The Pharmacist Assistance today announced its mid-term performance report for 2024. During the reporting period, the company's revenue was 8.81 billion RMB, a year-on-year growth of 10.6%; net profit turned positive for the first time, exceeding 13 million RMB; adjusted net profit reached over 91 million RMB, a significant increase of 30.3% year-on-year; operating cash flow continued to maintain a positive inflow of 0.42 billion RMB, a year-on-year growth of 14.6%.

According to data from Mineweb, the retail scale of physical pharmacies in China decreased by 3.7% year-on-year in the first half of 2024. However, the revenue scale of Pharmacist Assistance still maintained double-digit growth. In the first half of 2024, Pharmacist Assistance's total GMV reached 23.83 billion RMB, with a net increase of over 1.79 billion RMB year-on-year. While maintaining the growth rate of scale, the company's profitability is steadily improving, achieving positive net profit and a 30.3% increase in adjusted net profit year-on-year.

In terms of user activity and stickiness, the company continues to maintain a growth trend. As of June this year, Pharmacist Assistance has accumulated over 0.741 million registered buyers, including approximately 0.426 million pharmacies and approximately 0.31 million grassroots medical institutions. The registered users penetrate 98.6% of counties and 90.7% of townships nationwide. The average monthly active buyers reached 0.425 million, a year-on-year increase of 20.4%, and the average monthly paying buyers reached 0.396 million, a year-on-year increase of 19.6%.

The announcement shows that in the first half of 2024, Pharmacist Assistance continuously optimized its supply chain management and improved operational efficiency through refined operation. In the first half of the year, the company's accounts payable turnover days were approximately 60.6 days, accounts receivable turnover days were approximately 0.6 days, and the cash cycle was approximately -28.9 days, achieving efficient inventory and cash management. In terms of platform efficiency, each BD (Business Development) brought approximately 8.2 million RMB GMV, a year-on-year increase of 6.4%.

In addition, the company explored new profit growth points through adjusting its product strategy. In the first half of the year, the GMV of the exclusive strategic cooperation brand and self-owned brand "Happy Pharmacist" reached 0.22 billion RMB, a year-on-year increase of 94%.

Some institutions believe that due to policy adjustments and the impact of a high base, the pharmaceutical industry was in a weak recovery state in the first half of this year. As bearish factors gradually clear and the period of pain ends, the industry's growth rate is expected to show a trend of starting low and ending high, with huge potential in the field. With the scale effect and digital advantages, Pharmacist Assistance will further deepen its industry moat and is expected to gain a larger market share in the future.