Ge Long Hui·2025-05-22 11:08Revenue Highlights - In FY2025, the company's operating revenue reached 30.6 billion yuan, representing a year-on-year growth of 13%, primarily driven by the rapid growth of its pharmaceutical platform business [1] - The self-operated pharmaceutical revenue was 26.1 billion yuan, up 10% year-on-year, mainly due to the continuous enrichment of B2C retail product SKUs, which increased by 33.6% to 1.23 million, along with growth in medical devices driven by national subsidies [1] - E-commerce platform service revenue amounted to 3.6 billion yuan, a year-on-year increase of 54%, benefiting from the injection of health category advertising business, with the number of platform merchants growing by 35% to 48,300 and SKUs increasing by 91% to 133 million [1] - Revenue from healthcare and digital services was 890 million yuan, showing a year-on-year decline of 8% [1] Profitability Insights - The adjusted net profit for FY2025 was 1.95 billion yuan, reflecting a year-on-year increase of 36%, with an adjusted net profit margin of 6.37%, up 1 percentage point [2] - Gross margin improved to 24.3%, an increase of 2.5 percentage points, primarily driven by the consolidation of higher-margin advertising business [2] - The fulfillment expense ratio was 8.4%, down 0.5 percentage points, with fulfillment expenses accounting for 9.8% of self-operated business revenue, a decrease of 0.4 percentage points, mainly due to improved operational efficiency in warehousing, logistics, and customer service [2] - The sales expense ratio was 7.4%, up 0.8 percentage points, while the management expense ratio remained stable at 1.3% [2] - The R&D expense ratio was 2.4%, down 0.2 percentage points, attributed to cost control and optimized R&D strategies [2] Future Outlook - The company is actively exploring AI in healthcare, enhancing operational efficiency across various scenarios such as optimizing pharmaceutical search models, smart supply chains for pharmacies, intelligent product operations, and smart customer service [2] - The company aims to empower consumers with an AI-driven product search engine and plans to develop more AI knowledge platform products for doctors, facilitating medical knowledge exchange [2] - Revenue projections for FY2026 and FY2027 are estimated at 33.5 billion yuan and 36.4 billion yuan, respectively, with adjusted net profits of 2.3 billion yuan and 2.8 billion yuan [3] - The company anticipates FY2028 revenue to reach 39.4 billion yuan, with an adjusted net profit of 3.2 billion yuan, currently trading at a FY2025 PE ratio of 31x [3]