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. ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company has transitioned from a capital investment phase to a harvest phase, with an expected compound annual growth rate (CAGR) of approximately 164% for net profit attributable to the parent company from 2024 to 2027 [7][28] - The company has achieved a significant market penetration, covering 98.9% of counties and 91.2% of townships in China, with a cash conversion cycle of -31 days, indicating strong cash flow [7][10] - The company is focusing on enhancing buyer experience and deepening channel coverage to solidify its competitive edge [12][16] Summary by Sections Financial Performance - Total revenue is projected to grow from 17.9 billion in 2024 to 26.7 billion in 2027, with year-on-year growth rates of 5%, 16%, 13%, and 14% respectively [6] - Net profit attributable to the parent company is expected to increase from 30 million in 2024 to 550 million in 2027, with growth rates of 101%, 395%, 116%, and 71% respectively [6][28] - The gross margin is forecasted to improve from 10.13% in 2024 to 11.82% in 2027 [6] Market Position and Strategy - The company has established itself as the largest digital pharmaceutical trading and service network in China, with a focus on the outpatient pharmaceutical B2B market [16] - The company has a strong user base with 43.3 million monthly active buyers and a high retention rate, indicating strong customer loyalty [10][12] - The company is leveraging its digital capabilities to enhance operational efficiency and customer experience, which is expected to drive future growth [16][28] Business Model and Growth Drivers - The company’s business model is characterized by a fast cash turnover and strong cash flow, with cash and cash equivalents accounting for approximately 52% of total assets [11][34] - The company is expanding its product offerings and exploring new business lines, such as AI applications and health insurance, to diversify revenue streams [11][12] - The company’s strategic partnerships and innovative service offerings are expected to enhance its market competitiveness and profitability [7][10]

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]

Group 1 - The overall micro liquidity shows a net outflow of 93 billion yuan, with margin financing turning into a net inflow of 182.44 billion yuan, indicating a recovery in investor sentiment [2][20][21] - The issuance of equity financing remains low, with a total of 40.69 billion yuan raised this period, reflecting a decrease from the previous period [20][22] - The net reduction in industrial capital has narrowed to 59.75 billion yuan, suggesting a shift in large shareholders' behavior [20][22] Group 2 - The commercial banking sector reported a net profit of 656.8 billion yuan in Q1 2025, a year-on-year decrease of 2.32%, with state-owned banks showing improved performance [4][36] - The total assets of commercial banks reached approximately 394 trillion yuan, growing by 7.20% year-on-year, indicating stable asset expansion [4] - The non-performing loan ratio stood at 1.51%, reflecting a slight increase but overall asset quality remains stable [4] Group 3 - The pharmaceutical company "药师帮" achieved a revenue of 17.904 billion yuan in 2024, with a net profit exceeding 30.01 million yuan, marking its first profitable year [5][24] - The platform business has expanded its SKU supply to over 3.9 million, while the number of registered downstream buyers has surpassed 827,000 [24][25] - The company forecasts revenues of 20.693 billion yuan, 24.215 billion yuan, and 28.689 billion yuan for 2025-2027, with net profits projected at 1.56 billion yuan, 3.73 billion yuan, and 6.02 billion yuan respectively [26] Group 4 - "伟测科技" reported a revenue of 1.077 billion yuan in 2024, with a year-on-year growth of 46%, and a net profit of 128 million yuan, reflecting a strong recovery in the semiconductor testing industry [31][32] - The company plans to enhance its testing capacity through the construction of new facilities, aiming to significantly increase its service capabilities [33] - The revenue from wafer testing reached 615 million yuan, growing by 38.91%, while finished chip testing revenue was 367 million yuan, up by 50.07% [33] Group 5 - "华明装备" achieved a total revenue of 2.322 billion yuan in 2024, with a year-on-year increase of 18.41%, and a net profit of 614 million yuan, up by 13.25% [9] - The company has expanded its overseas market presence, with new facilities in Indonesia and Singapore, enhancing its service capabilities in Southeast Asia [9] - The successful operation of its high-voltage products marks a significant milestone in achieving domestic production capabilities [9] Group 6 - Alibaba's revenue for FY25Q4 reached 236.5 billion yuan, with adjusted EBITDA of 41.8 billion yuan, indicating strong performance across its business segments [16][27] - The cloud business generated 30.1 billion yuan in revenue, driven by rapid growth in public cloud services and AI-related products [28][29] - The company expects revenues of 1,035.3 billion yuan, 1,105.7 billion yuan, and 1,179.8 billion yuan for FY2026-2028, with net profits projected at 180.7 billion yuan, 185.9 billion yuan, and 195.7 billion yuan respectively [30]

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].