人民财讯9月26日电，企查查APP显示，近日，湖北九源生物医疗科技有限公司成立，法定代表人为吕 晓婉，注册资本为3000万元，经营范围包含：第一类医疗器械销售；保健食品(预包装)销售；通用设备 修理；专用设备修理；非居住房地产租赁等。企查查股权穿透显示，该公司由九州通（600998）旗下九 州通医疗器械集团有限公司全资持股。 ...

9月24日，九州通涨0.00%，成交额1.23亿元。两融数据显示，当日九州通获融资买入额1301.45万元， 融资偿还1412.00万元，融资净买入-110.55万元。截至9月24日，九州通融资融券余额合计7.60亿元。 分红方面，九州通A股上市后累计派现52.67亿元。近三年，累计派现29.11亿元。 机构持仓方面，截止2025年6月30日，九州通十大流通股东中，香港中央结算有限公司位居第七大流通 股东，持股9024.99万股，相比上期增加873.97万股。 责任编辑：小浪快报 融券方面，九州通9月24日融券偿还1.24万股，融券卖出10.77万股，按当日收盘价计算，卖出金额53.20 万元；融券余量111.89万股，融券余额552.75万元，超过近一年90%分位水平，处于高位。 资料显示，九州通医药集团股份有限公司位于湖北省武汉市汉阳区龙兴西街5号，成立日期1999年3月9 日，上市日期2010年11月2日，公司主营业务涉及数字化医药分销与供应链业务、总代品牌推广业务、 医药工业自产及OEM业务、医药零售与加盟业务、数字物流与供应链解决方案、医疗健康与技术增值 服务等六大方面。主营业务收入构成为：分销分部 ...

Core Viewpoint - The article discusses the recent trends in cash management and investment strategies of listed companies in China, highlighting a shift from traditional low-yield deposits to higher-yield financial products due to a prolonged low-interest-rate environment [1][4]. Group 1: Company Cash Management Trends - Zhuhai Technology announced the use of up to 1.7 billion yuan of idle fundraising for cash management, reflecting a broader trend among companies to seek higher returns on their idle funds [1]. - The number of listed companies purchasing financial products has decreased for three consecutive years, with a 34% drop in 2023 and a further 5.45% decline in 2024 [1][4]. - As of September 23, 2023, 1,094 A-share listed companies held a total of 12,235 financial products, with a total subscription amount of 770.72 billion yuan, down from 880.23 billion yuan in the same period of 2024 [1]. Group 2: Investment Strategies and Product Preferences - Companies are diversifying their investment strategies, with state-owned enterprises focusing on low-risk, principal-protected financial products, while private companies are exploring overseas investments and utilizing currency hedging [2]. - The average annualized yield for cash management products was reported at 1.32%, with fixed-income products yielding 1.12%, indicating a slight increase in returns [3]. - The proportion of structured deposits in the overall investment mix of listed companies has decreased from 63.8% in 2023 to 60.9% in 2025, while investments in bank wealth management and government bond reverse repos have increased [3]. Group 3: Market Conditions and Future Outlook - Despite a decline in overall financial management scale, some companies are showing increased risk appetite due to a recovering secondary market [4]. - In the first half of 2025, 133 listed companies disclosed a total of 29.55 billion yuan in securities investments, reflecting a 42% year-on-year increase, while financial management scale decreased by 24.96% [5]. - The trend indicates a migration of funds from conservative management to more active investment strategies, with expectations of significant shifts from deposits to financial management in the coming year [5].

Core Viewpoint - 九州通 is strategically enhancing its layout in the health industry through investments in various funds and incubators, aiming for sustainable growth and innovation in the medical sector [1][2][3]. Group 1: Strategic Investments - 九州通's subsidiary, 九州众创孵化器, has committed 10 million yuan to establish the Wuhan Chuchang Tongda Industrial Investment Fund, holding a 7.14% stake in the fund [1][2]. - The total investment for the Chuchang Tongda Fund is 140 million yuan, with 九州众创孵化器 contributing 10 million yuan, while other partners include 武汉光创基金 and 北京点金, with respective contributions of 40 million yuan and 88 million yuan [2]. - The focus of these investments is on innovative medical devices, consumer healthcare, life sciences services, and biopharmaceuticals, aligning with the company's strategic goals [2][3]. Group 2: Financial Performance - In the first half of 2025, 九州通 reported revenue of 81.106 billion yuan, a year-on-year increase of 5.10%, and a net profit attributable to shareholders of 1.446 billion yuan, up 19.70% [5][6]. - The company achieved strong growth across various business segments, with pharmaceutical distribution generating 67.634 billion yuan in sales, a 6.04% increase, and digital logistics revenue rising by 24.66% to 5.87 billion yuan [6]. - The cash flow from operating activities increased by 380 million yuan compared to the previous year, indicating a positive outlook for the company's financial health [5][6]. Group 3: Industry Position - 九州通 is recognized as the largest private pharmaceutical enterprise in China and has been listed among the top 500 Chinese enterprises, ranking 181st in the 2025 list with a revenue of 151.8 billion yuan [1][4]. - The company has been focusing on its core business while exploring new retail and digitalization strategies, contributing to its stable growth in a challenging industry environment [5][6].

Core Insights - The article highlights the significance of the Hunyuan Astragalus industry in promoting rural revitalization and its potential to evolve into a "billion-level industry" through collaboration and modernization [6][7]. Group 1: Industry Development - Hunyuan County is recognized as the origin of "Hengshan Astragalus," with a history of over 1500 years in harvesting and processing, benefiting from favorable environmental conditions [1]. - The "Hundred-Person Team" initiative aims to enhance the quality and standards of Hengshan Astragalus through collaboration with leading pharmaceutical companies [1][3]. - The local government is committed to integrating the Astragalus industry with agriculture, aiming to boost economic advantages and support rural development [6]. Group 2: Collaboration and Innovation - The initiative has attracted major companies like Beijing Tongrentang and JD Health, focusing on establishing long-term supply mechanisms and enhancing product quality [3][6]. - Various stakeholders propose innovative product forms and marketing strategies to cater to younger consumers and expand market reach [4][3]. - The establishment of a comprehensive standard system for planting, quality testing, and traceability is emphasized to ensure the integrity of the product [3][6]. Group 3: Economic Impact - The collaboration is expected to increase income for local farmers, with 50,000 households currently engaged in the Astragalus industry [7]. - The total output value of the Hengshan Astragalus industry has reached 1.5 billion yuan, with products exported to over 60 countries [6][7]. - The initiative aims to create more job opportunities through the extension of the industry chain and the integration of technology and policy support [7].

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Viewpoints - The growth of healthcare expenses, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating that commercial health insurance may provide a solution to the pressures faced by the medical insurance system [3][15] - The commercial health insurance sector is expected to grow significantly, with premiums projected to reach 97.74 billion yuan by 2024, driven by low penetration rates and the need for additional funding sources [20][24] - Policies are increasingly supportive of commercial health insurance, particularly in relation to innovative drugs, which are now being included in the commercial health insurance directory [71][76] Summary by Sections Part 1: Healthcare Financing System - The healthcare financing system in China consists of government, social, and personal contributions, with social contributions being the main driver for future growth [10][15] Part 2: Growth of Health Insurance - The commercial health insurance market is expected to fill a significant funding gap, with an estimated shortfall of over 1.7 trillion yuan by 2030 [21][22] - Medical insurance is the primary source of compensation within commercial health insurance, with a compensation rate of approximately 68.79% in 2022 [27][31] Part 3: Core Products of Medical Insurance - The report highlights the importance of medical insurance as a key focus area, noting that it directly compensates for medical expenses, unlike critical illness insurance [31][35] Part 4: Policy Support for Health Insurance Development - A series of policies since 2009 have aimed to promote the development of commercial health insurance, with specific targets for market size and coverage [71][72] Part 5: Investment Recommendations - The report suggests focusing on innovative drug companies with rich pipelines, DTP pharmacies, and companies in the TPA industry, as well as innovative medical devices and high-end medical service providers [77]

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 控股孙公司参与设立产业基金暨关联交易的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为九州通 医药集团股份有限公司（以下简称"公司"、"上市公司"或"九州通"）向特 定对象发行优先股的保荐人，根据《证券发行上市保荐业务管理办法》《上海证 券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》以及《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 等相关规定，对九州通控股孙公司参与设立产业基金暨关联交易事项发表核查意 见，具体情况如下： 一、设立产业基金及关联交易概述 （一）本次设立产业基金基本情况 为促进公司旗下产业孵化器发展，加大公司在创新医疗器械、医疗人工智能 等新兴产业的战略布局，公司控股孙公司九州众创孵化器于近日和武汉光创新兴 技术一期创业投资基金合伙企业（有限合伙）（以下简称"武汉光创基金"）、 北京点金及楚昌私募基金签署《武汉市楚昌通达产业投资基金合伙企业（有限合 伙）之有限合伙协议》（以下简称"本协议"），各方共同投资在武汉光谷设立 楚昌通达基金，该基金主要投资于创新型医疗器械、消 ...

证券代码：600998 证券简称：九州通 公告编号：临 2025-067 九州通医药集团股份有限公司 关于控股孙公司参与设立产业基金暨关联交易的公告 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： 为促进公司旗下产业孵化器发展，加大公司在创新医疗器械、医疗人工智能 等新兴产业的战略布局，九州通医药集团股份有限公司（以下简称"九州通" 或"公司"）控股孙公司北京九州众创科技孵化器有限公司（以下简称"九州众 创孵化器"）作为有限合伙人认缴出资1,000万元参与设立武汉市楚昌通达产 业投资基金合伙企业（有限合伙）（以下简称"楚昌通达基金"、"合伙企业" 或"产业基金"）（暂定名，以工商核准为准），占产业基金认缴出资总额的 7.14%。 产业基金的执行事务合伙人北京楚昌私募基金管理有限公司（以下简称"楚 昌私募基金"）、有限合伙人北京点金投资有限公司（以下简称"北京点金"） 均为公司控股股东楚昌投资集团有限公司的下属控股企业，且北京点金为公 司持股5%以上的大股东，故本次共同投资构成关联交易，但不构成《上市公 司重大资 ...

Core Viewpoint - The company, Jiuzhoutong, is enhancing its strategic layout in emerging industries such as innovative medical devices and medical artificial intelligence by investing in a new industrial investment fund [1] Group 1 - Jiuzhoutong's subsidiary, Beijing Jiuzhou Zhongchuang Technology Incubator Co., Ltd., has committed to invest 10 million yuan in the establishment of the Wuhan Chuchang Tongda Industrial Investment Fund Partnership [1] - The investment represents a 7.14% stake in the total subscribed capital of the industrial fund [1]

Core Viewpoint - The company, Jiuzhoutong, is enhancing its strategic layout in emerging industries such as innovative medical devices and medical artificial intelligence by investing in a new industrial investment fund [1] Group 1 - Jiuzhoutong's subsidiary, Beijing Jiuzhou Zhongchuang Technology Incubator Co., Ltd., has committed to invest 10 million yuan in the establishment of the Wuhan Chuchang Tongda Industrial Investment Fund Partnership [1] - The investment represents a 7.14% stake in the total subscribed capital of the industrial fund [1]