Core Viewpoint - The company, Jiuzhoutong, showcased its strategic transformation and growth in the traditional Chinese medicine sector during the 2024 annual performance briefing, highlighting significant revenue growth and a comprehensive industry chain approach [1][2]. Company Performance - In 2024, Jiuzhoutong achieved a total revenue of 151.81 billion yuan, with a net profit attributable to shareholders of 2.507 billion yuan, reflecting a year-on-year increase of 39.88% [3]. - The company reported a net profit of 1.814 billion yuan after excluding non-recurring items, marking a year-on-year growth of 14.89% [3]. - For Q1 2025, Jiuzhoutong's revenue reached 42.016 billion yuan, a 3.82% increase compared to the same period last year, with a net profit of approximately 970 million yuan, representing an 80.38% year-on-year growth [3]. Traditional Chinese Medicine Business Development - The traditional Chinese medicine segment generated sales revenue of 4.962 billion yuan in 2024, a year-on-year increase of 18.14%, with a gross profit of 871 million yuan, up 12.22% [1][2]. - The company has established a full industry chain layout in traditional Chinese medicine, focusing on "authentic medicinal materials + intelligent manufacturing + digital services" [1]. Resource Management and Quality Control - Jiuxin Traditional Chinese Medicine has set up nine core authentic medicinal material production areas across the country and invested in 21 specialized companies, managing 250,000 acres of standardized planting bases [2]. - The company has achieved GAP certification for 14 medicinal material bases and has developed a traceability platform for traditional Chinese medicine quality in Hubei Province [2]. Production and R&D Capabilities - Jiuxin Traditional Chinese Medicine has built 13 GMP-certified modern processing enterprises and has established a smart traditional Chinese medicine service with over 6,000 professional decoction devices [2]. - The company has a core R&D team of over 70 members, involved in more than 30 national and provincial key projects, and has formed a patent cluster covering over 200 items [2]. Marketing and Digitalization - The company has expanded its marketing efforts into four major areas: OTC, medical, medicinal materials, and online business, serving over 100,000 downstream clients [2]. - Jiuzhoutong has developed digital systems for quality traceability, smart decoction, and traditional Chinese medicine diagnosis, enhancing the digital management and service capabilities of its traditional Chinese medicine business [3].

此外，公司积极拥抱AI人工智能技术，通过自主研发与外部合作双轮驱动，开发针对不同应用场景的 AI智能体，加速业务及管理的数智化转型。在AI及大模型领域，公司与阿里云、腾讯云等头部科技企 业进行合作，分别在公司智慧知识管理、通义灵码、诊疗系统的处方辅助诊断和 AI 健康教育处方等方 面开展应用合作。 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%。 5月7日下午，2024年度沪市主板集体业绩说明会新质生产力之民营活力专场活动召开，九州通 （600998）董事长刘长云、副总经理全铭出席了本次活动，并围绕公司2024年经营情况、"三新两化"战 略转型成效及未来发展规划等问题与投资者进行了充分交流。 有投资者提问称，今年以来，大数据、AI的快速发展推动各行各业不断蜕变转型，公司也把数字化作 为核心战略之一，想请教一下目前数字化及AI对公司业 ...

Group 1 - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares for the year 2024, totaling 999.7 million yuan, which represents 50.47% of the annual net profit attributable to shareholders [1] - The cumulative cash dividends and stock buybacks since the company's listing have reached 6.861 billion yuan, which is 125% of the refinancing balance, excluding the controlling shareholder's subscription amount [1] - The company has established a "Future Three-Year Dividend Return Plan (2025-2027)" to outline its cash dividend policies for the next three years, reflecting its commitment to investor returns and confidence in future development [1] Group 2 - In 2024, the company 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% and a net profit growth of 39.88% after excluding specific seasonal factors [2] - For the first quarter of 2025, the company reported a revenue of 42.016 billion yuan, a year-on-year increase of 3.82%, and a net profit of approximately 970 million yuan, reflecting a significant growth of 80.38% compared to the same period last year [2]

基于 2024 年度现场检查，本保荐人提请贵公司关注以下事项：建议公司继 续严格按照《公司法》《证券法》《上海证券交易所股票上市规则》等法律法规的 要求，不断完善公司治理结构，及时履行信息披露义务。 附件：《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 2024 年度 持续督导工作现场检查报告》 1 （本页无正文，为《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 2024 年持续督导工作现场检查结果及提请公司注意事项》之盖章页） 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 2024 年持续督导工作现场检 查结果及提请公司注意事项 九州通医药集团股份有限公司： 中信证券股份有限公司（以下简称"本保荐人"）作为对贵公司进行持续督 导的保荐人，按照《上海证券交易所上市公司自律监管指引第 11 号——持续督 导》的有关要求，对贵公司认真履行了持续督导职责。 保荐人：中信证券股份有限公司 年 月 日 ...

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 2024年度持续督导报告书 | 上市公司：九州通医药集团股份有限公司（以下简称"九州通"、"公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：王国梁 5210 | 联系电话：0755-2383 | | 保荐代表人姓名：叶兴林 5003 | 联系电话：0755-2383 | 经中国证券监督管理委员会《关于同意九州通医药集团股份有限公司向特定 对象发行优先股注册的批复》（证监许可［2024］1002 号）核准，并经上海证 券交易所同意，公司于 2024 年 8 月 12 日向特定对象发行优先股 1,790 万股，发 行价格为每股 100 元，募集资金总额为 1,790,000,000.00 元，扣除各类发行费用 之后实际募集资金净额 1,771,903,773.59 元。中审众环会计师事务所（特殊普通 合伙）于 2024 年 8 月 13 日对九州通医药集团股份有限公司向特定对象发行优先 股的资金到位情况进行了审验，并出具了"众环验字（2024）0100025 号 ...

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 （四）现场检查时间 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对九州通医药集团股份有限公司（以下简称"九州通""公司" "上市公司"）进行持续督导工作的保荐人，对自 2024 年发行上市之日至 2024 年 12 月 31 日（以下简称"本持续督导期间"）的规范运作情况进行了现场检查， 现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 王国梁、叶兴林 （三）现场检查人员 王国梁 2025 年 4 月 26 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 1 （六）现场检查手段 本 ...

证券代码：600998 证券简称：九州通 公告编号：临 2025-032 九州通医药集团股份有限公司 关于参加 2024 年度沪市主板民营活力专题 集体业绩说明会情况的公告 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。 九州通医药集团股份有限公司（以下简称"九州通"或"公司"）于2025年5月7 日（星期三）下午14：00-17：00以视频直播结合网络文字互动形式参加了2024 年度沪市主板民营活力专题集体业绩说明会，就公司2024年度及2025年一季度经 营成果、"三新两化"战略实施及权益分派等具体情况与广大投资者进行了沟通 交流。现将有关内容公告如下： 一、本次业绩说明会召开情况 2025年5月7日（星期三）下午14：00-17：00，公司董事长刘长云先生、独 立董事陆银娣女士、财务总监夏晓益先生、副总经理全铭女士出席了本次业绩说 明会，与投资者进行了现场及线上的互动交流。 二、投资者提出的主要问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复，主要问题及回复整理 如下： 问题一：公司今年的现金分红方案是 ...

证券代码：600998 证券简称：九州通 公告编号：2025-033 九州通医药集团股份有限公司 关于召开2024年年度股东会的提示性公告 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： 九州通医药集团股份有限公司（以下简称"公司"）已于2025年4月29日在 《中国证券报》《上海证券报》《证券时报》《证券日报》及上海证券交易所 网站（www.sse.com.cn）上披露了《关于召开2024年年度股东会的通知》（公 告编号：2025-028），公司将于2025年5月23日召开2024年年度股东会，根据相 关规定，现发布本次股东会的提示性公告，具体内容如下： 一、 召开会议的基本情况 (一)股东会类型和届次 2024年年度股东会 (二)股东会召集人：董事会 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间： 自2025 年 5 月 23 日 至2025 年 5 月 23 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9: ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company demonstrates strong operational resilience and is expected to continue delivering on its "Three New and Two Transformations" strategy [1] - The successful issuance of REITs marks the beginning of a new chapter in light asset operations, with significant funds raised to enhance the company's growth potential [2] - The CSO business has shown sustained high growth, expanding from retail to hospital channels, indicating strong momentum [3] - The new retail and new medical sectors are entering a new phase of expansion, enhancing the company's ability to reach end consumers [4] - The company's profitability is expected to improve due to the contribution from Pre-REITs and innovative strategies, despite some temporary increases in expenses [5] - The operating quality has seen a slight decline, but there are positive trends anticipated for improvement [6] Summary by Sections Performance - In 2024, the company achieved total revenue of 151.81 billion yuan, a year-on-year increase of 1.11%, and a net profit attributable to shareholders of 2.51 billion yuan, up 15.33% [1] - In Q1 2025, total revenue reached 42.02 billion yuan, a 3.82% increase year-on-year, with net profit soaring by 80.38% to 970 million yuan [1] Growth Potential - The REITs issuance has successfully launched, raising 1.158 billion yuan, which is expected to accelerate the company's intelligent warehousing upgrades and high-margin business expansion [2] - The CSO business generated sales of 19.27 billion yuan, with a 19.59% growth in pharmaceutical CSO sales after adjusting for high base effects [3] Profitability - The overall gross margin for 2024 was 7.80%, a slight decrease of 0.27 percentage points, while Q1 2025 saw a gross margin of 7.33%, an increase of 0.13 percentage points [5] - The net profit margin for 2024 was 1.65%, up approximately 0.21 percentage points, with Q1 2025 showing a significant increase to 2.31%, up 0.98 percentage points [5] Operating Quality - The net cash flow from operating activities in 2024 was 3.083 billion yuan, a decrease of 35.07% year-on-year, primarily due to increased procurement payments [6] - The company anticipates improvements in operating cash flow due to changes in customer and channel structures [6] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 1632.94 billion yuan, 1764.63 billion yuan, and 1900.79 billion yuan, with corresponding growth rates of 7.56%, 8.06%, and 7.72% [12] - Expected net profits for the same period are 2.84 billion yuan, 3.18 billion yuan, and 3.54 billion yuan, with growth rates of 13.13%, 12.08%, and 11.21% [12]

Performance - In 2024, the company achieved total operating revenue of 151.81 billion, a year-on-year increase of 1.11%; net profit attributable to shareholders was 2.51 billion, up 15.33%; and net profit excluding non-recurring items was 1.81 billion, down 7.47% [1] - In Q1 2025, total operating revenue reached 42.02 billion, a year-on-year increase of 3.82%; net profit attributable to shareholders was 970 million, a significant increase of 80.38%; and net profit excluding non-recurring items was 507 million, down 2.76% [1] Growth Potential - The company successfully launched its REITs, marking a new chapter in light asset operations, with the public offering of pharmaceutical warehousing logistics REITs raising 1.16 billion on February 27, 2025 [2] - The CSO business continued to grow, achieving sales revenue of 19.27 billion, with pharmaceutical CSO revenue at 10.77 billion, a year-on-year increase of 19.59% after adjusting for high base effects [2] New Retail and New Medical - The "Good Pharmacist" franchise rapidly expanded, reaching 29,331 stores by the end of March 2025, with sales to franchise pharmacies amounting to 5.39 billion, a year-on-year increase of 54.94% [3] - The "Nine Medical Clinics" membership stores reached 1,377 by the end of March 2025, utilizing AI-assisted diagnostic platforms to empower grassroots medical institutions [3] Profitability - The overall gross margin for 2024 was 7.80%, a decrease of 0.27 percentage points, while Q1 gross margin was 7.33%, an increase of 0.13 percentage points [4] - The net profit margin attributable to shareholders for 2024 was 1.65%, an increase of approximately 0.21 percentage points, with Q1 2025 net profit margin at 2.31%, a significant increase of 0.98 percentage points [4] Operating Quality - The net cash flow from operating activities in 2024 was 3.08 billion, a year-on-year decrease of 35.07%, primarily due to increased procurement payments from strategic cooperation with core suppliers [5] - By Q1 2025, the company's operating cash flow remained stable year-on-year, with slight increases in accounts receivable turnover days and inventory turnover days [5] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 163.29 billion, 176.46 billion, and 190.08 billion, with corresponding growth rates of 7.56%, 8.06%, and 7.72% [6] - Expected net profits attributable to shareholders for the same period are 2.84 billion, 3.18 billion, and 3.54 billion, with year-on-year growth rates of 13.13%, 12.08%, and 11.21% [6]