在"买"与"改"层面，公司持续推进小儿肺热咳喘口服液用于儿童急性支气管炎的应用研究，并于2025年 10月获临床试验批准；葵花药业旗下全资子公司拟受让美沙拉秦肠溶片上市许可及相关生产技术，进一 步丰富消化系统疾病治疗领域的产品储备。 随着数字经济蓬勃发展和健康消费持续升级，医药即时零售已从补充渠道演进为行业重要基础设施，即 时零售正成为医药行业新的确定性增长渠道。为此，葵花药业积极拓展销售渠道，探索新营销场景，在 新零售领域的布局取得了阶段性进展。 2025年，葵花药业深耕电商渠道，实现传统电商、社交电商、兴趣电商产品全覆盖，完成平台大药房、 品牌旗舰店的店铺全布局。公司全品类产品在美团买药、京东、淘宝都获得双位数的增长，在渠道结构 优化方面取得了实质性突破。日前，葵花药业还与美团买药、淘宝闪购、京东秒送签署战略合作协议， 宣布共同探索医药即时零售新模式。 与此同时，葵花药业坚定推进"买、改、联、研"组合研发策略，在新产品上取得一系列进展。 自主研发层面，公司洛芬混悬滴剂、聚乙二醇3350散、复方聚乙二醇（3350）电解质散相继获得药品注 册证书，逐步完善消化及呼吸系统产品线；双醋瑞因胶囊、维生素K1滴剂、克 ...

Core Viewpoint - The competition among major platforms like Ele.me, JD.com, and Meituan in the food delivery sector has expanded into the pharmaceutical category, leading to a significant rise in the instant retail of medicines, with platforms investing in traffic resources, supply chains, and innovative marketing strategies [1][4]. Group 1: Market Dynamics - The instant retail of pharmaceuticals is experiencing rapid growth, becoming a crucial part of the outpatient pharmaceutical retail market [1][4]. - JD Health's "Buy Medicine in Seconds" feature has seen a threefold increase in order volume due to enhanced traffic resources [4][6]. - The instant retail sector is evolving from high-frequency to low-frequency demand, now covering a full range of categories, including pharmaceuticals [5][6]. Group 2: Platform Strategies - JD.com has prominently featured "24h Delivery of Medicines" on its app, enhancing visibility and traffic for its instant retail services [3][4]. - Meituan has launched its instant retail brand "Meituan Flash Purchase," further intensifying competition in the pharmaceutical retail space [4][6]. - Taobao's instant retail service has been upgraded to "Taobao Flash Purchase," which includes a significant category for purchasing medicines [3][4]. Group 3: Industry Trends - The transformation of physical pharmacies is driving the adoption of instant retail, as many pharmacies are closing, leading to a competitive environment where digital solutions are essential [7][8]. - The integration of online medical services with instant retail is creating a comprehensive service model for users, enhancing the purchasing experience [7][8]. - The collaboration among platforms, pharmaceutical companies, and pharmacies is deepening, allowing for more effective marketing and sales strategies [8][10]. Group 4: Financial Performance - One Heart Hall's new retail segment saw a 47.6% year-on-year increase in revenue, with the O2O instant retail channel contributing 78.2% [15][16]. - Yifeng Pharmacy reported online sales of 2.127 billion yuan in 2024, with 1.721 billion yuan coming from O2O, accounting for 80.9% of total online sales [16][17]. - The overall trend indicates that if online medical insurance is fully opened, the share of instant retail in physical pharmacies could rise to 32.1% by 2030 [16][17]. Group 5: Future Outlook - The competition for instant retail in pharmaceuticals among major platforms is expected to continue, with Douyin's unique position in social media marketing presenting both opportunities and challenges [18]. - The penetration of instant retail in lower-tier markets is anticipated to grow, making it a significant growth driver in the outpatient pharmaceutical retail market [18].

Core Insights - The competition in the instant retail sector has intensified with Meituan launching its instant retail brand "Meituan Flash Purchase" and JD.com introducing "Self-operated Seconds Delivery" [1] - Instant retail emphasizes "30-minute delivery" and is based on consumer location, covering various product categories including food, clothing, cosmetics, 3C digital products, and pharmaceuticals [1] - The pharmaceutical sector is seeing instant retail channels becoming a core growth driver, with a projected sales scale of 48.7 billion yuan in 2024, representing a 31.3% increase from 2023 [1] Group 1: Market Dynamics - Meituan, JD.com, Ele.me, and Douyin have all entered the instant retail space, with Meituan holding a dominant market share of over 70% in the pharmaceutical instant retail sector [1][2] - The overall sales scale of China's pharmaceutical retail terminals is expected to reach 574 billion yuan in 2024, with online pharmacy sales projected to grow by 14.4% [2] Group 2: Company Performance - Meituan's revenue for 2024 is projected to reach 337.6 billion yuan, with a net profit increase of 88.2% [3] - JD Health has launched its "Seconds Delivery" service, achieving a revenue of 58.2 billion yuan in 2024, with 48.8 billion yuan coming from pharmaceutical and health products [5] Group 3: Consumer Trends - The number of active users in the instant retail sector reached approximately 580 million in 2023, marking a 34.88% year-on-year increase [5] - The penetration rate of instant retail is higher in first- and second-tier cities, but there is rapid growth in third- and fourth-tier cities [6] Group 4: Competitive Landscape - The competition among platforms focuses on merchant numbers, service quality, and user habit formation [8] - Ele.me has expanded its pharmacy network to over 15,000 locations, with a 50% increase in nighttime transaction volume [7] - Douyin has also entered the instant retail market, testing "Seconds Delivery" services in Shenzhen [7]

Core Insights - The health industry is experiencing a shift due to traditional growth stagnation, technological advancements, and upgraded consumer demands, leading to a significant differentiation in the market [1] - Instant retail in pharmaceuticals has evolved from a mere purchasing channel to a definitive solution for immediate health needs, becoming a core engine for industry growth [1] Group 1: Market Trends - The compound annual growth rate (CAGR) for Meituan's pharmaceutical health instant retail business is projected to reach 38% by 2024, with significant contributions from various pharmaceutical companies and pharmacies [1][2] - The retail terminal drug sales in China are expected to grow by 3.7% year-on-year in 2024, despite overall industry pressures, indicating structural improvements [2] - Instant retail services are expanding, with offerings now including 30-second online consultations and 3-hour home testing services, enhancing the importance of this channel [2] Group 2: Digital Transformation - The trend towards digital operations and agile marketing is deepening among pharmacies and pharmaceutical companies, with independent purchasing and sales rights being granted to instant retail teams [3] - Meituan's collaboration with pharmaceutical companies and pharmacies during peak flu seasons has significantly improved supply chain efficiency, increasing coverage rates in major cities [3] Group 3: Brand Performance - The recently released 2024 digital brand honor roll by Meituan highlights that 50% of the top 20 brands in the digital engine category are foreign pharmaceutical companies, showcasing the importance of integrated online and offline retail strategies [4] - Notable brands like Kang Wang and Qi Zheng Tibetan Medicine have reported substantial sales growth on Meituan, with Kang Wang's sales increasing by over 35% year-on-year [5] - The digital solutions provided by Meituan have served nearly 500 partners, with plans for further investment in digital tools for marketing and operational efficiency [5]