Core Viewpoint - Alibaba Health reported strong financial results for the fiscal year 2025, marking the third consecutive year of revenue and net profit growth, driven by increased user engagement and innovation in its business model [1][2][4]. Financial Performance - For the fiscal year 2025, Alibaba Health achieved a revenue of 30.598 billion yuan, representing a year-on-year growth of 13.2% [2]. - The net profit for the same period was 1.432 billion yuan, showing a significant increase of 62.2% year-on-year [2]. - Adjusted net profit reached 1.95 billion yuan, up 35.6% compared to the previous year [1][2]. Historical Performance - Alibaba Health's revenue has shown a consistent upward trend, increasing from 9.596 billion yuan in fiscal year 2020 to 30.598 billion yuan in fiscal year 2025 [3]. - The net profit has fluctuated but generally trended upwards, from a loss of 6.586 million yuan in fiscal year 2020 to a profit of 1.432 billion yuan in fiscal year 2025 [3]. Business Development - The company has enhanced its one-stop healthcare service capabilities, focusing on improving user experience through better product offerings and services [4]. - The Tmall Health platform has seen steady growth, with a significant increase in annual GMV and active users, and the number of online products grew by over 91% to 133 million [4]. Investment in Innovation - Alibaba Health invested 720 million yuan in product development during fiscal year 2025, focusing on AI technology, business optimization, and digital traceability [5]. - The company’s self-operated pharmaceutical business generated over 26.124 billion yuan in revenue, reflecting a year-on-year growth of 10% [5]. Market Position and Stock Performance - Alibaba Health's stock price saw a cumulative increase of over 60% in February and March due to the recovery of the Hong Kong tech sector and interest in AI healthcare concepts, but has since declined [7]. - As of May 20, the stock price was 4.89 HKD per share, with a total market capitalization of 78.7 billion HKD [7].

Core Viewpoint - The pharmaceutical e-commerce giants, such as Alibaba Health and JD Health, are experiencing significant growth in their performance, contrasting sharply with the struggles faced by offline pharmacies amid a wave of store closures [1][4]. Group 1: Company Performance - Alibaba Health reported a revenue of 30.598 billion yuan for the fiscal year ending March 31, 2025, representing a year-on-year growth of 13.2%, with a net profit of 1.432 billion yuan, up 62.2% [1]. - JD Health achieved a revenue of 16.645 billion yuan in the first quarter of 2025, marking a year-on-year increase of 25.5%, with an operating profit of 1.071 billion yuan, up 119.8% [2]. - Both companies have achieved profitability for three consecutive years, with JD Health also reporting a net profit of 934 million yuan in the first quarter of 2025, a 4.6% increase year-on-year [3][2]. Group 2: Industry Trends - Offline pharmacies are facing challenges, with five out of eight A-share pharmacy companies reporting a decline in net profit for 2024, and half of the companies continuing to see profit declines in the first quarter of 2025 [4]. - The total number of pharmacies in China decreased by 0.5% at the end of 2024 compared to the third quarter, marking the first quarterly decline in recent years, with a net reduction of 3,395 stores in the fourth quarter [4]. - The shift towards online pharmaceutical retail is accelerating, with the drug sales scale in China's retail market reaching 501.9 billion yuan in 2024, a slight increase of 0.8%, while e-commerce drug sales grew by 4.6% [5]. Group 3: Market Dynamics - Pharmaceutical companies are increasingly focusing on e-commerce channels due to changing patient purchasing habits and the rise of online consultations [6]. - JD Health has solidified its position as a leading platform for the online launch of new specialty drugs, introducing several innovative medications in the first quarter of 2025 [7]. - Alibaba Health continues to leverage its platform for the launch of new drugs, collaborating with well-known pharmaceutical companies to enhance its market presence [7].

Group 1 - The pharmaceutical e-commerce giants, Alibaba Health and JD Health, are experiencing significant growth in revenue and profit, contrasting sharply with the decline of offline pharmacies [1][2] - Alibaba Health reported a revenue of 30.598 billion yuan for the fiscal year 2025, marking a 13.2% year-on-year increase, and a net profit of 1.432 billion yuan, up 62.2% [1] - JD Health achieved a revenue of 16.645 billion yuan in the first quarter of 2025, reflecting a 25.5% year-on-year growth, with operating profit soaring by 119.8% to 1.071 billion yuan [1] Group 2 - The total number of pharmacies in China decreased by 0.5% at the end of 2024 compared to the third quarter, marking the first quarterly decline in recent years [2] - In the fourth quarter of 2024, 10,700 new stores opened while 14,100 stores closed, resulting in a net decrease of 3,395 stores, indicating an accelerated trend of closures [2] - The decline in offline pharmacies is evident, with half of the eight listed pharmacy companies reporting a drop in net profit in the first quarter of 2025 [1]

Core Viewpoint - The performance of online pharmaceutical giants like Alibaba Health and JD Health continues to grow, contrasting sharply with the struggles faced by offline pharmacies in the current market environment [2][4]. Company Performance - Alibaba Health reported a revenue of 30.598 billion yuan for the fiscal year 2025, marking a year-on-year increase of 13.2%, with a net profit of 1.432 billion yuan, up 62.2% [2][3]. - JD Health achieved a revenue of 16.645 billion yuan in the first quarter of 2025, reflecting a year-on-year growth of 25.5%. The operating profit was 1.071 billion yuan, up 119.8%, and the net profit was 934 million yuan, a 4.6% increase [3]. Industry Trends - Offline pharmacies are experiencing a downturn, with five out of eight listed pharmacy companies reporting a decline in net profit for 2024. In the first quarter of 2025, half of these companies continued to see a drop in net profit [4]. - The total number of pharmacies in China decreased by 0.5% at the end of 2024 compared to the third quarter, marking the first quarterly decline in recent years. In the fourth quarter of 2024, 10,700 new stores opened while 14,100 closed, resulting in a net decrease of 3,395 stores [4]. - The online penetration of pharmaceutical retail is accelerating, with the drug sales scale in China's retail market reaching 501.9 billion yuan in 2024, a slight increase of 0.8%. Online drug sales accounted for 64.5 billion yuan, growing at a rate of 4.6%, surpassing the growth of physical pharmacies [5]. New Product Launches - JD Health has solidified its position as the "first station for online launch of new specialty drugs," introducing several innovative drugs in the first quarter of 2025 [6]. - Alibaba Health continues to leverage its platform for the launch of new drugs, collaborating with well-known pharmaceutical companies to facilitate the introduction of multiple new products [6].

截至2025年3月31日，在线自营店有效GMV(商品交易总额)保持健康增长，年度活跃用户数和自营会员 数量持续提升，自营SKU同比增长33.6%至123万。同时，我们持续提升慢病用户体验，慢病用户数持 续提升的同时，人均DOT时长同比增长9%。报告期内，我们进一步整合优化药品物流网络布局，致力 于提升整体物流体验。药品次日达水平持续保持高位的同时，次日送货上门服务逐步拓展至覆盖广州、 宁波、金华、嘉兴、绍兴、湖州、台州和温州等13个城市。 报告期内，本集团收入实现稳定增长，总收入为305.98亿元，同比增长13.2%。报告期内净利润额为 14.32亿元，同比增长62.2%。调整后净利润额为19.5亿元，同比增长35.6%，调整后净利润率从5.3%提 升至6.4%。报告期内，天猫健康平台业务持续稳健发展，年度GMV(商品交易总额)保持稳健增长，年 度活跃用户数(过往于十二个月内在天猫健康平台实际购买过一次或以上商品的消费者)持续提升。报告 期内，本集团积极运营天猫健康类目的广告业务，持续赋能商家，提升品牌商经营服务能力，其收入实 现高速增长。在医疗大模型应用领域，医药电商业务场景下，从流量、供给和服务承接等实现 ...

Group 1 - The increasing focus on women's health is highlighted by initiatives such as the "Healthy China 2030" plan and the "China Women's Development Outline (2021-2030)", which aim to address health issues for key demographics including women and children [1] - Meituan Health has launched the "She Health" public welfare program, which aims to provide comprehensive health services for women, focusing on menstrual health, reproductive health, and nutritional health [2] - Abbott has introduced the "Women’s Menstrual Health Alliance Initiative" to promote menstrual health awareness and improve women's screening and treatment knowledge, while also supporting menopause clinic development [3] Group 2 - Meituan Health reports that over one million women seek health services daily through its online platform, with menstrual pain, gynecological disease treatment, and menopause management being the most common concerns [2] - Abbott's new drug, Fenruining, is designed to treat estrogen deficiency symptoms in postmenopausal women and has entered the Chinese market, indicating Abbott's commitment to the local market [3]

Core Viewpoint - JD Health reported strong Q1 2025 earnings, exceeding market expectations, leading to a significant stock price increase and highlighting its position as a leader in the pharmaceutical e-commerce sector [1] Group 1: Financial Performance - In Q1 2025, JD Health achieved revenue of 16.645 billion RMB, a year-on-year increase of 25.5% [1] - The operating profit was 1.071 billion RMB, representing a substantial year-on-year growth of 119.8% [1] - Adjusted net profit reached 1.3 billion RMB, up 73.4% from 754 million RMB in the same period last year [1] Group 2: Product and Service Innovation - JD Health solidified its position as the "first station for the online launch of new specialty drugs" by introducing several innovative medications in Q1 2025 [1] - The company launched multiple new drugs, including those from Pfizer and Esteve, expanding treatment options for patients [1] - JD Health made significant advancements in the medical AI sector, launching the "AI Jingyi" product system and achieving over 80% usage of AI services in online consultations [2] Group 3: Strategic Partnerships and Collaborations - JD Health deepened collaborations with leading health product companies like Tongrentang and Yanzhiwu, focusing on product innovation and digital supply chain [2] - At the fifth JD Health Partner Conference, the company established cooperation intentions for new products with nearly 50 global brands [2] - A strategic partnership with China National Pharmaceutical Group was announced, focusing on comprehensive supply chain and innovative marketing across various disease areas [3] Group 4: Market Expansion and Competitive Advantage - JD Health aims to enhance its offline capabilities to provide comprehensive services to suppliers, thereby increasing bargaining power [3] - The company's strong supply chain remains a core competitive advantage, contributing to robust growth in patented drugs, health products, and medical devices [3] - JD Health plans to prioritize self-built models in its offline expansion strategy before considering acquisition opportunities [3]

自願性公告 業務發展最新情況 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的內容概不 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所產生或因依賴該等內容而引致的任何損失承擔任何責 任。 YSB Inc. 藥師幫股份有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9885） 股 東 及 潛 在 投 資 者 不 應 過 分 依 賴 本 公 告 所 披 露 的 資 料，於 買 賣 本 公 司 證 券 時 務 請 審 慎 行 事。任 何 股 東 或 潛 在 投 資 者 如 有 疑 問，務 請 尋 求 專 業 顧 問 的 意 見。 本公告乃藥師幫股份有限公司（「本公司」）自 願 刊 發，以 告 知 其 股 東 及 潛 在 投 資 者有關本公司連同其附屬公司及綜合聯屬實體（「本集團」）若干業務發展最新 情 況。除 另 有 界 定 者 外，本 公 告 所 用 詞 彙 與 本 公 司 於2025年4月25日刊發的年度 報 告（「年 報」）所 界 定 者 具 相 同 涵 義。 廠 ...

Core Viewpoint - China National Pharmaceutical Group Corporation plans to acquire 100% equity of Beijing Jinsui Technology Development Co., Ltd. from China Emerging Group for a cash consideration of 302.07 million yuan, enhancing its marketing capabilities and supply chain management in the pharmaceutical and health product sectors [2][4]. Summary by Sections 1. Overview of Related Transactions - The acquisition involves a cash payment of 302.07 million yuan for the 100% equity of Jinsui Technology, which will become a wholly-owned subsidiary of China National Pharmaceutical [2][4]. - This transaction is classified as a related party transaction due to the relationship between China Emerging Group and the company [2][5]. 2. Related Party Information - China Emerging Group is a wholly-owned subsidiary of China General Technology (Group) Holding, which is the controlling shareholder of China National Pharmaceutical [5][6]. 3. Financial Data of Jinsui Technology - As of March 31, 2025, Jinsui Technology reported total assets of 890.17 million yuan and net assets of 224.54 million yuan, with revenue of 264.43 million yuan and net profit of 6.24 million yuan for the first quarter [15]. - The company has experienced a decline in revenue due to business restructuring and is actively seeking to optimize its product structure [15][12]. 4. Valuation and Pricing of the Transaction - The valuation of Jinsui Technology was conducted using both asset-based and income approaches, with the income approach yielding a valuation of 302.07 million yuan, reflecting a significant premium over the book value [20][22]. - The transaction price was agreed upon based on the valuation report, ensuring fairness and reasonableness [23][32]. 5. Impact of the Transaction on the Company - The acquisition is expected to strengthen the company's e-commerce operations and marketing strategies, facilitating its transition from a pharmaceutical company to a health enterprise [30][31]. - The integration of Jinsui Technology's resources and expertise is anticipated to enhance the company's capabilities in the health product sector [30][31]. 6. Approval Process - The transaction was approved by the board of directors, with independent directors affirming that it aligns with the company's strategic direction and does not harm the interests of minority shareholders [38][39].

Core Insights - Dingtang Health reported a revenue of 4.669 billion yuan for the fiscal year 2024, with a record gross profit of 1.538 billion yuan and a gross margin of 32.9%, reflecting a year-on-year increase of 1.8 percentage points [1] - The company successfully narrowed its adjusted losses by 32% through supply chain optimization, digital operations, and cost control, demonstrating strategic resilience amid industry changes [1][2] Strategic Layout - In 2024, Dingtang Health aims to build an integrated ecosystem focusing on "medical, testing, pharmaceuticals, and insurance," while continuously enhancing AI technology to improve efficiency across the entire supply chain [3] - The deepening of digital operations has led to improved inventory accuracy during peak seasons, reduced labor costs, and enhanced operational decision-making capabilities [3] - The company has successfully implemented a "medication online ordering and delivery + online medical insurance payment" model in key cities like Beijing, Shanghai, Shenzhen, and Foshan, which is expected to activate existing users and generate new business opportunities [3] Ecosystem Development - Dingtang Health is strengthening ecological cooperation and industry barriers by collaborating with over 7,000 well-known pharmaceutical companies and distributors to enhance its pharmaceutical health supply chain [4] - The company provides convenient cold chain delivery services for diabetes patients and those with special medication needs in Shenzhen and Beijing, maintaining an integrated online and offline service model [4] Future Outlook - Company representatives stated that the next steps involve optimizing structure, focusing on growth in core cities, and enhancing the warehousing and distribution system to offer users a more professional, convenient, diverse, and intelligent service experience [5] - Dingtang Health aims to become the "smart health service gateway" and "intelligent professional pharmaceutical health service provider" in the AI+ era [5]