Sinopharm Accord(SZ:000028) Ge Long Hui A P P·2025-08-14 09:16Core Insights - The company reported a decline in both revenue and net profit for the first half of 2025, with revenue at 36.797 billion yuan, down 2.62% year-on-year, and net profit at 666 million yuan, down 10.43% year-on-year [1][2]. Distribution Segment - The distribution segment generated revenue of 26.783 billion yuan, a decrease of 1.09% year-on-year, and net profit of 482 million yuan, down 7.82% year-on-year, primarily due to changes in industry policies and intensified market competition [2]. - An increase in long-term accounts receivable due to delayed payments from downstream customers led to a rise in bad debt provisions, contributing to the profit decline [2]. Retail Segment - The retail segment, represented by "Guoyao Holdings Guoda Pharmacy Co., Ltd." (Guoda Pharmacy), achieved revenue of 10.479 billion yuan, a decrease of 6.46% year-on-year, but net profit increased by 215.81% to 17 million yuan [2]. - The decline in sales revenue for Guoda Pharmacy was influenced by market conditions, competitive landscape, and strategic store closures, while profitability improved through optimization of procurement systems and business structures, as well as a focus on enhancing store operational quality [2].