证券研究报告 | 公司动态点评 2025 年 08 月 25 日 药师帮（09885.HK） 25H1 业绩优异，技术驱动+生态协同持续深化 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 16972 | 17904 | 20579 | 23875 | 27947 | | 增长率 yoy（%） | 18.9 | 5.5 | 14.9 | 16.0 | 17.1 | | 归母净利润（百万元） | -3189.2 | 30.0 | 152.9 | 380.8 | 689.0 | | 增长率 yoy（%） | -114.2 | 100.9 | 409.6 | 149.0 | 80.9 | | ROE（%） | -166.1 | 1.3 | 6.2 | 13.3 | 19.5 | | EPS 最新摊薄（元） | -4.69 | 0.04 | 0.22 | 0.56 | 1.01 | | P/E（倍） | -2.0 | 213.8 | 42.0 | 16.8 | 9. ...

在医药流通行业整体增速放缓的背景下，一家数字化医药平台却以"黑马"姿态交出亮眼成绩单。 根据港交所最新公告，药师帮（9885.HK）2025年上半年实现营业收入98.43亿元，同比增长11.7%；归母净利润突破 7811.7万元，较2024年同期激增258%，延续自2024年扭亏为盈以来的高增长态势。这一成绩不仅远超行业平均增速， 更标志着其商业模式已完成从"规模扩张"到"质量跃升"的关键转型。 资本市场的反应印证了这份成绩单的含金量。Wind数据显示，截至2025年8月20日收盘，药师帮年内股价累计涨幅达 88.17%，显著跑赢恒生指数，并成功被纳入MSCI全球小型股指数成分股。这一里程碑事件，既凸显国际资本对其数 字化医药流通模式的认可，也为其估值修复注入新动能。 当行业仍在深度调整期时，药师帮何以能实现业绩与股价的"双击"？其逆势突围的密码，是什么？ 图表一：公司今年以来股价走势图 从财报数据上来看，药师帮在2025上半年延续了2024年全面转正的高增长态势，交出一份兼具速度与质量的成绩单。 从收入结构上来看，公司业务稳健优化，高毛利业务强势驱动。上半年总营收98.43亿元，同比增幅达11.7%，远超行 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of approximately 9.843 billion yuan for the first half of 2025, representing a year-on-year increase of 11.7%. The adjusted net profit was approximately 122 million yuan, up 33.2% year-on-year, while the net profit attributable to the parent company surged by 258% to approximately 78 million yuan [1][4] Revenue Structure - The self-operated business revenue reached 9.389 billion yuan in 25H1, growing by 12.53% year-on-year, with the flagship business transaction scale at 1.08 billion yuan, a significant increase of 115.6% year-on-year. The proprietary brand transaction scale within the flagship business soared by 473.4% to 852 million yuan [4] - Platform business revenue was 436 million yuan, down 0.95% year-on-year, primarily due to the sluggish retail drug market affecting third-party sellers [4] - Other income decreased by 40.56% year-on-year to 17 million yuan, mainly due to adjustments in the operational/service model of Guangpu Cloud Inspection [4] Profitability - The adjusted net profit margin improved by approximately 0.2 percentage points to 1.2% in 25H1, while the overall net profit margin increased by about 0.6 percentage points to 0.75% [4] - The gross profit margin rose by approximately 1.22 percentage points to 11.22%, driven by the rapid growth of high-margin businesses [4] User Engagement - The average monthly active buyers on the platform reached 453,000, a year-on-year increase of 6.5%, with the average monthly paying buyers at 426,000, up 7.6%. The payment rate stood at 94%, with each paying buyer placing an average of 29.2 orders per month [4] Future Outlook - The company expects revenues for 2025, 2026, and 2027 to be approximately 20.8 billion yuan, 23.5 billion yuan, and 26.7 billion yuan, respectively, with year-on-year growth rates of 16%, 13%, and 14% [5] - The net profit attributable to the parent company is projected to be 148 million yuan, 320 million yuan, and 549 million yuan for the same years, reflecting year-on-year growth rates of 394%, 116%, and 72% [5] Financial Metrics - The company’s gross margin is expected to improve from 10.89% in 2025E to 11.82% in 2027E, while the return on equity (ROE) is projected to rise from 6.14% to 16.73% over the same period [6][8] - The price-to-earnings (P/E) ratio is forecasted to decrease from 44 times in 2025 to 12 times in 2027 [5][6]

Core Viewpoint - The article discusses the strategic shift of Yaoshi Bang, a leading digital comprehensive service platform in the outpatient pharmaceutical industry, which has proposed the "Upward Move" strategy to enhance product offerings, deepen brand partnerships, and develop proprietary brands, aiming for resilient growth amidst a challenging market environment [2][7][15]. Group 1: 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 [2]. - The net profit attributable to shareholders is expected to be 140.4 billion yuan, reflecting a significant decline of nearly 12%, indicating the first negative growth in five years [2]. - The domestic pharmaceutical market has entered a phase of stock competition, with stricter medical insurance cost control and centralized procurement becoming the norm, leading to increased demands for supply chain integration capabilities [2][10]. Group 2: Company Performance - Yaoshi Bang achieved a revenue of 17.904 billion yuan in 2024, representing a year-on-year growth of 5.5%, with net profit turning positive for the first time at 30.01 million yuan, and adjusted net profit reaching 1.57 billion yuan, up 20.1% [8][11]. - The operating cash flow remained positive at 656 million yuan, showing a 45% year-on-year increase, indicating robust growth across economic cycles [8]. Group 3: Strategic Initiatives - The "Upward Move" strategy focuses on three dimensions: enriching product offerings, deepening brand collaborations, and building proprietary brands, which collectively enhance supply chain capabilities and operational service levels [2][9][15]. - Yaoshi Bang has established a comprehensive marketing system, covering 491,000 pharmacies and 330,000 grassroots medical institutions, achieving a monthly active buyer count of 433,000, showcasing strong market penetration [10][11]. - The company has expanded its exclusive strategic cooperation brands and proprietary brand products to over 830 SKUs, with a transaction scale of 651 million yuan, reflecting a 152% year-on-year growth [11][13]. Group 4: Market Trends - The total number of pharmacies in China reached 700,881 by Q4 2024, with a year-on-year growth of 2.3%, but a quarter-on-quarter decline of 0.5%, indicating a trend of increasing store closures [4]. - The retail terminal pharmaceutical sales scale is projected to reach 574 billion yuan in 2024, with a growth rate of 3.7%, while sales of health products and medical devices have seen significant declines of 24.8% and 20%, respectively [5][10].

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]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of HKD 9.88, reflecting a potential upside from the current price of HKD 8.35 [7]. Core Insights - The company, established in 2015, is the largest digital comprehensive service platform in China's outpatient pharmaceutical industry, focusing on digital solutions to empower the entire industry chain [1][14]. - The company has achieved a significant revenue growth from CNY 3.252 billion in 2019 to CNY 17.904 billion in 2024, with a CAGR of 40.66%. It also reported a net profit of over CNY 30.01 million in 2024, marking its first profitable year [1][21]. - The digitalization trend in the healthcare sector is driving the company's growth, with a focus on enhancing the capabilities of grassroots medical institutions through innovative solutions like the "Spectrum Cabin" [4][42]. Summary by Sections 1. Business Model and Growth - The company operates a "platform + self-operated + brand promotion" model, covering the entire outpatient pharmaceutical industry chain [1][14]. - The platform business connects upstream pharmaceutical distributors with downstream pharmacies and grassroots medical institutions, enhancing operational efficiency [2][47]. - The self-operated business focuses on exclusive strategic partnerships and proprietary brands, with over 830 SKUs and a GMV of CNY 651 million in 2024, reflecting a 152% year-on-year growth [3][18]. 2. Financial Performance - The company reported a revenue of CNY 17.904 billion in 2024, a 5.5% increase year-on-year, with self-operated business contributing CNY 16.973 billion [21][23]. - The overall gross margin remained stable, with a slight increase from 10% in 2020 to 10.1% in 2024, while the self-operated business gross margin improved from 5.1% to 6.2% [27][30]. 3. Market Dynamics - The outpatient pharmaceutical market in China is highly fragmented, with significant growth potential driven by policy support and digitalization [35][36]. - The digitalization of the outpatient pharmaceutical market is still in its early stages, with a penetration rate of only 28.2% as of 2022, indicating substantial room for growth [42][43]. 4. Operational Efficiency - The company has improved its operational efficiency, with a decrease in sales and management expense ratios, and a net profit margin returning to positive territory [30][31]. - The platform's average SKU count has grown to over 3.9 million by 2024, enhancing product availability and meeting diverse buyer needs [49][55]. 5. Management Team - The management team possesses extensive experience in both the pharmaceutical industry and technology, which aids in strategic planning and execution [32][34].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of HKD 9.88, compared to the current price of HKD 8.35 [7]. Core Insights - The company, established in 2015, is the largest digital comprehensive service platform in China's outpatient pharmaceutical industry, focusing on digital solutions to empower the entire industry chain [1][14]. - The company has achieved a significant revenue growth from CNY 3.252 billion in 2019 to CNY 17.904 billion in 2024, with a CAGR of 40.66%. It also reported a net profit of over CNY 30.01 million in 2024, marking its first profitable year [1][21]. - The company has expanded its business model to "platform + self-operated + brand promotion," covering the entire outpatient pharmaceutical industry chain [1][14]. Summary by Sections Platform Business - The platform business connects upstream pharmaceutical distributors with downstream pharmacies and grassroots medical institutions, enhancing operational efficiency [2]. - The company has increased its monthly average SKU count to over 3.9 million by 2024, while the number of registered downstream buyers has exceeded 827,000, with a CAGR of 19.2% for pharmacies and 38.8% for grassroots medical institutions from 2020 to 2024 [2][55]. Self-Operated Business - The self-operated business focuses on exclusive strategic partnerships and proprietary brands, with over 830 SKUs by the end of 2024, a significant increase from the previous year [3]. - The GMV for exclusive strategic partnerships and proprietary brands reached CNY 651 million in 2024, a year-on-year growth of approximately 152% [3]. Technological Innovations - The company launched the "Spectrum Cabin" solution in 2024, integrating advanced hardware, SaaS management systems, and AI-assisted systems to enhance the capabilities of grassroots medical practitioners [4]. Financial Forecast and Valuation - The company is projected to achieve revenues of CNY 20.693 billion, CNY 24.215 billion, and CNY 28.689 billion from 2025 to 2027, with net profits of CNY 156 million, CNY 373 million, and CNY 602 million respectively [5]. - A relative valuation method suggests a reasonable valuation of CNY 6.2 billion, with a target price of HKD 9.15 [5]. Market Dynamics - The outpatient pharmaceutical market is highly fragmented, with significant growth potential driven by policy support and digital transformation [35][42]. - The digitalization of the outpatient pharmaceutical market is still in its early stages, with a penetration rate of only 28.2% as of 2022, indicating substantial room for growth [42][45]. Competitive Landscape - The company holds a leading position in the market, with a GMV of CNY 37.833 billion in 2022, capturing over 21% of the market share [46]. - The competitive landscape is concentrated, with the top five players holding over 63.5% of the market share, highlighting the company's first-mover advantage [46].