尽管主营业务疲软，药易购2025年一季度经营活动现金流实现转正，为3061.96万元，较去年同期增长 超过1亿元。这一转变主要得益于公司通过提高运营资本管理效率所取得的阶段性成果，包括优化应收 账款周期、压缩库存周转天数，以及费用管控收紧。 在投资活动方面，公司新增对伟哥（海南）健康产业有限公司的投资，体现出其在健康赛道的长期战略 布局，但短期内使得投资现金流仍为负值。与此同时，公司在筹资活动上则集中偿还流动资金贷款，导 致筹资现金流净额为负。 尽管经营性现金流改善，整体现金结构仍面临压力。货币资金较年初下降9.24%，应收款项融资同比减 少26.09%。资产周转能力和资金回收效率仍需持续跟进。 主营业务承压，转型路径仍在探索中 作为一家长期聚焦于院外医药流通的企业，药易购近年来持续推动"B转C"战略，但从财务表现看，转 型成效仍未能有效对冲主营业务下滑带来的压力。 2024年，公司医药电商业务营收为14.41亿元，同比下滑15.6%。平台月活用户下降3%，客单价下降 18.2%，流量转化能力下降。尽管线上B2C业务同比增长225.87%，实现收入5696.94万元，但在全年营 近日，四川合纵药易购医药股份有 ...

Core Viewpoint - The company is experiencing significant challenges during its transformation period, with a notable decline in revenue and profit amid a rapidly changing pharmaceutical distribution industry [1][6]. Financial Performance - The company's total revenue for 2024 was 4.38 billion yuan, a year-on-year decrease of 1.1% [1]. - The net profit attributable to shareholders was only 16.36 million yuan, representing a dramatic year-on-year drop of 72.5% [1]. - The increase in expenses, particularly in sales, management, and financial costs, has severely impacted profit margins [2]. Expense Analysis - Sales expenses surged to over 251 million yuan, a year-on-year increase of 31.9%, primarily due to heightened online promotion for e-commerce [2]. - Management expenses rose by 23.5% to 70.98 million yuan, driven by increased personnel salaries and strategic consulting fees [2]. - Financial expenses increased by 27.16% due to expanded borrowing, leading to higher interest payments [2]. - Asset impairment losses reached 17.82 million yuan, with bad debt provisions for accounts receivable at 22.14 million yuan and inventory write-downs at 9.62 million yuan [2]. E-commerce and Market Strategy - The company's e-commerce segment faced a significant downturn, with revenue falling to 1.441 billion yuan, a decline of 15.6% year-on-year [3]. - Monthly active users and average transaction value decreased by 3% and 18.2%, respectively, indicating weakened platform monetization capabilities [3]. - The company is shifting its strategic focus towards the consumer market, with a total of 1,508 chain pharmacies, although the net increase in stores has decreased by 161 year-on-year [4]. Investment and Strategic Moves - The company made an aggressive move by acquiring a 5% stake in Chongqing Xinhuh Pharmacy for 15 million yuan, which employs a disruptive pricing model [5]. - Despite skepticism regarding the impact on the value chain, the company is betting on a "new industrial profit model" to navigate the challenges [5]. - The competitive landscape in the pharmacy sector is intensifying, with price wars affecting profitability and supply chain dynamics [5]. Industry Outlook - The overall retail scale of pharmacies in China declined by 1.8% in 2024, with decreasing average transaction values [6]. - The company’s transformation efforts in the consumer market are still in the validation phase, facing pressures from declining margins and high expenses [6]. - Analysts suggest that without achieving scale effects in consumer outreach, the company may enter a detrimental cycle of low-margin expansion and cash flow constraints [6].