Core Viewpoint - Gao Xin Retail expects a shareholder loss of between 110 million to 140 million RMB for the six months ending September 30, 2025, compared to a net profit of 186 million RMB and a shareholder profit of 206 million RMB in the same period last year [1] Revenue and Profit Analysis - The decline in revenue is primarily attributed to intensified market competition, weak consumer spending leading to a drop in average transaction value, and the calendar effect of the combined National Day and Mid-Autumn Festival [1] - Profit decline is also impacted by one-time costs, including adjustments in street store revenue, organizational optimization in the Central China region amounting to approximately 150 million RMB, and reduced interest income [1] Online Business Performance - The company's online B2C business achieved low single-digit positive growth, indicating its operational advantages and resilience in online operations [1] - The performance of adjusted stores met expectations and still has room for growth [1]

Core Viewpoint - The company anticipates a net loss of approximately RMB 110 million to RMB 140 million for the six months ending September 30, 2025, compared to a net profit of RMB 186 million in the same period last year, primarily due to increased market competition and weak consumer demand [1] Group 1: Financial Performance - The expected net loss is attributed to a decline in revenue caused by intensified market competition and weak consumer spending, leading to a decrease in average transaction value and sales volume [1] - The company reported a significant drop in revenue, with a double-digit year-on-year decline influenced by the combined impact of the Mid-Autumn Festival and National Day [1] - Despite the pressure on net profit, the company's net cash position remains better than the same period last year [1] Group 2: Operational Strategy - The online B2C business continues to achieve low single-digit positive growth, demonstrating the company's operational resilience and advantages in online operations [2] - The company is steadily advancing its three-year strategic plan, focusing on enhancing product strength, optimizing supply chain efficiency, adjusting existing stores, creating community living centers, expanding new stores, and piloting front warehouse models [2] - The company aims to deepen strategic execution and drive gradual recovery in operational performance [2]

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 ...