九州通医药集团股份有限公司 2025 年半年度报告 九州通医药集团股份有限公司 2025 年半年度报告 公司代码：600998 公司简称：九州通 九州通医药集团股份有限公司 2025 年半年度报告 九州通医药集团股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人刘长云、主管会计工作负责人夏晓益及会计机构负责人（会计主管人员）夏晓益 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 报告期内，公司未有经董事会审议的半年度利润分配预案或公积金转增股本预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告中涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺 ，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 ...

Core Viewpoint - 九州通 has received an upgrade in its credit rating to AAA with a stable outlook from China Chengxin International Credit Rating Co., Ltd, reflecting the company's strong operational performance and strategic initiatives [1][2]. Group 1: Credit Rating Upgrade - The credit rating agency has issued a report assessing 九州通's credit status, resulting in an upgrade from AA+ to AAA [1]. - The stable outlook indicates confidence in the company's future performance and creditworthiness [1]. Group 2: Reasons for Upgrade - 九州通 has focused on its core business in the pharmaceutical and health sector, successfully advancing its "three new and two transformations" strategy, which includes new products, new retail, new medical services, digitalization, and real estate securitization [2]. - The company has achieved a transformation in its health industry services through digitalization, platformization, and internet integration, establishing a comprehensive pharmaceutical supply chain service platform valued at "hundreds of billions" [2]. - The implementation of an efficient digital financial management model and a rigorous risk control system has strengthened the company's credit quality [2]. Group 3: Implications of the Upgrade - The upgrade to AAA is expected to lower the company's overall financing costs, broaden financing channels, and enhance the liquidity of its bonds [2]. - This rating reflects the capital market's high recognition of 九州通's comprehensive strength and is significant for the company's sustainable and healthy development [2].

Core Viewpoint - The credit rating report affirms that Jiuzhoutong Pharmaceutical Group Co., Ltd. holds a strong industry position and competitive advantage, with expected growth in distribution business and robust liquidity [5][6]. Company Overview - Jiuzhoutong is recognized as a leading private pharmaceutical distribution enterprise in China, with a significant national presence and a comprehensive service model that includes digital distribution and supply chain services [11][15]. - The company reported a total revenue of 1518.10 billion yuan in 2024, reflecting a year-on-year growth of 1.14% [11][15]. Financial Performance - Total assets reached 1023.96 billion yuan in 2024, with total liabilities at 688.03 billion yuan, indicating a stable financial structure [6][27]. - The net profit for 2024 was 27.86 billion yuan, with an EBIT of 53.44 billion yuan, showcasing a solid operational performance [6][27]. Industry Context - The pharmaceutical distribution market is expanding, driven by increasing health awareness and an aging population, with a growth rate of 5.58% [13]. - However, the industry faces challenges such as declining profit margins and extended payment terms due to intensified competition and policy changes [13][27]. Operational Strengths - Jiuzhoutong has established a nationwide distribution network covering over 96% of administrative regions in China, enhancing its channel security and operational efficiency [15][16]. - The company has a diverse product portfolio, managing approximately 799,700 varieties, which meets the diverse procurement needs of downstream clients [19][20]. Future Outlook - The company is expected to maintain a stable credit level over the next 12 to 18 months, with potential risks related to financial leverage and liquidity [6][27]. - Jiuzhoutong's ongoing digital transformation and expansion into new business areas, such as retail and logistics, are anticipated to drive future growth [15][21].

2025 年度 九州通医药集团股份有限公司 信用评级报告 2025 年 8 月 25 日 编号：CCXI-20253191M-01 2025 年度九州通医药集团股份有限公司 信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 * [14] M. C. 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买 ...

一、主体信用评级上调情况 中诚信向公司出具了《2025 年度九州通医药集团股份有限公司信用评级报 告》（编号：CCXI-20253191M-01），在对公司生产经营状况、政策环境及相关 行业情况进行综合分析与评估的基础上，评定上调公司主体信用等级为 AAA， 评级展望为"稳定"，公司前次主体信用评级结果为 AA+。具体情况详见公司同 日在上海证券交易所网站披露的信用评级报告。 二、主体信用评级上调的原因 近年来，九州通专注于医药大健康主业经营，新产品、新零售、新医疗、数 字化和不动产证券化（"三新两化"）战略进展顺利，可持续发展能力不断增强； 公司在内部管理、供应链体系、经营模式等方面坚持创新，已实现"数字化、平 证券代码：600998 证券简称：九州通 公告编号：临 2025-060 九州通医药集团股份有限公司 关于公司主体信用评级上调为 AAA 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： 2025 年 8 月 25 日，九州通医药集团股份有限公司（以下简称"公司"或"九 州通"）收到信用评级机构 ...

Core Viewpoint - The launch of the brand revitalization project for Jiuzhitong's Jiuxin Traditional Chinese Medicine (TCM) marks a significant step in enhancing the company's presence in the health sector, focusing on modernizing the brand while emphasizing the importance of authentic medicinal materials [1][2]. Group 1: Brand Revitalization Strategy - Jiuxin TCM aims to integrate the entire TCM industry chain, from cultivation to processing and sales, to create a comprehensive ecosystem [1]. - The brand revitalization will be approached from four dimensions: brand strategy, product strategy, visual identity, and communication promotion [2]. - The company plans to focus on cultivating star products and expanding into health-related consumer goods, addressing the need for brand strategy upgrades to enhance scale, operations, and brand strength [1][2]. Group 2: Strategic Partnerships - Shanghai Sandy Brand Consulting, with 15 years of experience in the health sector, will serve as a strategic partner for the brand revitalization, having previously worked with notable companies like Yunnan Baiyao and Tongrentang [3]. - The consulting firm aims to leverage its expertise to help Jiuxin TCM clarify its strategic direction, build a core product cluster, and establish a modern visual system to enhance brand competitiveness [3]. - The goal is to position Jiuxin TCM as the "first brand of authentic Chinese medicine" through a scientifically backed and forward-looking brand revitalization strategy [3].

Group 1: Technological Innovation - Technological innovation serves as a strong engine for industrial development, with companies in Hubei showcasing significant innovation capabilities [3] - Dongfeng Motor's global innovation center has filed 6,297 invention patents, achieving breakthroughs such as a thermal efficiency of 45.18% for the Mach power engine and a 0.6-second start-up technology at -40°C [5] - The Changjiang 3D Scientific Computing Center in Xiaogan operates 12 supercomputers with 100 times the efficiency of traditional supercomputers while consuming only 1/150 of the power, significantly reducing drug development costs and time [6] Group 2: Green and Low-Carbon Development - Hubei has adopted a green development approach, enhancing ecological value while achieving high-quality economic growth [9] - The ecological transformation of Liangzi Lake illustrates Hubei's green development, with water quality improving and ecological tourism revenue increasing by 28.6% [11] - The Jianghan Salt Chemical Industrial Park exemplifies a circular economy, achieving a resource utilization rate of 85% and reducing production costs by 20% [13] Group 3: Open Economy and Logistics - Hubei is enhancing its multi-modal transport system, establishing itself as a new inland open highland with a comprehensive transportation network [15] - The introduction of the "China-Europe (Central Asia) Railway" and the expansion of the cross-border logistics network have improved transportation efficiency and reduced costs [18] - Hubei's total import and export volume reached 402.31 billion yuan in the first half of the year, marking a year-on-year increase of 28.4%, significantly outpacing the national average [19]

Core Insights - The pharmaceutical commercial sector experienced a slight increase of 0.05% on August 22, with Saily Medical leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Group 1: Stock Performance - Saily Medical (603716) saw a closing price of 31.52, with a significant increase of 10.02% and a trading volume of 614,300 shares, resulting in a transaction value of 1.861 billion yuan [1] - Guofang Co. (600538) closed at 6.55, up 2.18%, with a trading volume of 218,500 shares [1] - Runda Medical (603108) closed at 18.35, up 1.94%, with a trading volume of 303,900 shares [1] - Other notable stocks include Jiuzhoutong (600998) with a slight increase of 0.55% and Yifeng Pharmacy (603939) with a minimal increase of 0.20% [1] Group 2: Capital Flow - The pharmaceutical commercial sector saw a net inflow of 363 million yuan from main funds, while retail investors experienced a net outflow of 114 million yuan [2] - Speculative funds recorded a net outflow of 249 million yuan [2]

Market Overview - The pharmaceutical commercial sector increased by 0.27% on August 21, with Guofang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Stock Performance - Guofang Co., Ltd. (600538) closed at 6.41, up 1.91% with a trading volume of 315,600 shares and a transaction value of 202 million yuan [1] - Nanjing Pharmaceutical (600713) closed at 5.39, up 1.70% with a trading volume of 181,000 shares and a transaction value of 96.97 million yuan [1] - Shanghai Pharmaceuticals (601607) closed at 19.20, up 0.95% with a trading volume of 173,600 shares and a transaction value of 333 million yuan [1] - Yifeng Pharmacy (603939) closed at 24.49, up 0.91% with a trading volume of 88,100 shares and a transaction value of 215 million yuan [1] Capital Flow - The pharmaceutical commercial sector experienced a net outflow of 277 million yuan from institutional investors, while retail investors saw a net inflow of 293 million yuan [2] - The data indicates that institutional investors are withdrawing capital, while retail investors are increasing their investments in the sector [2] Individual Stock Capital Flow - Nanjing Pharmaceutical saw a net inflow of 16.81 million yuan from institutional investors, while retail investors had a net outflow of 4.14 million yuan [3] - Yifeng Pharmacy experienced a net inflow of 15.49 million yuan from institutional investors, with a net outflow of 23.62 million yuan from retail investors [3] - China National Pharmaceutical (600056) had a net inflow of 8.93 million yuan from institutional investors, while retail investors had a negligible net inflow of 0.12 million yuan [3]

Core Viewpoint - The pharmaceutical distribution industry is characterized by three main business models: wholesale, retail, and various new distribution models, each with distinct operational dynamics and market implications [1]. Group 1: Wholesale Model - The wholesale model, also known as the distribution model, involves selling pharmaceuticals and medical devices in bulk to entities that directly interact with consumers, such as medical institutions and retail pharmacies [4]. - The third terminal in the wholesale model is increasingly favored by internet hospitals, indicating a shift towards digital integration in pharmaceutical distribution [4]. Group 2: Retail Model - The retail model involves retail pharmacies purchasing pharmaceutical products from manufacturers or other distributors and selling them to individual consumers, generating profit from the price difference [7]. - Although the retail model operates on a smaller scale compared to wholesale, it boasts higher profit margins, making it an attractive segment within the pharmaceutical distribution landscape [7]. Group 3: Internet Retail Model - The internet retail model encompasses various online platforms, including internet hospitals and pharmaceutical e-commerce, facilitating diagnosis and drug sales through digital channels [9]. - This model includes B2B, B2C, and O2O formats, reflecting the growing trend of digital transformation in the pharmaceutical sector [9]. Group 4: Third-Party Cold Chain Logistics - The "14th Five-Year Plan" emphasizes the need for a modern, intelligent pharmaceutical supply chain, focusing on enhancing networked, scaled, and specialized logistics services [12]. - Third-party cold chain logistics offer significant advantages, such as reducing initial investment costs for pharmaceutical companies and ensuring temperature-controlled transport, which is crucial for maintaining drug quality [12]. - These logistics providers can effectively manage reverse logistics and product recalls through advanced tracking and data exchange systems, thereby minimizing losses and ensuring compliance with quality standards [12].