嘉事堂，全线下滑

Core Viewpoint - The company, Jia Shi Tang, reported a significant decline in both revenue and net profit for the first three quarters of 2025, indicating ongoing challenges in its financial performance [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 14.459 billion yuan, a year-on-year decrease of 21.80% [1]. - The net profit attributable to shareholders was 141 million yuan, down 38.81% year-on-year [1]. - In Q3 2025, revenue was 4.759 billion yuan, reflecting a 15.79% decline compared to the same period last year [1]. - The net profit for Q3 was approximately 34.07 million yuan, a decrease of 45.71% year-on-year [1]. - Total operating costs for the first three quarters fell to 14.061 billion yuan from 18.065 billion yuan in the previous year [1]. - The gross margin has been declining for five consecutive years, dropping from 10.23% in 2019 to 6.28% in the first three quarters of 2025 [1]. - The net profit margin also remained low, decreasing to 1.32% in the first three quarters of 2025 [1]. Market Performance - The company's stock price has seen a significant decline, with a recent price of 14.03 yuan per share, representing an 83.16% drop over the past decade [2]. - The market capitalization of Jia Shi Tang is currently 4.1 billion yuan [2]. Strategic Focus - The company is primarily engaged in pharmaceutical retail and wholesale, along with third-party logistics for pharmaceuticals [1]. - Jia Shi Tang is focusing on enhancing its core business in drug and medical device distribution, aiming to provide high-quality healthcare products and services [5]. - The company is also looking to leverage its supply chain value in the healthcare sector, aligning with the broader strategic goals of its controlling entity, China Everbright Group [5].