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 ...

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].