Sinopharm Accord's 1H26 revenue/attributable NP/recurring attributable NP were RMB36,266/606/599mn(-1.4/-9.0/-6.8%YoY).The 2Q26 figures were RMB18,443/319/319mn(-0.3/-5.7/-2.0%YoY).Earnings declined YoY due to industry policy changes,intensified competition,and prolonged customer payment collection cycles.We expect performance to turn positive after the effects of the company's high-quality development strategic adjustments materialize.Maintain BUY.
Distribution:Narcotic and psychotropic business outshines
The 1H26 distribution business revenue was RMB26,539mn(-0.9%YoY),and NP was RMB460mn(-4.6%YoY).Although the business faced short-term pressure due to policy impacts,the company narrowed revenue and profit declines through expanding incremental business,adjusting structure,and refined management.Key subsidiary Sinopharm Holding Guangzhou recorded revenue of-2.0%YoY and NP of-8.5%YoY;Sinopharm Holding Guangxi recorded revenue of+3.5%YoY and NP of+6.7%YoY.Integration of the narcotic and psychotropic drug business accelerated,with 1H26 narcotic and psychotropic product revenue for Sinopharm Holding Guangzhou/Sinopharm Holding Guangxi up by 8.5/20%YoY.
Retail:NP declined YoY;store layout continued optimizing
Guoda Drugstore's 1H26 revenue was RMB10,227mn(-2.4%YoY)and NP was RMB13mn(-19.7%YoY).Affected by industry policy adjustments and intensified market competition,sales revenue of Guoda Drugstore declined slightly YoY;combined with sales structure changes,lower sales proportion of high-gross-margin varieties reduced gross profit amount,leading to aYoY profit drop.As of end-1H26,Guoda Drugstore's total store count stood at 7,975,a net decrease of 246 vs end-2025(including 6,562 directly-operated stores,a net decrease of 119).Through continuous optimization of store layouts and measures such as promoting"smaller scale,higher quality,"loss-making stores decreased significantly YoY,and Guoda Drugstore's store closures dropped sharply YoY.For 1H26,Guoda Drugstore's centralized procurement sales grew by 7.6%YoY,with its share of total sales rising by 5pp vs end-2025,as the company effectively optimized procurement costs through centralized negotiations and source control.Private-label sales accounted for 15.4%in 1H26(+1.1pp vs end-2025).Directly-operated DTP business revenue rose+26%YoY in 1H26;the lower gross margin of DTP business dragged down the company's gross profit amount to acertain extent.
1H26 sales expense ratio and gross margin declined YoY
The 1H26 sales/administrative/R&D/financial expense ratios were 6.12/1.35/0.01/0.19%(-0.50/+0.08/-0.02/-0.03pp YoY).The company strengthened operational quality management and controlled sales expense inputs,leading to anoticeable YoY decline in the 1H26 sales expense ratio.The 1H26 gross margin fell by 0.64pp YoY to 10.04%,which we believe was mainly due to decreased gross margins for certain products under intensified market competition and VBP impacts.
High-quality growth strategy to drive earnings improvement
Based on 1H26 performance,we slightly lower our sales expense ratio expectations and project 2026/2027/2028 attributable NP at RMB1.19/1.22/1.25bn(+2.6/+2.1/+1.6%vs our previous estimates;+4.85/+2.34/+2.35%YoY),implying EPS of RMB1.95/1.99/2.04.Switching back to PE valuation,in our SOTP model,we expect pharma retail/pharma wholesale/investment income(industrial)2026E EPS to be RMB0.04/1.38/0.53.The average 2026E Wind consensus PEs of comparable companies for the three segments are 16/10/19x.We grant pharma retail/pharma wholesale/investment income 16/10/19x 2026E PEs,for our target price of RMB24.47(previous:RMB33.03 adjusted for current share capital,corresponding to 2026E retail 0.3x PS and wholesale/industrial 10/17x PEs).
Risks:VBP impacts exceeding our expectations;pharma retail M&A,pharma retail profitability improvement,or industrial investment income falling short of our expectations.

　　公司1H26收入/归母净利润/扣非归母净利润362.66/6.06/5.99亿元，同比-1.4%/-9.0%/-6.8%。2Q26收入/归母净利润/扣非归母净利润184.43/3.19/3.19亿元，同比-0.3%/-5.7%/-2.0%。受行业政策变化、市场竞争加剧、客户回款延长等影响，业绩同比下滑。我们看好公司高质量发展战略调整效果体现后业绩向好，维持买入评级。
　　分销：1H26收入及净利润同比下滑，麻精业务表现亮眼
　　1H26分销业务收入265.39亿元（-0.9%yoy），净利润4.60亿元（-4.6%yoy），虽然由于政策影响，业务短期承压，公司通过拓增量、调结构、精细化管控，收入和利润降幅收窄。重要子公司国控广州收入同比-2.0%，净利润同比-8.5%，国控广西收入同比+3.5%，净利润同比+6.7%。麻精药品业务整合加速，1H26国控广州、国控广西麻精类产品收入分别同比+8.5%/+20%。
　　零售：净利润同比下滑，门店布局持续优化
　　1H26国大药房收入102.27亿元（-2.4%yoy），净利润0.13亿元（-19.7%yoy）。受行业政策调整、市场竞争加剧等因素影响，国大药房销售收入同比略下滑；叠加销售结构变动，高毛利品种销售占比降低，毛利额减少，导致利润同比下降。截至1H26末，国大药房门店总数7975家（其中直营门店6562家）；1H26末总门店数较2025年末净减少246家，其中直营店净减少119家。公司通过持续优化门店布局、推进“瘦身强体”等举措，亏损门店同比显著下降，国大药房关店数量同比大幅减少。1H26国大药房统采销售同比+7.6%，统采销售金额占整体比例相比25年末提升5pct，公司通过集中谈判和源头把控有效优化了采购成本；自有品牌1H26销售占比达15.4%（相比25年末提升1.1pct）。1H26直营DTP业务收入同比+26%，DTP业务毛利率相对较低，一定程度上拉低了公司毛利额。
　　1H26公司销售费用率同比下降，毛利率同比下降
　　1H26销售/管理/研发/财务费用率为6.12%/1.35%/0.01%/0.19%，同比-0.50/+0.08/-0.02/-0.03pct。公司加强运营质量管理、控制销售费用投入，1H26销售费用率同比明显下降。1H26毛利率10.04%，同比-0.64pct，我们认为毛利率下滑主因市场竞争加剧及集采等影响下公司部分产品毛利率有所下降。
　　期待高质量发展战略带来业绩向好，维持“买入”评级
　　根据1H26情况，我们略下调销售费用率预期，预测公司26-28年归母净利润分别为11.9/12.2/12.5亿元（相比前值上调2.6%/2.1%/1.6%），同比+4.85%/+2.34%/+2.35%，对应EPS1.95/1.99/2.04元。我们切换回PE估值，我们预计分部估值下医药零售/医药批发/投资收益（工业）26年对应EPS0.04/1.38/0.53元，三者可比公司26年Wind一致预期PE均值16x/10x/19x，我们给予医药零售/医药批发/投资收益16x/10x/19x的26年PE估值，对应目标价24.47元（前值按当前股本折算33.03元，对应26年零售0.3xPS、批发/工业10x/17xPE）。
　　风险提示：带量采购冲击超预期；医药零售外延并购不及预期；医药零售盈利改善不及预期；工业投资收益不及预期。

　　事件：国药一致公布2025年2026Q1业绩。2025年公司实现收入734.16亿元（同比-1.29%），实现归母净利润11.36亿元（同比+76.80%），实现扣非归母净利润10.96亿元（同比+88.53%）；利润增长主要是由于商誉及无形资产计提的资产减值准备同比减少6.86亿元，叠加门店调整带来的人工及租金等刚性费用成本下降所致。26Q1单季度实现收入178.23亿元（同比-2.57%），实现归母净利润2.87亿元（同比-12.36%），实现扣非归母净利润2.8亿元（同比-11.77%）。
　　业务拆分：
　　分销板块：2025年分销板块实现营业收入533.21亿元，同比增长0.64%；净利润9.49亿元，同比增长2.94%。国控广州实现收入415.3亿元，同比+0.6%，实现净利润6.7亿元，同比+4.5%；国控广西实现收入80.5亿元，同比+2.8%，实现净利润1.7亿元，同比+3.9%。2026Q1，分销板块实现营业收入133.56亿元，同比下降1.72%；净利润1.99亿元，同比下降13.60%。主要系受行业政策变化及竞争加剧等影响，分销板块销售收入略有下滑；同时受下游回款延迟影响，应收账款账龄延长，相应计提的坏账准备同比增加，导致利润下降。
　　零售板块：国大药房实现营业收入209.81亿元，同比下降6.16%；净利润-2.17亿元，同比亏损减少。剔除商誉和无形资产减值的影响后，国大药房实现净利润0.60亿元，同比增长139.28%。销售降幅持续缩窄，盈利能力逐步优化。截至2025年底，国大药房门店总数8,221家，其中直营门店6,691家，加盟店1,530家。2026Q1，国大药房实现营业收入47.39亿元，同比下降4.89%；受流感季变化、市场竞争等因素影响，国大药房销售收入有所下降，但降幅持续收窄。实现净利润0.05亿元，同比增长15.42%，公司强化亏损企业治理并调整门店结构，人工及租金等刚性费用下降，推动净利润提升。
　　毛利率有所下滑，费用控制良好。2025年毛利率为10.68%，同比-0.41pct，其中医药批发业务毛利率下滑0.01pct，医药零售业务毛利率下滑1.43pct。销售/管理/财务费用率分别为6.6%/1.4%/0.2%，同比-0.60/-0.08/-0.07pct。
　　盈利预测与评级：我们预计2026-2028年归母净利润分别为12.2亿元、13.2亿元、14.5亿元，增速分别为7.6%/7.9%/9.9%，当前股价对应的PE分别为11X、10X、9X。公司为全国领先的分销及零售平台，分销业务通过深耕优势区域有望保持稳健增长，零售业务盈利能力改善潜力大，维持“买入”评级。
　　风险提示：行业政策风险；国大药房利润率改善不及预期；市场竞争风险。