Core Viewpoint - The company maintains a "Buy" rating due to steady growth in operating performance, despite some adjustments in profit forecasts for 2025-2027 [1] Financial Performance - In H1 2025, the company achieved revenue of 4.881 billion yuan (up 1.30% year-on-year) and a net profit attributable to shareholders of 36 million yuan (up 49.83%) [1] - In Q2 2025, revenue was 2.503 billion yuan (up 5.18%), but net profit attributable to shareholders decreased to 11 million yuan (down 22.36%) [1] - The gross margin for H1 2025 was 26.30% (down 1.56 percentage points), while the net profit margin was 0.63% (up 0.29 percentage points) [1] - The company adjusted its profit forecasts for 2025-2027, expecting net profits of 55 million yuan, 67 million yuan, and 77 million yuan respectively [1] Store Expansion and Market Strategy - As of H1 2025, the company operated 9,042 stores, including 5,072 direct-operated stores and 3,970 franchise stores [2] - The majority of direct-operated stores (4,292) are located in Shandong province, accounting for 84.62% of the total [2] - The company is focusing on optimizing its online business and integrating it with offline channels, achieving O2O direct sales of 455 million yuan (up 11.0%) in H1 2025 [2] Patient Management and Service Development - The company is advancing its DTP patient management platform, which includes patient information management, medication guidance, health monitoring, and education services [2] - As of H1 2025, the company has over 120 specialty pharmacies for critical illnesses and more than 400 pharmacies located near hospitals [2]

医药生物/医药商业 漱玉平民（301017.SZ） 2025H1 经营业绩稳健增长，线上业务优化布局 2025 年 09 月 01 日 投资评级：买入（维持） | 日期 | 2025/8/29 | | --- | --- | | 当前股价(元) | 12.10 | | 一年最高最低(元) | 17.86/9.12 | | 总市值(亿元) | 49.05 | | 流通市值(亿元) | 29.45 | | 总股本(亿股) | 4.05 | | 流通股本(亿股) | 2.43 | | 近 3 个月换手率(%) | 177.29 | 相关研究报告 余汝意（分析师） 巢舒然（联系人） yuruyi@kysec.cn 证书编号：S0790523070002 chaoshuran@kysec.cn 证书编号：S0790123110015 经营业绩稳健增长，维持"买入"评级 公司 2025H1 实现营收 48.81 亿元（同比+1.30%，下文皆为同比口径）；归母净 利润 0.36 亿元（+49.83%）；扣非归母净利润 0.32 亿元（+24.63%）。2025Q2 实 现营收 25.03 亿元（+5.18%）；归母净利润 ...