Core Viewpoint - China National Pharmaceutical Group (国药控股) reported a decline in revenue and net profit for China National Pharmaceutical Industry (国药一致) in the first three quarters of 2025, indicating challenges in the current market environment [1] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 55.124 billion yuan, a year-on-year decrease of 2.38% [1] - The net profit attributable to shareholders was 0.957 billion yuan, reflecting a year-on-year decline of 10.18% [1] - Basic earnings per share stood at 1.72 yuan [1] Quarterly Performance - In the third quarter of 2025, the company reported a revenue of 18.328 billion yuan, which is a year-on-year decrease of 1.89% [1] - The net profit attributable to shareholders for the third quarter was 0.291 billion yuan, down 9.58% year-on-year [1]

Core Insights - The company reported a total revenue of 55.124 billion yuan for Q3 2025, ranking 4th among peers, with a year-on-year decrease of 2.38% [1] - The net profit attributable to shareholders was 0.957 billion yuan, ranking 6th among peers, reflecting a year-on-year decline of 10.18% [1] - The net cash flow from operating activities was -0.463 billion yuan, ranking 27th among peers, showing a significant year-on-year decrease of 136.15% [1] Financial Performance - The latest debt-to-asset ratio is 57.39%, ranking 13th among peers, with a decrease of 0.47 percentage points from the previous quarter and 0.96 percentage points from the same period last year [3] - The latest gross profit margin is 10.49%, ranking 20th among peers, down by 0.20 percentage points from the previous quarter and 0.39 percentage points year-on-year [3] - The latest return on equity (ROE) is 5.19%, ranking 14th among peers, with a decrease of 0.69 percentage points from the same period last year [3] Earnings and Ratios - The diluted earnings per share (EPS) is 1.72 yuan, ranking 2nd among peers, representing a year-on-year decrease of 9.95% [3] - The total asset turnover ratio is 1.12 times, ranking 6th among peers, with a slight decrease of 0.01 times year-on-year [3] - The inventory turnover ratio is 6.27 times, ranking 5th among peers, showing an increase of 1.99% year-on-year, marking three consecutive years of growth [3] Shareholder Structure - The number of shareholders is 41,400, with the top ten shareholders holding 345 million shares, accounting for 62.05% of the total share capital [3] - The largest shareholder is China National Pharmaceutical Group Co., Ltd., holding 56.06% of the shares [3]

Group 1 - The core point of the article is that China National Pharmaceutical Group Corporation (国药一致) held a board meeting on October 30, 2025, to review the proposal for increasing the registered capital of its subsidiary, China National Pharmaceutical Holdings Shantou Co., Ltd [1] - For the first half of 2025, the revenue composition of China National Pharmaceutical Group Corporation was as follows: 70.21% from pharmaceutical wholesale, 29.28% from pharmaceutical retail, and 0.51% from other products [1]

Core Viewpoint - China National Pharmaceutical Group Corporation (国药一致) reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters was 55.124 billion yuan, a year-on-year decrease of 2.38% [1] - The net profit attributable to shareholders of the listed company was 0.957 billion yuan, reflecting a year-on-year decrease of 10.18% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 0.923 billion yuan, down 9.87% year-on-year [1] - Basic earnings per share were reported at 1.72 yuan [1]

Core Viewpoint - China National Pharmaceutical Group (国药控股) reported a decline in revenue and net profit for the first three quarters of 2025, indicating challenges in the market [1] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 55.124 billion yuan, a year-on-year decrease of 2.38% [1] - The net profit attributable to shareholders was 0.957 billion yuan, down 10.18% year-on-year [1] - Basic earnings per share stood at 1.72 yuan [1] Quarterly Results - In the third quarter of 2025, the company recorded a revenue of 18.328 billion yuan, reflecting a year-on-year decline of 1.89% [1] - The net profit attributable to shareholders for the third quarter was 0.291 billion yuan, a decrease of 9.58% year-on-year [1]

证券代码：000028、200028 证券简称：国药一致、一致 B 公告编号：2025-39 国药集团一致药业股份有限公司 关于计提资产减值准备的公告 本公司及董事会全体成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10月30日召开第十届董事会风险内控与审计委员会第四次会议和 第十届董事会第六次会议，审议通过了《关于计提资产减值准备的议 案》，根据《深圳证券交易所股票上市规则》等相关规定，现将公司 计提资产减值准备的具体情况公告如下： 根据《企业会计准则》、《深圳证券交易所股票上市规则》以及 公司会计政策等相关规定，为了更加客观真实反映公司截至 2025 年 9 月 30 日的财务状况和资产价值，基于谨慎性原则，公司 2025 年前 三季度相关资产计提的资产减值准备情况如下： 一、本次计提资产减值准备情况概述 根据《企业会计准则》及公司会计政策相关规定，基于谨慎性原 则，公司对合并报表范围内各类资产进行了检查和分析，对可能发生 资产减值损失的相关资产计提减值准备。具体情况如下表所示： 公司对因销售商品、提供劳务等 ...

证券代码：000028、200028 证券简称：国药一致、一致 B 公告编号：2025-40 本公司及董事会全体成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。 一、董事会会议召开情况 国药集团一致药业股份有限公司（以下简称"公司"）第十届董事会 第六次会议于2025年10月14日以电子邮件方式发出通知和文件材料，会议 于2025年10月30日以现场会议结合视频会议方式在深圳召开。应参加会议 董事9名，实际出席会议董事9名。公司高级管理人员列席本次会议。董事 长吴壹建先生主持本次董事会。会议的召集召开程序符合《公司法》《公 司章程》的有关规定。 二、董事会会议审议情况 1. 审议通过了《国药一致 2025 年三季度报告》 表决结果：9 票同意，0 票反对，0 票弃权。 本议案经第十届董事会风险内控与审计委员会 2025 年第四次会议审 议通过。 具体内容详见公司在巨潮资讯网披露的相关公告。 国药集团一致药业股份有限公司 第十届董事会第六次会议决议公告 2. 审议通过了《关于计提资产减值准备的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 董事会同意公司根据《企业会计准则》 ...

Financial Performance - The company reported a revenue of CNY 18.33 billion for Q3 2025, a decrease of 1.89% year-on-year, and a total revenue of CNY 55.12 billion for the first nine months, down 2.38% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was CNY 291.21 million, a decline of 9.58% year-on-year, with a total net profit of CNY 957.12 million for the first nine months, down 10.18% year-on-year[5] - Basic earnings per share for Q3 2025 decreased by 10.34% to CNY 0.52, while the diluted earnings per share remained the same at CNY 0.52[5] - Total operating revenue for the third quarter was CNY 55,124,490,690.34, a decrease of 2.4% from CNY 56,466,354,478.37 in the previous year[18] - Net profit for the period was CNY 1,019,397,384.05, a decline of 6.9% compared to CNY 1,095,669,310.29 in the same period last year[19] - Earnings per share decreased to CNY 1.72 from CNY 1.91, reflecting a 9.9% drop[19] Segment Performance - The distribution segment achieved a revenue of CNY 40.59 billion in the first nine months, a decrease of 0.59%, with a net profit of CNY 72.30 million, down 7.32% year-on-year[5] - The retail segment, represented by Guoda Pharmacy, reported a revenue of CNY 15.23 billion, a decline of 7.14%, but net profit increased by 133.91% to CNY 1.30 million[5] Assets and Liabilities - Total assets at the end of the reporting period were CNY 50.56 billion, an increase of 6.31% from the previous year[5] - Total liabilities rose to CNY 29,013,188,938.82, compared to CNY 26,800,461,097.40, indicating an increase of 8.2%[17] - The company's equity attributable to shareholders increased to CNY 18,429,946,171.49 from CNY 17,669,528,375.65, a growth of 4.3%[17] Cash Flow - Cash flow from operating activities showed a negative net amount of CNY 463.08 million for the first nine months, a decline of 136.15% year-on-year[5] - Operating cash flow for the current period is -463,076,420.41 CNY, a decrease from 1,281,092,108.09 CNY in the previous period, indicating a significant decline in operational performance[21] - Total cash inflow from operating activities is 55,641,036,328.40 CNY, down from 56,625,996,162.02 CNY year-over-year[21] - Cash outflow from operating activities increased to 56,104,112,748.81 CNY from 55,344,904,053.93 CNY, reflecting higher operational costs[21] Investment and Financing Activities - Cash inflow from financing activities reached 1,566,290,860.14 CNY, compared to 1,410,753,157.68 CNY in the previous period, reflecting a stronger capital raising effort[21] - Cash flow from financing activities increased by 672.37 million yuan, a growth rate of 33.85%, primarily due to an increase in bank borrowings[11] Shareholder Information - Total number of common shareholders at the end of the reporting period is 41,385[13] - The largest shareholder, China National Pharmaceutical Group Corporation, holds 56.06% of shares, totaling 311,999,988 shares[13] - The top ten shareholders hold a significant portion of shares, with the top shareholder alone holding over half of the total[13] Other Financial Metrics - The weighted average return on equity decreased by 0.70 percentage points to 5.29% for the first nine months[5] - Research and development expenses were CNY 16,559,803.77, down from CNY 19,243,795.36, a decrease of 13.9%[18] - The company reported an investment income of CNY 165,074,116.96, down from CNY 254,930,911.72, a decline of 35.2%[18]

Core Insights - The company reported a decline in revenue and net profit for the first three quarters of 2025, with total revenue of 55.124 billion yuan, down 2.38% year-on-year, and a net profit attributable to shareholders of 0.957 billion yuan, down 10.18% year-on-year [1] - In Q3 2025, the company achieved revenue of 18.328 billion yuan, a decrease of 1.89% year-on-year, and a net profit of 0.291 billion yuan, down 9.58% year-on-year [1] Distribution Business - The distribution business continues to face policy and market competition pressures, but the company has managed to stabilize and recover distribution revenue through ongoing business structure optimization [1] - Increased credit impairment losses due to longer repayment cycles from some downstream customers contributed to the profit decline, although the company has focused on business adjustments and cost control, resulting in a narrowing profit decline [1] Retail Segment - The retail segment, represented by "China National Pharmaceutical Group Co., Ltd.," reported revenue of 15.226 billion yuan, down 7.14% year-on-year, but net profit increased by 133.91% to 0.013 billion yuan [1] - Sales revenue for the retail segment slightly decreased due to intensified market challenges and strategic store closures, but profitability improved through optimization of procurement systems, focus on private brands, and closure of inefficient stores [1] Strategic Focus - The company aims to focus on "increasing revenue, reducing costs, and improving efficiency" in response to the complex external environment, accelerating digital transformation, deepening organizational changes, and fine-tuning management to enhance operational quality and risk resilience for steady development [2]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, indicating ongoing challenges in the distribution business and market competition [1] Financial Performance - The company achieved an operating income of 55.124 billion yuan, a year-on-year decrease of 2.38% [1] - The net profit attributable to the company was 0.957 billion yuan, down 10.18% year-on-year [1] Business Operations - The distribution business faced ongoing policy and market competition pressures, but the company managed to stabilize and recover distribution revenue through continuous optimization of its business structure [1] - Increased credit impairment losses due to longer repayment cycles from some downstream customers contributed to the profit decline, although the company maintained business adjustments and cost control, resulting in a narrowing profit decline [1] Retail Performance - The sales revenue of Guoda Pharmacy experienced a slight decline due to intensified market challenges and ongoing strategic store closures [1] - Guoda Pharmacy improved its profitability by optimizing its procurement system, focusing on private brands and centralized procurement, while effectively reducing fixed costs through the closure of inefficient stores and enhancing single-store output [1] - During the reporting period, Guoda Pharmacy achieved a year-on-year increase in net profit [1]