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8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: 2025年9月4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 | 本月 ...

Group 1 - The China Securities Hong Kong Stock Connect Medical Theme Index (932069) has risen by 2.99%, with notable increases in constituent stocks such as Chunli Medical (01858) up 10.49%, MicroPort Medical (00853) up 7.02%, and Crystal Technology Holdings (02228) up 6.89% [1] - The Hong Kong Medical ETF (159366) has also seen an increase of 2.44% [1] - The China Securities All Index Medical Device Index (H30217) has increased by 1.46%, with significant gains from Ji Min Health (603222) up 9.98%, Hualan Biological Engineering (301093) up 7.81%, and Huatai Medical (688617) up 6.93% [2][3] Group 2 - The FDA has accepted Vibration-Controlled Transient Elastography (VCTE) as an alternative endpoint for assessing liver fibrosis in patients with Metabolic Associated Steatotic Liver Disease (MASH), marking a significant breakthrough in non-invasive diagnostic technology [4] - This advancement is expected to enhance drug development efficiency for MASH and provide growth opportunities for domestic companies in the non-invasive companion diagnostics field [4] - The pharmaceutical and biotechnology sector showed marginal improvement in Q2 2025, with the innovative drug and CXO sectors performing particularly well, as the CXO industry rebounded with a 14% year-on-year revenue increase and a 54% increase in net profit [4] Group 3 - The domestic medical device industry is gradually recovering from an adjustment period, with market demand showing signs of recovery [5] - In Q2 2025, the medical equipment sector experienced a 5.26% year-on-year revenue growth, and the medical consumables sector maintained stable growth [5] - The Hong Kong Medical ETF (159366) focuses on rare medical segment leaders and has a high CXO content, while the Medical Device ETF (159883) is the largest in A-shares, covering various sub-sectors of the medical device industry [5]

Core Viewpoint - The company reported strong financial performance for H1 2025, with significant growth in revenue and net profit, driven by self-owned brand business and digital transformation initiatives [1][9]. Financial Performance - In H1 2025, the company achieved revenue of 9.843 billion yuan, a year-on-year increase of 11.7% [1] - The net profit attributable to shareholders reached 78 million yuan, up 258% year-on-year [1] - Adjusted net profit was 122 million yuan, reflecting a growth of 33.2% [1] - The gross margin improved to 11.2%, an increase of 1.2 percentage points [1] Business Segments Self-operated Business - The self-operated business generated revenue of 9.389 billion yuan, a 12.5% increase year-on-year [1] - The gross margin for self-operated business was 7.7%, up 1.8 percentage points [1] - The average monthly SKU count for self-operated business reached 480,000, with a declining return rate from 0.5% to 0.4% [2] Platform Business - The platform business reported revenue of 436 million yuan, a slight decline of 0.9% [1] - The average commission rate increased to approximately 3.3% [2] - The platform provided 125,000 SKUs to downstream customers, a year-on-year increase of 22.5% [2] Brand Promotion and Own Brand Business - The GMV for brand promotion reached 1.08 billion yuan, a growth of 115.6% [3] - The GMV for self-owned brands surged to 852 million yuan, a remarkable increase of 473.4% [3] Supply Chain Management - The company optimized its smart supply chain system, leading to an 18.9% reduction in unit fulfillment costs for same-city delivery [4] - The proportion of orders delivered within half a day increased from 67.7% to 70.0% [4] - The cash conversion cycle improved, with accounts payable turnover days at approximately 67.7 days [4] Digital Transformation - The company launched the "Spectrum Cabin" solution, integrating AI and hardware for healthcare services [5] - The "Spectrum Cloud Diagnosis" SaaS system has been implemented in over 1,500 clinics, facilitating insurance settlement for patients [7] - The AI-assisted system "Spectrum AI Doctor" provides health advice and enhances patient self-care capabilities [7] Strategic Partnerships - The company partnered with Yuejiang to explore the application of collaborative robots and AI in the pharmaceutical industry [8] - The SaaS solutions "Cloud Business" and "Store Easy" have expanded their user base significantly, serving over 9,000 sellers and 66,000 buyers respectively [8] Shareholder Returns - In H1 2025, the company repurchased and canceled 5.635 million shares, reflecting a commitment to shareholder returns [9]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [4][12][22]. Core Insights - The company has demonstrated strong performance in H1 2025, with revenue reaching 9.843 billion yuan, a year-on-year increase of 11.7%, and a net profit attributable to shareholders of 78 million yuan, up 258% year-on-year [2][12]. - The company's self-owned brand business has significantly contributed to overall gross margin improvement, with self-operated business revenue growing by 12.5% and gross margin increasing by 1.8 percentage points [2][12]. - The digital transformation initiatives have enhanced user experience and engagement, with average monthly active buyers reaching 453,000, a 6.5% increase year-on-year [3][12]. Financial Performance - Revenue projections for the company are as follows: 20.579 billion yuan in 2025, 23.875 billion yuan in 2026, and 27.947 billion yuan in 2027, with corresponding net profits of 1.53 billion yuan, 3.81 billion yuan, and 6.89 billion yuan [12][15]. - The company reported a return on equity (ROE) of -166.1% in 2023, expected to improve to 19.5% by 2027 [15]. Business Segments - The self-operated business has expanded its product offerings, achieving an average SKU count of 480,000, while the return rate has decreased from 0.5% to 0.4% [8][12]. - The platform business has seen a monthly average SKU count of approximately 4 million, with a stable commission rate of about 3.3% [7][12]. Digital Transformation and Innovation - The company is advancing its digital transformation through innovative solutions such as the "Future Spectrum" series of instant testing devices and the "Spectrum Cloud Diagnosis" SaaS system, enhancing healthcare service efficiency [9][10][12]. - The integration of AI in healthcare services is being emphasized, with the "Spectrum AI Doctor" system providing comprehensive support for primary healthcare institutions [13][12]. Strategic Partnerships - The company has formed a strategic partnership with Yuejiang to explore the integration of robotics and AI in the pharmaceutical industry, focusing on collaborative robots and AI products [13][12].

Core Viewpoint - The company, Yaoshi Bang, is leveraging digital transformation to enhance its position in the pharmaceutical industry, achieving significant growth in revenue and profit in the first half of 2025, indicating a successful adaptation to market changes and a strong strategic direction [2][6]. Group 1: Financial Performance - In the first half of 2025, Yaoshi Bang reported a revenue of 9.843 billion yuan, a year-on-year increase of 11.7%, and a net profit of 78 million yuan, which represents a more than threefold increase compared to the previous year [2][6]. - The gross profit margin improved from 10% to 11.2%, and the net profit increased by 258% year-on-year, with operating cash flow reaching 257 million yuan [6]. Group 2: Market Position and Strategy - Yaoshi Bang has transformed from a startup addressing the "difficulties in finding medicine" for grassroots pharmacies to a comprehensive digital service platform covering 98.9% of counties and 91.2% of townships in China [2][3]. - The company focuses on empowering grassroots markets by connecting over 3,000 pharmaceutical wholesalers and aggregating demands from more than 400,000 grassroots pharmacies and clinics [3][4]. Group 3: Product and Service Innovation - In 2024, Yaoshi Bang launched its own brand products, such as Huo Xiang Zheng Qi Oral Liquid, achieving significant sales growth, with the proprietary brand business revenue reaching 1.08 billion yuan in the first half of 2025, a year-on-year increase of 115.6% [5]. - The company has established over 20 digital strategic centers across the country, enhancing its supply chain efficiency and achieving a same-city delivery rate of 70% for orders [5][6]. Group 4: Industry Impact and Future Outlook - Yaoshi Bang is positioned as a "value creator" in the pharmaceutical industry, leading the transformation from a focus on scale to profitability, and expanding its coverage of grassroots medical institutions by 133.7% over three years [6][8]. - The company is actively adapting to regulatory changes and has implemented a drug traceability system to help reduce compliance costs for grassroots terminals [7][9].

Core Viewpoint - The company, Yaoshi Bang (09885), has demonstrated significant growth in its financial performance for the first half of 2025, achieving a notable increase in revenue and net profit despite a challenging pharmaceutical market environment [1][2]. Financial Performance - In the first half of 2025, the company reported a revenue of 9.843 billion yuan, representing a year-on-year growth of 11.7% [1]. - The gross profit margin improved from 10% to 11.2% [1]. - The net profit attributable to shareholders reached 78.11 million yuan, showing an increase of over 300% compared to the same period last year [1]. - Operating cash flow remained positive with a net inflow of 2.57 billion yuan, and cash and cash equivalents totaled 3.551 billion yuan [1]. Business Strategy - The company has maintained steady growth through a "platform + self-operated" dual-driven model, focusing on three strategic areas: expansion of self-owned brands, enhancement of supply chain efficiency, and development of grassroots medical services [1]. - The continuous expansion of self-owned brand business has further improved the company's supply and operational capabilities, leading to sustained growth in high-margin business [2]. Product Performance - The transaction scale of self-owned brands reached 852 million yuan, marking a year-on-year increase of approximately 473.4% [2]. - The strategic product, Huo Xiang Zheng Qi Oral Liquid, contributed 40% of sales from grassroots medical institution clients [2]. - Another key product, Le Yao Shi Chang Yan Ning Oral Liquid, has covered over 30,000 single pharmacies and grassroots medical institutions within two months [2].

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, achieving a revenue of 9.843 billion RMB, a year-on-year growth of 11.7% [1] - The gross profit margin improved from 10% to 11.2%, indicating enhanced profitability [1] - Net profit reached 78.11 million RMB, representing a more than threefold increase compared to the same period last year [1] - Operating cash flow remained positive at 2.57 billion RMB, with cash and cash equivalents totaling 3.551 billion RMB [1] Business Strategy - The company maintained robust growth through a "platform + self-operated" dual-drive model, focusing on digital infrastructure, brand expansion, supply chain efficiency, and grassroots medical layout [1] - The continuous expansion of self-owned brand business has enhanced supply and operational capabilities, leading to sustained growth in high-margin business [2] - The transaction scale of self-owned brands reached 852 million RMB, with a year-on-year growth of approximately 473.4% [2] - Key products such as Huoxiang Zhengqi Oral Liquid contributed 40% of sales from grassroots medical institutions, while another product, Leyaozhi Changyanning Oral Liquid, covered over 30,000 pharmacies and grassroots medical institutions within two months [2]

| 股票名称 | 回购数 | 回购额 | 年累计回购数量(股) | 年累计回购数量/总 | | --- | --- | --- | --- | --- | | | | | | 股本 | | 腾讯控股(00700) | 92.80 万 | 5.51 亿 | 4119.50 万 | 0.448% | | 中国宏桥(01378) | 146.95 万 | 3516.03 万 | 5411.10 万 | 0.580% | | 创科实业(00669) | 25.00 万 | 2508.49 万 | 100.00 万 | 0.055% | | 恒生银行(00011) | 20.00 万 | 2249.35 万 | 300.00 万 | 0.159% | | 北森控股(09669) | 45.00 万 | 356.53 万 | 734.50 万 | 1.046% | | 元征科技(02488) | 17.40 万 | 196.76 万 | 236.45 万 | 1.464% | | 康宁医院(02120) | 12.09 万 | 127.75 万 | 46.31 万 | 0.640% | | 归创通桥-B(02190) | ...

Core Viewpoint - The digital pharmaceutical platform Yaoshi Bang (9885.HK) has achieved impressive financial results in the first half of 2025, with revenue of 9.843 billion yuan, a year-on-year increase of 11.7%, and a net profit of 78.117 million yuan, marking a 258% increase compared to the same period in 2024, indicating a successful transition from "scale expansion" to "quality improvement" in its business model [1][4]. Financial Performance - In the first half of 2025, Yaoshi Bang's total revenue reached 9.843 billion yuan, with a year-on-year growth rate of 11.7%, significantly exceeding the industry average [4]. - The company's gross profit margin increased to 11.2%, driven by high-margin self-owned brands, contributing to a net profit of 78.117 million yuan, which represents a 258% year-on-year increase [4][5]. - As of June 30, 2025, the company had cash equivalents of 1.106 billion yuan, a year-on-year increase of 6.22%, and a net operating cash inflow of 257 million yuan, indicating a strong financial position [5]. Market Response - As of August 20, 2025, Yaoshi Bang's stock price had increased by 88.17% year-to-date, outperforming the Hang Seng Index and being included in the MSCI Global Small Cap Index, reflecting strong market recognition of its digital pharmaceutical distribution model [1][3]. Industry Context - The pharmaceutical retail industry is currently undergoing a deep adjustment phase, characterized by rising compliance costs and accelerated market clearing, which creates structural opportunities for leading companies [8]. - Future competitiveness in the industry will depend on the depth of professional services and supply chain efficiency rather than mere store expansion or price wars [8]. Strategic Focus - Yaoshi Bang is focusing on three strategic pillars: enhancing supply chain efficiency, expanding self-owned brand business, and developing grassroots medical layouts, which are essential for addressing the urgent transformation needs of the pharmaceutical retail sector [9]. - The integration of AI and SaaS tools is a key strategy for optimizing supply chain algorithms and upgrading pharmacy operations [9]. Growth Potential - The self-owned brand business has shown significant growth, with transaction volume reaching 85.2 billion yuan in the first half of 2025, a 473% year-on-year increase [9]. - The company has developed a comprehensive solution for grassroots medical services, enhancing operational efficiency and capabilities of grassroots medical institutions [9]. Valuation Outlook - According to research from Xinda Securities, Yaoshi Bang is expected to enter a profit harvest phase, with a projected compound annual growth rate (CAGR) of 164% for net profit from 2024 to 2027 [10]. - The company's unique "platform + service + ecosystem" business model is expected to drive a significant revaluation, with target valuations ranging from 7.4 billion to 13.4 billion HKD [10].

Core Viewpoint - The company reported strong growth in its mid-2025 performance, with significant increases in revenue and net profit, driven by robust performance in its proprietary brand business and improved gross margin structure [1][2]. Revenue Structure - In H1 2025, the company's total revenue reached approximately 9.843 billion yuan, representing a year-on-year increase of 11.7% [1]. - Self-operated business revenue was 9.389 billion yuan, up 12.53% year-on-year, with the proprietary brand business transaction volume reaching 1.08 billion yuan, a remarkable increase of 115.6% [1]. - The self-owned brand transaction volume surged to 852 million yuan, reflecting a year-on-year growth of 473.4% [1]. - Platform business revenue was 436 million yuan, down 0.95% year-on-year, primarily due to a sluggish retail drug market affecting third-party sellers [2]. - Other income decreased to 17 million yuan, a decline of 40.56% year-on-year, mainly due to adjustments in the operational/service model for Guangpu Cloud Inspection [2]. Profitability - The adjusted net profit for H1 2025 was approximately 122 million yuan, up 33.2% year-on-year, while the net profit attributable to the parent company was about 78 million yuan, a significant increase of 258% [1]. - The adjusted net profit margin improved by approximately 0.2 percentage points to 1.2%, while the overall net profit margin increased by about 0.6 percentage points to 0.75% [2]. - The gross margin rose by approximately 1.22 percentage points to 11.22%, driven by the rapid growth of high-margin proprietary brand business [2]. User Engagement and Platform Development - The average monthly active buyers on the platform reached 453,000, a year-on-year increase of 6.5%, with average monthly paying buyers at 426,000, up 7.6% [3]. - The platform maintained a high payment rate of 94%, with each paying buyer averaging about 29.2 orders per month [3]. - The company is enhancing its platform and self-operated business while exploring high-growth sectors, such as the launch of the "Guangpu Xiaowu" grassroots smart medical solutions [3]. Future Outlook - Revenue projections for 2025-2027 are approximately 20.8 billion yuan, 23.5 billion yuan, and 26.7 billion yuan, with year-on-year growth rates of 16%, 13%, and 14% respectively [4]. - Expected net profits for the same period are 148 million yuan, 320 million yuan, and 549 million yuan, with respective year-on-year growth rates of 394%, 116%, and 72% [4].