Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The report highlights that the distribution segment is optimizing its business structure, leading to a steady improvement in the profitability of Guoda Pharmacy [4] - In H1 2025, the company achieved revenue of 36.8 billion yuan (down 2.6% year-on-year) and a net profit attributable to shareholders of 670 million yuan (down 10.4% year-on-year) [4] Financial Performance Summary - In Q2 2025, the company reported revenue of 18.5 billion yuan (down 1.0% year-on-year) and a net profit of 340 million yuan (down 4.7% year-on-year) [4] - The distribution segment generated revenue of 26.78 billion yuan in H1 2025 (down 1.1% year-on-year), while the retail segment (Guoda Pharmacy) generated revenue of 10.48 billion yuan (down 6.5% year-on-year) [7] - Guoda Pharmacy's net profit in H1 2025 was 17 million yuan (up 215.8% year-on-year), with a total of 8,591 stores, including 6,931 direct-operated stores and 1,660 franchise stores [7] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 1.32 billion yuan, 1.37 billion yuan, and 1.43 billion yuan, with growth rates of 105.9%, 3.9%, and 3.9% respectively [6][7] - The current stock price corresponds to a P/E ratio of 11X for 2025, 10X for 2026, and 10X for 2027 [7]

Core Viewpoint - The main factors affecting the company's profits in the first half of the year were credit impairment losses and investment income, while centralized procurement did not fundamentally impact performance [1] Group 1: Financial Performance - The company reported that the impact of centralized procurement on its performance was not significant [1] - Credit impairment losses and investment income were identified as the primary influences on profit [1] Group 2: Growth Strategies - The company has accelerated the launch of new products, which has helped to offset some market pressures [1] - The rapid growth of specialized pharmacies has also mitigated the impact of declining sales [1] Group 3: Structural Reforms - The company has implemented structural reforms, including the establishment of a medical device center to manage its overall device business [1] - A medical management center was created to enhance coverage and access in tiered hospitals, contributing to future growth [1]

Group 1 - The core viewpoint is that the role of the pharmacy industry will become increasingly important in the overall pharmaceutical distribution chain in the future [1] - In the short term, national policies are intensifying the management of retail pharmacies, which will create certain pressures leading to a slowdown in industry growth [1] - In the medium to long term, retail pharmacies still possess significant social value [1]

Core Viewpoint - The company, China National Pharmaceutical Group Corporation (Sinopharm), reported that its business remains relatively stable, but it anticipates a highly competitive market landscape in the short term [1] Group 1: Business Performance - The company emphasized the importance of balancing accounts receivable and sales revenue while focusing on quality assurance [1] - Future profitability is expected to gradually improve as the company navigates the competitive environment [1]

Core Viewpoint - The company emphasizes its commitment to the pharmaceutical and health products sector, focusing on high-margin proprietary brands and leveraging the brand effect of the China National Pharmaceutical Group [1] Group 1: Company Strategy - The company continues to focus on the health sector, particularly in response to the significant impact of policy adjustments on traditional pharmaceuticals [1] - The company plans to adjust its product offerings by expanding its proprietary products based on patient needs [1] Group 2: Supply Chain and Collaboration - The company aims to enhance its supply chain efficiency through increased collaboration with manufacturers and improved logistics [1] - The company will emphasize related products within the China National Pharmaceutical Group's system to strengthen its market position [1]

Group 1 - The company announced on September 3 that there are differences in distribution business between the Guangxi and Guangdong regions [1] - In the Guangxi market, the company is gradually narrowing the gap with major competitors and is confident in further increasing market share [1] - The competition in Guangdong is more intense, with a larger market size, and the company plans to focus more on operational quality rather than short-term revenue differences [1] Group 2 - The company emphasizes the importance of long-term stable development, ensuring sufficient cash flow and profit support [1]

Core Viewpoint - The company, China National Pharmaceutical Group Corporation (Sinopharm), announced on September 3 that it will continue to enhance its qualifications for obtaining narcotic and psychotropic substances [1] Group 1 - The company will increase its efforts in acquiring qualifications for narcotic and psychotropic substances [1] - The internal collaboration of narcotic and psychotropic product resources and national distribution platforms within the group will be strengthened [1] - The company aims to continuously introduce better product varieties to enhance coverage [1]

Core Viewpoint - The company is gradually improving its cost and expense management through investments in automation and IT systems to enhance work efficiency and reduce labor costs [1] Group 1 - The company announced on September 3 that it is making progress in managing costs and expenses [1] - Investments in automated equipment and IT systems are contributing to increased work efficiency [1] - In the first half of the year, the company achieved certain savings in sales and management expenses, partly due to the application of information systems and digitalization [1]

（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，公司首先保持传统业务的优 势地位，如集采品种。同时加大与厂家，尤其是创新药企的合作。公司在等级医院覆盖方面，专门成立 管理中心以提升公司在创新药产品进入医院的准入能力，能够提供全方位服务，吸引创新药企业与公司 有更多的合作。 ...

（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，国大药房目前强调稳健和提 质增效，短期不太会有并购计划，会把重点放在现有店铺经营能力的提升方面。未来行业进入稳定阶 段，不排除再进行扩张的可能。 ...