Business
China Jo-Jo Drugstores Releases 2020 Letter from the Chairman
HANGZHOU, China, Feb. 2, 2021 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD) ("Jo-Jo Drugstores" or the "Company"), a leading online and offline
About this update from Ridgetech, Inc.
[{"type":"text","content":"HANGZHOU, China, Feb. 2, 2021 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD) (\"Jo-Jo Drugstores\" or the \"Company\"), a leading online and offline retailer, wholesale distributor of pharmaceutical and other healthcare products, and healthcare provider in China, released a letter to shareholders from the Chairman of the Company's board of directors today.\nDear shareholders,\nThe 2020 COVID-19 pandemic has brought unexpected challenges to everyone. It also brought tremendous impact and pressure to the development of enterprises. During this period, we made every effort to guarantee sufficient medicine supply, build a pandemic medicine center and provide online pharmacy consultation services. We used our expertise to fight against the pandemic.\nFacing Challenges and Seizing Opportunities\n2020 was a difficult year. Due to the pandemic, the value of the national pharmaceutical retail market in China dropped to RMB107.7 billion in the second quarter, representing a 1.7% decrease, and it tends to further decline. Business transformation promoted due to frequent policy changes. During this period, we enhanced various information and data systems, continued to develop the management system serving for member patients who have chronic diseases, upgraded our \"Medical + Medicine\" business model, introduced digital services such as Xiaoqiao robots to our customers, developed 24-hour service stores, launched a new OA system, and accelerated comprehensive budget management.\nOpening up a New Page with Rapid Development\nDuring the Company's 17th anniversary celebration, the single-day sales of our Daguan store exceeded RMB1.2 million, and the overall performance of the store achieved an unprecedented success, the revenue increased by 323% compared to the same period of last year. Regarding our online business, revenue increased by 26.1% year-over-year during the \"618\" shopping festival, and revenue increased by 64.5% year-over-year during the \"Double 11\" shopping festival. Following the online and offline business cooperation with Yingda Insurance in 2019, Jo-Jo Drugstores officially took over the medical and health management services from Yingda Insurance in 2020. The Company also signed an MOU with Zhejiang Provincial Government to conduct research and development on building the first smart medicine vending machine ...