Core Viewpoint - The company, once a leader in the pharmaceutical e-commerce sector, is facing its most severe challenges since its IPO, with continuous losses and significant cash flow issues impacting its operations [1] Group 1: Financial Performance - In Q3 2025, the company reported a net profit loss of 742,100 yuan, a staggering decline of 140.42% year-on-year, marking two consecutive quarters of losses [1] - The net cash flow from operating activities was -114 million yuan, a drastic drop of 397.91% year-on-year, indicating severe cash recovery issues despite a slight revenue increase [1] - Sales expenses rose by 42.47% to 258 million yuan, while revenue only increased by 0.21%, highlighting a "high input, low output" marketing dilemma [1] - R&D expenses significantly decreased by 39.73%, with an R&D expense ratio of only 0.26%, contradicting the company's claimed "technology-driven" strategy [1] Group 2: Business Transformation Challenges - Since 2021, the company has struggled to transition from a "pharmaceutical distributor" to a "full industry chain platform," with B2B e-commerce revenue declining by 5.84% and digital distribution revenue down by 3.34% in H1 2025 [1] - The "unified procurement and distribution" policy further constrains the company's operational space, while competition intensifies with the entry of major players like JD Health and Alibaba Health [1] Group 3: Governance and Policy Risks - The controlling shareholder, Li Yanfei, reduced his stake by 5.23% on November 10, cashing out 120 million yuan at a 15.34% discount to market price, raising concerns about internal confidence in the company's future [3] - The company will no longer benefit from tax incentives due to failing to meet the 60% revenue threshold for encouraged industries, resulting in a tax payment of approximately 6.45 million yuan, which adds to profit pressures and reflects a misalignment with national policy directions [3] Group 4: Conclusion - The company is currently facing multiple challenges, including cash flow issues, transformation difficulties, governance concerns, and policy changes, which could hinder its ability to compete effectively in the market [4]

证券代码：300937 证券简称：药易购 公告编号：2025-038 四川合纵药易购医药股份有限公司 关于设立全资子公司暨取得营业执照的 四川合纵药易购医药股份有限公司（以下简称"公司"）及全资子公司四川 药易购科技集团有限公司（以下简称"药易购科技集团"）共同投资设立四川金 豆豆数智科技有限公司（以下简称"金豆豆数智科技"），注册资本 5,000 万元， 资金来源为公司及药易购科技集团自有资金。公司通过直接持股以及下属子公司 间接持股合计持有金豆豆数智科技 100%股权，金豆豆数智科技已于近日完成工 商注册登记，并取得成都市金牛区政务服务管理和行政审批局颁发的《营业执照》。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》及《公司章程》等有关规定， 本次投资设立全资子公司事项无需提交董事会、股东会审议。本次投资设立全资 子公司事项不构成关联交易，亦不构成《上市公司重大资产重组管理办法》规定 的重大资产重组。 二、设立全资子公司的基本情况 公司名称：四川金豆豆数智科技有限公司 统一社会信用代码：91510106MAEQPHM09W 公司类型： ...