创美药业(02289) - 2025 - 中期财报

Company Profile and Business Overview Chuangmei Pharmaceutical (2289.HK) is a leading South China pharmaceutical distributor, noted for market position and logistics awards - The company primarily engages in pharmaceutical distribution, ranking among the leading distributors in South China[2][4] - In 2024, the company ranked 34th nationally in wholesale enterprise main business revenue and 6th in Guangdong Province among pharmaceutical circulation enterprises[2][4] - In H1 2025, the company received multiple honors including "Best Pharmaceutical Cold Chain Logistics Center," "Recommended Pharmaceutical Cold Chain Logistics Service Enterprise," "Excellent Pharmaceutical Logistics and Distribution Enterprise," and "Modern Pharmaceutical Logistics Technology Experiment Base"[3][5] - Awarded the "Pacesetter" title for 2024[3][5] Company Information This section details the company's board, committees, and key corporate information, noting a Nomination Committee change in June 2025 - Board members include Executive Directors Yao Chuanglong, Zheng Yuyan, Zhang Hanzi; Non-executive Directors Yan Jingbin (Chairman), Fu Zheng, Xu Fei; and Independent Non-executive Directors Li Hanguo, Yin Zhiwei, Guan Jian[9] - Yin Zhiwei chairs the Audit Committee, Guan Jian chairs the Nomination Committee, Li Hanguo chairs the Remuneration Committee, Yao Chuanglong chairs the Risk Management Committee, and Yan Jingbin chairs the Strategic Development Committee[9][10] - Nomination Committee members changed on June 27, 2025, due to revisions in listing rules, with Mr Yao Chuanglong ceasing to be a member and Ms Zheng Yuyan being appointed[11][13] Financial Highlights This section summarizes financial performance for H1 2025 and FY2024, showing declines in revenue and net profit, with slight asset growth and reduced shareholder equity H1 Financial Performance | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,155,071 | 2,347,185 | -8.18 | | Total Profit | 32,629 | 38,928 | -16.18 | | Net Profit Attributable to Parent Company Shareholders | 21,739 | 26,747 | -18.72 | | Basic and Diluted Earnings Per Share (RMB) | 0.2013 | 0.2477 | -18.73 | As of June 30, 2025, Balance Sheet Data | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 3,492,251 | 3,456,644 | 1.03 | | Total Liabilities | 2,900,422 | 2,837,953 | 2.20 | | Shareholders' Equity | 591,830 | 618,691 | -4.34 | | Net Assets Per Share (RMB) | 5.4799 | 5.7286 | -4.34 | Management Discussion and Analysis This section discusses H1 2025 industry trends, policy impacts, and the company's business performance and strategic initiatives, noting revenue and net profit declines but improved gross margin and significant growth in third-party logistics Industry Overview China's pharmaceutical industry is undergoing structural transformation towards patient-centric care, digitalization, and consolidation, with significant growth in the outpatient market - China's pharmaceutical industry is shifting from a "disease-centric" to a "people's health-centric" model, driven by increased public health awareness[16] - In 2024, the market share of China's retail pharmacies (including online pharmacies) increased by 1.5 percentage points, with online pharmacy drug sales growing by 14.4%[17][18] - In 2024, instant retail sales (including drugs and non-drugs) by pharmacies reached RMB 48.7 billion, a 31.3% year-on-year increase[17][18] - The Ministry of Commerce aims to cultivate 5-10 retail pharmacy chains with annual sales exceeding RMB 50 billion by 2025, with the top 100 retail pharmacies accounting for over 65% of total sales and chain penetration approaching 70%[19][22] - In 2023, the top 100 pharmaceutical wholesale enterprises accounted for 76% of the national pharmaceutical market, a 0.8 percentage point increase year-on-year[19][22] - China's pharmaceutical distribution industry market size is projected to exceed RMB 4 trillion by 2028, with a 7% compound annual growth rate[19][22] - Starting January 1, 2025, all designated retail pharmacies selling "dual-channel" managed drugs must process prescriptions through the national unified medical insurance electronic prescription center[25][27] - The outpatient market is expected to reach RMB 1.6 trillion by 2029, potentially rivaling or surpassing the inpatient market[25][27] - In May 2025, Guangdong Province issued draft rules for drug listing on its pharmaceutical procurement platform, aiming to unify national drug listing rules and align prices across provinces, retail pharmacies, and online e-commerce platforms[29][32] - In March 2025, four national departments, including the National Healthcare Security Administration, mandated the full-process and full-volume collection and application of drug traceability codes in medical insurance and work-related injury insurance, with all medical institutions to achieve full collection and upload by January 1, 2026[31][33] - The "Implementation Plan for Digital and Intelligent Transformation of the Pharmaceutical Industry (2025-2030)" supports the application of AI, big data, and cloud computing across the entire pharmaceutical value chain, promoting digital, diversified, and platform-based industry development[34][35] Business Review In the reporting period, the Group's pharmaceutical distribution business saw a decrease in customer and product numbers, but achieved significant growth in third-party logistics and enhanced AI integration - As of June 30, 2025, the distribution network covered 12,170 customers, a year-on-year decrease of 624 customers[41][43] - The number of distributed product categories decreased by 432 to 11,164, with a total of 1,046 suppliers[41][44] Product Quantity Changes | Product Category | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Proprietary Chinese Medicines | 4,067 | 4,445 | | Western Medicines | 4,184 | 4,316 | | Others | 2,913 | 2,835 | | Total | 11,164 | 11,596 | - Actively promoting the "Ten Million-level" brand customer policy, the company has developed multiple strategic cooperative brands with sales exceeding RMB 10 million[47][50] - Focusing on the silver economy, the company collaborates with partners like Kunming Pharmaceutical Group to enhance the elderly health industry ecosystem[52][53][56] - Deepening AI empowerment, the company achieved automation in key business areas such as financial management, intelligent process engine optimization, efficient pharmaceutical data governance, intelligent commodity monitoring, and intelligent verification and compliance management of drug traceability codes[54][57] - Initiated AI tool pilot applications in critical logistics segments like intelligent warehouse management and