表格類別： 股票 狀態： 新提交 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5月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09885 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責 任。 此公告乃藥師幫股份有限公司（「本公司」）自願向本公司股東（「股 東」）及本公司 潛 在 投 資 者 作 出。 茲提述本公司日期為2025年5月7日、2025年5月9日、2025年5月12日、2025年5月 13日、2025年5月14日、2025年5月15日、2025年5月16日、2025年5月19日、2025年 5月21日、2025年5月22日 及2025年5月23日的公告（「該等公告」），內 容 有 關（其 中 包 括）其 股 份 回 購 計 劃。本 公 司 將 根 據 市 況 及 資 金 安 排，於 市 場 上 回 購 總 額 最 多1億 港 元 的 股 份。除 另 有 說 明 者 外，本 公 告 所 用 詞 彙 與 該 等 公 告 所 界 定 者 具 相 同 涵 義。 董 事 會 進 一 步 宣 佈，於2025年5月26日，本 公 司 根 據 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 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5月23日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09885 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責 任。 茲提述本公司日期為2025年5月7日、2025年5月9日、2025年5月12日、2025年5月 13日、2025年5月14日、2025年5月15日、2025年5月16日、2025年5月19日、2025年 5月21日 及2025年5月22日的公告（「該等公告」），內 容 有 關（其 中 包 括）其股份回 購 計 劃。本 公 司 將 根 據 市 況 及 資 金 安 排，於 市 場 上 回 購 總 額 最 多1億港元的股 份。除 另 有 說 明 者 外，本 公 告 所 用 詞 彙 與 該 等 公 告 所 界 定 者 具 相 同 涵 義。 YSB Inc. 藥師幫股份有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9885） 自願性公告 股份回購 此公告乃藥師幫股份有限公司（「本公司」）自願向本公司股東（「股 東」） ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 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5月22日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09885 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責 任。 YSB Inc. 藥師幫股份有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9885） 自願性公告 股份回購 此公告乃藥師幫股份有限公司（「本公司」）自願向本公司股東（「股 東」）及本公司 潛 在 投 資 者 作 出。 茲提述本公司日期為2025年5月7日、2025年5月9日、2025年5月12日、2025年5月 13日、2025年5月14日、2025年5月15日、2025年5月16日、2022年5月19日 及2022年 5月21日的公告（「該等公告」），內 容 有 關（其 中 包 括）其 股 份 回 購 計 劃。本 公 司 將 根 據 市 況 及 資 金 安 排，於 市 場 上 回 購 總 額 最 多1億 港 元 的 股 份。除 另 有 說 明 者 外，本 公 告 所 用 詞 彙 與 該 等 公 告 所 界 ...

Group 1 - The Hong Kong pharmaceutical sector has seen significant growth, with the Hong Kong pharmaceutical ETF rising over 2%, and companies like 3SBio, BeiGene, and Innovent Biologics showing strong performance, attracting investor attention [1] - The domestic largest out-of-hospital pharmaceutical sales platform, Yaoshi Bang, has experienced a strong upward trend in its stock price, with a year-to-date increase of over 68%, and a total market capitalization exceeding HKD 5.6 billion [1] - Yaoshi Bang reported its first annual profit in 2024, with a net profit of HKD 157 million, a year-on-year increase of 20.1%, and significant growth in high-margin business segments [1] Group 2 - The company has shown strong cash flow performance, with operating cash flow increasing from HKD 98.2 million in 2022 to HKD 656 million in 2024 [1] - A share buyback plan of HKD 100 million was announced, with a total of 4.457 million shares repurchased for over HKD 33.99 million from May 7 to May 21 [1] - The largest shareholder and founder of Yaoshi Bang has not sold any shares since the company went public in 2023, indicating stable ownership structure [2] Group 3 - Company executives have actively increased their holdings, with the executive director purchasing 700,000 shares between April and May, reflecting confidence in the company's future [2] - The digital pharmaceutical market in which Yaoshi Bang operates has significant growth potential, with increasing digital healthcare penetration and demand from grassroots levels [2] - Despite a slight pullback, the company's stock price has maintained an upward trend for two consecutive weeks, supported by strong fundamentals and the share buyback plan [2]

Group 1 - The overall micro liquidity shows a net outflow of 93 billion yuan, with margin financing turning into a net inflow of 182.44 billion yuan, indicating a recovery in investor sentiment [2][20][21] - The issuance of equity financing remains low, with a total of 40.69 billion yuan raised this period, reflecting a decrease from the previous period [20][22] - The net reduction in industrial capital has narrowed to 59.75 billion yuan, suggesting a shift in large shareholders' behavior [20][22] Group 2 - The commercial banking sector reported a net profit of 656.8 billion yuan in Q1 2025, a year-on-year decrease of 2.32%, with state-owned banks showing improved performance [4][36] - The total assets of commercial banks reached approximately 394 trillion yuan, growing by 7.20% year-on-year, indicating stable asset expansion [4] - The non-performing loan ratio stood at 1.51%, reflecting a slight increase but overall asset quality remains stable [4] Group 3 - The pharmaceutical company "药师帮" achieved a revenue of 17.904 billion yuan in 2024, with a net profit exceeding 30.01 million yuan, marking its first profitable year [5][24] - The platform business has expanded its SKU supply to over 3.9 million, while the number of registered downstream buyers has surpassed 827,000 [24][25] - The company forecasts revenues of 20.693 billion yuan, 24.215 billion yuan, and 28.689 billion yuan for 2025-2027, with net profits projected at 1.56 billion yuan, 3.73 billion yuan, and 6.02 billion yuan respectively [26] Group 4 - "伟测科技" reported a revenue of 1.077 billion yuan in 2024, with a year-on-year growth of 46%, and a net profit of 128 million yuan, reflecting a strong recovery in the semiconductor testing industry [31][32] - The company plans to enhance its testing capacity through the construction of new facilities, aiming to significantly increase its service capabilities [33] - The revenue from wafer testing reached 615 million yuan, growing by 38.91%, while finished chip testing revenue was 367 million yuan, up by 50.07% [33] Group 5 - "华明装备" achieved a total revenue of 2.322 billion yuan in 2024, with a year-on-year increase of 18.41%, and a net profit of 614 million yuan, up by 13.25% [9] - The company has expanded its overseas market presence, with new facilities in Indonesia and Singapore, enhancing its service capabilities in Southeast Asia [9] - The successful operation of its high-voltage products marks a significant milestone in achieving domestic production capabilities [9] Group 6 - Alibaba's revenue for FY25Q4 reached 236.5 billion yuan, with adjusted EBITDA of 41.8 billion yuan, indicating strong performance across its business segments [16][27] - The cloud business generated 30.1 billion yuan in revenue, driven by rapid growth in public cloud services and AI-related products [28][29] - The company expects revenues of 1,035.3 billion yuan, 1,105.7 billion yuan, and 1,179.8 billion yuan for FY2026-2028, with net profits projected at 180.7 billion yuan, 185.9 billion yuan, and 195.7 billion yuan respectively [30]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of HKD 9.88, reflecting a potential upside from the current price of HKD 8.35 [7]. Core Insights - The company, established in 2015, is the largest digital comprehensive service platform in China's outpatient pharmaceutical industry, focusing on digital solutions to empower the entire industry chain [1][14]. - The company has achieved a significant revenue growth from CNY 3.252 billion in 2019 to CNY 17.904 billion in 2024, with a CAGR of 40.66%. It also reported a net profit of over CNY 30.01 million in 2024, marking its first profitable year [1][21]. - The digitalization trend in the healthcare sector is driving the company's growth, with a focus on enhancing the capabilities of grassroots medical institutions through innovative solutions like the "Spectrum Cabin" [4][42]. Summary by Sections 1. Business Model and Growth - The company operates a "platform + self-operated + brand promotion" model, covering the entire outpatient pharmaceutical industry chain [1][14]. - The platform business connects upstream pharmaceutical distributors with downstream pharmacies and grassroots medical institutions, enhancing operational efficiency [2][47]. - The self-operated business focuses on exclusive strategic partnerships and proprietary brands, with over 830 SKUs and a GMV of CNY 651 million in 2024, reflecting a 152% year-on-year growth [3][18]. 2. Financial Performance - The company reported a revenue of CNY 17.904 billion in 2024, a 5.5% increase year-on-year, with self-operated business contributing CNY 16.973 billion [21][23]. - The overall gross margin remained stable, with a slight increase from 10% in 2020 to 10.1% in 2024, while the self-operated business gross margin improved from 5.1% to 6.2% [27][30]. 3. Market Dynamics - The outpatient pharmaceutical market in China is highly fragmented, with significant growth potential driven by policy support and digitalization [35][36]. - The digitalization of the outpatient pharmaceutical market is still in its early stages, with a penetration rate of only 28.2% as of 2022, indicating substantial room for growth [42][43]. 4. Operational Efficiency - The company has improved its operational efficiency, with a decrease in sales and management expense ratios, and a net profit margin returning to positive territory [30][31]. - The platform's average SKU count has grown to over 3.9 million by 2024, enhancing product availability and meeting diverse buyer needs [49][55]. 5. Management Team - The management team possesses extensive experience in both the pharmaceutical industry and technology, which aids in strategic planning and execution [32][34].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of HKD 9.88, compared to the current price of HKD 8.35 [7]. Core Insights - The company, established in 2015, is the largest digital comprehensive service platform in China's outpatient pharmaceutical industry, focusing on digital solutions to empower the entire industry chain [1][14]. - The company has achieved a significant revenue growth from CNY 3.252 billion in 2019 to CNY 17.904 billion in 2024, with a CAGR of 40.66%. It also reported a net profit of over CNY 30.01 million in 2024, marking its first profitable year [1][21]. - The company has expanded its business model to "platform + self-operated + brand promotion," covering the entire outpatient pharmaceutical industry chain [1][14]. Summary by Sections Platform Business - The platform business connects upstream pharmaceutical distributors with downstream pharmacies and grassroots medical institutions, enhancing operational efficiency [2]. - The company has increased its monthly average SKU count to over 3.9 million by 2024, while the number of registered downstream buyers has exceeded 827,000, with a CAGR of 19.2% for pharmacies and 38.8% for grassroots medical institutions from 2020 to 2024 [2][55]. Self-Operated Business - The self-operated business focuses on exclusive strategic partnerships and proprietary brands, with over 830 SKUs by the end of 2024, a significant increase from the previous year [3]. - The GMV for exclusive strategic partnerships and proprietary brands reached CNY 651 million in 2024, a year-on-year growth of approximately 152% [3]. Technological Innovations - The company launched the "Spectrum Cabin" solution in 2024, integrating advanced hardware, SaaS management systems, and AI-assisted systems to enhance the capabilities of grassroots medical practitioners [4]. Financial Forecast and Valuation - The company is projected to achieve revenues of CNY 20.693 billion, CNY 24.215 billion, and CNY 28.689 billion from 2025 to 2027, with net profits of CNY 156 million, CNY 373 million, and CNY 602 million respectively [5]. - A relative valuation method suggests a reasonable valuation of CNY 6.2 billion, with a target price of HKD 9.15 [5]. Market Dynamics - The outpatient pharmaceutical market is highly fragmented, with significant growth potential driven by policy support and digital transformation [35][42]. - The digitalization of the outpatient pharmaceutical market is still in its early stages, with a penetration rate of only 28.2% as of 2022, indicating substantial room for growth [42][45]. Competitive Landscape - The company holds a leading position in the market, with a GMV of CNY 37.833 billion in 2022, capturing over 21% of the market share [46]. - The competitive landscape is concentrated, with the top five players holding over 63.5% of the market share, highlighting the company's first-mover advantage [46].