证券代码：000705 证券简称：浙江震元 公告编号：2025-036 浙江震元股份有限公司 浙江震元股份有限公司 董事长：吴海明 二〇二五年八月二十一日 浙江震元 2025 年半年度报告摘要 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状 况及未来发展规划，投资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □ 适用 ? 不适用 董事会审议的报告期普通股利润分配预案或公积金转增股本预案 □ 适用 ? 不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □ 适用 ? 不适用 二、公司基本情况 股票简称 浙江震元 股票代码 000705 股票上市交易所 深圳证券交易所 联系人和联系方式 董事会秘书 证券事务代表 姓名 张誉锋 蔡国权 浙江省绍兴市越城区稽山街道延安 浙江省绍兴市越城区稽山街道延安 办公地址 东路 558 号 东路 558 号 电话 0575-85746658 0575－85139563 电子信箱 000705@zjzy.com 000705 ...

Core Viewpoint - The digital pharmaceutical platform Yaoshi Bang (9885.HK) has achieved impressive financial results in the first half of 2025, with revenue of 9.843 billion yuan, a year-on-year increase of 11.7%, and a net profit of 78.117 million yuan, marking a 258% increase compared to the same period in 2024, indicating a successful transition from "scale expansion" to "quality improvement" in its business model [1][4]. Financial Performance - In the first half of 2025, Yaoshi Bang's total revenue reached 9.843 billion yuan, with a year-on-year growth rate of 11.7%, significantly exceeding the industry average [4]. - The company's gross profit margin increased to 11.2%, driven by high-margin self-owned brands, contributing to a net profit of 78.117 million yuan, which represents a 258% year-on-year increase [4][5]. - As of June 30, 2025, the company had cash equivalents of 1.106 billion yuan, a year-on-year increase of 6.22%, and a net operating cash inflow of 257 million yuan, indicating a strong financial position [5]. Market Response - As of August 20, 2025, Yaoshi Bang's stock price had increased by 88.17% year-to-date, outperforming the Hang Seng Index and being included in the MSCI Global Small Cap Index, reflecting strong market recognition of its digital pharmaceutical distribution model [1][3]. Industry Context - The pharmaceutical retail industry is currently undergoing a deep adjustment phase, characterized by rising compliance costs and accelerated market clearing, which creates structural opportunities for leading companies [8]. - Future competitiveness in the industry will depend on the depth of professional services and supply chain efficiency rather than mere store expansion or price wars [8]. Strategic Focus - Yaoshi Bang is focusing on three strategic pillars: enhancing supply chain efficiency, expanding self-owned brand business, and developing grassroots medical layouts, which are essential for addressing the urgent transformation needs of the pharmaceutical retail sector [9]. - The integration of AI and SaaS tools is a key strategy for optimizing supply chain algorithms and upgrading pharmacy operations [9]. Growth Potential - The self-owned brand business has shown significant growth, with transaction volume reaching 85.2 billion yuan in the first half of 2025, a 473% year-on-year increase [9]. - The company has developed a comprehensive solution for grassroots medical services, enhancing operational efficiency and capabilities of grassroots medical institutions [9]. Valuation Outlook - According to research from Xinda Securities, Yaoshi Bang is expected to enter a profit harvest phase, with a projected compound annual growth rate (CAGR) of 164% for net profit from 2024 to 2027 [10]. - The company's unique "platform + service + ecosystem" business model is expected to drive a significant revaluation, with target valuations ranging from 7.4 billion to 13.4 billion HKD [10].

Core Insights - The company reported a revenue of 41.188 billion yuan for the first half of 2025, representing a year-on-year growth of 3.54% [1] - The net profit attributable to shareholders was approximately 282 million yuan, with a year-on-year increase of 18.56% [1] - The basic earnings per share reached 0.16 yuan, reflecting a growth of 14.29% year-on-year [1] Business Overview - The company is a national wholesale enterprise for narcotic drugs and Class I psychotropic drugs, and it operates in the pharmaceutical and medical device sectors [1] - The main business segments include pharmaceutical commercial operations, covering drug sales, medical devices, traditional Chinese medicine, health products, and supply chain services [1] - The company has expanded its market presence, achieving coverage in all 31 provinces and 164 prefecture-level cities in China [1] Pharmaceutical Wholesale Business - The pharmaceutical wholesale segment generated revenue of 39.052 billion yuan, accounting for over 95% of total revenue, serving more than 8,000 medical institutions [2] - The company is enhancing its "pharmaceutical + internet" strategy, with the online platform "Zhongyao Cloud Business" achieving a transaction volume of approximately 1 billion yuan, a year-on-year increase of 72% [2] Retail Business - The retail segment achieved revenue of 1.947 billion yuan, with brands like "Heping Pharmacy" covering over 850 stores across 22 provinces [2] - The company has opened 616 stores offering outpatient coordination services, improving patient access to medication and health management [2] Product and Service Diversification - The company operates over 280,000 product specifications, with pharmaceutical revenue reaching 33.668 billion yuan and traditional Chinese medicine revenue at 7.210 billion yuan [2] - The company has established standardized planting bases for traditional Chinese medicine and enhanced production capabilities through modern workshops and AI technology [2] Medical Device and Specialty Drugs - The medical device segment generated revenue of 6.884 billion yuan, with 41 SPD projects implemented to improve hospital supply chain management [3] - Revenue from narcotic drugs and Class I psychotropic drugs was 1.736 billion yuan, ensuring stable supply and efficient distribution [3] Innovation and Development - The company is focusing on high-end generic drugs, specialty traditional Chinese medicine, and innovative drug development [3] - Four products, including Mirabegron sustained-release tablets, were approved during the reporting period, with three already in commercial production [3]

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之內容概不負責，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而產生或因倚賴該等內容而引致 之任何損失承擔任何責任。 海外監管公告 國藥集團藥業股份有限公司 2025 年半年度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條作出。 茲載列國藥控股股份有限公司旗下一間 A 股於上海證券交易所上市的附屬公司，國藥集團藥業 股份有限公司，於 2025 年 8 月 20 日於上海證券交易所網站刊發的《國藥集團藥業股份有限公 司 2025 年半年度報告》，僅供參閱。 承董事會命 國藥控股股份有限公司 董事長 趙炳祥 中國，上海 2025 年 8 月 20 日 於本公告日期，執行董事為連萬勇先生及孫京林先生；非執行董事為趙炳祥先生、陳啟宇先生、祖敬先 生、邢永剛先生、陳玉卿先生、文德鏞先生及馮蓉麗女士；獨立非執行董事為李培育先生、吳德龍先生、 俞衛鋒先生、石晟昊先生及陳威如先生。 * 本公司以其中文名稱及英文名稱「 Sinopharm Group Co. Ltd. 」根據香港公司條例註冊為非香港公司。 国药 ...

Core Viewpoint - The company, Yaoshi Bang, demonstrated strong financial performance in the first half of 2025, achieving significant revenue growth and profitability despite a challenging pharmaceutical market environment [1][2]. Financial Performance - In the first half of 2025, the company reported revenue of 9.843 billion yuan, a year-on-year increase of 11.7% [1] - Gross profit margin improved from 10% to 11.2% [1] - Net profit attributable to shareholders reached 78.11 million yuan, representing over a threefold increase year-on-year [1] - Operating cash flow remained positive at 257 million yuan, with cash and cash equivalents totaling 3.551 billion yuan [1] Business Model and Growth Drivers - The company operates as the largest pharmaceutical trading service platform in the outpatient market in China, maintaining a leading user coverage and deepening user engagement [1] - Monthly active buyers reached 453,000, a 6.5% increase year-on-year, with a buyer payment rate of 94% and an average order quantity of 29.2 per paying buyer [1] - The dual-driven model of "platform + self-operated" generated revenue of 9.843 billion yuan, with platform revenue at 436 million yuan and self-operated business revenue at 9.389 billion yuan, reflecting a 12% increase [1][2] Supply Chain and Operational Efficiency - The company reported a payable turnover period of approximately 67.7 days and an inventory turnover of 32.2 days, indicating strong supply chain efficiency [2] - The cash conversion cycle was approximately -33.8 days, showcasing superior cash turnover efficiency compared to industry standards [2] - The self-owned brand business achieved a transaction scale of 852 million yuan, a year-on-year increase of approximately 473.4% [2] Strategic Initiatives - The company is focusing on three strategic areas: expanding self-owned brands, enhancing supply chain efficiency, and developing grassroots medical services [2][3] - The integration of various technologies, including POCT and AI systems, is aimed at empowering grassroots medical institutions [3] - The monthly average available SKUs reached 4 million, with same-day delivery orders increasing from 67.7% to 70% [3] Market Outlook - Despite the ongoing challenges in the domestic pharmaceutical retail industry, structural opportunities are emerging due to market consolidation [4] - The company is strategically addressing industry pain points by enhancing digital supply chain capabilities and optimizing profit structures through high-margin products [4] - Forecasts suggest that the company's net profit attributable to shareholders will reach 149 million yuan in 2025, with a projected growth of 395% year-on-year [4]

Core Viewpoint - The pharmaceutical distribution industry is characterized by three main business models: wholesale, retail, and various new distribution models, each with distinct operational dynamics and market implications [1]. Group 1: Wholesale Model - The wholesale model, also known as the distribution model, involves selling pharmaceuticals and medical devices in bulk to entities that directly interact with consumers, such as medical institutions and retail pharmacies [4]. - The third terminal in the wholesale model is increasingly favored by internet hospitals, indicating a shift towards digital integration in pharmaceutical distribution [4]. Group 2: Retail Model - The retail model involves retail pharmacies purchasing pharmaceutical products from manufacturers or other distributors and selling them to individual consumers, generating profit from the price difference [7]. - Although the retail model operates on a smaller scale compared to wholesale, it boasts higher profit margins, making it an attractive segment within the pharmaceutical distribution landscape [7]. Group 3: Internet Retail Model - The internet retail model encompasses various online platforms, including internet hospitals and pharmaceutical e-commerce, facilitating diagnosis and drug sales through digital channels [9]. - This model includes B2B, B2C, and O2O formats, reflecting the growing trend of digital transformation in the pharmaceutical sector [9]. Group 4: Third-Party Cold Chain Logistics - The "14th Five-Year Plan" emphasizes the need for a modern, intelligent pharmaceutical supply chain, focusing on enhancing networked, scaled, and specialized logistics services [12]. - Third-party cold chain logistics offer significant advantages, such as reducing initial investment costs for pharmaceutical companies and ensuring temperature-controlled transport, which is crucial for maintaining drug quality [12]. - These logistics providers can effectively manage reverse logistics and product recalls through advanced tracking and data exchange systems, thereby minimizing losses and ensuring compliance with quality standards [12].

批发模式中第三终端受互联网医院青睐 转自：前瞻产业研究院 行业主要上市公司：国药控股(01099.HK);上海医药(601607.SH);华润医药(03320.HK);九州通 (600998.SH);南京医药(600713.SH);华东医药(000963.SZ);英特集团（维权）(000411.SZ)等 医药流通行业主要商业模式可分为三类 医药商业是医药行业的子行业之一，是专门从事医药商品经营活动的独立经济分支，主要负责药品在市 场上的流通。医药流通行业主要商业模式可分为批发模式、零售模式和各类新型流通模式三类。批发毛 利率较低其中又分为纯销、快批和调拨等;零售毛利率较高药品零售企业一般就是所谓的零售药店是直 接面对最终消费者患者的商品流通环节也是药品流通的最终环节。 批发模式即分销模式，是指批量将药品和医疗器械销售给直接接触消费者的最后环节，包括医疗机构、 零售药店、基层医疗机构等或下游分销商。根据销售对象的不同批发模式可进一步区分为以下几类：医 院直销：商业调拨、第三终端。此外由于渠道下沉、分散等特点，第三终端目前也是各互联网医药企业 积极布局的市场。 零售模式规模小但毛利率高 零售模式是指零售药店从医药 ...

Core Viewpoint - The company reported a mixed performance in the first half of 2025, with revenue growth but a significant decline in net profit due to previous year's compensation payments [1] Financial Performance - The company achieved operating revenue of 999.7 million yuan, a year-on-year increase of 11.58% [1] - Net profit attributable to shareholders was 14.02 million yuan, a year-on-year decrease of 89.19% [1] - The company's net profit excluding non-recurring items was 9.01 million yuan, a year-on-year increase of 24.58% [1] Business Development - The company expanded its retail network, increasing the number of retail stores to 208, with over 10 new pet specialty stores added [2] - The first pet-friendly pharmacy in Shanghai was recognized by the Shanghai Commercial Association [2] - The company added 14 new medical insurance stores, raising the proportion of direct medical insurance stores to 75.30%, an increase of 7.64 percentage points from the previous year [2] - Online business grew by 38.5%, with O2O business increasing by 46.1% [2] - Cross-border sales of health products through its subsidiary in Hong Kong saw a 12.4% increase [2] Supply Chain Optimization - The company optimized procurement costs and strengthened non-pharmaceutical supply chain construction, with self-owned brand sales increasing by 67.4% [3] - The company established a private equity investment fund focusing on functional food sectors [3] Industry Trends - The retail pharmacy industry is experiencing an accelerated closure trend, with 39,228 stores expected to close in 2024, a closure rate of approximately 5.76% [3] - The industry is shifting from expansion to enhancing profitability through refined operations [4]

Core Viewpoint - Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited reported a slight increase in revenue but a decline in total profit for the first half of 2025, indicating challenges in the industry and competitive pressures [14][12]. Financial Summary - The company achieved a revenue of RMB 41.83 billion, a year-on-year increase of 1.93% [14]. - Total profit amounted to RMB 3.09 billion, reflecting a decrease of 4.30% compared to the previous year [14]. - The net profit attributable to shareholders was RMB 2.45 billion, with a decrease in cash flow from operating activities by 66.79% to RMB -3.40 billion [14][7]. Company Overview - The company focuses on the pharmaceutical and health industry, engaging in the research, development, manufacturing, and sales of traditional Chinese medicine, chemical raw materials, and health products [8][11]. - It operates 27 pharmaceutical manufacturing enterprises and institutions, including 3 branches and 22 directly controlled subsidiaries [8][9]. Industry Position - The company is one of the largest pharmaceutical groups in China, with a comprehensive layout in the biopharmaceutical health industry [13]. - It holds a leading position in traditional Chinese medicine, chemical generic drugs, and health products, with several core products ranking first in their respective market segments [13][21]. Business Segments - The pharmaceutical segment includes the production and sales of traditional Chinese medicine and chemical drugs, while the health segment focuses on beverages and health products, notably the Wanglaoji herbal tea [10][11]. - The commercial segment is involved in the wholesale and retail of pharmaceutical products and medical devices, with Guangzhou Medicine being a key player in the South China market [10][11]. Growth Strategies - The company is enhancing its pharmaceutical manufacturing capabilities and expanding its market presence through innovation and strategic partnerships [15][18]. - It aims to strengthen its international market presence by registering products overseas and forming strategic collaborations with international companies [17][18]. Research and Development - The company has established a robust research and development framework, with numerous ongoing projects in traditional Chinese medicine and innovative drug development [21]. - It has received multiple awards for its research achievements and continues to invest in technological advancements to enhance its product offerings [21].

Company Overview - Beihai Guofa Chuanshan Biological Co., Ltd. is primarily engaged in pharmaceutical manufacturing and distribution, judicial IVD (in vitro diagnostics), and molecular medical imaging centers [3][11] - The company operates under various business models including direct sales, agency sales, and self-owned sales teams [5][6] Financial Performance - For the first half of 2025, the company reported a revenue of approximately 153.73 million yuan, a decrease of 13.02% compared to the same period last year [2] - The total profit for the period was a loss of approximately 4.58 million yuan, improving from a loss of 13.69 million yuan in the previous year [2] - The net profit attributable to shareholders was approximately -5.84 million yuan, compared to -16.11 million yuan in the same period last year [2] Industry Context - The pharmaceutical manufacturing industry in China saw a revenue of 1,227.52 billion yuan in the first half of 2025, a decline of 1.2% year-on-year [12] - The drug distribution industry experienced a significant slowdown, with a growth rate of only 0.6% in 2024, the lowest in 15 years [12] - The IVD market is expected to remain stable, with a projected market size of less than 120 billion yuan in 2024, indicating limited growth potential [13] Business Segments - The pharmaceutical manufacturing segment includes products such as eye drops, granules, and traditional Chinese medicine, with a focus on quality control and compliance with GMP standards [3][11] - The judicial IVD segment, operated by the subsidiary Gaoshen Biological, focuses on DNA testing equipment and services, utilizing a direct sales model primarily targeting public security units [5][6] - The molecular medical imaging center, managed by Beijing Xiangya, collaborates with medical institutions to provide imaging services and sells medical devices [11] Market Trends - The pharmaceutical industry is characterized by cyclical, regional, and seasonal demand patterns, with a relatively stable long-term outlook despite short-term fluctuations [11] - The IVD industry is witnessing a shift towards automation and intelligent detection technologies, driven by advancements in AI and big data [13][14]