Core Insights - The investment scale in the pharmaceutical distribution industry has shown a trend of increasing and then decreasing from 2014 to 2024, with the most active investment phase occurring between 2014 and 2017, and the highest investment amount recorded from 2019 to 2021. Since 2022, both the number and amount of investments have declined, with 2024 seeing 9 investments totaling 420 million yuan [1][2]. Investment Trends - From 2014 to 2020, the average single investment amount increased from 110 million yuan to 700 million yuan, but began to fluctuate downwards from 2021, with a rebound to 320 million yuan in 2023. Investments in 2024 and 2025 are expected to be in the million yuan range [2]. Financing Events Summary - A summary of financing events from 2024 to 2025 shows various companies receiving investments, with notable amounts such as 150 million yuan for Zhengshe Pharmacy and 600 million yuan for Huaren Biopharma [6][7][8]. Financing Rounds - The majority of financing rounds from 2021 to 2025 are strategic investments, accounting for 37% of total investments, indicating a trend towards business transformation and enhanced bargaining power through regional network integration. A rounds account for 17.7%, while B and C rounds are also prevalent [9]. Investment Entities - Private Equity (PE) and Venture Capital (VC) firms dominate the investment landscape, making up 73% of the total investment entities, followed by enterprises at 17%. This trend is driven by the need for substantial capital to support chain expansion and acquisitions, as traditional bank loans are insufficient [10]. Investment Destinations - The primary destinations for investment in the pharmaceutical distribution sector are Beijing (27%), followed by Shanghai (16%), Guangdong (13%), and Zhejiang (10%). These regions are characterized by strong economic development and high demand for pharmaceutical distribution [12]. Fund Management Capabilities - Several funds are actively investing in the pharmaceutical distribution sector, including the Shanghai Comprehensive Reform Fund and the National Mixed Ownership Fund, with management scales exceeding 50 billion yuan. Most of these funds are backed by state and local government resources, indicating strong management capabilities [13][17].

Core Viewpoint - 九州通医药集团 reported a steady growth in revenue and net profit for the first half of 2025, driven by its focus on core business and asset securitization strategies [2][3]. Financial Performance - In the first half of 2025, 九州通 achieved a revenue of 811.06 billion yuan, representing a year-on-year increase of 5.10% [2]. - The net profit attributable to shareholders was 14.46 billion yuan, reflecting a growth of 19.70% compared to the previous year [2]. - The net cash flow from operating activities increased by 3.8 billion yuan, attributed to enhanced collection of accounts receivable [2]. Business Growth Drivers - The growth in revenue was supported by a 6.04% increase in the core pharmaceutical distribution business, alongside rapid growth in emerging sectors such as pharmaceutical manufacturing and digital logistics, which saw increases of 10.77% and 24.66% respectively [3][5]. - The successful issuance of public REITs in pharmaceutical warehousing logistics contributed an additional 4.38 billion yuan to net profit [3]. Industry Position - 九州通 is recognized as the largest private pharmaceutical commercial enterprise in China and ranked 165th in the 2025 Fortune "China 500" list [4]. - The company has been acknowledged for its logistics capabilities, being the first in the industry to receive a 5A rating and recognized as a national model for intelligent warehousing logistics [4]. Strategic Initiatives - The company is implementing a "Three New and Two Transformation" strategy, focusing on new products, new retail, new healthcare, digitalization, and real estate securitization [1]. - The new retail strategy has led to the establishment of over 31,535 stores under the "Good Medicine Master" franchise, with a sales increase of 41.30% in the first half of 2025 [8][9]. Digital Transformation - 九州通 has made significant investments in digitalization, with a focus on AI applications, achieving a leading position in the industry [21][23]. - The company has developed various AI-driven solutions to enhance operational efficiency across different business segments [23]. REITs and Asset Management - 九州通's public REIT, launched in February 2025, raised 1.158 billion yuan and was recognized for its high subscription rate, marking a significant milestone in the pharmaceutical logistics sector [24][25]. Talent and ESG Initiatives - The company has prioritized talent acquisition, bringing in 87 key talents in the first half of 2025, and has invested significantly in ESG initiatives, receiving high ratings from various ESG assessment agencies [26][27].

Core Viewpoint - 九州通医药集团 reported a robust performance in the first half of 2025, achieving growth in both revenue and net profit despite industry challenges, driven by strategic initiatives in new products, new retail, new medical services, digitalization, and real estate securitization [1][2][3] Financial Performance - In the first half of 2025, 九州通 achieved a net profit of 1.446 billion yuan, representing a year-on-year increase of 19.70% [2] - The company's operating revenue grew by 5.10%, with a focus on core business development and asset securitization [2] - The net cash flow from operating activities increased by 380 million yuan compared to the same period last year [2] Business Segments - The core pharmaceutical distribution business generated sales revenue of 67.634 billion yuan, up 6.04% year-on-year [4] - The pharmaceutical manufacturing and digital logistics segments saw revenue growth of 10.77% and 24.66%, respectively [2][4] - The new retail business, including the "好药师" franchise, achieved sales revenue of 14.93 billion yuan, with a total of 31,535 stores by mid-2025 [6] Strategic Initiatives - 九州通's "三新两化" strategy focuses on new products, new retail, new medical services, digitalization, and real estate securitization [1][2] - The company launched a new product strategy that includes a 500 million yuan investment fund aimed at innovative and high-end generic drugs [5] - The digital transformation efforts have positioned 九州通 as a leader in the industry, with significant investments in AI and digital platforms [17][19] Market Position - 九州通 is recognized as the largest private pharmaceutical enterprise in China and ranked 165th in the 2025 Fortune "China 500" list [3] - The company has been acknowledged for its logistics capabilities, being the first in the industry to receive a 5A logistics enterprise rating [3] REITs and Financial Instruments - 九州通 successfully launched its public REIT, raising 1.158 billion yuan, marking a significant milestone in the pharmaceutical logistics sector [20] - The Pre-REITs project has also been initiated, with a total of 16.45 billion yuan raised for pharmaceutical logistics assets [21] Talent and ESG Initiatives - The company has invested 55.2 million yuan in talent acquisition, focusing on strategic roles to enhance competitiveness [22] - 九州通 is actively engaged in ESG initiatives, contributing over 11.37 million yuan to various social causes and achieving high ratings in ESG assessments [22]

证券代码：600998 证券简称：九州通 公告编号：临 2025-065 九州通医药集团股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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。 九州通医药集团股份有限公司（以下简称"九州通"或"公司"）于2025 年 9 月 3 日 （ 星 期 三 ） 上 午 11:00-12:00 在 上 海 证 券 交 易 所 上 证 路 演 中 心 （http://roadshow.sseinfo.com/）以网络互动交流的形式召开了2025年半年度业绩 说明会，就公司2025年半年度经营成果、业绩亮点、"新产品、新零售、新医疗、 数字化和不动产证券化（REITs）"五大战略（即"三新两化"战略）实施进展 等具体情况与广大投资者进行了沟通交流。现就召开情况公告如下： 一、本次业绩说明会召开情况 2025年9月3日（星期三）上午11:00-12:00，公司董事长刘长云先生、副董事 长刘兆年先生、总经理龚翼华先生、独立董事艾华先生、财务总监夏晓益先生、 副总经理全铭女士、副总经理兼董事 ...

Core Insights - Company achieved operating revenue of 81.106 billion yuan, a year-on-year increase of 5.10% [1] - Net profit attributable to shareholders reached 1.446 billion yuan, up 19.70% year-on-year [1] - Operating cash flow net amount increased by 380 million yuan year-on-year, with expectations for positive cash flow matching operational performance for the year [1] Pharmaceutical Distribution - Pharmaceutical distribution segment generated sales revenue of 67.634 billion yuan, a growth of 6.04% [1] - The self-operated revenue from the drug B2B platform reached 6.304 billion yuan, increasing by 14.62% [1] - The platform's SKU exceeded 460,000, with over 600,000 registered end-users, becoming a key driver for out-of-hospital digital distribution [1] Emerging Segments - Pharmaceutical manufacturing segment reported revenue of 1.593 billion yuan, a year-on-year increase of 10.77% [1] - Traditional Chinese medicine manufacturing achieved self-produced decoction pieces revenue of 1.222 billion yuan, up 13.16% [1] - Digital logistics and supply chain solutions generated revenue of 587 million yuan, growing by 24.66% [1] Medical Device Sector - Medical device segment maintained a leading position with revenue of 19.529 billion yuan, an increase of 18.34% [2] - Sales from the medical equipment production line reached 3.64 billion yuan, growing by 41% [2] - The OTC online business benefited from national subsidy policies, surpassing 500 million yuan in sales [2] New Retail Strategy - As of June, the company had 31,535 direct and franchise stores, covering 1,621 districts and counties [2] - Sales to franchise stores reached 3.418 billion yuan, a growth of 41.30% [2] - B2C e-commerce total sales revenue was 565 million yuan, with a single-day sales record of over 200 million yuan during the "618" promotion [2] AI Empowerment - In the first half of 2025, the company invested 146 million yuan in R&D, employing 1,557 R&D and technical personnel [3] - AI applications have been implemented in various scenarios, improving picking efficiency in smart warehouses by 10% [3] - The AI-assisted diagnosis platform covers 3,000 diseases and 110,000 drug knowledge, with an average monthly usage of 51,000 times [3] Future Outlook - The company aims to focus on new products, new retail, new healthcare, digitalization, and real estate securitization strategies [3] - Plans to consolidate distribution fundamentals while accelerating high-margin business growth and enhancing AI and digital integration [3]

Group 1 - The company is actively embracing AI technology through self-research and partnerships with leading firms like Alibaba Cloud and Tencent Cloud, developing AI applications for various scenarios to accelerate digital transformation in business and management [1][2] - AI applications include smart logistics, integrated Chinese and Western medicine diagnosis, medical devices, and intelligent office solutions, significantly improving operational efficiency and patient experience across different platforms [1][2] - The AI logistics project "Goods to Person" has enhanced overall efficiency by 10% through the application of intelligent scheduling algorithms across the entire lifecycle of order grouping, product storage, and dispatch [1] Group 2 - The company has implemented an internal office system and a digital assistant "Zhi Jiu Ge" integrated with DeepSeek, resulting in a 38% increase in work efficiency [2] - As of July 2025, the company has over 2,400 clinic membership stores and aims to establish a network of 10,000 clinics within three years, focusing on a business model that integrates medical services with supply chain management [2] - The company has introduced over 260 new products in the first half of the year, enhancing the product structure in clinics through partnerships with various upstream manufacturers [2] Group 3 - The company has launched the "Jiu Yi SaaS Clinic Manager" system, enabling rapid operations such as 3-second record creation and 10-second prescription issuance, with 1,525 clinic membership stores currently using the system [3] - The AI-assisted diagnosis platform developed in collaboration with Tencent Cloud covers nearly 3,000 diseases and over 110,000 drug knowledge, with an average of 51,000 uses per month across member stores [3] - The new product strategy, as part of the "Three New and Two Transformations" strategy, is crucial for future development, focusing on integrating resources across the group to introduce clinically valuable and marketable new products [3] Group 4 - The company has established a new product strategy fund, "Wuhan Jiu Ying Venture Capital Fund Partnership," with a scale of 500 million yuan, focusing on innovative drugs and high-end generics [4]

Core Viewpoint - The company is actively embracing AI technology to enhance its business and management processes through self-development and partnerships with leading firms like Alibaba Cloud and Tencent Cloud, aiming for a digital transformation in various application scenarios [1][2] Group 1: AI Applications - The company has developed AI intelligent agents based on AI technology and large models, tailored for different application scenarios such as AI + smart logistics, AI + traditional Chinese and Western medicine diagnosis, AI + medical devices, and AI + smart office [1] - Specific projects like the orthopedic Chang'e smart service platform and the AI-assisted diagnosis platform for clinics have significantly improved operational efficiency in various scenarios, receiving positive feedback from hospitals, doctors, and patients [1] - The AI logistics project "goods-to-person" has implemented intelligent scheduling algorithms across the entire lifecycle, enhancing the overall efficiency of the "goods-to-person" model and improving picking and outbound efficiency by 10% [1] Group 2: Internal Efficiency Improvements - The company's internal office system and employee digital assistant "Zhi Jiu Ge" have integrated with DeepSeek to enhance operational efficiency and optimize business decision-making [2] - The introduction of Alibaba's Tongyi Lingma has empowered the R&D system, resulting in a significant reduction in technical development time and an approximate 38% increase in work efficiency [2] - The company plans to continue exploring deeper integration of AI technology with its systems to expand management and business application scenarios, further promoting its digital transformation [2]

Core Insights - The company, Jiuzhoutong, reported significant growth in its B2B e-commerce platform, Yaowangjiu, achieving self-operated sales revenue of 6.304 billion yuan in the first half of 2025, a year-on-year increase of 14.62% [1] - The platform has established partnerships with 10,000 industrial enterprises, offering over 100,000 product varieties and surpassing 460,000 self-operated SKUs, highlighting its competitive pricing and product diversity [1] - The company has developed a comprehensive logistics supply chain service system, ensuring same-day delivery in core urban areas and over 90% next-day delivery rates [2] Business Development - The company focuses on a terminal pure sales model, enhancing its digital platform services for clinics, small chains, and pharmacies, providing one-stop procurement, professional marketing, supply chain finance, and SaaS systems [1] - The platform has integrated an online and offline operational system, improving user experience and customer engagement, with over 600,000 registered users and 380,000 active users, achieving a customer satisfaction rate of 96.2% [2] Technological Advancements - The Yaowangjiu app incorporates advanced intelligent recommendation algorithms and blockchain encryption technology, ensuring precise drug matching and secure transaction data storage [2] - The platform has undergone functional upgrades, including intelligent search, customer service systems, procurement systems, and automated order verification, significantly enhancing operational efficiency [2]

Core Insights - The company has made significant progress in its new retail strategy, focusing on a "ten-thousand store franchise" model to create a comprehensive online and offline retail service system [1] Group 1: Business Expansion - As of June 30, 2025, the total number of direct-operated and franchise stores of the company reached 31,535, covering all 31 provinces, municipalities, and autonomous regions in China [1] - The company is in the grid expansion phase of its "ten-thousand store franchise" initiative, with expectations to exceed 33,500 stores by the end of 2025 [1] Group 2: Financial Performance - The sales revenue from franchise stores in the first half of 2025 reached 3.418 billion yuan, representing a year-on-year growth of 41.30% [1] - The new retail business aimed at end consumers achieved sales revenue of 1.493 billion yuan in the first half of 2025 [1] Group 3: Supplier Collaboration - The company has established partnerships with over 800 brand suppliers to provide strong product variety assurance for franchise stores, with 76 customized products introduced [1] - The cumulative number of products under the centralized procurement strategic cooperation KA policy has reached 625 [1] Group 4: E-commerce Performance - The B2C e-commerce general sales business generated sales revenue of 565 million yuan in the first half of 2025, marking a year-on-year increase of 13.96% [2] - Sales during the "618" shopping festival surpassed 200 million yuan, with rapid growth in interest e-commerce channels like Douyin and Kuaishou, achieving a year-on-year growth of 95% [2]

Core Viewpoint - 九州通 has demonstrated significant growth in its retail e-commerce service platform, achieving a sales revenue of 4.332 billion yuan in the first half of 2025, representing a year-on-year increase of 31.89% [1] Group 1: Sales Performance - The sales of pharmaceuticals and OTC products to self-operated platforms like JD and Alibaba reached 3.420 billion yuan, marking a year-on-year growth of 32.44% [1] - The company has provided "one-stop" online distribution and supply chain services to over 2,300 brand enterprises, including notable names like Dong'e Ejiao and Beijing Tongrentang [1] Group 2: Brand Operations - In the first half of 2025, 九州通 added 28 new operating brands, bringing the total to 54, with 19 brands expected to achieve annual sales exceeding 10 million yuan [1] - The company is enhancing its brand operation service capabilities to empower core suppliers and improve brand influence [2] Group 3: Logistics and Supply Chain - 九州通 has integrated its nationwide warehousing and logistics network with retail e-commerce platforms, offering services such as automatic ordering and unified settlement [2] - The company has pioneered a multi-warehouse collaborative business model, significantly reducing logistics costs and improving warehouse entry efficiency [2]