重要内容提示： 证券代码：600998 证券简称：九州通 公告编号：临 2025-007 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。 ● 被担保人名称及是否为上市公司关联人：被担保人包括河北九州通医药有限 公司、山东九州通医药有限公司等 33 家子公司（含深圳九州通医药有限公司、 广西九州通医药有限公司等 16 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"）1 月新增担保金额合计 198,595.72 万元，同 时解除担保金额合计 235,310.00 万元。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 1 月 31 日，公司实际提供担保余额为 276.25 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 ...

Group 1 - The core viewpoint of the news is that Jiuzhoutong has successfully launched China's first public REIT focused on pharmaceutical warehousing and logistics, raising a total of 1.158 billion yuan [1][2] - The REIT issuance will help Jiuzhoutong to revitalize its pharmaceutical warehousing and logistics assets, recover equity funds, and promote rapid development of its main business [2] - The underlying asset for the REIT is the East Lake Modern Pharmaceutical Warehousing and Logistics Center, recognized as a national model for intelligent warehousing and logistics [2] Group 2 - Jiuzhoutong is the largest private pharmaceutical distribution company in China, continuously upgrading its main business and service system, covering various new business formats [3] - The company's core competitiveness is supported by its digitalization and real estate securitization strategies, with a focus on REITs as part of its overall strategy [3] - Jiuzhoutong owns 141 pharmaceutical warehousing and logistics facilities across 31 provincial capitals and 110 prefecture-level cities, making it one of the largest holders of pharmaceutical warehousing assets in the country [3]

● 汇添富九州通医药REIT最终募集基金份额4亿份，发售价格为2.895元/份， 基金募集资金总额为人民币11.58亿元。其中，网下投资者认购数量为0.70亿份， 占发售份额总数的17.50%，有效认购倍数达50倍；公众投资者认购数量为0.30亿 份，占发售份额总数的7.50%，有效认购倍数达1,192倍。 汇添富九州通医药仓储物流封闭式基础设施证券投资基金（以下简称"汇添 富九州通医药 REIT"）分别于 2024 年 12 月 20 日和 12 月 24 日获得上海证券交 易所和中国证券监督管理委员会出具的无异议函和准予注册批复。（详见公司分 别于 2024 年 12 月 23 日和 12 月 25 日披露的公告。） 证券代码：600998 证券简称：九州通 公告编号：临 2025-006 九州通医药集团股份有限公司 关于医药仓储物流基础设施公募 REITs 发行情况的公告 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。 重要内容提示： 本次医药仓储物流基础设施公募 REITs 的发行将助力九州通医药集团股份 有限公司（以 ...

北京市朝阳区建外大街甲 14 号广播大厦 5/9/10/13/17 层 北京海润天睿律师事务所 关于九州通医药集团股份有限公司 2025 年第一次临时股东会的法律意见书 致：九州通医药集团股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受九州通医药集团股份有 限公司（以下简称"公司"）的委托，指派本所律师出席公司 2025 年第一次临 时股东会（以下简称"本次股东会"），并依据《中华人民共和国公司法》（以 下简称《公司法》）、《上市公司股东大会规则》（以下简称《股东大会规则》）、 《公司章程》及其他相关法律、法规的规定，就公司本次股东会的召集、召开程 序、出席会议人员的资格、召集人资格、表决程序及表决结果等有关事宜出具本 法律意见书。 对本法律意见书的出具，本所律师特作如下声明：本所及经办律师依据《证 券法》《律师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务 执业规则》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履 行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证 本法律意见所认定的事实真实、准确、完整，所发表的结论性意见合法、准确， 不存在虚假记载 ...

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses **Jiuzhoutong**, a leading pharmaceutical distribution company in China, focusing on its recent REITs issuance and overall business strategy in the pharmaceutical commercial sector [1][2][3]. Key Points and Arguments 1. **REITs Issuance**: - Jiuzhoutong is set to approve assets worth approximately **17.2 million square meters** for REITs issuance, which is relatively small compared to its overall logistics assets [1][2]. - The issuance is expected to enhance the company's profits and creditworthiness significantly [1][2]. 2. **Logistics Assets**: - The company currently operates over **4.3 million square meters** of logistics facilities, with **3.3 million square meters** meeting FIRIS requirements [2][5]. - The assessed value of the logistics assets in Wuhan is approximately **309 million** yuan, with a post-issuance valuation of **1.098 billion** yuan [4][6]. 3. **Asset Utilization and Efficiency**: - The fixed asset turnover rate for Jiuzhoutong is relatively low compared to leading pharmaceutical companies in the US and Japan, which have turnover rates exceeding **100%** [3][4]. - The company aims to improve its asset utilization through strategic asset management and expansion of logistics capabilities [3][4]. 4. **Financial Impact**: - Post-issuance, Jiuzhoutong will retain **34%** equity in the REITs, translating to approximately **378 million** yuan in long-term equity investment on its balance sheet [5][6]. - The expected cash inflow from the issuance is projected to exceed **500 million** yuan, significantly bolstering the company's financial position [6][7]. 5. **Cost Structure and Tax Implications**: - The company anticipates tax costs related to asset appreciation to be around **200 million** yuan, primarily due to the difference between assessed and book values [6][7]. - The annual depreciation cost for the logistics assets is approximately **30 million** yuan, which will change post-issuance [7][8]. 6. **Market Dynamics**: - The pharmaceutical distribution market is experiencing a shift, with a focus on larger chain pharmacies rather than smaller distributors, which may stabilize Jiuzhoutong's revenue streams [16][17]. - The growth rate for the second terminal (retail pharmacies) has shown signs of slowing, influenced by healthcare policies and market conditions [16][17]. 7. **Future Growth and Strategy**: - Jiuzhoutong plans to enhance its logistics network's intelligence and efficiency, which is crucial for supporting its core business and expanding into new markets [15][16]. - The company is also exploring new logistics centers in key areas to further strengthen its operational capabilities [15][16]. Additional Important Insights - The company’s CSO (Contract Sales Organization) business has shown stable growth, primarily focusing on OTC (Over-the-Counter) products, which are less affected by regulatory changes [17]. - The overall trend in the pharmaceutical retail market indicates a potential increase in the concentration of pharmacies, which could benefit larger distributors like Jiuzhoutong [16][17]. This summary encapsulates the critical insights from the conference call, highlighting Jiuzhoutong's strategic initiatives, financial implications, and market positioning within the pharmaceutical distribution industry.

证券代码：600998 证券简称：九州通 公告编号：临 2024-125 为更好的服务广大中小投资者，确保有投票意愿的中小投资者能够及时参 会、及时投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"） 提供的股东会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的 股东名册主动提醒股东参会投票，向每一位投资者主动推送股东会参会邀请、议 案情况等信息。投资者在收到智能短信后，可根据使用手册（下载链接 https://vote.sseinfo.com/i/yjt_help.pdf）的提示步骤直接投票，如遇拥堵等情况， 仍可通过原有的交易系统投票平台和互联网投票平台进行投票。 若广大投资者对本次服务有任何意见或建议，可通过邮件、投资者热线等方 式向上证信息或公司反馈，感谢广大投资者对公司的关注与支持！ 特此公告。 九州通医药集团股份有限公司董事会 2024年12月31日 九州通医药集团股份有限公司 关于股东会开设网络投票提示服务的公告 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 ...

●截至2024年12月29日，控股股东楚昌投资及其一致行动人合计持有公司股份 2,329,447,566股，占公司总股本的46.20%。本次股份拟质押及解除质押办理完成后，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1,305,779,464股， 占其所持股份比例为56.06%，占公司总股本的比例为25.90%。 2024年12月30日，九州通医药集团股份有限公司（以下简称"公司"）收到控股股 东楚昌投资集团有限公司（以下简称"楚昌投资"）及其一致行动人上海弘康实业投 资有限公司（以下简称"上海弘康"）的通知，获悉楚昌投资持有本公司的部分股份 ●公司控股股东楚昌投资及其一致行动人上海弘康分别持有公司股份497,991,174股 和1,088,326,782股，占公司总股本的比例分别为9.88%和21.58%；本次股东股份拟质押及 解除质押办理完成后，楚昌投资和上海弘康分别累计质押公司股份275,575,500股和 693,092,670股，占其所持股份比例分别为55.34%和63.68%，占公司总股本的比例分别为 5.47%和13.75% 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 ...

证券代码：600998 证券简称：九州通 公告编号：2024-124 九州通医药集团股份有限公司 关于召开 2025 年第一次临时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2024年12月20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2025年第一次临时股东会的通知》（公 告编号：2024-118），公司将于2025年1月6日召开2025年第一次临时股东会，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 2025 年第一次临时股东会 (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 股东会召开日期：2025年1月6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 (四)现场会议召开的日期、时间和地点 二、 会议 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 6.48 CNY per share, based on a 15x PE valuation for 2024 [26][44][46]. Core Insights - The company is positioned as a leading player in the outpatient pharmaceutical distribution sector, benefiting from the trend of prescription outflow and the approval of public REITs, which will enhance its asset management and operational efficiency [26][44][60]. - The company has achieved a compound annual growth rate (CAGR) of 15.49% in revenue and 16.25% in net profit over the past decade, indicating strong historical performance [26][27]. - The report highlights the company's comprehensive business layout across the pharmaceutical supply chain, including digital distribution, new retail, and pharmaceutical manufacturing, which supports its growth strategy [20][26][40]. Financial Performance Summary - Revenue is projected to reach 1547.30 billion CNY, 1644.21 billion CNY, and 1748.99 billion CNY for the years 2024, 2025, and 2026, respectively, with growth rates of 3.06%, 6.26%, and 6.37% [5][28]. - The earnings per share (EPS) forecast for 2024, 2025, and 2026 is 0.43 CNY, 0.48 CNY, and 0.52 CNY, corresponding to PE ratios of 12.08x, 10.98x, and 10.09x [5][28]. - The company’s gross profit margin is expected to stabilize around 7.8% to 8.1% over the forecast period, reflecting consistent operational efficiency [28][37]. Business Segment Analysis - The digital pharmaceutical distribution and supply chain business is expected to see modest growth, with revenue growth rates projected at 0.5% in 2024 and 2% in 2025 and 2026 [20][22]. - The general agency brand promotion business is anticipated to grow significantly, with projected revenue growth rates of 17.3%, 27.7%, and 24.1% for 2024, 2025, and 2026, respectively [20][21]. - The pharmaceutical manufacturing and OEM business is also expected to grow, with revenue growth rates of 17%, 18.4%, and 15.2% over the same period [20][21]. Market Position and Competitive Advantage - The company has established a robust competitive advantage in the outpatient market, supported by its comprehensive supply chain and digital logistics capabilities [20][27]. - The approval of public REITs is expected to facilitate the company's transition to a light-asset model, enhancing its operational flexibility and financial performance [44][60].

证券代码：600998 证券简称：九州通 公告编号：临 2024-122 九州通医药集团股份有限公司 关于控股股东及其一致行动人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： ●公司股东上海弘康办理完成109,650,000股的股份解除质押手续，本次解除质押股 份占其所持股份比例为10.08%，占公司总股本的比例为2.17%；同时，上海弘康办理完 成125,600,000股的股份质押手续，本次质押股份占其所持股份比例为11.54%，占公司总 股本的比例为2.49%。控股股东楚昌投资拟办理13,000,000股的股份质押手续，本次质押 股份占其所持股份比例为2.61%，占公司总股本的比例为0.26%。 ●公司控股股东楚昌投资及其一致行动人上海弘康分别持有公司股份497,991,174股 和1,088,326,782股，占公司总股本的比例分别为9.88%和21.58%；本次股东股份解除质押 及质押办理完成后，楚昌投资和上海弘康分别累计质押公司股份259,575,500股和 693,092, ...