Core Viewpoint - The company is transforming its development momentum through the "Three New and Two Transformations" strategy, focusing on digital transformation, new retail, and new medical services to become the most professional health service provider in China and achieve its goal of becoming a century-old enterprise [1][7]. Digital Empowerment - The company has evolved from a grassroots pharmaceutical wholesaler to a technology-driven comprehensive service provider in the pharmaceutical industry, with a clear strategic path and implementation results in its digital transformation [1][2]. - The digital transformation includes collaboration across business, management, and logistics, with a focus on reducing costs and increasing efficiency [2][3]. - The company has achieved a significant reduction in logistics errors, with an error rate controlled at one in a million, enhancing both efficiency and quality [2]. Strategic Focus - The "Three New" strategy addresses the long-standing "two disconnections" in the industry by enhancing control over upstream products and establishing a new retail network for downstream channels [2][5]. - The company aims for new product-related sales to account for 20% of total revenue and 50% of gross profit in the next three years [3][5]. Medical Aesthetics Business - The company is accelerating its layout in the medical aesthetics sector, which has shown rapid growth, increasing from several million to several billion in scale [5][6]. - The medical aesthetics market is seen as a key profit growth point, driven by the aging population and rising consumer demand for beauty services [5][6]. Talent Strategy - The company has shifted its talent acquisition strategy, significantly increasing the recruitment of external senior talent to meet the demands of its strategic transformation [6][7]. - In 2023, the company introduced a "Three Transformations Talent Strategy," aiming to recruit over 300 senior talents annually [6]. Financial Performance - The company's sales revenue has grown from 21.185 billion in 2010 to 151.81 billion in 2024, with a compound annual growth rate of 15.10% [6]. - The net profit attributable to the parent company increased from 360 million in 2010 to 2.507 billion in 2024, with a compound annual growth rate of 14.88% [6].

Core Insights - The medical beauty sector is witnessing an influx of new players, with pharmaceutical companies and beauty brands aggressively entering the market, indicating a significant industry transformation driven by consumer demand and technological advancements [2][3][5]. Group 1: Market Dynamics - Major pharmaceutical companies, including China National Pharmaceutical Group, Shanghai Pharmaceuticals, and China Resources Pharmaceutical, are entering the medical beauty market, establishing comprehensive collaborations in research, production, and distribution [3][5]. - The medical beauty market in China is projected to reach a scale of 638.2 billion yuan by 2030, with a compound annual growth rate (CAGR) of 14.5% from 2021 to 2030 [6][7]. Group 2: Company Strategies - Jiuzhoutong, a leading pharmaceutical distributor, has successfully expanded its medical beauty segment, reporting a sales revenue of 851 million yuan in 2024, a significant increase of 120.47% year-on-year [7]. - Beauty companies are increasingly focusing on "medical device" products, which require regulatory approval and are perceived to have higher consumer willingness to pay, as evidenced by the introduction of medical dressings and other related products [8][10]. Group 3: Competitive Landscape - The competition in the beauty sector is intensifying, with companies exploring various strategies such as mergers and acquisitions, technological extensions, brand crossovers, channel integration, and collaborative research with medical institutions [10][11]. - The entry of beauty brands into the medical beauty space is seen as a strategic move to capture new growth opportunities amid fierce competition in traditional beauty products [10][11].

Core Viewpoint - The medical beauty industry is experiencing a significant transformation as pharmaceutical companies and beauty brands aggressively enter the market, indicating a restructuring of industry boundaries driven by consumer upgrades and technological revolutions [1][9]. Group 1: Industry Dynamics - Major pharmaceutical players are rapidly entering the medical beauty sector, with all four major pharmaceutical distribution giants—Sinopharm, Shanghai Pharmaceuticals, China Resources Pharmaceutical, and Jiuzhoutong—now involved in the medical beauty space [3][5]. - Jiuzhoutong was the first to recognize the potential of the medical beauty market, investing in Aimeike in 2016 and subsequently collaborating with other companies, achieving a significant increase in its medical beauty service institutions to 10,560, a year-on-year growth of 84.81% [5][9]. - The medical beauty market in China is projected to reach a scale of 638.2 billion yuan by 2030, with a compound annual growth rate (CAGR) of 14.5% from 2021 to 2030 [9]. Group 2: Investment Trends - Notable investments include Zhong Shanshan, the former richest man in China, who invested 3.4 billion yuan in Jinbo Biotechnology, becoming its second-largest shareholder, highlighting the growing interest in the collagen market [6][9]. - Jiuzhoutong reported a significant increase in its medical beauty revenue, achieving 851 million yuan in sales for 2024, a year-on-year increase of 120.47%, with a three-year CAGR of 111.64% [9]. Group 3: Market Opportunities - The medical beauty sector is attracting beauty brands, with companies like Chuangyan Biotechnology and Proya entering the market with medical-grade products, indicating a shift towards higher-quality offerings [12][13]. - The demand for medical-grade products is rising, with single-use medical dressings priced between 15 to 35 yuan, reflecting consumers' willingness to pay for higher-quality solutions [13]. Group 4: Competitive Strategies - Companies are adopting various strategies to enter the medical beauty market, including investment and acquisition, technology extension, brand crossover, channel integration, and medical-research collaboration [15]. - The future winners in the medical beauty space are expected to be those who can integrate the entire supply chain from research to sales, emphasizing safety and effectiveness in product offerings [15].

Group 1 - Hubei listed companies are becoming the core engine for high-quality regional economic development under the innovation-driven development strategy [1][2] - As of the end of 2024, Hubei has 151 A-share listed companies with a total market value of 1.46 trillion yuan, ranking 10th and 13th nationally in terms of quantity and market value respectively [1][2] - The total R&D expenditure of Hubei listed companies reached 37.9 billion yuan in 2024, with an overall R&D investment intensity of 3.97%, significantly higher than the national average [1][4] Group 2 - Hubei's IPO fundraising amount of 3.39 billion yuan in 2024 ranks first among central provinces, indicating strong market confidence in Hubei enterprises [2] - The structure of Hubei listed companies is optimizing, with an increasing proportion of new productivity-related fields, including advanced manufacturing and biomedicine [2] - The report highlights that the successful listing of Damo Data, a leading domestic database company, marks a breakthrough in key core technology fields for Hubei [2] Group 3 - Hubei listed companies face structural challenges, including a high proportion of traditional industries and low overall securitization rates, which need attention [3] - The report suggests accelerating the cultivation of capital market entities and encouraging quality enterprises to expedite their listing process [3] Group 4 - R&D expenditure among Hubei listed companies has shown a continuous growth trend for three consecutive years, with 67,86 patents authorized in 2024, a year-on-year increase of 26.77% [4] - Seven companies have annual R&D investments exceeding 1 billion yuan, demonstrating the leading role of large enterprises in driving technological innovation [4] - The efficient cycle of "input-output" supports Hubei's goal of becoming a nationally influential technology innovation center [4] Group 5 - Hubei is leveraging its advantages as a manufacturing and industrial province to implement an industrial doubling strategy, transitioning from a "manufacturing province" to an "intelligent manufacturing strong province" [5] - The report recommends further improving the innovation mechanism and enhancing support for technology-based enterprises to boost high-quality development [5]

Group 1 - The company has established an industrial fund to promote the development of its incubator and meet industry demands for the "incubator + industrial fund" model [1] - The fund, named Beijing Zhihui Jiuzhou Venture Capital Partnership (Limited Partnership), will invest in pharmaceuticals, medical devices, medical aesthetics, and anti-aging sectors [1] - The fund has completed registration with the Asset Management Association of China and received the Private Investment Fund Registration Certificate on July 4, 2025 [2] Group 2 - The fund manager is Beijing Chuchang Private Fund Management Co., Ltd., and the custodian is Shanghai Pudong Development Bank Co., Ltd. [2] - The registration date for the fund is July 4, 2025, with the registration code SAXH03 [2] - The company will continue to monitor the fund's progress and fulfill its information disclosure obligations as required by relevant laws and regulations [2]

证券代码：600998 证券简称：九州通 公告编号：临 2025-053 为进一步促进旗下产业孵化器发展，满足行业对孵化器的"孵化器+产业基金" 模式的要求，加大九州通医药集团股份有限公司（以下简称"公司"）在医药大健 康、科技领域的战略布局，公司全资孙公司北京九州通科技孵化器有限公司和北京 楚昌私募基金管理有限公司、谢家芳共同投资设立北京智汇九州创业投资合伙企业 （有限合伙）（以下简称"产业基金"），投资于药品、医疗器械、医美、抗衰等 领域。具体内容详见公司于2025年5月17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）披露的《九州通 关于全资孙公司与专业投资机构共同投资设立产业基金暨关联交易的公告》（公告 编号：临2025-035）。 特此公告。 九州通医药集团股份有限公司董事会 九州通医药集团股份有限公司 2025 年 7 月 5 日 关于全资孙公司投资设立的产业基金完成备案的公告 2025年7月4日，公司收到基金管理人通知，该产业基金已在中国证券投资基金 业协会完成备案手续，并取得了《私募投资基金备案证明》，备案信息主要内容如 下： ...

Group 1 - Hubei Province's direct financing has maintained a high level of around 800 billion yuan for three consecutive years, with nearly 80% of listed companies achieving profitability [1][2] - As of June 30, 2025, Hubei has 191 listed companies, ranking 10th nationally, with 153 domestic and 38 overseas listings [2][3] - The province has a reserve of 1,355 "gold and silver seed" enterprises to support more quality companies to go public [1][4] Group 2 - In Q1 2025, over 70% of Hubei's listed companies were profitable, with notable companies like Jiuzhoutong, CITIC Special Steel, and Wentai Technology reporting revenues exceeding 10 billion yuan [3] - The top ten companies by revenue in Hubei all exceeded 4 billion yuan, indicating strong performance in the region [3] - Hubei has implemented a comprehensive service system for companies to enter the multi-level capital market, aiming to enhance the quality of enterprises [4] Group 3 - Hubei's capital market reforms have led to 20 new listings and approvals annually from 2021 to 2023, with the province ranking 6th nationally for new listings in 2024 [2] - The province aims to achieve five major goals by 2030, including increasing the total number of listed companies and ensuring coverage across all regions [4]

Group 1 - The "2025 Wuhan Investment Promotion Conference" signed 148 key projects with a total investment of 98.49 billion yuan, covering various industries such as artificial intelligence, new generation information technology, automotive manufacturing and services, new energy, new materials, biomedicine, high-end equipment manufacturing, and cultural tourism [1] - Wuhan's GDP is projected to reach 2.1 trillion yuan in 2024, reflecting a year-on-year growth of 5.2%, indicating a trend of high-quality development [1] - Garrett's global CFO announced the establishment of a second global innovation center in Wuhan, which will enhance its global R&D capabilities in zero-emission technology [1][2] Group 2 - The new innovation center will focus on creating an open innovation platform, attracting top engineering talent globally, and collaborating with academic institutions and industry partners to drive technological advancements [2] - CloudWalk Technology, a listed company on the Sci-Tech Innovation Board, announced the establishment of an intelligent computing center in Wuhan, in collaboration with Huawei, to develop a secure AI model training and deployment center [2] - Pharmaceutical company Fukan Pharmaceutical plans to invest over 2 billion yuan in Wuhan to establish production lines for innovative cancer drugs, collaborating with local hospitals and universities [2] Group 3 - Wuhan is experiencing unprecedented development opportunities due to the acceleration of a new round of technological revolution and industrial transformation, promoting the integration of technological and industrial innovation [3] - The city aims to create a first-class business environment and provide excellent services to ensure that global enterprises can invest, develop, and live comfortably in Wuhan [3]

证券代码：600998 证券简称：九州通 公告编号：临 2025-052 九州通医药集团股份有限公司 关于地塞米松磷酸钠注射液获得药品注册证书的公告 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。 2025 年 6 月 20 日，九州通医药集团股份有限公司（以下简称"公司"或"九 州通"）子公司北京京丰制药集团有限公司（以下简称"京丰制药"）的下属公 司汇禹远和（海南）药业有限公司收到国家药品监督管理局核准签发的地塞米松 磷酸钠注射液《药品注册证书》。现将相关情况公告如下： 一、药品注册证书主要信息 药品名称：地塞米松磷酸钠注射液 剂型：注射剂 申请事项：药品注册（境内生产） 药品生产企业：津药和平（天津）制药有限公司 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品 符合药品注册的有关要求，批准注册，发给药品注册证书。 二、药品其他相关情况 规格：1ml:10.93mg 注册分类：化学药品 3 类 证书编号：2025S01817 药品批准文号：国药准字 H20254556 药品批准文号有效期：至 2030 ...

证券代码：600998 证券简称：九州通 公告编号：临 2025-051 九州通医药集团股份有限公司 关于股东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： ●公司股东中山广银办理完成51,729,000股的股份提前解除质押手续，公司股东上海 弘康办理完成58,000,000股的股份解除质押手续，本次解除质押股份占其所持股份的比 例分别为15.43%和5.33%，占公司总股本的比例分别为1.03%和1.15%。另外，上海弘康 办理完成64,110,000股的股份质押手续，本次质押股份占其所持股份的比例为5.89%，占 公司总股本的比例为1.27%。 ●公司股东中山广银和上海弘康分别持有公司股份335,357,275股和1,088,326,782股， 占公司总股本的比例分别为6.65%和21.58%。本次股份提前解除质押及质押办理完成后， 中山广银和上海弘康分别累计质押公司股份188,696,820股和539,571,892股，占其所持股 份的比例分别为56.27%和49.58%，占 ...