Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of approximately 9.843 billion yuan for the first half of 2025, representing a year-on-year increase of 11.7%. The adjusted net profit was approximately 122 million yuan, up 33.2% year-on-year, while the net profit attributable to the parent company surged by 258% to approximately 78 million yuan [1][4] Revenue Structure - The self-operated business revenue reached 9.389 billion yuan in 25H1, growing by 12.53% year-on-year, with the flagship business transaction scale at 1.08 billion yuan, a significant increase of 115.6% year-on-year. The proprietary brand transaction scale within the flagship business soared by 473.4% to 852 million yuan [4] - Platform business revenue was 436 million yuan, down 0.95% year-on-year, primarily due to the sluggish retail drug market affecting third-party sellers [4] - Other income decreased by 40.56% year-on-year to 17 million yuan, mainly due to adjustments in the operational/service model of Guangpu Cloud Inspection [4] Profitability - The adjusted net profit margin improved by approximately 0.2 percentage points to 1.2% in 25H1, while the overall net profit margin increased by about 0.6 percentage points to 0.75% [4] - The gross profit margin rose by approximately 1.22 percentage points to 11.22%, driven by the rapid growth of high-margin businesses [4] User Engagement - The average monthly active buyers on the platform reached 453,000, a year-on-year increase of 6.5%, with the average monthly paying buyers at 426,000, up 7.6%. The payment rate stood at 94%, with each paying buyer placing an average of 29.2 orders per month [4] Future Outlook - The company expects revenues for 2025, 2026, and 2027 to be approximately 20.8 billion yuan, 23.5 billion yuan, and 26.7 billion yuan, respectively, with year-on-year growth rates of 16%, 13%, and 14% [5] - The net profit attributable to the parent company is projected to be 148 million yuan, 320 million yuan, and 549 million yuan for the same years, reflecting year-on-year growth rates of 394%, 116%, and 72% [5] Financial Metrics - The company’s gross margin is expected to improve from 10.89% in 2025E to 11.82% in 2027E, while the return on equity (ROE) is projected to rise from 6.14% to 16.73% over the same period [6][8] - The price-to-earnings (P/E) ratio is forecasted to decrease from 44 times in 2025 to 12 times in 2027 [5][6]

自願性公告 業務發展最新情況 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） 股 東 及 潛 在 投 資 者 不 應 過 分 依 賴 本 公 告 所 披 露 的 資 料，於 買 賣 本 公 司 證 券 時 務 請 審 慎 行 事。任 何 股 東 或 潛 在 投 資 者 如 有 疑 問，務 請 尋 求 專 業 顧 問 的 意 見。 本公告乃藥師幫股份有限公司（「本公司」）自 願 刊 發，以 告 知 其 股 東 及 潛 在 投 資 者有關本公司連同其附屬公司及綜合聯屬實體（「本集團」）若干業務發展最新 情 況。除 另 有 界 定 者 外，本 公 告 所 用 詞 彙 與 本 公 司 於2025年4月25日刊發的年度 報 告（「年 報」）所 界 定 者 具 相 同 涵 義。 廠 ...