Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company has shown a positive trend in Q3 performance, with a year-on-year revenue growth of 3.57% and a net profit increase of 1.64% [1] - The CSO business has contributed significantly to profit growth, with a revenue increase of 18% year-on-year in the first three quarters of 2024 [2] - The company is actively pursuing digital transformation, with a 19% increase in R&D investment and 40 digital projects initiated [2] - The REITs and Pre-REITs projects are progressing smoothly, expected to enhance profits by up to 16 billion yuan in the long term [3] - Revenue projections for 2024-2026 are estimated at 1543.20 billion, 1629.09 billion, and 1715.47 billion yuan, with net profits of 22.20 billion, 25.49 billion, and 29.16 billion yuan respectively [3] Summary by Sections Q3 Performance - In Q3 2024, the company achieved a revenue of 362.58 billion yuan, a 3.57% increase year-on-year, and a net profit of 4.89 billion yuan, up 1.64% [1] - The seasonal flu impact has diminished, leading to a positive performance trend in Q3 [1] CSO Business - The CSO business generated 141.19 billion yuan in revenue in the first three quarters, marking an 18% increase [2] - The company has introduced 104 new product specifications, with 30 expected to exceed 100 million yuan in sales [2] Digital Transformation - The company has invested 2.15 billion yuan in R&D, a 19% increase, and has launched 40 digital transformation projects [2] REITs and Pre-REITs - The public REITs application has been accepted, with expected profit contributions of up to 7 billion yuan from REITs and 9 billion yuan from Pre-REITs [3] Financial Projections - The company forecasts revenues of 1543.20 billion, 1629.09 billion, and 1715.47 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 22.20 billion, 25.49 billion, and 29.16 billion yuan [3]

Investment Rating - Buy rating maintained for the stock [2] Core Views - The company's performance has shown a clear trend of improvement quarter by quarter, with Q3 revenue, profit, and cash flow turning positive year-on-year [3] - High-margin businesses such as CSO, self-produced pharmaceutical products, and digital logistics solutions drove growth, with CSO revenue up 18% YoY in the first three quarters [4] - The company's REITs project has been accepted, accelerating the implementation of its real estate securitization strategy [4] - The company is expected to see a revaluation as its fundamentals improve, with new product strategies and REITs issuance expected to enhance capital turnover [5] Financial Performance - 2024 Q3 revenue was RMB 36.258 billion (+3.57% YoY), with net profit attributable to shareholders of RMB 489 million (+1.64% YoY) [3] - Excluding the impact of seasonal diseases, the company's revenue and net profit attributable to shareholders increased by 0.70% and 10.16% YoY, respectively, in the first three quarters [3] - Operating cash flow improved significantly in Q3, with a net cash flow from operating activities of RMB 543 million, up 93.36% YoY [4] Business Highlights - CSO business revenue reached RMB 14.119 billion in the first three quarters, up 18% YoY [4] - Self-produced pharmaceutical products and OEM business revenue was RMB 2.092 billion, up 18.42% YoY [4] - Digital logistics and supply chain solutions revenue grew 22.99% YoY to RMB 734 million [4] REITs Strategy - The company submitted its REITs application for pharmaceutical warehousing and logistics infrastructure on September 20, 2024, and received acceptance on September 24, 2024 [4] - The company plans to launch a Pre-REITs project to incubate high-quality pharmaceutical logistics assets, aiming to build a multi-tiered real estate equity capital operation platform [4] Financial Forecasts - Revenue for 2024-2026 is projected to be RMB 165.27 billion, RMB 185.195 billion, and RMB 209.438 billion, respectively [6] - Net profit attributable to shareholders is expected to be RMB 2.618 billion, RMB 3.015 billion, and RMB 3.491 billion for 2024-2026 [6] - The current PE ratio is 10.1x for 2024, 8.8x for 2025, and 7.6x for 2026 [6] Valuation Metrics - The company's PE ratio is 9.55x, with a market capitalization of RMB 26.5 billion [1] - The 52-week high and low prices were RMB 8.54 and RMB 4.39, respectively [1] - The debt-to-asset ratio stands at 68.2% [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [3][6]. Core Insights - The company's Q3 performance showed a recovery with a year-on-year revenue increase of 3.57%, and a net profit increase of 1.64%, aligning with expectations [3][4]. - The total brand promotion business (CSO) has become a significant growth driver, achieving a sales revenue of 14.12 billion yuan, a year-on-year increase of 18%, with a notable 30.14% growth when excluding seasonal impacts [4][5]. - The company is progressing well with its public REITs and Pre-REITs projects, which are expected to enhance its financial metrics significantly, potentially adding up to 16 billion yuan to net profit if both projects are completed [5][6]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 1134.29 billion yuan, a slight decrease of 0.82% year-on-year, and a net profit of 16.96 billion yuan, down 6.99% year-on-year [3][7]. - The company forecasts a net profit of 22.16 billion yuan for 2024, down from a previous estimate of 33.51 billion yuan, with projected profits of 25.37 billion yuan and 29.61 billion yuan for 2025 and 2026, respectively [6][7]. - The current market capitalization is 265 billion yuan, with a target market value of 346 billion yuan, indicating a potential upside of 30.63% based on comparable company valuations [6][7].

证券代码：600998 证券简称：九州通 公告编号：临 2024-090 九州通医药集团股份有限公司关于全资子公司 参与设立 Pre-REITs 不动产私募投资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。 一、设立基金及关联交易概述 （一）本次设立基金及关联交易基本情况 在保证日常经营所需资金的前提下，九州通医投拟与高和丰德、楚昌私募基 金共同投资成立芜湖通高壹号基金，其中九州通医投为有限合伙人，高和丰德为 执行事务合伙人、普通合伙人，楚昌私募基金为普通合伙人；天津畅和股权投资 基金管理有限公司为基金管理人。 本次全体合伙人将以现金方式，总认缴出资37,000万元成立芜湖通高壹号基 金，其中九州通医投认缴出资35,000万元，楚昌私募基金认缴出资1,000万元、高 和丰德认缴出资1,000万元（最终出资结果，具体将以工商部门核定为准）。 鉴于楚昌私募基金为公司控股股东楚昌投资集团有限公司的下属控股企业， 故本次共同投资构成关联交易，但不构成重大资产重组。 （二）本次设立基金及关联交易的目的和原因 截至本 ...

证券代码：600998 证券简称：九州通 公告编号：临 2024-088 九州通医药集团股份有限公司 第六届董事会第九次会议决议公告 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。 2024 年 10 月 27 日，九州通医药集团股份有限公司（以下简称"公司"或 "九州通"）召开第六届董事会第九次会议，本次会议以现场结合通讯的方式召 开，根据公司《董事会议事规则》，会议通知已于 2024 年 10 月 21 日以电话、 邮件、微信等方式通知全体董事。本次会议应到董事 11 人，实到 11 人，会议由 董事长刘长云先生主持，公司监事和高级管理人员列席了会议。本次会议的召集 和召开程序符合《公司法》及《公司章程》等相关规定。 经过审议并表决，本次会议通过了以下议案： 二、《关于公司 2024 年第三季度报告的议案》 经审议，董事会同意《九州通 2024 年第三季度报告》，公司经营业绩分析如 下： （一）2024 年第三季度（7-9 月），公司营业收入、归属于上市公司股东的 净利润（以下简称"归母净利润"）和归属于上市公司股东的扣除 ...

根据《上海证券交易所股票上市规则（2024年4月修订）》《企业会计准则》 及九州通医药集团股份有限公司（以下简称"公司"）会计政策的相关规定，公司 对截至 2024年 9 月 30 日存在减值迹象的资产进行了减值测试，基于谨慎性原则， 对可能发生减值损失的资产计提了减值准备。现将具体情况公告如下： 一、本次计提情况概述 为更加真实、准确地反映公司资产、财务状况，基于谨慎性原则，公司依据 相关会计政策，于基准日 2024年9 月 30 日计提可能发生的信用减值准备及资产 减值准备（含转回）共计 26,149.95万元，具体包括： 二、本次计提对公司财务状况及经营成果的影响 公司本次计提各项资产减值准备（含转回）合计 26,149.95万元，将减少公 司 2024 年前三季度合并利润表利润总额 26,149.95万元（不考虑税费影响）。 证券代码：600998 证券简称：九州通 公告编号：临 2024-091 九州通医药集团股份有限公司 关于2024年前三季度计提资产减值准备的公告 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。 ...

证券代码：600998 证券简称：九州通 公告编号：临 2024-089 九州通医药集团股份有限公司 第六届监事会第七次会议决议公告 本公司监事会及全体监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。 2024 年 10 月 27 日，九州通医药集团股份有限公司（以下简称"公司"或 "九州通"）召开第六届监事会第七次会议，本次会议以现场结合通讯方式召开， 根据公司《监事会议事规则》，会议通知于 2024 年 10 月 21 日以电话、邮件、微 信等方式通知全体监事。本次会议应到监事 3 人，实到 3 人，会议由监事会主席 许应政先生主持。本次会议的召集和召开程序符合《公司法》及《公司章程》等 相关规定。 经过审议并表决，本次会议通过了以下议案： 一、《关于公司 2024 年第三季度财务报告的议案》 经审议，监事会同意《九州通 2024 年第三季度财务报告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 二、《关于公司 2024 年第三季度报告的议案》 经审议，监事会同意《九州通 2024 年第三季度报告》，公司经营业绩分析 如下： （一 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥36,258,172,760.22, representing a year-on-year increase of 3.57%[2] - Net profit attributable to shareholders for Q3 2024 was ¥488,548,638.10, reflecting a year-on-year growth of 1.64%[2] - The net cash flow from operating activities for Q3 2024 was ¥543,000,233.57, a significant increase of 93.36% compared to the same period last year[5] - The total assets at the end of Q3 2024 amounted to ¥101,016,639,725.71, which is an increase of 8.87% compared to the end of the previous year[3] - The weighted average return on equity for Q3 2024 was 2.17%, an increase of 0.12 percentage points year-on-year[3] - The company reported a 0.70% year-on-year growth in sales revenue when excluding the impact of seasonal diseases from the previous year[6] - The net profit attributable to shareholders for the first three quarters of 2024 increased by 66.53% compared to the same period in 2019[7] - Total operating revenue for the first three quarters of 2024 was CNY 113.43 billion, a slight decrease from CNY 114.36 billion in the same period of 2023, representing a year-over-year decline of approximately 0.82%[83] - Total operating costs for the first three quarters of 2024 were CNY 111.07 billion, down from CNY 111.80 billion in 2023, indicating a decrease of about 0.65%[83] - The company's net profit for the third quarter of 2024 was CNY 1,771,027,718.86, a decrease from CNY 1,877,289,969.19 in the same period last year, representing a decline of approximately 5.65%[84] - The total profit for the third quarter was CNY 2,285,103,067.12, down from CNY 2,372,210,468.10, indicating a decrease of about 3.66% year-over-year[84] Shareholder Information - The total number of common shareholders at the end of the reporting period is 35,508[10] - The largest shareholder, Shanghai Hongkang Investment Co., Ltd., holds 1,088,326,782 shares, representing 21.58% of total shares[10] - The second-largest shareholder, Lion Dragon International Group (Hong Kong) Limited, holds 575,575,920 shares, accounting for 11.41%[10] - The third-largest shareholder, Zhongshan Guangyin Investment Co., Ltd., holds 335,357,275 shares, which is 6.65% of total shares[10] - The total number of preferred shareholders at the end of the reporting period is 7[14] - The top 10 shareholders include several entities with significant stakes, such as Chuchang Investment Group Co., Ltd. with 329,025,962 shares (6.53%) and Beijing Diangjin Investment Co., Ltd. with 276,531,424 shares (5.48%)[11] - The total shares held by the top 10 unrestricted shareholders amount to 2,888,000,000 shares[11] - The largest shareholder, Shanghai Hongkang, has pledged 680,762,670 shares[10] - The report highlights the relationship between major shareholders, indicating that they are acting in concert due to familial ties[12] Business Operations and Growth - The total brand promotion business (CSO) achieved sales revenue of 14.119 billion yuan in the first three quarters, a year-on-year increase of 18.00%[17] - The pharmaceutical brand promotion business generated sales revenue of 7.584 billion yuan, with a year-on-year growth of 17.06%, and a 41.42% increase when excluding seasonal disease impacts[17] - The medical device brand promotion business reported sales revenue of 6.535 billion yuan, up 19.12% year-on-year, with a gross profit of 364 million yuan, reflecting a 35.60% increase[19] - The self-produced and OEM pharmaceutical business achieved sales revenue of 2.092 billion yuan, growing 18.42% year-on-year[19] - The "万店加盟" (ten thousand store franchise) initiative reached 26,703 stores, surpassing the annual target ahead of schedule, with expectations to reach 30,000 by year-end[26] - The company introduced 104 new quality products in the pharmaceutical sector, including 7 products with over 100 million yuan in sales potential[18] - The company’s subsidiary, 京丰制药, reported a revenue of 383 million yuan, a 34.41% increase year-on-year, focusing on diabetes and cardiovascular products[20] - The company’s subsidiary, 九信中药, achieved self-produced herbal medicine sales of 1.605 billion yuan, a 15.09% increase year-on-year[21] - The company has established a comprehensive new product business structure centered around CSO to enhance product introduction and marketing capabilities[22] Digital Transformation and Technology - The company has launched 40 digital transformation projects, with 32 already implemented, enhancing user experience and operational efficiency[44] - The company has built a data library of over 3.2 million industry products and terminals, improving data management and service capabilities[46] - The company signed a strategic cooperation agreement with Peking University Wuhan Artificial Intelligence Research Institute to enhance its digital capabilities in the pharmaceutical industry[69] - The "Orthopedic Chang'e" smart logistics service platform can automatically identify and manage over 2,000 medical devices, achieving a 30-fold efficiency increase and 99.9% accuracy[70] - The company has partnered with Alibaba Health to digitize the pharmaceutical distribution process, aiming to streamline documentation and improve operational efficiency[69] Cash Flow and Investments - The company's cash and cash equivalents amounted to CNY 15.92 billion, a decrease from CNY 16.95 billion at the end of 2023, while accounts receivable increased to CNY 37.09 billion from CNY 24.72 billion[79] - The company's cash and cash equivalents at the end of the third quarter were CNY 7,069,721,050.39, an increase from CNY 6,258,243,361.55 at the end of the same period last year[89] - Cash flow from operating activities for the first three quarters of 2024 was CNY 110,098,925,807.50, compared to CNY 112,202,105,361.81 in the same period of 2023, showing a decline of about 1.87%[88] - The net cash flow from operating activities for the first three quarters of 2024 was negative CNY 2,657,824,333.74, contrasting with a positive CNY 798,996,404.43 in the previous year[88] - Cash flow from investing activities for the first three quarters of 2024 was CNY 3,242,642,104.48, significantly higher than CNY 720,336,568.82 in the same period of 2023[88] - The net cash flow from financing activities for the first three quarters of 2024 was CNY 2,261,532,997.71, compared to a negative cash flow of CNY 1,390,196,443.23 in the previous year[89] Market Position and Recognition - The company reported a revenue of CNY 150.14 billion for the year 2023, ranking 165th in the 2024 Fortune China 500 list, an improvement of 6 places from the previous year[74] - The company ranked 4th among pharmaceutical wholesale enterprises in 2023 and 9th in pharmaceutical retail, demonstrating strong market positioning[75] - The company received an "A" rating for information disclosure from the Shanghai Stock Exchange, marking five consecutive years of high recognition[76] - The company was awarded the "2023 Most Valuable Investment Award" at the 26th Annual Golden Bull Awards, highlighting its recognition in the capital market[78] Environmental and Social Responsibility - The company has constructed 24 photovoltaic power stations, generating approximately 16.6 MW of installed capacity, which translates to an annual reduction of about 13,628 tons of CO2 emissions[71] - The company has eliminated 128 high fuel consumption vehicles and increased the use of new energy vehicles to reduce pollution and emissions[71] - The company donated CNY 670,000 for infrastructure and healthcare services in rural areas, and contributed nearly CNY 250,000 in disaster relief efforts following floods in Hunan[72] - The company has donated over CNY 2.2 million to support special education institutions and healthcare initiatives for disadvantaged groups[72] Strategic Initiatives - The company has established partnerships with over 800 brand suppliers to support franchise stores[27] - The company aims to enhance its retail pharmacy brand to be the most competitive in terms of service, efficiency, and coverage[30] - The implementation of the new medical strategy has led to the rapid development of "Jiuxin Clinics," with a total of 466 member stores established by the end of Q3, aiming for approximately 800 by year-end[37] - The private clinic market in China has shown significant growth, with revenues increasing from 21.37 billion CNY in 2015 to approximately 82.61 billion CNY in 2023, representing a compound annual growth rate of 18.41%[37] - The company has deepened cooperation with major financial institutions, exploring various financing avenues to reduce costs and improve its capital structure[68] Challenges and Future Outlook - 九州通医药集团在2024年第三季度首次执行新会计准则，可能影响财务报表的调整[90] - 2024年第三季度财务报告未提供具体的业绩总结和用户数据[90] - 公司在未来展望中未明确提及具体的业绩指引和市场扩张计划[90] - 报告中未提及新产品和新技术的研发进展[90] - 九州通医药集团未披露任何并购活动或相关策略[90] - 2024年第三季度报告未包含具体的财务数据和百分比变化[90] - 报告中未提及任何市场趋势或行业分析[90] - 该报告未提供任何关于用户增长或客户反馈的信息[90]

证券代码：600998 证券简称：九州通 公告编号：临 2024-087 九州通医药集团股份有限公司 关于召开 2024 年第三季度业绩说明会的预告公告 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： （一）召开会议时间：2024 年 10 月 31 日（星期四）上午 11:00-12:00 1 ●会议召开时间：2024 年 10 月 31 日（星期四）上午 11:00-12:00 ●会议召开地点：上海证券交易所上证路演中心（http://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络互动 （二）召开会议地点：上海证券交易所上证路演中心（http://roadshow.sseinf o.com/） （三）召开会议形式：上证路演中心网络互动 三、参加人员 ●问题征集：投资者可于 2024 年 10 月 24 日（星期四）至 10 月 30 日（星期 三）登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jztdmc@jztey.com 进行提问；公司将在业绩说明会上对投 ...

证券代码：600998 证券简称：九州通 公告编号：2024-086 (五) 网络投票的系统、起止日期和投票时间。 九州通医药集团股份有限公司 关于召开 2024 年第二次临时股东会的通知 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： 一、 召开会议的基本情况 (一) 股东会类型和届次 2024 年第二次临时股东会 召开的日期时间：2024 年 11 月 8 日 14 点 00 分 召开地点：公司总部大楼会议室 股东会召开日期：2024年11月8日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 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 2024 年 11 月 8 日 至 2024 年 11 月 8 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 ...