Core Points - The announcement details the early release of share pledges by the controlling shareholder Chuchang Investment and the pledge of shares by its action-in-concert party Zhongshan Guangyin [1][2] - Chuchang Investment released 13,000,000 shares from pledge, accounting for 2.83% of its holdings and 0.26% of the total share capital, while Zhongshan Guangyin pledged 13,500,000 shares, representing 4.03% of its holdings and 0.27% of the total share capital [1][2] - After these transactions, Chuchang Investment and Zhongshan Guangyin hold 459,506,298 shares and 335,357,275 shares respectively, which are 9.11% and 6.65% of the total share capital [1][2] Share Pledge Situation - As of November 6, 2025, Chuchang Investment and its action-in-concert parties collectively hold 2,290,962,690 shares, representing 45.43% of the total share capital [2][3] - The total number of pledged shares after the transactions is 1,077,383,748, which is 47.03% of their holdings and 21.37% of the total share capital [2][3] Financial Capability - The controlling shareholders have the financial capability to repay the pledged shares, with sources of repayment including bond issuance, dividends from the listed company, and investment income [4]

Group 1 - The core point of the news is that Jiuzhoutong's major shareholders, Chuchang Investment and Zhongshan Guangyin, have completed the early release and pledge of shares, with significant portions of their holdings being pledged [1] - Chuchang Investment holds approximately 460 million shares (9.11% of total shares), while Zhongshan Guangyin holds about 335 million shares (6.65% of total shares) [1] - After the pledge completion, the total number of pledged shares by the major shareholders amounts to approximately 1.077 billion shares, representing 21.37% of the company's total shares [1] Group 2 - For the first half of 2025, Jiuzhoutong's revenue composition shows that pharmaceutical wholesale and related businesses account for 95.94%, while pharmaceutical manufacturing and retail account for 1.96% and 1.84% respectively [1] - The company's current market capitalization is 25.8 billion yuan [2]

Core Viewpoint - The article discusses the recent increase in stock holdings by the "national team" in various A-share companies, highlighting the sectors and companies that have seen significant investments as A-shares reached a ten-year high of 4000 points. Group 1: National Team Holdings - As of the end of Q3 2025, the national team held a total of 5,972 billion shares in A-share companies, with a market value of approximately 4.98 trillion yuan [4] - The banking sector remains the most favored, with a market value of 3.78 trillion yuan, followed by insurance and diversified financials, all exceeding 1 trillion yuan in holdings [4][5] - The national team increased its holdings in 336 A-share companies during Q3, totaling approximately 2.34 billion shares [5] Group 2: Sector Focus - The national team focused on eight key sectors for stock increases, with power equipment, basic chemicals, and electronics being the top three, each seeing over 180 million shares added [6][8] - In the power equipment sector, significant investments were made in solar equipment, with a total of 1.47 billion shares added, led by companies like Longi Green Energy [8][9] - The electronics sector also saw substantial increases, with 38 companies receiving national team investments, and a focus on semiconductors and related technologies [11][12] Group 3: Performance Metrics - A majority of the companies that the national team increased holdings in reported revenue growth, with over 70% showing year-on-year revenue increases and over 60% reporting profit growth [7][12] - In the power equipment sector, 19 out of 26 companies reported revenue growth, while 16 reported profit increases [13] - Longi Green Energy, despite a decline in revenue, showed signs of recovery with a smaller loss compared to the previous year, indicating potential for future growth [14][15] Group 4: Strategic Importance - The national team's focus on the semiconductor industry aligns with national strategies to enhance technological capabilities, as outlined in the "14th Five-Year Plan" [12][17] - The semiconductor sector is expected to see accelerated growth due to increased domestic investment and technological breakthroughs, particularly in the context of international trade restrictions [17]

证券代码：600998 证券简称：九州通 公告编号：临 2025-078 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提前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： ●公司控股股东楚昌投资办理完成13,000,000股的股份提前解除质押手续，本次提前 解除质押股份占其所持股份的比例为2.83%，占公司总股本的比例为0.26%。同时，公司 股东中山广银办理完成13,500,000股的股份质押手续，本次质押股份占其所持股份的比 例为4.03%，占公司总股本的比例为0.27%。 ●公司控股股东楚昌投资及其一致行动人中山广银分别持有公司股份459,506,298股 和335,357,275股，占公司总股本的比例分别为9.11%和6.65%。本次股份提前解除质押及 质押办理完成后，楚昌投资和中山广银分别累计质押公司股份249,830,980股和 249,696,820股，占其所持股份的比例分别为54.37%和74.46%，占公司总股本的比例分别 为4.95%和4.95%。 ●截至2 ...

Core Insights - The Beijing Fengtai District government has approved the renovation and upgrade of the former Jingfeng Pharmaceutical Factory, which has been idle since its relocation in 2019, to enhance the utilization of low-efficiency industrial space and release high-quality industrial space [1] Group 1: Project Overview - The renovation project is supported by the Beijing Development and Reform Commission, which has approved funding for the Jiuzhoutong (600998) urban renewal project [1] - The project is located at No. 8 Hangfeng Road, Science City, Fengtai District, Beijing, with a total construction area of 24,937.82 square meters [1] - The expected completion date for the project is December 2026 [1] Group 2: Renovation Details - The renovation will include green energy-saving modifications, structural reinforcement, and fire safety system upgrades [1] - The project aims for a comprehensive energy-saving rate of 35.96% after the upgrades, utilizing solar panels, energy-efficient lighting, and high-efficiency heating and cooling systems [1] Group 3: Service Offerings - Post-renovation, the facility will provide various platforms for concept validation, pilot production, and testing services, including project evaluation, analysis testing, microbial testing, and international standard technology services [1] - Additional amenities such as parking lots, charging stations, cafes, and presentation rooms will be constructed to enhance convenience for surrounding businesses and residents [2]

Core Insights - The company, Jiuzhoutong, held its Q3 2025 earnings presentation on November 4, focusing on the progress and development plans of its "Jiuyi Clinics" membership stores [1] Group 1: Membership Store Development - As of September 30, 2025, the company has over 3,000 membership clinics and aims to achieve a target of "10,000 clinic alliances" within three years [1] - In collaboration with upstream enterprises such as Taiji, China Resources Sanjiu, and Changfeng Pharmaceutical, the company has introduced over 490 new products in the first three quarters, resulting in a 69% quarter-on-quarter increase in sales of specialized products for clinics [1] Group 2: Digital Empowerment - The company has developed its own Jiuyi SaaS clinic management system, which has been implemented in over 2,000 membership stores, facilitating rapid record-keeping, electronic prescriptions, medical insurance settlements, and drug traceability [1] - A partnership with Tencent Cloud has led to the development of an AI-assisted diagnostic platform that covers nearly 3,000 diseases and over 110,000 drug knowledge entries, with the addition of DeepSeek technology in September [1] - The AI-assisted diagnostic system has reached a peak monthly usage of 69,000 times, significantly enhancing the operational and diagnostic efficiency of the clinics [1]

Core Insights - The core focus of the article is on the performance of Jiuzhoutong's retail e-commerce service platform business in the first three quarters of 2025, highlighting significant growth in sales revenue from major pharmaceutical retail e-commerce platforms [1] Group 1: Financial Performance - In the first three quarters of 2025, Jiuzhoutong achieved sales revenue of 6.271 billion yuan, representing a year-on-year growth of 28.92% [1] - Sales revenue from pharmaceuticals and OTC products supplied to JD.com and Alibaba's self-operated platforms reached 4.999 billion yuan, with a year-on-year increase of 29.73% [1] Group 2: Business Development - Jiuzhoutong continues to maintain rapid growth in its supply chain business for health products, serving leading e-commerce platforms such as JD.com, Alibaba, Meituan, Dingdang, Ping An, Douyin, Kuaishou, and Baidu [1]

证券代码：600998 证券简称：九州通 公告编号：临 2025-077 九州通医药集团股份有限公司 关于 2025 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。 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 11 月 4 日（星期二）下午 13:00-14:00 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了 2025 年第三季度业 绩说明会，就公司 2025 年前三季度经营成果、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。现就召开情况公告如下： 一、本次业绩说明会召开情况 2025 年 11 月 4 日（星期二）下午 13:00-14:00，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 ...

Market Overview - The pharmaceutical commercial sector declined by 0.5% on November 4, with Baiyang Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable gainers included: - HeFu China (603122) with a closing price of 11.85, up 10.03% [1] - Renmin Tongtai (600829) at 9.71, up 8.01% [1] - Jianfa Zhixin (301584) at 35.42, up 5.20% [1] - Baiyang Pharmaceutical (301015) saw a significant decline, closing at 25.62, down 6.09% [2] - Other notable decliners included: - Yifeng Pharmacy (603939) at 23.76, down 3.22% [2] - Saili Medical (603716) at 24.78, down 3.17% [2] Capital Flow - The pharmaceutical commercial sector experienced a net inflow of 32.34 million yuan from institutional investors, while retail investors saw a net outflow of 41.10 million yuan [2] - The capital flow for key stocks showed: - Renmin Tongtai had a net inflow of 63.04 million yuan from institutional investors [3] - Yifeng Pharmacy experienced a net outflow of 32.44 million yuan from retail investors [3]

Core Insights - 九州通 reported strong financial performance for the first three quarters of 2025, with revenue of 119.33 billion yuan, a year-on-year increase of 5.20%, and a net profit attributable to shareholders of 1.975 billion yuan, up 16.46% [1] - The company is actively implementing its "Three New and Two Digital" strategy, focusing on new products, new retail, new medical services, digitalization, and real estate securitization [1] Financial Performance - In Q3 2025, 九州通 achieved revenue of 38.22 billion yuan and a net profit of 530 million yuan, representing year-on-year growth of 5.41% and 8.46%, respectively [1] - The net profit for Q3 showed a quarter-on-quarter increase of 11.39%, while the non-recurring net profit increased by 16.49% [1] Business Development - The new product strategy has proven effective, with total brand promotion sales reaching 14.73 billion yuan in the first three quarters, driven by a 15.26% increase in pharmaceutical agency revenue [2] - The medical beauty business grew significantly, with a year-on-year increase of 45.84%, and the number of cooperative service institutions exceeding 11,500 [2] New Retail Strategy - The "Good Medicine Master" franchise plan has accelerated, with a total of 33,275 direct and franchise pharmacies by the end of Q3, and franchise store sales growing by 43.40% [2] - B2B e-commerce revenue reached 15.53 billion yuan, a year-on-year increase of 19.68%, with over 600,000 registered users on the Jiujiu platform [2] New Medical Strategy - The "Jiu Medical Clinic" membership stores exceeded 3,000, with plans to reach 10,000 in three years [3] - The introduction of over 490 new products in the supply chain has led to a 69% quarter-on-quarter increase in sales of clinic-exclusive products [3] Digitalization and REITs - 九州通 invested 229 million yuan in R&D in the first three quarters, with 1,591 technical personnel, and implemented 34 projects including AI warehouse picking and smart logistics [3] - The company's REITs project has seen a 43.28% increase since its listing, with a 100% rental rate for initial assets in Shanghai, Hangzhou, and Chongqing [3] Future Development - The chairman emphasized the commitment to deepening the "Three New and Two Digital" strategy and accelerating the development of high-margin businesses [4] - The company is exploring the replication of the REITs model for more quality warehouse assets to optimize its capital structure [4]