Core Viewpoint - The credit rating report affirms that Jiuzhoutong Pharmaceutical Group Co., Ltd. holds a strong industry position and competitive advantage, with expected growth in distribution business and robust liquidity [5][6]. Company Overview - Jiuzhoutong is recognized as a leading private pharmaceutical distribution enterprise in China, with a significant national presence and a comprehensive service model that includes digital distribution and supply chain services [11][15]. - The company reported a total revenue of 1518.10 billion yuan in 2024, reflecting a year-on-year growth of 1.14% [11][15]. Financial Performance - Total assets reached 1023.96 billion yuan in 2024, with total liabilities at 688.03 billion yuan, indicating a stable financial structure [6][27]. - The net profit for 2024 was 27.86 billion yuan, with an EBIT of 53.44 billion yuan, showcasing a solid operational performance [6][27]. Industry Context - The pharmaceutical distribution market is expanding, driven by increasing health awareness and an aging population, with a growth rate of 5.58% [13]. - However, the industry faces challenges such as declining profit margins and extended payment terms due to intensified competition and policy changes [13][27]. Operational Strengths - Jiuzhoutong has established a nationwide distribution network covering over 96% of administrative regions in China, enhancing its channel security and operational efficiency [15][16]. - The company has a diverse product portfolio, managing approximately 799,700 varieties, which meets the diverse procurement needs of downstream clients [19][20]. Future Outlook - The company is expected to maintain a stable credit level over the next 12 to 18 months, with potential risks related to financial leverage and liquidity [6][27]. - Jiuzhoutong's ongoing digital transformation and expansion into new business areas, such as retail and logistics, are anticipated to drive future growth [15][21].

2025 年度 九州通医药集团股份有限公司 信用评级报告 2025 年 8 月 25 日 编号：CCXI-20253191M-01 2025 年度九州通医药集团股份有限公司 信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 * [14] M. C. 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买 ...

一、主体信用评级上调情况 中诚信向公司出具了《2025 年度九州通医药集团股份有限公司信用评级报 告》（编号：CCXI-20253191M-01），在对公司生产经营状况、政策环境及相关 行业情况进行综合分析与评估的基础上，评定上调公司主体信用等级为 AAA， 评级展望为"稳定"，公司前次主体信用评级结果为 AA+。具体情况详见公司同 日在上海证券交易所网站披露的信用评级报告。 二、主体信用评级上调的原因 近年来，九州通专注于医药大健康主业经营，新产品、新零售、新医疗、数 字化和不动产证券化（"三新两化"）战略进展顺利，可持续发展能力不断增强； 公司在内部管理、供应链体系、经营模式等方面坚持创新，已实现"数字化、平 证券代码：600998 证券简称：九州通 公告编号：临 2025-060 九州通医药集团股份有限公司 关于公司主体信用评级上调为 AAA 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： 2025 年 8 月 25 日，九州通医药集团股份有限公司（以下简称"公司"或"九 州通"）收到信用评级机构 ...

Core Viewpoint - The launch of the brand revitalization project for Jiuzhitong's Jiuxin Traditional Chinese Medicine (TCM) marks a significant step in enhancing the company's presence in the health sector, focusing on modernizing the brand while emphasizing the importance of authentic medicinal materials [1][2]. Group 1: Brand Revitalization Strategy - Jiuxin TCM aims to integrate the entire TCM industry chain, from cultivation to processing and sales, to create a comprehensive ecosystem [1]. - The brand revitalization will be approached from four dimensions: brand strategy, product strategy, visual identity, and communication promotion [2]. - The company plans to focus on cultivating star products and expanding into health-related consumer goods, addressing the need for brand strategy upgrades to enhance scale, operations, and brand strength [1][2]. Group 2: Strategic Partnerships - Shanghai Sandy Brand Consulting, with 15 years of experience in the health sector, will serve as a strategic partner for the brand revitalization, having previously worked with notable companies like Yunnan Baiyao and Tongrentang [3]. - The consulting firm aims to leverage its expertise to help Jiuxin TCM clarify its strategic direction, build a core product cluster, and establish a modern visual system to enhance brand competitiveness [3]. - The goal is to position Jiuxin TCM as the "first brand of authentic Chinese medicine" through a scientifically backed and forward-looking brand revitalization strategy [3].

Group 1: Technological Innovation - Technological innovation serves as a strong engine for industrial development, with companies in Hubei showcasing significant innovation capabilities [3] - Dongfeng Motor's global innovation center has filed 6,297 invention patents, achieving breakthroughs such as a thermal efficiency of 45.18% for the Mach power engine and a 0.6-second start-up technology at -40°C [5] - The Changjiang 3D Scientific Computing Center in Xiaogan operates 12 supercomputers with 100 times the efficiency of traditional supercomputers while consuming only 1/150 of the power, significantly reducing drug development costs and time [6] Group 2: Green and Low-Carbon Development - Hubei has adopted a green development approach, enhancing ecological value while achieving high-quality economic growth [9] - The ecological transformation of Liangzi Lake illustrates Hubei's green development, with water quality improving and ecological tourism revenue increasing by 28.6% [11] - The Jianghan Salt Chemical Industrial Park exemplifies a circular economy, achieving a resource utilization rate of 85% and reducing production costs by 20% [13] Group 3: Open Economy and Logistics - Hubei is enhancing its multi-modal transport system, establishing itself as a new inland open highland with a comprehensive transportation network [15] - The introduction of the "China-Europe (Central Asia) Railway" and the expansion of the cross-border logistics network have improved transportation efficiency and reduced costs [18] - Hubei's total import and export volume reached 402.31 billion yuan in the first half of the year, marking a year-on-year increase of 28.4%, significantly outpacing the national average [19]

Core Insights - The pharmaceutical commercial sector experienced a slight increase of 0.05% on August 22, with Saily Medical leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Group 1: Stock Performance - Saily Medical (603716) saw a closing price of 31.52, with a significant increase of 10.02% and a trading volume of 614,300 shares, resulting in a transaction value of 1.861 billion yuan [1] - Guofang Co. (600538) closed at 6.55, up 2.18%, with a trading volume of 218,500 shares [1] - Runda Medical (603108) closed at 18.35, up 1.94%, with a trading volume of 303,900 shares [1] - Other notable stocks include Jiuzhoutong (600998) with a slight increase of 0.55% and Yifeng Pharmacy (603939) with a minimal increase of 0.20% [1] Group 2: Capital Flow - The pharmaceutical commercial sector saw a net inflow of 363 million yuan from main funds, while retail investors experienced a net outflow of 114 million yuan [2] - Speculative funds recorded a net outflow of 249 million yuan [2]

Market Overview - The pharmaceutical commercial sector increased by 0.27% on August 21, with Guofang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Stock Performance - Guofang Co., Ltd. (600538) closed at 6.41, up 1.91% with a trading volume of 315,600 shares and a transaction value of 202 million yuan [1] - Nanjing Pharmaceutical (600713) closed at 5.39, up 1.70% with a trading volume of 181,000 shares and a transaction value of 96.97 million yuan [1] - Shanghai Pharmaceuticals (601607) closed at 19.20, up 0.95% with a trading volume of 173,600 shares and a transaction value of 333 million yuan [1] - Yifeng Pharmacy (603939) closed at 24.49, up 0.91% with a trading volume of 88,100 shares and a transaction value of 215 million yuan [1] Capital Flow - The pharmaceutical commercial sector experienced a net outflow of 277 million yuan from institutional investors, while retail investors saw a net inflow of 293 million yuan [2] - The data indicates that institutional investors are withdrawing capital, while retail investors are increasing their investments in the sector [2] Individual Stock Capital Flow - Nanjing Pharmaceutical saw a net inflow of 16.81 million yuan from institutional investors, while retail investors had a net outflow of 4.14 million yuan [3] - Yifeng Pharmacy experienced a net inflow of 15.49 million yuan from institutional investors, with a net outflow of 23.62 million yuan from retail investors [3] - China National Pharmaceutical (600056) had a net inflow of 8.93 million yuan from institutional investors, while retail investors had a negligible net inflow of 0.12 million yuan [3]

Core Viewpoint - The pharmaceutical distribution industry is characterized by three main business models: wholesale, retail, and various new distribution models, each with distinct operational dynamics and market implications [1]. Group 1: Wholesale Model - The wholesale model, also known as the distribution model, involves selling pharmaceuticals and medical devices in bulk to entities that directly interact with consumers, such as medical institutions and retail pharmacies [4]. - The third terminal in the wholesale model is increasingly favored by internet hospitals, indicating a shift towards digital integration in pharmaceutical distribution [4]. Group 2: Retail Model - The retail model involves retail pharmacies purchasing pharmaceutical products from manufacturers or other distributors and selling them to individual consumers, generating profit from the price difference [7]. - Although the retail model operates on a smaller scale compared to wholesale, it boasts higher profit margins, making it an attractive segment within the pharmaceutical distribution landscape [7]. Group 3: Internet Retail Model - The internet retail model encompasses various online platforms, including internet hospitals and pharmaceutical e-commerce, facilitating diagnosis and drug sales through digital channels [9]. - This model includes B2B, B2C, and O2O formats, reflecting the growing trend of digital transformation in the pharmaceutical sector [9]. Group 4: Third-Party Cold Chain Logistics - The "14th Five-Year Plan" emphasizes the need for a modern, intelligent pharmaceutical supply chain, focusing on enhancing networked, scaled, and specialized logistics services [12]. - Third-party cold chain logistics offer significant advantages, such as reducing initial investment costs for pharmaceutical companies and ensuring temperature-controlled transport, which is crucial for maintaining drug quality [12]. - These logistics providers can effectively manage reverse logistics and product recalls through advanced tracking and data exchange systems, thereby minimizing losses and ensuring compliance with quality standards [12].

批发模式中第三终端受互联网医院青睐 转自：前瞻产业研究院 行业主要上市公司：国药控股(01099.HK);上海医药(601607.SH);华润医药(03320.HK);九州通 (600998.SH);南京医药(600713.SH);华东医药(000963.SZ);英特集团（维权）(000411.SZ)等 医药流通行业主要商业模式可分为三类 医药商业是医药行业的子行业之一，是专门从事医药商品经营活动的独立经济分支，主要负责药品在市 场上的流通。医药流通行业主要商业模式可分为批发模式、零售模式和各类新型流通模式三类。批发毛 利率较低其中又分为纯销、快批和调拨等;零售毛利率较高药品零售企业一般就是所谓的零售药店是直 接面对最终消费者患者的商品流通环节也是药品流通的最终环节。 批发模式即分销模式，是指批量将药品和医疗器械销售给直接接触消费者的最后环节，包括医疗机构、 零售药店、基层医疗机构等或下游分销商。根据销售对象的不同批发模式可进一步区分为以下几类：医 院直销：商业调拨、第三终端。此外由于渠道下沉、分散等特点，第三终端目前也是各互联网医药企业 积极布局的市场。 零售模式规模小但毛利率高 零售模式是指零售药店从医药 ...

Market Overview - The pharmaceutical commercial sector increased by 0.05% on August 20, with Yifeng Pharmacy leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Stock Performance - Yifeng Pharmacy (603939) closed at 24.27, up 0.87% with a trading volume of 58,700 shares and a turnover of 141 million yuan [1] - Other notable performers include: - Liuyuan Group (603368) at 18.64, up 0.76% [1] - China National Pharmaceutical Group (600511) at 30.01, up 0.60% [1] - Shanghai Pharmaceuticals (601607) at 19.02, up 0.58% [1] - Nanjing Pharmaceutical (600713) at 5.30, up 0.57% [1] Capital Flow - The pharmaceutical commercial sector experienced a net outflow of 377 million yuan from institutional investors, while retail investors saw a net inflow of 367 million yuan [2] - Notable capital flows include: - Yifeng Pharmacy had a net outflow of 9.79 million yuan from institutional investors [3] - Heavy Drug Holdings (000950) saw a net inflow of 7.45 million yuan from institutional investors [3] - Drug Easy Purchase (300937) had a net inflow of 3.82 million yuan from institutional investors [3]