Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of approximately 20.97 billion RMB for 2025, representing a year-on-year increase of 17.13%. The adjusted net profit was about 2.37 billion RMB, up 51.2% year-on-year, while the net profit attributable to the parent company reached 1.53 billion RMB, a significant increase of 409.7% year-on-year. The company plans to distribute a dividend of 0.11 RMB per share, which corresponds to a cash dividend rate of approximately 50% [1][4] Revenue and Profit Structure - In 2025, the self-operated business revenue reached 20.066 billion RMB, growing by 18% year-on-year, with the flagship brand business transaction scale reaching 2.445 billion RMB, a remarkable increase of 111% year-on-year. The proprietary brand transaction scale within this segment surged to 1.937 billion RMB, up 283% year-on-year. The platform business revenue was 866 million RMB, down 1.7% year-on-year due to a sluggish retail drug market affecting third-party sellers [4][6] - The adjusted net profit margin improved by approximately 0.26 percentage points, reaching 1.13% in 2025, while the net profit margin attributable to the parent company increased by about 0.56 percentage points to 0.73%. The gross profit margin also saw an increase of about 0.87 percentage points, reaching 11% in 2025, primarily driven by the rapid growth of high-margin businesses [4][6] Active User Metrics - The platform's average monthly active buyers reached 461,000, an increase of 6.5% year-on-year, while the average monthly paying buyers grew by 8.5% to 435,000. The business expansion team comprised approximately 2,700 members, with each managing around 200 pharmacies [4][6] Financial Projections - The company is projected to achieve revenues of approximately 23.46 billion RMB, 26.22 billion RMB, and 29.18 billion RMB for 2026, 2027, and 2028, respectively, with year-on-year growth rates of 12%, 12%, and 11%. The net profit attributable to the parent company is expected to be 2.52 billion RMB, 3.62 billion RMB, and 4.76 billion RMB for the same years, reflecting year-on-year growth rates of 64%, 44%, and 32% [6][7]
药师帮（09885）：25年归母净利润1.53亿元，期待自有品牌业务持续增收提利