Jointown(SH:600998) Quan Jing Wang·2025-11-04 08:02Core 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]