Group 1: Company Overview - The company achieved a total revenue of 33.352 billion CNY in 2024, with pharmaceutical wholesale contributing 29.933 billion CNY and retail contributing 3.178 billion CNY [1] - Revenue by product category includes 31.074 billion CNY from pharmaceuticals and 2.037 billion CNY from medical supplies [1] Group 2: Business Operations - The main business activities include wholesale and retail of pharmaceuticals, traditional Chinese medicine, biological products, and medical devices [1] - The operational model involves purchasing products from upstream pharmaceutical manufacturers and distributing them to downstream medical institutions, pharmacies, and directly to consumers [1] Group 3: Market Coverage - The company covers over 30,000 distribution terminals, achieving full coverage of county-level hospitals, chain pharmacies, and private hospitals above the secondary level in Zhejiang Province [1] - The company is focused on enhancing network coverage and delivery satisfaction while optimizing customer service capabilities [1] Group 4: Financial Management - The company has been actively managing its debt structure, resulting in a stable decrease in the asset-liability ratio [1] - For 2024, the company plans to distribute 200 million CNY in cash dividends, which represents 38.06% of the net profit attributable to shareholders [2] - Over the past three years (2022-2024), the cumulative cash dividend amount is approximately 422.69 million CNY, accounting for 103.39% of the average net profit [2] Group 5: Employee Incentives - The company has implemented restricted stock grants in 2021 and 2022 to motivate employees, with performance indicators including net profit growth rate and return on equity [2]

Group 1: Company Performance and Financials - In Q1 2025, the company achieved a revenue of 84.37 billion, a year-on-year decrease of 1.87% [13] - For the year 2024, the company reported a revenue of 333.52 billion, a growth of 4.05%, and a net profit of 5.26 billion, increasing by 7.53% [18] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 5.10 billion, reflecting a growth of 25.74% [18] Group 2: Debt Management - The company is actively managing its debt structure, with a stable decrease in the asset-liability ratio [2][3] - There are 4 billion of the 6 billion convertible bonds yet to be converted, with plans for redemption or conversion as per regulations [2] Group 3: Market Strategy and Expansion - The company aims to enhance market share through scale, channel, and brand advantages, including mergers and acquisitions, and strategic partnerships [1] - New parks, such as the Yingte Pharmaceutical Valley Operations Center, are set to be operational this year, while the Shitang Pharmaceutical Industrial Park is still in planning [1] Group 4: Business Segments and Innovations - The company is focusing on enhancing the quality and efficiency of traditional Chinese medicine services through the establishment of additional decoction centers [4] - In the medical aesthetics sector, the company plans to improve revenue through refined operations and deeper collaborations with manufacturers [5] - The company is expanding its logistics capabilities with a comprehensive distribution network across Zhejiang province, enhancing efficiency through smart warehousing and automated sorting systems [17] Group 5: Investor Relations and Market Perception - The management emphasizes that stock prices are influenced by various factors, including company fundamentals and market trends, and currently has no plans for stock buybacks or increases [6][31] - The company is committed to improving investor relations and enhancing market value through high-quality business development and increased cash dividends [2]