藥師幫(9885.HK)發佈中期業績：營收同比增長10.6%，經調淨利潤同增30.3%
藥師幫今日發佈2024年中期業績公吿。報吿期內，公司營業收入88.1億元人民幣，同比增長10.6%；淨利潤由大幅虧損首次轉正，超1300萬元；經調淨利潤初具規模超9100萬元，同比大幅增長30.3%；經營性現金流繼續保持正向流入達4.2億元，同比增長14.6%。
米內網數據顯示，2024年上半年，中國實體藥店零售規模同比下降3.7%。報吿期內，藥師幫營收規模仍保持兩位數增長。2024年上半年，藥師幫總GMV達238.3億元，同比淨增超17.9億元。在保持規模增速的同時，公司盈利能力也在穩步提升，實現淨利潤首次轉正，經調淨利潤同比增長30.3%。
在用户活躍度及黏性方面，公司繼續保持增長態勢。截至今年6月，藥師幫累計註冊買家數超過74.1萬家，其中藥店約42.6萬家，基層醫療機構約31萬家，註冊用户滲透全國98.6%的縣域和90.7%的鄉鎮；月均活躍買家數達42.5萬家，同比增長20.4%；月均付費買家數達39.6萬家，同比增長19.6%。
公吿顯示，2024年上半年藥師幫通過精細化運營，不斷優化供應鏈管理，提升運營效率。上半年，公司應付賬款週轉天數約60.6天，應收賬款週轉天數約0.6天，現金循環週期約—28.9天，實現了高效的存貨與現金管理。從平台人效來看，上半年每名BD可帶來約人民幣820萬元的GMV，同比增長6.4%。
此外，公司通過調整產品策略探索新的盈利增長點。上半年，獨家戰略合作品牌及自有品牌“樂藥師”產品GMV達2.2億元，同比增長94%。
有機構認為，受政策調整及高基數影響，今年上半年醫藥行業處於弱復甦狀態，隨着利空因素逐步出清、陣痛期結束，全年行業增速有望呈現前低後高趨勢，賽道潛力依然巨大。憑藉規模效應和數字化優勢，藥師幫將進一步加深行業護城河，未來有望分得更大市場蛋糕。
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