, a decrease of 1.5% year-on-year, and a net profit of 6.42 million RMB, down 59.8% year-on-year [1] - The gross margin for 2024 was 11.09%, a slight decline of 0.90 percentage points year-on-year, primarily due to medical reform policies and increased competition [4] Revenue and Profit Forecast - The forecast for 2025-2027 indicates a recovery in net profit, with estimates of 14.1 million RMB, 14.4 million RMB, and 14.6 million RMB respectively, reflecting a year-on-year growth of 120% in 2025 [5] - The expected EPS for 2025 is 2.54 RMB, with corresponding PE ratios for different segments being 14x for retail, 9x for wholesale, and 15x for investment income [5] Business Segments - The distribution business generated revenue of 529.84 million RMB in 2024, with a net profit of 9.22 million RMB, reflecting a 2.0% increase in revenue but a 12.7% decrease in profit [2] - The retail segment, specifically Guoda Pharmacy, reported revenue of 223.57 million RMB and a net loss of 10.72 million RMB, with a net profit margin of -4.94% [3] Valuation Metrics - The company’s market capitalization is approximately 13.38 billion RMB, with a closing price of 24.04 RMB as of April 7 [8] - The average daily trading volume over the past six months is 138.33 million RMB [8]

近日，国药一致发布2024年年报。披露公司去年营收743.78 亿元，同比下降 1.46%；营业利润 5.73 亿元，同比下降 76.76%；利润总额 5.75 亿元，同比下降 76.73%；归属净利润 6.42 亿元，同比下降 59.83%。 零售板块（即"国大药房"）实现营业收入 223.57 亿元，同比下降 8.41%；实现营业利润-10.67 亿元，同比下降 249.62%；实现净利润-11.04 亿元，同比下降 309.53%；实现归母净利润-10.72 亿元，同比下降 388.83%，主要系对商 誉及收购对价分摊形成的无形资产计提资产减值准备的影响，相关资产组受行业政策变化、市场竞争加剧等多重因素 叠加影响，经营业绩较预期存在较大差距。 公司对联营企业累计投资收益 3.70 亿元，同比上升 17.20%。 报告期内，公司实现经营活动产生的现金流量净额 32.71 亿元，同比增长 11.38%，主要系强化人效管理，支付给职工 以及为职工支付的现金同比下降，以及利润下降导致支付的所得税费用同比减少所致；实现营业收现比率 1.08，同比 增加 0.04，主要系公司加强营运资金管理，积极采取多种举措促进应 ...

| 公司上市以来历次分配方案一览 | | --- | | 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | （%） | （%） | | 603259 | 药明康 | 0.00 | 13.3169 | 769182.17 | 81.39 | 2.72 | | | 德 | | | | | | | 000538 | 云南白 | 0.00 | 11.85 | 211435.12 | 44.52 | 2.18 | | | 药 | | | | | | | 600276 | 恒瑞医 | 0.00 | 2 | 127545.01 | 20.13 | 0.44 | | | 药 | | | | | | | 601607 | 上海医 | 0.00 | 2.9 | 107531.18 | 23.62 | 1.51 | | | 药 | | | | | | | 600329 | 达仁堂 | 0.00 | 12.8 | 98580.26 | 44.2 ...

2025年4月，国药集团一致药业股份有限公司（以下简称" 国药一致 "）发布2024年年度报告。报告显 示，公司在营业收入、净利润等关键指标上呈现出不同程度的变化。其中，净利润同比下降59.83%， 研发费用同比减少8.45%，这两项数据变化较为显著。以下将对该公司年报进行详细解读。 业绩概览 营收微降，净利润大幅下滑 2024年，国药一致实现营业收入743.78亿元，较2023年的754.77亿元下降1.46%。归属于上市公司股东 的净利润为6.42亿元，与2023年的15.99亿元相比，降幅高达59.83%。从数据来看，公司营收规模虽有 小幅度下滑，但净利润的锐减更为突出，这表明公司在盈利能力上遭遇了较大挑战。 扣非净利润同样下滑 归属于上市公司股东的扣除非经常性损益的净利润为5.81亿元，2023年为15.33亿元，同比下降 62.08%。扣非净利润的下滑，进一步说明公司核心业务的盈利能力减弱，并非偶然的非经常性因素导 致净利润下降。 每股收益降低 基本每股收益为1.15元/股，相较于2023年的2.87元/股，下降了59.93%。这一数据的变化直接反映在股 东的收益上，对投资者的回报产生了较大影响。 ...

国药集团一致药业股份有限公司 | 一、内部控制审计报告……………………………………………………第 1—2 页 | | --- | | 二、附件 ………………………………………………………………………………… 第 3―6 页 | | (一) 本所执业证书复印件 … | | (二) 本所营业执照复印件 ………………………………………第４页 | | (三) 本所注册会计师执业证书复印件 ……………………第5-6 页 | 串网直 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查理 报告编码 · 浙25M 内部控制审计报告 天健审〔2025 〕3-54 号 2024 年度内部控制审计报告 目 录 国药集团一致药业股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了国药集团一致药业股份有限公司（以下简称国药一致公司）2024年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定,建立健全和有效实施内部控 ...

国药集团一致药业股份有限公司 2024 年度审计报告 | | | | 第 1-6 页 一、审计报告 | | --- | | 二、财务报表 | | (一) 合并资产负债表 … | | （二） 母公司资产负债表… 第 8 页 | | (三) 合并利润表 … | | (四) 母公司利润表… | | (五) 合并现金流量表 ………………………………………………………… 第 11 页 | | (六) 母公司现金流量表…………………………………………………… 第 12 页 | | (七) 合并所有者权益变动表 ……………………………………… 第 13—14 页 | | (八) 母公司所有者权益变动表…………………………………第 15—16 页 | | 三、财务报表附注 | | 四、附件 ························································ 第 167-170 页 | | (一) 本所执业证书复印件 …………………………………………………………………… 第 167 页 | 二）本所营业执照复印件 ………………………………………………… 第 168 页 本所注册会计 ...