Core Viewpoint - The company announced that it conducts annual impairment tests on goodwill in accordance with accounting standards and policies, with results pending further evaluation after the second half of the year [1] Group 1 - The company stated that it reflects the value of goodwill assets accurately based on the results of impairment tests [1] - Current conditions regarding goodwill are relatively stable, with specific results to be assessed later [1]

（编辑 袁冠琳） 证券日报网讯 国药一致9月3日发布公告，在公司回答调研者提问时表示，公司去年年初制定了三年的 分红承诺，即不低于20%派息率，但今年已经做到超过30%。从长远来看，公司会结合现金的实际情况 进行分红，也会在经营条件允许的范围内给投资者合理回报，总体不会低于20%。 ...

（编辑 袁冠琳） 证券日报网讯 国药一致9月3日发布公告，在公司回答调研者提问时表示，公司对分销的整体预期是与 去年基本持平。集采扩面、支付改革对利润率的压力客观存在，但集采商品的回款周期将会缩短。此 外，公司有效填补缺口的模式是国产和进口新药的上市速度变快，医保也给予适当通路。同时，公司也 在持续推动医院的SPD项目的推广，目前成效较好。 ...

Core Viewpoint - The company reported a significant decline in operating cash flow for the first half of the year, primarily due to extended payment terms in its distribution business and negative sales growth in Guoda Pharmacy [1] Group 1 - The operating cash flow decreased year-on-year, indicating potential liquidity issues for the company [1] - Extended payment terms in the distribution business have negatively impacted cash flow [1] - Guoda Pharmacy experienced a decline in sales revenue, contributing to reduced positive cash flow [1]

证券日报网讯 国药一致9月3日发布公告，在公司回答调研者提问时表示，广西市场，根据已经披露的 半年报来看，广西公司与主要竞争对手差距越来越小，公司在广西市场的市占率有所提升。广东市场， 主要对手的整体规模仍保持正增长，但本公司净利润率远高于对方，而且我们在公立医院市场的份额仍 保持增长，保持良好的竞争态势。等市场环境好转后，公司会继续扩大相应的市场份额。 （编辑 袁冠琳） ...

证券日报网讯 国药一致9月3日发布公告，在公司回答调研者提问时表示，从行业平均水平来看，净利 润率大概处在中低个位数。过往国大药房的净利润偏低，主要还是与其产品结构有关，公司将会通过产 品品类优化进一步改善毛利率，通过费用节约，进而改善净利率，公司认为还有一定空间。 （编辑 袁冠琳） ...

Group 1 - The core viewpoint of the article highlights that the O2O (Online to Offline) business model is expanding opportunities for physical pharmacies, but the platform service fees are impacting their profitability [1] - The company, Guoda Pharmacy, is actively communicating and coordinating with various platform enterprises to seek cost savings amid competition [1] - O2O is recognized as a trend in the industry, prompting physical pharmacies to maintain their uniqueness to cope with pricing pressures from online products [1]

Core Points - The pharmaceutical commercial sector experienced a decline of 0.96% on September 3, with First Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Baiyang Pharmaceutical (301015) closed at 26.14, up 2.27% with a trading volume of 106,600 shares and a transaction value of 279 million [1] - Yifeng Pharmacy (6666609) closed at 24.93, up 2.09% with a trading volume of 203,900 shares and a transaction value of 507 million [1] - Zhejiang Nongyuan (000705) closed at 9.28, up 0.65% with a trading volume of 207,300 shares and a transaction value of 195 million [1] - Guoyao Co. (600511) closed at 29.34, down 0.44% with a trading volume of 40,900 shares and a transaction value of 120 million [1] - Shanghai Pharmaceutical (601607) closed at 18.48, down 0.65% with a trading volume of 202,100 shares and a transaction value of 373 million [1] - Jiuzhoutong (600998) closed at 5.01, down 0.99% with a trading volume of 437,600 shares and a transaction value of 220 million [1] - Nanjing Pharmaceutical (600713) closed at 4.90, down 1.01% with a trading volume of 168,700 shares and a transaction value of 82.85 million [1] - Jianghe Pharmaceutical (002788) closed at 8.40, down 1.18% with a trading volume of 40,400 shares and a transaction value of 34.10 million [1] - Liuyou Group (603368) closed at 17.96, down 1.32% with a trading volume of 61,800 shares and a transaction value of 111 million [1] - Zhongyao Holdings (000950) closed at 5.16, down 1.34% with a trading volume of 162,400 shares and a transaction value of 84.32 million [1] Capital Flow - The pharmaceutical commercial sector saw a net outflow of 295 million from main funds, while speculative funds had a net inflow of 132 million and retail investors had a net inflow of 164 million [3]

Group 1 - The company has received a total compensation amount of 56,089,816.67 yuan for the expropriation of three properties located at Sichuan Middle Road, which were previously managed and rented out by the company [2][3] - The expropriation was conducted by the Shanghai Huangpu District Government, with the properties being assessed by a certified real estate appraisal firm [1] - The company held board meetings and a shareholders' meeting to approve the compensation agreement prior to receiving the funds [2] Group 2 - The expropriated properties were primarily used for rental operations, but the expropriation is not expected to have a significant impact on the company's overall business [3] - The compensation amount will be accounted for in the current financial period, potentially leading to a positive effect on the company's annual operating performance, subject to audit confirmation [3]

Group 1 - The company is actively embracing AI technology through self-research and partnerships with leading firms like Alibaba Cloud and Tencent Cloud, developing AI applications for various scenarios to accelerate digital transformation in business and management [1][2] - AI applications include smart logistics, integrated Chinese and Western medicine diagnosis, medical devices, and intelligent office solutions, significantly improving operational efficiency and patient experience across different platforms [1][2] - The AI logistics project "Goods to Person" has enhanced overall efficiency by 10% through the application of intelligent scheduling algorithms across the entire lifecycle of order grouping, product storage, and dispatch [1] Group 2 - The company has implemented an internal office system and a digital assistant "Zhi Jiu Ge" integrated with DeepSeek, resulting in a 38% increase in work efficiency [2] - As of July 2025, the company has over 2,400 clinic membership stores and aims to establish a network of 10,000 clinics within three years, focusing on a business model that integrates medical services with supply chain management [2] - The company has introduced over 260 new products in the first half of the year, enhancing the product structure in clinics through partnerships with various upstream manufacturers [2] Group 3 - The company has launched the "Jiu Yi SaaS Clinic Manager" system, enabling rapid operations such as 3-second record creation and 10-second prescription issuance, with 1,525 clinic membership stores currently using the system [3] - The AI-assisted diagnosis platform developed in collaboration with Tencent Cloud covers nearly 3,000 diseases and over 110,000 drug knowledge, with an average of 51,000 uses per month across member stores [3] - The new product strategy, as part of the "Three New and Two Transformations" strategy, is crucial for future development, focusing on integrating resources across the group to introduce clinically valuable and marketable new products [3] Group 4 - The company has established a new product strategy fund, "Wuhan Jiu Ying Venture Capital Fund Partnership," with a scale of 500 million yuan, focusing on innovative drugs and high-end generics [4]