格隆汇11月7日丨药师帮(09885.HK)公告，董事会进一步宣布，于2025年11月7日，公司根据2025年股份 回购授权回购股份。合共40万股股份已于市场回购，总回购金额约为3,218,760港元(不包括佣金及其他 开支)，平均回购价为每股8.0469港元。回购股份将适时注销。 ...

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 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9885） 自願性公告 股份回購 本 公 司 將 繼 續 遵 守 適 用 於 股 份 回 購 的 相 關 規 則，並 會 及 時 履 行 其 披 露 責 任。 – 1 – 本 公 司 的 股 份 回 購 計 劃 取 決 於 市 況，並 將 由 董 事 會 全 權 酌 情 決 定。對 於 實 施 股 份 回 購 計 劃 的 時 間、數 目 或 價 格，或 本 公 司 會 否 進 行 任 何 股 份 回 購，概 無 暗 示 或 表 示 任 何 保 證。股 東 及 本 公 司 潛 在 投 資 者 於 買 賣 本 公 司 證 券 時 務 請 審 慎 行 事。 承董事會命 藥師幫股份有限公司 主席兼執行董事 此公告乃藥師幫股份有限公司（「本公司 ...

Core Viewpoint - The pharmaceutical distribution industry in China is undergoing significant changes due to policy reforms, with Guangdong Rontai Pharmaceutical Co., Ltd. (Rontai Pharma) facing multiple challenges as it seeks to go public on the Hong Kong Stock Exchange [1][2]. Industry Overview - The implementation of the two-invoice system and the normalization of volume-based procurement have significantly compressed drug price margins, driving a trend towards prescription outflow [2]. - Major national players like China National Pharmaceutical Group, Shanghai Pharmaceuticals, China Resources Pharmaceutical, and Jiuzhoutong have captured 45.76% of the market share, highlighting the increasing concentration in the industry [2]. Company Positioning - Rontai Pharma ranks as the fourth largest provider of marketing and supply chain solutions in China's outpatient pharmaceutical market, and it holds the top position in the segment targeting individual customers [2]. - Despite its ranking, Rontai Pharma's market share is only 1.2%, which is significantly lower than the leading companies [2]. Financial Performance - Revenue is projected to grow from 2.427 billion yuan in 2022 to 2.875 billion yuan in 2024, reflecting a compound annual growth rate of 8.8% [3]. - However, net profit is expected to decline sharply from 14.78 million yuan to 3.74 million yuan, a decrease of nearly 75% [3]. - The overall gross margin has decreased from 7.6% in 2022 to 6% in 2024, indicating declining profitability compared to competitors [3]. Operational Efficiency - Rontai Pharma's debt-to-asset ratio reached 70% as of June 30, 2025, significantly exceeding healthy industry levels [4]. - The company has a short-term debt of 5.18 billion yuan, while cash and cash equivalents stand at only 1.16 billion yuan, indicating a short-term repayment gap of nearly 400 million yuan [4]. - Operating cash flow has been negative, with a cumulative outflow of 519 million yuan from 2022 to the first half of 2025, suggesting poor cash management [4]. Business Model Challenges - Rontai Pharma's business model relies heavily on third-party e-commerce platforms, which account for 56% of its revenue, limiting its control over customer interactions [7]. - The company faces competition from upstream pharmaceutical companies building their own digital marketing systems and downstream e-commerce platforms extending their reach [7]. Valuation and Investor Sentiment - The company's valuation before its IPO was 2.67 billion yuan, with a price-to-sales ratio of less than 1, significantly below the industry average of 1.5-2 [8]. - Early investors have begun to reduce their stakes, which may indicate a lack of confidence in the company's future performance [8]. Governance and Related Party Transactions - The management team has connections to Kangzhe Group, raising questions about the fairness of related party transactions, which have involved significant procurement amounts [8].

Summary of Key Points Core Viewpoint - A total of 30 companies conducted share buybacks on November 6, 2025, with China Feihe (06186) leading in both the number of shares repurchased and the total amount spent on buybacks [1]. Group 1: Buyback Details - China Feihe (06186) repurchased 6.806 million shares for a total of 29.4298 million yuan, representing 0.746% of its total share capital [2]. - Kexin Pharmaceutical-B (02171) repurchased 1.734 million shares for 26.3078 million yuan, accounting for 0.380% of its total share capital [2]. - COSCO Shipping Holdings (01919) repurchased 1.53 million shares for 20.9869 million yuan, which is 0.409% of its total share capital [2]. Group 2: Other Notable Buybacks - Gushengtang (02273) repurchased 493,500 shares for 13.7699 million yuan, representing 3.435% of its total share capital [2]. - China Petroleum & Chemical Corporation (00386) repurchased 2.398 million shares for 10.1066 million yuan, which is 0.100% of its total share capital [2]. - Lianyi Technology-W (09959) repurchased 2.38 million shares for 7.4745 million yuan, accounting for 4.298% of its total share capital [2]. Group 3: Additional Companies - Other companies that conducted buybacks include: - Ruisheng Technology (02018) with 165,000 shares repurchased for 6.5033 million yuan [2]. - MGM China (02282) with 400,000 shares repurchased for 6.3701 million yuan [2]. - Huajian Medical (01931) with 922,000 shares repurchased for 5.9985 million yuan [2]. Group 4: Smaller Buybacks - Companies with smaller buyback amounts include: - Yidian Cloud (02416) with 130,000 shares repurchased for 264,000 yuan [3]. - International Home Retail (01373) with 150,000 shares repurchased for 118,500 yuan [3]. - Mobi Development (00947) with 70,000 shares repurchased for 1.167 million yuan [3].

Group 1 - The latest shareholder equity disclosure for Yaoshibang (09885) and Baixinan-B (02185) was conducted on November 7, 2025 [1] - Chen Fei increased his holdings in Yaoshibang from 8.3 million shares to 8.5 million shares, representing a holding percentage change from 1.22% to 1.25% [2] - Wang Philip Li maintained his holdings in Baixinan-B at 84.84 million shares, with a consistent holding percentage of 35.99% [2]

Major Events - Yuejiang (02432) plans to place 16.66 million shares at a discount of approximately 10.3%, raising about HKD 771 million [1] - Qingci Games (06633) has signed a game licensing transfer agreement with Disney [1] - Yaoshi Bang (09885) experiences stock price fluctuations and will repurchase shares up to a total of HKD 100 million [1] - China Qinfa (00866) has been included in the MSCI Global Small Cap Index [1] - China Tobacco Hong Kong (06055) signs an exclusive distribution agreement for "Crown" cigars in the global market with Anhui Tobacco [1] - Weichai Power (02338) signs a manufacturing license agreement with Hylis [1] Financial Reports - Galaxy Entertainment (00027) reports third-quarter net income of HKD 12.2 billion, a year-on-year increase of 14% [1] - BeiGene (06160) reports adjusted net profit of approximately USD 304 million for the third quarter, a year-on-year increase of 489% [1] - Hua Hong Semiconductor (01347) reports third-quarter profit attributable to shareholders of USD 25.725 million, a year-on-year decrease of 42.6% [1] - Autohome-S (02518) reports third-quarter net profit attributable to the parent of HKD 436.6 million, with online marketing and other business revenue increasing by 32.1% year-on-year [1] - Zai Lab (09688) reports total revenue growth of 14% year-on-year, reaching USD 116.1 million for the third quarter [1] - Yidu International Holdings (00259) issues a positive profit alert, expecting half-year profit attributable to shareholders of approximately HKD 1.2 billion, a year-on-year increase [1] - Tianli International Holdings (01773) issues a positive profit alert, expecting annual profit of approximately HKD 650 million, a year-on-year increase of about 17% [1] - Damai Entertainment (01060) expects mid-term net profit to increase to no less than HKD 500 million year-on-year [1] - Cafe de Coral Group (00341) issues a profit warning, expecting mid-term profit attributable to shareholders to decrease by 65% to 70% year-on-year [1] - China Overseas Development (00688) reports cumulative contract property sales of approximately HKD 189.165 billion for the first ten months, a year-on-year decrease of 21.3% [1]

Core Viewpoint - The company has observed unusual fluctuations in its share price and trading volume, but the board is unaware of any reasons for these changes or any information that needs to be disclosed to prevent a false market [1] Group 1: Share Price and Trading Volume - The board confirmed that it does not know the reasons behind the recent abnormal changes in share price and trading volume [1] - The company has not identified any information that must be disclosed under the relevant regulations to avoid misleading the market [1] Group 2: Business Operations and Financial Status - The board stated that the company's business operations remain normal, and there have been no significant changes in its business and financial status as of the date of the announcement [1] Group 3: Share Buyback Program - The company plans to repurchase shares up to a total of HKD 100 million based on market conditions and funding arrangements [1] - As of November 6, 2025, the company has repurchased a total of 400,000 shares at an approximate total cost of HKD 3,235,320, with an average repurchase price of HKD 8.0883 per share [1] - The board believes that the current share price is below its true value and does not adequately reflect the company's business prospects, indicating confidence in long-term growth and market performance [1]

Core Viewpoint - The company, Yaoshibang (09885.HK), has experienced unusual fluctuations in its stock price and trading volume, but the board confirms no knowledge of any reasons for these changes or any undisclosed information that could affect the market [1] Group 1 - The board has conducted reasonable inquiries regarding the unusual stock price and trading volume changes and found no explanations [1] - The company’s business operations remain normal, and there have been no significant changes in its operational and financial status as of the announcement date [1] Group 2 - Executive Director Chen Fei purchased a total of 200,000 shares in the open market on November 6, 2025, indicating confidence in the company's future and growth potential [1] - The board views Chen Fei's share purchase as a demonstration of his long-term commitment to the company [1]

智通财经APP讯，药师帮(09885)公布，董事会注意到，公司股份的价格及成交量近期出现异常变动。经 就公司作出在有关情况下属合理的一切查询后，董事会确认，概不知悉(i)导致股份出现该等股价及成交 量异常变动的任何原因;或(ii)任何须予公布以避免股份出现虚假市场 的资料;或(iii)根据上市规则第 13.09(2)条及证券及期货条例(香港法例第571章)第XIVA部须予披露的任何内幕消息。董事会同时确认， 公司业务运作维持正常，截至本公告日期的业务经营及财务状况并无重大变动。 此外，公司将根据市况及资金安排，于市场上回购总额最多1亿港元的股份。于2025年11月6日，公司根 据2025年股份回购授权回购股份。合共40万股股份已于市场回购，总回购金额约为3,235,320港元(不包 括佣金及其他开支)，平均回购价为每股8.0883港元。回购股份将适时注销。 董事会认为，公司目前的股价低于其真正价值，未能充分反映其业务前景。董事会认为，股份回购计划 显示董事及公司高级管理层对公司的长期增长及市场表现充满信心。董事会亦相信，股份回购计划符合 公司及其股东的整体最佳利益。 ...

Group 1 - The company, Yaoshi Bang (09885.HK), announced a share buyback on November 6, spending HKD 3.235 million to repurchase 400,000 shares [1]