Chang Jiang Shang Bao·2025-12-16 00:14Core Insights - The collaboration between Jiuzhoutong and Haizheng Pharmaceutical aims to reshape the retail channel competition in the pharmaceutical industry through a strategic partnership focused on complementary strengths in "industry + channel" [1][2] Group 1: Strategic Partnership - Jiuzhoutong's subsidiary, All-Qing Health, has signed a strategic cooperation agreement with Haizheng Pharmaceutical, becoming the exclusive agent responsible for the retail promotion of several core products, with an initial cooperation value exceeding 400 million yuan [1][2] - The partnership is expected to enhance both companies' performance and reflects a deeper transformation in the professional division of labor within the pharmaceutical industry [1][3] Group 2: Business Performance - Jiuzhoutong has been implementing its "Three New and Two Transformations" strategy since 2025, optimizing its business structure and improving operational efficiency, resulting in steady growth across its main business segments [1][4] - In the first three quarters of 2025, Jiuzhoutong achieved revenue of 119.33 billion yuan, a year-on-year increase of 5.20%, and a net profit of 1.975 billion yuan, up 16.46% [4][5] Group 3: Product Strategy - The new product strategy is a key component of Jiuzhoutong's growth, focusing on integrating resources to form a new product business organization matrix centered around CSO, which includes All-Qing Health and other subsidiaries [4][5] - Jiuzhoutong's CSO business generated sales revenue of 14.728 billion yuan in the first three quarters, with a significant contribution from core products like Kewai and Miko Bao, which saw a 15.26% increase in sales [5][6] Group 4: Market Expansion - The collaboration is expected to inject new vitality into the domestic pharmaceutical retail market, with plans for deep cooperation in global expansion, all-channel operations, and capital linkage [3][4] - The initial product offerings include key medications with strong market demand, and the retail sales scale is projected to double by 2026 [3][4]