Core Viewpoint - The company, Yaoshi Bang (09885), has repurchased a total of 100,000 shares on August 21, 2025, under its share buyback authorization for 2025, with a total expenditure of approximately HKD 1.0231 million, excluding commissions and other expenses, at an average repurchase price of HKD 10.2311 per share. The repurchased shares will be canceled in due course [1]. Summary by Relevant Sections - Share Buyback Details - The company repurchased 100,000 shares at an average price of HKD 10.2311 per share [1]. - The total amount spent on the buyback was approximately HKD 1.0231 million, excluding commissions and other expenses [1]. - The repurchased shares are set to be canceled [1]. - Insider Buying - Executive Director Chen Fei purchased a total of 50,000 shares in the open market on the same date [1]. - The board views Chen Fei's share purchase as a sign of confidence in the company's future and growth potential, reflecting his long-term commitment to the company [1].

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。 股份回購 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、2025年5月23日、2025年5月26日、2025年5月27日、2025 年6月4日、2025年6月5日、2025年6月11日、2025年6月17日 及2025年6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 ...

Core Viewpoint - The company, Yaoshi Bang, reported strong financial performance in the first half of 2025, continuing its turnaround from 2024, with a net profit of 78.11 million yuan, a year-on-year increase of 258.01%, and revenue of 9.84 billion yuan, up 11.7% [1] Group 1: Financial Performance - The company achieved a net profit of 78.11 million yuan, representing a 258.01% increase year-on-year [1] - Revenue reached 9.84 billion yuan, reflecting an 11.7% growth compared to the previous year [1] - Operating cash flow exceeded 257 million yuan, indicating strong cash generation capabilities [1] Group 2: Business Drivers - Key growth drivers include scale advantages, rapid expansion of high-margin private label products, and significant improvements in operational efficiency due to digital capabilities [1][2] - The private label business saw a transaction volume of 850 million yuan, a staggering increase of 473.4% year-on-year, accounting for 78.8% of the total scale of promoted products [1] - The strategic product, Huoxiang Zhengqi Oral Liquid, achieved substantial coverage in grassroots medical institutions, contributing 40% to sales [1] Group 3: Operational Efficiency - The average number of active buyers reached 453,000, a 6.5% increase year-on-year, while the average number of paying buyers rose to 426,000, up 7.6% [2] - The payment rate increased from 93% to 94%, and the average number of orders per month rose from 28 to 29.2 [2] - The company reported an accounts payable turnover of approximately 67.7 days, inventory turnover of about 32.2 days, and accounts receivable turnover of around 1.8 days, supporting a "fast turnover + cash cow" model [2] Group 4: Strategic Initiatives - The company is focusing on three main strategies: digital transformation of the supply chain, accelerating penetration of high-margin private label and traditional Chinese medicine products, and building a closed-loop ecosystem for grassroots medical services [3] - Long-term revenue projections estimate that the company could achieve revenues of 20.33 billion yuan, 23.38 billion yuan, and 27.12 billion yuan from 2025 to 2027, with net profits of 124 million yuan, 379 million yuan, and 720 million yuan respectively [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of approximately 9.843 billion yuan for the first half of 2025, representing a year-on-year increase of 11.7%. The adjusted net profit was approximately 122 million yuan, up 33.2% year-on-year, while the net profit attributable to the parent company surged by 258% to approximately 78 million yuan [1][4] Revenue Structure - The self-operated business revenue reached 9.389 billion yuan in 25H1, growing by 12.53% year-on-year, with the flagship business transaction scale at 1.08 billion yuan, a significant increase of 115.6% year-on-year. The proprietary brand transaction scale within the flagship business soared by 473.4% to 852 million yuan [4] - Platform business revenue was 436 million yuan, down 0.95% year-on-year, primarily due to the sluggish retail drug market affecting third-party sellers [4] - Other income decreased by 40.56% year-on-year to 17 million yuan, mainly due to adjustments in the operational/service model of Guangpu Cloud Inspection [4] Profitability - The adjusted net profit margin improved by approximately 0.2 percentage points to 1.2% in 25H1, while the overall net profit margin increased by about 0.6 percentage points to 0.75% [4] - The gross profit margin rose by approximately 1.22 percentage points to 11.22%, driven by the rapid growth of high-margin businesses [4] User Engagement - The average monthly active buyers on the platform reached 453,000, a year-on-year increase of 6.5%, with the average monthly paying buyers at 426,000, up 7.6%. The payment rate stood at 94%, with each paying buyer placing an average of 29.2 orders per month [4] Future Outlook - The company expects revenues for 2025, 2026, and 2027 to be approximately 20.8 billion yuan, 23.5 billion yuan, and 26.7 billion yuan, respectively, with year-on-year growth rates of 16%, 13%, and 14% [5] - The net profit attributable to the parent company is projected to be 148 million yuan, 320 million yuan, and 549 million yuan for the same years, reflecting year-on-year growth rates of 394%, 116%, and 72% [5] Financial Metrics - The company’s gross margin is expected to improve from 10.89% in 2025E to 11.82% in 2027E, while the return on equity (ROE) is projected to rise from 6.14% to 16.73% over the same period [6][8] - The price-to-earnings (P/E) ratio is forecasted to decrease from 44 times in 2025 to 12 times in 2027 [5][6]

Group 1: Hong Kong Stock Exchange Developments - Hong Kong Stock Exchange (HKEX) CEO Charles Li stated that HKEX will research a 24-hour trading mechanism, taking into account international experiences and local market conditions [1] - HKEX plans to enhance its competitiveness through strategic investments in data platform optimization and trading settlement system upgrades [1] - The exchange is also exploring shortening the settlement cycle for the cash market, with a potential T+1 settlement system supported by its technology by the end of this year [1] Group 2: Market Overview - The S&P 500 index fell for four consecutive days, with the index closing down 0.24% at 6395.78 points [2] - Major technology stocks mostly declined, with Intel dropping approximately 7% [2] - The Nasdaq China Golden Dragon Index rose by 0.33%, with notable gains from Tiger Brokers and JinkoSolar [2] Group 3: Financial Regulatory Updates - The National Financial Regulatory Administration is seeking public opinion on the draft of the "Commercial Bank M&A Loan Management Measures," which includes provisions for equity acquisition loans [3] Group 4: Federal Reserve Insights - The Federal Reserve's July meeting minutes indicated a moderate GDP growth in the first half of the year, with a focus on inflation risks over labor market concerns [4] - There was a notable dissent among Fed officials regarding interest rate decisions, marking a significant moment since 1993 [4] Group 5: Corporate Earnings Reports - Alibaba Group announced plans to spin off its subsidiary, Zhaima, for an independent listing on the Hong Kong Stock Exchange [5] - Baidu Group reported a total revenue of RMB 327.13 billion for Q2 2025, a year-on-year decrease of 4%, while net profit increased by 33% to RMB 73.22 billion [8] - Huazhu Group's total revenue for Q2 2025 was RMB 64.26 billion, with a net profit of RMB 15.44 billion, reflecting a 44.7% year-on-year increase [9] - China Oriental Group expects a net profit increase of no less than 70% for the first half of 2025, projecting at least RMB 2.20 billion [10] - Lijun Pharmaceutical reported a net profit of RMB 12.81 billion for the first half of 2025, a 9.4% increase year-on-year [11] - BOSS Zhipin reported a net profit of RMB 7.16 billion for Q2 2025, a 69.87% increase year-on-year [12] - New World Development reported a significant increase in net profit to HKD 887 million, a 1076% rise year-on-year [13] - Yimuyou Group expects a net profit of no less than RMB 2.6 billion for the first half of 2025, representing a growth of over 90% [14] - Yongsheng Medical reported a net profit of HKD 51.63 million, a 55.1% increase year-on-year [15] - Lepu Biopharma achieved a revenue increase of 249.59% for the first half of 2025, marking its first profit [16] - Huya Technology expects a net profit of USD 30 million to 38 million for the first half of 2025, a significant increase from the previous year [17] - Kingsoft reported a net profit of RMB 816 million for the first half of 2025, a 20.41% increase year-on-year [18] - Zhong An Online reported a net profit of RMB 668 million, a 1103.54% increase year-on-year [19] - Yaoshi Bang reported a net profit of RMB 78.12 million, a 258% increase year-on-year [20] - Crystal International reported a net profit of USD 98.27 million, a 17% increase year-on-year [21] - Ocean Group expects a turnaround with a projected net profit of RMB 9.5 billion to 11 billion for the first half of 2025 [22] - Kingsoft Cloud reported an adjusted EBITDA of approximately RMB 725 million, a 672.62% increase year-on-year [23] Group 6: Pharmaceutical Developments - Heyou Pharmaceutical's IND application for a combination therapy for NSCLC has been approved by the CDE [24] - Shengbela reported a net profit of RMB 327 million, marking a turnaround from a previous loss, with significant growth in various business segments [25]

Core Insights - The company achieved a revenue of 9.843 billion yuan in the first half of 2025, representing a year-on-year growth of 11.7% [1] - The gross profit margin improved from 10% to 11.2%, and the net profit attributable to shareholders reached 78.11 million yuan, increasing over threefold [1] - Operating cash flow remained positive at 257 million yuan, with cash and cash equivalents totaling 3.551 billion yuan [1] Group 1: Business Performance - The company maintained a leading position in the domestic out-of-hospital pharmaceutical trading service market, with an average monthly active buyer count of 453,000, up 6.5% year-on-year [2] - The monthly buyer payment rate was 94%, with each paying buyer placing an average of 29.2 orders per month, while the platform subsidy rate decreased to 0.5% [2] - The dual-driven model of "platform + self-operated" generated a revenue of 9.843 billion yuan, with platform revenue at 436 million yuan and self-operated business revenue at 9.389 billion yuan, marking a 12% increase [2] Group 2: Financial Health - The company demonstrated strong cash flow efficiency, with accounts payable turnover days at approximately 67.7 days, inventory turnover at 32.2 days, and accounts receivable turnover days at about 1.8 days [2] - The cash conversion cycle was approximately -33.8 days, indicating superior supply chain management and cash turnover efficiency [2] - The capital-to-debt ratio stood at 4.3%, showcasing a robust liquidity position that supports business expansion [2] Group 3: Strategic Initiatives - The company is focusing on three strategic areas: expanding self-owned brands, enhancing supply chain efficiency, and developing grassroots medical layouts [3] - The self-owned brand business achieved a transaction scale of 852 million yuan, growing approximately 473.4% year-on-year, with significant contributions from key products [3] - The average monthly available SKUs reached 4 million, and the proportion of same-day delivery orders increased from 67.7% to 70% [3] Group 4: Market Outlook - The domestic pharmaceutical retail industry is undergoing significant adjustments, presenting structural opportunities amid challenges [4] - The company is strategically addressing industry pain points by focusing on digital supply chain transformation and optimizing profit structures through high-margin products [4] - Forecasts suggest that the company's net profit attributable to shareholders will reach 149 million yuan in 2025, with a growth rate of 395%, and further growth of 116% to 320 million yuan in 2026 [4]

Core Viewpoint - The company, Yaoshi Bang, demonstrated strong financial performance in the first half of 2025, achieving significant revenue growth and profitability despite a challenging pharmaceutical market environment [1][2]. Financial Performance - In the first half of 2025, the company reported revenue of 9.843 billion yuan, a year-on-year increase of 11.7% [1] - Gross profit margin improved from 10% to 11.2% [1] - Net profit attributable to shareholders reached 78.11 million yuan, representing over a threefold increase year-on-year [1] - Operating cash flow remained positive at 257 million yuan, with cash and cash equivalents totaling 3.551 billion yuan [1] Business Model and Growth Drivers - The company operates as the largest pharmaceutical trading service platform in the outpatient market in China, maintaining a leading user coverage and deepening user engagement [1] - Monthly active buyers reached 453,000, a 6.5% increase year-on-year, with a buyer payment rate of 94% and an average order quantity of 29.2 per paying buyer [1] - The dual-driven model of "platform + self-operated" generated revenue of 9.843 billion yuan, with platform revenue at 436 million yuan and self-operated business revenue at 9.389 billion yuan, reflecting a 12% increase [1][2] Supply Chain and Operational Efficiency - The company reported a payable turnover period of approximately 67.7 days and an inventory turnover of 32.2 days, indicating strong supply chain efficiency [2] - The cash conversion cycle was approximately -33.8 days, showcasing superior cash turnover efficiency compared to industry standards [2] - The self-owned brand business achieved a transaction scale of 852 million yuan, a year-on-year increase of approximately 473.4% [2] Strategic Initiatives - The company is focusing on three strategic areas: expanding self-owned brands, enhancing supply chain efficiency, and developing grassroots medical services [2][3] - The integration of various technologies, including POCT and AI systems, is aimed at empowering grassroots medical institutions [3] - The monthly average available SKUs reached 4 million, with same-day delivery orders increasing from 67.7% to 70% [3] Market Outlook - Despite the ongoing challenges in the domestic pharmaceutical retail industry, structural opportunities are emerging due to market consolidation [4] - The company is strategically addressing industry pain points by enhancing digital supply chain capabilities and optimizing profit structures through high-margin products [4] - Forecasts suggest that the company's net profit attributable to shareholders will reach 149 million yuan in 2025, with a projected growth of 395% year-on-year [4]

Core Insights - The company reported a significant increase in net profit, reaching 78.11 million yuan, which is over three times that of the same period last year [1] - Revenue for the first half of 2025 was 9.84 billion yuan, reflecting a year-on-year growth of 11.7% [1] - The strong performance is attributed to three main drivers: scale advantages, rapid expansion of high-margin private label products, and enhanced operational efficiency through digital capabilities [1] Financial Performance - The company's private label business saw a transaction volume of 850 million yuan, a staggering increase of 473.4% year-on-year, accounting for 78.8% of the total business scale [1] - The average number of active buyers reached 453,000, a growth of 6.5% year-on-year, while the average number of paying buyers increased by 7.6% to 426,000 [2] - The payment rate improved from 93% to 94%, and the average number of orders per month rose from 28 to 29.2 [2] Operational Efficiency - The company achieved a cash conversion cycle of -33.8 days, indicating a strong cash flow position [2] - Accounts payable turnover days were approximately 67.7 days, inventory turnover days were about 32.2 days, and accounts receivable turnover days were around 1.8 days [2] Strategic Initiatives - The company is focusing on three main strategies: digital transformation of the supply chain, accelerating penetration of high-margin private label and traditional Chinese medicine products, and building a closed-loop ecosystem for grassroots medical services [3] - The company has launched 23 million instant testing devices across 18,000 grassroots terminals, integrating POCT testing equipment, AI-assisted diagnosis, and clinic SaaS systems [2] Future Outlook - According to recent research, the company is expected to achieve revenues of 20.33 billion yuan, 23.38 billion yuan, and 27.12 billion yuan from 2025 to 2027, with net profits projected at 124 million yuan, 379 million yuan, and 720 million yuan respectively [3]

Group 1 - The company reported revenue of approximately 9.843 billion RMB for the six months ending June 30, 2025, representing a year-on-year growth of 11.7% [1] - Profit attributable to owners increased to 78.117 million RMB, a significant year-on-year growth of 258% [1] - Adjusted net profit under non-IFRS was approximately 122 million RMB, reflecting a year-on-year increase of 33.2% [1] Group 2 - The company's gross profit rose by 25.3% to 1.1045 billion RMB, with the gross margin increasing from 10.0% to 11.2% [1] - The growth in gross margin is primarily attributed to strong downstream demand for the company's proprietary brand products, which has led to an expansion in the scale of high-margin business [1]

Core Viewpoint - The company reported a revenue of RMB 9.843 billion, representing a year-on-year growth of 11.7%, and a net profit attributable to shareholders of RMB 78.117 million, which is a significant increase of 258% [1] Group 1: Industry Overview - The Chinese pharmaceutical and healthcare industry faces both opportunities and challenges in the first half of 2025, driven by ongoing efforts to enhance grassroots medical systems and social security [1] - The "Healthy China 2030" strategy and policies promoting accessible healthcare are leading to structural changes in the pharmaceutical industry, aligning with the company's long-term strategy to improve drug accessibility [1] - Economic downturns and adjustments in medical insurance policies are causing a temporary slowdown in growth within the pharmaceutical and healthcare sectors, emphasizing the need for quality improvement and efficiency [1] Group 2: Company Strategy and Performance - The company has navigated a challenging market environment by leveraging its leading omnichannel strategy and focusing on core business areas [2] - Innovations and service upgrades across the pharmaceutical supply chain have been implemented, enhancing collaboration with upstream and downstream partners to reach a broader and more diverse user base [2] - The company is committed to upgrading user experience and reducing costs within the industry, driving value creation and collaboration through a strategy centered on "technology-driven + ecological collaboration" [2]