Core Viewpoint - The company, known as the "first stock of pharmaceutical e-commerce," is facing its most severe challenges since its listing, with significant declines in revenue and profits in the first half of 2025 [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue decreased by 3.06% year-on-year, and the net profit attributable to the parent company was a loss of 7.61 million yuan, a staggering decline of 162.95% [1] - The first quarter showed a profit of 4.18 million yuan, but the second quarter saw a sudden loss exceeding 11.79 million yuan, indicating rapid deterioration in performance [1] Group 2: Market and Policy Challenges - The "Seven Unifications" policy, particularly the requirement for "unified procurement and distribution," has directly impacted the company's core B2B e-commerce business [2] - The external market competition is intensifying, with traditional distributors and internet giants like JD Health and Alibaba Health increasingly encroaching on the company's market share [2] Group 3: Business Segment Analysis - Despite efforts to transition from B2B to C-end business, the B-end still accounted for over 97% of total revenue in 2024, with B2B e-commerce revenue down by 5.84% and digital distribution revenue down by 3.34% in the first half of 2025 [3] - C-end online retail revenue surged by 225% year-on-year, but its revenue contribution remains low at only 1.3%, insufficient to support overall growth [3] - The company opened 425 new direct stores within a year, yet revenue from these stores declined by 10.71%, indicating deteriorating operational efficiency [3] Group 4: E-commerce Performance Metrics - In the first half of 2025, while customer numbers, order counts, and monthly active users for the e-commerce business increased year-on-year, total e-commerce revenue fell by 5.89%, suggesting weakened conversion efficiency and monetization capabilities [4] Group 5: Cost Structure and R&D Investment - The company's losses were exacerbated by a significant rise in operating expenses, with sales expenses up by 46.25%, and increases in management and financial expenses [5] - Conversely, R&D expenses plummeted by 39.73%, with a research expense ratio of only 0.26%, contradicting the company's stated "technology-driven" strategy [5] - The number of R&D personnel and total compensation for R&D staff have also decreased, indicating a reduction in long-term technological investment [5] Group 6: Strategic Outlook - The company is at a critical crossroads, facing the dual pressures of revenue growth without profit and challenges on both B and C fronts [6] - The ability to identify new growth engines, effectively control costs, and return to a focus on R&D will be crucial for survival amid industry reshuffling [6]
医药电商第一股药易购陷困局：B2B萎缩、C端难撑、研发收缩，半年报由盈转亏