China National Pharmaceutical Group recorded an asset impairment provision of 379 million yuan in 2025, mainly related to goodwill and intangible asset impairments.

China Visit Network data China National Pharmaceutical Group Unison Pharmaceutical Co., Ltd. convened a meeting of its board of directors on March 16, 2026, and reviewed and approved the proposal regarding the accrual of impairment losses on assets for the 2025 fiscal year. According to the announcement, the company, based on the principle of prudence, conducted impairment tests on relevant assets within the scope of the consolidated financial statements. For fiscal year 2025, the company plans to accrue total asset impairment provisions of RMB 37,882.46 million. Of this, credit impairment losses (mainly for receivables) are RMB 8,864.30 million; inventory write-down losses are RMB 623.31 million; reversals of impairment losses for contract assets are RMB 26.42 million; and asset impairment losses (mainly for goodwill and intangible assets) are RMB 29,018.16 million. Among the asset impairment losses, goodwill impairment losses are RMB 25,391.77 million, involving multiple asset groups formed by acquisitions, such as Chengda Fangyuan, Liyang Guoda, Quanzhou Guoda, and others; intangible asset impairment losses are RMB 3,029.50 million, mainly involving the sales network, brand usage rights, and favorable leasehold arrangements, among others. The company stated that the accrual of impairment is mainly attributable to the further deepening of healthcare reform policies such as outpatient pooling and tiered diagnosis and treatment, which led to prescriptions flowing back to primary-level institutions and reduced foot traffic at physical pharmacies, as well as factors including intensifying industry competition and online channel diversion. As a result, the operating performance of some asset groups did not meet expectations. The impairment accrual expected in this round will reduce the net profit attributable to shareholders of the listed company for fiscal year 2025 by RMB 22,779.73 million, and correspondingly reduce the owners’ equity attributable to shareholders of the listed company. The board of directors and the risk management, internal control, and audit committee believe that this impairment accrual is consistent with the “Accounting Standards for Business Enterprises” and the company’s accounting policies, and can more fairly reflect the company’s financial position. The final amount of impairment accrual will be subject to the results approved by the audit institution.

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