HRPC(SH:600829) Shang Hai Zheng Quan Bao·2025-04-11 20:25Core Viewpoint - The company plans to retain undistributed profits for business development in 2025 and will not distribute profits or increase capital reserves for the current year [2][29]. Company Overview - The company operates in the pharmaceutical distribution industry, which is crucial for the national healthcare system and health industry, playing a vital role in the pharmaceutical supply chain [2]. - The company is the largest pharmaceutical distribution company in Heilongjiang Province, with a significant presence in both wholesale and retail sectors [12][13]. Industry Situation - The pharmaceutical distribution industry in China has shown stable growth, with the total sales scale reaching 2.93 trillion yuan in 2023, a year-on-year increase of 7.5% [3]. - The pharmaceutical wholesale market sales reached 2.29 trillion yuan in 2023, also reflecting a 7.5% year-on-year growth [4][5]. - The retail pharmaceutical market sales amounted to 640.2 billion yuan, with a year-on-year growth of 7.6% [6]. Industry Characteristics - The pharmaceutical distribution industry exhibits stable demand characteristics, with limited seasonal fluctuations and low sensitivity to macroeconomic cycles [8]. - The industry is characterized by regional differences, with companies that have strong distribution capabilities and a wide range of products enjoying competitive advantages [8]. Regulatory Environment - The government has introduced several reforms aimed at optimizing resource allocation and ensuring public medication safety, including centralized procurement and medical insurance payment reforms [9][10]. - The 2024 focus includes enhancing the transparency of drug pricing and promoting fair competition among pharmacies [9][10]. Company Financial Performance - In the reporting period, the company achieved operating revenue of 1,004.83 million yuan, a decrease of 3.29% year-on-year, and a net profit attributable to shareholders of 21.33 million yuan, down 27% year-on-year [19]. - The company's main business revenue was 1,000.72 million yuan, with wholesale business revenue of 822.80 million yuan and retail business revenue of 169.13 million yuan [19]. Business Operations - The company’s wholesale business primarily serves medical clients, including public hospitals and private medical institutions, while the retail business focuses on direct sales through chain pharmacies [14][16]. - The company has established strong partnerships with various pharmaceutical manufacturers, ensuring stable procurement channels [15].