Core Viewpoint - Nanjing Pharmaceutical has experienced significant growth since its listing in 1996, with its market capitalization increasing from 586 million yuan to 6.623 billion yuan, reflecting the development of the pharmaceutical distribution industry, although recent years show a slowdown in growth momentum [1][3]. Business Overview - The main business of Nanjing Pharmaceutical includes the sale of pharmaceutical products, with wholesale accounting for the highest revenue share at 94.72%, followed by retail at 4.53% [3]. - Since its listing, the company has achieved a cumulative net profit growth of 1788.12%, from 30 million yuan in 1996 to 571 million yuan in 2024, with 17 years of profit growth out of 29 years [3][4]. Financial Performance - Revenue has shown steady growth, increasing from 39.817 billion yuan in 2020 to 53.696 billion yuan in 2024, although the growth rate has been gradually slowing [4]. - The net profit attributable to shareholders rose from 37.6 million yuan in 2020 to 571 million yuan in 2024, with a slight decline in the last two years indicating increased competitive pressure in the industry [4]. Market Capitalization - Since its listing, Nanjing Pharmaceutical's market capitalization has increased by 10.30 times, demonstrating long-term investment value. However, it has decreased from a peak of 18.397 billion yuan in June 2015 to 6.623 billion yuan, representing a market value loss of 11.774 billion yuan or 64% [6].