1月5日晚间的一纸公告，揭示出了业内领先的品牌电商运营服务商优趣汇控股（02177）正在加速构筑 起自身的第二增长曲线。 根据优趣汇方面披露的相关公告，公司以27.01亿日元（约1.35亿港元）的代价向两名独立第三方收购 One Two Co., Ltd.合共90%权益的交易已经正式完成。据介绍，One Two Co., Ltd.主要经营日本咨询式药 房连锁品牌药局"あかひげ薬局"，收购完成后あかひげ薬局将保留其品牌名称与核心团队，以确保服务 理念与专业标准的延续性；同时，作为间接非全资附属公司，其财务业绩也将并入集团财务报表。 在智通财经看来，优趣汇此次收购日本垂直领域专业药局，其战略意义十分值得玩味。此前，优趣汇便 已经与多家日本百年药企有着长期、深度的合作。而此次通过外延并购，公司进一步加强了自身在高潜 力的专业健康消费赛道的影响力；更关键的是，优趣汇还借此一举获得了稀缺的海外本地化品牌，后续 借助あかひげ薬局成熟的零售网络及垂直领域专业能力，优趣汇料将更快实现从线上代运营向"线上 +线下"融合的品牌零售生态跨越升级。窥斑见豹，这种通过精准并购获取关键资源与能力的策略，预 计不仅将显著缩短优趣汇孵化和培 ...

第二增长曲线浮现价值重估箭在弦上 作为一家在日本市场深耕逾33年历史的"老字号"，此次优趣汇"相中"的あかひげ薬局共拥有近10家药 房，运营网络遍及北海道、本州及九州地区，在该国拥有极高的品牌认可度。不同于国内常见的综合性 大药房，あかひげ薬局聚焦于性健康与保健领域，以中老年男性健康管理为核心业务，通过"药剂师一 对一咨询"模式为中老年男性提供药品与健康个性化解决方案，年均服务超百万人次。而除了销售非处 方药品外，あかひげ薬局还开发了包括"壮阳皇"、"强力飞弹"在内的多款专利品牌性保健品。 回顾一直以来优趣汇在日本市场的长期投入，大概便不会对如今优趣汇战略收购あかひげ薬局感到意 外。翻阅优趣汇的合作品牌名单，里面不乏小林制药、大正制药、第一三共、太田胃散等多家日本百年 药企。联系起来看，笔者认为这最新的收购动作可被视为优趣汇长期能力沉淀后的战略延伸与自然选 择。 在多年服务日本头部药企的过程中，优趣汇不仅深刻洞察了大健康赛道的消费特性与运营逻辑，更构建 了针对医药健康产品的专业运营体系与合规管理能力。这些深厚的行业专业知识与资源网络，为其后续 整合并亲自操刀あかひげ薬局这一线下专业品牌，提供了至关重要的认知基 ...

Core Insights - Vanpearl, a Canadian health food brand under Youquhui, achieved total sales exceeding 4 million yuan and sold over 8,000 bottles during the Singapore traceability event held from September 7 to 9 [1][2] - The ERGO - VITALIS™ gene capsule, Vanpearl's core product, features a patented formula aimed at repairing DNA and delaying aging, enhancing cellular self-repair and metabolic efficiency [1] - The collaboration with "Big Molecule Laboratory" not only resulted in high traffic and conversion rates but also strengthened Vanpearl's brand influence in the high-end health supplement market [1] Sales Performance - Total sales during the event surpassed 4 million yuan, with over 8,000 bottles sold [1][2] - The gene capsule ranked first on Douyin's health food sales chart during the live broadcast on September 7 [1][2] Product Innovation - The ERGO - VITALIS™ gene capsule is designed to activate cellular life factors and replace damaged DNA segments, providing comprehensive protection for the DNA genome [1] - The product is positioned as a "gene guardian," focusing on anti-aging effects at the DNA level [1] Brand Strategy - Youquhui leverages its capabilities in supply chain management, brand operation, and cross-border e-commerce to enhance its own brand and connect with international research resources [1]

Core Viewpoint - The financial results of Youquhui (02177) for the first half of 2025 show a revenue of 580 million yuan and a net profit of 11.2 million yuan, indicating a "zero growth" situation. However, excluding non-recurring items and terminated brand collaborations, revenue increased by 2.5% year-on-year, and net profit remained stable. The gross margin improved by 4.6 percentage points to 34.6% [1] Group 1: "Subtraction" Strategy - Youquhui has been actively divesting low-margin brands and channels, which has led to a continuous improvement in profitability. The gross margin has shown a significant upward trend, increasing from 23.9% in 2022 to 34.6% in the first half of 2025 [2] - The company terminated collaborations with low-margin brands in the personal care and beauty sectors, as well as ceased operations in stagnant e-commerce businesses, indicating a strategic shift towards higher-margin products [2] - The rising gross margin trend is a key indicator of potential future improvements in other performance metrics, despite short-term fluctuations in revenue and net profit [2] Group 2: "Addition" Strategy in Health Sector - Youquhui has identified the health sector as a primary area for diversification, capitalizing on the growing demand for functional health foods. The health segment's revenue grew by 42.9% in the first half of 2025, driven by the strong performance of its proprietary brand Vanpearl, which generated 14 million yuan in revenue [3][4] - The successful launch of the ERGO-VITALIS™ capsule, which utilizes ergothioneine as a key ingredient, has validated the company's health product development model [3] - Youquhui is expanding its partnerships with established health brands, enhancing its market presence and brand influence in the health sector [3] Group 3: Future Growth Potential - The company's mid-year report reflects a strategic investment phase, with a clear long-term growth trajectory despite the absence of immediate steep growth in core financial metrics [5] - Youquhui plans to prioritize overseas expansion, particularly in Southeast Asia and North America, utilizing localized compliance and collaboration with local KOLs to enhance brand visibility and market penetration [6] - The company has shifted its funding strategy from seeking investments in technology companies to focusing on acquisitions and strategic partnerships in the health and beauty sectors, indicating a proactive approach to seizing growth opportunities [6]

Core Insights - The company reported a revenue of approximately 580 million and a net profit of 11.2 million for the first half of 2025, with basic earnings per share at 0.07 yuan [1] - The company has systematically optimized its brand matrix, terminating partnerships with low-margin brands, resulting in a 2.5% revenue increase compared to the same period last year [1] - The gross margin for the first half of 2025 was 34.6%, an increase of 4.6 percentage points from 30.0% in the same period last year [1] Revenue and Profitability - The company actively optimized its existing brand and channel structure, focusing on enhancing cooperation with core brand partners and expanding overseas markets [1] - New health brands were introduced, contributing an additional revenue of 12.5 million [1] - Revenue from Douyin, Pinduoduo, and overseas businesses accounted for 12.4% of total revenue, up from 11.1% in the same period last year, marking an increase of 1.3 percentage points [1] Product Development - The company launched a Canadian anti-aging health food brand, Vanpearl, featuring the active ingredient ergothioneine, generating sales revenue of 14 million [2] - A strategic partnership was established with Novo Nordisk's high-end probiotic brand, focusing on high-net-worth consumers in China who prioritize gut health [2] - The company is strengthening its competitive advantage in the high-end health food sector through a diversified product portfolio [2]