今日晚间，国药一致发布业绩快报，2024年，公司实现营业总收入743.78亿元，同比减少1.46%；营业利润5.73亿元，同比下降76.76%；归属于上市公司股东的净利润6.42亿元，同比减少59.83%。与1月发布的业绩预告内容基本相符。① Due to the combined impact of intensified market competition and various other factors, China National Accord Medicines Corporation anticipates a double decline in revenue and net profit for the year 2024. ② The company plans to provision for credit impairment losses and asset impairment losses totaling 1.094 billion yuan.
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On March 17, Financial Link reported (by journalist He Fan) difficulties in account receivables, decreased foot traffic in retail pharmacies, and the need to provision for asset impairment... China National Accord Medicines Corporation (000028.SZ) experienced a double decline in revenue and net profit last year, marking the first revenue decline for the company since 2005.
This evening, China National Accord Medicines Corporation released a performance report indicating that in 2024, the company achieved total operating revenue of 74.378 billion yuan, a year-on-year decrease of 1.46%; operating profit of 0.573 billion yuan, a year-on-year decrease of 76.76%; and net profit attributable to shareholders of the listed company was 0.642 billion yuan, a year-on-year decrease of 59.83%. This is basically consistent with the performance forecast released in January.
Regarding the decline in net profit, the company stated that performance declined due to the combined effects of changes in industry policies and intensified market competition, resulting in a significant gap between the operating performance of acquired asset groups and expectations. Based on the preliminary results of the impairment test and following the principle of prudence, the company has provisioned for impairment losses of 0.97 billion yuan related to goodwill and intangible assets (brand usage rights and sales networks) formed from acquisition price allocation, which reduced net profit attributable to shareholders by 0.561 billion yuan during the reporting period.
Specifically, the distribution sector achieved operating income of 52.984 billion yuan, a year-on-year increase of 1.98%; net profit was 0.922 billion yuan, a year-on-year decrease of 12.74%, mainly due to the impact of industry policies and market conditions, which caused delays in account receivables, resulting in increased capital occupation and corresponding cost increases. In 2023, there was a government land requisition which generated disposal gains; this period had no such matter, and the combined impact of the mentioned factors led to a profit decline.
The retail sector (i.e., SINOPHARM's Guoda Drugstore Co., Ltd.) achieved operating revenue of 22.357 billion yuan, a year-on-year decrease of 8.41%; net profit was -1.104 billion yuan, a year-on-year decrease of 309.53%, primarily due to provisions for asset impairments related to goodwill and intangible assets formed from acquisition price allocation leading to profit decline.
The company simultaneously released an announcement on provisioning for asset impairment, indicating that in 2024, it plans to provision for credit impairment losses and asset impairment losses of 99.3258 million yuan and 0.995 billion yuan respectively, totaling 1.094 billion yuan. Among these, the proposed intangible asset impairment provision is 82.0811 million yuan, and the proposed goodwill impairment provision is 0.888 billion yuan. This provisioning is expected to reduce the company's net profit attributable to shareholders for the year 2024 by 0.625 billion yuan.
Regarding the reasons and amounts for the proposed impairment provision of goodwill, China National Accord Medicines Corporation stated that in 2024, factors such as outpatient centralized management and other medical reform policies profoundly affected the behavior of terminal consumers, leading to a decrease in foot traffic at pharmaceutical retail stores. Sales of high-margin categories such as health food, medical devices, and traditional Chinese medicine decoction pieces declined significantly, and the sales and profits of the asset groups with goodwill experienced a downturn. Additionally, the pharmaceutical retail sector faced intensified competition and online diversion due to Pharmaceutical E-commerce, resulting in a general declining trend in the industry.
Therefore, the company plans to make impairment provisions for 17 goodwill asset groups, including Shanghai Dingqun, Chengda Fangyuan, and Pudong Medicine.
In addition, the company plans to provide an impairment provision for intangible assets (brand usage rights) totaling 39.9488 million yuan for Beijing Jinxiang, Disheng Chain, and Shanghai Dingqun, and intends to make an impairment provision for intangible assets (sales network) of 42.1323 million yuan for Shanghai Dingqun and Fumei Pharmaceuticals.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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