国药一致上半年净利降10.43%，行业政策、市场环境及竞争格局多因素影响｜财报速递

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025, indicating challenges in the distribution and retail sectors due to market competition and policy changes [1][2]. Financial Performance Summary - Total operating revenue for the first half of 2025 was 36.797 billion yuan, a decrease of 2.62% compared to the same period last year [2]. - Net profit attributable to shareholders was 666 million yuan, down 10.43% year-on-year, with basic earnings per share decreasing by 10.45% to 1.20 yuan [1][2]. - The weighted average return on equity fell by 0.49 percentage points to 3.70% [2]. Segment Performance - The distribution segment generated operating revenue of 26.783 billion yuan, a decline of 1.09%, with net profit of 482 million yuan, down 7.82% [2]. - The retail segment, represented by "China National Pharmaceutical Group Co., Ltd.," achieved operating revenue of 10.479 billion yuan, a decrease of 6.46%, but net profit increased by 215.81% to 17 million yuan [3]. - The performance of important joint ventures was negatively impacted by industry policies and market supply-demand factors, leading to a reduction in investment income from these ventures [3].