8月20日，药师帮(09885)发布2025半年度报告，今年上半年公司实现营业收入98.43亿元，同比增长 11.7%；毛利率由10%显著提升至11.2%；归母净利润7811万元，同比增长超3倍以上；经营性现金流持 续净流入达2.57亿元，现金及等价物35.51亿元。在今年医药市场普遍承压的背景下，公司维持收入双位 数增长，净利倍数级增长，盈利能力显著提升，现金流健康度持续良好。 数字化驱动韧性增长，高毛利业务提速 作为国内院外市场最大的医药交易服务平台，药师帮的用户覆盖率保持领先优势，渗透深度及黏性持续 增长。截至2025年上半年，药师帮，月均活跃买家数量达45.3万，同比增长6.5%；月均买家付费率为 94%，每付费买家月订单数量为29.2，平台补贴率降至0.5%。 广覆盖、高粘性的用户是公司增长的基本盘。报告期内，药师帮"平台+自营"双轮驱动，实现收入98.43 亿元，同比增长11.7%，毛利11.05亿元，同比增长25.3%。其中平台收入4.36亿元，自营业务收入93.89 亿元，同比增长12%。 高质量增长推动药师帮资产负债表良性扩张。2025年上半年，公司应付账款周转天数约67.7天，存货周 转3 ...

Core Viewpoint - Chengdu Huashen Technology Group Co., Ltd. plans to transfer its 51% stake in Tibet Kangyu Pharmaceutical Co., Ltd., and an asset evaluation report has been prepared to assess the market value of the entire equity of Tibet Kangyu Pharmaceutical as of April 30, 2025 [1][4][17]. Group 1: Evaluation Purpose and Scope - The purpose of the asset evaluation is to provide a market value reference for the transfer of the 51% stake in Tibet Kangyu Pharmaceutical, which has been approved by the management of Chengdu Huashen Technology Group [4][15]. - The evaluation object includes all equity of Tibet Kangyu Pharmaceutical related to the 51% stake being transferred, and the evaluation scope encompasses all assets and liabilities reported by Tibet Kangyu as of the evaluation benchmark date [5][17]. Group 2: Financial Overview - As of April 30, 2025, the book value of the equity of Tibet Kangyu Pharmaceutical included in the evaluation is 47.6827 million RMB [5][18]. - The total assets of Tibet Kangyu Pharmaceutical as of the evaluation date are 122.8727 million RMB, with current assets amounting to 121.7788 million RMB and non-current assets at 1.0940 million RMB [18]. - The total liabilities amount to 75.1900 million RMB, with current liabilities at 74.0933 million RMB and non-current liabilities at 1.0967 million RMB [18]. Group 3: Financial Performance - The operating income for the year 2022 was 367.0327 million RMB, with a net profit of 103.825 million RMB [14]. - For the year 2023, the operating income was 368.7942 million RMB, and the net profit was 174.047 million RMB [14]. - The projected operating income for the first four months of 2025 is 220.4142 million RMB, with a net profit of 28.961 million RMB [14].

Industry Overview - In 2024, the A-share pharmaceutical industry is projected to achieve a total revenue of 2.42 trillion yuan, marking a 1.0% year-on-year decline, the first decrease in recent years [1] - The net profit attributable to shareholders is expected to be 140.4 billion yuan, representing a significant year-on-year drop of nearly 12%, the first negative growth in five years [1] - The domestic pharmaceutical market has entered a phase of stock competition, with stricter medical insurance cost control and centralized procurement becoming the norm [1][2] Company Strategy - As a leading digital comprehensive service platform in the outpatient pharmaceutical industry, the company has launched the "Upward Move" strategy in 2023, focusing on enriching products, deepening brand cooperation, and building proprietary brands [1][3] - The company achieved a revenue of 17.904 billion yuan in 2024, a year-on-year increase of 5.5%, and its net profit turned positive for the first time, reaching 30.01 million yuan [3][4] - The company has covered 491,000 pharmacies and 330,000 grassroots medical institutions, penetrating 98.9% of county-level areas and 91.2% of townships, showcasing its extensive channel advantages [4] Market Dynamics - The number of retail pharmacies in China has reached a turning point, with a total of 700,881 pharmacies as of Q4 2024, reflecting a year-on-year growth of 2.3% but a quarter-on-quarter decline of 0.5% [2] - The closure rate of pharmacies in 2024 is approximately 5.76%, up from 3.8% in 2023, indicating an accelerating trend of store closures [2] - The retail terminal drug sales scale is expected to reach 574 billion yuan in 2024, with a year-on-year growth of 3.7%, while drug sales growth is at 2.3% [2] Product Development - The company has expanded its exclusive strategic cooperation brands and proprietary brand products to over 830 SKUs in 2024, with a transaction scale of 651 million yuan, a year-on-year increase of approximately 152% [6] - The proprietary brand "Le Yaoshi" has over 250 varieties and has achieved significant market penetration, with annual sales exceeding 38 million yuan for a key product [6][7] - The self-operated business has seen a compound annual growth rate of 78% from 2021 to 2023, with the annual GMV increasing from 83 million yuan to 263 million yuan [7] Consumer Behavior - In the stock economy era, the price-performance ratio has become the primary factor influencing consumer behavior, reflecting a shift towards more rational and cautious purchasing decisions [8] - The pharmaceutical consumption market, perceived as a necessity, is also showing signs of fatigue as consumer income expectations change [8]