每经AI快讯，9月30日，港股药师帮(09885.HK)盘中涨超9%，截至发稿，涨9.12%，报10.55港元，成交 额3.2亿港元。 ...

Core Viewpoint - The stock of Yaoshi Bang (09885) has seen a significant increase of over 9%, currently trading at 10.55 HKD with a transaction volume of 320 million HKD, driven by positive research from CITIC Securities [1] Group 1: Business Performance - Yaoshi Bang launched its brand-first business in 2020, targeting high-demand product categories and partnering with upstream manufacturers to supply to grassroots medical institutions and pharmacies, achieving an excess gross margin [1] - The GMV of the brand-first business grew by 115.6% year-on-year to 1.08 billion CNY in the first half of 2025, with the self-owned brand GMV increasing by 473.4% year-on-year to 852 million CNY [1] - CITIC Securities believes that the company will continue to steadily increase the proportion of high-margin business, especially after acquiring a pharmaceutical segment that enriches its self-owned product matrix, potentially leading to additional growth [1] Group 2: Product Development and Market Expansion - In 2024, the company plans to launch three "Future Spectrum" series POCT devices, focusing on the grassroots medical institution market to enhance its basic disease detection capabilities [1] - As of June 30, 2025, the company has covered over 18,000 terminal institutions and deployed more than 23,000 units, with plans for accelerated deployment in the second half of 2025 [1] - The POCT devices will be integrated with the clinic's digital management system ("Spectrum Cloud Diagnosis" SaaS system) and AI-assisted systems (Spectrum Smart Doctor), aiming to improve clinic operations and user engagement [1] - The company is actively advancing the application of AI and robotics technology to enhance downstream customer empowerment and supply chain efficiency, which is expected to drive further growth [1]

Core Viewpoint - The stock of Yaoshi Bang (09885) has seen a significant increase of over 9%, driven by strong growth in its proprietary brand business and the introduction of new medical devices aimed at grassroots healthcare institutions [1][2] Group 1: Financial Performance - Yaoshi Bang's proprietary brand business GMV grew by 115.6% year-on-year to 1.08 billion yuan in the first half of 2025, with the higher-margin self-owned brand GMV increasing by 473.4% to 852 million yuan [1] - The company has achieved a trading volume of 320 million Hong Kong dollars, reflecting strong market interest [1] Group 2: Product Development and Market Strategy - In 2024, the company plans to launch three new "Future Spectrum" series POCT devices, focusing on the grassroots healthcare market to enhance its disease detection capabilities [2] - As of June 2025, the company has covered over 18,000 terminal institutions and deployed more than 23,000 units of its POCT devices, with plans for accelerated deployment in the second half of 2025 [2] - The POCT devices will be integrated with the "Spectrum Cloud Diagnosis" SaaS system and AI-assisted systems, aiming to improve clinic management and user engagement [2] Group 3: Future Growth Potential - The company is actively advancing the application of AI and robotics technology to enhance downstream customer capabilities and optimize supply chain efficiency, which is expected to drive further growth [2]

Core Viewpoint - Tianfeng Securities maintains a "buy" rating for Yaoshi Bang (09885) and raises the forecast for net profit attributable to shareholders for 2025-2027 from 1.56/3.73/6.02 billion to 1.79/4.03/6.50 billion, driven by strong performance in platform and self-operated businesses, as well as breakthroughs in proprietary brand business [1] Group 1: Platform Business - In H1 2025, the company's platform business generated revenue of 4.36 billion, reflecting a year-on-year increase of 11.66% [1] - The company enhanced the richness of its platform business products, increasing the average monthly SKU count to approximately 4 million, significantly meeting diverse user needs [1] - The company focused on the core value extraction of traditional Chinese medicine pieces, providing 125,000 SKUs to downstream customers, a year-on-year increase of 22.5% [1] Group 2: Self-Operated Business - In H1 2025, the self-operated business achieved revenue of 93.89 billion, a year-on-year increase of 12.5% [2] - The self-operated business provided an average monthly SKU count of 480,000, an increase of 58,000 SKUs in H1 2025 [2] - The proportion of same-city orders delivered within half a day increased to 70%, while the return rate decreased to 0.4% [2] - The company strengthened the direct supply model from manufacturers, optimizing procurement channels to reduce operational costs [2] Group 3: Proprietary Brand Business - In H1 2025, the transaction scale of the proprietary brand business reached 1.08 billion, a year-on-year increase of 115.6% [3] - The proprietary brand business contributed significantly to the high-quality growth of the self-operated business, with a transaction scale of 852 million, a year-on-year increase of approximately 473.4% [3] - The major product, Le Yaoshi Huoxiang Zhengqi Oral Liquid, achieved substantial breakthroughs in coverage at grassroots medical terminals [3]

Core Viewpoint - Tianfeng Securities maintains a "buy" rating for Yaoshi Bang (09885) and raises the forecast for net profit attributable to shareholders for 2025-2027 from 1.56/3.73/6.02 billion to 1.79/4.03/6.50 billion [1] Group 1: Platform Business - In H1 2025, the company's platform business generated revenue of 436 million, reflecting a year-on-year increase of 11.66% [1] - The company has enhanced the product richness of its platform business, increasing the average monthly SKU count to approximately 4 million, significantly meeting diverse user needs [1] - The company focused on the core value extraction of traditional Chinese medicine pieces, providing 125,000 SKUs to downstream buyers, a year-on-year increase of 22.5% [1] Group 2: Self-operated Business - In H1 2025, the self-operated business achieved revenue of 9.389 billion, a year-on-year increase of 12.5% [2] - The self-operated business provided an average monthly SKU count of 480,000, an increase of 58,000 SKUs [2] - The proportion of same-city orders delivered within half a day increased to 70%, and the return rate decreased to 0.4% [2] - The company strengthened its direct supply model and optimized procurement channels to reduce operational costs [2] Group 3: Proprietary Brand Business - In H1 2025, the transaction scale of the proprietary brand business reached 1.08 billion, a year-on-year increase of 115.6% [3] - The proprietary brand contributed significantly to the high-quality growth of the self-operated business, with a transaction scale of 852 million, a year-on-year increase of approximately 473.4% [3] - The major product, Le Yaoshi Huoxiang Zhengqi Oral Liquid, achieved substantial breakthroughs in coverage at grassroots medical terminals [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Insights - The company achieved a revenue of 9.843 billion yuan in H1 2025, representing a year-on-year increase of 11.66%. The net profit attributable to shareholders reached 78 million yuan, up 258.01%, while the net profit excluding non-recurring items soared by 1602.64% to 78 million yuan [1]. - The platform business saw a slight revenue decline to 436 million yuan in H1 2025, but the company enhanced product diversity, increasing the average monthly SKU count to approximately 4 million, significantly meeting diverse user needs [2]. - The self-operated business generated 9.389 billion yuan in revenue, a 12.5% increase year-on-year, with improvements in operational capabilities across four dimensions: product variety, delivery speed, quality, and cost efficiency [3]. - The proprietary brand business recorded a transaction scale of 1.08 billion yuan, a year-on-year increase of 115.6%, with proprietary brand transactions reaching 852 million yuan, up approximately 473.4% [4]. - Profit forecasts for 2025-2027 have been revised upwards, with net profit estimates adjusted to 179 million yuan, 403 million yuan, and 650 million yuan respectively, indicating strong growth potential [5]. Summary by Sections Financial Performance - In H1 2025, the company reported a total revenue of 9.843 billion yuan, with a significant increase in net profit and cash flow, indicating robust financial health [1]. Platform Business - The platform business experienced a slight revenue decline but improved product offerings, focusing on traditional Chinese medicine with a notable increase in SKU count [2]. Self-Operated Business - The self-operated segment showed strong revenue growth, with enhancements in delivery efficiency and product quality, contributing to overall operational improvements [3]. Proprietary Brand Business - The proprietary brand initiative has become a key growth driver, with substantial increases in transaction volumes, showcasing the effectiveness of the brand strategy [4]. Profit Forecasts - The upward revision of profit forecasts reflects confidence in the company's growth trajectory, supported by strong performance in both platform and self-operated businesses [5].

藥師幫股份有限公司 YSB Inc. （於開曼群島註冊成立的有限公司） 股份代號：9885 2025 中期報告 INTERIM REPORT 2025 中期報告 目錄 2 公司資料 4 業務回顧與展望 13 財務摘要 14 管理層討論及分析 21 企業管治及其他資料 32 簡明綜合財務報表審閱報告 33 簡明綜合損益及其他全面收益表 34 簡明綜合財務狀況表 36 簡明綜合權益變動表 37 簡明綜合現金流量表 38 簡明綜合財務報表附註 58 釋義 公司資料 非執行董事 朱梓陽先生 獨立非執行董事 邵蓉女士 孫含暉先生 趙宏強先生 審計委員會 趙宏強先生 （主席） 邵蓉女士 孫含暉先生 薪酬委員會 董事會 執行董事 張步鎮先生 （主席兼首席執行官） 陳飛先生 孫含暉先生 （主席） 邵蓉女士 趙宏強先生 提名委員會 張步鎮先生 （主席） 邵蓉女士 孫含暉先生 趙宏強先生 環境、社會及企業管治委員會 趙宏強先生 （主席） 邵蓉女士 孫含暉先生 聯席公司秘書 陳飛先生 馮慧森女士 授權代表 陳飛先生 馮慧森女士 審計師 德勤 • 關黃陳方會計師行 執業會計師 註冊公眾利益實體核數師 香港銅鑼灣 希慎道33號 利園一 ...

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]