4月15日，在浙江省嘉兴市南湖区南溪路一家大型家电商场，工作人员向消费者介绍一款参与政府补 贴活动的热水器。 新华社图 ◎记者 邓贞 近日，中国人民银行等六部门联合印发的《关于金融支持提振和扩大消费的指导意见》（下称《意 见》），从股权融资层面释放出明确有力的政策信号，为消费投资注入强劲动能。 "消费产业的创业者和投资人迎来新利好。"多位受访投资人士对上海证券报记者表示，过去一段时间， 港股市场涌现多个消费类明星企业，为一级市场消费投资赛道注入强心针。而《意见》的出台，则被业 内视为新利好，有望从顶层设计层面优化消费行业投资与退出途径，或将成为引导资本回流的重要转折 点。 在融资端，《意见》着重提出引导社会资本加大对服务消费重点领域投资，通过长期资本、耐心资本满 足长周期消费产业融资需求。鼓励有条件的地方利用政府投资基金，以市场化方式参与康养、文旅等消 费重点项目和数字、绿色等新型消费领域。 母基金研究中心创始人唐劲草对记者表示，耐心资本的核心价值在于支持长周期消费产业的可持续发 展。政策通过引导政府基金、私募股权等以"耐心"姿态投入，并优化考核机制降低流动性压力，从而增 强消费供给端的韧性和创新力。 "政府 ...

运用数字化拥抱医药下沉市场，业绩渐入收获期 [Table_CoverStock] —药师帮(9885.HK)深度报告 [Table_ReportDate] 2025 年 6 月 12 日 [Table_CoverAuthor] 唐爱金 医药行业首席分析师 章钟涛 医药行业分析师 S1500523080002 S1500524030003 tangaijin@cindasc.com zhangzhongtao@cindasc.com 证券研究报告 公司研究 [深度报告 Table_ReportType] [Table_StockAndRank] 药师帮(9885.HK) 投资评级 买入 上次评级 [Table_Chart] 资料来源：ifind，信达证券研发中心 [Table_BaseData] 公司主要数据 | 收盘价（港元） | 10.10 | | --- | --- | | 52 周内股价波动区间 | 5.099-11.28 | | (港元) | | | 最近一月涨跌幅(％) | 35% | | 总股本(亿股) | 6.82 | | 流通 H 股比例(％) | 100 | | 总市值(亿港元) | 68. ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on financial performance and growth projections [1]. Core Insights - The company achieved a revenue of 17.904 billion yuan in 2024, representing a year-over-year growth of 5%. The adjusted net profit reached 157 million yuan, marking a 20% increase year-over-year, and the company declared a dividend of 0.075 yuan per share, with a payout ratio of approximately 170% [2][4]. - The self-owned brand business showed significant growth, with a monthly active buyer increase of 18%. The self-operated revenue for 2024 was approximately 16.973 billion yuan, accounting for about 95% of total revenue, with a notable 220% increase in the transaction scale of self-owned brand products [4][5]. - The company successfully turned a profit in 2024, with a cash flow cycle of approximately -32 days, indicating high cash turnover and efficiency. The operating cash inflow was 656 million yuan, a 45% increase year-over-year [4][5]. Financial Performance Summary - **2024 Financials**: Total revenue was 17.904 billion yuan, with a net profit of 30 million yuan. The gross margin was 10.13%, and the return on equity (ROE) was 1.29% [6][8]. - **2025-2027 Projections**: Expected revenues for 2025, 2026, and 2027 are approximately 20.813 billion yuan, 23.476 billion yuan, and 26.494 billion yuan, respectively, with year-over-year growth rates of 16%, 13%, and 13%. The projected net profits for the same years are 129 million yuan, 274 million yuan, and 441 million yuan, with significant growth rates of 330%, 113%, and 61% [6][8]. - **Valuation Metrics**: The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are approximately 40.65, 19.12, and 11.90, respectively, indicating a favorable valuation trend as earnings grow [6][8].