在新零售战略方面，公司以"万店加盟"为核心，打造直接面向C端客户的全方位、全场景的"线上线下一 体化"新零售服务体系。我们通过AI驱动的"九州万店数字化平台"赋能万店加盟，为所有加盟药店都配 置了智能管家，构建"线下智慧门店+线上健康云平台+全域健康管理"的生态服务体系。目前好药师加 盟药店已超2.9万家，销售收入53.92亿元，面向C端的新零售业务销售收入29.66亿元（含B2C电商总代 总销等业务），积累了超3,500万C端用户；零售电商服务了超1,900家上游品牌企业；物流Bb/BC仓配一 体化网络覆盖了全国96%以上的区域。 6月12日，"提质增效强信心 稳中求进促发展"——湖北辖区上市公司2025年投资者集体接待日活动暨 2024年度业绩说明会活动在全景路演成功举办。 九州通(600998)在与投资者互动交流环节，就公司"三新两化"战略落地具体情况的有关提问，公司方面 表示：公司制定并实施"新产品、新零售、新医疗、数字化和不动产证券化"五大战略（即"三新两化"战 略）。 在新产品战略方面，公司搭建了以CSO为核心，覆盖商务拓展（BD）、研发注册、品种评估及营销推 广等业务领域的全方位新产品战略架构体 ...

长江商报消息 ●长江商报记者 徐靓丽 作为湖北省生物医药龙头企业，九州通（600998.SH）正大力推进战略转型，转向轻资产运作，并成为 A股+公募REITs"双上市"公司。 公司产品管线也在持续扩充。6月5日，九州通发布公告称，公司"倍他米松磷酸钠注射液"获得药品注册 证书，该药品获批上市有利于扩大其市场份额，助力公司医药工业自产业务持续、稳健发展。 九州通近年来积极拓展医药工业自产及OEM业务，2024年医药工业自产业务实现销售收入30.07亿元， 同比增长21.49%。其中，京丰制药2024年营业收入达5.92亿元，同比增长26.92%。 公司盈利能力也获得较大提升，2025年一季度公司实现归母净利润约9.7亿元，同比大增80.38%。 在新医疗上，九州通与腾讯云等合作，开发了"九医诊所AI辅助诊断平台"，赋能万家诊所及基层医疗机 构，构建起包括诊前智能导诊、诊中辅助诊断、智能审方、诊后慢病管理等的全流程运营体系，并借助 AI智能化工具为医生、患者提供服务，大大提高诊疗效率、保障处方安全、提升患者就诊体验。截至 今年3月末，"九医诊所"会员店已达1377家。 在不动产证券化（REITs）战略方面，九州通 ...

Core Viewpoint - The strategic transformation of the company, driven by the "Three New and Two Digital" strategy, has led to steady growth in performance, with significant increases in revenue and profit in 2024 and Q1 2025 [2][3][5]. Financial Performance - In 2024, the company achieved a total revenue of 151.81 billion yuan, a year-on-year increase of 1.11%, and a net profit attributable to shareholders of 2.507 billion yuan, up 15.33% [3][5]. - The net cash flow from operating activities turned positive at 3.083 billion yuan [3]. - For Q1 2025, the company reported revenue of 42.016 billion yuan, a growth of 3.82%, and a net profit of approximately 970 million yuan, an increase of 80.38% [4][5]. Business Segments - The core pharmaceutical distribution business showed stable growth, while emerging sectors like industrial self-production, OEM, traditional Chinese medicine, and digital logistics grew rapidly, each with a growth rate around 20% [3][4]. - The industrial self-production and OEM segment generated sales of 5.92 billion yuan, up 26.92%, with a gross margin of 42.48% [3]. - The traditional Chinese medicine segment achieved sales of 4.962 billion yuan, a growth of 18.14%, supported by a blockchain-based quality traceability platform [4]. Strategic Initiatives - The company is focusing on new product strategies, with sales from the pharmaceutical agency brand promotion business reaching 19.267 billion yuan, introducing 2,247 drug and device specifications [5][6]. - The new retail strategy has established over 29,000 franchise pharmacies, with B2C e-commerce sales reaching 980 million yuan and over 35 million end-users [5][6]. - The new medical strategy includes the development of an AI-assisted diagnostic platform in collaboration with Tencent Cloud, enhancing service efficiency for clinics and grassroots medical institutions [6]. Digital Transformation - The company invested 346 million yuan in digital and intelligent technology innovation, with 47 digital transformation projects implemented, 45 of which have been successfully launched [6]. - The logistics segment achieved revenue of 1.064 billion yuan, a growth of 25.32%, with a gross profit of 236 million yuan, up 17.08% [4]. Real Estate Investment Trusts (REITs) - The company completed the issuance of public REITs for its pharmaceutical warehousing and logistics, raising 1.158 billion yuan, marking a significant step towards asset-light transformation [7]. - The public REITs issuance saw a subscription multiple of 1,192 times, setting a historical record for public REITs [7].

九州通（600998） 2024 年年报及 2025 年一季报点评：三新两 化战略成效显著，"公募+私募"Reits 平台开 启轻资产化运营 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 150,140 | 151,810 | 165,919 | 181,323 | 197,954 | | 同比（%） | 6.92 | 1.11 | 9.29 | 9.28 | 9.17 | | 归母净利润（百万元） | 2,174 | 2,507 | 2,809 | 3,158 | 3,529 | | 同比（%） | 4.27 | 15.33 | 12.03 | 12.42 | 11.75 | | EPS-最新摊薄（元/股） | 0.43 | 0.50 | 0.56 | 0.63 | 0.70 | | P/E（现价&最新摊薄） | 12.15 | 10.54 | 9.41 | 8.37 | 7.49 | 证券研究报告·公司点评 ...

Core Insights - The company reported a revenue of 151.81 billion yuan and a net profit attributable to shareholders of 2.51 billion yuan for 2024, with a year-on-year revenue growth of 2.58% and a net profit growth of 39.88% [2] - In Q1 2025, the company achieved a revenue of 42.02 billion yuan, representing a 3.82% increase year-on-year, and a net profit of approximately 970 million yuan, marking an 80.38% increase compared to the same period last year [2] - The company has made significant contributions to public welfare, with donations amounting to nearly 18.21 million yuan in 2024, focusing on energy conservation, rural revitalization, and disaster relief [2] Business Performance - The company is transitioning from traditional pharmaceutical distribution to a digital, platform-based model, implementing a comprehensive service model that includes distribution, logistics, and product promotion [3] - In 2024, the company’s self-manufactured and OEM products generated sales of 30.07 billion yuan, a year-on-year increase of 21.49% [6] - The company’s Chinese medicine business achieved a sales revenue of 4.96 billion yuan, reflecting an 18.14% year-on-year growth [3] Logistics and Supply Chain - The logistics segment generated revenue of 1.06 billion yuan in 2024, a 25.32% increase from the previous year, with a gross profit of 236 million yuan, up 17.08% [4] - The company has established a nationwide GSP warehousing network and an efficient transportation network, providing comprehensive logistics services [4] Strategic Initiatives - The company is focused on its "Three New and Two Transformations" strategy, which includes new products, new retail, new medical services, and digitalization [5] - The company’s new product strategy has led to a sales scale of 19.27 billion yuan in its brand promotion business, with 2,247 drug and device specifications introduced [6] - The new retail strategy has resulted in over 29,000 franchise stores, and the B2C e-commerce segment generated 980 million yuan in revenue [6] Digital Transformation - The company invested 346 million yuan in R&D for digital and intelligent technologies, a 24.32% increase year-on-year, and has implemented 47 digital transformation projects [7] - The company has developed an AI-assisted diagnostic platform in collaboration with Tencent Cloud, enhancing service efficiency in clinics and grassroots medical institutions [6] Real Estate Investment Trusts (REITs) - The company has successfully completed the delivery of assets for its Pre-REIT project in three cities, raising 1.645 billion yuan [7] - The public REITs for pharmaceutical warehousing logistics raised a total of 1.158 billion yuan, with a subscription multiple of 1,192 times, setting a historical record [7]

4月28日晚，九州通发布2024年年报及2025年第一季度报告，公司业绩"稳"中有"进"，2024年营收达 1,518.10亿元，归母净利润25.07亿元，扣非归母净利润18.14亿元。如剔除上年季节性疾病等特定因素影 响，公司2024年营收同比增长2.58%，归母净利润同比增长39.88%，扣非归母净利润同比增长14.89%。 2025年第一季度，公司实现营收420.16亿元，较上年同期增长3.82%，归母净利润约9.70亿元，较上年 同期增长80.38%。 九州通表示，2024年，面对外部环境挑战及医药行业政策影响，公司紧紧围绕高质量发展理念，持续全 力推进新产品、新零售、新医疗、数字化和不动产证券化（即"三新两化"）战略转型，并不断优化内部 管理，提高运营效率，强化人才引进与风险防控。 与此同时，积极履行社会责任，回报股东及其他利益相关方。据财报，2024年度，九州通仅集团层面全 年公益捐赠金额近1,821万元，并重点在节能减排及绿色发展、乡村振兴及捐赠救灾等方面持续投入， 全面提升公司可持续发展能力。回报股东方面，九州通2024年拟向全体股东每10股派发现金红利2.00 元，拟派发现金红利共计9.97 ...

（原标题："三新两化"转型显效 九州通2024年营收1518亿元） 程久龙 实习生 李渡 4月28日晚，九州通（600998.SH）发布2024年年报及2025年第一季度报告，财务数 据显示，公司2024年营收达1518.10亿元，归母净利润25.07亿元，扣非归母净利润18.14亿元。如剔除上 年季节性疾病等特定因素影响，公司2024年营收同比增长2.58%，归母净利润同比增长39.88%，扣非归 母净利润同比增长14.89%。 2025年第一季度，公司实现营收420.16亿元，较上年同期增长3.82%，归母净利润约9.70亿元，较上年 同期增长80.38%。 九州通表示，2024年，面对外部环境挑战及医药行业政策影响，公司紧紧围绕高质量发展理念，持续全 力推进新产品、新零售、新医疗、数字化和不动产证券化（即"三新两化"）战略转型，并不断优化内部 管理，提高运营效率，强化人才引进与风险防控。 中药业务上，九州通已实现上、中、下游全产业链布局，形成"道地药材+智能制造+数字服务"产业闭 环，全年销售收入达49.62亿元，同比增长18.14%。为推进中药业务的数字化、精细化管理与服务，公 司还自主研发了九信"中 ...

当前，九州通正推进新产品、新零售、新医疗、数字化、不动产证券化的"三新两化"战略。新产品方 面，公司专门成立了四个研发机构，与多家科研院所建立合作，年研发费用2-3亿元，2024年前三季度 总代理实现销售141.19亿元，同比增长18%。 新零售方面，加盟药店已近30000家，2024年销售突破70 亿元，同比增长50%，已成为中国药品零售企业销售规模前十强。新医疗方面，已建立了"数字化+供应 链"体系，诊所加盟店达1366家，未来五年计划实现直营+加盟诊所突破万家。数字化方面，成立专门 领导小组和实施部门，拥有1400多名IT工程师，完成了100多个数字化项目。不动产证券化（REITs）， 2月27日，公司公募REITs在上交所发行成功，募集资金11.58亿元，成为行业第一支发行的医药仓储物 流资产公募REITs。 刘长云介绍，2020年九州通完成董事会换届，开启了从公司创始人向职业经理人团队过渡的转型之路， 目前运行良好。下一步将继续优化制度机制，真正建成现代化的公司治理体系，实现"百在老店"目标， 为湖北支点建设贡献力量。 极目新闻记者 庞正 4月17日，湖北举行全省民营经济发展大会，九州通医药集团董事 ...