九州通医药集团股份有限公司 审计报告 众环审字（2025）0101099 号 审计报告 众环审字(2025) 0101099 号 九州通医药集团股份有限公司全体股东: 一、审计意见 我们审计了九州通医药集团股份有限公司(以下简称"九州通公司")财务报表,包括 2024年12月 31 日的合并及公司资产负债表,2024年度的合并及公司利润表、合并及公司 现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 九州通公司 2024年12月31日合并及公司的财务状况以及 2024年度合并及公司的经营成果 和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职 业道德守则,我们独立于九州通公司,并履行了职业道德方面的其他责任。我们相信，我们 获取的审计证据是充分、适当的,为发表审计意见提供了基础。 三、关键审计事项 关键审计事项是我们根据职业判断,认为对本期财务报表审计最为重要的事项。这些事 项的 ...

九州通医药集团股份有限公司 募集资金年度存放与实际使用情况的 鉴证报告 众环专字（2025）0100773 号 九州通医药集团股份有限公司全体股东: 我们接受委托,对后附的九州通医药集团股份有限公司(以下简称"九州通公司")截 至 2024年 12 月 31 日止的【《董事会关于公司募集资金年度存放与实际使用情况的专项报 告》】进行了鉴证工作。 按照中国证监会发布的《上市公司监管指引第2号 -- 上市公司募集资金管理和使用的 监管要求》和上海证券交易所发布的《上海证券交易所上市公司自律监管指引第1号 -- 规 范运作》等有关规定,编制【《董事会关于公司募集资金年度存放与实际使用情况的专项报 告》】,提供真实、合法、完整的实物证据、原始书面材料、副本材料、口头证言以及我们 认为必要的其他证据,是九州通公司董事会的责任。我们的责任是在执行鉴证工作的基础上, 对【《董事会关于公司募集资金年度存放与实际使用情况的专项报告》】发表鉴证意见。 我们按照《中国注册会计师其他鉴证业务准则第 3101 号 -- 历史财务信息审计或审阅 以外的鉴证业务》的规定执行了鉴证工作,该准则要求我们遵守中国注册会计师职业道德守 则,计划和 ...

中信证券股份有限公司 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会于 2024 年 6 月 28 日签发的证监许可[2024]1002 号《关于同意九州通医药集团股份有限公司向特定对象发行优先股注册的批复》， 同意公司向特定对象发行不超过 1,790 万股优先股。公司实际向特定对象发行优 先股的数量为 17,900,000 股，发行价格为每股 100 元，募集资金总额为人民币 1,790,000,000.00 元，扣除保荐费用、持续督导及承销费用、审计及验资费用、 律师费用和其他发行费用人民币 18,096,226.41 元（不含增值税），公司本次向 特定对象发行优先股募集资金净额为人民币 1,771,903,773.59 元。 截至 2024 年 8 月 13 日，本次向特定对象发行优先股及募集资金的划转已经 全部完成，并经中审众环会计师事务所（特殊普通合伙）予以审验并分别出具众 环验字（2024）0100025 号和众环验字（2024）0100026 号验资报告。 （二）以前年度已使用金额、本年度使用金额及当前余额 关于九州通医药集团股份有限公司 2024 年度募集 ...

九州通医药集团股份有限公司 内部控制审计报告 众环审字（2025）0101953 号 传真 Fax: 027-85424329 内部控制审计报告 众环审字(2025) 0101953 号 九州通医药集团股份有限公司全体股东: 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并评价其有效性是九州通公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化 可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计结 果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为,九州通医药集团股份有限公司于 2024年 12月 31 日按照《企业内部控制基 有重大方面保持了有效的财务报告内部控制。 本规范 中国注册会计师: 普通合伙) 中国注册会计师: 2025年4月26日 中国·武汉 审计报 ...

众环专字（2025）0100772 号 九州通医药集团股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表 t and the subject of 电话 Tel: 027-86791215 传道 Fax: 027-85424329 九州通医药集团股份有限公司 占用及其他关联资金往来情况汇总表 三年公交 = N 的专项目核报告 众环专字(2025) 0100772 号 九州通医药集团股份有限公司全体股东: 我们接受委托,在审计了九州通医药集团股份有限公司(以下简称"九州通医药集团公 司")2024年12月31 日合并及公司的资产负债表,2024年度合并及公司的利润表、合并及 公司的现金流量表和合并及公司的股东权益变动表以及财务报表附注的基础上,对后附的 《上市公司 2024 年度非经营性资金占用及其他关联资金往来的情况汇总表》(以下简称"汇 总表")进行了专项审核。按照中国证券监督管理委员会印发的《上市公司监管指引第 8 号 -- 上市公司资金往来、对外担保的监管要求》的规定,编制和披露汇总表、提供真实、合 法、完整的审核证据是九州通医药集团公司管理层的责任,我们的责任是在执行审核工作的 基础上对汇总 ...

Core Insights - The company reported a revenue of 151.81 billion yuan for 2024, a year-on-year increase of 1.11%, and a net profit of 2.507 billion yuan, up 15.33% from the previous year [2] - In Q1 2025, the company achieved a revenue of 42.016 billion yuan, representing a 3.82% increase year-on-year, and a net profit of approximately 970 million yuan, which is an 80.38% increase compared to the same period last year [2] - The company is implementing a "New Medical Strategy" to address challenges faced by clinics, such as high supply costs and low levels of information technology [2][3] Company Developments - The company is providing one-stop solutions for clinics, including supply of products, IT systems, and operational value-added services [2] - The "Clinic Manager System" has been developed to enhance operational efficiency, featuring functions like patient record creation, intelligent reception, inventory alerts, and more, achieving over 90% satisfaction among member stores [3] - A partnership with Tencent Cloud has led to the development of an AI-assisted diagnostic platform, covering nearly 3,000 diseases and over 110,000 drug knowledge, aimed at improving prescription safety and patient experience [3] Market Positioning - The company has expanded its "Nine Medical Clinics" membership stores to 1,377 by the end of March 2025, with a target of reaching approximately 2,000 by the end of the year [3] - The Internet Medical Division is focused on the comprehensive development of digital pharmacy services, prescription transfer platforms, and medical information construction, with projected sales revenue of about 200 million yuan in 2024 [4] - The company is leveraging digital technologies to provide a range of services, including electronic prescription transfer, online medication purchase, and health management, to meet patient needs [4]

Core Insights - The implementation of policies such as "Two Invoice System" and "Volume-based Procurement" has disrupted traditional pharmaceutical distribution models, compressing profit margins for generic drugs and forcing pharmaceutical companies to shift towards specialized marketing services [1][13] - The market size of the Contract Sales Organization (CSO) industry in China is projected to reach 137.5 billion yuan in 2024, representing a year-on-year growth of 17.72%, and accounting for 32.74% of the overall pharmaceutical outsourcing market [1][13] - As competition intensifies in the pharmaceutical industry, companies are expected to focus on research and production, outsourcing sales functions to professional CSO firms to enhance market efficiency [1][13] Industry Overview - Pharmaceutical outsourcing (CXO) involves the professional outsourcing of various stages of drug discovery, clinical research, and commercialization by pharmaceutical companies, categorized into Contract Research Organizations (CRO), Contract Development and Manufacturing Organizations (CDMO), Contract Manufacturing Organizations (CMO), and Contract Sales Organizations (CSO) [2] - CSOs sign sales contracts with drug manufacturers to obtain sales rights and provide services such as market research, project consulting, promotional activities, and clinical discussions, earning revenue from consultation and service fees [3] Development Background - The Chinese government has prioritized the development of the pharmaceutical outsourcing industry, implementing numerous supportive policies that have accelerated growth, particularly in the CSO segment, which benefits from regulatory incentives [6] - Increasing regulatory scrutiny in the pharmaceutical sector has heightened compliance requirements for CSO firms, necessitating adherence to laws governing drug management, anti-competitive practices, and advertising [6] - The aging population in China has led to increased demand for pharmaceutical products, providing significant market opportunities for the CSO industry [6] Market Size and Growth - The CSO industry in China is expected to grow significantly, with a market size of 137.5 billion yuan in 2024, reflecting a 17.72% increase from the previous year [1][13] - The pharmaceutical manufacturing sector is also expanding, with the number of enterprises reaching 9,793 in 2024, a 4.05% increase, and total sales revenue of 25,298.5 billion yuan, a 0.37% increase [11] Competitive Landscape - The CSO industry in China is characterized by a fragmented market with numerous participants, including major players like Yiteng Pharmaceutical, Shanghai Pharmaceuticals, Baiyang Pharmaceutical, and Jiuzhoutong [16] - Jiuzhoutong, leveraging its national distribution network, provides comprehensive promotional services and has established a significant market presence [16][18] - Shanghai Pharmaceuticals is a leading national pharmaceutical distributor with a diverse service platform, reporting total revenue of 275.3 billion yuan in 2024 [20] Future Trends - As competition in the pharmaceutical market intensifies, CSO firms will need to enhance their professional service capabilities in market research, product planning, academic promotion, and compliance management [22] - CSOs are expected to focus on personalized service offerings tailored to the specific needs of different pharmaceutical companies and products, including differentiated marketing strategies for innovative and generic drugs [22]

近年来奥园美谷的医疗美容业务营收增长迅速。当前，奥园美谷旗下拥有杭州连天美医疗美容医院、杭 州维多利亚医疗美容医院、广东奥若拉健康管理咨询有限公司；其下设有医美事业部，业务范围已覆盖 全国10000余家医美服务机构。 不过，多年的资本运作，并未为奥园美谷带来多少收益，相反公司自2021年以来一直处于亏损状态。根 据奥园美谷发布的业绩预告，预计2024年度归属于上市公司股东的净亏损为3.2亿元至4.5亿元。截至 2024年底，奥园美谷归属于上市公司股东的所有者权益预计为-1.2亿元至-2.4亿元。 资不抵债的困境使其在2024年11月被债权人广州律建财税咨询公司申请重整。同年12月初，襄阳中院决 定对其启动预重整。 医美能否成为九州通利润增长的第二曲线？ 2023年，九州通实现营业总收入1501.40亿元，同比增长6.92%；归母净利润21.74亿元，同比增长 4.27%。其中，医美业务增长态势强劲，实现销售收入3.42亿元，较上年同期增长103.06%。 目前，九州通尚未发布2024年年报。2024年前三季度，九州通营收同比下滑0.82%至1134.29亿元，净利 润同比减少6.99%至16.96亿元。 中新 ...

【文/王力 编辑/周远方】 4月23日晚间，医药流通巨头九州通宣布就将以6.73亿元价格揽入奥园美谷20%股权，拟成为其重整后的潜在控股股东。这一动作标志着九州通从医美供应 链服务商向终端医疗机构运营者的战略跃升。 奥园美谷虽手握连天美等知名医美机构资源，却因连年亏损陷入资不抵债困境，而九州通凭借多年医美产业链布局经验，试图通过资本运作盘活这一优质资 产，构建"供应链+终端服务"的闭环生态。 实则九州通早在2016年便以投资爱美客切入医美赛道，后续通过合作华熙生物、朗姿医疗等企业，逐步覆盖上游耗材供应与中游机构服务，2023年医美业务 营收同比翻倍至3.42亿元。然而，其核心医药流通业务利润持续承压，2024年前三季度净利润下滑近7%，亟需医美等高增长领域打开新局面。此次低价控 股奥园美谷，既是对其医美版图的补强，亦是对业绩突围的豪赌——若整合成功，九州通可依托自身供应链优势赋能奥园美谷降本增效，同时借后者33万会 员资源加速产品下沉，实现协同增值。 九州通拟6.73亿入主奥园美谷，医美版图再下一城 4月23日晚间，医药流通巨头九州通发布公告，其全资子公司湖北九州产业园区运营管理有限公司（以下简称"九州产投公 ...

Core Viewpoint - The Chinese pharmaceutical B2B e-commerce market has experienced rapid growth from 2015 to 2019, with sales exceeding 100 billion yuan in 2019. However, sales declined in 2020 due to the pandemic, and in 2023, sales reached 125.3 billion yuan, a year-on-year decrease of 18.16%. Future growth is expected as policies improve and the outpatient market develops [1][18]. Industry Overview - Pharmaceutical e-commerce, defined as the online trading of medical products, can be categorized into B2B, B2C, and O2O models, each serving different market segments and enhancing efficiency in the pharmaceutical distribution industry [3][4]. - The B2B model primarily serves medical institutions and pharmacies, focusing on drug procurement and distribution, while the B2C model targets end consumers [4][9]. Industry Development History - The development of pharmaceutical B2B e-commerce in China has been influenced by government policies, transitioning from a phase of prohibition to encouragement. Significant milestones include the establishment of pilot programs in 2000 and the lifting of bans in 2005, leading to a market that reached over 100 billion yuan in 2019 [6][9]. Market Size and Growth - In 2023, the total sales of the pharmaceutical distribution market reached 29.304 billion yuan, with a year-on-year growth of 7.5%. B2B sales accounted for over 70% of this market, indicating a strong demand for B2B services [14][15]. - The B2B e-commerce segment specifically generated 125.3 billion yuan in sales in 2023, representing 50.3% of the total pharmaceutical e-commerce sales [15][18]. Order and User Engagement - The number of orders in the pharmaceutical B2B e-commerce sector reached 81.68 million in 2023, a year-on-year increase of 13.49%, with a conversion rate of 97.3%. Active users on B2B platforms grew by 30.77% to 1.36 million [20][21]. Sales Structure - The sales structure of B2B e-commerce is predominantly focused on Western medicine, which accounts for 71.7% of sales, followed by traditional Chinese medicine at 21.9%. There is potential for growth in other categories as the market expands [21][24]. Key Companies - Major players in the pharmaceutical B2B e-commerce market include Jiuzhoutong, Yaoshibang, and others, which have established strong service and logistics capabilities, leading to significant customer retention [24][26][28]. Future Trends - The industry is expected to see a trend towards personalized and vertical development, with smaller companies focusing on niche markets. Additionally, B2B platforms will likely expand their service offerings to include diverse solutions for both upstream and downstream partners in the supply chain [30][31].