Core Insights - The company reported a revenue of 2.795 billion yuan, a year-on-year decrease of 6.72% [1] - Net profit was 78.63 million yuan, down 46.95% year-on-year, primarily due to the impact of expanded centralized procurement on traditional Chinese medicine formula granules and intensified industry competition leading to price pressure [1] Revenue Breakdown - Revenue from traditional Chinese medicine formula granules and decoction pieces was 1.232 billion yuan, a year-on-year decline of 5.75% [1] - Revenue from the core product, Xuebijing injection, was 466 million yuan, a slight increase of 2.88% year-on-year [1] - The smart supply chain for medical devices generated revenue of 433 million yuan, down 3.92% year-on-year [1] Profitability and Loss Provisions - The gross profit margin for all segments declined, with the smart supply chain for medical devices experiencing a significant drop of 16.85% [1] - The company recognized an asset impairment loss of 30.495 million yuan, mainly for inventory write-downs related to raw materials and inventory products older than 24 months [1] - Accounts receivable bad debt losses amounted to 6.5879 million yuan, indicating pressure on cash collection [1]