26 August 2026 | 1:34AM HKT Equity Research Honglin Yan +852-2978-6666 | honglin.yan@gs.com Goldman Sachs (Asia) L.L.C. Eddie Song +852-2978-6426 | eddie.song@gs.com Goldman Sachs (Asia) L.L.C. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment de ...

业绩表现 - 2Q销售额同比下降1.6%至1424亿元，毛利率承压，2Q26为7.05%，2Q25为7.46%[1] - 1H26零售业务收入同比增长8.6%，显著超越传统分销板块[2] - 1H26服务相关收入实现两位数增长，新增35个SPD项目和28个医院设备集中配送项目[3] 运营质量 - 客户应收账款收款天数缩短3天，应收账款下降速度快于销售额[1] - 管理层重申全年经营现金流为正的预期[1] 业务转型 - 公司正从传统分销商向综合医疗服务平台转型[3] 估值与评级 - 微调盈利预测-3.2%/-3.2%/-2.8%，12个月目标价从19.07港元降至18.46港元[6] - 对公司维持中性评级，股票交易于5年平均区间低端[8] 风险因素 - 上行风险包括设备分销整合快于预期、新业务拓展超预期、全国VBP实施加快现金回收[7][8] - 下行风险包括VBP范围扩大带来的利润率压力、营运资金周转率进一步恶化、潜在收紧的贷款环境推高融资成本[7][8]