每经记者：林姿辰每经编辑：黄博文 进入初冬，全国多地流感病例明显增多。 根据国家疾控中心发布的最新中国流感流行情况概要，2025年11月10日至16日，南方省份哨点医院报告 的ILI%（流感样病例百分比）为6.7%，北方省份哨点医院报告的ILI%为7.0%，均高于前一周水平，以 及2022年、2023年和2024年同期水平。 根据京东健康方面提供给《每日经济新闻》记者的数据，11月以来，京东买药秒送平台的流感类药品成 交额环比10月增长明显。其中，解热镇痛类药物订单量增长超4.5倍，速福达成交额增长超过了14倍， 达菲、可威的成交额增长幅度都超过了9倍。 另外，阿里健康平台数据显示，11月10日至11月23日，流感抗病毒药物购买人数实现超500%的环比增 长。其中，速福达表现尤为突出，购买人数环比增长超600%，增速领先；抗病毒口服液购买人数环比 增长50%。 记者注意到，上门检测也成为头部电商平台争夺客流的手段。比如，淘宝闪购联合阿里健康，在11月官 宣上线了"居家闪检"新服务，推出"呼吸道病毒细菌12联检"项目，目前该服务在北京市、上海市、广州 市、杭州市开启试运营。 京东到家快检的数据则显示，11月14 ...

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]

本报讯(记者袁传玺)天眼查App显示，近日，江西叮当电子商务有限公司发生工商变更，注册资本由 2700万元增至10.27亿元。股东信息显示，该公司由叮当(北京)健康管理有限公司全资持股。对外投资信 息显示，该公司持有叮当智慧药房(广东)有限公司、四川叮当智慧连锁药房有限公司等多家公司股份。 ...

药师帮(09885)发布公告，于2025年11月20日，公司根据2025年股份回购授权回购股份。合共20万股股 份已于市场回购，总回购金额约为139.72万港元(不包括佣金及其他开支)，平均回购价为每股6.9859港 元。回购股份将适时注销。 董事会认为，公司目前的股价低于其真正价值，未能充分反映其业务前景。董事会认为，股份回购计划 显示董事及公司高级管理层对公司的长期增长及市场表现充满信心。董事会亦相信，股份回购计划符合 公司及其股东的整体最佳利益。 ...

持续回购注销公司股份，彰显长期发展信心，重视股东回报。根据iFind，2025年初至今，公司累计回 购股份数量达703.50 万股，回购金额共计5685.46万港元，回购均价8.08 港元。根据公司2025 年半年 报，25H1，公司以约4,429.82 万港元合计回购563.5 万股股份，且563.5 万股回购股份已于2025年7 月4 日注销。 投资建议：公司是国内院外医药产业数字化生态建设的领跑者，公司平台和自营业务稳健增长，随着公 司持续拓展业务版图，不断开展医药产业链上下游的业务创新和服务升级，深化与上下游合作伙伴的系 统合作，我们预计2025-2027 年公司实现营业收入205.79 亿元、238.75 亿元、279.47 亿元，归母净利润 1.53 亿元、3.81 亿元、6.89 亿元，2025 年11 月17 日股价对应的PE 倍数分别为31.4X、12.6X、7.0X， 维持"买入"评级。 风险提示：行业政策风险，行业监管风险，行业竞争加剧的风险，新业务拓展不及预期，技术迭代及应 用不及预期的风险。 机构：长城证券 研究员：刘鹏/蔡航 事件：2025 年11 月16 日，公司发布公告，202 ...

Core Insights - JD Health achieved a revenue of 17.12 billion yuan in Q3 2025, a year-on-year increase of 28.7% from 13.3 billion yuan, with growth accelerating from 23.7% in Q2 2025 [1][2] - The company's operating profit reached 1.243 billion yuan, a significant year-on-year increase of 125.3%, while Non-IFRS operating profit was 1.378 billion yuan, up 59.9% [1][2] - Non-IFRS net profit was 1.902 billion yuan, reflecting a year-on-year growth of 42.4%, with net profit margin improving from 10.1% in the first half of the year to 11.1% [2] Operational Data - JD Health expanded its online medical insurance payment services to nearly 200 million people, a substantial increase from over 100 million a year ago [2] - The number of platform merchants exceeded 150,000, growing by over 50,000 since the end of 2024 [2] - The "AI Jingyi" intelligent service user base surpassed 50 million, and offline service expansion included the opening of new medical beauty and health check-up centers [2] Strategic Collaborations - In Q3 2025, JD Health signed strategic cooperation agreements with major pharmaceutical companies such as Eli Lilly, Innovent Biologics, and Bayer China, reinforcing its position in the high-end drug supply chain [3] - The company is developing a leading smart outpatient service platform in collaboration with Huazhong University of Science and Technology, aiming to enhance patient experience through AI-assisted services [3] Investment Outlook - JD Health's leading position in the pharmaceutical e-commerce sector is expected to be bolstered by ongoing online medical insurance payment policies and the scaling of AI services [4] - Revenue forecasts for 2025-2027 are projected at 71 billion, 82.9 billion, and 95.5 billion yuan, with adjusted net profits of 6.3 billion, 7.4 billion, and 8.5 billion yuan respectively [4]

药师帮(09885)公布，于2025年11月19日，公司耗资约143.46万港元回购20万股股份，平均回购价为每股 7.1731港元。 另外，执行董事陈飞先生已于2025年11月19日在公开市场购入合共20万股股份。董事会认为，陈飞先生 增持股份显示其对公司前景及增长潜力充满信心，亦展示其对公司的长期承诺。 ...

Core Viewpoint - JD Health (06618) shows strong revenue and profit growth in Q3 2025, driven by the expansion of medical insurance payments, offline service development, and deepening AI medical applications, reinforcing its leading position in the pharmaceutical e-commerce sector [1] Performance - In Q3 2025, JD Health achieved revenue of 17.12 billion yuan, a year-on-year increase of 28.7% from 13.3 billion yuan, accelerating from 23.7% growth in Q2 [2] - Operating profit reached 1.243 billion yuan, a significant year-on-year increase of 125.3% [2] - Non-IFRS operating profit was 1.378 billion yuan, up 59.9% year-on-year, while non-IFRS net profit was 1.902 billion yuan, reflecting a 42.4% increase [2] - The net profit margin improved from 10.1% in the first half of the year to 11.1% [2] Operational Data - JD Health has expanded online medical insurance payments to nearly 200 million people, a substantial increase from over 100 million year-on-year [2] - The number of platform merchants exceeded 150,000, growing by over 50,000 since the end of 2024 [2] - The "AI Jingyi" intelligent service user base surpassed 50 million [2] - Offline service expansion included the opening of three new health check centers and a significant increase in overall order volume, which grew over four times year-on-year [2] Strategic Cooperation - In Q3 2025, JD Health signed strategic cooperation agreements with major pharmaceutical companies such as Eli Lilly, Innovent Biologics, and Bayer China, enhancing its supply chain advantages in high-end pharmaceuticals [3] Medical AI Applications - JD Health partnered with Huazhong University of Science and Technology to create a leading smart outpatient service platform, promoting the comprehensive application of AI products in hospital outpatient services [4] - The collaboration aims to establish a full-process AI accompaniment system to enhance patient experience and improve medical resource utilization [4] Investment Recommendations - JD Health's leading position in pharmaceutical e-commerce is expected to be bolstered by ongoing online medical insurance payment policies and the scaling of AI services [5] - Revenue forecasts for 2025-2027 are projected at 71 billion, 82.9 billion, and 95.5 billion yuan, with adjusted net profits of 6.3 billion, 7.4 billion, and 8.5 billion yuan respectively [5] - The current stock price corresponds to P/E ratios of 32, 28, and 24 times for the respective years [5]

Group 1 - Taobao's Double 11 global sales results show that dozens of brands achieved over 10 million in overseas transactions, with more than 200,000 contracted merchants doubling their sales, outpacing the overall growth rate of Taobao's international market by three times [2] - The number of daily overseas orders during the Double 11 period experienced double-digit growth, indicating the success of the globalized "Double 11" model [2] Group 2 - Indonesia plans to impose an export tax of 7.5% to 15% on gold products starting in 2026, with different tax rates based on the processing level of the gold to support domestic refining and processing industries [3] - From January to October, China's general public budget revenue reached 186.49 billion, a year-on-year increase of 0.8%, with tax revenue at 153.36 billion, up 1.7%, while non-tax revenue fell by 3.1% [4] Group 3 - Meituan Health and SF Express have established a pharmaceutical e-commerce air logistics center in Ezhou, Hubei, which is the first of its kind to operate in close proximity to a cargo airport, enabling same-day delivery to 35 cities and next-day delivery to 318 cities [5] - ByteDance's researcher was dismissed for leaking confidential information through paid interviews, highlighting the importance of information security within the company [6] Group 4 - Morgan Stanley predicts that the yield on 10-year U.S. Treasury bonds will decline to 3.75% by mid-2026, with a potential 50 basis point rate cut by the Federal Reserve [7] - A new joint venture, Hengyuan Zhiyi Intelligent Technology, has been established to focus on the development of intelligent robots and AI applications, indicating growth in the robotics sector [8] Group 5 - Tesla is set to go to court against Wuyou Media over a contract dispute, with the hearing scheduled for November 24 [9] - Ubisoft is rumored to have been acquired, following a sudden halt in stock trading and a delay in financial report release, suggesting significant developments within the company [10] Group 6 - Alibaba's new AI application, Qianwen, faced service interruptions due to overwhelming user traffic, which quickly became a trending topic on social media [11] - Peter Thiel has completely divested from Nvidia, indicating a significant shift in investment strategy [12] Group 7 - Yum China aims to increase KFC's store count by approximately one-third to over 17,000 by 2028, targeting a high single-digit annual compound growth rate in system sales from 2026 to 2028, with a goal of surpassing 10 billion RMB in operating profit by 2028 [13]

整理 | GLP1减重宝典内容团队 2025年"双十一"期间，消费结构出现明显变化：医药健康类产品取代电子产品成为最受关注的板块，其中减肥药品的销售额飙升，整体 增幅达到5.7倍，远超iPhone 17大约150%的增速。以替尔泊肽、司美格鲁肽为代表的GLP-1受体激动剂减肥处方药，在"百亿补贴""疗效 兜底"等电商玩法推动下，被包装成全民追捧的"瘦身神器"。这场看似火热的消费浪潮背后，是处方药违规促销、处方审核形同虚设、用 药安全风险急剧上升等一系列问题，已经多次踩中监管红线，把医药电商的合规性和医疗安全推到台前。 ▍ 双11处方药促销热潮，减肥处方药变身平台"增长发动机" ▍ 处方药全面套用电商促销模板 在营销方式上，京东、阿里健康、美团等平台几乎照搬普通消费品的促销逻辑：一端是"百亿补贴""跨店满减""限时秒杀"，另一端是"下 单抽免单""叠加券后立减"等组合玩法。部分页面显示，替尔泊肽在叠加平台补贴、店铺优惠和支付减免后，终端成交价较不少省级挂网 价低出四成以上，远远跌破线下医疗机构和零售药店的价格带。 更具争议的是，"买药送针头""参与计划不瘦可获赔付"等活动，将高度依赖专业判断的用药行为，转化为带 ...