YSB (09885) net profit increased by 409.7% in 2025, with the acceleration of the incubation of proprietary brands becoming a new profitable engine.

On March 23, 2026, YSB (09885) released its 2025 annual performance report on the Hong Kong Stock Exchange: In 2025, YSB achieved operating revenue of 20.97 billion yuan, a year-on-year increase of 17.1%; net profit of 150 million yuan, a year-on-year increase of 409.7%; and adjusted net profit of 237 million yuan, a year-on-year increase of 51.2%. Among them, the high-margin business brand, First Push, achieved a transaction volume of 2.445 billion yuan, a year-on-year increase of 111.2%, significantly improving its profitability. The financial report shows that YSB's downstream coverage has reached 98.9% of counties and 91.2% of townships nationwide. The average monthly active buyers reached 461,000 households, a year-on-year increase of 6.5%. The average monthly paid buyers reached 435,000 households, a year-on-year increase of 8.4%, with a stable payment rate at a high level of 94%, and an average monthly order volume per paid buyer of approximately 29.6 orders. In terms of financial performance, the company achieved revenue of 20.97 billion yuan, a year-on-year increase of 17.1%, far exceeding industry growth rates. Self-operated revenue increased by 18.2%, with a gross profit margin improving to 7.7%; platform business gross profit margin increased to 83.5%. As the high value-added business incubated by the company, the transaction volume of the First Push brand reached 24.45 billion yuan, a year-on-year increase of 111.2%. At the same time, the company achieved a net profit of 1.5 billion yuan, a year-on-year increase of 409.7%, and operating cash flow of 638 million yuan. The rapid growth in profitability is not only due to the continued release of the company's scale effect and the improvement of management strategies, but also benefited from the rapid growth of high-margin businesses, further improving the overall profitability of the company. Solidify the core business scale advantage, build a strong supply chain core barrier In 2025, influenced by policy factors and market fluctuations, the various links of the pharmaceutical industry chain face many opportunities and challenges. Digital capabilities, supply chain efficiency, and professional service levels have become the core competitive strengths of enterprises. YSB has anchored this trend and continued to solidify its core business scale advantage. With a driving strategy of "diverse ecology + digital infrastructure," the company has systematically improved the category supply matrix and service fulfillment system, establishing a core competitive barrier in the upstream supply chain system. Upstream third-party merchants and self-operated businesses together form a diversified supply ecology on the YSB platform. The financial report shows that YSB has over 11,000 upstream merchants, with a large number and diverse types of suppliers driving platform upgrades in terms of category breadth, quality standards, and service depth. The expansion of traditional Chinese medicine business accelerated in 2025, with 365 premium product types and 898 grade standards established, selling approximately 40,000 tons of traditional Chinese medicine pieces, a year-on-year growth of 32.8%. By 2025, the monthly average number of SKUs on the platform has increased to 4.2 million. Leveraging digital capabilities and big data filtering, the company has identified a group of upstream merchants with both excellent supply capability and strong compliance awareness, and with the support of the platform's supply chain coordination and deep inventory management, the overall level of the merchants in terms of category, service, and delivery quality has been further enhanced. The self-operated business has achieved quality enhancement and efficiency improvement on the supply side through supply chain upgrades, digital operation, and quality service measures. In 2025, YSB established deep strategic cooperation with Kefuchina and Shijiazhuang Yiling Pharmaceutical and other top pharmaceutical companies to create a high-quality, high-elastic, and compliant industrial supply chain system; and through a comprehensive iteration of intelligent operation hub, the overall fulfillment efficiency and service quality have been continuously improved. During the reporting period, the on-time delivery rate of orders has steadily increased to 96.7%. The dual-wheel drive of "platform + self-operated" has accelerated efficiency improvement, consolidating and strengthening YSB's core business advantages, further fortifying the core barriers of the upstream supply side. Based on the "diverse ecology," the platform integrates data intelligence and supply chain network, helping downstream realize dynamic inventory optimization and digitized operations, systematically enhancing the sustainable operational capabilities of downstream users. In 2025, the monthly active and paid user numbers of YSB achieved steady growth, fully verifying the value of the platform as a "connector" and "amplifier" of supply and demand. Acceleration of high value-added business incubation drives continuous improvement in profitability Through the strategies of "deep cooperation with pharmaceutical companies" and "own brand," the First Push brand as a high value-added business within the self-operated business also achieved accelerated incubation in 2025, with a total transaction volume of approximately 24.45 billion yuan, a year-on-year increase of 111.2%. The financial report shows that in 2025, First Push brand focused on expanding the coverage of its own brands in downstream pharmacies and grassroots medical institutions, promoting the deep penetration of brand influence. With the ability to accurately reach sales terminals through the platform, YSB continues to identify the real needs of downstream pharmacies and clinics, using this to create own-brand products with potential for explosive sales in the channels. Through continuous improvement in coverage, own brands have become a key path for the company to achieve differentiation competition and improve profitability. Currently, YSB has successfully launched multiple own brands such as Leyaoshi, Yuandian, and Haitai, covering high-potential categories such as traditional Chinese medicine, gynecological medicine, medical devices and consumables, and health preservation Chinese medicine, and reaching a wide range of customers including single stores, chains, and grassroots medical institutions. The financial report data shows that in 2025, the total number of SKUs related to own brands exceeded 1,200, achieving an explosive growth of over 282.8% in transaction volume, and driving the transformation of self-operated business towards high-margin, high value-added directions, with the gross profit margin of self-operated business increasing from 6.2% in 2024 to 7.7% in 2025. Future growth engines: digital infrastructure and AI applications In 2025, the domestic pharmaceutical industry is still in a transformation "deep water zone," with the complexity and uncertainty of the macro environment bringing short-term fluctuations, but structural opportunities still exist. In addition, new technologies such as AI large models and smart healthcare are experiencing explosive growth, and the trends of digitalization of the industry and refinement of services are evident, opening up new growth spaces for participants with innovative technology and models. Industry competition is characterized by "deep value cultivation," with digital capabilities, supply chain efficiency, and professional service levels becoming key to industry competitiveness. Digital infrastructure is a long-term strategy for YSB. In 2025, the company continued to increase its technological investment, continuously upgrading its SaaS service tools. Currently, "Cloud Merchant Pass" has provided services to over 9,600 merchants, helping them achieve digital upgrades in inventory management, order processing, market analysis, and other areas. The number of users of "Shop Keeper Easy" has exceeded 73,000 downstream terminals, providing tools for one-stop purchasing, inventory management, sales analysis, etc., and has connected to the social security systems of 243 cities. In response to the needs of chain pharmacies, YSB has specifically built the "PHDS Pharmacy Health Diagnosis System," effectively improving the operational efficiency and benefits of chain pharmacies. By the end of 2025, this system serves approximately 850 chain headquarters users. In 2025, YSB deepened the integration of AI technology into business scenarios: within the platform ecosystem, by iterating sales forecasting models and intelligent planning algorithms for sourcing, a dynamic balance mechanism between demand and supply has been constructed; precise replenishment based on user profiles and product recommendations has optimized downstream purchasing efficiency and experience. On the self-operated end, by optimizing operational processes with AI, intelligent services such as self-operated operation steward, and AI procurement have been launched, achieving full-cycle digitalization of inventory turnover, purchasing decisions, and cost control, further reducing costs and improving efficiency. In the SaaS service end, AI technology has been embedded into the Spectrum Cloud Diagnosis SaaS system, enabling functions such as AI-assisted prescription reviewing and AI-assisted diagnosis. In addition, YSB has entered into a strategic partnership with DOBOT Technology to jointly explore the application of Siasun Robot&Automation in intelligent warehousing, distribution, and other scenarios, laying a foundation for intelligent upgrade of the supply chain. Looking ahead to 2026, YSB stated that it will adhere to deepening its core business and consolidating its foundation, driving high-quality growth of its core business, further enhancing the company's competitiveness in the outpatient pharmaceutical field; at the same time, it will deepen digital infrastructure, explore leading AI technology, accelerate the upgrade of smart supply chain capabilities, build a diverse and open platform ecosystem, and accumulate strength for long-term value.