5月2日，截至港股收盘，恒生指数上涨1.74%，报22504.68点。药师帮（09885.HK）收报7.14港元/股， 上涨9.01%，成交量160.46万股，成交额1122.19万港元，振幅10.84%。 最近一个月来，药师帮累计跌幅2.24%，今年来累计涨幅16.13%，跑赢恒生指数10.27%的涨幅。 财务数据显示，截至2024年12月31日，药师帮实现营业总收入179.04亿元，同比增长5.49%；归母净利 润3001.3万元，同比增长100.94%；毛利率10.13%，资产负债率65.07%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，药品及生物科技行业市盈率（TTM）平均值为5.22倍，行业中值4.58倍。药师帮市盈率 137.82倍，行业排名第77位；其他精优药业（00858.HK）为0.72倍、金斯瑞生物科技（01548.HK）为 1.03倍、百信国际（00574.HK）为1.49倍、东瑞制药（02348.HK）为2.86倍、正大企业国际 （03839.HK）为4.39倍。 资料显示，药师帮股份有限公司成立于2015年,是中国院外医药产业最大的数字化综合服务平台。药师 ...

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 17,903,608, representing a 5.5% increase from RMB 16,972,276 in 2023[8] - Adjusted net profit for the year was RMB 156,734, a 20.1% increase compared to RMB 130,542 in 2023[8] - The gross profit for the year was RMB 1,813,451, reflecting a 4.2% increase from RMB 1,740,923 in 2023[8] - The company declared a full-year dividend of RMB 0.075 per share, marking a return to profitability[8] - The group achieved a profit of RMB 15.1 million for the year ending December 31, 2024, compared to a loss of RMB 3,206.5 million for the year ended December 31, 2023[66] - Adjusted net profit increased by 20.1% from RMB 130.5 million for the year ended December 31, 2023, to RMB 156.7 million for the year ending December 31, 2024[69] - Cash and cash equivalents increased by 39.6% from RMB 745.7 million as of December 31, 2023, to RMB 1,041.2 million as of December 31, 2024[73] - Net cash generated from operating activities was RMB 655.9 million for the year ending December 31, 2024, compared to RMB 451.2 million for the year ended December 31, 2023[74] Business Growth and Expansion - The number of non-pharmaceutical product SKUs on the platform increased by approximately 50% during the reporting period[12] - The platform successfully onboarded around 600 traditional Chinese medicine manufacturers, enhancing product quality control from the supply chain[12] - The cumulative registered buyers exceeded 827,000, including 491,000 pharmacies and 330,000 primary medical institutions, with average monthly active buyers growing by 18.0% year-over-year[25] - The average monthly paid buyers reached 401,000, reflecting a year-over-year increase of 17.2%, with a payment rate of 92.7%[25] - The platform attracted over 15,000 upstream sellers and over 820,000 downstream buyers by the end of 2024[28] - The company completed the acquisition of 100% equity in "Yikua Pharmaceutical" for approximately RMB 1.035 billion, enhancing its proprietary brand business[15] - The company covered 330,000 grassroots medical institutions, adding over 80,000 new users compared to the previous year, with registered buyers penetrating 98.9% of counties and 91.2% of townships nationwide[46] Operational Efficiency - The company's order fulfillment efficiency improved, with same-day delivery orders increasing from 58.6% to 68.9% year-over-year[14] - The average order processing time in warehouses was about 3 hours, with cross-province delivery taking approximately 38 hours to cities and 49 hours to towns[30] - The unit fulfillment cost for same-city delivery decreased by 12.87%, while the proportion of orders delivered within half a day increased from 58.6% in 2023 to 68.9% in 2024[30] - The return rate decreased from 0.5% in the previous year to 0.4% during the reporting period[31] - The smart supply chain management system enabled an average order processing time of about 3 hours, significantly faster than the industry average, with accounts payable turnover days at approximately 66.1 days[44] Digital Transformation and Technology - The company is focusing on digital transformation and enhancing SaaS solutions, integrating AI and big data to improve system efficiency and user satisfaction[18] - The introduction of the "Spectrum Cabin" smart healthcare solution aims to enhance primary healthcare service efficiency and quality[18] - The "Spectrum Cloud Diagnosis" SaaS service had over 660 paying users by December 31, 2024, improving operational efficiency for grassroots medical institutions[40] - The company plans to enhance collaboration with upstream pharmaceutical companies to build a tighter upstream ecosystem and expand its proprietary brand product lineup[52] - The company aims to optimize its supply chain management and improve operational efficiency through advanced AI capabilities and the integration of its SaaS product matrix[52] Corporate Governance and Social Responsibility - The company is committed to ESG practices, receiving multiple awards for its social responsibility efforts during the reporting period[19] - The company is committed to social responsibility, including employee welfare and environmental protection[123] - The company is focused on strengthening its management team with professionals from diverse backgrounds in finance, technology, and corporate governance[170] - The company is actively pursuing new strategies for market expansion and product development, leveraging the expertise of its newly appointed directors[176] - The company aims to enhance its corporate governance framework by integrating the insights of its independent directors into strategic decision-making[175] Shareholder Information and Incentive Plans - The board proposed a final dividend of RMB 0.075 per share, equivalent to HKD 0.081, subject to shareholder approval at the upcoming annual general meeting[113] - The company adopted two share incentive plans during the reporting period: the 2019 Share Incentive Plan and the 2023 Share Incentive Plan, with a total of 11,775,400 new shares to be issued under these plans, representing approximately 1.79% of the company's issued shares[187] - The 2019 Share Incentive Plan has an authorization limit of 47,772,984 shares, while the 2023 Share Incentive Plan has an authorization limit of 63,235,005 new shares, with an annual cap of 2% of the total issued shares post-listing[189] - The total number of unexercised options under the 2019 Share Incentive Plan is 34,831,068 shares, which is 4.49% of the company's issued shares[189] - The company aims to align the interests of participants with those of shareholders to promote business success through these incentive plans[185]

Summary of Conference Call Records Company and Industry Overview - The conference call discusses the pharmaceutical industry, highlighting significant changes in healthcare policies, drug procurement, and market dynamics in 2023 and 2024. The company, referred to as "钥匙帮," has adapted its business strategies to navigate these changes effectively [1][4]. Key Financial Highlights - Revenue for 2024 is projected to increase from 16.9 billion in 2023 to 17.9 billion, representing a year-on-year growth of 5.5%, which is faster than the overall industry growth [1]. - The company achieved a turnaround from a loss of 3.1 billion in 2023 to a net profit of 30 million in 2024, indicating a significant recovery [2]. - Operating cash flow is expected to rise from 451 million in 2023 to 656 million in 2024, reflecting healthier cash flow management [3]. - The company plans to distribute a cash dividend of 0.075 RMB per share, totaling 51 million RMB, marking its first cash dividend distribution [3]. Business Model and Operations - The company operates a drug trading platform that connects upstream suppliers with downstream pharmacies and clinics, enhancing transaction efficiency [4][5]. - It has developed proprietary brands and strategic partnerships to meet the differentiated needs of pharmacies, focusing on high-margin products [5][12]. - The company has expanded its reach to over 1 million grassroots medical institutions, achieving a market coverage rate of approximately 30% [7][11]. Strategic Initiatives - The company is focusing on enhancing its service capabilities by integrating AI and SaaS solutions to improve operational efficiency in grassroots healthcare [6][16]. - There is a strong emphasis on expanding the product offerings in traditional Chinese medicine, with a 33% increase in the number of clients purchasing traditional Chinese medicine products [13][14]. - The company aims to achieve a revenue target of 100 billion RMB in the next three to five years, leveraging its B2B model and expanding its market presence [28]. Market Position and Competitive Advantage - The company has established a strong foothold in the grassroots market, with over 93% of active buyers making monthly purchases, averaging 29 orders per month [22]. - The platform's commission rate has improved from 2.9% in 2021 to 3.3% in 2024, driven by an optimized transaction structure [23][24]. - The company is committed to maintaining a low logistics cost, with logistics expenses as a percentage of self-operated business revenue decreasing from 1.46% in 2023 to 1.37% in 2024 [19]. Future Outlook - The company anticipates outperforming the industry growth rate by at least 10 percentage points, aiming for a revenue growth of 15% or more if the industry grows at 5% [44]. - The strategic focus includes expanding high-margin proprietary brands and enhancing digital capabilities to support growth in the grassroots healthcare sector [45][46]. Additional Insights - The integration of AI in healthcare services is seen as a key driver for improving efficiency and expanding access to quality medical care in grassroots settings [39][40]. - The company is confident in its ability to manage cash flow effectively, with a current liquidity position exceeding 3.375 billion RMB, allowing for sustainable growth without significant capital expenditure [43]. This summary encapsulates the key points from the conference call, providing insights into the company's performance, strategic direction, and market positioning within the pharmaceutical industry.

自营业务方面，药师帮在药品审核环节实行总部质量管理部门、子公司质量管理员以及质量负责人的三 重审核制度。通过自行研发的线上系统实施全流程药品追溯管理，覆盖药品的采购、收货、验收、储 存、复核、销售及退货等环节，详尽记录药品的流通路径，并包含药品流向的终端药店和诊所信息。通 过这种全链路的数据追溯机制，确保了每一盒药品在流通过程中的关键信息得以记录，保障药品可追溯 性。 药师帮生态圈已成为院外医药行业的重要组成部分。截至2024年，药师帮平台入驻1.5万个上游商家， 注册药店用户49.1万家，基层医疗机构33万家，覆盖全国98.9%的县域及91.2%的乡镇；月均可售SKU达 390万个，月均活跃买家达43.3万家，每付费买家月均下单28.5次。 药师帮表示，自成立以来，药师帮始终坚持合规经营，积极落实平台主体责任，营造合规、安全、高效 的院外医药生态圈。ESG报告显示，药师帮已建立起完善的产品安全与质量审核制度。公司依据医药行 业相关的法律法规，制定了《药师帮平台采购用户注册审核制度》《商家入驻平台资质要求及审核标 准》《药师帮平台商家管理办法》等一系列管理制度。 平台业务方面，药师帮构建了全方位的商品质量管控 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on financial performance and growth projections [1]. Core Insights - The company achieved a revenue of 17.904 billion yuan in 2024, representing a year-over-year growth of 5%. The adjusted net profit reached 157 million yuan, marking a 20% increase year-over-year, and the company declared a dividend of 0.075 yuan per share, with a payout ratio of approximately 170% [2][4]. - The self-owned brand business showed significant growth, with a monthly active buyer increase of 18%. The self-operated revenue for 2024 was approximately 16.973 billion yuan, accounting for about 95% of total revenue, with a notable 220% increase in the transaction scale of self-owned brand products [4]. - The company successfully turned a profit in 2024, with a cash flow cycle of approximately -32 days, indicating high cash turnover and efficiency. The operating cash inflow was 656 million yuan, a 45% increase year-over-year [4][5]. Financial Performance Summary - **2024 Financials**: Total revenue was 17.904 billion yuan, with a net profit of 30 million yuan. The gross margin was 10.13%, and the return on equity (ROE) was 1.29% [6][8]. - **2025-2027 Projections**: Expected revenues are 20.813 billion yuan in 2025, 23.476 billion yuan in 2026, and 26.494 billion yuan in 2027, with corresponding net profits projected at 129 million yuan, 274 million yuan, and 441 million yuan, reflecting significant growth rates [6][9]. - **Valuation Metrics**: The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are approximately 40.65, 19.12, and 11.90, respectively, indicating a favorable valuation trend as earnings grow [6][9].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 药师帮(9885.HK) 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 章钟涛 医药行业分析师 执业编号：S1500524030003 邮 箱：zhangzhongtao@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 净利润分别为 1.29 亿元、2.74 亿元、4.41 亿元，同比分别约增长 330%、 113%、61%，对应当前股价 PE 分别约为 41 倍、19 倍、12 倍。 ➢ 风险因素：药店关店潮超预期，B2B 市场竞争加剧，药品质量问题及合 规问题，用户粘性降低导致用户流失，渗透率提升不及预期，厂牌首推 业务增长不及预期。 | 重要财务指标 | 2024A | 2025E | 2026E | 2027E | | --- | --- | -- ...

Financial Performance - Total revenue for the year ended December 31, 2024, reached RMB 17,903,608, representing a 5.5% increase from RMB 16,972,276 in 2023[5]. - Adjusted net profit for the year was RMB 156,734, a 20.1% increase compared to RMB 130,542 in the previous year[5]. - Gross profit for the year was RMB 1,813,451, reflecting a 4.2% increase from RMB 1,740,923 in 2023[5]. - The net profit for the year ended December 31, 2024, was RMB 15.1 million, a significant recovery from a loss of RMB 3,206.5 million for the year ended December 31, 2023, marking the first profitable year for the company[82]. - The adjusted net profit margin for the year ended December 31, 2024, was 0.9%, compared to 0.8% for the year ended December 31, 2023[88]. - The company's sales cost rose by 5.6% to RMB 16,090.2 million for the year ending December 31, 2024, compared to RMB 15,231.4 million for the year ending December 31, 2023, mainly due to increased sales in the self-operated business[70]. - The gross margin for the self-operated business improved from 6.1% to 6.2% due to a higher proportion of exclusive strategic partnerships and proprietary brands in the product line[73]. - The company reported a significant decrease in other business revenue, dropping 21.1% to RMB 49.6 million for the year ending December 31, 2024, from RMB 62.9 million for the year ending December 31, 2023, due to adjustments in the operational/service model of spectral cloud testing[69]. User Engagement and Market Reach - The number of downstream users served exceeded 820,000, providing comprehensive digital solutions[8]. - As of December 31, 2024, the cumulative registered buyers exceeded 827,000, including 491,000 pharmacies and 330,000 primary medical institutions[23]. - The average monthly active buyers reached 433,000, representing an 18.0% year-over-year growth, while the average monthly paying buyers were 401,000, up 17.2% year-over-year[23]. - The average order number per paying buyer was approximately 28.5 orders per month[23]. - The platform's average SKU count increased to over 3,900,000, fulfilling diverse customer needs[26]. Product and Service Development - The platform's non-pharmaceutical product SKU count increased by approximately 50% during the reporting period[11]. - The company successfully onboarded around 600 traditional Chinese medicine manufacturers, enhancing product quality from the supply chain[11]. - The exclusive strategic partnership and proprietary brand products saw SKU growth of approximately 700, with transaction scale increasing by about 220% year-on-year[13]. - The company is focusing on the POCT auxiliary diagnosis market, launching various instant testing devices tailored for primary healthcare institutions[16]. - The company has launched a logistics platform to monitor the entire process of vehicle loading, transportation, and delivery, improving service efficiency[32]. Operational Efficiency - The company's order fulfillment efficiency improved, with same-day delivery orders increasing from 58.6% to 68.9% compared to the same period last year[12]. - The average warehouse processing time was completed within approximately 3 hours, with inter-provincial delivery taking about 38 hours to cities and 49 hours to towns[32]. - The unit fulfillment cost for self-operated same-city delivery decreased by 12.87%, while the proportion of orders delivered within half a day increased from 58.6% in 2023 to 68.9% in 2024[32]. - The return rate decreased from 0.5% in the previous year to 0.4% during the reporting period, reflecting strict quality control measures[34]. Strategic Initiatives - The company is advancing its digital transformation strategy, integrating AI and big data analytics to enhance system efficiency and user satisfaction[16]. - The company aims to strengthen its existing platform and proprietary business in the outpatient pharmaceutical industry, leveraging AI technology for service quality enhancement[19]. - The company is focusing on digital transformation and enhancing user experience through data-driven insights and service optimization[24]. - The company plans to enhance its supply chain capabilities and expand its spectrum cloud testing services[125]. Corporate Governance and Compliance - The board of directors is committed to achieving high standards of corporate governance to protect shareholder interests and enhance corporate value[109]. - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024, and discussed accounting policies and internal controls with the management[115]. - The company has complied with the corporate governance code and has not deviated from the recommended practices, except for the dual role of the chairman and CEO[111]. Future Outlook - Looking ahead to 2025, the company aims to strengthen its existing platform and proprietary business in the outpatient pharmaceutical industry, leveraging AI technology for service quality enhancement[19]. - The company plans to optimize its product supply system and continuously expand its product categories, introducing more quality and innovative pharmaceutical products and health services[61]. - The company aims to actively promote investments and acquisitions in the industry chain to inject new momentum into long-term development and achieve strategic upgrades towards ecosystem and diversification[66].

Summary of Conference Call Company and Industry - The conference call involves a healthcare company focused on making quality medical services and pharmaceuticals accessible to all [1] Core Points and Arguments - The company expresses gratitude to investors and media for attending the conference, indicating a commitment to transparency and communication [1] - The mission of the company is highlighted as "making good medicine and healthcare accessible," which suggests a focus on social responsibility and market reach [1] Other Important but Possibly Overlooked Content - The mention of collaboration with CICC (China International Capital Corporation) indicates potential strategic partnerships that may enhance the company's market position [1]

INTERIM REPORT 2024 中期報告 YSB Inc. 藥師幫股份有限公司 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 YSB Inc. 2024 中期報告 UUUU 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 董事會 執行董事 張步鎮先生（主席兼首席執行官） 陳飛先生 非執行董事 朱梓陽先生 獨立非執行董事 邵蓉女 ...