“平台+业务”双管齐下，助力药师帮逆势上扬

Core Viewpoint - The article highlights the strong performance and growth potential of Yaoshibang (9885.HK), a leading digital comprehensive service platform in China's outpatient pharmaceutical industry, emphasizing its innovative business model and market position [2][10]. Business Model - The company connects over 3,000 upstream supply chain ERP systems and collaborates with more than 500 pharmaceutical companies, promoting around 1,000 SKUs [4]. - It has expanded its reach to over 491,000 pharmacies and 330,000 grassroots medical institutions, covering 98.9% of counties and 91.2% of towns in China, with a projected CAGR of 19.2% for pharmacies and 38.8% for grassroots institutions from 2020 to 2024 [4]. - The "platform + business" model has allowed the company to achieve growth even in a challenging industry environment [4]. Financial Performance - In the first half of 2025, the company reported revenue of 9.843 billion yuan, a year-on-year increase of 11.7%, and a net profit of 78.117 million yuan, up 258% [4]. - Gross profit reached 1.105 billion yuan, with a gross margin of 11.2%, an increase of 1.2 percentage points [4]. - Monthly active buyers reached 453,000, a 6.5% increase year-on-year, with a monthly order count rising from 28 to 29.2 [5]. Business Segments - Self-operated Business: Revenue for the self-operated business was 9.389 billion yuan, up 12.52%, driven by an expanding buyer base and improved logistics [5]. - Platform Business: Revenue from platform business was 436 million yuan, down 1%, affected by a sluggish retail market [6]. - Other Businesses: Revenue from other services, including cloud inspection and smart medicine cabinets, was 17 million yuan, down from 28.6 million yuan [6]. Industry Overview - The Chinese pharmaceutical distribution market's GMV grew from 1.3 trillion yuan in 2018 to 1.8 trillion yuan in 2022, with a CAGR of 6.9% [10]. - The outpatient market's GMV increased from 371.6 billion yuan in 2018 to 639.7 billion yuan in 2022, with a CAGR of 14.5% [10]. - Yaoshibang holds a leading position in the outpatient digital pharmaceutical distribution market, with a 21% market share in 2022 [11]. Key Drivers - High-Gross Margin Products: The rapid expansion of high-margin proprietary brands has significantly improved the company's profit structure [12][13]. - Digital Empowerment: The company has achieved high operational efficiency, with a cash conversion cycle of -33.8 days and a 70% on-time delivery rate [14]. - Deep Market Penetration: The company serves over 353,000 grassroots medical institutions, enhancing its appeal to upstream pharmaceutical companies [15]. - New Growth Opportunities: The introduction of the "Spectrum Cabin" smart medical solution has opened new growth avenues in AI-assisted healthcare [16].