Core Viewpoint - The company, Yaoyigou, known as the "first stock of pharmaceutical e-commerce," is facing severe challenges amid deep industry transformations, including pressure from the "Seven Unifications" policy and intense competition in the outpatient market [2][3]. Financial Performance - Yaoyigou's revenue growth has been consistently weak since its IPO, with growth rates declining from 21.87% in 2021 to -1.12% in 2024, entering a negative growth phase [3]. - In the first half of 2025, the company's revenue fell by 3.06% year-on-year to 2.157 billion yuan, and the net profit turned into a loss of 7.6144 million yuan, a decline of 162.95% [3][11]. - The company's performance showed a drastic quarterly change, with a profit of 4.1837 million yuan in Q1 2025, followed by a loss exceeding 11.79 million yuan in Q2 2025 [3]. Business Segments - The TOB business remains the main revenue source, accounting for over 97% of total revenue, with B2B e-commerce revenue declining by 15.61% to 1.441 billion yuan [5][6]. - Digital distribution revenue grew by 23.52% to 2.349 billion yuan, but overall TOB business still saw a year-on-year decline of 2.22% [5][6]. - The TOC business showed a mixed performance, with online retail revenue surging by 225.87% to 56.969 million yuan, but its contribution to overall revenue remained minimal at 1.3% [5][6]. Market Challenges - The company is experiencing a "growth without revenue" dilemma, where key metrics in e-commerce have improved, yet total revenue has decreased by 5.89% [8][9]. - The increase in user base is primarily among small retailers and long-tail demand groups, which have lower transaction values and bargaining power, exacerbated by policies that compress drug price margins [9]. - The company faces structural challenges common in the pharmaceutical e-commerce sector, indicating a need for transformation from traditional distribution models to specialized service providers [9]. Stock Performance - Since its IPO, Yaoyigou's stock price has been on a downward trend, with a cumulative decline of 79.79% from its peak of 150 yuan per share shortly after listing [10]. Cost Structure - The company's financial struggles are compounded by rising operational costs, with sales expenses increasing by 46.25% to 164 million yuan, management expenses up by 6.94%, and financial expenses rising by 12.72% [11]. - Research and development expenses have decreased significantly, down 39.73% to 5.619 million yuan, reflecting a lack of effective implementation of its R&D strategy [11].
药易购陷“无效增长”困局：用户、订单、客单价全线上扬 唯独利润暴跌163％