Core Viewpoint - Tianfeng Securities maintains a "buy" rating for Yaoshi Bang (09885) and raises the forecast for net profit attributable to shareholders for 2025-2027 from 1.56/3.73/6.02 billion to 1.79/4.03/6.50 billion [1] Group 1: Platform Business - In H1 2025, the company's platform business generated revenue of 436 million, reflecting a year-on-year increase of 11.66% [1] - The company has enhanced the product richness of its platform business, increasing the average monthly SKU count to approximately 4 million, significantly meeting diverse user needs [1] - The company focused on the core value extraction of traditional Chinese medicine pieces, providing 125,000 SKUs to downstream buyers, a year-on-year increase of 22.5% [1] Group 2: Self-operated Business - In H1 2025, the self-operated business achieved revenue of 9.389 billion, a year-on-year increase of 12.5% [2] - The self-operated business provided an average monthly SKU count of 480,000, an increase of 58,000 SKUs [2] - The proportion of same-city orders delivered within half a day increased to 70%, and the return rate decreased to 0.4% [2] - The company strengthened its direct supply model and optimized procurement channels to reduce operational costs [2] Group 3: Proprietary Brand Business - In H1 2025, the transaction scale of the proprietary brand business reached 1.08 billion, a year-on-year increase of 115.6% [3] - The proprietary brand contributed significantly to the high-quality growth of the self-operated business, with a transaction scale of 852 million, a year-on-year increase of approximately 473.4% [3] - The major product, Le Yaoshi Huoxiang Zhengqi Oral Liquid, achieved substantial breakthroughs in coverage at grassroots medical terminals [3]