（编辑 袁冠琳） 证券日报网讯 国药一致9月3日发布公告，在公司回答调研者提问时表示，O2O业态一方面给实体药店 带来的业务拓展，但平台技术服务费也在影响实体药店的盈利能力，国大药房在竞争中与各平台企业进 行沟通协调，争取一定的成本节约。同时O2O也是行业发展的趋势，实体药店也要保持自身的独特性去 应对线上产品定价压力。 ...

Core Viewpoint - The company anticipates stable distribution performance despite pressure from medical insurance cost control and procurement expansion, with new drug launches and effective hospital projects providing growth opportunities [1]. Distribution Segment Performance Expectations - The company expects distribution performance to remain flat compared to last year due to medical insurance cost control, although the collection cycle for procured products has shortened [1]. - The introduction of both domestic and imported new drugs is accelerating, supported by medical insurance channels and successful promotion of hospital SPD projects [1]. Strategic Focus on Narcotic Drugs - The company will enhance its efforts in obtaining narcotic qualifications and improve internal coordination of narcotic product resources with the national distribution platform [2]. Market Outlook in Guangxi and Guangdong - In Guangxi, the company has narrowed the gap with major competitors and increased market share [3]. - In Guangdong, while competitors are growing, the company maintains a significantly higher net profit margin and continues to grow its market share in public hospitals [3]. Response to Procurement and New Growth Points - The company has faced credit impairment losses and investment income impacts but has not been fundamentally affected by procurement policies [4]. - New product launches and the growth of specialty pharmacies are expected to alleviate pressure on profits [4]. Increase in Credit Impairment Losses - The rise in credit impairment losses is attributed to extended collection periods for accounts receivable, leading to increased aging and scale [5]. Retail Segment Development Strategy - The company has no plans for large-scale store closures in the second half of the year and is adapting its business model in response to online competition [6]. Profit Growth of Guoda Pharmacy - Guoda Pharmacy achieved profit growth through store closures, cost rate adjustments, and centralized management [7]. Decline in Operating Cash Flow - The decline in operating cash flow is due to extended collection periods in the distribution business and negative sales growth at Guoda Pharmacy [8]. Industry Development Judgement - The pharmacy industry is becoming increasingly important in medical circulation, with short-term policy impacts slowing growth but maintaining significant social value in the long term [9]. M&A Expectations in the Pharmacy Sector - Guoda Pharmacy is currently focused on stability and efficiency improvements, with no short-term acquisition plans, but may consider expansion in the future once the industry stabilizes [10]. Retail Segment Net Profit Margin Goals - The average net profit margin in the industry is in the low single digits, and Guoda Pharmacy aims to improve its margin through product optimization and cost savings [13]. O2O Business Expansion - The company is expanding its O2O business but faces profitability challenges due to platform service fees, while maintaining its unique positioning to counter online pricing pressures [14]. Store and Supply Chain Adjustments - The company is adjusting its store formats and supply chain services in response to medical insurance policy changes, prioritizing the health sector [15]. Goodwill Impairment Risk - The company conducts annual goodwill impairment tests, with current conditions remaining stable, and specific results pending further testing [16]. Digital Transformation and Smart Logistics - The company is enhancing efficiency and reducing labor costs through investments in automation and IT systems, resulting in lower sales and management expenses [17]. Dividend Policy - The company committed to a minimum dividend payout ratio of 20% over three years, with this year's payout exceeding 30% [18]. Accounts Receivable Management - The company plans to strengthen credit management in the second half of the year, implementing dual controls on payment terms and limits to reduce high-risk business [19]. "14th Five-Year" Planning Review - The company is preparing for its "15th Five-Year" plan, reflecting on the implementation of the previous plan and focusing on optimizing business and management structures [20]. Revenue and Profit Outlook for the Year - The company expects stable revenue performance despite intense market competition, emphasizing the balance between accounts receivable and sales revenue to ensure quality [21].

Group 1: Financial Performance and Market Outlook - The company expects overall performance in the distribution sector to remain stable compared to last year, despite pressures from centralized procurement and payment reforms [2] - The net profit margin in the Guangdong market is significantly higher than competitors, with continued growth in public hospital market share [2] - The company has seen a substantial increase in credit impairment losses due to extended receivable collection periods and increased receivable scales [3] Group 2: Strategic Initiatives and Business Development - The company plans to enhance its capabilities in narcotic and psychotropic drug qualifications and improve internal collaboration for resource distribution [2] - There is a focus on accelerating the launch of new domestic and imported drugs to fill market gaps, alongside promoting hospital SPD projects [2] - The company is committed to digital transformation and smart logistics, which are expected to yield measurable cost savings and efficiency improvements [4] Group 3: Retail and Distribution Strategy - The company does not plan large-scale store closures in the near term, but is adapting to online sales pressures by enhancing product offerings and operational efficiency [3] - The retail sector's net profit margin is targeted to improve towards 3%, with strategies to optimize product categories and reduce costs [3] - The company emphasizes the importance of retail pharmacies in the pharmaceutical distribution chain, despite short-term pressures from regulatory changes [3] Group 4: Future Planning and Risk Management - The company is reviewing its "14th Five-Year Plan" and preparing for the "15th Five-Year Plan," focusing on market changes and organizational adjustments [4] - There is a commitment to maintaining a dividend policy of at least 20%, with current payouts exceeding 30% [4] - The company is enhancing its management of accounts receivable to ensure a reasonable return to levels, focusing on high-risk clients and overdue accounts [4]

Summary of the Conference Call for Guoyao Yizhi Company Overview - **Company**: Guoyao Yizhi - **Period**: First half of 2025 Key Financial Performance - Total revenue decreased by 2.62% to 36.797 billion yuan [3] - Net profit attributable to shareholders fell by 10.43% to 666 million yuan [3] - Total assets increased slightly to 550.426 billion yuan, with a stable debt ratio of 57.86% [3] - Earnings per share decreased by 10% to 1.2 yuan [3] - Operating cash flow declined significantly, attributed to extended receivables and negative sales growth in retail [15][16] Distribution Segment Performance - Distribution revenue decreased by 1.09% to 26.783 billion yuan, with net profit down by 7.82% [5] - High-margin products such as biological products, narcotic drugs, and innovative drugs showed strong growth [5] - Collaboration in the Hong Kong and Macau regions was emphasized, along with the integration of new products and innovative drug business [5] - The company expects distribution segment performance to remain stable compared to 2024, despite pressures from procurement expansion and healthcare payment reforms [9] Retail Segment Performance - Retail revenue from Guoda Pharmacy decreased by 6.46% to 10.479 billion yuan, but net profit surged by 215.81% to 17 million yuan [5] - The improvement in net profit was due to continuous optimization of product structure and business model, as well as enhanced operational efficiency [5] - Approximately 1,000 stores were closed to optimize layout, resulting in a total of 8,591 stores by the end of June 2025 [8] Digital Transformation and Smart Logistics - The company implemented digital tools to enhance operational efficiency and management [6] - A "1+4+N" warehouse network layout was established to improve storage capacity and efficiency [6] Organizational Changes and Talent Development - Organizational restructuring was undertaken to enhance resource integration and talent development [7] - Performance and incentive mechanisms were optimized to align with company goals [7] Credit Impairment Losses - Credit impairment losses increased significantly due to extended payment terms and high revenue scale [12] - The company plans to strengthen credit management and control high-risk clients [12][25] Future Strategies and Market Outlook - The company aims to expand its narcotic qualifications and enhance regional coverage [10] - Confidence in increasing market share in Guangxi and Guangdong, despite competitive pressures [11][18] - Focus on improving operational quality and cash flow management in a competitive environment [18] Industry Trends and Challenges - The retail pharmacy sector is expected to face challenges due to increased management and competition, but long-term value remains [17] - The company will continue to adapt to market changes and enhance operational capabilities [17] Conclusion - Guoyao Yizhi is navigating a challenging environment with a focus on optimizing operations, enhancing digital capabilities, and maintaining a stable market presence while addressing credit risks and adapting to industry changes. The outlook remains cautiously optimistic with strategic initiatives aimed at improving profitability and market share.

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 31.31 [1][5][6] Core Views - The company's performance in the first half of 2025 is under pressure due to industry policy changes, intensified market competition, and extended customer payment cycles, leading to a year-on-year decline in revenue and net profit [1][2] - Despite the short-term challenges, the company is expected to improve its performance as the effects of its high-quality development strategy become evident [1][5] - The company is focusing on enhancing its distribution and retail segments, particularly through the integration of innovative drug businesses and the expansion of its self-owned brand [2][3] Summary by Sections Distribution - In the first half of 2025, distribution revenue was RMB 267.83 billion, down 1.09% year-on-year, with net profit decreasing by 7.82% to RMB 4.82 billion [2] - The decline in net profit is attributed to increased long-term accounts receivable due to delayed payments from downstream customers, leading to higher bad debt provisions [2] - The company is accelerating the integration of its narcotic and psychotropic drug business, with notable sales growth in specific segments [2] Retail - The retail segment, represented by Guoda Pharmacy, reported revenue of RMB 104.79 million, a decrease of 6.46% year-on-year, while net profit increased significantly by 215.81% to RMB 0.17 million [3] - The company is optimizing its business structure and enhancing profitability through self-owned brand development and strategic store closures [3] - The gross margin for Guoda Pharmacy's direct sales improved by 1.25 percentage points year-on-year due to effective procurement cost optimization [3] Financial Metrics - The overall expense ratio for the company decreased year-on-year, while the gross margin slightly declined to 10.69% [4] - The company forecasts a decline in wholesale and retail business revenue expectations, with projected net profits for 2025-2027 being RMB 13.52 billion, RMB 13.78 billion, and RMB 14.00 billion respectively [5][7] - The estimated EPS for 2025 is RMB 2.43, with a corresponding PE ratio of 10.62 [7]

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025 compared to the same period last year [1] Financial Performance - The company achieved operating revenue of 36.797 billion yuan, a year-on-year decrease of 2.62% [1] - The net profit attributable to shareholders was 666 million yuan, reflecting a year-on-year decline of 10.43% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 643 million yuan, down 9.63% year-on-year [1] - Basic earnings per share were reported at 1.20 yuan [1]

Group 1 - The core viewpoint of the article is that Guoyao Yicai (000028.SZ) reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] - The company achieved operating revenue of 36.797 billion yuan, a year-on-year decrease of 2.62% [1] - The net profit attributable to shareholders was 666 million yuan, reflecting a year-on-year decline of 10.43% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 643 million yuan, down 9.63% year-on-year [1] - The basic earnings per share were reported at 1.2 yuan [1]

国药集团一致药业股份有限公司 2025年1-6月非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司核算 | 2025年期初占 | 2025年1-6月占用 累计发生金额 | 2025年1-6月占 用资金的利息 | | 2025年1-6月偿还 | 2025年6月30日 | 占用形成 原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 的会计科目 | 用资金余额 | （不含利息） | （如有） | | 累计发生金额 | 占用资金余额 | | | | 控股股东、实际控制 人及其附属企业 | 不适用 | 不适用 | 不适用 | | - | - | - | - | - | 不适用 | 不适用 | | 小计 | - | - | - | | - | - | - | - | - | - | - | | 前控股股东、实际控 制人及其附属企业 | 不适用 | 不适用 | 不适用 | | - | - | ...

国药集团一致药业股份有限公司 2025 年半年度财务报告 国药集团一致药业股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 国药集团一致药业股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：国药集团一致药业股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 6,797,307,998.31 | 7,408,539,662.57 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 385,257,647.22 | 657,474,352.88 | | 应收账款 | 23,747,157,113.52 | 19,376,751,928.72 | | 应收款项融资 | 730,289,148.84 | 1,071,756,277.75 | | ...

国药集团一致药业股份有限公司 2025年6月30日 负债和所有者权益总计 法定代表人 主管会计工作负责人: 会计机构负责人: 资产负债表(合并) | | 八月八日六 六月六 | 单位:人民币元 | | --- | --- | --- | | | 期末余额 | 期初余额 | | 流动资产: | | | | 货币资金 | 6,797,307,998.31 | 7,408,539,662.57 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 385,257,647.22 | 657,474,352.88 | | 应收账款 | 23,747,157,113.52 | 19,376,751,928.72 | | 应收款项融资 | 730,289,148.84 | 1,071,756,277.75 | | 预付款项 | 344,838,163.22 | 692,054,330.53 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | 611,100,198.19 | 7 ...