Core Viewpoint - The company reported a revenue of 2.157 billion yuan for the first half of 2025, which aligns with market expectations despite slight fluctuations compared to the previous year, indicating a solid foundation for long-term growth through structural optimization and innovation breakthroughs in its core business [1] Group 1: Business Strategy - The company is restructuring the industry value chain through a three-dimensional strategy of "upstream product control, midstream empowerment, and downstream terminal capture" leveraging over 20 years of experience in the outpatient market [2] - The company is building a moat around scarce resources by utilizing the MAH model, exclusive agency for ethnic and traditional Chinese medicines, and investments in medical devices, thereby securing pricing power for core products [3] Group 2: Digital Transformation - The establishment of a wholly-owned subsidiary, Shutan Artificial Intelligence, marks a significant breakthrough in the company's digital ecosystem and big data strategy, enhancing operational efficiency across various business systems [4] - The company has provided financing services to over 5,100 small and micro clients, with accounts receivable turnover days reduced from 68 to 52 days, leading to a 25%-30% increase in procurement [4] Group 3: Market Reach - The company achieved 150 million yuan in revenue from Chongqing Yaoda Mai in the first half of 2025, representing 77.73% of the total revenue for 2024, with its "Viagra" series products ranking first in the e-commerce prescription drug category [5] - The company operates 451 chain pharmacies, including 1,474 franchise stores, and has implemented O2O smart drug warehouses in Chengdu, achieving a 67% increase in O2O order volume [5] Group 4: Ecosystem and Capital Empowerment - The company has injected new vitality into its ecosystem through dual-driven strategies of industrial funds and data asset operations, completing investments in five pharmaceutical varieties and three equity projects [6] - The company has accumulated 134.1TB of data resources, with over 20 data products listed on the Shanghai Data Exchange, positioning itself advantageously in the data circulation sector [6] Group 5: Long-term Value Proposition - Despite a temporary adjustment in net profit, the company's forward-looking investments in MAH reserves, digital system development, and C-end ecosystem construction are expected to create significant barriers in the pharmaceutical internet industry [8] - The company's comprehensive supply chain and digital technology-driven model has transitioned it from traditional pharmaceutical distribution to a leader in the technology-driven health industry, with a robust ecosystem closing in on completion [8]

编号：2025-002 证券代码：300937 证券简称：药易购 四川合纵药易购医药股份有限公司 2025 年 6 月 10 日投资者关系活动记录表 | 保障，明确国家保护传统中药加工技术和工艺，支持传统剂型 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 中成药的生产，鼓励运用现代科学技术研究开发传统中成药。 | | | | | | | | 公司通过股权合作、独家经销等多种方式深入布局中成药。例 | | | | | | | | 如，公司与苏州玉森新药开发有限公司开展全面深化战略合作， | | | | | | | | 锁定其核心全国独家中成药产品芩苓子阴道灌注液院外销售权 | | | | | | | | 益，共同推动中医药产业创新发展。 | | | | | | | | 未来，公司将通过对优质民族药/中成药工业企业采用"股 | | | | | | | | 权合作+独家经营"等多种方式深入布局，实现民族药、中成药 | | | | | | | | 创新高效发展。感谢您的关注！ | | | | | | | | 附件清单（如有） | | | | | ...

Group 1: Future Development Direction - The company's core future development direction is to master the pricing power of key products through various pharmaceutical models, including MAH and exclusive "custom" investments, aiming to create a product ecosystem in specific disease areas [1] - Key product selections focus on unique and scarce items in traditional Chinese medicine, special dietary products, medical devices, and synthetic biology, which are difficult for competitors to replicate [1] Group 2: Product Matrix Expansion - The company has a product matrix that includes exclusive items such as the national exclusive "Wei Ge" series trademark products and various traditional medicine products, with plans to continuously expand this matrix to enhance profitability [2] Group 3: Mergers and Acquisitions - The company does not rule out the possibility of mergers and acquisitions to expand its business scope, especially in the context of the recent active merger market following the release of the "Six Opinions on Mergers and Acquisitions" by the China Securities Regulatory Commission [3] Group 4: Intelligent Layout and Digital Transformation - As the first listed pharmaceutical internet enterprise in China, the company is fully promoting digital transformation and intelligent upgrades, including numerous updates and iterations on its pharmaceutical supply chain system and e-commerce platform [4] - The company is leveraging artificial intelligence to enhance operational efficiency, with applications such as automatic stock reminders and price alerts, and is deploying top domestic AI models for various innovative applications [4]