Macro Strategy - The focus of monetary policy adjustments, including "reserve requirement ratio cuts" and "interest rate cuts," is to stabilize economic growth and enhance domestic demand, expectations, and confidence [1] - The analysis of Trump's 2.0 policy indicates a combination of continuity from the 1.0 policy and a new political cycle, with tariffs and fiscal policies being the main sources of expectation differences [1] Overseas Market Overview - The overseas market data during the May Day holiday showed resilience in the US economy, with core GDP and non-farm payrolls exceeding expectations, leading to a delay in interest rate cut expectations to July [2] - The upcoming FOMC meeting is expected to maintain interest rates, with a CPI forecast of 2.4% providing conditions for potential rate cuts [2] Fixed Income Market - In the week of April 28 to May 2, seven green bonds were issued, totaling approximately 8.475 billion yuan, a decrease of 27.725 billion yuan from the previous week [4] - The secondary capital bonds issued during the same period totaled 50 billion yuan, with a trading volume of approximately 104.9 billion yuan, down 31.3 billion yuan from the previous week [5] Company Performance Insights - The company "老百姓" reported a revenue of 22.358 billion yuan in 2024, a decrease of 0.36% year-on-year, with a net profit of 519 million yuan, down 44.13% [8] - "同享科技" adjusted its profit forecast due to intense competition, expecting net profits of 33 million yuan, 52 million yuan, and 68 million yuan for 2025-2027, reflecting a year-on-year decline of 22% in 2025 [9] - "海南机场" is expected to benefit from the development of Hainan Free Trade Port, with revised net profit forecasts of 680 million yuan and 1.02 billion yuan for 2025 and 2026, respectively [9] - "益丰药房" achieved a revenue of 24.062 billion yuan in 2024, an increase of 6.53%, with a net profit of 1.529 billion yuan, up 8.26% [10] - "九安医疗" reported a revenue of 2.59 billion yuan in 2024, a decrease of 19.77%, but a net profit increase of 33.3% to 1.67 billion yuan [15] Industry Trends - The report on "科润智控" indicates a significant increase in transformer demand, with net profit forecasts for 2025-2027 adjusted to 84 million yuan, 123 million yuan, and 168 million yuan, reflecting a year-on-year growth of 97% in 2025 [17] - "海吉亚医疗" is expected to stabilize after a low point in 2024, with revised net profit forecasts of 666 million yuan and 782 million yuan for 2025 and 2026, respectively [18] - "中国电建" is projected to have net profits of 12.5 billion yuan and 13.2 billion yuan for 2025 and 2026, respectively, benefiting from infrastructure investments [20] - "中国中铁" reported a revenue decline in traditional infrastructure but saw growth in overseas orders, with net profit forecasts adjusted to 28 billion yuan for 2025 [22] - "微软" continues to show strong performance in cloud business, with net profit forecasts of 99.1 billion dollars for FY2025 [23]

Core Viewpoint - The strategic transformation of the company, driven by the "Three New and Two Digital" strategy, has led to steady growth in performance, with significant increases in revenue and profit in 2024 and Q1 2025 [2][3][5]. Financial Performance - In 2024, the company achieved a total revenue of 151.81 billion yuan, a year-on-year increase of 1.11%, and a net profit attributable to shareholders of 2.507 billion yuan, up 15.33% [3][5]. - The net cash flow from operating activities turned positive at 3.083 billion yuan [3]. - For Q1 2025, the company reported revenue of 42.016 billion yuan, a growth of 3.82%, and a net profit of approximately 970 million yuan, an increase of 80.38% [4][5]. Business Segments - The core pharmaceutical distribution business showed stable growth, while emerging sectors like industrial self-production, OEM, traditional Chinese medicine, and digital logistics grew rapidly, each with a growth rate around 20% [3][4]. - The industrial self-production and OEM segment generated sales of 5.92 billion yuan, up 26.92%, with a gross margin of 42.48% [3]. - The traditional Chinese medicine segment achieved sales of 4.962 billion yuan, a growth of 18.14%, supported by a blockchain-based quality traceability platform [4]. Strategic Initiatives - The company is focusing on new product strategies, with sales from the pharmaceutical agency brand promotion business reaching 19.267 billion yuan, introducing 2,247 drug and device specifications [5][6]. - The new retail strategy has established over 29,000 franchise pharmacies, with B2C e-commerce sales reaching 980 million yuan and over 35 million end-users [5][6]. - The new medical strategy includes the development of an AI-assisted diagnostic platform in collaboration with Tencent Cloud, enhancing service efficiency for clinics and grassroots medical institutions [6]. Digital Transformation - The company invested 346 million yuan in digital and intelligent technology innovation, with 47 digital transformation projects implemented, 45 of which have been successfully launched [6]. - The logistics segment achieved revenue of 1.064 billion yuan, a growth of 25.32%, with a gross profit of 236 million yuan, up 17.08% [4]. Real Estate Investment Trusts (REITs) - The company completed the issuance of public REITs for its pharmaceutical warehousing and logistics, raising 1.158 billion yuan, marking a significant step towards asset-light transformation [7]. - The public REITs issuance saw a subscription multiple of 1,192 times, setting a historical record for public REITs [7].

九州通（600998） 2024 年年报及 2025 年一季报点评：三新两 化战略成效显著，"公募+私募"Reits 平台开 启轻资产化运营 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 150,140 | 151,810 | 165,919 | 181,323 | 197,954 | | 同比（%） | 6.92 | 1.11 | 9.29 | 9.28 | 9.17 | | 归母净利润（百万元） | 2,174 | 2,507 | 2,809 | 3,158 | 3,529 | | 同比（%） | 4.27 | 15.33 | 12.03 | 12.42 | 11.75 | | EPS-最新摊薄（元/股） | 0.43 | 0.50 | 0.56 | 0.63 | 0.70 | | P/E（现价&最新摊薄） | 12.15 | 10.54 | 9.41 | 8.37 | 7.49 | 证券研究报告·公司点评 ...

编者按 A股市场2024年年报和2025年一季报业绩披露已收官。正逢"五一"长假，证券时报记者精选了几大行业，对相关行业业绩和亮点进行了梳理，以飨读者。 2024年，医药生物行业在复杂多变的外部环境下，展现出较强的韧性。市场分析指出，目前我国创新药进入成果兑现阶段，研发进展催化较多，且不受贸 易战影响，有望持续作为2025年医药板块投资主线。 整体业绩保持稳健 从营收规模来看，上海医药（601607）、九州通（600998）2024年营收均超过千亿元；重药控股（000950）、白云山、国药一致（000028）、南京医药 （600713）、国药股份（600511）等5家公司营收超过500亿元。 其中，上海医药2024年实现营业收入2752.51亿元，同比增长5.75%，归属母公司净利润45.53亿元，同比增长20.82%。公司全年研发投入同比增长，占工 业销售比重持续提升。截至2024年年末，临床申请获得受理及进入后续临床研究阶段的新药管线已有54项，其中创新药40项（含美国临床II期1项），改 良型新药14项。在创新药管线中，已有1项提交上市申请，5项处于临床III期阶段。 九州通方面，2024年公司营业收入 ...

Core Insights - The company reported a revenue of 151.81 billion yuan and a net profit attributable to shareholders of 2.51 billion yuan for 2024, with a year-on-year revenue growth of 2.58% and a net profit growth of 39.88% [2] - In Q1 2025, the company achieved a revenue of 42.02 billion yuan, representing a 3.82% increase year-on-year, and a net profit of approximately 970 million yuan, marking an 80.38% increase compared to the same period last year [2] - The company has made significant contributions to public welfare, with donations amounting to nearly 18.21 million yuan in 2024, focusing on energy conservation, rural revitalization, and disaster relief [2] Business Performance - The company is transitioning from traditional pharmaceutical distribution to a digital, platform-based model, implementing a comprehensive service model that includes distribution, logistics, and product promotion [3] - In 2024, the company’s self-manufactured and OEM products generated sales of 30.07 billion yuan, a year-on-year increase of 21.49% [6] - The company’s Chinese medicine business achieved a sales revenue of 4.96 billion yuan, reflecting an 18.14% year-on-year growth [3] Logistics and Supply Chain - The logistics segment generated revenue of 1.06 billion yuan in 2024, a 25.32% increase from the previous year, with a gross profit of 236 million yuan, up 17.08% [4] - The company has established a nationwide GSP warehousing network and an efficient transportation network, providing comprehensive logistics services [4] Strategic Initiatives - The company is focused on its "Three New and Two Transformations" strategy, which includes new products, new retail, new medical services, and digitalization [5] - The company’s new product strategy has led to a sales scale of 19.27 billion yuan in its brand promotion business, with 2,247 drug and device specifications introduced [6] - The new retail strategy has resulted in over 29,000 franchise stores, and the B2C e-commerce segment generated 980 million yuan in revenue [6] Digital Transformation - The company invested 346 million yuan in R&D for digital and intelligent technologies, a 24.32% increase year-on-year, and has implemented 47 digital transformation projects [7] - The company has developed an AI-assisted diagnostic platform in collaboration with Tencent Cloud, enhancing service efficiency in clinics and grassroots medical institutions [6] Real Estate Investment Trusts (REITs) - The company has successfully completed the delivery of assets for its Pre-REIT project in three cities, raising 1.645 billion yuan [7] - The public REITs for pharmaceutical warehousing logistics raised a total of 1.158 billion yuan, with a subscription multiple of 1,192 times, setting a historical record [7]

企查查APP显示，近日，泸州卓英堂光伏发电有限公司成立，法定代表人为苏熙凌，注册资本50万元， 经营范围包含：太阳能发电技术服务；太阳能热发电产品销售；节能管理服务等。企查查股权穿透显 示，该公司由九州通（600998）间接全资持股。 ...

4月28日晚，九州通发布2024年年报及2025年第一季度报告，公司业绩"稳"中有"进"，2024年营收达 1,518.10亿元，归母净利润25.07亿元，扣非归母净利润18.14亿元。如剔除上年季节性疾病等特定因素影 响，公司2024年营收同比增长2.58%，归母净利润同比增长39.88%，扣非归母净利润同比增长14.89%。 2025年第一季度，公司实现营收420.16亿元，较上年同期增长3.82%，归母净利润约9.70亿元，较上年 同期增长80.38%。 九州通表示，2024年，面对外部环境挑战及医药行业政策影响，公司紧紧围绕高质量发展理念，持续全 力推进新产品、新零售、新医疗、数字化和不动产证券化（即"三新两化"）战略转型，并不断优化内部 管理，提高运营效率，强化人才引进与风险防控。 与此同时，积极履行社会责任，回报股东及其他利益相关方。据财报，2024年度，九州通仅集团层面全 年公益捐赠金额近1,821万元，并重点在节能减排及绿色发展、乡村振兴及捐赠救灾等方面持续投入， 全面提升公司可持续发展能力。回报股东方面，九州通2024年拟向全体股东每10股派发现金红利2.00 元，拟派发现金红利共计9.97 ...

九州通医药集团股份有限公司 股东会议事规则 第一章 总则 第一条 为维护全体股东的合法权益，规范公司股东会的召集、召开、通知和 表决等程序，保证股东会依法行使职权，根据《公司法》《上市公司股东会规则》《上 市公司治理准则》等法律、行政法规、部门规章、规范性文件及《公司章程》的规 定，制定本规则。 第二条 公司董事会应当切实履行职责，认真、按时召集、组织股东会。公司 全体董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 第三条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第四条 股东会分为年度股东会和临时股东会。 年度股东会每年召开一次，应当于上一会计年度结束后的六个月内举行。 临时股东会不定期召开，出现《公司法》第一百一十三条规定的应当召开临时 股东会的情形时，临时股东会应当在两个月内召开。 公司在上述期限内不能召开股东会的，应当报告公司所在地中国证券监督管理 委员会（以下简称"中国证监会"）派出机构和上海证券交易所（以下简称"上交 所"），说明原因并公告。 第五条 公司召开股东会，应当聘请律师对以下问题出具法律意见并公告： （一）会议的召集、召开程序是否符合法律、行政法规、《上市公司股东 ...

九州通医药集团股份有限公司 董事会议事规则 第一条 宗旨 为进一步规范公司董事会的议事方式和决策程序，促使董事和董事会有效地 履行法律法规和公司章程赋予的职责，提高董事会规范运做和科学决策水平，根 据《公司法》《上市公司治理准则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法律、行政法规、部门规章、规范性文件及《九州通医药集 团股份有限公司章程》（以下简称《公司章程》）等有关规定，制订本规则。 第二条 董事会的组成 公司董事会由不少于 11 名董事组成，设董事长 1 人，职工代表董事 1 人， 可以设副董事长。董事长和副董事长由董事会以全体董事的过半数选举产生。 公司独立董事占董事会成员的比例不得低于三分之一，且至少包括一名会计专业 人士。 董事会可以根据实际需要，聘任公司创始人为名誉董事长及名誉副董事长。 名誉董事长及名誉副董事长可列席董事会会议，并就公司重大经营和管理问题提 出建议和质询。 第三条 董事会行使下列职权： （一）召集股东会，并向股东会报告工作； （二）执行股东会的决议； （三）决定公司的经营计划和投资方案； （四）制订公司的利润分配方案和弥补亏损方案； （五）制订公司增加或 ...

九州通医药集团股份有限公司 2024年度独立董事述职报告（艾华） 2024年度，作为九州通医药集团股份有限公司（以下简称：公司）的独立 董事，我严格按照《公司法》《上市公司治理准则》《上海证券交易所股票上市规则》 《上市公司独立董事管理办法》及《公司章程》《独立董事制度》的规定，忠实履行 职责，积极出席公司历次董事会、股东会和董事会专门委员会会议，认真审议各项 议案，运用各自的专业知识，为公司的科学决策和规范运作提出意见和建议，充 分发挥了独立董事对公司的监督、建议等作用，切实维护了公司和全体股东的合 法权益。现将本人在2024年度履行独立董事职责的情况汇报如下： 一、独立董事的基本情况 （一）本人工作履历、专业背景以及兼职情况 作为公司的独立董事，本人拥有会计专业资质及能力，在从事的专业领域积 累了丰富的经验。本人工作履历、专业背景以及兼职情况如下： 本人艾华，66岁，中国国籍，无境外居留权，财政学博士，中国注册会计师 和注册税务师。艾教授长期从事税收理论、税收实务和税收政策法规的教学和研 究工作，编著了《税法》《税务会计》《税收筹划研究》《税务管理》等多部专 著和教材。现任中国注册会计师协会和中国注册税务 ...