Report Summary 1. Report Industry Investment Rating - No information provided. 2. Core Viewpoints - Since 2024, the pharmaceutical reform policy has been continuously explored, leading to stagnant growth in industry revenue and downward pressure on profits. The company's revenue has basically stabilized compared to the same period last year, with a 2.77% year - on - year decline in the first nine months of 2025. The company is committed to transformation, focusing on the main business, and strengthening its advantages in non - medical insurance - dependent category diversification and omni - channel marketing [24]. 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Jianzhijia, belonging to the pharmaceutical business industry. The reception time was on October 30, 2025. The listed company's reception staff included the chairman, general manager Lan Bo, the chief financial officer and board secretary Li Heng, and independent director Guan Yunhong [17]. 3.2 Detailed Research Institutions - The reception objects included investors and others [20]. 3.3 Research Institution Proportion - No information provided. 3.4 Main Content Data - **Revenue Situation**: From 2022 - 2024, the proportion of medical insurance settlement income based on personal accounts in the company's pharmacy main business income (excluding B2C) was 52%, 47%, and 44% respectively, dropping to 40% from January to September 2025. In the first nine months of 2025, the company achieved an operating income of 6.549 billion yuan, a 2.77% year - on - year decrease. The online operating income was 1.9794442 billion yuan, a 9.71% year - on - year increase, accounting for 30.23% of the operating income. The company strengthened cost control, with a 2.84% year - on - year decrease in period costs [24]. - **Business Expansion Plan**: The company focuses on the main business, continues to strengthen its advantages in non - medical insurance - dependent category diversification and omni - channel marketing. It will build more specialty pharmacies for diabetes, cardiovascular and cerebrovascular diseases, etc., and develop specialized solutions for single diseases. It will also strengthen the cooperation with leading enterprises in personal care products and develop exclusive products [25][26]. - **Measures to Deal with the Weak Growth of the Pharmaceutical Retail Market**: The company focuses on transformation, stability of revenue, and cost - control and efficiency - improvement. It promotes business transformation, improves the efficiency of existing stores, complies with regulations, controls costs, and adjusts category planning to support transformation and enhance supply chain capabilities [27].