药师帮(9885.HK)盘中一度大涨近17%，最高触及11.28港元，创逾三个月新高。该股年内已累计涨超 100%。 中信建投首次药师帮，给予"买入"评级，看好下半年盈利能力继续改善、多元业务加速落地。此外，公 司积极推进AI及机器人技术应用，聚焦赋能下游客户及供应链效率优化，后续有望协同放量。 业绩公布后，药师帮获多家投行看好。信达证券研报指出，药师帮已跨越资本投入期进入业绩收获阶 段，预计2024-2027年归母净利润CAGR达164%；对标同业可比公司，其"平台+服务+生态"的商业模式 具备稀缺性，目标估值区间有望达74亿-134亿港元，维持"买入"评级。 消息面上，药师帮此前公布2025年中期业绩，营收98.43亿元，同比增长11.7%；归母净利润突破7811.7 万元，同比激增258%，延续自2024年扭亏为盈以来的高增长态势；在自有品牌高毛利特性驱动下，公 司毛利率同比提升至11.2%。 ...

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]

中信建投（601066）发布研报称，药师帮于2020年推出厂牌首推业务，选取市场需求较高的品类，寻找 上游工业企业代理生产，推送给下游品牌意识较弱的基层医疗机构、下沉药店，从而获取超额毛利率， 2025年上半年，公司厂牌首推业务GMV同比增长115.6%为10.8亿元，其中更高毛利率的自有品牌GMV 同比增长473.4%为8.52亿元。该行认为，公司后续仍将稳步推进高毛利率业务占比稳步提升，且公司在 收购一块医药后，自有品牌产品矩阵进一步丰富，后续有望带来额外增量。 中信建投续指，2024年，公司推出三款"未来光谱"系列POCT设备，聚焦基层医疗机构市场，完善基础 疾病检测领域布局，截至2025年6月底，公司已覆盖超过18000家终端机构，投放超过2.3万台，25年下 半年仍将加速投放。公司POCT设备会协同诊所数字化管理系统("光谱云诊"SaaS系统)、AI医生辅助系 统(光谱智医)协同部署，有望共同完善诊所端布局，提升用户粘性。此外，公司积极推进AI及机器人技 术应用，聚焦赋能下游客户及供应链效率优化，后续有望协同放量。 药师帮(09885)盘中涨超9%，截至发稿，涨9.12%，报10.55港元，成交额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, 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]