Core Insights - The company reported a revenue of 3.242 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 0.21%, while the net profit attributable to shareholders was -8.3565 million yuan, a decline of 159.98% [1] - In Q3 alone, the company achieved a revenue of 1.085 billion yuan, marking a year-on-year increase of 7.41% [1] Financial Performance - The revenue performance for the first three quarters was stable, but the profit was under short-term pressure due to significant impacts from income tax expenses and goodwill impairment [1] - The increase in income tax expenses was primarily due to profit increases in some subsidiaries and changes in business models, leading to the reversal of previously recognized deferred tax assets [1] - Goodwill impairment was noted in the subsidiary Jingcheng Mingyi, prompting a goodwill impairment test at the end of the period [1] - Sales expenses increased by 42.47% year-on-year, driven by rapid growth in the e-commerce business and increased online promotion expenditures while maintaining controllable profits [1] Strategic Initiatives - The company is actively pursuing strategic transformation, focusing on the outpatient market to seek breakthroughs amid industry policy and market competition challenges [2] - Despite short-term profit pressures, the company has made significant progress in strategic transformation and ecological layout [2] - The digital empowerment platform (such as Yaojuli) and the C-end full-domain reach network are gradually building competitive barriers in the industry [2] - Continuous investment in innovative fields through industrial funds and data asset operations is aimed at long-term growth [2] - The company is expected to gain a competitive edge in the outpatient market's full-chain services as the ecological closed loop accelerates and the proportion of high-margin businesses increases [2]

Company Performance - Yaoyigou reported Q3 performance with revenue of approximately 3.242 billion yuan, a year-on-year increase of 0.21% [1] - The net profit attributable to shareholders was a loss of approximately 8.36 million yuan, with basic earnings per share showing a loss of 0.09 yuan [1] - As of the report, Yaoyigou's market capitalization stands at 2.7 billion yuan [1] Industry Insights - In 2023, China's innovative pharmaceuticals have achieved overseas licensing sales of 80 billion USD [1] - The secondary market for biopharmaceuticals is experiencing a surge, while the primary market is facing challenges in fundraising [1]

Group 1 - The core point of the article is that Yaoyigou (SZ 300937) held its third meeting of the fourth board of directors on October 23, 2025, via telecommunication voting, discussing the proposal to amend certain company systems [1] - For the first half of 2025, Yaoyigou's revenue composition was as follows: pharmaceutical distribution (contract distribution + market comparison) accounted for 47.09%, pharmaceutical sales (direct procurement) accounted for 41.92%, pharmaceutical manufacturing and OEM business accounted for 8.55%, and other businesses accounted for 2.44% [1] - As of the time of reporting, Yaoyigou's market capitalization was 2.7 billion yuan [1] Group 2 - The article mentions that Chinese innovative drugs have sold overseas licenses worth 80 billion USD this year, highlighting the hot secondary market in biomedicine while questioning the cold fundraising environment in the primary market [1]

四川合纵药易购医药股份有限公司 信息披露管理制度 第一章 总 则 第一条 为规范和加强四川合纵药易购医药股份有限公司（以下简称"公司"） 信息披露事务管理，提高信息披露管理水平和质量，切实维护公司和股东的合法 权益，根据《中华人民共和国公司法》《中华人民共和国证券法》（以下简称"《证 券法》"）《上市公司信息披露管理办法》《上市公司信息披露暂缓与豁免管理 规定》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律 监管指引第 2 号——创业板上市公司规范运作》《深圳证券交易所上市公司自律 监管指引第 5 号——信息披露事务管理》等有关法律、法规规定以及《四川合纵 药易购医药股份有限公司章程》（以下简称"公司章程"），特制定本制度。 第二条 本制度所称"信息"特指中国证券监督管理委员会（以下简称"中 国证监会"）、证券交易所要求披露的信息和将可能对公司生产经营产生重大影 响而尚未公布的反映公司情况的信息。 本制度所称"披露"系指以规定的时间、媒体及方式向社会公众公布前述信 息以及按规定报送中国证监会、证券交易所的行为。 第三条 本制度中所称"信息披露义务人"，系指公司及其董事、高级管理 人员、股东、 ...

四川合纵药易购医药股份有限公司 投资者关系管理制度 第一章 总则 第一条 为规范四川合纵药易购医药股份有限公司（以下简称"公司"）投 资者关系管理工作，加强公司与投资者之间的沟通，保护投资者合法权益，提升 公司治理水平和企业整体价值，根据《中华人民共和国公司法》《上市公司投资 者关系管理工作指引》《深圳证券交易所上市公司自律监管指引第 2 号——创业 板上市公司规范运作》等有关法律、法规规定及《四川合纵药易购医药股份有限 公司章程》（以下简称"公司章程"），特制定本制度。 第二条 本制度所称的投资者关系管理，是指公司通过便利股东权利行使、 信息披露、互动交流和诉求处理等工作，加强与投资者及潜在投资者（以下简称 "各类投资者"）之间的沟通，增进各类投资者对公司的了解和认同，以提升公 司治理水平和整体价值，实现尊重投资者、回报投资者、保护投资者目的的相关 活动。 第二章 原则及职责 第三条 公司开展投资者关系管理工作应当遵循以下基本原则： （一）合规性原则。公司投资者关系管理应当在依法履行信息披露义务的基 础上开展，符合法律法规、规章及规范性文件、行业规范和自律规则、公司内部 规章制度，以及行业普遍遵守的道德规范 ...

四川合纵药易购医药股份有限公司 董事会战略与发展委员会工作制度 第一章 总则 第一条 为适应四川合纵药易购医药股份有限公司（以下简称"公司"）战 略发展需要，增强公司核心竞争力，确定公司发展规划，健全投资决策程序，加 强决策科学性，提高重大投资决策的效益和决策的质量，完善公司治理结构，根 据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所创业 板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上 市公司规范运作》等有关法律、法规规定以及《四川合纵药易购医药股份有限公 司章程》（以下简称"公司章程"），特制定本制度。 第二条 董事会战略与发展委员会（以下简称"战略与发展委员会"）是董 事会设立的专门工作机构，主要负责对公司长期发展战略和重大投资决策进行研 究并提出建议。 第二章 人员组成 第三条 战略与发展委员会成员为 5 名。 第四条 战略与发展委员会成员由董事长、二分之一以上独立董事或者三分 之一以上的全体董事提名，并由董事会选举产生。 第五条 战略与发展委员会设主任委员（召集人）1 名，负责主持委员会工 作；主任委员（召集人）在委员内选举，并报请董事会批准产生。 （二 ...

四川合纵药易购医药股份有限公司 董事会审计委员会工作制度 第一章 总则 第一条 为充分发挥审计委员会对四川合纵药易购医药股份有限公司（以下 简称"公司"）财务信息、内部控制、内外部审计等工作的监督作用，健全公司 内部监督机制，根据《中华人民共和国公司法》（以下简称"《公司法》"）《中 华人民共和国证券法》《深圳证券交易所创业板股票上市规则》《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有关法律、法 规规定以及《四川合纵药易购医药股份有限公司章程》（以下简称"公司章程"）， 特制定本制度。 第二条 董事会审计委员会（以下简称"审计委员会"）是董事会设立的专 门工作机构，主要负责审核公司财务信息及其披露、监督及评估内外部审计工作 和内部控制，行使《公司法》规定的监事会的职权。 公司应当为审计委员会提供必要的工作条件，审计委员会履行职责时，公司 管理层及相关部门应当给予配合。 第二章 人员组成 第三条 审计委员会成员为 5 名，为不在公司担任高级管理人员的董事，其 中独立董事 3 名，召集人由独立董事中会计专业人士担任。董事会成员中的职工 代表可以成为审计委员会成员。 第四条 审计委 ...

二、董事会会议审议情况 证券代码：300937 证券简称：药易购 公告编号：2025-045 四川合纵药易购医药股份有限公司 第四届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 四川合纵药易购医药股份有限公司（以下简称"公司"）第四届董事会第三 次会议于2025年10月23日以通讯表决方式召开。本次董事会会议的通知于2025 年 10 月 20 日以书面、电话方式通知全体董事。会议应出席董事 9 名，实际出席 董事 9 名。本次董事会会议由董事长陈顺军先生召集并主持，公司高级管理人员 列席了本次会议。本次会议的召集、召开和表决程序符合国家有关法律、行政法 规、部门规章、规范性文件及《四川合纵药易购医药股份有限公司章程》（以下 简称"公司章程"）的规定。 经与会董事审议，以投票表决方式审议了以下议案： 1、审议通过《关于公司<2025 年第三季度报告>全文的议案》 董事会认为《2025 年第三季度报告》全文的编制和审议程序符合法律法规 和中国证监会、深圳证券交易所的规定，报告内容真实、准确、完整地反映了公 司截 ...

Revenue and Profitability - The company's revenue for Q3 2025 reached ¥1,084,986,538.53, representing a 7.41% increase compared to the same period last year[5] - The net profit attributable to shareholders was a loss of ¥742,067.51, a decline of 140.42% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥1,829,475.20, down 306.93% from the previous year[5] - The basic earnings per share were -¥0.01, a decrease of 150.00% compared to the same period last year[5] - The net profit for the current period was -¥8,205,143.51, a significant decrease from a net profit of ¥10,473,171.26 in the previous period[25] - The company reported a basic and diluted earnings per share of -¥0.09, down from ¥0.15 in the previous period[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,865,757,760.28, an increase of 8.70% compared to the end of the previous year[5] - The total assets increased to ¥1,865,757,760.28 from ¥1,716,503,568.28, reflecting a growth of approximately 8.66%[22] - Total liabilities rose to ¥1,045,120,862.64, up from ¥865,810,572.04, marking an increase of about 20.77%[21] - The total equity attributable to shareholders decreased to ¥831,608,346.85 from ¥849,536,748.66, a decline of approximately 2.1%[21] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥114,155,305.67, a significant decrease of 397.91% year-on-year[5] - The net cash flow from operating activities decreased by 397.91%, amounting to -114,155,305.67 CNY, primarily due to increased sales expenses[12] - The net cash flow from investing activities improved by 31.71%, totaling -17,030,462.21 CNY, as the long-term asset acquisition amount decreased compared to the previous period[12] - The net cash flow from financing activities significantly improved by 91.78%, reaching -6,071,875.73 CNY, mainly due to a reduction in loan repayment amounts[12] - Operating cash inflow for the current period was $2,541,090,726.16, an increase of 2.7% from the previous period's $2,474,397,462.02[28] - Net cash outflow from operating activities was -$114,155,305.67, compared to a positive cash flow of $38,318,291.45 in the previous period[28] - Investment cash inflow totaled $15,825,651.87, up from $13,105,813.91 in the previous period[29] - Net cash outflow from investment activities was -$17,030,462.21, an improvement from -$24,940,175.33 in the previous period[29] - Financing cash inflow was $231,242,611.39, down from $263,797,389.71 in the previous period[29] - Net cash outflow from financing activities was -$6,071,875.73, compared to -$73,824,739.59 in the previous period, indicating a significant reduction in cash outflow[29] - The ending cash and cash equivalents balance was $97,435,307.21, down from $131,045,650.29 in the previous period[29] - Total cash outflow from operating activities was $2,655,246,031.83, compared to $2,436,079,170.57 in the previous period[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 11,401[14] - The largest shareholder, Li Yanfei, holds 36.97% of the shares, totaling 35,370,000 shares[14] - The total restricted shares held by Li Yanfei remain at 26,527,500, with no changes during the reporting period[17] - The company reported a total of 33,019,335 restricted shares at the beginning of the period, with 270,806 shares released during the period[18] Expenses - The company reported a 42.47% increase in sales expenses, totaling ¥257,750,651.18, due to increased online promotion costs driven by rapid growth in e-commerce[11] - Research and development expenses decreased by 34.92% to ¥8,177,056.70, attributed to a reduction in R&D personnel[11] - The company recorded a goodwill impairment loss of ¥6,710,869.07, reflecting a 922.10% increase in asset impairment losses[11] Other Financial Metrics - The company's long-term investments increased to ¥33,776,563.79 from ¥15,920,375.67, showing a growth of approximately 112.5%[20] - The company’s short-term borrowings slightly decreased to ¥369,883,397.60 from ¥372,318,533.77, a reduction of about 0.12%[21] - Cash received from sales of goods and services was $2,492,902,572.44, an increase from $2,431,301,554.79 in the previous period[28] - Cash flow details for the current period are pending further disclosure[27] Audit Status - The company’s third-quarter financial report was not audited[30]

Core Viewpoint - The company, Yiyigou, highlighted its subsidiary Chongqing Yaodamai Pharmaceutical Technology Co., Ltd. as a significant player in the pharmaceutical e-commerce sector in China, successfully operating well-known brands through online platforms [1] Group 1: Company Overview - Chongqing Yaodamai is recognized as one of the influential new industrial e-commerce entities in the pharmaceutical industry [1] - The company has successfully marketed products under the men's health brand "Viagra" and the dermatology brand "Youshili" through its online sales channels [1] Group 2: Market Presence - The company operates its products primarily through online platforms, indicating a strong digital sales strategy [1] - The details regarding the company's performance and operations can be found in its regular financial reports [1]