证券代码：600998 证券简称：九州通 公告编号：临 2025-036 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： ● 被担保人名称及是否为上市公司关联人：被担保人包括上海九州通医药有限 公司、浙江九州通医药有限公司等 44 家子公司（含河南九州通医药有限公司、 江苏九州通医药有限公司等 22 家全资子公司），不存在关联担保； ● 本次担保金额及已实际提供的担保余额：九州通医药集团股份有限公司（以 下简称"公司"或"九州通集团"）4 月新增担保金额合计 41.55 亿元，同时解 除担保金额合计 30.15 亿元。2025 年经批准的公司及下属企业向银行等金融机 构和其他机构办理综合授信及其他业务的总额不超过 736.57 亿元，截至 2025 年 4 月 30 日，公司实际提供担保余额为 277.24 亿元，主要为对控股子公司（含 全资子公司）及其下属企业的担保，公司拥有被担保方的控制权，且其现有经 营状况良好，因此担保风险可控； ● 本次担保是 ...

Core Insights - The Chinese pharmaceutical cold chain logistics industry is projected to reach a market size of approximately 28 billion yuan in 2024, with a compound annual growth rate (CAGR) of 14.84% over the past five years [1][3]. Industry Overview - The pharmaceutical cold chain logistics sector involves the management of temperature-sensitive and perishable pharmaceutical products throughout their production, processing, storage, transportation, distribution, and sales processes to ensure product quality and minimize losses [1]. - The largest segments within the cold chain logistics market are IVD (In Vitro Diagnostics) and vaccines, accounting for 27% and 13% of the market share, respectively, in 2023 [3]. Competitive Landscape - Leading companies in the Chinese pharmaceutical cold chain logistics industry include Jiuzhoutong, Sinopharm Holdings, and China Resources Pharmaceutical Group [6]. - Jiuzhoutong focuses on technology-driven comprehensive services in the pharmaceutical industry, enhancing its cold chain logistics network and smart equipment [7]. - Sinopharm Holdings leverages IoT technology to create an integrated information system for cold chain logistics management, ensuring seamless data consistency throughout the logistics process [7]. - China Resources Pharmaceutical Group operates over 430 subsidiaries across 28 provinces, utilizing an advanced temperature-controlled warehouse and a proprietary warehouse management system [7]. - JD Logistics is rapidly building a cold chain delivery system, adhering to strict standards to ensure the efficacy of pharmaceutical products [7]. - SF Express has developed a cold chain logistics service since 2014, supported by a robust transportation network and advanced temperature control technology [7].

九州通医药集团股份有限公司 关于股东解除股份质押及质押的公告 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： 证券代码：600998 证券简称：九州通 公告编号：临 2025-034 ●截 至本 公告提 交日 ， 控股股东楚 昌投资 及 其一致行 动人合计 持有公 司股份 控股股东楚昌投资及其一致行动人所持公司股份中已质押的股份总数为1,181,432,748股， 占其所持股份的比例下降为50.85%，占公司总股本的比例下降为23.43%。 海弘康实业投资有限公司（以下简称"上海弘康"）、中山广银投资有限公司（以下简 称"中山广银"）、刘树林和刘兆年的通知，获悉上海弘康、中山广银和刘树林持有本 公司的部分股份已办理完成解除质押手续，刘兆年持有本公司的部分股份已办理完成质 押手续。具体情况如下： 一、本次股份解除质押的相关情况 上海弘康、中山广银和刘树林分别办理完成145,310,760股（占公司总股本的2.88%）、 解除质押手续，具体情况如下： | 股东名称 | 上海弘康 | 中山广银 | 刘树林 | | | ...

证券代码：600998 证券简称：九州通 公告编号：临 2025-034 九州通医药集团股份有限公司 关于股东解除股份质押及质押的公告 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： ●公司股东上海弘康、中山广银和刘树林分别办理完成145,310,760股、26,909,400 股和18,648,214股的股份解除质押手续，本次解除质押股份占其所持股份的比例分别为 13.35%、8.02%和26.33%，占公司总股本的比例分别为2.88%、0.53%和0.37%。另外， 公司股东刘兆年办理完成23,156,196股的股份质押手续，本次质押股份占其所持股份的 比例为38.32%，占公司总股本的比例为0.46%。 2025年5月12日，九州通医药集团股份有限公司（以下简称"公司"）收到股东上 海弘康实业投资有限公司（以下简称"上海弘康"）、中山广银投资有限公司（以下简 称"中山广银"）、刘树林和刘兆年的通知，获悉上海弘康、中山广银和刘树林持有本 公司的部分股份已办理完成解除质押手续，刘兆年持有本公司的部分股份已办理 ...

Industry Overview - The Chinese pharmaceutical distribution industry is undergoing significant transformation driven by policy and market demand, with increasing industry concentration as national wholesale leaders capture over half of the market share [1] - Policies such as volume-based procurement and two-invoice system have reduced profit margins across the industry, although the impact of these policies is gradually diminishing [2] Company Performance - Jiuzhoutong, as a leading private player, is leveraging flexible market strategies and channel advantages to capitalize on the trend of prescription drug outflow [3] - The company reported a stable financial performance with a revenue of 151.81 billion yuan in 2024, a year-on-year increase of 1.11%, and a net profit of 2.507 billion yuan, up 15.33% [9] - In Q1 2025, Jiuzhoutong's net profit surged by 80.38% year-on-year to 970 million yuan, indicating strong growth momentum [10] Strategic Initiatives - Jiuzhoutong is implementing a "Three New and Two Transformations" strategy, focusing on new products, new retail, new healthcare, digitalization, and real estate securitization (REITs) [6][8] - The company has established a mature new product promotion system, with over 2,200 product specifications and 52 products generating over 100 million yuan in sales [7] - The "Ten Thousand Store Franchise" plan has accelerated, with over 29,331 stores by March 2025, enhancing its retail presence [7] Digital Transformation - Jiuzhoutong is prioritizing digital and intelligent transformation, with 47 digital projects underway, 45 of which have been successfully launched [14] - The company has invested 346 million yuan in R&D in 2024, a 24.32% increase, focusing on digital platforms and supply chain innovations [12] Financial Optimization - The company has improved its financial structure through supply chain finance and REITs, with Pre-REITs contributing 576 million yuan to net profit in 2024 [16] - Jiuzhoutong's logistics network covers over 96% of the country, enhancing delivery efficiency and supporting integrated online and offline operations [16] Future Outlook - Jiuzhoutong's diversified layout and technological innovation are expected to drive future growth, with a focus on integrating upstream medical aesthetics and expanding its product offerings [18][22] - The company aims to transform from a traditional pharmaceutical distributor to a technology-driven comprehensive service provider in the pharmaceutical industry, creating an ecosystem that includes pharmaceuticals, medical aesthetics, finance, and technology [22][23]

Investment Rating - The industry investment rating is "Positive" [1] Core Views - The report highlights that the pharmaceutical distribution sector is under pressure but is expected to see a recovery in profitability [3][6] - The report emphasizes the importance of new business models such as CSO and health device distribution, which are anticipated to support revenue growth [7] Summary by Sections Market Review - From January 1, 2025, to May 8, 2025, the pharmaceutical distribution index declined by 2.44%, underperforming the pharmaceutical and biotechnology index by 3.73 percentage points [4] - The market capitalization of pharmaceutical distribution in Q1 2025 was 1.5 billion, accounting for 0.05% of the total A-share fund holdings, showing a decrease from the previous quarter [4][20] Financial Analysis - Revenue growth for 2024 is projected at an average of 0.52%, a significant decline of 9.04 percentage points year-on-year. Major companies like China National Pharmaceutical and China Medicine are expected to experience negative growth [5][24] - In Q1 2025, the average revenue growth rate for key companies in pharmaceutical distribution was -0.11%, but this represents an improvement of 1.31 percentage points year-on-year [5][24] - The average net profit growth rate for key companies in Q1 2025 was 4.83%, an increase of 13.95 percentage points compared to the previous year [29][40] - The average gross profit margin for Q1 2025 was 8.33%, down 0.32 percentage points year-on-year, continuing a downward trend influenced by centralized procurement and drug pricing policies [32][40] Investment Recommendations - The report recommends focusing on leading companies in the pharmaceutical distribution sector, particularly those with strong capabilities in hospital payment recovery and innovative distribution channels. Key recommendations include Shanghai Pharmaceuticals, Jiuzhoutong, Baiyang Pharmaceuticals, and Zhongyao Holdings, with a watch on China National Pharmaceutical, Guoyao Holdings, and Liuyao Group [7][55]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [10][14]. Core Insights - The company has shown stable growth in its core pharmaceutical distribution business, achieving a revenue of 151.81 billion yuan in 2024, reflecting a year-on-year increase of 1.11%. The net profit attributable to shareholders reached 2.507 billion yuan, up by 15.33% [3][6]. - The successful issuance of public REITs has significantly contributed to the company's net profit, adding 576 million yuan in 2024 and 438 million yuan in Q1 2025 [4][9]. - The company is pioneering a dual listing platform in the pharmaceutical industry, combining equity and asset listings, which enhances its asset liquidity and sets a benchmark for the industry [7][9]. Financial Performance Summary - For 2024, the company reported an operating income of 151.81 billion yuan, with a net profit of 2.507 billion yuan. The operating cash flow was 3.083 billion yuan, although it saw a decline of 35.07% year-on-year [3][5]. - In Q1 2025, the company achieved an operating income of 42.016 billion yuan, a 3.82% increase, and a net profit of 970 million yuan, which is an impressive growth of 80.38% compared to the previous year [4][10]. - The company’s gross margin for 2024 was 7.80%, with a net profit margin of 1.65%. In Q1 2025, the gross margin slightly decreased to 7.33%, while the net profit margin improved to 2.31% [4][5]. Growth Projections - The company is expected to continue its growth trajectory, with projected revenues of 162.65 billion yuan, 174.30 billion yuan, and 186.62 billion yuan for 2025, 2026, and 2027 respectively. The net profit is forecasted to reach 3.010 billion yuan in 2025, growing to 3.458 billion yuan by 2027 [10][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [10][14]. Core Insights - The company has shown stable growth in its core pharmaceutical distribution business, achieving a revenue of 151.81 billion yuan in 2024, reflecting a year-on-year increase of 1.11%. The net profit attributable to shareholders reached 2.507 billion yuan, up by 15.33% [3][6]. - The successful issuance of public REITs has significantly contributed to the company's net profit, adding 576 million yuan in 2024 and 438 million yuan in Q1 2025 [4][9]. - The company is pioneering a dual listing platform in the pharmaceutical industry, combining equity and asset listings, which enhances its asset liquidity and sets a benchmark for the industry [7][9]. Financial Performance Summary - For 2024, the company reported an operating income of 151.81 billion yuan, with a net profit of 2.507 billion yuan. The operating cash flow was 3.083 billion yuan, showing a decline of 35% year-on-year due to increased payments to core suppliers [3][5][10]. - The first quarter of 2025 saw an operating income of 42.016 billion yuan, a 3.82% increase, and a net profit of 970 million yuan, marking an 80.38% rise compared to the previous year [4][10]. - The company’s gross margin for 2024 was 7.80%, with a net profit margin of 1.65%. In Q1 2025, the gross margin slightly decreased to 7.33%, while the net profit margin improved to 2.31% [4][5]. Growth Projections - The company is expected to achieve revenues of 162.65 billion yuan, 174.30 billion yuan, and 186.62 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 3.010 billion yuan, 3.212 billion yuan, and 3.458 billion yuan for the same years [10][12]. - The report anticipates a steady growth rate of approximately 7% for the upcoming years, with a corresponding increase in earnings per share [10][12].

Core Viewpoint - The company showcased its stable growth and strategic initiatives during the 2024 annual performance briefing, highlighting significant financial achievements and advancements in digital transformation and ESG practices [1][2][3][4] Financial Performance - In 2024, the company reported revenue of 151.81 billion yuan and a net profit attributable to shareholders of 2.507 billion yuan, with a year-on-year revenue growth of 2.58% and a net profit growth of 39.88% after adjusting for seasonal factors [1] - For Q1 2025, the company achieved revenue of 42.016 billion yuan, a 3.82% increase year-on-year, and a net profit of approximately 970 million yuan, reflecting an 80.38% growth compared to the same period last year [1] Shareholder Returns - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, totaling 999.7 million yuan, which, combined with the stock buyback of 268 million yuan, amounts to 1.265 billion yuan, representing 50.47% of the annual net profit [2] Asset Securitization - The company successfully established an asset securitization platform, with its public REITs for pharmaceutical logistics warehousing listed on the Shanghai Stock Exchange, marking a significant milestone as the first public REITs in the domestic pharmaceutical sector [2] Digital Transformation - The company is actively embracing AI technology through both in-house development and external collaborations, partnering with leading tech firms like Alibaba Cloud and Tencent Cloud to enhance its digital capabilities across various applications [2] ESG Practices - Over the past three years, the company has developed a robust ESG management system, achieving an A rating in mainstream ESG assessments and ranking first in the pharmaceutical distribution industry for 2024 [3] Strategic Initiatives - The company highlighted its achievements in new products, new retail, and new medical services during the performance briefing, emphasizing its commitment to strategic transformation and future growth [4]

Core Insights - The company, Jiuzhoutong, held a performance briefing on May 7, 2024, discussing its operational status, strategic transformation, and future plans with investors [1] - The B2C e-commerce segment, under the brand "Good Medicine Master," is expected to generate sales revenue of 980 million yuan in 2024, leveraging its extensive experience and user base [1] - Jiuzhoutong reported a total revenue of 151.81 billion yuan and a net profit attributable to shareholders of 2.507 billion yuan for 2024, reflecting a year-on-year revenue growth of 2.58% and a net profit growth of 39.88% [2] Company Performance - In 2024, Jiuzhoutong's B2C e-commerce business achieved a total sales GMV of over 1.57 billion yuan, with a significant year-on-year growth of 107.7% in interest e-commerce channels like Douyin and Kuaishou [2] - The company operates over 60 strategic partner brands and has launched more than 100 online flagship stores for well-known pharmaceutical and health brands [2] - For Q1 2025, Jiuzhoutong reported a revenue of 42.016 billion yuan, marking a 3.82% increase year-on-year, and a net profit of approximately 970 million yuan, reflecting an 80.38% increase compared to the same period last year [3]