Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, indicating ongoing challenges in the distribution business and market competition [1] Financial Performance - The company achieved an operating income of 55.124 billion yuan, a year-on-year decrease of 2.38% [1] - The net profit attributable to the company was 0.957 billion yuan, down 10.18% year-on-year [1] Business Operations - The distribution business faced ongoing policy and market competition pressures, but the company managed to stabilize and recover distribution revenue through continuous optimization of its business structure [1] - Increased credit impairment losses due to longer repayment cycles from some downstream customers contributed to the profit decline, although the company maintained business adjustments and cost control, resulting in a narrowing profit decline [1] Retail Performance - The sales revenue of Guoda Pharmacy experienced a slight decline due to intensified market challenges and ongoing strategic store closures [1] - Guoda Pharmacy improved its profitability by optimizing its procurement system, focusing on private brands and centralized procurement, while effectively reducing fixed costs through the closure of inefficient stores and enhancing single-store output [1] - During the reporting period, Guoda Pharmacy achieved a year-on-year increase in net profit [1]