Core Viewpoint - The company announced that it conducts annual impairment tests on goodwill in accordance with accounting standards and policies, with results pending further evaluation after the second half of the year [1] Group 1 - The company stated that it reflects the value of goodwill assets accurately based on the results of impairment tests [1] - Current conditions regarding goodwill are relatively stable, with specific results to be assessed later [1]

Core Viewpoint - The company announced that it does not plan to close a large number of stores in the second half of the year, despite the impact of online business on offline operations [1] Group 1: Company Strategy - The company is actively embracing online business while also adjusting its product categories to enhance competitiveness in attracting customer traffic [1] - The company acknowledges that the pharmaceutical business is unique, and online sales will not completely replace offline sales [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，公司去年年初制定了三年的 分红承诺，即不低于20%派息率，但今年已经做到超过30%。从长远来看，公司会结合现金的实际情况 进行分红，也会在经营条件允许的范围内给投资者合理回报，总体不会低于20%。 ...

（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，公司对分销的整体预期是与 去年基本持平。集采扩面、支付改革对利润率的压力客观存在，但集采商品的回款周期将会缩短。此 外，公司有效填补缺口的模式是国产和进口新药的上市速度变快，医保也给予适当通路。同时，公司也 在持续推动医院的SPD项目的推广，目前成效较好。 ...

Core Viewpoint - The company reported a significant decline in operating cash flow for the first half of the year, primarily due to extended payment terms in its distribution business and negative sales growth in Guoda Pharmacy [1] Group 1 - The operating cash flow decreased year-on-year, indicating potential liquidity issues for the company [1] - Extended payment terms in the distribution business have negatively impacted cash flow [1] - Guoda Pharmacy experienced a decline in sales revenue, contributing to reduced positive cash flow [1]

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，广西市场，根据已经披露的 半年报来看，广西公司与主要竞争对手差距越来越小，公司在广西市场的市占率有所提升。广东市场， 主要对手的整体规模仍保持正增长，但本公司净利润率远高于对方，而且我们在公立医院市场的份额仍 保持增长，保持良好的竞争态势。等市场环境好转后，公司会继续扩大相应的市场份额。 （编辑 袁冠琳） ...

Core Viewpoint - China National Pharmaceutical Group announced on September 3 that its subsidiary, Guoda Pharmacy, has improved profitability in the first half of the year through various measures, indicating positive financial performance [1] Summary by Categories Profitability Improvement - Guoda Pharmacy has implemented several initiatives to enhance its profitability, which have shown effective results [1] - Key strategies include the development of high-margin proprietary brand products and strengthening centralized procurement to optimize gross margins [1] - The pharmacy has also achieved cost savings through intensive management practices, contributing to overall profit growth [1]

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，从行业平均水平来看，净利 润率大概处在中低个位数。过往国大药房的净利润偏低，主要还是与其产品结构有关，公司将会通过产 品品类优化进一步改善毛利率，通过费用节约，进而改善净利率，公司认为还有一定空间。 （编辑 袁冠琳） ...

Group 1 - The core viewpoint of the article highlights that the O2O (Online to Offline) business model is expanding opportunities for physical pharmacies, but the platform service fees are impacting their profitability [1] - The company, Guoda Pharmacy, is actively communicating and coordinating with various platform enterprises to seek cost savings amid competition [1] - O2O is recognized as a trend in the industry, prompting physical pharmacies to maintain their uniqueness to cope with pricing pressures from online products [1]

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].