Sinopharm Accord's profit plunges nearly 60% in 2024

Sinopharm Group Co. Ltd. (HKEX: 1099) announced that its subsidiary, Sinopharm Accord, experienced a sharp decline in profitability during 2024. Net profit attributable to shareholders of the listed company fell by 59.83% to RMB642 million. Overall revenue decreased slightly by 1.46% to RMB74.378 billion. Basic earnings per share also saw a corresponding decrease of 59.93%. The company attributed the profit decline primarily to a downturn in the retail segment due to changes in industry policy and increased competition, leading to an impairment provision of RMB970 million for goodwill and intangible assets.