机构：长城证券 研究员：刘鹏/蔡航 事件：2025 年8 月20 日，公司发布2025 年半年报，2025H1，公司实现收入98.43 亿元，同比增长 11.7%；归母净利润0.78 亿元，同比增长258%；经调整净利润1.22 亿元，同比增长33.2%。 2025 年H1 业绩优异，自有品牌业务增长提升整体毛利率。根据公司2025年半年报，2025H1，公司实现 营业收入98.43 亿元，同比增长11.7%，毛利率达11.2%，同比增长1.2pct。其中，自营业务实现营收 93.89 亿元，同比增长12.5%，毛利率达7.7%，同比增长1.8pct；平台业务实现营收4.36 亿元，同比下降 0.9%，毛利率达83.7%，同比下降0.5pct；厂牌首推业务GMV达10.80 亿元，同比增长115.6%；自有品 牌GMV 达8.52 亿元，同比增长473.4%；公司实现归母净利润0.78 亿元，同比增长258%；实现经调净利 润1.22 亿元，同比增长33.2%；实现经营性净现金流2.57 亿元。此外，公司沉淀资金创造持续收益，有 效补充盈利，2025H1，公司沉淀资金收益（由其他收入减去政府补贴所得，主要包括 ...

Group 1 - The core viewpoint of the articles emphasizes the alignment of government policies aimed at enhancing grassroots healthcare with the business model of Yaoshi Bang, which operates extensively in community pharmacies and clinics [1] - The policy document highlights the need to improve accessibility to grassroots medical services, an area where digital healthcare companies like Yaoshi Bang excel [1] - Yaoshi Bang has established a significant presence in the grassroots healthcare sector, covering 491,000 pharmacies and 330,000 clinics, reaching 98.9% of counties and 91.2% of townships in China, with a monthly active buyer count of 433,000 and a payment rate of 92.7% [1] Group 2 - In response to the weak testing capabilities at grassroots medical terminals, Yaoshi Bang has launched the "Spectrum Cabin" smart medical solution, deploying 14,000 instant testing devices (POCT) across over 11,000 end-users by the end of 2024 [2] - The "Spectrum Cabin" integrates POCT, clinic SaaS, and AI doctor assistance systems to provide low-cost, highly compatible medical testing services for grassroots clinics [2] - Yaoshi Bang has invested in a commercial insurance service provider, holding a 13% stake in Ruize Health, which enhances its ecosystem by forming a "prevention-diagnosis-medication" closed loop, tapping into the market potential of "common drugs + insurance" [2]

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].