8月以来，进入上市企业半年报密集披露期。作为国内首家医药产业互联网上市公司，药易购交出的是 一份上市以来首亏的半年报。报告期内，公司实现营收21.57亿元，同比微降3.06%；归属于上市公司股 东的净利润为-761.44万元，同比大幅下滑162.95%。转型期业绩承压，创始人李燕飞卸任董事长一职， 新帅刘顺军上任能否力挽狂澜？ 药易购成立于2007年，深耕院外医药流通服务，2021年1月27日在深交所创业板上市，是国内首家医药 产业互联网上市企业。通过多年的经营创新和运营积累，药易购逐步完成了从传统医药批发企业向现代 化医药流通综合服务商的转型，目前正推进数字化转型与智能化升级。 从业务板块来看，药易购的业务布局庞杂，主营业务涵盖医药新零售（线上+线下）、医药B2B电商、 医药供应链、数智化赋能、医药批发、互联网医疗、医药产业基金投资等众多板块。在过去3年，药易 购利用深耕院外市场的医药流通服务形成的流量入口，逐步向上下游拓展并搭建大健康生态平台。 其传统业务主要为药品的分销和代理，数字化医药流通业务依然占公司绝大部分营收，该板块业务包含 医药分销（协议分销+市场比价）、医药经销（工业直采）两类。今年上半年， ...

Core Viewpoint - The financial performance of YaoYigou (药易购) for the first half of 2025 has significantly underperformed market expectations, marking its first loss since going public, with a notable shift from profit to loss in its financial results [1][2]. Financial Performance Summary - YaoYigou reported a revenue of 2.157 billion yuan for the first half of 2025, a year-on-year decline of 3.06% [2][6]. - The company experienced a net loss attributable to shareholders of 761.43 million yuan, representing a year-on-year decrease of 162.95% [2][6]. - The net loss for the second quarter exceeded 1,179 million yuan, contrasting with a profit of 418 million yuan in the first quarter, indicating significant operational pressure [2][3]. Expense Analysis - Despite the revenue decline, the company's selling expenses rose to 1.641 billion yuan, an increase of 46.25% year-on-year, highlighting a mismatch between increased marketing investment and revenue generation [2][3][6]. - Management expenses increased by 6.94% to 344.77 million yuan, attributed to expanded business operations leading to higher employee compensation [6]. - Financial expenses rose by 12.72% to 4.624 million yuan, primarily due to a decrease in deposit interest income [6]. Industry Position and Future Outlook - YaoYigou has been facing intensified competition in the pharmaceutical distribution industry and is exploring new growth avenues by expanding its business model to include a comprehensive health ecosystem [5]. - The company aims to build a supply chain and digital technology-driven ecosystem covering research, production, commerce, retail, and end-user channels [5]. - Market sentiment remains cautiously optimistic regarding the company's ability to leverage its expanded industry chain for profit recovery, as evidenced by fluctuating stock prices [5].