Core Points - The article discusses the latest developments in a lawsuit involving Jibeier and Hubei Jiuzhoutong Pharmaceutical Co., Ltd. regarding a contract dispute over the promotion of the drug Nigulol tablets [1][2] - The lawsuit has undergone multiple legal proceedings, with Jiuzhoutong as the plaintiff and Jibeier as the defendant in the main case, while Jibeier has counterclaimed [1] - The amounts involved in the case include 99.08262 million yuan for the main case and 6 million yuan for the counterclaim, with 60 million yuan involved in the appeal and retrial stages [1] Legal Proceedings Summary - First Instance: The Wuhan Intermediate People's Court issued a civil judgment in 2021 [2] - Second Instance: Jiuzhoutong appealed the first-instance judgment, leading to a civil judgment by the Hubei High People's Court in 2022 [2] - Retrial: Jiuzhoutong's application for retrial was rejected by the Supreme People's Court in 2023 [2] - Supervision Application: Jiuzhoutong's request for supervisory review was not supported by the Hubei Provincial People's Procuratorate, indicating that the previous judgment did not meet the conditions for supervision [2] Financial Impact - As of the announcement date, the comprehensive results of the various stages of judgment and decisions suggest that the case is not expected to have a significant impact on Jibeier's financial status and operational results for the current and future periods [2]

Industry Overview - The pharmaceutical distribution industry serves as a critical link between pharmaceutical manufacturers and end consumers, characterized by a specialized division of labor [2][5] - The industry consists of upstream manufacturers producing various types of pharmaceutical products, including Western medicine, traditional Chinese medicine, medical devices, and chemical reagents [1] Cost Structure Analysis - The primary cost in the pharmaceutical distribution industry is sales cost, which includes product and raw material costs, accounting for approximately 95% of total sales costs, while other costs make up about 5% [5] Profitability Factors - Key drivers of profitability in the pharmaceutical distribution sector include sales scale and growth, gross margin levels, expense ratios, and inventory turnover [7] - Companies maintain stable gross margins through scale advantages and product structure adjustments, while controlling costs through refined management practices [7] Internet Integration - The integration of "Internet+" in the pharmaceutical distribution industry helps reduce costs and improve efficiency, allowing pharmaceutical companies to analyze order demands and pharmacies to manage inventory effectively [9] - Patients benefit from the ability to compare prices and brands online, facilitating informed purchasing decisions [9]

Market Overview - On September 12, the pharmaceutical commercial sector declined by 0.51%, with Baiyang Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Key stocks in the pharmaceutical commercial sector showed varied performance, with Seer Medical (603716) leading with a 10.01% increase, closing at 31.31 [1] - Other notable performers included Haiwang Biological (000078) with a 2.69% increase and Runda Medical (603108) with a 1.30% increase [1] Capital Flow - The pharmaceutical commercial sector saw a net inflow of 295 million yuan from institutional investors, while retail investors experienced a net outflow of 113 million yuan [2] - Major stocks like Seer Medical had a significant net inflow of 5.15 billion yuan from institutional investors, while retail investors showed a net outflow of 2.61 billion yuan [2]

Core Viewpoint - The company has provided a total guarantee of 249,850.00 million yuan for its subsidiaries, with a focus on maintaining manageable risk levels due to the good operational status of the guaranteed entities [2][10][13]. Summary by Sections Guarantee Overview - In August 2025, the company provided guarantees totaling 249,850.00 million yuan, with 185,350.00 million yuan for subsidiaries with a debt-to-asset ratio exceeding 70% and 64,500.00 million yuan for those below this threshold [2][10]. - As of August 31, 2025, the actual guarantee balance stood at 274.03 billion yuan, primarily for controlling subsidiaries and their subsidiaries, indicating a controlled risk environment [2][10]. Internal Decision-Making Process - The company held board meetings on December 8, 2024, and January 6, 2025, to approve the comprehensive credit plan for 2025, allowing guarantees for 141 companies and their subsidiaries [4][10]. - The guarantees can be adjusted internally among subsidiaries based on actual operational needs, ensuring flexibility in financial management [4][10]. Cumulative Guarantee Situation - The total external guarantees provided by the company and its subsidiaries amounted to 2,740,299.72 million yuan, exceeding 100% of the company's latest audited net assets [10][13]. - The company has not provided guarantees to controlling shareholders or related parties, maintaining a focus on its subsidiaries [10][13]. Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary for the daily operations of the subsidiaries, with the board confirming the repayment capabilities of the guaranteed entities [10][13]. - The company believes that the guarantees will not adversely affect shareholder interests and are essential for the normal conduct of business [10][13].

Core Viewpoint - The company, Jiuzhoutong, announced that it has no overdue guarantees, indicating a stable financial position and risk management strategy [2] Company Summary - Jiuzhoutong released an announcement on the evening of September 10, stating that there are no overdue guarantees [2]

证券代码：600998 证券简称：九州通 公告编号：2025-066 九州通医药集团股份有限公司 关于为子公司提供担保的进展公告 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： 担保对象及基本情况 | | 被担保人名称 | | 青岛九州通医药有限公司、广西九州通 | | --- | --- | --- | --- | | | | 医药有限公司等 | 家子公司 36 | | | 本次担保金额 | 万元 249,850.00 | | | 担保对象 | 实际为其提供的担保余额 | 1,332,570.00 | 万元 | | | 是否在前期预计额度内 | 是 □否 | □不适用：_________ | | | 本次担保是否有反担保 | 是 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额 | | | 0.00 | | --- | --- | --- | --- | | （万元） | | | | | 截至本公告日上市公司及其 | | | | | 控股子公司对外担保总额 | | | ...

Market Overview - The pharmaceutical commercial sector experienced a decline of 0.29% on September 10, with Dazhenglin leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Key stocks in the pharmaceutical commercial sector showed varied performance, with Seer Medical (603716) rising by 3.99% to a closing price of 28.70, and Dazhenglin (603233) falling by 2.37% to 17.30 [1][2] - Other notable gainers included Guofa Co. (600538) with a 1.65% increase and Dazhangzhang (002462) with a 1.22% increase [1] Trading Volume and Value - Seer Medical had a trading volume of 250,500 shares and a transaction value of 719 million yuan, while Dazhenglin had a trading volume of 77,200 shares and a transaction value of 134 million yuan [1][2] Capital Flow - The pharmaceutical commercial sector saw a net outflow of 11.87 million yuan from institutional investors and 50.86 million yuan from speculative funds, while retail investors contributed a net inflow of 62.74 million yuan [2] - Specific stocks like Seer Medical and Jiuzhoutong (600998) had significant net inflows from institutional investors, while others like Yifeng Pharmacy (603939) experienced net outflows from both institutional and speculative funds [3]

Company Overview - Hubei Jiuzhou Tong Medical Equipment Co., Ltd. has been established with a registered capital of 100 million yuan [1] - The company is fully owned by Jiuzhou Tong Medical Equipment Group Co., Ltd., a subsidiary of Jiuzhou Tong (600998) [1] Business Scope - The business scope includes the sale of Class I and Class II medical devices, daily necessities, laboratory analysis instruments, and various other products [1][2] - The company is classified under wholesale trade [2] Corporate Structure - The legal representative of the company is Luo Chang [2] - The company is registered in Wuhan, Hubei Province, and is categorized as a limited liability company (wholly foreign-owned enterprise) [2] Shareholding Information - Jiuzhou Tong Medical Equipment Group Co., Ltd. holds 100% of the shares with a subscribed capital of 100 million yuan [2] - Jiuzhou Tong Pharmaceutical Group Co., Ltd. holds an 81.42% stake in Jiuzhou Tong Medical Equipment Group Co., Ltd. [2]

Core Insights - Hubei Jiuzhoutong Medical Equipment Co., Ltd. has been established with a registered capital of 100 million yuan [1] - The company is fully owned by Jiuzhoutong Medical Equipment Group Co., Ltd. [1] - The business scope includes sales of Class I and Class II medical devices, daily necessities, and laboratory analysis instruments [1] Company Summary - The legal representative of the newly established company is Luo Chang [1] - The establishment of this company indicates an expansion in the medical device sector by Jiuzhoutong [1]

Investment Trends - The investment scale in the pharmaceutical distribution industry from 2014 to 2024 shows an initial increase followed by a decline, with the most active investment period being from 2014 to 2017 and the highest investment amount recorded between 2019 and 2021. Since 2022, both the number and amount of investments have decreased, with only 9 investments recorded in 2024 [1][17] - The single investment amount fluctuated from 110 million yuan per deal in 2014 to 700 million yuan per deal in 2020, then began to decline in 2021, with a rebound to 320 million yuan per deal in 2023 [3][17] Financing Rounds - Strategic investments are the primary financing round in the industry, accounting for 37% from 2021 to 2025, driven by companies accelerating business transformation and enhancing bargaining power through regional network integration [9][17] - A-round financing accounts for 17.7% of the total financing rounds [9] Investment Entities - Private Equity (PE) and Venture Capital (VC) account for 73% of the investment entities, while enterprises account for 17%, primarily for vertical investments in the supply chain [11][17] - Funds represent 8% of the investment entities [11] Investment Destinations - The majority of funds are directed towards Beijing, accounting for 27%, followed by Shanghai at 16%, and Guangdong and Zhejiang at 13% and 10%, respectively [13][17] Fund Management - Several funds are actively investing in the pharmaceutical distribution sector, with management scales exceeding 50 billion yuan, including the Shanghai Comprehensive Reform Fund and the National Mixed Ownership Fund [16][17]