中信证券股份有限公司 关于九州通医药集团股份有限公司 2024年度持续督导报告书 | 上市公司：九州通医药集团股份有限公司（以下简称"九州通"、"公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：王国梁 5210 | 联系电话：0755-2383 | | 保荐代表人姓名：叶兴林 5003 | 联系电话：0755-2383 | 经中国证券监督管理委员会《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》（证监许可［2024］1002 号）核准，并经上海证 券交易所同意，公司于 2024 年 8 月 12 日向特定对象发行优先股 1,790 万股，发 行价格为每股 100 元，募集资金总额为 1,790,000,000.00 元，扣除各类发行费用 之后实际募集资金净额 1,771,903,773.59 元。中审众环会计师事务所（特殊普通 合伙）于 2024 年 8 月 13 日对九州通医药集团股份有限公司向特定对象发行优先 股的资金到位情况进行了审验，并出具了"众环验字（2024）0100025 号 ...

中信证券股份有限公司 关于九州通医药集团股份有限公司 （四）现场检查时间 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对九州通医药集团股份有限公司（以下简称"九州通""公司" "上市公司"）进行持续督导工作的保荐人，对自 2024 年发行上市之日至 2024 年 12 月 31 日（以下简称"本持续督导期间"）的规范运作情况进行了现场检查， 现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 王国梁、叶兴林 （三）现场检查人员 王国梁 2025 年 4 月 26 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 1 （六）现场检查手段 本 ...

证券代码：600998 证券简称：九州通 公告编号：临 2025-032 九州通医药集团股份有限公司 关于参加 2024 年度沪市主板民营活力专题 集体业绩说明会情况的公告 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5月7 日（星期三）下午14：00-17：00以视频直播结合网络文字互动形式参加了2024 年度沪市主板民营活力专题集体业绩说明会，就公司2024年度及2025年一季度经 营成果、"三新两化"战略实施及权益分派等具体情况与广大投资者进行了沟通 交流。现将有关内容公告如下： 一、本次业绩说明会召开情况 2025年5月7日（星期三）下午14：00-17：00，公司董事长刘长云先生、独 立董事陆银娣女士、财务总监夏晓益先生、副总经理全铭女士出席了本次业绩说 明会，与投资者进行了现场及线上的互动交流。 二、投资者提出的主要问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复，主要问题及回复整理 如下： 问题一：公司今年的现金分红方案是 ...

证券代码：600998 证券简称：九州通 公告编号：2025-033 九州通医药集团股份有限公司 关于召开2024年年度股东会的提示性公告 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： 九州通医药集团股份有限公司（以下简称"公司"）已于2025年4月29日在 《中国证券报》《上海证券报》《证券时报》《证券日报》及上海证券交易所 网站（www.sse.com.cn）上披露了《关于召开2024年年度股东会的通知》（公 告编号：2025-028），公司将于2025年5月23日召开2024年年度股东会，根据相 关规定，现发布本次股东会的提示性公告，具体内容如下： 一、 召开会议的基本情况 (一)股东会类型和届次 2024年年度股东会 (二)股东会召集人：董事会 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2025 年 5 月 23 日 至2025 年 5 月 23 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 9:15-9:25,9: ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company demonstrates strong operational resilience and is expected to continue delivering on its "Three New and Two Transformations" strategy [1] - The successful issuance of REITs marks the beginning of a new chapter in light asset operations, with significant funds raised to enhance the company's growth potential [2] - The CSO business has shown sustained high growth, expanding from retail to hospital channels, indicating strong momentum [3] - The new retail and new medical sectors are entering a new phase of expansion, enhancing the company's ability to reach end consumers [4] - The company's profitability is expected to improve due to the contribution from Pre-REITs and innovative strategies, despite some temporary increases in expenses [5] - The operating quality has seen a slight decline, but there are positive trends anticipated for improvement [6] Summary by Sections Performance - In 2024, the company achieved total revenue of 151.81 billion yuan, a year-on-year increase of 1.11%, and a net profit attributable to shareholders of 2.51 billion yuan, up 15.33% [1] - In Q1 2025, total revenue reached 42.02 billion yuan, a 3.82% increase year-on-year, with net profit soaring by 80.38% to 970 million yuan [1] Growth Potential - The REITs issuance has successfully launched, raising 1.158 billion yuan, which is expected to accelerate the company's intelligent warehousing upgrades and high-margin business expansion [2] - The CSO business generated sales of 19.27 billion yuan, with a 19.59% growth in pharmaceutical CSO sales after adjusting for high base effects [3] Profitability - The overall gross margin for 2024 was 7.80%, a slight decrease of 0.27 percentage points, while Q1 2025 saw a gross margin of 7.33%, an increase of 0.13 percentage points [5] - The net profit margin for 2024 was 1.65%, up approximately 0.21 percentage points, with Q1 2025 showing a significant increase to 2.31%, up 0.98 percentage points [5] Operating Quality - The net cash flow from operating activities in 2024 was 3.083 billion yuan, a decrease of 35.07% year-on-year, primarily due to increased procurement payments [6] - The company anticipates improvements in operating cash flow due to changes in customer and channel structures [6] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 1632.94 billion yuan, 1764.63 billion yuan, and 1900.79 billion yuan, with corresponding growth rates of 7.56%, 8.06%, and 7.72% [12] - Expected net profits for the same period are 2.84 billion yuan, 3.18 billion yuan, and 3.54 billion yuan, with growth rates of 13.13%, 12.08%, and 11.21% [12]

Performance - In 2024, the company achieved total operating revenue of 151.81 billion, a year-on-year increase of 1.11%; net profit attributable to shareholders was 2.51 billion, up 15.33%; and net profit excluding non-recurring items was 1.81 billion, down 7.47% [1] - In Q1 2025, total operating revenue reached 42.02 billion, a year-on-year increase of 3.82%; net profit attributable to shareholders was 970 million, a significant increase of 80.38%; and net profit excluding non-recurring items was 507 million, down 2.76% [1] Growth Potential - The company successfully launched its REITs, marking a new chapter in light asset operations, with the public offering of pharmaceutical warehousing logistics REITs raising 1.16 billion on February 27, 2025 [2] - The CSO business continued to grow, achieving sales revenue of 19.27 billion, with pharmaceutical CSO revenue at 10.77 billion, a year-on-year increase of 19.59% after adjusting for high base effects [2] New Retail and New Medical - The "Good Pharmacist" franchise rapidly expanded, reaching 29,331 stores by the end of March 2025, with sales to franchise pharmacies amounting to 5.39 billion, a year-on-year increase of 54.94% [3] - The "Nine Medical Clinics" membership stores reached 1,377 by the end of March 2025, utilizing AI-assisted diagnostic platforms to empower grassroots medical institutions [3] Profitability - The overall gross margin for 2024 was 7.80%, a decrease of 0.27 percentage points, while Q1 gross margin was 7.33%, an increase of 0.13 percentage points [4] - The net profit margin attributable to shareholders for 2024 was 1.65%, an increase of approximately 0.21 percentage points, with Q1 2025 net profit margin at 2.31%, a significant increase of 0.98 percentage points [4] Operating Quality - The net cash flow from operating activities in 2024 was 3.08 billion, a year-on-year decrease of 35.07%, primarily due to increased procurement payments from strategic cooperation with core suppliers [5] - By Q1 2025, the company's operating cash flow remained stable year-on-year, with slight increases in accounts receivable turnover days and inventory turnover days [5] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 163.29 billion, 176.46 billion, and 190.08 billion, with corresponding growth rates of 7.56%, 8.06%, and 7.72% [6] - Expected net profits attributable to shareholders for the same period are 2.84 billion, 3.18 billion, and 3.54 billion, with year-on-year growth rates of 13.13%, 12.08%, and 11.21% [6]

Core Viewpoint - The strategic transformation of the company, driven by the "Three New and Two Digital" strategy, has led to steady growth in performance, with significant increases in revenue and profit in 2024 and Q1 2025 [2][3][5]. Financial Performance - In 2024, the company achieved a total revenue of 151.81 billion yuan, a year-on-year increase of 1.11%, and a net profit attributable to shareholders of 2.507 billion yuan, up 15.33% [3][5]. - The net cash flow from operating activities turned positive at 3.083 billion yuan [3]. - For Q1 2025, the company reported revenue of 42.016 billion yuan, a growth of 3.82%, and a net profit of approximately 970 million yuan, an increase of 80.38% [4][5]. Business Segments - The core pharmaceutical distribution business showed stable growth, while emerging sectors like industrial self-production, OEM, traditional Chinese medicine, and digital logistics grew rapidly, each with a growth rate around 20% [3][4]. - The industrial self-production and OEM segment generated sales of 5.92 billion yuan, up 26.92%, with a gross margin of 42.48% [3]. - The traditional Chinese medicine segment achieved sales of 4.962 billion yuan, a growth of 18.14%, supported by a blockchain-based quality traceability platform [4]. Strategic Initiatives - The company is focusing on new product strategies, with sales from the pharmaceutical agency brand promotion business reaching 19.267 billion yuan, introducing 2,247 drug and device specifications [5][6]. - The new retail strategy has established over 29,000 franchise pharmacies, with B2C e-commerce sales reaching 980 million yuan and over 35 million end-users [5][6]. - The new medical strategy includes the development of an AI-assisted diagnostic platform in collaboration with Tencent Cloud, enhancing service efficiency for clinics and grassroots medical institutions [6]. Digital Transformation - The company invested 346 million yuan in digital and intelligent technology innovation, with 47 digital transformation projects implemented, 45 of which have been successfully launched [6]. - The logistics segment achieved revenue of 1.064 billion yuan, a growth of 25.32%, with a gross profit of 236 million yuan, up 17.08% [4]. Real Estate Investment Trusts (REITs) - The company completed the issuance of public REITs for its pharmaceutical warehousing and logistics, raising 1.158 billion yuan, marking a significant step towards asset-light transformation [7]. - The public REITs issuance saw a subscription multiple of 1,192 times, setting a historical record for public REITs [7].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's "Three New and Two Transformation" strategy has shown significant results, with the establishment of a "public + private" REITs platform enabling asset-light operations [8] - The company achieved a total revenue of 151.81 billion yuan in 2024, reflecting a year-on-year growth of 1.11%, and a net profit attributable to shareholders of 2.51 billion yuan, up 15.33% year-on-year [8] - The first quarter of 2025 saw a revenue of 42.02 billion yuan, representing a 3.82% increase, and a net profit of 970 million yuan, which is an impressive 80.38% growth year-on-year [8] Financial Performance Summary - The company forecasts total revenue for 2025 to be 165.92 billion yuan, with a net profit of 2.81 billion yuan, and expects continued growth in subsequent years [1][9] - The projected earnings per share (EPS) for 2025 is 0.56 yuan, with a price-to-earnings (P/E) ratio of 9.41 based on the current market price [1][9] - The company's gross profit margin for 2024 was 7.80%, with a net profit margin of 1.84% [8] Strategic Initiatives - The "Three New" strategy includes new product development, new retail initiatives, and new medical services, which are expected to enhance the company's competitiveness in the outpatient channel [8] - The company has introduced over 2,247 new drug and device specifications, with 52 products generating over 100 million yuan in sales [8] - The digital transformation efforts have led to a 24.32% increase in R&D investment, reaching 346 million yuan in 2024, with 47 digital and AI projects implemented [8] Future Outlook - The company anticipates that its net profit will reach 3.53 billion yuan by 2027, corresponding to a P/E ratio of 7.49 [1][9] - The successful implementation of the REITs platform is expected to improve cash flow and support steady growth in core business operations [8]

Core Viewpoint - The A-share pharmaceutical and biotechnology sector demonstrated resilience in 2024 despite a complex external environment, with innovative drugs entering a phase of realization and development progress catalyzing growth, unaffected by trade wars, positioning it as a key investment theme for 2025 [1][8]. Overall Performance - A-share pharmaceutical and biotechnology companies reported stable performance, with total revenue in 2024 reaching 2.47 trillion yuan, slightly down from 2.50 trillion yuan in 2023, and a net profit attributable to shareholders of 140.26 billion yuan [2][3]. Revenue Breakdown - The overall sector had 499 companies, with a total revenue of 24,651.04 billion yuan in 2024, reflecting a year-on-year decrease of 1.50%. The first quarter of 2025 saw total revenue of 6,037.04 billion yuan, down 6.14% year-on-year [3]. - Sub-sectors such as chemical pharmaceuticals, pharmaceutical commerce, and medical devices achieved positive revenue growth in 2024, while only the medical services sector showed positive growth in Q1 2025 [4]. Individual Company Performance - Among the companies, 234 reported revenue growth in 2024, with 59 companies exceeding a 20% increase. In terms of net profit, 231 companies saw growth, with 140 exceeding 20% [5]. - Shanghai Pharmaceuticals achieved revenue of 275.25 billion yuan in 2024, up 5.75%, with a net profit of 4.55 billion yuan, a 20.82% increase. The company also reported a significant increase in R&D investment [5]. - Jiuzhoutong reported revenue of 151.81 billion yuan in 2024, a 1.11% increase, driven by stable growth in its pharmaceutical distribution business and rapid growth in emerging sectors [6]. Market Attention - The pharmaceutical and biotechnology sector has garnered significant market attention since April, with many companies receiving institutional research interest, particularly those involved in innovative drugs [7]. - Huadong Medicine's recent annual report and Q1 performance attracted considerable institutional investor interest, focusing on product development and future industry trends [7]. Investment Outlook - Analysts remain optimistic about innovative drugs, overseas expansion, and the clearing of procurement policies, suggesting that the sector is entering a growth phase with potential in insulin, orthopedics, and certain generic drug companies [8]. - The market is expected to see increased activity in mergers and acquisitions as the pharmaceutical market undergoes a phase of concentration [8].

Core Insights - The company reported a revenue of 151.81 billion yuan and a net profit attributable to shareholders of 2.51 billion yuan for 2024, with a year-on-year revenue growth of 2.58% and a net profit growth of 39.88% [2] - In Q1 2025, the company achieved a revenue of 42.02 billion yuan, representing a 3.82% increase year-on-year, and a net profit of approximately 970 million yuan, marking an 80.38% increase compared to the same period last year [2] - The company has made significant contributions to public welfare, with donations amounting to nearly 18.21 million yuan in 2024, focusing on energy conservation, rural revitalization, and disaster relief [2] Business Performance - The company is transitioning from traditional pharmaceutical distribution to a digital, platform-based model, implementing a comprehensive service model that includes distribution, logistics, and product promotion [3] - In 2024, the company’s self-manufactured and OEM products generated sales of 30.07 billion yuan, a year-on-year increase of 21.49% [6] - The company’s Chinese medicine business achieved a sales revenue of 4.96 billion yuan, reflecting an 18.14% year-on-year growth [3] Logistics and Supply Chain - The logistics segment generated revenue of 1.06 billion yuan in 2024, a 25.32% increase from the previous year, with a gross profit of 236 million yuan, up 17.08% [4] - The company has established a nationwide GSP warehousing network and an efficient transportation network, providing comprehensive logistics services [4] Strategic Initiatives - The company is focused on its "Three New and Two Transformations" strategy, which includes new products, new retail, new medical services, and digitalization [5] - The company’s new product strategy has led to a sales scale of 19.27 billion yuan in its brand promotion business, with 2,247 drug and device specifications introduced [6] - The new retail strategy has resulted in over 29,000 franchise stores, and the B2C e-commerce segment generated 980 million yuan in revenue [6] Digital Transformation - The company invested 346 million yuan in R&D for digital and intelligent technologies, a 24.32% increase year-on-year, and has implemented 47 digital transformation projects [7] - The company has developed an AI-assisted diagnostic platform in collaboration with Tencent Cloud, enhancing service efficiency in clinics and grassroots medical institutions [6] Real Estate Investment Trusts (REITs) - The company has successfully completed the delivery of assets for its Pre-REIT project in three cities, raising 1.645 billion yuan [7] - The public REITs for pharmaceutical warehousing logistics raised a total of 1.158 billion yuan, with a subscription multiple of 1,192 times, setting a historical record [7]