证券研究报告 | 公司动态点评 2025 年 08 月 25 日 药师帮（09885.HK） 25H1 业绩优异，技术驱动+生态协同持续深化 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 16972 | 17904 | 20579 | 23875 | 27947 | | 增长率 yoy（%） | 18.9 | 5.5 | 14.9 | 16.0 | 17.1 | | 归母净利润（百万元） | -3189.2 | 30.0 | 152.9 | 380.8 | 689.0 | | 增长率 yoy（%） | -114.2 | 100.9 | 409.6 | 149.0 | 80.9 | | ROE（%） | -166.1 | 1.3 | 6.2 | 13.3 | 19.5 | | EPS 最新摊薄（元） | -4.69 | 0.04 | 0.22 | 0.56 | 1.01 | | P/E（倍） | -2.0 | 213.8 | 42.0 | 16.8 | 9. ...

扎根基层市场，以数字化为杠杆撬动产业链，药师帮在医药产业数字化变革浪潮中持续耕耘，终在2025 年结出硕果。 2025年8月20日，药师帮（09885.HK）发布2025年半年报，公司上半年营业收入达到98.43亿元，同比增 长11.7%；归母净利润达到7800万元，同比激增3倍以上，延续2024年首次实现全年盈利的强劲势头。 回溯过去的五年，医药行业经历了深刻的变革。从处方药外流引发的上游销售渠道重塑，到线上销售趋 势下对电商渠道"半日达"服务的依赖；从"中药饮片十四五政策" 推动的中药饮片业务扩张，到线下药 店在关店潮中面临的盈利困境，行业的每一个角落都在发生着变化。 在这场变革的浪潮中，药师帮作为行业的重要参与者。从解决基层药店"找药难"的创业公司，跃迁为覆 盖全国98.9%县域和91.2%乡镇的院外医药产业数字化综合服务平台，其战略路径映射出中国医药产业 数字化转型的完整轨迹。 寒冬中的"送炭者"：解决基层痛点 过去，我国院外医药市场长期面临"小而散"的结构性困境，全国超过50万家零售药店中，单体药店占比 超过半数，受困于采购成本高、品类不全、信息不对称等痛点。2015年成立的药师帮，选择以"赋能基 ...

Core Viewpoint - The strategic collaboration between Yaoshi Bang and Yujian focuses on the application of collaborative robots and AI products in the pharmaceutical sector, aiming to enhance the integration of robotics and the pharmaceutical industry [1] Group 1: Company Performance - Yaoshi Bang's stock price has surged, achieving a 52% increase in May and over 120% year-to-date, with a market capitalization exceeding HKD 7.5 billion [1][4] - The company reported a revenue of CNY 17.904 billion for 2024, a year-on-year increase of 5.5%, and a net profit of CNY 157 million, marking a 20.1% increase [3] - The company has successfully transitioned to profitability, indicating that previous investments in digitalization and supply chain optimization are yielding results [3] Group 2: Market Trends - The pharmaceutical sector in Hong Kong has shown strong performance, with the Hong Kong and A-share pharmaceutical indices rising over 35% and 43% respectively in 2025 [2] - The A-share pharmaceutical and biotechnology sector has also rebounded significantly, with a single-day trading volume of CNY 127.9 billion on June 3 [2] Group 3: Strategic Initiatives - Yaoshi Bang has initiated a share repurchase plan worth CNY 100 million, having repurchased 5.275 million shares for nearly HKD 40 million [4] - The company is entering the pharmaceutical robotics and AI model sector, collaborating with Yujian Technology to explore high-value business opportunities in retail pharmacies [3] Group 4: Analyst Perspectives - Analysts from Changcheng Securities project that Yaoshi Bang's revenue will reach CNY 20.327 billion, CNY 23.375 billion, and CNY 27.120 billion from 2025 to 2027, with corresponding net profits of CNY 124 million, CNY 379 million, and CNY 720 million [6] - Tianfeng Securities highlights that the company is entering a new phase of sustained profitability, marking a significant milestone in its growth trajectory [6] - Xinda Securities notes that the company has completed its major capital expenditure phase and is now positioned to enhance profitability through high-margin business initiatives [6]