Group 1 - The core point of the news is that Jiuzhoutong's major shareholders have completed the early release and pledge of shares, with significant portions of their holdings being pledged [1] - As of November 23, 2025, the controlling shareholder Chuchang Investment and its concerted party Zhongshan Guangyin hold approximately 460 million shares and 335 million shares, accounting for 9.11% and 6.65% of the total share capital respectively [1] - After the completion of the share pledge and release, Chuchang Investment and Zhongshan Guangyin have pledged approximately 234 million shares and 320 million shares, representing 50.89% and 95.33% of their respective holdings, and 4.64% and 6.34% of the total share capital [1] Group 2 - For the first half of 2025, Jiuzhoutong's revenue composition shows that pharmaceutical wholesale and related businesses account for 95.94%, pharmaceutical manufacturing for 1.96%, pharmaceutical retail for 1.84%, healthcare and technology services for 0.17%, and other businesses for 0.08% [1] - As of the report date, Jiuzhoutong's market capitalization is 24.8 billion yuan [1]

九州通公告称，2025年11月21日，控股股东楚昌投资提前解除质押1600万股，占其所持股份3.48%，占 总股本0.32%；股东中山广银质押7000万股，占其所持股份20.87%，占总股本1.39%。截至11月23日， 控股股东及其一致行动人合计持股22.91亿股，占总股本45.43%，累计质押12.97亿股，占其所持股份 56.63%，占总股本25.73%。部分质押股份将在未来半年和一年内到期，控股股东及其一致行动人具备 还款能力，对公司无影响。 ...

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。 证券代码：600998 证券简称：九州通 公告编号：临 2025-084 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 重要内容提示： ●公司控股股东楚昌投资办理完成16,000,000股的股份提前解除质押手续，本次提前 解除质押股份占其所持股份的比例为3.48%，占公司总股本的比例为0.32%。同时，公司 股东中山广银办理完成70,000,000股的股份质押手续，本次质押股份占其所持股份的比 例为20.87%，占公司总股本的比例为1.39%。 ●截至2025年11月23日，公司控股股东楚昌投资及其一致行动人中山广银分别持有 公司股份459,506,100股和335,357,275股，占公司总股本的比例分别为9.11%和6.65%。本 次股份提前解除质押及质押办理完成后，楚昌投资和中山广银分别累计质押公司股份 233,830,980股和319,696,820股，占其所持股份的比例分别为50.89%和95.33%，占公司总 股本的比例分别为4. ...

Core Viewpoint - Two major pharmaceutical groups, Jiuzhoutong and Guangzhou Pharmaceutical Group, are acquiring distressed companies to strengthen their respective business segments in the medical aesthetics and IVD (in vitro diagnostics) industries [1][2]. Group 1: Jiuzhoutong's Acquisition of Aoyuan Meigu - Jiuzhoutong's wholly-owned subsidiary is investing in Aoyuan Meigu, which has entered a restructuring process due to ongoing financial losses and debt crises [1][2]. - Aoyuan Meigu, which ventured into the medical aesthetics sector in 2020, has been struggling with significant operational losses and was unable to repay debts, leading to a restructuring application [2][3]. - If the restructuring is successful, Jiuzhoutong plans to leverage its strong pharmaceutical supply chain and operational management experience to enhance collaboration with Aoyuan Meigu in the beauty and health sector [4]. Group 2: Guangzhou Pharmaceutical Group's Acquisition of Da'an Gene - Guangzhou Pharmaceutical Group is acquiring 100% equity of Guangyong Technology, which will indirectly give it control over 2.33 billion shares of Da'an Gene, amounting to a total investment of 908 million yuan [1]. - Da'an Gene, initially a university-run enterprise, has faced significant declines in performance, with a 90.20% drop in revenue and a 98.07% drop in net profit in 2023 [3]. - The acquisition aims to resolve internal issues at Da'an Gene and expand Guangzhou Pharmaceutical Group's business footprint in the IVD sector, creating a comprehensive "diagnosis + treatment + health management" industry chain [5]. Group 3: Industry Environment - Both the medical aesthetics and IVD sectors have moved past the most stringent regulatory challenges, allowing for greater pricing flexibility for compliant institutions [6]. - The ongoing price reductions in the IVD sector have led to a concentration of market share among leading companies, presenting a favorable opportunity for cash-rich players to acquire distressed assets [6].

中信证券股份有限公司关于九州通医药集团股份有限公司 发行 2025 年度第一期资产支持票据暨关联交易的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为九州通 医药集团股份有限公司（以下简称"公司"、"上市公司"或"九州通"）向特 定对象发行优先股的保荐人，根据《证券发行上市保荐业务管理办法》《上海证 券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》以及《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 等相关规定，对九州通发行 2025 年度第一期资产支持票据暨关联交易事项发表 核查意见，具体情况如下： 一、关联交易概述 （一）本期资产支持票据发行情况 2023 年 1 月 6 日，公司 2023 年第一次临时股东大会审议通过《关于公司拟 发行应收账款资产证券化产品的议案》，同意公司在上海证券交易所、中国银行 间市场交易商协会（以下简称"交易商协会"）或北京金融资产交易所等平台注 册发行应收账款资产证券化产品（包括但不限于资产支持证券专项计划、资产支 持票据、资产支持商业票据或应收账款债权融资计划）或直接向商业银行、信托 公司等第三方转让应 ...

证券代码：600998 证券简称：九州通 公告编号：临 2025-083 九州通医药集团股份有限公司关于发行 一、关联交易概述 （一）本期资产支持票据发行情况 2023年1月6日，公司2023年第一次临时股东大会审议通过《关于公司拟发行 应收账款资产证券化产品的议案》，同意公司在上海证券交易所、中国银行间市 场交易商协会（以下简称"交易商协会"）或北京金融资产交易所等平台注册发 行应收账款资产证券化产品（包括但不限于资产支持证券专项计划、资产支持票 据、资产支持商业票据或应收账款债权融资计划）或直接向商业银行、信托公司 1 九州通医药集团股份有限公司（以下简称"公司"）完成 2025 年度第一期 资产支持票据（以下简称"本期资产支持票据"）的发行工作，发行总额为 10 亿元人民币；公司控股股东楚昌投资集团有限公司（以下简称"楚昌投资"） 认购了本期资产支持票据 5,000 万元的次级份额，本次交易构成关联交易。 以上关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 本次关联交易已经公司第五届董事会第十八次会议和 2023 年第一次临时股 东大会审议通过。 截至本次交易，过去 12 个月内， ...

Group 1 - The core viewpoint of the article is that a major pharmaceutical distribution company, Jiuzhoutong, is attempting to invest in the troubled medical aesthetics company, ST Meigu, through a restructuring plan, which is viewed skeptically by the market [1][5]. - Jiuzhoutong's full subsidiary is officially participating in the restructuring investment of ST Meigu, indicating a strategic move into the medical aesthetics sector [1][5]. - Following the announcement, both Jiuzhoutong and ST Meigu's stock prices declined, reflecting market concerns about the viability of this investment [1][3]. Group 2 - ST Meigu, the target of the restructuring, has significant operational and governance issues, including a history of losses and regulatory penalties for information disclosure violations [2]. - The company has undergone multiple strategic shifts, leading to a lack of core competitive advantage and a heavy debt burden, with substantial overdue debts and frozen bank accounts [2]. - Jiuzhoutong faces challenges in integrating ST Meigu due to the differing business models and management practices between traditional pharmaceutical distribution and medical aesthetics services [3][4]. Group 3 - The medical aesthetics industry is characterized by intense competition and market volatility, with numerous players involved, raising questions about Jiuzhoutong's ability to achieve the desired synergies through this acquisition [4]. - Jiuzhoutong is optimistic about the potential of the Chinese medical aesthetics market and aims to establish a comprehensive supply chain and terminal layout through this restructuring [5]. - The success of this investment remains uncertain, as the restructuring process may face significant challenges, and failure could lead to severe consequences for Jiuzhoutong [4][5].

证券之星消息，11月20日，九州通（600998）融资买入996.67万元，融资偿还926.36万元，融资净买入 70.31万元，融资余额6.92亿元，近3个交易日已连续净买入累计1933.48万元。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-20 | 6.94亿 | 58.24万 | 0.08% | | 2025-11-19 | 6.93亿 | 1181.95万 | 1.73% | | 2025-11-18 | 6.81亿 | 671.57万 | 1.00% | | 2025-11-17 | 6.75亿 | -1955.81万 | -2.82% | | 2025-11-14 | 6.94亿 | -1084.16万 | -1.54% | | 交易日 | (路) 田園虎旅館 | | 融券会量(股) | 融券余额(元) | | --- | --- | --- | --- | --- | | 2025-11-20 | | -2.24万 | 41.10万 | 205.52万 | | 2025-11-19 | | 3.2 ...

Core Insights - The report highlights the development of listed companies in Hubei Province, indicating a total of 151 A-share companies by the end of 2024, ranking 10th nationally and 2nd in central China [1] - The total market capitalization of Hubei's A-share companies is 14,634 billion yuan, ranking 13th nationally, with an average market cap of 9.7 billion yuan, indicating a lack of large-scale leading enterprises [1][2] - The report identifies key sectors such as information technology, industrial, and healthcare, with a notable presence of optoelectronics and biomedicine [1][2] Group 1: Overview of Listed Companies - By the end of 2024, Hubei Province had 151 A-share listed companies, maintaining its 10th position nationally and 2nd in central China [1] - The province added 5 new A-share companies in 2024, all of which are private enterprises, reflecting the strength of Hubei's advantageous industries [1][2] - The distribution of listed companies shows a concentration in Wuhan, which accounts for over half of the total number and market value in the province [1][2] Group 2: Financial Performance - In 2024, the total assets of Hubei's listed companies reached 19,092 billion yuan, with net assets at 8,308 billion yuan, showing a slight decline year-on-year [2] - Total operating revenue was 9,554 billion yuan, relatively stable, while net profit dropped to 229 billion yuan, a significant decrease of 43.83% [2][3] - The net asset return rate was 2.73%, below the national average, indicating ongoing challenges in profitability [2][3] Group 3: Capital Operations - In 2024, Hubei's newly listed companies raised 3.39 billion yuan, with a refinancing scale of 5 billion yuan and merger and acquisition transactions amounting to 44.3 billion yuan [2] - The report notes an increase in market activity, with dividends and buybacks totaling 23 billion yuan [2] Group 4: Governance Structure - The governance structure of listed companies in Hubei is improving, with ongoing optimization of shareholder structures and board systems [2] - The quality of information disclosure is steadily increasing, contributing to a more stable regulatory environment [2] Group 5: Regional Economic Impact - The economic value added by listed companies in Hubei reached 1,929 billion yuan in 2024, with a labor productivity of 335,000 yuan per person [2] - R&D investment totaled 37.9 billion yuan, with a research intensity of 3.97%, surpassing the national average [2] Group 6: Challenges and Recommendations - Hubei's listed companies face challenges such as a high proportion of traditional industries, insufficient financing, and low innovation conversion rates [3] - The report suggests measures to encourage industrial transformation, cultivate capital market entities, and enhance innovation mechanisms to promote high-quality development [3]

Core Points - Hubei Jiuzhoutong Medical Equipment Co., Ltd. has been established with a registered capital of 50 million yuan [1] - The company's business scope includes supply chain management services, operation of Class III medical devices, software development, and wholesale of computer software, hardware, and auxiliary equipment [1] - Jiuzhoutong Medical Equipment Group Co., Ltd. is the sole shareholder of the newly established company [1]