Sinopharm Accord(000028) 每日经济新闻·2025-04-09 09:46Core Viewpoint - The company, Guoyao Yizhi, reported a significant decline in net profit for 2024, primarily due to goodwill impairment and increased competition in the retail sector, leading to a net profit drop of 59.83% year-on-year [1][2]. Financial Performance - In 2024, Guoyao Yizhi achieved operating revenue of 74.378 billion yuan, a year-on-year decrease of 1.46% [1]. - The net profit attributable to shareholders was 642 million yuan, down 59.83% year-on-year, with earnings per share decreasing by 59.93% [1][2]. - The company recorded a goodwill impairment provision of 8.88 billion yuan during the reporting period, contributing to a net profit reduction of 5.61 billion yuan [2]. Business Segments - The retail segment, primarily represented by Guoda Pharmacy, faced substantial losses, with a net profit of -1.104 billion yuan, a decline of 309.53% year-on-year [5]. - The distribution segment reported operating revenue of 52.984 billion yuan, a slight increase of 1.98%, but net profit decreased by 12.74% [3]. Market Environment - The pharmaceutical retail industry is undergoing significant structural adjustments, with an estimated closure of 39,000 retail pharmacies nationwide in 2024, reflecting a closure rate of 5.7% [6]. - Guoyao Yizhi's total number of Guoda Pharmacy stores was 9,569 as of December 31, 2024, with a net closure of 1,273 direct stores during the year [6]. Strategic Response - The company plans to restructure its business by closing unprofitable stores and focusing on digital transformation and diversified industry layouts [7]. - Despite the challenges, Guoyao Yizhi reported a net cash flow from operating activities of 3.271 billion yuan, an increase of 11.38% year-on-year, attributed to improved cash management and reduced employee-related expenses [7].