Sinopharm Accord(SZ:000028) Cai Jing Wang·2025-10-22 05:33Core Insights - The company reported a decline in revenue and net profit for the first three quarters of 2025, with total revenue of 55.124 billion yuan, down 2.38% year-on-year, and a net profit attributable to shareholders of 0.957 billion yuan, down 10.18% year-on-year [1] - In Q3 2025, the company achieved revenue of 18.328 billion yuan, a decrease of 1.89% year-on-year, and a net profit of 0.291 billion yuan, down 9.58% year-on-year [1] Distribution Business - The distribution business continues to face policy and market competition pressures, but the company has managed to stabilize and recover distribution revenue through ongoing business structure optimization [1] - Increased credit impairment losses due to longer repayment cycles from some downstream customers contributed to the profit decline, although the company has focused on business adjustments and cost control, resulting in a narrowing profit decline [1] Retail Segment - The retail segment, represented by "China National Pharmaceutical Group Co., Ltd.," reported revenue of 15.226 billion yuan, down 7.14% year-on-year, but net profit increased by 133.91% to 0.013 billion yuan [1] - Sales revenue for the retail segment slightly decreased due to intensified market challenges and strategic store closures, but profitability improved through optimization of procurement systems, focus on private brands, and closure of inefficient stores [1] Strategic Focus - The company aims to focus on "increasing revenue, reducing costs, and improving efficiency" in response to the complex external environment, accelerating digital transformation, deepening organizational changes, and fine-tuning management to enhance operational quality and risk resilience for steady development [2]