Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is improving quarter by quarter, driven by the "Three New and Two Transformation" strategy [3][4] - The company achieved a revenue of 1134.29 billion yuan in the first three quarters of 2024, a decrease of 0.82% year-on-year, with a net profit attributable to shareholders of 16.96 billion yuan, down 6.99% year-on-year [2] - The third quarter alone saw a revenue of 362.58 billion yuan, an increase of 3.57% year-on-year, and a net profit of 4.89 billion yuan, up 1.64% year-on-year [2] Summary by Relevant Sections Revenue and Profit Forecast - Total revenue is projected to reach 161.37 billion yuan in 2024, with a year-on-year growth of 7.48% [1] - Net profit attributable to shareholders is expected to be 24.90 billion yuan in 2024, reflecting a growth rate of 14.54% [1] Strategic Initiatives - The "Three New" strategy includes new products, new retail, and new medical services, contributing to revenue growth [3] - The CSO business generated 141.19 billion yuan in revenue, achieving an 18% year-on-year growth [3] - The number of retail stores reached 26,703, with a target of 30,000 by year-end, and B2C e-commerce sales increased by 16.43% [3] - The company aims to expand its "Nine Trust Clinics" to 800 by the end of the year [3] Financial Performance and Valuation - The company is expected to complete the issuance of public REITs and Pre-REITs by the end of 2024, which will enhance cash flow [4] - The projected P/E ratios for 2024-2026 are 10, 9, and 8 times, respectively, indicating a favorable valuation outlook [4]

证券代码：600998 证券简称：九州通 公告编号：临 2024-092 九州通医药集团股份有限公司 关于 2024 年第三季度业绩说明会召开情况的公告 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。 一、本次业绩说明会召开情况 九州通医药集团股份有限公司（以下简称"九州通"或"公司"）2024年第三季 度业绩说明会于2024年10月31日（星期四）11:00-12:00在上海证券交易所上证路 演中心（http://roadshow.sseinfo.com/）以网络互动交流的形式召开。公司董事长 刘长云先生、副董事长刘兆年先生、副董事长兼总经理龚翼华先生、独立董事艾 华先生、财务总监夏晓益先生、副总经理全铭女士、副总经理兼董事会秘书刘志 峰先生和证券事务代表张溪女士出席本次说明会，就公司经营成果、业绩亮点、 "新产品、新零售、新医疗、数字化和不动产证券化（REITs）"五大战略（即"三 新两化"战略）实施进展等具体情况与广大投资者进行了沟通交流。 二、投资者提出的主要问题及公司回复情况 在本次业绩说明会上，公司就投资者关注的问 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 operating performance has improved, with the "Ten Thousand Store Franchise" initiative achieving its annual target ahead of schedule [1] - The company reported a revenue of 1134.29 billion yuan for Q1-Q3 2024, a year-on-year decrease of 0.82%. However, excluding seasonal factors such as flu and pandemic impacts, revenue growth was 0.70% year-on-year, with net profit increasing by 10.16% [3][4] - The "Three New and Two Transformations" strategy is being steadily advanced, contributing to the company's growth potential [3] Financial Performance Summary - For Q1-Q3 2024, the company achieved a gross margin of 7.96% and a net margin of 1.56% [3] - The total sales revenue from the company's general agency brand promotion business reached 141.19 billion yuan, growing by 18.00% year-on-year [4] - The "Good Medicine Master" franchise business has seen significant progress, with the number of stores reaching 26,703, ahead of the 2024 target, and expected to reach 30,000 by year-end [5] Earnings Forecast - The company maintains its profit forecast for 2024-2026, expecting net profits of 24.45 billion yuan, 27.78 billion yuan, and 31.94 billion yuan respectively, with EPS of 0.48, 0.55, and 0.63 yuan [3][6] - The current stock price corresponds to a PE ratio of 10.6, 9.3, and 8.1 for the years 2024, 2025, and 2026 respectively [3]

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company has shown a positive trend in Q3 performance, with a year-on-year revenue growth of 3.57% and a net profit increase of 1.64% [1] - The CSO business has contributed significantly to profit growth, with a revenue increase of 18% year-on-year in the first three quarters of 2024 [2] - The company is actively pursuing digital transformation, with a 19% increase in R&D investment and 40 digital projects initiated [2] - The REITs and Pre-REITs projects are progressing smoothly, expected to enhance profits by up to 16 billion yuan in the long term [3] - Revenue projections for 2024-2026 are estimated at 1543.20 billion, 1629.09 billion, and 1715.47 billion yuan, with net profits of 22.20 billion, 25.49 billion, and 29.16 billion yuan respectively [3] Summary by Sections Q3 Performance - In Q3 2024, the company achieved a revenue of 362.58 billion yuan, a 3.57% increase year-on-year, and a net profit of 4.89 billion yuan, up 1.64% [1] - The seasonal flu impact has diminished, leading to a positive performance trend in Q3 [1] CSO Business - The CSO business generated 141.19 billion yuan in revenue in the first three quarters, marking an 18% increase [2] - The company has introduced 104 new product specifications, with 30 expected to exceed 100 million yuan in sales [2] Digital Transformation - The company has invested 2.15 billion yuan in R&D, a 19% increase, and has launched 40 digital transformation projects [2] REITs and Pre-REITs - The public REITs application has been accepted, with expected profit contributions of up to 7 billion yuan from REITs and 9 billion yuan from Pre-REITs [3] Financial Projections - The company forecasts revenues of 1543.20 billion, 1629.09 billion, and 1715.47 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 22.20 billion, 25.49 billion, and 29.16 billion yuan [3]

Investment Rating - Buy rating maintained for the stock [2] Core Views - The company's performance has shown a clear trend of improvement quarter by quarter, with Q3 revenue, profit, and cash flow turning positive year-on-year [3] - High-margin businesses such as CSO, self-produced pharmaceutical products, and digital logistics solutions drove growth, with CSO revenue up 18% YoY in the first three quarters [4] - The company's REITs project has been accepted, accelerating the implementation of its real estate securitization strategy [4] - The company is expected to see a revaluation as its fundamentals improve, with new product strategies and REITs issuance expected to enhance capital turnover [5] Financial Performance - 2024 Q3 revenue was RMB 36.258 billion (+3.57% YoY), with net profit attributable to shareholders of RMB 489 million (+1.64% YoY) [3] - Excluding the impact of seasonal diseases, the company's revenue and net profit attributable to shareholders increased by 0.70% and 10.16% YoY, respectively, in the first three quarters [3] - Operating cash flow improved significantly in Q3, with a net cash flow from operating activities of RMB 543 million, up 93.36% YoY [4] Business Highlights - CSO business revenue reached RMB 14.119 billion in the first three quarters, up 18% YoY [4] - Self-produced pharmaceutical products and OEM business revenue was RMB 2.092 billion, up 18.42% YoY [4] - Digital logistics and supply chain solutions revenue grew 22.99% YoY to RMB 734 million [4] REITs Strategy - The company submitted its REITs application for pharmaceutical warehousing and logistics infrastructure on September 20, 2024, and received acceptance on September 24, 2024 [4] - The company plans to launch a Pre-REITs project to incubate high-quality pharmaceutical logistics assets, aiming to build a multi-tiered real estate equity capital operation platform [4] Financial Forecasts - Revenue for 2024-2026 is projected to be RMB 165.27 billion, RMB 185.195 billion, and RMB 209.438 billion, respectively [6] - Net profit attributable to shareholders is expected to be RMB 2.618 billion, RMB 3.015 billion, and RMB 3.491 billion for 2024-2026 [6] - The current PE ratio is 10.1x for 2024, 8.8x for 2025, and 7.6x for 2026 [6] Valuation Metrics - The company's PE ratio is 9.55x, with a market capitalization of RMB 26.5 billion [1] - The 52-week high and low prices were RMB 8.54 and RMB 4.39, respectively [1] - The debt-to-asset ratio stands at 68.2% [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [3][6]. Core Insights - The company's Q3 performance showed a recovery with a year-on-year revenue increase of 3.57%, and a net profit increase of 1.64%, aligning with expectations [3][4]. - The total brand promotion business (CSO) has become a significant growth driver, achieving a sales revenue of 14.12 billion yuan, a year-on-year increase of 18%, with a notable 30.14% growth when excluding seasonal impacts [4][5]. - The company is progressing well with its public REITs and Pre-REITs projects, which are expected to enhance its financial metrics significantly, potentially adding up to 16 billion yuan to net profit if both projects are completed [5][6]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 1134.29 billion yuan, a slight decrease of 0.82% year-on-year, and a net profit of 16.96 billion yuan, down 6.99% year-on-year [3][7]. - The company forecasts a net profit of 22.16 billion yuan for 2024, down from a previous estimate of 33.51 billion yuan, with projected profits of 25.37 billion yuan and 29.61 billion yuan for 2025 and 2026, respectively [6][7]. - The current market capitalization is 265 billion yuan, with a target market value of 346 billion yuan, indicating a potential upside of 30.63% based on comparable company valuations [6][7].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥36,258,172,760.22, representing a year-on-year increase of 3.57%[2] - Net profit attributable to shareholders for Q3 2024 was ¥488,548,638.10, reflecting a year-on-year growth of 1.64%[2] - The net cash flow from operating activities for Q3 2024 was ¥543,000,233.57, a significant increase of 93.36% compared to the same period last year[5] - The total assets at the end of Q3 2024 amounted to ¥101,016,639,725.71, which is an increase of 8.87% compared to the end of the previous year[3] - The weighted average return on equity for Q3 2024 was 2.17%, an increase of 0.12 percentage points year-on-year[3] - The company reported a 0.70% year-on-year growth in sales revenue when excluding the impact of seasonal diseases from the previous year[6] - The net profit attributable to shareholders for the first three quarters of 2024 increased by 66.53% compared to the same period in 2019[7] - Total operating revenue for the first three quarters of 2024 was CNY 113.43 billion, a slight decrease from CNY 114.36 billion in the same period of 2023, representing a year-over-year decline of approximately 0.82%[83] - Total operating costs for the first three quarters of 2024 were CNY 111.07 billion, down from CNY 111.80 billion in 2023, indicating a decrease of about 0.65%[83] - The company's net profit for the third quarter of 2024 was CNY 1,771,027,718.86, a decrease from CNY 1,877,289,969.19 in the same period last year, representing a decline of approximately 5.65%[84] - The total profit for the third quarter was CNY 2,285,103,067.12, down from CNY 2,372,210,468.10, indicating a decrease of about 3.66% year-over-year[84] Shareholder Information - The total number of common shareholders at the end of the reporting period is 35,508[10] - The largest shareholder, Shanghai Hongkang Investment Co., Ltd., holds 1,088,326,782 shares, representing 21.58% of total shares[10] - The second-largest shareholder, Lion Dragon International Group (Hong Kong) Limited, holds 575,575,920 shares, accounting for 11.41%[10] - The third-largest shareholder, Zhongshan Guangyin Investment Co., Ltd., holds 335,357,275 shares, which is 6.65% of total shares[10] - The total number of preferred shareholders at the end of the reporting period is 7[14] - The top 10 shareholders include several entities with significant stakes, such as Chuchang Investment Group Co., Ltd. with 329,025,962 shares (6.53%) and Beijing Diangjin Investment Co., Ltd. with 276,531,424 shares (5.48%)[11] - The total shares held by the top 10 unrestricted shareholders amount to 2,888,000,000 shares[11] - The largest shareholder, Shanghai Hongkang, has pledged 680,762,670 shares[10] - The report highlights the relationship between major shareholders, indicating that they are acting in concert due to familial ties[12] Business Operations and Growth - The total brand promotion business (CSO) achieved sales revenue of 14.119 billion yuan in the first three quarters, a year-on-year increase of 18.00%[17] - The pharmaceutical brand promotion business generated sales revenue of 7.584 billion yuan, with a year-on-year growth of 17.06%, and a 41.42% increase when excluding seasonal disease impacts[17] - The medical device brand promotion business reported sales revenue of 6.535 billion yuan, up 19.12% year-on-year, with a gross profit of 364 million yuan, reflecting a 35.60% increase[19] - The self-produced and OEM pharmaceutical business achieved sales revenue of 2.092 billion yuan, growing 18.42% year-on-year[19] - The "万店加盟" (ten thousand store franchise) initiative reached 26,703 stores, surpassing the annual target ahead of schedule, with expectations to reach 30,000 by year-end[26] - The company introduced 104 new quality products in the pharmaceutical sector, including 7 products with over 100 million yuan in sales potential[18] - The company’s subsidiary, 京丰制药, reported a revenue of 383 million yuan, a 34.41% increase year-on-year, focusing on diabetes and cardiovascular products[20] - The company’s subsidiary, 九信中药, achieved self-produced herbal medicine sales of 1.605 billion yuan, a 15.09% increase year-on-year[21] - The company has established a comprehensive new product business structure centered around CSO to enhance product introduction and marketing capabilities[22] Digital Transformation and Technology - The company has launched 40 digital transformation projects, with 32 already implemented, enhancing user experience and operational efficiency[44] - The company has built a data library of over 3.2 million industry products and terminals, improving data management and service capabilities[46] - The company signed a strategic cooperation agreement with Peking University Wuhan Artificial Intelligence Research Institute to enhance its digital capabilities in the pharmaceutical industry[69] - The "Orthopedic Chang'e" smart logistics service platform can automatically identify and manage over 2,000 medical devices, achieving a 30-fold efficiency increase and 99.9% accuracy[70] - The company has partnered with Alibaba Health to digitize the pharmaceutical distribution process, aiming to streamline documentation and improve operational efficiency[69] Cash Flow and Investments - The company's cash and cash equivalents amounted to CNY 15.92 billion, a decrease from CNY 16.95 billion at the end of 2023, while accounts receivable increased to CNY 37.09 billion from CNY 24.72 billion[79] - The company's cash and cash equivalents at the end of the third quarter were CNY 7,069,721,050.39, an increase from CNY 6,258,243,361.55 at the end of the same period last year[89] - Cash flow from operating activities for the first three quarters of 2024 was CNY 110,098,925,807.50, compared to CNY 112,202,105,361.81 in the same period of 2023, showing a decline of about 1.87%[88] - The net cash flow from operating activities for the first three quarters of 2024 was negative CNY 2,657,824,333.74, contrasting with a positive CNY 798,996,404.43 in the previous year[88] - Cash flow from investing activities for the first three quarters of 2024 was CNY 3,242,642,104.48, significantly higher than CNY 720,336,568.82 in the same period of 2023[88] - The net cash flow from financing activities for the first three quarters of 2024 was CNY 2,261,532,997.71, compared to a negative cash flow of CNY 1,390,196,443.23 in the previous year[89] Market Position and Recognition - The company reported a revenue of CNY 150.14 billion for the year 2023, ranking 165th in the 2024 Fortune China 500 list, an improvement of 6 places from the previous year[74] - The company ranked 4th among pharmaceutical wholesale enterprises in 2023 and 9th in pharmaceutical retail, demonstrating strong market positioning[75] - The company received an "A" rating for information disclosure from the Shanghai Stock Exchange, marking five consecutive years of high recognition[76] - The company was awarded the "2023 Most Valuable Investment Award" at the 26th Annual Golden Bull Awards, highlighting its recognition in the capital market[78] Environmental and Social Responsibility - The company has constructed 24 photovoltaic power stations, generating approximately 16.6 MW of installed capacity, which translates to an annual reduction of about 13,628 tons of CO2 emissions[71] - The company has eliminated 128 high fuel consumption vehicles and increased the use of new energy vehicles to reduce pollution and emissions[71] - The company donated CNY 670,000 for infrastructure and healthcare services in rural areas, and contributed nearly CNY 250,000 in disaster relief efforts following floods in Hunan[72] - The company has donated over CNY 2.2 million to support special education institutions and healthcare initiatives for disadvantaged groups[72] Strategic Initiatives - The company has established partnerships with over 800 brand suppliers to support franchise stores[27] - The company aims to enhance its retail pharmacy brand to be the most competitive in terms of service, efficiency, and coverage[30] - The implementation of the new medical strategy has led to the rapid development of "Jiuxin Clinics," with a total of 466 member stores established by the end of Q3, aiming for approximately 800 by year-end[37] - The private clinic market in China has shown significant growth, with revenues increasing from 21.37 billion CNY in 2015 to approximately 82.61 billion CNY in 2023, representing a compound annual growth rate of 18.41%[37] - The company has deepened cooperation with major financial institutions, exploring various financing avenues to reduce costs and improve its capital structure[68] Challenges and Future Outlook - 九州通医药集团在2024年第三季度首次执行新会计准则，可能影响财务报表的调整[90] - 2024年第三季度财务报告未提供具体的业绩总结和用户数据[90] - 公司在未来展望中未明确提及具体的业绩指引和市场扩张计划[90] - 报告中未提及新产品和新技术的研发进展[90] - 九州通医药集团未披露任何并购活动或相关策略[90] - 2024年第三季度报告未包含具体的财务数据和百分比变化[90] - 报告中未提及任何市场趋势或行业分析[90] - 该报告未提供任何关于用户增长或客户反馈的信息[90]

根据《上海证券交易所股票上市规则（2024年4月修订）》《企业会计准则》 及九州通医药集团股份有限公司（以下简称"公司"）会计政策的相关规定，公司 对截至 2024年 9 月 30 日存在减值迹象的资产进行了减值测试，基于谨慎性原则， 对可能发生减值损失的资产计提了减值准备。现将具体情况公告如下： 一、本次计提情况概述 为更加真实、准确地反映公司资产、财务状况，基于谨慎性原则，公司依据 相关会计政策，于基准日 2024年9 月 30 日计提可能发生的信用减值准备及资产 减值准备（含转回）共计 26,149.95万元，具体包括： 二、本次计提对公司财务状况及经营成果的影响 公司本次计提各项资产减值准备（含转回）合计 26,149.95万元，将减少公 司 2024 年前三季度合并利润表利润总额 26,149.95万元（不考虑税费影响）。 证券代码：600998 证券简称：九州通 公告编号：临 2024-091 九州通医药集团股份有限公司 关于2024年前三季度计提资产减值准备的公告 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。 ...