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 控股孙公司参与设立产业基金暨关联交易的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为九州通 医药集团股份有限公司（以下简称"公司"、"上市公司"或"九州通"）向特 定对象发行优先股的保荐人，根据《证券发行上市保荐业务管理办法》《上海证 券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》以及《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 等相关规定，对九州通控股孙公司参与设立产业基金暨关联交易事项发表核查意 见，具体情况如下： 一、设立产业基金及关联交易概述 （一）本次设立产业基金基本情况 为促进公司旗下产业孵化器发展，加大公司在创新医疗器械、医疗人工智能 等新兴产业的战略布局，公司控股孙公司九州众创孵化器于近日和武汉光创新兴 技术一期创业投资基金合伙企业（有限合伙）（以下简称"武汉光创基金"）、 北京点金及楚昌私募基金签署《武汉市楚昌通达产业投资基金合伙企业（有限合 伙）之有限合伙协议》（以下简称"本协议"），各方共同投资在武汉光谷设立 楚昌通达基金，该基金主要投资于创新型医疗器械、消 ...

证券代码：600998 证券简称：九州通 公告编号：临 2025-067 九州通医药集团股份有限公司 关于控股孙公司参与设立产业基金暨关联交易的公告 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： 为促进公司旗下产业孵化器发展，加大公司在创新医疗器械、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"九州通" 或"公司"）控股孙公司北京九州众创科技孵化器有限公司（以下简称"九州众 创孵化器"）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"楚昌通达基金"、"合伙企业" 或"产业基金"）（暂定名，以工商核准为准），占产业基金认缴出资总额的 7.14%。 产业基金的执行事务合伙人北京楚昌私募基金管理有限公司（以下简称"楚 昌私募基金"）、有限合伙人北京点金投资有限公司（以下简称"北京点金"） 均为公司控股股东楚昌投资集团有限公司的下属控股企业，且北京点金为公 司持股5%以上的大股东，故本次共同投资构成关联交易，但不构成《上市公 司重大资 ...

Core Viewpoint - The company, Jiuzhoutong, is enhancing its strategic layout in emerging industries such as innovative medical devices and medical artificial intelligence by investing in a new industrial investment fund [1] Group 1 - Jiuzhoutong's subsidiary, Beijing Jiuzhou Zhongchuang Technology Incubator Co., Ltd., has committed to invest 10 million yuan in the establishment of the Wuhan Chuchang Tongda Industrial Investment Fund Partnership [1] - The investment represents a 7.14% stake in the total subscribed capital of the industrial fund [1]

Core Viewpoint - The company, Jiuzhoutong, is enhancing its strategic layout in emerging industries such as innovative medical devices and medical artificial intelligence by investing in a new industrial investment fund [1] Group 1 - Jiuzhoutong's subsidiary, Beijing Jiuzhou Zhongchuang Technology Incubator Co., Ltd., has committed to invest 10 million yuan in the establishment of the Wuhan Chuchang Tongda Industrial Investment Fund Partnership [1] - The investment represents a 7.14% stake in the total subscribed capital of the industrial fund [1]

Core Viewpoint - The company announced that its subsidiary, Beijing Jiuzhou Zhongchuang Technology Incubator Co., Ltd., will invest 10 million yuan as a limited partner in the establishment of Wuhan Chuchang Tongda Industrial Investment Fund Partnership (Limited Partnership), accounting for 7.14% of the total subscribed capital of the industrial fund [1] Group 1 - The investment by the subsidiary is part of a larger industrial fund initiative [1] - The fund's executive partner is Beijing Chuchang Private Fund Management Co., Ltd., and the limited partner is Beijing Dianjin Investment Co., Ltd., both of which are subsidiaries of the company's controlling shareholder, Chuchang Investment Group Co., Ltd. [1] - Beijing Dianjin is a major shareholder holding more than 5% of the company's shares, indicating that this investment constitutes a related party transaction [1]

Group 1 - A new company, Shanghai Jiuzhoutong Beirui Kang Technology Co., Ltd., has been established with a registered capital of 20 million yuan [1] - The legal representative of the company is Sun Wei, and its business scope includes the sale of Class I and Class II medical devices, as well as wholesale of computer software and hardware and auxiliary equipment [1] - The shareholders of the company include Hou Lijuan, Jiuzhoutong Medical Device Group Co., Ltd., and Juzhi Youqi (Shanghai) Enterprise Management Co., Ltd. [1]

Core Insights - The report from Dongfang Securities highlights that Jiuzhoutong achieved a net profit attributable to shareholders of 1.45 billion yuan in H1 2025, representing a year-on-year increase of 19.7% [1] - The operating cash flow was -2.82 billion yuan, an increase of 380 million yuan compared to the same period last year, primarily due to enhanced collection of accounts receivable and increased payments [1] - The company is accelerating the implementation of its "Three New and Two Transformations" strategy to drive high-quality development [1] Financial Performance - Jiuzhoutong's net profit for H1 2025 reached 1.45 billion yuan, up 19.7% year-on-year [1] - The operating cash flow is expected to turn positive by the end of the year, aligning with business performance [1] Business Growth - The pharmaceutical distribution sector is showing steady growth, while emerging businesses are experiencing remarkable growth [1] - As of the end of July, Jiuyi Clinics has over 2,400 member stores, with a plan to establish a network of 10,000 clinics within three years [1] Strategic Initiatives - The "Goods to Person" AI logistics project is expected to improve outbound efficiency by 10% [1] - By the end of August, the main project rating was upgraded to AAA, the highest credit rating in the country, which will facilitate the timely launch of public REITs expansion to further reduce financing costs [1] Valuation - Based on comparable companies, a target price of 6.30 yuan is set for 2025, using a 14x PE ratio [1] - The investment rating is maintained at "Buy" [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.30 CNY based on a 14x PE ratio for 2025 [3][6]. Core Views - The company has shown steady revenue growth, with a 5.1% year-on-year increase in H1 2025, achieving a revenue of 811.1 billion CNY and a net profit of 14.5 billion CNY, which is a 19.7% increase year-on-year [10]. - The company is actively pursuing strategic transformation, focusing on enhancing its operational efficiency and expanding its market presence in new retail and e-commerce channels [10]. - The financial forecasts for 2025-2027 have been adjusted, with expected earnings per share of 0.45, 0.47, and 0.53 CNY respectively, reflecting a downward revision from previous estimates [3][5]. Financial Summary - The company's revenue is projected to grow from 150.14 billion CNY in 2023 to 186.71 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 7.1% [5][12]. - Operating profit is expected to decline in 2025 to 3.36 billion CNY, down from 3.64 billion CNY in 2024, before recovering to 3.97 billion CNY in 2027 [5][12]. - The net profit attributable to the parent company is forecasted to decrease to 2.27 billion CNY in 2025, with a subsequent increase to 2.68 billion CNY by 2027 [5][12]. - The gross margin is expected to stabilize around 7.8% from 2025 to 2027, while the net margin remains consistent at 1.4% [5][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.30 CNY based on a 14x PE ratio for 2025 [3][6]. Core Views - The company has shown steady revenue growth, with a projected increase in revenue from 150.14 billion CNY in 2023 to 186.71 billion CNY by 2027, reflecting a CAGR of approximately 7.1% [5][10]. - The net profit attributable to the parent company is expected to decline slightly in 2025 to 2.27 billion CNY, before recovering to 2.68 billion CNY in 2027, indicating a focus on strategic transformation and operational efficiency [5][10]. - The company is actively pursuing a strategic transformation, focusing on new retail operations and enhancing its product offerings, including a significant increase in medical beauty revenue by 48.6% in the first half of 2025 [10]. Financial Summary - Revenue projections for 2025-2027 are adjusted to 162.73 billion CNY, 174.35 billion CNY, and 186.71 billion CNY respectively, with corresponding net profits of 2.27 billion CNY, 2.38 billion CNY, and 2.69 billion CNY [5][10]. - The gross margin is expected to stabilize around 7.8% from 2025 onwards, while the net margin remains consistent at 1.4% [5][10]. - The company’s operating profit is forecasted to decrease by 7.5% in 2025, followed by a recovery in subsequent years, indicating a focus on cost management and efficiency improvements [5][10].

Core Insights - The "2025 China Top 500 Enterprises" list was released, with 15 companies from Hubei included, marking the first appearance of Hubei Agricultural Development Group [2][4] - Among the 15 Hubei enterprises, 7 saw an increase in their rankings, and 6 companies reported revenues exceeding 100 billion yuan, with one new addition compared to 2024 [3][4] Summary by Category Company Rankings - The 15 Hubei enterprises include Dongfeng Motor Group (ranked 73), Zall Smart Group (164), Hubei Lian Investment Group (180), and others, with Hubei Agricultural Development Group making its debut at rank 449 [3][4] - Seven companies improved their rankings: Zall Smart Group, Hubei Lian Investment Group, Hubei Transportation Investment Group, Wuhan Financial Holding Group, Wentai Technology, Jin'ao Technology, and Hubei Cultural Tourism Group [4][5] Revenue Performance - The total revenue of the "2025 China Top 500 Enterprises" reached 110.15 trillion yuan, an increase from the previous year, with the entry threshold rising to 47.96 billion yuan [4][5] - Six Hubei companies reported revenues over 100 billion yuan, including Dongfeng Motor Group (369.1 billion yuan), Zall Smart Group (162.3 billion yuan), and Hubei Lian Investment Group (151.82 billion yuan) [5][6] Industry Insights - The number of companies with revenues exceeding 100 billion yuan increased to 267, with 15 companies surpassing 1 trillion yuan in revenue [4][5] - Hubei ranks 10th nationally in terms of the number of companies on the list, and first in Central China [4][5]