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《大行報告》野村:倘內地禁止第三方平台直接參與線上藥品網售 將對京東健康(06618.HK)等產生重大影響
阿思達克 06-23 10:36
野村發表研究報告指,近日有報道指內地當局將禁止第三方平台提供者直接參與藥品網絡銷售活動,諮詢文件未有提到第三方市場的定義,亦未有具體說明甚麼類型的銷售活動構成違規,但市場仍然擔心如果法規實施,將迫使線上醫療保健平台放棄其直銷或第三方業務,以滿足新法規要求。 野村認為,法規旨在保護線上藥品銷售平台上的第三方商家,若真的落實及嚴格執行,可能會對京東健康(06618.HK)等行業參與者產生相當大的影響。京東健康直銷及第三方業務分別貢獻2021年收入的85%及15%,對毛利貢獻則為39%及61%。 惟該行提到,根據行業參與者反饋,大多數都預期法規未必會被採用或難以嚴格執行,因為中國線上醫療行業的大多數主要平台都採用直銷加第三方的商業模式,實行新規將導致行業格局出現重大變化,並非是當局的初衷。
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