The Zhitong Finance App learned that on August 20, Pharmacist Group (09885), a leading provider of digital medicine outside the hospital, released an interim results report. The report shows that in the first half of 2026, Pharmacist Help achieved operating income of 10.283 billion yuan, an increase of 4.5% year on year; net profit of 109 million yuan, an increase of 47.1% year on year. During the reporting period, Pharmacist Help relied on a “platform+self-operated” two-wheel drive to achieve simultaneous growth in revenue and net profit. With the expansion of high-margin business and the promotion of full-link digitalization, the company's profit structure has been optimized, and the competitive moat continues to deepen.
In terms of platform business, increased end-user stickiness strengthened the basic market. In the first half of 2026, the Pharmacist Help platform had an average of 460,000 monthly active buyers, with an average monthly paying rate of 94%. Single-paying buyers placed an average of 29 orders per month, and the depth of user repurchase and procurement frequency were steadily increasing; the supply side continued to expand, with an average monthly sales of more than 4.3 million SKUs, an increase of 9% over the previous year. During the reporting period, pharmacists helped to add cooperative production areas for authentic medicinal herbs from Tianqi and Gengteng. The number of varieties of traditional Chinese medicine was increased to 372, the grade standard was 1,266, and the sales volume of tablets reached 20,000 tons, an increase of 10% over the previous year.
In terms of proprietary business, the supply chain continues to iterate to improve contract fulfillment efficiency. During the reporting period, the company's own business expanded in-depth cooperation with leading brands in the industry, with more than 12,000 upstream cooperative suppliers; continued to iterate the “procurement-warehousing-distribution” full-link intelligent supply chain system, and the on-time order delivery rate reached 97.4%. Thanks to the refined management of the supply chain, Pharmacist Help maintained a net operating cash flow rate of about 78.9 days, inventory turnover days of about 37.5 days, accounts receivable turnover of only 2.4 days, and a cash cycle of about 39.1 days.
In terms of high-margin business, private brands quickly allocate volume and optimize the profit structure. The brand's first promotion business relies on a digital marketing system to provide accurate and efficient online channels for pharmaceutical companies. The transaction volume during the reporting period reached 1,281 billion yuan, an increase of 18.6% over the previous year. With its high gross profit attributes and differentiated competitive advantages, the private brand business has become the core engine of the company's profit growth, continuing to drive a steady upward trend in the gross margin of the overall self-operated business. During the reporting period, the number of in-stock products exceeded 1,200, the number of service terminals increased 10% year on year, and the transaction scale reached 1,111 billion yuan, an increase of 30.4% year on year.
In terms of digital infrastructure, the software and hardware layout helps reduce upstream and downstream costs and increase efficiency. In terms of SaaS services, the number of Yunshangtong users for upstream sellers has surpassed 10,000; it has more than 81,000 subscribers for downstream buyers, directly connected to social security department systems in more than 200 cities; Spectrum Cloud Clinic has paid more than 4,000 users for primary medical institutions, and the medical insurance function covers more than 100 cities; the “PHDS Pharmacy Health Diagnosis System” built specifically for pharmacy chains has served about 1,000 chain headquarters users. In terms of smart hardware, in the future, Spectrum series devices will cover about 25,000 end users, sell about 38,000 units, and the penetration rate of grass-roots terminals will continue to increase.
Furthermore, based on firm confidence in the company's long-term value and development prospects, pharmacists help actively implement share repurchases. From March 23 to July 21, the company used HK$159 million to repurchase over 35 million shares, accounting for 5.1% of the total share capital. The board of directors has approved a repurchase limit of up to HK$100 million, which will be implemented in due course depending on market conditions to further optimize the capital structure and enhance shareholder returns.