Core Viewpoint - The Chinese pharmaceutical B2B e-commerce market has experienced rapid growth from 2015 to 2019, with sales exceeding 100 billion yuan in 2019. However, sales declined in 2020 due to the pandemic, and in 2023, sales reached 125.3 billion yuan, a year-on-year decrease of 18.16%. Future growth is expected as policies improve and the outpatient market develops [1][18]. Industry Overview - Pharmaceutical e-commerce, defined as the online trading of medical products, can be categorized into B2B, B2C, and O2O models, each serving different market segments and enhancing efficiency in the pharmaceutical distribution industry [3][4]. - The B2B model primarily serves medical institutions and pharmacies, focusing on drug procurement and distribution, while the B2C model targets end consumers [4][9]. Industry Development History - The development of pharmaceutical B2B e-commerce in China has been influenced by government policies, transitioning from a phase of prohibition to encouragement. Significant milestones include the establishment of pilot programs in 2000 and the lifting of bans in 2005, leading to a market that reached over 100 billion yuan in 2019 [6][9]. Market Size and Growth - In 2023, the total sales of the pharmaceutical distribution market reached 29.304 billion yuan, with a year-on-year growth of 7.5%. B2B sales accounted for over 70% of this market, indicating a strong demand for B2B services [14][15]. - The B2B e-commerce segment specifically generated 125.3 billion yuan in sales in 2023, representing 50.3% of the total pharmaceutical e-commerce sales [15][18]. Order and User Engagement - The number of orders in the pharmaceutical B2B e-commerce sector reached 81.68 million in 2023, a year-on-year increase of 13.49%, with a conversion rate of 97.3%. Active users on B2B platforms grew by 30.77% to 1.36 million [20][21]. Sales Structure - The sales structure of B2B e-commerce is predominantly focused on Western medicine, which accounts for 71.7% of sales, followed by traditional Chinese medicine at 21.9%. There is potential for growth in other categories as the market expands [21][24]. Key Companies - Major players in the pharmaceutical B2B e-commerce market include Jiuzhoutong, Yaoshibang, and others, which have established strong service and logistics capabilities, leading to significant customer retention [24][26][28]. Future Trends - The industry is expected to see a trend towards personalized and vertical development, with smaller companies focusing on niche markets. Additionally, B2B platforms will likely expand their service offerings to include diverse solutions for both upstream and downstream partners in the supply chain [30][31].

Core Viewpoint - In an increasingly uncertain market, "cigarette butt stocks" with cash flow advantages are becoming favored by fund managers [1][3][11]. Group 1: Characteristics of "Cigarette Butt Stocks" - "Cigarette butt stocks" are not considered inferior assets; they are favored when investors' risk appetite decreases and the pursuit of safety margins becomes dominant [3][14]. - These stocks typically exhibit high potential returns (odds) compared to their certainty (win rate), as they are often undervalued due to market overreactions to short-term risks [7][12]. - Key characteristics include stable operating capabilities, healthy cash flow, and significant undervaluation relative to intrinsic value [13][14]. Group 2: Fund Manager Strategies - Fund managers are increasingly focusing on "cigarette butt stocks" as a strategy to mitigate net asset value risks, with a trend towards identifying stocks with substantial price declines and low fund holdings [5][6]. - Notable examples include stocks like Boan Biotech and Mingyuan Cloud, which have seen significant price drops yet are being targeted by specific funds for their potential recovery [5][6][10]. - The strategy emphasizes the importance of cash flow and the hidden value of these stocks, leading to a re-evaluation of their worth in the market [8][11]. Group 3: Market Trends and Observations - The phenomenon of "cigarette butt stocks" is particularly evident in sectors that have experienced severe price declines, such as internet and consumer sectors, where companies like Yaoshi Bang have seen significant cash reserves despite low market valuations [9][14]. - Fund managers are shifting their focus from traditional pharmaceutical stocks to digital healthcare service companies that also exhibit characteristics of "cigarette butt stocks," indicating a broader trend in investment strategies [9][11]. - The overall market sentiment is leaning towards identifying undervalued stocks with solid cash flow, especially as the market navigates through periods of uncertainty [12][15].

Summary of Conference Call Records Company and Industry Overview - The conference call discusses the pharmaceutical industry, highlighting significant changes in healthcare policies, drug procurement, and market dynamics in 2023 and 2024. The company, referred to as "钥匙帮," has adapted its business strategies to navigate these changes effectively [1][4]. Key Financial Highlights - Revenue for 2024 is projected to increase from 16.9 billion in 2023 to 17.9 billion, representing a year-on-year growth of 5.5%, which is faster than the overall industry growth [1]. - The company achieved a turnaround from a loss of 3.1 billion in 2023 to a net profit of 30 million in 2024, indicating a significant recovery [2]. - Operating cash flow is expected to rise from 451 million in 2023 to 656 million in 2024, reflecting healthier cash flow management [3]. - The company plans to distribute a cash dividend of 0.075 RMB per share, totaling 51 million RMB, marking its first cash dividend distribution [3]. Business Model and Operations - The company operates a drug trading platform that connects upstream suppliers with downstream pharmacies and clinics, enhancing transaction efficiency [4][5]. - It has developed proprietary brands and strategic partnerships to meet the differentiated needs of pharmacies, focusing on high-margin products [5][12]. - The company has expanded its reach to over 1 million grassroots medical institutions, achieving a market coverage rate of approximately 30% [7][11]. Strategic Initiatives - The company is focusing on enhancing its service capabilities by integrating AI and SaaS solutions to improve operational efficiency in grassroots healthcare [6][16]. - There is a strong emphasis on expanding the product offerings in traditional Chinese medicine, with a 33% increase in the number of clients purchasing traditional Chinese medicine products [13][14]. - The company aims to achieve a revenue target of 100 billion RMB in the next three to five years, leveraging its B2B model and expanding its market presence [28]. Market Position and Competitive Advantage - The company has established a strong foothold in the grassroots market, with over 93% of active buyers making monthly purchases, averaging 29 orders per month [22]. - The platform's commission rate has improved from 2.9% in 2021 to 3.3% in 2024, driven by an optimized transaction structure [23][24]. - The company is committed to maintaining a low logistics cost, with logistics expenses as a percentage of self-operated business revenue decreasing from 1.46% in 2023 to 1.37% in 2024 [19]. Future Outlook - The company anticipates outperforming the industry growth rate by at least 10 percentage points, aiming for a revenue growth of 15% or more if the industry grows at 5% [44]. - The strategic focus includes expanding high-margin proprietary brands and enhancing digital capabilities to support growth in the grassroots healthcare sector [45][46]. Additional Insights - The integration of AI in healthcare services is seen as a key driver for improving efficiency and expanding access to quality medical care in grassroots settings [39][40]. - The company is confident in its ability to manage cash flow effectively, with a current liquidity position exceeding 3.375 billion RMB, allowing for sustainable growth without significant capital expenditure [43]. This summary encapsulates the key points from the conference call, providing insights into the company's performance, strategic direction, and market positioning within the pharmaceutical industry.

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 藥師幫股份有限公司 (於開曼群島註冊成立之有限公司) ("本公司") 呈交日期： 2025年4月11日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | | 09885 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份 ...

（於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9885） 根 據2023年股份激勵計劃授出股份獎勵 授出股份獎勵 根 據《上 市 規 則》第17.06A條，董 事 會 宣 佈，於2025年4月3日，本 公 司 根 據2023年 股份激勵計劃向獎勵承授人授出980,000股 獎 勵 股 份，涉 及980,000股 新 股 份，佔 於本公告日期已發行股份總數約0.14%（「授出獎勵」）。 授 出 獎 勵 詳 情 載 列 如 下： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責 任。 YSB Inc. 藥師幫股份有限公司 已授出獎勵股份的 購 買 價： 零。 股份於授出日期的 收 市 價： 每股股份6.510港 元。 已 授 出 獎 勵 股 份 的 對 價： 零。 – 1 – 授 出 日 期： 2025年4月3日。 獎 勵 承 授 人 數 目： 10名 僱 員 參 與 者。 ...

自由现金流ETF近期成为基金行业的一大焦点。 易方达基金指数研究部总经理庞亚平表示，在研究公司投资价值时，自由现金流是投资者最关注的财务指 标之一。从历史数据来看，过去十年，A股自由现金流比率高的公司股价走势不断创新高，高自由现金流 比率组合具有较为显著的超额收益。 在挖掘基金重仓股上只看净利润不看现金流的策略，使得许多基金经理在过去三年间积累了大量有关忽视 自由现金流的"苦难记忆"。业内人士强调，表面的净利润指标往往具有迷惑性，而自由现金流指标却是评 估股票经营底色的核心依据。 券商中国记者注意到，有港股新消费龙头以高达14亿元年度净利润，吸引多位年轻的A股基金经理重仓买 入，但因这些基金经理大多忽视该股是否符合自由现金流指标，该基金重仓股14亿元的年度净利润背后， 是其完全不符合自由现金流定义，该股现金流长期为负，且有高达18亿元的净流出，从而使得该股在18 个月时间内股价暴跌95%后爆雷，并停牌一年至今，其中有上海一位公募基金经理因此下岗。 多位基金经理对此认为，股票市场长期牛股的形成基本都与自由现金流指标相关，这样的公司往往在商业 模式和竞争壁垒上的可持续性较强，而且资本配置效率较高，不会盲目地进行资 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on financial performance and growth projections [1]. Core Insights - The company achieved a revenue of 17.904 billion yuan in 2024, representing a year-over-year growth of 5%. The adjusted net profit reached 157 million yuan, marking a 20% increase year-over-year, and the company declared a dividend of 0.075 yuan per share, with a payout ratio of approximately 170% [2][4]. - The self-owned brand business showed significant growth, with a monthly active buyer increase of 18%. The self-operated revenue for 2024 was approximately 16.973 billion yuan, accounting for about 95% of total revenue, with a notable 220% increase in the transaction scale of self-owned brand products [4][5]. - The company successfully turned a profit in 2024, with a cash flow cycle of approximately -32 days, indicating high cash turnover and efficiency. The operating cash inflow was 656 million yuan, a 45% increase year-over-year [4][5]. Financial Performance Summary - **2024 Financials**: Total revenue was 17.904 billion yuan, with a net profit of 30 million yuan. The gross margin was 10.13%, and the return on equity (ROE) was 1.29% [6][8]. - **2025-2027 Projections**: Expected revenues for 2025, 2026, and 2027 are approximately 20.813 billion yuan, 23.476 billion yuan, and 26.494 billion yuan, respectively, with year-over-year growth rates of 16%, 13%, and 13%. The projected net profits for the same years are 129 million yuan, 274 million yuan, and 441 million yuan, with significant growth rates of 330%, 113%, and 61% [6][8]. - **Valuation Metrics**: The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are approximately 40.65, 19.12, and 11.90, respectively, indicating a favorable valuation trend as earnings grow [6][8].

| 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 藥師幫股份有限公司 | | 股份代號 | 09885 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2024年12月31日止年度的末期股息 | | 公告日期 | 2025年3月17日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2024年12月31日 | | 宣派股息的報告期末 | 2024年12月31日 | | 宣派股息 | 每 股 0.075 RMB | | 股東批准日期 | 2025年5月21日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.081 HKD | | 匯率 | 1 RMB : 1.083 HKD | | ...

Financial Performance - Total revenue for the year ended December 31, 2024, reached RMB 17,903,608, representing a 5.5% increase from RMB 16,972,276 in 2023[5]. - Adjusted net profit for the year was RMB 156,734, a 20.1% increase compared to RMB 130,542 in the previous year[5]. - Gross profit for the year was RMB 1,813,451, reflecting a 4.2% increase from RMB 1,740,923 in 2023[5]. - The net profit for the year ended December 31, 2024, was RMB 15.1 million, a significant recovery from a loss of RMB 3,206.5 million for the year ended December 31, 2023, marking the first profitable year for the company[82]. - The adjusted net profit margin for the year ended December 31, 2024, was 0.9%, compared to 0.8% for the year ended December 31, 2023[88]. - The company's sales cost rose by 5.6% to RMB 16,090.2 million for the year ending December 31, 2024, compared to RMB 15,231.4 million for the year ending December 31, 2023, mainly due to increased sales in the self-operated business[70]. - The gross margin for the self-operated business improved from 6.1% to 6.2% due to a higher proportion of exclusive strategic partnerships and proprietary brands in the product line[73]. - The company reported a significant decrease in other business revenue, dropping 21.1% to RMB 49.6 million for the year ending December 31, 2024, from RMB 62.9 million for the year ending December 31, 2023, due to adjustments in the operational/service model of spectral cloud testing[69]. User Engagement and Market Reach - The number of downstream users served exceeded 820,000, providing comprehensive digital solutions[8]. - As of December 31, 2024, the cumulative registered buyers exceeded 827,000, including 491,000 pharmacies and 330,000 primary medical institutions[23]. - The average monthly active buyers reached 433,000, representing an 18.0% year-over-year growth, while the average monthly paying buyers were 401,000, up 17.2% year-over-year[23]. - The average order number per paying buyer was approximately 28.5 orders per month[23]. - The platform's average SKU count increased to over 3,900,000, fulfilling diverse customer needs[26]. Product and Service Development - The platform's non-pharmaceutical product SKU count increased by approximately 50% during the reporting period[11]. - The company successfully onboarded around 600 traditional Chinese medicine manufacturers, enhancing product quality from the supply chain[11]. - The exclusive strategic partnership and proprietary brand products saw SKU growth of approximately 700, with transaction scale increasing by about 220% year-on-year[13]. - The company is focusing on the POCT auxiliary diagnosis market, launching various instant testing devices tailored for primary healthcare institutions[16]. - The company has launched a logistics platform to monitor the entire process of vehicle loading, transportation, and delivery, improving service efficiency[32]. Operational Efficiency - The company's order fulfillment efficiency improved, with same-day delivery orders increasing from 58.6% to 68.9% compared to the same period last year[12]. - The average warehouse processing time was completed within approximately 3 hours, with inter-provincial delivery taking about 38 hours to cities and 49 hours to towns[32]. - The unit fulfillment cost for self-operated same-city delivery decreased by 12.87%, while the proportion of orders delivered within half a day increased from 58.6% in 2023 to 68.9% in 2024[32]. - The return rate decreased from 0.5% in the previous year to 0.4% during the reporting period, reflecting strict quality control measures[34]. Strategic Initiatives - The company is advancing its digital transformation strategy, integrating AI and big data analytics to enhance system efficiency and user satisfaction[16]. - The company aims to strengthen its existing platform and proprietary business in the outpatient pharmaceutical industry, leveraging AI technology for service quality enhancement[19]. - The company is focusing on digital transformation and enhancing user experience through data-driven insights and service optimization[24]. - The company plans to enhance its supply chain capabilities and expand its spectrum cloud testing services[125]. Corporate Governance and Compliance - The board of directors is committed to achieving high standards of corporate governance to protect shareholder interests and enhance corporate value[109]. - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024, and discussed accounting policies and internal controls with the management[115]. - The company has complied with the corporate governance code and has not deviated from the recommended practices, except for the dual role of the chairman and CEO[111]. Future Outlook - Looking ahead to 2025, the company aims to strengthen its existing platform and proprietary business in the outpatient pharmaceutical industry, leveraging AI technology for service quality enhancement[19]. - The company plans to optimize its product supply system and continuously expand its product categories, introducing more quality and innovative pharmaceutical products and health services[61]. - The company aims to actively promote investments and acquisitions in the industry chain to inject new momentum into long-term development and achieve strategic upgrades towards ecosystem and diversification[66].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責 任。 張步鎮先生 香 港，2025年3月5日 於 本 公 告 日 期，董 事 會 成 員 包 括 執 行 董 事 張 步 鎮 先 生 及 陳 飛 先 生，非 執 行 董 事 朱 梓 陽 先 生，以 及 獨 立 非 執 行 董 事 邵 蓉 女 士、孫 含 暉 先 生 及 趙 宏 強 先 生。 YSB Inc. 藥師幫股份有限公司 承董事會命 藥師幫股份有限公司 主席兼執行董事 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9885） 董事會會議通告 藥師幫股份有限公司（「本公司」連同其附屬公司及綜合聯屬實體（「本集團」））董 事（「董 事」）會（「董事會」）兹通告謹定於2025年3月17日（星 期 一）舉 行 董 事 會 會 議， 以（其 中 包 括）考慮及批准本集團截至2024年12月31日止年度之年度業績及其發 佈，及 ...