Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [4]. Core Insights - The pharmaceutical and biotechnology sector is experiencing a significant data catalyst window with the upcoming AACR annual meeting, which is expected to enhance the global competitiveness of Chinese innovative drugs [5]. - The industry index declined by 1.26%, outperforming the CSI 300 index, with notable gains in medical research outsourcing and chemical preparations [2][13]. - The overall PE ratio for the pharmaceutical and biotechnology industry is 29.30x, down from 30.34x, indicating a valuation decline below the average [17]. Industry Review - The report highlights that the innovative drug sector is currently the core focus, supported by favorable domestic policies such as the NMPA's "Spring Rain Action" to promote clinical innovation in medical devices [4][5]. - The total amount of innovative drug licensing transactions in China exceeded $60 billion in the first three months of 2026, indicating a strong global recognition of Chinese innovative drug assets [5]. - The report suggests focusing on companies with core technology platforms and differentiated pipeline layouts, particularly those expected to achieve positive catalysts at major academic conferences like AACR [5]. Important Industry News - The NMPA has initiated a three-year "Spring Rain Action" to support the transformation of clinical innovation in medical devices [21][26]. - Johnson & Johnson's oral IL-23R antagonist "Icotrokinra" has been approved by the FDA, marking it as the first of its kind globally [41]. - Novo Nordisk's weekly insulin "Awiqli" has received FDA approval, providing a new treatment option for type 2 diabetes patients [44]. - AstraZeneca and Amgen's TSLP monoclonal antibody "Tezepelumab" has been approved in China, making it the first of its kind domestically [46]. Company Dynamics - Novartis plans to invest over 3.3 billion RMB in China to enhance its R&D, production, and operational capabilities [48].

证券代码：600998 证券简称：九州通 公告编号：临 2026-016 九州通医药集团股份有限公司 关于参股公司在香港联合交易所主板挂牌上市的公告 九州通医药集团股份有限公司（以下简称"公司"）参股公司浙江凯乐士科 技集团股份有限公司（以下简称"凯乐士科技"）于 2026 年 3 月 24 日在香港联 合交易所有限公司（简称"香港联交所"）主板挂牌上市（股票代码：02729.HK）。 凯乐士科技本次公开发行新股 36,798,000 股，发行价格为 16.66 港元/股。凯乐 士科技在香港上市的详细内容可在香港联交所网站（www.hkexnews.hk）查阅。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●公司对凯乐士科技的投资成本为人民币2,660.00万元，截至2025年12月31 日的账面价值为13,981.32万元，占公司最近一期经审计归属于上市公司股东的 净资产比例为0.51%，对公司不构成重大影响。 ●公司持有的凯乐士科技股票以公允价值计量，凯乐士科技的股价波动存在 不确定性，对公司业绩的影响 ...

证券代码：600998 证券简称：九州通 公告编号：临2026-017 公司积极拓展医疗器械工业及OEM业务，通过自主研发和生产自有品牌及 OEM产品，开发拥有自主知识产权、独家经营权的产品，助力"新产品"战略落地。 上述医疗器械注册证的取得，进一步丰富了公司产品线，对公司业务发展具有积极 影响。 产品获证后的实际销售情况受行业政策、市场需求及市场竞争环境等因素影响， 对公司未来业绩的影响尚具有不确定性，敬请广大投资者注意投资风险。 特此公告。 九州通医药集团股份有限公司董事会 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，九州通医药集团股份有限公司（以下简称"公司"）控股子公司武汉柯 尼兹医疗科技有限公司获得由湖北省药品监督管理局核准签发的医疗器械注册证， 现将有关情况公告如下： 一、医疗器械产品注册证书基本信息 | 注册人名称 | 产品名称 | 注册证编号 | | 有效期至 | | | 适用范围 | | --- | --- | --- | --- | --- | --- | --- | --- | | 武汉柯尼兹医 ...

重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保 | 实际为其提供的担保 余额（不含本次担保 | 是否在前期 | 本次担保 是否有反 | | --- | --- | --- | --- | --- | | | 金额 | | 预计额度内 | | | | | 金额） | | 担保 | | 河南九州通医 药有限公司、浙 江九州通医药 | 304,600.00 | 1,240,652.90 | 是 | 是 | | | 万元 | 万元 | | | | 有限公司等 45 | | | | | | 家子公司 | | | | | 累计担保情况 | 对外担保逾期的累计金额 | 0.00 | | --- | --- | | （万元） | | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 3,073,562.62 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 112.82% | | 特别风险提示（如有请勾选） | 担保金额（含本次）超过上市公司最近一 期经审计净资产 50% 对外担保总额（含本次）超过上市公司最 | | | 近一期经审计净资产 100% | | | □ ...

证券代码：600998 证券简称：九州通 公告编号：临 2026-014 九州通医药集团股份有限公司 关于2026年度第二期科技创新债券发行结果的公告 自2025年12月17日取得中国银行间市场交易商协会签发的《接受注册通知书》 （中市协注〔2025〕MTN1217号）以来，公司发行中期票据情况如下： | 简称 | 发行额度 （人民币） | | 发行日 | | | | 兑付日 | | | 兑付情况 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 26九州通MTN002 （科创债） | 3 亿元 | 2026 | 年 3 | 月 | 10 日 | 2029 | 年 3 | 月 | 11 日 | 未兑付 | 截至本公告披露日，公司累计发行中期票据余额为人民币 3 亿元。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 九州通医药集团股份有限公司（以下简称"公司"）于2024年1月5日召开2024 年第一次临时股东会，审议 ...

Group 1 - The city is focusing on production, investment expansion, and service optimization to achieve a strong start in the first quarter and lay a solid foundation for annual goals [1][4] - The Yangtze River Water Resources Commission has been instrumental in flood control, drought resistance, and ecological construction, contributing significantly to urban safety and river protection [1] - The Three Gorges Group is encouraged to deepen cooperation with the city in areas such as ecological protection, technological innovation, and clean energy [2] Group 2 - Manufacturing companies in the city are operating at full capacity during the Spring Festival to seize market opportunities, with a focus on technological advancements and industry chain collaboration [2] - Hubei Tobacco is recognized for its achievements in green production and market sales, with an emphasis on optimizing capacity and promoting technological innovation [2] - Wuhan Customs has made significant progress in supporting local development and is expected to continue enhancing the business environment and policy support for foreign trade [3] Group 3 - The city is promoting high-quality development and is committed to addressing challenges faced by enterprises to stabilize growth and boost confidence [4]

证券代码：600998 证券简称：九州通 公告编号：临 2026-013 九州通医药集团股份有限公司 关于为子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保 | 实际为其提供的担 保余额（不含本次 | 是否在前期 | 本次担保 | | --- | --- | --- | --- | --- | | | 金额 | | 预计额度内 | 是否有反 | | 广东九州通医 | | 担保金额） | | 担保 | | 药有限公司、安 | | | | | | 徽九州通医药 | 258,900.00 | 1,142,283.00 | 是 | 是 | | | 万元 | 万元 | | | | 有限公司等 36 | | | | | | 家子公司 | | | | | 累计担保情况 | 的总额不超过 亿元，截至 年 785.86 2026 1 | | --- | | 月 31 日，公司实际提供担保余额为 302.90 | | 亿元，主要为对控股子公司（含全资子公司 ...

Core Viewpoint - 九州通's subsidiary received approval for the listing application of Betahistine Dihydrochloride Tablets, which are used for Meniere's disease and cerebral vascular diseases, indicating potential growth in product offerings to meet aging population needs [1] Recent Events - 九州通 announced that its controlling shareholder, Chuchang Investment, has prematurely released the pledge of 11.3 million shares (2.46% of its holdings), while a related party, Shanghai Hongkang, pledged 11.7 million shares (1.08% of its holdings). As of the announcement date, the total pledged shares by Chuchang Investment accounted for 57.29% of its holdings and 26.03% of the company's total share capital [2] - The company is positioned as a digital service provider in the AI medical ecosystem, supporting the Ant Group's supply chain, with over 50 million orders in 2025, reflecting a 180% year-on-year increase [2] Stock Performance - As of February 12, 2026, 九州通's stock price was 5.21 yuan, with a cumulative decline of 1.14% over the past five days and a price fluctuation of 2.66%. The net outflow of main funds was 11.51 million yuan, with a turnover rate of 0.23%. The technical analysis indicates the stock is in a consolidation phase, with a 20-day moving average of 5.31 yuan, a Bollinger Band resistance level of 5.56 yuan, and a support level of 5.08 yuan [3] Institutional Viewpoints - The market is focusing on the integration of AI medical technology and pharmaceutical distribution digitalization. 九州通 is enhancing supply chain efficiency through smart warehousing and blockchain technology, with its pharmaceutical industrial business generating 2.3 billion yuan in revenue in the first three quarters of 2025, a year-on-year increase of 9.93%. However, there is uncertainty regarding the approval results for the newly accepted drugs [4]

证券代码：600998 证券简称：九州通 公告编号：临 2026-012 九州通医药集团股份有限公司 关于控股股东及其一致行动人提前解除股份质押及质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●截至2026年2月10日，公司控股股东楚昌投资及其一致行动人上海弘康分别持有公 司股份459,506,100股和1,088,326,782股，占公司总股本的比例分别为9.11%和21.58%。 本次股份提前解除质押及质押办理完成后，楚昌投资和上海弘康分别累计质押公司股份 187,350,980股和678,624,549股，占其所持股份的比例分别为40.77%和62.35%，占公司总 股本的比例分别为3.72%和13.46%。 ●截至2026年2月10日，控股股东楚昌投资及其一致行动人合计持有公司股份 2,290,962,492股，占公司总股本的比例为45.43%。本次股份提前解除质押及质押办理完 成后，控股股东楚昌投资及其一致行动人所持公司股份中已质押的股份总数为 1,312,536,405股，占其所持股份 ...

Core Viewpoint - The announcement indicates that the company’s subsidiary, Beijing Jingfeng Pharmaceutical Group Co., Ltd., has received the acceptance notice for the marketing application of Betahistine Dihydrochloride Tablets from the National Medical Products Administration, which is a significant step towards product commercialization [2] Group 1 - The marketing application acceptance notice was issued on February 5, 2026 [2] - The product in question is Betahistine Dihydrochloride Tablets, which may have implications for the company's product portfolio and market strategy [2]