FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 藥師幫股份有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09885 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | 0.0000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | 本月底結存 | | | 20,000,000,000 | USD | 0.0000025 | USD | | 50,000 | ...

Core Viewpoint - The "Golden Award" annual outstanding company selection by Gelonghui highlights ten companies recognized for their investment value in the small and mid-cap category, emphasizing their revenue and net profit growth, as well as their overall business capabilities [1][2]. Group 1: Award Winners - Ten companies received the "Annual Investment Value Award (Small and Mid-Cap)" including: - Baiao Family Interaction (02100.HK) - Honghua Smart Energy (01083.HK) - Guichuang Tongqiao (02190.HK) - Laikai Pharmaceutical-B (02105.HK) - Longpan Technology (603906.SH/02465.HK) - Shoucheng Holdings (00697.HK) - Tiangong International (00826.HK) - Tuhu-W (09690.HK) - Yaoshibang (09885.HK) - Youran Agriculture (09858.HK) - The ranking is in alphabetical order and does not imply any priority [1]. Group 2: Evaluation Criteria - The award focuses on evaluating listed companies based on revenue and net profit growth, considering factors such as company size, business model, management capability, and innovation ability [1]. - The selection process involved quantitative data analysis and an expert review panel to determine the final results [1]. Group 3: Event Purpose - Gelonghui aims to create a reference value ranking for listed companies and unicorns with a global perspective on investing in China, covering all listed companies on major exchanges including HKEX, SSE, SZSE, NYSE, and NASDAQ [2].

Core Viewpoint - The company, known for transforming traditional pharmaceutical distribution through the internet, has seen its stock price plummet below its initial offering price despite revenue and profit growth, indicating a fundamental failure in its business model [1][6]. Business Model Transformation - Founded in 2015, the company aimed to create a digital platform connecting drug suppliers with pharmacies to address information asymmetry and channel chaos in the outpatient pharmaceutical market [7]. - The traditional pharmaceutical distribution model is linear, leading to high end-user prices due to markups at each stage [8]. - The company proposed a "flattening" of this process, allowing pharmacies to connect directly with suppliers through its platform, embodying typical internet platform thinking [9]. - However, increased competition and capital pressure led to a shift towards a "platform + self-operated" dual model, where self-operated business began to dominate, accounting for 94.67% of operations by mid-2024 [10]. - The self-operated business model relies on using supplier data to produce competing products, undermining trust in the platform [11]. Stock Price Decline - The stock price has dramatically fallen from a peak of 64.5 HKD in August 2023 to 5.62 HKD, resulting in a market value loss of over 30 billion HKD [12]. - The decline began on December 13, 2023, coinciding with the lifting of a lock-up period for pre-IPO shareholders, leading to a 46% drop in a single day [13]. - This capital exodus reflects a complete loss of confidence in the company's business model, exacerbated by new regulatory requirements [13][15]. Strategic Positioning - The company positions itself as a "digital comprehensive service platform for the outpatient pharmaceutical industry," but fundamentally remains a traditional pharmaceutical distributor [18]. - Unlike competitors like JD Health and Alibaba Health, which leverage real supply chain capabilities, the company struggles with logistics and lacks direct cooperation with pharmaceutical companies [20]. - The company's strategic direction has been inconsistent, attempting to expand into various areas, which has diluted focus and resources [22]. Financial Performance - Financially, the company appears to be improving, with a net profit of 150.81 million in 2024 and 78.117 million in the first half of 2025 [23]. - However, the growth is based on a fragile foundation, with self-operated business gross margins at only 5.9%, while platform business margins are significantly higher at 84.2% [24]. - The reliance on high sales volume for profitability is concerning, with a net profit margin of only 0.08% in 2024 [25]. - Cash flow remains under pressure despite reported profits, raising concerns about sustainability [26]. Industry Insights - The case of the company highlights the importance of compliance in the pharmaceutical industry, emphasizing that digitalization must not bypass essential regulations [29]. - The industry must focus on building compliant supply chains and enhancing efficiency rather than attempting to circumvent regulations [30]. - Future competition in the pharmaceutical e-commerce sector will hinge on supply chain stability, service professionalism, and data authenticity, rather than mere price competition [33].

Core Insights - The article highlights the recognition of Yaoshi Bang (药师帮) as the "2025 Annual Innovative Value Listed Company" due to its strategic foresight, digital innovation capabilities, and robust risk management and corporate governance [1] Company Overview - Yaoshi Bang, established in 2015, is one of the largest digital comprehensive service platforms in China's outpatient pharmaceutical industry, aiming to reconstruct the pharmaceutical distribution ecosystem through technological and model innovation [1] - The company covers 98.9% of county-level administrative regions and 91.2% of townships in China, serving over 872,000 pharmacies and grassroots medical institutions [1] Financial Performance - In the first half of 2025, Yaoshi Bang achieved a revenue of 9.843 billion yuan and an adjusted net profit of 122 million yuan, representing a year-on-year growth of 33.2% [1] Competitive Advantages - The core competitive advantage of Yaoshi Bang lies in its strong digital capabilities and supply chain integration, having built a real-time B2B trading platform that enhances interaction between upstream suppliers and downstream purchasers [2] - The platform allows pharmacies and clinics to access nationwide inventory, pricing, and sales data, breaking traditional supply chain information asymmetry [2] Technological Infrastructure - Yaoshi Bang has invested in technology R&D, resulting in an industry-leading digital infrastructure with 108 patents (including 12 invention patents) and 469 software copyrights [2] - The company has developed core technologies such as the Galaxy+ procurement management system, Xentrum warehouse management system, and IntelNex intelligent distribution system [2] Risk Management - The company has established a comprehensive risk management system, optimizing supply chain management to reduce inventory turnover days to 32.2 days, significantly better than the industry average [3] - Utilizing big data and AI, Yaoshi Bang enhances market demand forecasting, mitigating market risks associated with supply-demand mismatches [3] - The company holds 22 drug operation licenses and 6 GSP certification certificates, ensuring compliance and reducing legal risks through an electronic exchange platform for first-time qualifications [3] Future Outlook - The recognition as an innovative value company reflects not only past achievements but also future potential, as Yaoshi Bang continues to lead the digital and intelligent transformation of China's outpatient pharmaceutical distribution industry [3]

Core Insights - The article highlights the recognition of Yaoshi Bang as a leading digital comprehensive service platform in China's out-of-hospital pharmaceutical industry, awarded for its excellence in the health sector during the 2025 Capital Market Honor Ceremony [1][2] Company Overview - Yaoshi Bang was established in 2015 and aims to empower participants in the out-of-hospital pharmaceutical market through digitalization, ensuring safe and efficient delivery of health products and services at fair and transparent prices [1][2] - The company operates with the mission of making quality medical products accessible to all, enhancing the overall efficiency of the healthcare ecosystem [1] Industry Characteristics - The pharmaceutical distribution industry in China has three main characteristics: low industry concentration, slow digitalization and information technology progress, and the need for improved service capabilities among retail terminals [2] - The implementation of the "two-invoice system" has accelerated industry concentration and raised competition barriers, increasing demands on companies regarding financial strength, operational efficiency, warehousing, distribution capabilities, and after-sales service [2] Digital Transformation - Yaoshi Bang has developed a smart supply chain model to drive digital innovation in pharmaceutical transactions and services, proposing new ideas for the intelligent upgrade of the pharmaceutical distribution industry [2] - The company is recognized as a leader in the digital transformation of the out-of-hospital pharmaceutical and medical service market, connecting upstream (pharmaceutical companies and distributors) and downstream (pharmacies and grassroots medical institutions) through technology [2] Future Outlook - Looking ahead, Yaoshi Bang aims to leverage its industry experience and technological innovation to lead the digital transformation in the out-of-hospital pharmaceutical sector, enhancing operational efficiency across the industry chain [3] - As of the first half of 2025, the company reported an average of 453,000 active buyers per month, a year-on-year increase of 6.5%, with a payment rate of 94% and an average order quantity of 29.2 per paying buyer [3] - Yaoshi Bang has registered over 827,000 buyers, covering 98.9% of counties and 91.2% of townships nationwide [3]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 藥師幫股份有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09885 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | 0.0000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 20,000,000,000 | USD | 0.0000025 | USD | | 50,000 | ...

Core Insights - The latest shareholder equity disclosures for Baixinan-B (02185), Yaoshibang (09885), and Shiyao Group (01093) were conducted on November 25, 2025 [1] Group 1: Baixinan-B (02185) - Winning Powerful Limited increased its holdings from 45.7756 million shares to 45.7856 million shares, representing a holding percentage change from 19.42% to 19.43% [2] - Wang Philip Li also increased his holdings from 84.9577 million shares to 84.9677 million shares, with a holding percentage change from 36.04% to 36.05% [2] Group 2: Yaoshibang (09885) - Chen Fei increased his holdings from 9 million shares to 9.15 million shares, with a holding percentage change from 1.32% to 1.34% [2] Group 3: Shiyao Group (01093) - Cai Dongchen increased his holdings from 2.872 billion shares to 2.887 billion shares, with a holding percentage change from 24.93% to 25.06% [2]

香港联交所最新数据显示，11月24日，执行董事陈飞增持药师帮(09885)15万股，每股作价6.75港元，总 金额为101.25万港元。增持后最新持股数目为915万股，持股比例为1.34%。 ...

Group 1 - The executive director Chen Fei increased his stake in Yaoshibang (09885) by purchasing 200,000 shares at a price of HKD 6.964 per share, totaling approximately HKD 1.3928 million [1] - After the purchase, the total number of shares held by Chen Fei is approximately 9 million, representing a holding percentage of 1.32% [1]

智通财经APP获悉，香港联交所最新数据显示，11月20日，执行董事陈飞增持药师帮(09885)20万股，每 股作价6.964港元，总金额约为139.28万港元。增持后最新持股数目约为900万股，持股比例为1.32%。 ...