Core Viewpoint - The financial report of Jiuzhoutong for the first three quarters of 2025 shows a facade of stability with revenue growth, but underlying issues such as inflated profits, tight cash flow, inefficient strategic execution, and increasing compliance risks are present [1] Group 1: Profit Quality - Despite a double-digit growth in net profit, the net profit excluding non-recurring gains was only 1.47 billion yuan, a decline of 9.8% year-on-year, indicating a heavy reliance on non-core income for profit growth [2] - The largest non-recurring gain came from the issuance of pharmaceutical warehousing logistics REITs, contributing 438 million yuan to net profit, alongside government subsidies and fair value changes of financial assets [2] - The continuous decline in gross margin, with an overall gross margin of 7.76%, down 0.2 percentage points year-on-year, further reflects the weakening profitability of the core business [2] Group 2: Accounts Receivable and Cash Flow - Accounts receivable reached 39.09 billion yuan, a year-on-year increase of 32.61%, significantly outpacing revenue growth [3] - The net cash flow from operating activities was -2.317 billion yuan, indicating a persistent negative cash flow situation despite slight improvement compared to the previous year [3] - The decline in accounts receivable turnover from 3.67 times to 3.48 times, along with a drop in inventory turnover, highlights decreased asset operational efficiency [3] Group 3: Strategic Execution and Internal Control - The company has been actively expanding into new retail, new healthcare, and digitalization, but many initiatives are still in the "high investment, low output" phase, with significant slowdowns in growth rates for various business segments [4] - Governance and internal control issues have been frequent, with approximately 20 violations reported from January to October 2025, exposing management weaknesses amid rapid expansion [4] - The company faces serious risks due to management's inability to keep pace with its growth, as evidenced by multiple subsidiaries being penalized for illegal activities [4] Conclusion - The financial report presents a picture of growth, but underlying anxieties exist due to weak core business performance and tightening industry policies, suggesting that without fundamental improvements in profitability, cash flow quality, and internal controls, the current "prosperity" may not be sustainable [5]

Group 1 - The core point of the news is that Jiuzhoutong (SH 600998) announced significant share pledges by its major shareholders, which may impact the company's financial stability and investor confidence [1] - As of November 13, Jiuzhoutong's shareholder Shanghai Hongkang holds approximately 1.088 billion shares, accounting for 21.58% of the total share capital. After the recent pledge, Shanghai Hongkang has pledged about 633 million shares, representing 58.12% of its holdings and 12.54% of the total share capital [1] - The controlling shareholder, Chuchang Investment, along with its concerted parties, holds around 2.291 billion shares, which is 45.43% of the total share capital. Following the pledge, the total number of pledged shares by Chuchang Investment and its concerted parties is approximately 1.243 billion shares, accounting for 54.27% of their holdings and 24.66% 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 26.2 billion yuan [2]

证券代码：600998 证券简称：九州通 公告编号：临 2025-081 九州通医药集团股份有限公司 关于股东股份质押的公告 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。 一、本次股份质押的相关情况 重要内容提示： ●公司股东上海弘康办理完成166,002,657股的股份质押手续，本次质押股份占其所 持股份的比例为15.25%，占公司总股本的比例为3.29%。 ●公司股东上海弘康持有公司股份1,088,326,782股，占公司总股本的比例为21.58%。 本次股份质押办理完成后，上海弘康累计质押公司股份632,574,549股，占其所持股份的 比例为58.12%，占公司总股本的比例为12.54%。 ●截至2025年11月12日，控股股东楚昌投资及其一致行动人合计持有公司股份 2,290,962,690股，占公司总股本的比例为45.43%。本次股份质押办理完成后，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1,243,386,405股，占其所 持股份的比例为54.27%，占公司总股本的比例为24.66%。 ...

九州通公告称，股东上海弘康办理完成166,002,657股（占总股本3.29%）无限售条件流通股质押，占其 所持股份比例为15.25%。上海弘康持有公司股份1,088,326,782股，占总股本21.58%，本次质押后累计质 押股份占其所持股份比例为58.12%，占总股本12.54%。截至2025年11月12日，控股股东楚昌投资及其 一致行动人合计持股占总股本45.43%，本次质押后已质押股份总数占其所持股份比例为54.27%，占总 股本24.66%。控股股东及其一致行动人具备资金偿还能力，对公司无影响。 ...

Core Insights - Jiuzhoutong Jiuxin Traditional Chinese Medicine has achieved significant breakthroughs in the quality construction of authentic medicinal materials, with its Reishi and Honeysuckle planting bases passing provincial GAP extension inspections, and Tianma and Reishi being awarded "Quality Medicinal Material" certification [2][3] Group 1: Quality Control and Certification - The Reishi planting base of Huanggang Jinguo Traditional Chinese Medicine Industry Development Co., Ltd. and the Honeysuckle planting base of Linyi Jiuzhou Tianrun Traditional Chinese Medicine Slice Co., Ltd. both passed high-standard inspections, indicating the establishment of a standardized and replicable management system for quality control at the source of medicinal materials [2] - The simultaneous awarding of "Quality Medicinal Material" certification for Tianma and Reishi at the 2025 Eighth National Tianma Conference and the First Dabieshan Authentic Medicinal Material Industry Development Conference further affirms the company's commitment to quality in medicinal materials [2] Group 2: Industry Development and Strategy - Jiuzhoutong Jiuxin Traditional Chinese Medicine leverages the natural resource advantages of high-quality medicinal material production areas such as the Dabie Mountains and Yimeng Mountains, establishing traceable medicinal material bases across multiple regions [3] - The company has developed a complete industrial chain system from planting and breeding to processing and research innovation, covering over one million acres of medicinal material bases and managing more than 70 varieties of medicinal materials [3] - Future plans include optimizing the entire quality control system and promoting the upgrade of the traditional Chinese medicine industry, relying on the advantages of authentic resources [3]

证券代码：600998 证券简称：九州通 公告编号：临 2025-080 （一） 担保的基本情况 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 | 山东九州通医药有限公司、芜湖九州通 | | | --- | --- | --- | --- | | | | 医药销售有限公司等 26 | 家子公司 | | | 本次担保金额 | 万元 223,000.00 | | | 担保对象 | 实际为其提供的担保余额 | 万元 1,102,400.00 | | | | 是否在前期预计额度内 | 是 □否 | □不适用：_________ | | | 本次担保是否有反担保 | 是 否 | □不适用：_________ | 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 | 2,851,749.72 ...

Group 1 - The company announced that its subsidiary, Beijing Jiuzhou Zhongchuang Technology Incubator Co., Ltd., has invested 10 million yuan to participate as a limited partner in the establishment of the Wuhan Chuchang Tongda Industrial Investment Fund Partnership (Limited Partnership), accounting for 7.14% of the total subscribed capital of the fund [1] - The fund has completed the filing procedures with the Asset Management Association of China and has obtained the Private Investment Fund Filing Certificate as of November 10, 2025 [2] - The fund's management is handled by Beijing Chuchang Private Fund Management Co., Ltd., and the custodian is China Merchants Bank Co., Ltd. [2]

Core Viewpoint - The company is enhancing its strategic investment in emerging industries such as innovative medical devices and medical artificial intelligence through the establishment of an industrial investment fund [1] Group 1: Investment Details - The company’s subsidiary, Beijing Jiuzhou Zhongchuang Technology Incubator Co., Ltd., has committed to invest 10 million yuan as a limited partner in the Wuhan Chuchang Tongda Industrial Investment Fund Partnership, accounting for 7.14% of the total subscribed capital of the fund [1] - The fund has completed the registration process with the Asset Management Association of China and has obtained the Private Investment Fund Registration Certificate as of November 10, 2025 [1]

证券代码：600998 证券简称：九州通 公告编号：临 2025-079 九州通医药集团股份有限公司 关于控股孙公司参与设立的产业基金完成备案的公告 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。 一、基金名称：武汉市楚昌通达产业投资基金合伙企业（有限合伙） 公司将持续关注产业基金后续进展情况，按照相关法律法规的要求，及时履行 信息披露义务，敬请广大投资者注意投资风险。 二、管理人名称：北京楚昌私募基金管理有限公司 三、托管人名称：招商银行股份有限公司 四、备案日期：2025年11月10日 五、备案编码：SBHG37 特此公告。 为进一步促进旗下产业孵化器发展，加大在创新医疗器械、医疗人工智能等新 兴产业的战略布局，九州通医药集团股份有限公司（以下简称"公司"）控股孙公 司北京九州众创科技孵化器有限公司作为有限合伙人认缴出资1,000万元参与设立 武汉市楚昌通达产业投资基金合伙企业（有限合伙）（以下简称"产业基金"）， 占产业基金认缴出资总额的7.14%。具体内容详见公司于2025年9月23日在《中国证 券报》《证券时报》《上 ...

九州通公告，控股孙公司北京九州众创科技孵化器有限公司作为有限合伙人认缴出资1000万元参与设立 武汉市楚昌通达产业投资基金合伙企业（有限合伙），占产业基金认缴出资总额的7.14%。2025年11月 10日，该产业基金已在中国证券投资基金业协会完成备案手续，并取得了《私募投资基金备案证明》。 ...