藥師幫上半年業績爆發式增長，盈利結構優化引領價值兑現
2025年8月20日，藥師幫(9885.HK)發佈2025年半年報：延續2024年扭虧為盈的強勁勢頭，公司實現歸母淨利潤7811萬元，達去年同期3倍以上；營業收入98.4億元，同比增長11.7%，經營性現金流入超2.57億。業績高增長主要源於三大核心驅動力：規模優勢推動收入穩健增長、自有品牌高毛利業務快速擴張，以及數字化能力提升帶來的運營效率顯著優化。
報吿期內，公司自有品牌業務表現突出。2025年1-6月，自有品牌業務交易額達8.5億元，同比激增473.4%，佔廠牌首推業務總規模78.8%，成為毛利率提升的重要支撐。戰略單品藿香正氣口服液在基層醫療終端的覆蓋取得實質性突破，基層醫療機構客户銷售貢獻佔比達40%。中藥業務同步高速擴張，上半年SKU超125萬個，同比增長22.5%；銷售了超過18000噸中藥飲片，同比增長約42.6%。
公司業績高增長的背後，得益於規模優勢的持續強化以及運營效率的不斷提升。半年報顯示，藥師幫月均活躍買家數達45.3萬家，同比增長6.5%。月均付費買家數達42.6萬家，同比增長7.6%。付費率由93%同比上升至94%，月均訂單數由去年同期的28上升至29.2單。用户覆蓋率居行業前列，滲透深度及黏性持續增長，規模優勢降低邊際成本，毛利率持續提升。
同時，依託數字化底座，公司運營效率得以持續優化：1-6月，應付賬款週轉天數約67.7天，存貨週轉天數約32.2天，應收賬款週轉天數約1.8天，現金循環週期為-33.8天， "快週轉+現金牛"模式為業務拓展提供強力支撐。
基層醫療生態佈局取得實質性進展。上半年，公司通過"光譜小屋"整合POCT檢測設備、AI輔助診斷及診所SaaS系統，向全國投放23000萬台即時檢測設備，覆蓋1.8萬家基層終端。
目前醫藥零售仍處於深度調整期，藥師幫作為院外醫藥綜合性數字化服務商，將錨定零售終端迫切向"專業服務+精細運營"轉型的剛需，持續推進三大經營策略：深化供應鏈的數字化改造，降低合規和流通成本；加速自有品牌、中藥等高毛利業務的滲透，以優化盈利結構；通過技術賦能構建基層醫療生態閉環，解決下游的專業化服務與效率痛點。長城證券近期研報預計，2025-2027 年公司有望實現營業收入 203.27 億元、233.75 億元、271.20 億元，歸母淨利潤1.24億元、3.79億元、7.20億元。
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