来源：格隆汇APP 格隆汇10月9日丨药师帮(09885.HK)公告，厂牌首推业务乃集团"向上走"方案中的一项重要战略，同时 作为高利润业务，因此对提升盈利能力而言举足轻重。公司自其他业务运营所获得的洞察，公司积极寻 求与药企建立深度合作，旨在协助它们将针对下游需求定制的产品推向更广阔的市场，从而将潜在的市 场机遇转化为实实在在的销售业绩。另一方面，依托公司已经构建的品牌影响力和渠道优势，其战略性 推进自有品牌产品的拓展，致力于推出品类丰富且紧密贴合市场需求的高质量自有品牌产品，以满足更 广泛下游用户的多元化需求。截至2025年9月30日止3个月，厂牌首推业务(包括集团自有品牌业务)交易 总额6.58亿元，同比增长163.0%。 ...

本公告乃藥師幫股份有限公司（「本公司」）自 願 刊 發，以 告 知 其 股 東 及 潛 在 投 資 者有關本公司連同其附屬公司及綜合聯屬實體（「本集團」）若干業務發展最新 情 況。除 另 有 界 定 者 外，本 公 告 所 用 詞 彙 與 本 公 司 於2025年4月25日刊發的年度 報 告（「年 報」）所 界 定 者 具 相 同 涵 義。 茲提述本公司日期為2025年5月14日 有 關 業 務 發 展 最 新 情 況 的 自 願 性 公 告。廠 牌首推業務乃本集團「向 上 走」方 案 中 的 一 項 重 要 戰 略，同 時 作 為 高 利 潤 業 務， 因 此 對 提 升 盈 利 能 力 而 言 舉 足 輕 重。誠 如 年 報 所 披 露，根 據 本 公 司 自 其 他 業 務 運 營 所 獲 得 的 洞 察，本 公 司 積 極 尋 求 與 藥 企 建 立 深 度 合 作，旨 在 協 助 它 們 將 針 對 下 游 需 求 定 制 的 產 品 推 向 更 廣 闊 的 市 場，從 而 將 潛 在 的 市 場 機 遇 轉 化 為 實 實 在 在 的 銷 售 業 績。另 一 方 面，依 託 本 公 司 已 經 構 ...

一单外卖背后的战争 一场始于2025年夏季，由美团、淘宝闪购、京东三大平台掀起的"外卖三国杀"， 早已超越了一餐饭的边界。 这场以数百亿资金为燃料的商战表面看是外卖之争，实质是入口之争，即巨头们对"即时零售"生态入口的生死争夺。 单日2.2亿的订单峰值，将"即时零售"推向了舞台中央。也正式宣告了一个新时代的来临：万物到家不再是愿景，而是正在发生的现实。 在这场喧嚣的战争背后，一个更为深刻且静默的变革正在发生——曾经作为即时零售先锋的"前置仓"模式，其战场格局已彻底改变。它不再是小巨头们凭 借区域深耕便能偏安一隅的蓝海，而是演变为一场资本、技术、供应链与生态的全面较量。 换言之，过去，这里是叮咚买菜、朴朴超市等创业公司挥洒汗水的竞技场；而今，这里已成为美团、阿里、京东等巨头的战略要地。未来，不排除拼多 多、抖音等可能入局。 一个可以预见的事实是，前置仓行业正以前所未有的速度，步入一个由少数平台巨头定义的"寡头时代"。 1 换句话说，前置仓的"寡头时代"已经来临。回顾前置仓在国内的十年之路，更像是一部从狂热到理性，从巨亏到艰难盈利的"求生记"。 2014年底，每日优鲜率先将前置仓模式带入大众视野，成为资本追捧的明 ...

Core Viewpoint - The company has optimized its business structure and focused on cost reduction and efficiency improvement, achieving revenue growth despite external market challenges [1] Financial Performance - In the first half of the year, the company maintained stable development in IT distribution and value-added services while focusing on strategic business as a new growth engine, resulting in revenue growth [1] - Research and development expenses increased by 11% to nearly 200 million yuan, reflecting a commitment to enhancing cloud services, software, and proprietary brand products [1] - Sales and management expenses grew by 3%, significantly lower than the revenue growth rate, indicating effective cost control [1] Risk Management - The company has placed a strong emphasis on risk management in response to declining performance capabilities in the external market, enhancing credit and asset impairment loss management [1] - The provision for impairment losses amounted to 160 million yuan, a decrease of 30% compared to the same period last year, showcasing improved risk management practices [1]

Group 1 - The core point of the article is that Jiujiawang (01927.HK) reported a revenue decrease of approximately 10.5% to about RMB 162.5 million for the six months ending June 30, 2025, primarily due to a decline in sales of its own brand products [1] - The company recorded a profit of approximately RMB 4.1 million for the same period, compared to a profit of approximately RMB 7.8 million in the same period of 2024 [1]

Core Viewpoint - HuTongDa Network (09878) reported significant revenue growth in its self-operated trading and service business segments for the first half of 2025, driven by strategic upgrades and a focus on quality improvement and innovation [1] Group 1: Financial Performance - Revenue from self-operated trading business reached 23.96 billion RMB, while service business revenue was 310 million RMB [1] - Sales from self-owned brands exceeded 80 million RMB, marking a year-on-year increase of over 490% [1] - AI-related revenue in the service business accounted for 20% of total service revenue, conservatively estimated to be over 60 million RMB [1] Group 2: Strategic Initiatives - The company initiated a strategic upgrade in the second half of 2024, focusing on optimizing inefficient businesses and improving revenue structure [1] - Plans for the second half of 2025 include active expansion into "hard discounts," "instant retail," and "cross-border e-commerce" sectors [1] - A recent partnership with Alibaba Cloud aims to promote an "AI + industry" model in lower-tier markets, creating a sustainable growth channel for future AI revenue [1]

Core Viewpoint - Huitongda Network (09878) reported significant growth in its self-operated trading and service business segments for the first half of 2025, indicating a strategic shift towards quality improvement and innovation after its strategic upgrade in the second half of 2024 [1] Financial Performance - Revenue from the self-operated trading business reached 23.96 billion RMB, while service business revenue was 310 million RMB [1] - Self-owned brand sales exceeded 80 million RMB, showing a year-on-year increase of over 490% [1] - AI-related revenue in the service business accounted for 20% of total service revenue, conservatively estimated to be over 60 million RMB [1] Strategic Initiatives - The company is focusing on enhancing efficiency and innovation, actively optimizing low-efficiency businesses, and improving revenue structure [1] - Plans for the second half of 2025 include expanding into "hard discounts," "instant retail," and "cross-border e-commerce" sectors [1] - A recent partnership with Alibaba Cloud aims to promote the "AI + industry" model in lower-tier markets, creating a sustainable growth channel for future AI revenue [1]

Financial Data and Key Metrics Changes - The company's GMV declined by 12.1% year over year, while total revenues decreased by 3.7% to RMB 2.17 billion, largely due to last year's high comparison base [21][22] - The gross margin on a GMV basis reached 14.8%, representing a 0.8 percentage point year over year increase, marking the sixth consecutive quarter of gross margin expansion [5][22] - Net loss narrowed to approximately RMB 53 million, a 20% year over year reduction, with the net loss margin improving to 2.5% from 2.9% [5][26] Business Line Data and Key Metrics Changes - GMV from industry key accounts rose by approximately 11% year over year, with the number of transacting customers increasing by around 22% [7] - GMV from regional SME customers grew by approximately 7% year over year, with the number of transacting customers growing by 13% [9] - GMV in sectors such as automotive, new energy, and electrical equipment manufacturing grew by more than 15% [8] Market Data and Key Metrics Changes - The U.S. revenue grew by 260% in the second quarter from the first quarter, indicating strong market entry performance [16] - The company has begun receiving orders from Chinese customers' overseas plants in 10 countries, including Thailand and Mexico, diversifying its supplier network [18] Company Strategy and Development Direction - The company is focused on enhancing its core competencies, including product capabilities, AI, and last-mile delivery, while expanding its overseas business [6][19] - A strategic emphasis on high-margin private label products aims to increase their share in total GMV to approximately 30% [12] - The company is adopting a localized operating strategy in the U.S. and European markets to capitalize on supply chain strengths [15] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in a potential turnaround in top-line growth in the second half of the year, as the impact of previous business adjustments diminishes [21][34] - The company anticipates that growth drivers will increasingly come from overseas markets, particularly Europe and America [33] Other Important Information - The average number of orders processed per customer service representative grew by 48% year over year, while warehouse fulfillment costs decreased by approximately 18% [6] - The company has repurchased approximately 2,650,000 ADS for about dollars under its share buyback program [26] Q&A Session Summary Question: Growth strategy in the Chinese MRO market - Management acknowledged recent business pressures due to optimization but highlighted new customer acquisitions compensating for losses from adjusted business [31][32] Question: Competitive advantages in the MRO sector - Management emphasized advantages in product capabilities, IT capabilities, and a nationwide supply chain, along with strong R&D capabilities [39][41][44] Question: Overseas business challenges and strategies - Management discussed two models for overseas expansion, emphasizing the challenges of building a brand in advanced economies while leveraging strong supply chains [48][49]

Core Viewpoint - Smoore International (06969.HK) reported a revenue increase of 18.3% year-on-year for the first half of 2025, but net profit decreased by 28.0%, indicating challenges in managing expenses despite revenue growth [1][2]. Financial Performance - Revenue for the six months ended June 30, 2025, was CNY 60.13 billion, up from CNY 50.84 billion in the same period last year, reflecting an 18.3% increase [2]. - Gross profit reached CNY 22.44 billion, a 16.6% increase from CNY 19.24 billion year-on-year [2]. - Gross margin slightly decreased to 37.3% from 37.8%, a drop of 0.5 percentage points [2]. - Profit before tax was CNY 698.74 million, down 13.9% from CNY 811.56 million [2]. - Net profit for the period was CNY 492.15 million, a decrease of 28.0% compared to CNY 683.20 million in the previous year [2]. - Total comprehensive income for the period was CNY 501.17 million, down 30.8% from CNY 724.60 million [2]. - Adjusted net profit was CNY 737.41 million, a slight decrease of 2.1% from CNY 752.85 million [2]. - Adjusted net profit margin fell to 12.3% from 14.8%, a decline of 2.5 percentage points [2]. Dividend Announcement - The board declared an interim dividend of HKD 0.20 per share for the six months ended June 30, 2025, compared to HKD 0.05 per share for the same period last year [3]. - The interim dividend is expected to be paid on September 25, 2025, to shareholders listed on the register as of September 11, 2025 [3].

Group 1 - The company reported revenue of approximately 9.843 billion RMB for the six months ending June 30, 2025, representing a year-on-year growth of 11.7% [1] - Profit attributable to owners increased to 78.117 million RMB, a significant year-on-year growth of 258% [1] - Adjusted net profit under non-IFRS was approximately 122 million RMB, reflecting a year-on-year increase of 33.2% [1] Group 2 - The company's gross profit rose by 25.3% to 1.1045 billion RMB, with the gross margin increasing from 10.0% to 11.2% [1] - The growth in gross margin is primarily attributed to strong downstream demand for the company's proprietary brand products, which has led to an expansion in the scale of high-margin business [1]