今年以来，港股医药板块迎来强势反弹。受益于板块强势反弹，药师帮股价呈现走强趋势。截至5月， 药师帮年内累计最大涨幅超68%。 活动中，药师帮执行董事兼CFO陈飞从财务与战略视角系统阐释了药师帮的业务模型，重点分析了公司 在自营及平台三方业务、供应链赋能及创新业务三大板块的协同效应，通过核心经营数据展现了其持续 优化的盈利能力、市场竞争优势以及模式独特性。 据悉，2024年度是药师帮全面扭亏为盈的一年。2024年度报告显示，公司年度收入179.04亿元，同比增 长5.5%；经调整净利润1.57亿元，同比增长20%，实现净利润3001万元，全面扭亏为盈。 5月27日，药师帮在广州总部举办上市以来首场投资者开放日活动，多家头部基金及券商的近50位投资 者、分析师受邀出席。 2024年度全面扭亏为盈 亿元回顾计划加速估值回归 基于对自身业绩和未来市场的正面预期，药师帮于5月7日宣布启动亿元规模的股份回购计划，并于5月7 日-23日累计回购共497.7万股股份，总回购金额超3809万港元。 根据沙利文预计，2027年中国院外医药流通市场规模有望突破1万亿元，占整体医药流通市场的比重将 达到47.1%，其中数字化医药流通 ...

Core Viewpoint - The company, Yaoshi Bang, has successfully transitioned to profitability in 2024, showcasing strong growth and operational efficiency despite industry challenges [3][8]. Group 1: Business Performance - In 2024, Yaoshi Bang reported annual revenue of 17.904 billion yuan, a year-on-year increase of 5.5%, and an adjusted net profit of 157 million yuan, up 20% [3]. - The company's stock price has increased by over 68% year-to-date, reflecting a strong rebound in the Hong Kong pharmaceutical sector [3]. - The company has achieved a significant turnaround, with net profit reaching 30.01 million yuan, marking its first full-year profitability [3][8]. Group 2: Operational Efficiency - Yaoshi Bang has improved its operational efficiency, with accounts receivable turnover days decreasing from 3.9 days in 2021 to 1.3 days in 2024, and inventory turnover at 33.4 days [4]. - The company reported operating cash flow inflows of 98.2 million yuan in 2022, 451 million yuan in 2023, and 656 million yuan in 2024, indicating strong cash management [4]. - By the end of 2024, the company had 3.375 billion yuan in cash and cash equivalents, a year-on-year increase of 13.5% [4]. Group 3: Strategic Partnerships and Growth - The company has successfully launched its own brand and strategic partnerships, with self-owned brand transactions reaching 560 million yuan, a year-on-year increase of 532.3% [6]. - Yaoshi Bang's collaboration with key suppliers has enhanced market coverage and sales efficiency, contributing to its growth strategy [6]. - The company has established a comprehensive business model covering the outpatient pharmaceutical industry, with revenue growing from 3.252 billion yuan in 2019 to 17.904 billion yuan in 2024, reflecting a CAGR of 40.66% [8]. Group 4: Market Outlook and Confidence - The company announced a share buyback plan worth 100 million yuan, reflecting management's confidence in future performance [7]. - The chairman emphasized the commitment to digital transformation in the pharmaceutical supply chain, with expectations for significant market growth in the outpatient pharmaceutical sector [7]. - Analysts predict that the outpatient pharmaceutical market in China could exceed 1 trillion yuan by 2027, with digital pharmaceutical distribution reaching 358.3 billion yuan [7].

港股公司报告 | 首次覆盖报告 药师帮（09885） 证券研究报告 平台+自营+首推，数字化解决方案赋能全产业链 平台+自营+首推，院外数字化龙头首次扭亏为盈 药师帮成立于 2015 年，是中国院外医药产业最大的数字化综合服务平台。 公司持续聚焦与深耕院外医药市场，近年来已完成"平台+自营+首推"业 务模式的拓展，全面覆盖院外医药产业链布局。2019-2024 年，公司收入 规模持续增长，由 32.52 亿元增长至 179.04 亿元，cagr 为 40.66%。同时 2024 年公司实现净利润超 3001 万元，首次全面转正，经调净利润达 1.57 亿 元，同比增长 20.1%，标志着公司已经全面迈入持续正向的盈利新阶段。 平台业务：向上丰富药品供给，向下拓展终端，经营效率持续优化 公司的平台业务的卖家为上游药品经销商，买家主要为下游药店与基层医 疗机构。1）向上：公司持续巩固供应链能力，丰富药品 SKU 供给，截止 至 2024 年，公司平台月均 SKU 数已持续增长至超过 390 万个。2）向下： 加速下游买家拓展，连锁药店及基层医疗机构快速增长。截至 2024 年，公 司累计注册下游买家数超 82.7 ...