YSB (09885) has demonstrated remarkable market performance recently, drawing significant attention. Since September 25, the company has posted gains for 8 consecutive trading days. As of the October 8 close, YSB's stock price had climbed to HK$12.4, marking a new yearly high with annual gains exceeding 142%. Market analysts suggest that this sustained upward momentum primarily stems from the gradual dissipation of selling pressure from early investors that had previously troubled the market, leading to further optimization of the company's equity structure. Combined with the company's solid performance and fundamentals, these factors have collectively driven this concentrated value recovery.
Since the lifting of post-listing restrictions, the exit of some early investors had once raised market concerns about liquidity pressure, which to some extent contributed to YSB's prolonged period of volatile sideways trading. However, as related reduction plans proceeded in an orderly and stable manner, the market observed that these actions did not create excessive impact on the secondary market.
According to Hong Kong Exchange disclosures, DCM, an early primary investor in YSB, has recently completed its exit, while Fosun Pharma has also concluded its equity holdings. The departure of early financial investors has created space for introducing institutional investors focused on long-term value, while further enhancing the stability and quality of the shareholder base, reducing uncertainties arising from large-scale concentrated share disposals.
Recent consecutive net fund inflows also demonstrate that market confidence is being substantially bolstered. Investors are beginning to reassess the company's liquidity risks and governance structure, with previously undervalued market capitalization being rapidly restored.
Throughout this year, YSB has continuously deepened its supply chain capabilities, expanded its terminal coverage network, and increasingly demonstrated the effects of technology empowerment. According to YSB's interim report, the company achieved operating revenue of 9.843 billion yuan in the first half of 2025, representing an 11.7% year-on-year increase. Net profit attributable to shareholders broke through 78.117 million yuan, surging 258% compared to the same period in 2024, continuing the high-growth trajectory since turning profitable in 2024. This excellent operational efficiency provides an inherent "ballast" for value restoration.
Some observers point out that as equity structure changes transform from an uncertain factor into a positive one, market attention will focus more on the company's long-term narrative. Meanwhile, the penetration rate of out-of-hospital pharmaceutical digitalization remains in an upward trajectory, and as a leading enterprise, YSB is well-positioned to continue capturing industry dividends.
Currently, the company's valuation remains attractive relative to its growth potential and industry position. If future performance can continue to deliver on high-growth expectations, combined with further market sentiment recovery, the space for value re-rating remains considerable.