九州通医药集团股份有限公司 关于股东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： 证券代码：600998 证券简称：九州通 公告编号：临 2025-034 ●截 至本 公告提 交日 ， 控股股东楚 昌投资 及 其一致行 动人合计 持有公 司股份 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1,181,432,748股， 占其所持股份的比例下降为50.85%，占公司总股本的比例下降为23.43%。 海弘康实业投资有限公司（以下简称"上海弘康"）、中山广银投资有限公司（以下简 称"中山广银"）、刘树林和刘兆年的通知，获悉上海弘康、中山广银和刘树林持有本 公司的部分股份已办理完成解除质押手续，刘兆年持有本公司的部分股份已办理完成质 押手续。具体情况如下： 一、本次股份解除质押的相关情况 上海弘康、中山广银和刘树林分别办理完成145,310,760股（占公司总股本的2.88%）、 解除质押手续，具体情况如下： | 股东名称 | 上海弘康 | 中山广银 | 刘树林 | | | ...

证券代码：600998 证券简称：九州通 公告编号：临 2025-034 九州通医药集团股份有限公司 关于股东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： ●公司股东上海弘康、中山广银和刘树林分别办理完成145,310,760股、26,909,400 股和18,648,214股的股份解除质押手续，本次解除质押股份占其所持股份的比例分别为 13.35%、8.02%和26.33%，占公司总股本的比例分别为2.88%、0.53%和0.37%。另外， 公司股东刘兆年办理完成23,156,196股的股份质押手续，本次质押股份占其所持股份的 比例为38.32%，占公司总股本的比例为0.46%。 2025年5月12日，九州通医药集团股份有限公司（以下简称"公司"）收到股东上 海弘康实业投资有限公司（以下简称"上海弘康"）、中山广银投资有限公司（以下简 称"中山广银"）、刘树林和刘兆年的通知，获悉上海弘康、中山广银和刘树林持有本 公司的部分股份已办理完成解除质押手续，刘兆年持有本公司的部分股份已办理 ...

编辑 | 虞尔湖 出品 | 潮起网「于见专栏」 中国医药流通行业正经历深度变革，政策驱动与市场需求共同塑造行业新格局。近年来，带量采购、两票制、医保控费等政策持续推进，行业集中度显著提 升，五大全国性医药批发龙头市占率已过半。 与此同时，人口老龄化、慢性病增加及健康意识提升推动医药需求刚性增长，为行业提供长期发展动能。政策影响边际减缓，但结构性调整持续。两票制压 缩流通环节，带量采购降低药品价格，导致行业整体利润率下降。 然而，政策高峰期已过，边际影响逐步减弱。而且，随着处方外流趋势加速，处方药零售药店占比对标发达国家的水平，仍有巨大空间。 值得一提的是，其三大战略协同发力，新产品拓宽盈利空间，新零售夯实渠道壁垒，REITs释放资产效能，共同构建起"产品+渠道+资本"的立体化竞争优 势，为九州通在医药流通变革期的稳健发展提供强支撑。 九州通作为民营龙头，凭借灵活的市场策略和渠道优势，在承接处方外流中占据先机，并正在释放厚积薄发的行业优势。 财务表现稳健，数智化转型为主旋律 随着医药行业整合加速，数字化转型成为关键。行业集中度的提升，也在推动头部企业通过并购整合扩大市场份额，如"重庆医药—中国医药"联合体的成立 ...

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-05-08 股票投资评级 公司基本情况 | 最新收盘价（元） | 5.26 | | --- | --- | | 总股本/流通股本（亿股）50.42 | / 50.42 | | 总市值/流通市值（亿元）265 | / 265 | | 52 周内最高/最低价 | 8.51 / 4.39 | | 资产负债率(%) | 67.2% | | 市盈率 | 10.52 | | 第一大股东 | 上海弘康实业投资有限 | | 公司 | | 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 九州通(600998) 业务稳中有进，首创医药行业"股权+资产双上 市"平台 l 利润剔除特定因素实现较快增长，现金流改善明显 公司发布2024年年报：2024年营业收入 1518.1 亿元（+1.11%）， 归母净利润 25.07 亿元（+15.33%），归母净利润增长主要原因是 20 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [10][14]. Core Insights - The company has shown stable growth in its core pharmaceutical distribution business, achieving a revenue of 151.81 billion yuan in 2024, reflecting a year-on-year increase of 1.11%. The net profit attributable to shareholders reached 2.507 billion yuan, up by 15.33% [3][6]. - The successful issuance of public REITs has significantly contributed to the company's net profit, adding 576 million yuan in 2024 and 438 million yuan in Q1 2025 [4][9]. - The company is pioneering a dual listing platform in the pharmaceutical industry, combining equity and asset listings, which enhances its asset liquidity and sets a benchmark for the industry [7][9]. Financial Performance Summary - For 2024, the company reported an operating income of 151.81 billion yuan, with a net profit of 2.507 billion yuan. The operating cash flow was 3.083 billion yuan, showing a decline of 35% year-on-year due to increased payments to core suppliers [3][5][10]. - The first quarter of 2025 saw an operating income of 42.016 billion yuan, a 3.82% increase, and a net profit of 970 million yuan, marking an 80.38% rise compared to the previous year [4][10]. - The company’s gross margin for 2024 was 7.80%, with a net profit margin of 1.65%. In Q1 2025, the gross margin slightly decreased to 7.33%, while the net profit margin improved to 2.31% [4][5]. Growth Projections - The company is expected to achieve revenues of 162.65 billion yuan, 174.30 billion yuan, and 186.62 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 3.010 billion yuan, 3.212 billion yuan, and 3.458 billion yuan for the same years [10][12]. - The report anticipates a steady growth rate of approximately 7% for the upcoming years, with a corresponding increase in earnings per share [10][12].

Core Viewpoint - The company showcased its stable growth and strategic initiatives during the 2024 annual performance briefing, highlighting significant financial achievements and advancements in digital transformation and ESG practices [1][2][3][4] Financial Performance - In 2024, the company reported revenue of 151.81 billion yuan and a net profit attributable to shareholders of 2.507 billion yuan, with a year-on-year revenue growth of 2.58% and a net profit growth of 39.88% after adjusting for seasonal factors [1] - For Q1 2025, the company achieved revenue of 42.016 billion yuan, a 3.82% increase year-on-year, and a net profit of approximately 970 million yuan, reflecting an 80.38% growth compared to the same period last year [1] Shareholder Returns - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, totaling 999.7 million yuan, which, combined with the stock buyback of 268 million yuan, amounts to 1.265 billion yuan, representing 50.47% of the annual net profit [2] Asset Securitization - The company successfully established an asset securitization platform, with its public REITs for pharmaceutical logistics warehousing listed on the Shanghai Stock Exchange, marking a significant milestone as the first public REITs in the domestic pharmaceutical sector [2] Digital Transformation - The company is actively embracing AI technology through both in-house development and external collaborations, partnering with leading tech firms like Alibaba Cloud and Tencent Cloud to enhance its digital capabilities across various applications [2] ESG Practices - Over the past three years, the company has developed a robust ESG management system, achieving an A rating in mainstream ESG assessments and ranking first in the pharmaceutical distribution industry for 2024 [3] Strategic Initiatives - The company highlighted its achievements in new products, new retail, and new medical services during the performance briefing, emphasizing its commitment to strategic transformation and future growth [4]

Core Insights - The company, Jiuzhoutong, held a performance briefing on May 7, 2024, discussing its operational status, strategic transformation, and future plans with investors [1] - The B2C e-commerce segment, under the brand "Good Medicine Master," is expected to generate sales revenue of 980 million yuan in 2024, leveraging its extensive experience and user base [1] - Jiuzhoutong reported a total revenue of 151.81 billion yuan and a net profit attributable to shareholders of 2.507 billion yuan for 2024, reflecting a year-on-year revenue growth of 2.58% and a net profit growth of 39.88% [2] Company Performance - In 2024, Jiuzhoutong's B2C e-commerce business achieved a total sales GMV of over 1.57 billion yuan, with a significant year-on-year growth of 107.7% in interest e-commerce channels like Douyin and Kuaishou [2] - The company operates over 60 strategic partner brands and has launched more than 100 online flagship stores for well-known pharmaceutical and health brands [2] - For Q1 2025, Jiuzhoutong reported a revenue of 42.016 billion yuan, marking a 3.82% increase year-on-year, and a net profit of approximately 970 million yuan, reflecting an 80.38% increase compared to the same period last year [3]

Group 1 - The 2024 annual performance briefing for the Shanghai Stock Exchange main board was held, focusing on the company's operational situation, strategic transformation, and future development plans [1] - The company achieved a sales revenue of 3.007 billion yuan in 2024, representing a year-on-year growth of 21.49%, driven by the expansion of its pharmaceutical manufacturing and OEM business [2] - The pharmaceutical segment, particularly the Western medicine sector, saw a revenue increase of 26.92% in 2024, reaching 592 million yuan, with a diverse product range including over 150 products [2][3] Group 2 - The company reported a total revenue of 151.81 billion yuan for 2024, with a net profit attributable to shareholders of 2.507 billion yuan, reflecting a year-on-year net profit growth of 39.88% [4] - In Q1 2025, the company achieved a revenue of 42.016 billion yuan, a 3.82% increase from the previous year, and a net profit of approximately 970 million yuan, marking an 80.38% year-on-year growth [4]

Group 1 - The core viewpoint of the news is that Jiuzhoutong is successfully implementing its new retail strategy, which focuses on a comprehensive online and offline service system aimed at end consumers [1] - As of now, Jiuzhoutong has nearly 30,000 franchise pharmacies, with new retail revenue expected to reach nearly 3 billion yuan in 2024 [1] - The company reported a rapid growth in sales revenue from franchise pharmacies, reaching 5.392 billion yuan in 2024, a year-on-year increase of 54.94% [1] Group 2 - In 2024, Jiuzhoutong achieved a revenue of 151.81 billion yuan and a net profit attributable to shareholders of 2.507 billion yuan, with a year-on-year revenue growth of 2.58% after excluding seasonal disease impacts [2] - The first quarter of 2025 saw Jiuzhoutong generate a revenue of 42.016 billion yuan, a 3.82% increase compared to the same period last year, with a net profit of approximately 970 million yuan, reflecting an 80.38% year-on-year growth [2] - The company’s non-recurring net profit for 2024 was 1.814 billion yuan, showing a year-on-year increase of 14.89% [2]

Group 1 - The core viewpoint of the news is that Jiuzhoutong has successfully established itself as a leader in the pharmaceutical logistics sector by launching the first public REITs and Pre-REITs fund in China, enhancing its asset management capabilities and market value [1][2] - Jiuzhoutong's 2024 revenue reached 151.81 billion yuan, with a net profit attributable to shareholders of 2.507 billion yuan, reflecting a year-on-year revenue growth of 2.58% and a net profit growth of 39.88% after adjusting for seasonal factors [2] - In Q1 2025, Jiuzhoutong reported a revenue of 42.016 billion yuan, 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] Group 2 - The issuance of public REITs is a significant part of Jiuzhoutong's strategic transformation, aimed at revitalizing its pharmaceutical logistics assets and facilitating rapid business growth [1] - Jiuzhoutong has become the first company in the pharmaceutical industry to establish a dual listing platform of "equity + assets," setting a benchmark for asset management in the pharmaceutical distribution sector [1]