Core Viewpoint - Sichuan Hezhong Yaoyigou Pharmaceutical Co., Ltd. (stock code: 300937) announced that it received a tax notification indicating that its 2024 encouraged industry revenue did not meet the 60% threshold for enjoying the Western Development income tax preferential policy, necessitating a tax correction by November 10, 2025 [1][3]. Group 1: Tax Notification and Financial Impact - The tax notification requires the company to correct its corporate income tax returns for the years 2024 to 2025, specifically for the period from January to September [1]. - The company estimates a tax payment of approximately 5.9955 million yuan and late fees of about 455,600 yuan, totaling around 6.4511 million yuan [3]. - This tax payment and late fee will be recorded in the 2025 financial results, with the exact impact on net profit to be determined by the audited financial statements for that year [3]. Group 2: Financial Performance - For the first three quarters of 2023, the company reported a revenue of 3.24 billion yuan, a year-on-year increase of 0.2% [3]. - The net profit attributable to shareholders was approximately -8.3565 million yuan, a year-on-year decline of 159.98% [3]. - The net profit after deducting non-recurring items was approximately -10.1526 million yuan, a year-on-year decrease of 208.41% [3]. - The net cash flow from operating activities was -114 million yuan, a significant drop of 397.9% year-on-year [3]. - As of September 30, 2023, the company's asset-liability ratio was 56.02%, an increase of 11.81% year-on-year, and accounts receivable stood at 433 million yuan, up 2.83% year-on-year [3]. Group 3: Market Performance - As of the close on November 4, the company's stock price decreased by 0.25%, closing at 28.09 yuan per share, with a total market capitalization of 2.687 billion yuan [4].

Core Viewpoint - The financial performance of YaoYigou (药易购) for the first half of 2025 has significantly underperformed market expectations, marking its first loss since going public, with a notable shift from profit to loss in its financial results [1][2]. Financial Performance Summary - YaoYigou reported a revenue of 2.157 billion yuan for the first half of 2025, a year-on-year decline of 3.06% [2][6]. - The company experienced a net loss attributable to shareholders of 761.43 million yuan, representing a year-on-year decrease of 162.95% [2][6]. - The net loss for the second quarter exceeded 1,179 million yuan, contrasting with a profit of 418 million yuan in the first quarter, indicating significant operational pressure [2][3]. Expense Analysis - Despite the revenue decline, the company's selling expenses rose to 1.641 billion yuan, an increase of 46.25% year-on-year, highlighting a mismatch between increased marketing investment and revenue generation [2][3][6]. - Management expenses increased by 6.94% to 344.77 million yuan, attributed to expanded business operations leading to higher employee compensation [6]. - Financial expenses rose by 12.72% to 4.624 million yuan, primarily due to a decrease in deposit interest income [6]. Industry Position and Future Outlook - YaoYigou has been facing intensified competition in the pharmaceutical distribution industry and is exploring new growth avenues by expanding its business model to include a comprehensive health ecosystem [5]. - The company aims to build a supply chain and digital technology-driven ecosystem covering research, production, commerce, retail, and end-user channels [5]. - Market sentiment remains cautiously optimistic regarding the company's ability to leverage its expanded industry chain for profit recovery, as evidenced by fluctuating stock prices [5].