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].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's "Three New and Two Transformation" strategy has shown significant results, with the establishment of a "public + private" REITs platform enabling asset-light operations [8] - The company achieved a total revenue of 151.81 billion yuan in 2024, reflecting a year-on-year growth of 1.11%, and a net profit attributable to shareholders of 2.51 billion yuan, up 15.33% year-on-year [8] - The first quarter of 2025 saw a revenue of 42.02 billion yuan, representing a 3.82% increase, and a net profit of 970 million yuan, which is an impressive 80.38% growth year-on-year [8] Financial Performance Summary - The company forecasts total revenue for 2025 to be 165.92 billion yuan, with a net profit of 2.81 billion yuan, and expects continued growth in subsequent years [1][9] - The projected earnings per share (EPS) for 2025 is 0.56 yuan, with a price-to-earnings (P/E) ratio of 9.41 based on the current market price [1][9] - The company's gross profit margin for 2024 was 7.80%, with a net profit margin of 1.84% [8] Strategic Initiatives - The "Three New" strategy includes new product development, new retail initiatives, and new medical services, which are expected to enhance the company's competitiveness in the outpatient channel [8] - The company has introduced over 2,247 new drug and device specifications, with 52 products generating over 100 million yuan in sales [8] - The digital transformation efforts have led to a 24.32% increase in R&D investment, reaching 346 million yuan in 2024, with 47 digital and AI projects implemented [8] Future Outlook - The company anticipates that its net profit will reach 3.53 billion yuan by 2027, corresponding to a P/E ratio of 7.49 [1][9] - The successful implementation of the REITs platform is expected to improve cash flow and support steady growth in core business operations [8]

Core Viewpoint - The A-share pharmaceutical and biotechnology sector demonstrated resilience in 2024 despite a complex external environment, with innovative drugs entering a phase of realization and development progress catalyzing growth, unaffected by trade wars, positioning it as a key investment theme for 2025 [1][8]. Overall Performance - A-share pharmaceutical and biotechnology companies reported stable performance, with total revenue in 2024 reaching 2.47 trillion yuan, slightly down from 2.50 trillion yuan in 2023, and a net profit attributable to shareholders of 140.26 billion yuan [2][3]. Revenue Breakdown - The overall sector had 499 companies, with a total revenue of 24,651.04 billion yuan in 2024, reflecting a year-on-year decrease of 1.50%. The first quarter of 2025 saw total revenue of 6,037.04 billion yuan, down 6.14% year-on-year [3]. - Sub-sectors such as chemical pharmaceuticals, pharmaceutical commerce, and medical devices achieved positive revenue growth in 2024, while only the medical services sector showed positive growth in Q1 2025 [4]. Individual Company Performance - Among the companies, 234 reported revenue growth in 2024, with 59 companies exceeding a 20% increase. In terms of net profit, 231 companies saw growth, with 140 exceeding 20% [5]. - Shanghai Pharmaceuticals achieved revenue of 275.25 billion yuan in 2024, up 5.75%, with a net profit of 4.55 billion yuan, a 20.82% increase. The company also reported a significant increase in R&D investment [5]. - Jiuzhoutong reported revenue of 151.81 billion yuan in 2024, a 1.11% increase, driven by stable growth in its pharmaceutical distribution business and rapid growth in emerging sectors [6]. Market Attention - The pharmaceutical and biotechnology sector has garnered significant market attention since April, with many companies receiving institutional research interest, particularly those involved in innovative drugs [7]. - Huadong Medicine's recent annual report and Q1 performance attracted considerable institutional investor interest, focusing on product development and future industry trends [7]. Investment Outlook - Analysts remain optimistic about innovative drugs, overseas expansion, and the clearing of procurement policies, suggesting that the sector is entering a growth phase with potential in insulin, orthopedics, and certain generic drug companies [8]. - The market is expected to see increased activity in mergers and acquisitions as the pharmaceutical market undergoes a phase of concentration [8].

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。 ...

Core Insights - The company reported stable growth in its 2024 annual report and Q1 2025 results, with 2024 revenue reaching 151.81 billion yuan and net profit attributable to shareholders at 2.507 billion yuan, reflecting a year-on-year increase of 39.88% [1][4] - The company is focusing on high-quality development and strategic transformation, emphasizing new products, new retail, new medical services, digitalization, and real estate securitization [1][6] Financial Performance - In 2024, the company achieved a revenue of 151.81 billion yuan, with a net profit of 2.507 billion yuan, and a non-recurring net profit of 1.814 billion yuan, showing a year-on-year revenue growth of 2.58% and a net profit growth of 39.88% [1][4] - For Q1 2025, the company 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 [1] Strategic Initiatives - The company is implementing a comprehensive service model that integrates pharmaceutical distribution, logistics, and product promotion, transitioning from traditional distribution to digital and platform-based services [4] - The company has established a full industry chain layout for traditional Chinese medicine, achieving a sales revenue of 4.962 billion yuan, with a year-on-year growth of 18.14% [5] - The company is actively developing digital logistics and supply chain solutions, with this segment generating 1.064 billion yuan in revenue, a 25.32% increase year-on-year [5] Social Responsibility and Shareholder Returns - In 2024, the company donated nearly 18.21 million yuan for public welfare, focusing on energy conservation, rural revitalization, and disaster relief [2][11] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, totaling 999.7 million yuan, which, along with a stock buyback of 268 million yuan, amounts to 1.265 billion yuan, representing 50.47% of the annual net profit [2][12] Talent Acquisition and Future Outlook - The company has introduced 264 high-end professionals to support its strategic transformation, with a significant increase in investment for talent acquisition [12][13] - Looking ahead, 2025 is seen as a crucial year for the company to finalize its three-year strategic plan and continue advancing its transformation initiatives [13]

第五条 信息披露义务人披露的信息应当同时向所有投资者披露，不得提前 向任何单位和个人泄露。但是，法律、行政法规另有规定的除外。 九州通医药集团股份有限公司 信息披露事务管理制度 第一章 总则 第一条 为规范九州通医药集团股份有限公司（以下简称"公司"）信息披露 行为，加强信息披露事务管理，提高信息披露工作质量，切实保护公司、股东、 债权人及其他利益相关者的合法权益，根据《上市公司治理准则》、《上海证券交 易所股票上市规则》、《上市公司信息披露管理办法》以及《公司章程》的有关规 定，结合公司实际情况，特制定本制度。 第二条 本制度所称"信息"指所有可能对公司股票及其衍生品种交易价格 产生重大影响的信息以及证券监管部门要求披露的信息或公司主动披露的信息； 本制度所称"披露"系指在规定的时间内、在规定的媒体上、以规定的方式向社 会公众公布前述的信息，并按规定报送证券监管部门。 第三条 公司的信息披露义务人包括公司及全体董事、高级管理人员、各部 门及各子公司的主要负责人、实际控制人、股东，收购人，重大资产重组、再融 资、重大交易有关各方等自然人、单位及其相关人员，以及法律、行政法规和中 国证监会规定的其他承担信息披露 ...

九州通医药集团股份有限公司 董事、高级管理人员薪酬管理制度 第一章 总则 第一条 为进一步建立健全公司的治理体系，规范并优化对董事及高级管理 人员薪酬的管理，根据《公司法》《证券法》《上市公司治理准则》以及《公司章 程》及其他有关规定，结合公司实际发展需要，制定本制度。 第二条 本制度所称董事、高级管理人员是指由股东会或董事会批准任命的 全体董事以及总经理、副总经理、财务总监、董事会秘书等《公司章程》规定的 高级管理人员。 第三条 公司董事和高级管理人员的薪酬遵循薪酬的内部公平性和外部竞争 性原则，根据岗位价值大小、人员能力及绩效完成情况、行业及地区市场薪酬水 平，并结合员工持股计划实施情况，多维度综合考核确定。 第十条 公司发放薪酬均为税前金额，公司按照国家和公司的有关规定，从 工资奖金中代扣代缴个人所得税。 第四章 薪酬管理 第二章 薪酬管理机构 第四条 董事的薪酬由公司股东会审议决定，高级管理人员的薪酬由公司董 事会审议决定。 第五条 公司董事会提名与薪酬考核委员会负责制定、审查公司董事及高级 管理人员的薪酬政策与方案，并分别提交股东会和董事会审议；制定董事及高级 管理人员考核标准并进行考核和监督。 第 ...

（一）本人工作履历、专业背景以及兼职情况 九州通医药集团股份有限公司 2024年度独立董事述职报告（陆银娣） 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 作为公司的独立董事，本人拥有专业资质及能力，并且作为行业专家，本人 在医药流通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： 本人陆银娣，63岁，中国国籍，无境外居留权，高级管理人员工商管理证书。 曾任苏州药品监督管理局对外经济和合作科副科长、苏州医药对外贸易公司总经 理、美国礼来制药中国亚洲公司全国高级商务总监、礼来贸易公司总经理、北京 万户良方科技有限公司高级 ...

1 第一节 合并、分立、增资和减资 九州通医药集团股份有限公司 章程 （2025 年 4 月修订） 2025 年 4 月 目 录 第二节 解散和清算 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第五章 董事会 第一节 董事的一般规定 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章 高级管理人员 第七章 财务会计制度、利润分配和审计 2 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第八章 通知和公告 第一节 通知 第二节 公告 第九章 合并、分立、增资、减资、解散和清算 第十章 修改章程 第十一章 附则 九州通医药集团股份有限公司章程 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》（以下简称《证 ...