Core Insights - Company achieved operating revenue of 81.106 billion yuan, a year-on-year increase of 5.10% [1] - Net profit attributable to shareholders reached 1.446 billion yuan, up 19.70% year-on-year [1] - Operating cash flow net amount increased by 380 million yuan year-on-year, with expectations for positive cash flow matching operational performance for the year [1] Pharmaceutical Distribution - Pharmaceutical distribution segment generated sales revenue of 67.634 billion yuan, a growth of 6.04% [1] - The self-operated revenue from the drug B2B platform reached 6.304 billion yuan, increasing by 14.62% [1] - The platform's SKU exceeded 460,000, with over 600,000 registered end-users, becoming a key driver for out-of-hospital digital distribution [1] Emerging Segments - Pharmaceutical manufacturing segment reported revenue of 1.593 billion yuan, a year-on-year increase of 10.77% [1] - Traditional Chinese medicine manufacturing achieved self-produced decoction pieces revenue of 1.222 billion yuan, up 13.16% [1] - Digital logistics and supply chain solutions generated revenue of 587 million yuan, growing by 24.66% [1] Medical Device Sector - Medical device segment maintained a leading position with revenue of 19.529 billion yuan, an increase of 18.34% [2] - Sales from the medical equipment production line reached 3.64 billion yuan, growing by 41% [2] - The OTC online business benefited from national subsidy policies, surpassing 500 million yuan in sales [2] New Retail Strategy - As of June, the company had 31,535 direct and franchise stores, covering 1,621 districts and counties [2] - Sales to franchise stores reached 3.418 billion yuan, a growth of 41.30% [2] - B2C e-commerce total sales revenue was 565 million yuan, with a single-day sales record of over 200 million yuan during the "618" promotion [2] AI Empowerment - In the first half of 2025, the company invested 146 million yuan in R&D, employing 1,557 R&D and technical personnel [3] - AI applications have been implemented in various scenarios, improving picking efficiency in smart warehouses by 10% [3] - The AI-assisted diagnosis platform covers 3,000 diseases and 110,000 drug knowledge, with an average monthly usage of 51,000 times [3] Future Outlook - The company aims to focus on new products, new retail, new healthcare, digitalization, and real estate securitization strategies [3] - Plans to consolidate distribution fundamentals while accelerating high-margin business growth and enhancing AI and digital integration [3]

Group 1 - The company is actively embracing AI technology through self-research and partnerships with leading firms like Alibaba Cloud and Tencent Cloud, developing AI applications for various scenarios to accelerate digital transformation in business and management [1][2] - AI applications include smart logistics, integrated Chinese and Western medicine diagnosis, medical devices, and intelligent office solutions, significantly improving operational efficiency and patient experience across different platforms [1][2] - The AI logistics project "Goods to Person" has enhanced overall efficiency by 10% through the application of intelligent scheduling algorithms across the entire lifecycle of order grouping, product storage, and dispatch [1] Group 2 - The company has implemented an internal office system and a digital assistant "Zhi Jiu Ge" integrated with DeepSeek, resulting in a 38% increase in work efficiency [2] - As of July 2025, the company has over 2,400 clinic membership stores and aims to establish a network of 10,000 clinics within three years, focusing on a business model that integrates medical services with supply chain management [2] - The company has introduced over 260 new products in the first half of the year, enhancing the product structure in clinics through partnerships with various upstream manufacturers [2] Group 3 - The company has launched the "Jiu Yi SaaS Clinic Manager" system, enabling rapid operations such as 3-second record creation and 10-second prescription issuance, with 1,525 clinic membership stores currently using the system [3] - The AI-assisted diagnosis platform developed in collaboration with Tencent Cloud covers nearly 3,000 diseases and over 110,000 drug knowledge, with an average of 51,000 uses per month across member stores [3] - The new product strategy, as part of the "Three New and Two Transformations" strategy, is crucial for future development, focusing on integrating resources across the group to introduce clinically valuable and marketable new products [3] Group 4 - The company has established a new product strategy fund, "Wuhan Jiu Ying Venture Capital Fund Partnership," with a scale of 500 million yuan, focusing on innovative drugs and high-end generics [4]

Core Viewpoint - The company is actively embracing AI technology to enhance its business and management processes through self-development and partnerships with leading firms like Alibaba Cloud and Tencent Cloud, aiming for a digital transformation in various application scenarios [1][2] Group 1: AI Applications - The company has developed AI intelligent agents based on AI technology and large models, tailored for different application scenarios such as AI + smart logistics, AI + traditional Chinese and Western medicine diagnosis, AI + medical devices, and AI + smart office [1] - Specific projects like the orthopedic Chang'e smart service platform and the AI-assisted diagnosis platform for clinics have significantly improved operational efficiency in various scenarios, receiving positive feedback from hospitals, doctors, and patients [1] - The AI logistics project "goods-to-person" has implemented intelligent scheduling algorithms across the entire lifecycle, enhancing the overall efficiency of the "goods-to-person" model and improving picking and outbound efficiency by 10% [1] Group 2: Internal Efficiency Improvements - The company's internal office system and employee digital assistant "Zhi Jiu Ge" have integrated with DeepSeek to enhance operational efficiency and optimize business decision-making [2] - The introduction of Alibaba's Tongyi Lingma has empowered the R&D system, resulting in a significant reduction in technical development time and an approximate 38% increase in work efficiency [2] - The company plans to continue exploring deeper integration of AI technology with its systems to expand management and business application scenarios, further promoting its digital transformation [2]

Core Insights - The company, Jiuzhoutong, reported significant growth in its B2B e-commerce platform, Yaowangjiu, achieving self-operated sales revenue of 6.304 billion yuan in the first half of 2025, a year-on-year increase of 14.62% [1] - The platform has established partnerships with 10,000 industrial enterprises, offering over 100,000 product varieties and surpassing 460,000 self-operated SKUs, highlighting its competitive pricing and product diversity [1] - The company has developed a comprehensive logistics supply chain service system, ensuring same-day delivery in core urban areas and over 90% next-day delivery rates [2] Business Development - The company focuses on a terminal pure sales model, enhancing its digital platform services for clinics, small chains, and pharmacies, providing one-stop procurement, professional marketing, supply chain finance, and SaaS systems [1] - The platform has integrated an online and offline operational system, improving user experience and customer engagement, with over 600,000 registered users and 380,000 active users, achieving a customer satisfaction rate of 96.2% [2] Technological Advancements - The Yaowangjiu app incorporates advanced intelligent recommendation algorithms and blockchain encryption technology, ensuring precise drug matching and secure transaction data storage [2] - The platform has undergone functional upgrades, including intelligent search, customer service systems, procurement systems, and automated order verification, significantly enhancing operational efficiency [2]

Core Insights - The company has made significant progress in its new retail strategy, focusing on a "ten-thousand store franchise" model to create a comprehensive online and offline retail service system [1] Group 1: Business Expansion - As of June 30, 2025, the total number of direct-operated and franchise stores of the company reached 31,535, covering all 31 provinces, municipalities, and autonomous regions in China [1] - The company is in the grid expansion phase of its "ten-thousand store franchise" initiative, with expectations to exceed 33,500 stores by the end of 2025 [1] Group 2: Financial Performance - The sales revenue from franchise stores in the first half of 2025 reached 3.418 billion yuan, representing a year-on-year growth of 41.30% [1] - The new retail business aimed at end consumers achieved sales revenue of 1.493 billion yuan in the first half of 2025 [1] Group 3: Supplier Collaboration - The company has established partnerships with over 800 brand suppliers to provide strong product variety assurance for franchise stores, with 76 customized products introduced [1] - The cumulative number of products under the centralized procurement strategic cooperation KA policy has reached 625 [1] Group 4: E-commerce Performance - The B2C e-commerce general sales business generated sales revenue of 565 million yuan in the first half of 2025, marking a year-on-year increase of 13.96% [2] - Sales during the "618" shopping festival surpassed 200 million yuan, with rapid growth in interest e-commerce channels like Douyin and Kuaishou, achieving a year-on-year growth of 95% [2]

Core Viewpoint - 九州通 has demonstrated significant growth in its retail e-commerce service platform, achieving a sales revenue of 4.332 billion yuan in the first half of 2025, representing a year-on-year increase of 31.89% [1] Group 1: Sales Performance - The sales of pharmaceuticals and OTC products to self-operated platforms like JD and Alibaba reached 3.420 billion yuan, marking a year-on-year growth of 32.44% [1] - The company has provided "one-stop" online distribution and supply chain services to over 2,300 brand enterprises, including notable names like Dong'e Ejiao and Beijing Tongrentang [1] Group 2: Brand Operations - In the first half of 2025, 九州通 added 28 new operating brands, bringing the total to 54, with 19 brands expected to achieve annual sales exceeding 10 million yuan [1] - The company is enhancing its brand operation service capabilities to empower core suppliers and improve brand influence [2] Group 3: Logistics and Supply Chain - 九州通 has integrated its nationwide warehousing and logistics network with retail e-commerce platforms, offering services such as automatic ordering and unified settlement [2] - The company has pioneered a multi-warehouse collaborative business model, significantly reducing logistics costs and improving warehouse entry efficiency [2]

Core Insights - The company, Jiuzhoutong, reported strong performance across all business segments in the first half of 2025, with significant growth in sales and revenue [1] Business Segment Performance - The core pharmaceutical distribution business achieved sales revenue of 67.634 billion yuan, representing a year-on-year growth of 6.04% [1] - The pharmaceutical manufacturing segment, including self-produced and OEM products, generated sales revenue of 1.593 billion yuan, with a year-on-year increase of 10.77% [1] - The new retail pharmaceutical business recorded sales revenue of 1.493 billion yuan, with a notable growth in franchise stores reaching 31,535, and sales to franchise stores amounting to 3.418 billion yuan, up 41.30% year-on-year [1] - The digital logistics and supply chain solutions segment achieved business revenue of 587 million yuan, reflecting a year-on-year growth of 24.66% [1] Additional Business Developments - The company’s brand promotion business (CSO) focused on introducing new products and increasing sales of existing products, reaching a sales scale of 9.591 billion yuan in the first half of the year [1] - The B2B e-commerce platform, Yaojiu Jiu, and retail e-commerce services for outpatient digital distribution experienced rapid growth, with revenue of 10.636 billion yuan, marking a year-on-year increase of 21.08% [1]

Core Viewpoint - The company demonstrated steady growth in revenue and net profit in the first half of 2025, despite industry challenges, by focusing on its core business and enhancing asset liquidity through securitization [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 81.106 billion yuan, representing a year-on-year increase of 5.10% [1] - The net profit attributable to shareholders reached 1.446 billion yuan, reflecting a year-on-year growth of 19.70% [1] - The net cash flow from operating activities increased by 380 million yuan compared to the same period last year, primarily due to enhanced collection of accounts receivable [1] Operational Strategy - The company maintained a focus on its main business operations while actively managing its assets to drive growth [1] - The expectation for the full year is that the net cash flow from operating activities will align positively with the company's performance [1]

Core Viewpoint - The company, Jiuzhoutong, reported a significant growth in its traditional Chinese medicine segment, with a sales revenue of 2.83 billion yuan in the first half of 2025, marking a year-on-year increase of 19.05% [1] Group 1: Financial Performance - In the first half of 2025, the traditional Chinese medicine segment achieved a sales revenue of 2.83 billion yuan, including 1.22 billion yuan from self-produced medicinal slices, which represents a year-on-year growth of 13.16% [1] Group 2: Business Development - Jiuxin Chinese Medicine Group, a subsidiary, focuses on the development of authentic medicinal materials and medicinal slices, aiming to cover the entire industry chain of traditional Chinese medicine [2] - The company offers a diverse range of products under various brands, including ordinary slices, refined slices, directly consumable slices, toxic slices, and health foods, catering to market demands [2] - The OTC business features both refined and ordinary medicinal slices, with the refined slices covering 100 varieties and 300 specifications, while ordinary slices encompass 480 varieties and 1,500 specifications [2] Group 3: Brand and Product Strategy - Jiuxin Chinese Medicine has initiated a brand strategy overhaul and strategic expansion of product categories, focusing on the core concept of "Authentic Medicine Made by Jiuxin" [3] - The company aims to enhance its brand core competitiveness and market penetration by developing core flagship products and expanding into health-related products [3]

Core Insights - The company held a semi-annual performance briefing on September 3, 2025, where executives discussed the significance of the new product strategy as a key component of the "Three New and Two Transformations" strategy [1] - The company has established a new product business organization matrix centered around CSO, utilizing various methods such as exclusive agency, equity cooperation, buyout rights, and independent research and development to acquire new products with clinical value and market potential [1] Sales Performance - The total brand promotion business (CSO) has significantly advanced the introduction of new products and increased sales of existing products, achieving a sales scale of 9.591 billion yuan in the first half of the year [1] - The pharmaceutical manufacturing and OEM business has focused on creating a competitive product cluster, contributing to the implementation of the "new product" strategy, with sales revenue reaching 1.593 billion yuan, representing a year-on-year growth of 10.77% [1] Investment Initiatives - The company has established a new product strategy-related fund, "Wuhan Jiuying Venture Capital Fund Partnership (Limited Partnership)," which completed registration on January 7, 2025, with a fund size of 500 million yuan [1] - The investment focus of the fund is primarily on innovative drugs, high-end generic drugs, and other new products, aiming to actively introduce valuable domestic and international innovative drugs, modified new drugs, and high-end generic drugs [1]