证券代码：600998 证券简称：九州通 公告编号：临 2024-074 九州通医药集团股份有限公司 关于向特定对象发行优先股挂牌转让的公告 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： 一、本次发行优先股概况 （一）本次发行优先股的监管部门注册过程 2023年9月22日，九州通医药集团股份有限公司（以下简称"公司"或"发行人"） 收到上海证券交易所出具的审核意见，本次向特定对象发行优先股（以下简称"本 次发行"）申请符合发行条件、上市条件和信息披露要求，同意提交证监会注册。 2024年7月5日，公司收到中国证监会出具的《关于同意九州通医药集团股份有 限公司向特定对象发行优先股注册的批复》（证监许可〔2024〕1002号），同意公 司本次向特定对象发行优先股的申请。 （二）本次发行优先股的主要条款 1 优先股代码：360047 优先股简称：九州优 每股面值：人民币壹佰元 发行价格：人民币壹佰元 本次挂牌总股数：1,790万股 挂牌日（转让起始日）：2024年9月24日 | | | 本次发行方案要点 | | - ...

证券代码：600998 证券简称：九州通 公告编号：临 2024-072 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。 重要内容提示： ● 被担保人名称及是否为上市公司关联人：被担保人包括湖南九州通医药有限 公司、陕西九州通医药有限公司等 42 家子公司（含广西九州通医药有限公司、 厦门九州通医药有限公司等 17 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"）8 月新增担保金额合计 274,260.00 万元，同 时解除担保金额合计 189,600.00 万元。截至 2024 年 8 月 31 日，公司提供担保余 额为 2,635,782.60 万元，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，因此担保风险可 控； ● 本次担保是否有反担保：有； ● 对外担保逾期的累计数量：无； ● 特别风险提示：公司 2024 年 ...

证券代码：600998 证券简称：九州通 公告编号：临 2024-071 九州通医药集团股份有限公司 关于子公司获得化学原料药上市申请批准通知书的公告 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"公司"或"九州通"）控股子公 司北京京丰制药（山东）有限公司（以下简称"山东京丰"）于 2024 年 9 月 10 日收到国家药品监督管理局核准签发的《化学原料药上市申请批准通知书》，批 准呋塞米上市申请。现将相关情况公告如下： 一、 上市申请批准通知书主要信息 呋塞米是一种强效利尿药，主要用于治疗心、肝、肾等疾病引起的水肿，能 增加水、钠、氯、钾、钙、镁、磷等的排泄，达到利尿作用。呋塞米制剂产品在 心血管领域发挥着重要作用，其中呋塞米注射液、呋塞米片、注射用呋塞米已进 入国家医保甲类用药目录。 化学原料药名称：呋塞米（通用名称）；Furosemide（英文名/拉丁名） 登记号：Y20230000311 化学原料药注册标准编号：YBY71012024 包装规格：10kg/桶 申请事项：境内生产 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.39 CNY, based on a 11x PE ratio for 2024 [1][3]. Core Insights - The company's revenue for H1 2024 was 77.17 billion CNY, a year-on-year decrease of 2.8%, while the net profit attributable to shareholders was 1.21 billion CNY, down 10.1%. However, excluding seasonal factors like flu and pandemic impacts, revenue and net profit showed growth of 0.2% and 9.5% respectively [1]. - The CSO business segment saw significant growth, with revenue reaching 9.86 billion CNY, up 14.2% year-on-year, contributing to a second profit growth curve [1]. - The company is progressing well with its REITs strategy, aiming to complete public REITs issuance by October 2024, which is expected to enhance shareholder returns [1]. Financial Performance Summary - For H1 2024, the company reported a net operating cash flow of -3.2 billion CNY, a significant decline of 717.7% year-on-year, primarily due to slower accounts receivable collection. However, Q2 2024 showed a recovery with a cash flow of 450 million CNY, up 112.4% quarter-on-quarter [1]. - The company has adjusted its profit forecasts for 2024-2026, now projecting net profits of 2.446 billion CNY, 2.686 billion CNY, and 2.904 billion CNY respectively [1][2]. Strategic Developments - The new retail strategy has successfully increased C-end service capabilities, with franchise pharmacy revenue growing by 47.3% year-on-year to 2.42 billion CNY, and the number of new franchise stores reaching 5,499 by July 2024 [1]. - The company has also expanded its new medical services, aiming to exceed 800 "Jiuxin Clinics" by the end of 2024 [1]. Market Positioning - The company is focusing on enhancing its competitive advantage in the outpatient circulation market through new retail and medical strategies, which are expected to solidify its market position [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.39 CNY per share [1][3]. Core Insights - The company's revenue for H1 2024 was 77.17 billion CNY, a year-on-year decrease of 2.8%, while the net profit attributable to the parent company was 1.21 billion CNY, down 10.1%. However, excluding seasonal factors like flu and pandemic impacts, revenue and net profit showed growth of 0.2% and 9.5% respectively [1]. - The CSO business segment saw significant growth, with revenue reaching 9.86 billion CNY in H1 2024, an increase of 14.2% year-on-year, contributing to a second profit growth curve [1]. - The company is progressing well with its REITs strategy, aiming to complete public REITs listing and Pre-REITs issuance by October 2024, which is expected to enhance shareholder returns [1]. Financial Performance Summary - For H1 2024, the company reported a net operating cash flow of -3.2 billion CNY, a significant decrease of 717.7% year-on-year, primarily due to slower accounts receivable collection. However, Q2 2024 showed a recovery with a cash flow of 450 million CNY, up 112.4% quarter-on-quarter [1]. - The company adjusted its profit forecasts for 2024-2026, predicting net profits of 2.446 billion CNY, 2.686 billion CNY, and 2.904 billion CNY respectively [1][2].

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 关于医药新零售与万店加盟业务相关进展的公告 证券代码：600998 证券简称：九州通 公告编号：临 2024-070 最具特色的SaaS系统。详见公司披露的《2024年半年度报告》，敬请广大投资者注 意投资风险。 特此公告。 九州通医药集团股份有限公司董事会 此外，公司探索以"数智化药学服务+特慢病医保+商保"的专业药房模式取得新 进展。好药师DTP特药药房、慢病重症药房、"双通道"药房等相关资质药房已超4,900 家（含加盟店），经营SKU 3,000⁺。今年上半年，自营专业药房承接处方外流规模达 到1.76亿元。 医药新零售及万店加盟业务是公司六大主营业务之一，是公司"新产品、新零 售、新医疗、数字化和不动产证券化（REITs）"（简称"三新两化"）战略的重要 组成部分，公司通过药品及器械供应链、数字化赋能等服务，不断提升药店C端服务 能力。公司打造的九州万店数字化平台已服务25,000多家门店，平台集成了零售收 银、进销存管理、医药电商、CRM会 ...

Investment Rating - The report gives a "Recommended" rating for the company, 九州通 [2][33]. Core Views - 九州通 is positioned as the largest private pharmaceutical distribution enterprise in China, actively implementing the "Three New and Two Transformations" strategy to drive rapid development in innovative businesses such as CSO and new retail [5][33]. - The company reported a revenue of 771.71 billion yuan for H1 2024, a decrease of 2.76% year-on-year, with a net profit of 12.08 billion yuan, down 10.08% [17][20]. - Excluding seasonal factors, the company's revenue showed a slight growth of 0.15% year-on-year, and net profit increased by 9.50% [17][20]. Summary by Sections Financial Performance - In H1 2024, 九州通 achieved a revenue of 771.71 billion yuan, with a net profit of 12.08 billion yuan and an operating cash flow of -32.01 billion yuan [17][20]. - For Q2 2024, the company reported a revenue of 366.99 billion yuan, a decrease of 1.52% year-on-year, and a net profit of 6.70 billion yuan, down 14.31% [17][20]. - The company expects to improve its operating cash flow to positive by year-end through enhanced collection of accounts receivable [17][20]. Business Strategy - 九州通 is advancing its "Three New and Two Transformations" strategy, focusing on new products, new retail, new medical services, digitalization, and real estate securitization [5][20]. - The CSO business generated 98.62 billion yuan in revenue for H1 2024, reflecting a growth of 14.18% [20]. - The new retail segment reported a revenue of 14.56 billion yuan, with a slight increase of 1.02% [20]. Future Projections - The company forecasts revenues of 1,649.66 billion yuan, 1,835.18 billion yuan, and 2,065.60 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 22.05 billion yuan, 26.88 billion yuan, and 30.65 billion yuan [25][30]. - The projected PE ratios for 2024, 2025, and 2026 are 11, 9, and 8 times respectively [30][33].

九州通医药集团股份有限公司（以下简称"公司"或"九州通"）于 2024 年 6 月 17 日召开第六届董事会第五次会议，审议通过了《关于以集中竞价交易方式回 购公司股票的议案》，并于 2024 年 6 月 18 日披露了《九州通关于以集中竞价交易 方式回购公司股票的回购报告书》；公司拟以自有资金通过集中竞价交易方式回购 部分公司股票，回购资金总额不低于人民币 1.50 亿元，不超过人民币 3.00 亿元， 回购股票的价格不超过 8.20 元/股，回购期限自董事会审议通过最终回购股票方案 之日起不超过 6 个月。具体详见公司于 2024 年 6 月 18 日在《中国证券报》《证券 时报》《上海证券报》《证券日报》以及上海证券交易所网站（www.sse.com.cn）上 披露的相关公告。 证券代码：600998 证券简称：九州通 公告编号：2024-069 九州通医药集团股份有限公司 关于以集中竞价交易方式回购公司股票的进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/ ...

公 司 研 究 九州通（600998.SH） 2024 年 08 月 29 日 经营业绩有望逐季向好，"三新两化"战略全面推进 ——公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 营收利润短期承压，业绩有望逐季改善，维持"买入"评级 公司 2024H1 实现营收 771.71 亿元（同比-2.76%，下文皆为同比口径）；归母净 利润 12.08 亿元（-10.08%）；扣非归母净利润 11.80 亿元（-8.90%），如剔除 2023 年同期流感、疫情等季节性疾病特定因素影响，营业收入同比增长 0.15%，归母 净利润同比增长 9.50%，归母扣非净利润同比增长 11.84%，仍保持稳健增长。 从盈利能力来看，2024H1 毛利率为 7.92%（-0.50pct），净利率为 1.62%（-0.16pct）。 从费用端来看，2024H1 销售费用率为 2.81%（-0.20pct）；管理费用率为 1.76% （+0.04pct）；研发费用率为 0.09%（-0.02pct）；财务费用率为 0.76%。我们看好 公司将在年底继续加 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company has shown steady growth in its performance, with a strategic focus on "Three New and Two Transformations" which includes new products, new retail, new healthcare, digitalization, and real estate securitization [5][7] - The company reported a revenue of 77.171 billion yuan for H1 2024, a decrease of 2.76% year-on-year, but a 0.15% increase when excluding seasonal factors [5] - The net profit attributable to the parent company for H1 2024 was 1.208 billion yuan, down 10.08%, but showed a 9.50% increase year-on-year when adjusted for special factors [5] - The company plans to enhance its accounts receivable collection efforts by the end of the year to ensure positive cash flow matching operational performance [5] Financial Performance - For Q2 2024, the company achieved a net profit of 670 million yuan, a 24.60% increase from Q1 [5] - The gross profit margin for H1 2024 was 7.92%, a decrease of 0.5 percentage points, while the net profit margin was 1.62%, down 0.2 percentage points [5] - The company’s total revenue projections for 2024-2026 are 165.27 billion yuan, 185.20 billion yuan, and 209.44 billion yuan respectively, with net profits of 2.618 billion yuan, 3.015 billion yuan, and 3.491 billion yuan [8][10] Strategic Initiatives - The company has expanded its retail presence, with a total of 24,387 self-operated and franchised pharmacies by July 2024, aiming for 30,000 stores by year-end [7] - The digital healthcare segment has initiated the operation of physical internet hospitals and developed a clinic operation system under the "Jiuxin Clinic" brand [7] - The company is progressing with public REITs and Pre-REITs projects, aiming for successful issuance before October 2024 [7] Valuation Metrics - The current price-to-earnings (P/E) ratio is 8.15, with projected P/E ratios for 2024, 2025, and 2026 at 8.6, 7.5, and 6.5 respectively [1][8] - The company’s asset-liability ratio stands at 68.2% [1]