其中，在新产品战略方面，九州通发挥全集团相关业务组织整合资源优势，已形成以CSO为核心的新产 品业务组织矩阵，采用独家代理、股权合作、买断权利、自主研发等多种形式，获取兼具临床价值和市 场空间，并且适合于公司的新产品。报告期内，公司新增引进药品新品61个，总代品牌推广业务（含药 品及医疗器械）销售收入达95.91亿元。 新零售战略方面，九州通以好药师"万店加盟"为核心，形成包含B2C电商总代总销、药九九B2B电商平 台、零售电商等业务矩阵，打造触及C端客户的全方位、全场景的"线上线下（300959）一体化"新零售 服务体系。上半年，面向C端的新零售业务实现销售收入14.93亿元（含B2C电商总代总销等业务），同 比增长2.52%。 截至2025年6月底，好药师直营及加盟药店门店总数达31,535家，预计2025年末门店数将超33,500家。与 此同时，好药师开始注重经营质量的提升，积极拓展合作供应商，全国累计拥有超800家品牌供应商为 加盟店提供强力品牌品种保障，已引进定制品种76个，集采战略合作KA政策品种累计达625个。上半年 公司向加盟药店销售收入达34.18亿元，同比增长41.30%。 8月26日晚间 ...

新华财经上海8月8日电（记者杨溢仁）国君资管-无锡经济开发区国家传感信息产业园持有型不动产资 产支持专项计划（以下简称"无锡经开项目"）日前在上交所成功发行，规模6.6亿元。 全国首单产业园持有型ABS落地 作为全国首单成功设立的产业园区持有型不动产ABS项目，无锡经开项目的底层资产为位于无锡经济开 发区的国家传感信息产业园项目，其定位为物联传感、智能交通产业园，主要聚焦智能网联汽车、传感 器、物联网等产业。目前，该园区的整体出租率良好，租户多集中在科学研究、信息传输、软件等领域 的科创类企业，涵盖上市公司1家、规模以上企业60余家。 对于多层次不动产证券化市场建设，上交所积极推动产业园区项目落地，截至目前，上交所已上市产业 园区公募REITs共14单，是上市单数最多的行业类型。 作为全国首单产业园区持有型不动产ABS项目，该项目于2025年6月10日获上交所受理，7月23日取得无 异议函，在一个半月的时间内高效完成了审核流程，保障了项目的快速落地。 "无锡经开项目的发行吸引了资本市场各类中长期资本的积极认购，包括银行理财、基金、保险、券商 自营、信托等各类机构均有参与，全场认购超5倍，为产品未来二级市场的流 ...

Group 1 - The core asset of the project is the National Sensor Information Industry Park located in Wuxi Economic Development Zone, focusing on IoT sensing and intelligent transportation industries, particularly smart connected vehicles, sensors, and IoT [1] - The Wuxi Economic Development Project has successfully issued a real estate asset-backed special plan on the Shanghai Stock Exchange, with a scale of 660 million yuan [1] - The overall occupancy rate of the park is good, with tenants primarily from scientific research, information transmission, and software sectors, including one listed company and over 60 large-scale enterprises [1] Group 2 - As of now, the Shanghai Stock Exchange has received 24 applications for holding-type real estate ABS, successfully issuing 9 with a total scale of 15.6 billion yuan, covering various asset types including industrial parks and commercial real estate [2] - The Shanghai Stock Exchange aims to continue promoting the holding-type real estate ABS market, focusing on high-quality development of central enterprises and revitalization of local state-owned assets [2] - The exchange plans to enhance the support mechanism for product implementation and financing connections, while optimizing financing regulatory policies and processes [2]

Group 1 - The core viewpoint of the news is the recognition of the "Changshu Economic Development Industrial Park Phase I Asset-Backed Special Plan" by Caitong Asset Management, which won the "Golden Award - Best REITs Product of the Year" at the 9th Real Estate Securitization and REITs Summit Forum, highlighting the company's strength in investment and financing integration [1] - The "Golden Award" aims to promote industry innovation, healthy market development, enhance asset quality, and optimize investment returns, establishing benchmarks and demonstration effects within the industry [1] - The awarded project is the first labeled REITs in the Yangtze River Economic Belt, launched on January 13, 2025, which aligns national strategies with local industrial upgrading needs, optimizing financing costs for local enterprises and enhancing the operational capabilities of state-owned capital [1] Group 2 - In recent years, Caitong Asset Management has leveraged its brokerage asset management license to successfully issue innovative asset securitization projects, including the first intellectual property ABS containing game and animation copyrights and the first clean energy holding real estate ABS [2] - According to Wind statistics, Caitong Asset Management issued 33 ABS products in the first half of this year, with a total issuance scale of 25.98 billion, ranking eighth in the industry; as of the end of June, the company had cumulatively issued 206 ABS products with a total issuance scale of 165.09 billion [2]

Core Viewpoint - The company is implementing a "Three New and Two Transformation" strategy, focusing on new products, new retail, new medical services, digitalization, and real estate securitization to enhance competitiveness and shareholder value [1][5]. New Product Strategy - The company has established a comprehensive new product strategy framework centered around CSO, covering business development, R&D registration, product evaluation, and marketing [1]. - In 2024, the total sales of the CSO brand promotion business reached 19.267 billion yuan, with 2,247 drug and device specifications introduced, including 52 products with sales exceeding 100 million yuan [1]. - The company's pharmaceutical manufacturing and OEM business achieved sales revenue of 3.007 billion yuan, a year-on-year increase of 21.49% [1]. New Retail Strategy - The company is building an integrated online and offline new retail service system, focusing on "ten thousand store franchises" [2]. - The number of franchise pharmacies has exceeded 29,000, generating sales revenue of 5.392 billion yuan, with C-end new retail sales revenue of 2.966 billion yuan [2]. - The logistics network covers over 96% of the country, serving more than 1,900 upstream brand enterprises [2]. New Medical Strategy - The company has developed an efficient clinic operation system and is advancing the "Nine Medical Clinics" membership alliance [2]. - Collaborating with Tencent Cloud, the company has created an AI-assisted diagnostic platform for clinics, enhancing diagnostic efficiency and patient experience [2]. - As of March, the number of member clinics reached 1,377, increasing the company's coverage in clinic channels [2]. Digitalization Strategy - The company has achieved digitalization across various operations, including supply chain management and decision support, and is advancing towards AI integration [3]. - In 2024, R&D investment in digitalization reached 346 million yuan, a year-on-year increase of 24.32% [3]. - The company’s digital platforms have improved operational efficiency and reduced costs, with significant recognition for its digital transformation initiatives [3]. Real Estate Securitization Strategy - The company has established a multi-tiered real estate equity operation platform, including public REITs and Pre-REITs, to attract scarce equity funds [4]. - The public REITs are based on high-quality pharmaceutical warehousing and logistics assets, with a total area of approximately 172,000 square meters recognized as a national intelligent logistics demonstration base [4]. - The company owns over 3 million square meters of pharmaceutical warehousing and logistics assets, with plans for further expansion of REITs listings [4]. Strategic Goals - The strategic objectives of the "Three New and Two Transformation" initiative include enhancing product competitiveness, improving profitability, reaching C-end customers, elevating overall management levels through digitalization, and achieving light asset operations to increase shareholder returns [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's "Three New and Two Transformation" strategy has shown significant results, with the establishment of a "public + private" REITs platform enabling asset-light operations [8] - The company achieved a total revenue of 151.81 billion yuan in 2024, reflecting a year-on-year growth of 1.11%, and a net profit attributable to shareholders of 2.51 billion yuan, up 15.33% year-on-year [8] - The first quarter of 2025 saw a revenue of 42.02 billion yuan, representing a 3.82% increase, and a net profit of 970 million yuan, which is an impressive 80.38% growth year-on-year [8] Financial Performance Summary - The company forecasts total revenue for 2025 to be 165.92 billion yuan, with a net profit of 2.81 billion yuan, and expects continued growth in subsequent years [1][9] - The projected earnings per share (EPS) for 2025 is 0.56 yuan, with a price-to-earnings (P/E) ratio of 9.41 based on the current market price [1][9] - The company's gross profit margin for 2024 was 7.80%, with a net profit margin of 1.84% [8] Strategic Initiatives - The "Three New" strategy includes new product development, new retail initiatives, and new medical services, which are expected to enhance the company's competitiveness in the outpatient channel [8] - The company has introduced over 2,247 new drug and device specifications, with 52 products generating over 100 million yuan in sales [8] - The digital transformation efforts have led to a 24.32% increase in R&D investment, reaching 346 million yuan in 2024, with 47 digital and AI projects implemented [8] Future Outlook - The company anticipates that its net profit will reach 3.53 billion yuan by 2027, corresponding to a P/E ratio of 7.49 [1][9] - The successful implementation of the REITs platform is expected to improve cash flow and support steady growth in core business operations [8]

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]

Core Insights - The company reported stable growth in its 2024 annual report and Q1 2025 results, with 2024 revenue reaching 151.81 billion yuan and net profit attributable to shareholders at 2.507 billion yuan, reflecting a year-on-year increase of 39.88% [1][4] - The company is focusing on high-quality development and strategic transformation, emphasizing new products, new retail, new medical services, digitalization, and real estate securitization [1][6] Financial Performance - In 2024, the company achieved a revenue of 151.81 billion yuan, with a net profit of 2.507 billion yuan, and a non-recurring net profit of 1.814 billion yuan, showing a year-on-year revenue growth of 2.58% and a net profit growth of 39.88% [1][4] - For Q1 2025, the company reported a revenue of 42.016 billion yuan, 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 [1] Strategic Initiatives - The company is implementing a comprehensive service model that integrates pharmaceutical distribution, logistics, and product promotion, transitioning from traditional distribution to digital and platform-based services [4] - The company has established a full industry chain layout for traditional Chinese medicine, achieving a sales revenue of 4.962 billion yuan, with a year-on-year growth of 18.14% [5] - The company is actively developing digital logistics and supply chain solutions, with this segment generating 1.064 billion yuan in revenue, a 25.32% increase year-on-year [5] Social Responsibility and Shareholder Returns - In 2024, the company donated nearly 18.21 million yuan for public welfare, focusing on energy conservation, rural revitalization, and disaster relief [2][11] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, totaling 999.7 million yuan, which, along with a stock buyback of 268 million yuan, amounts to 1.265 billion yuan, representing 50.47% of the annual net profit [2][12] Talent Acquisition and Future Outlook - The company has introduced 264 high-end professionals to support its strategic transformation, with a significant increase in investment for talent acquisition [12][13] - Looking ahead, 2025 is seen as a crucial year for the company to finalize its three-year strategic plan and continue advancing its transformation initiatives [13]

Core Viewpoint - The company, Jiuzhoutong, reported a revenue of 151.81 billion yuan for 2024, with a net profit of 2.51 billion yuan, indicating a strategic transformation focusing on high-quality development through the "Three New and Two Transformations" strategy [2][5]. Financial Performance - In 2024, Jiuzhoutong achieved a revenue of 1518.10 billion yuan, with a year-on-year growth of 2.58% after adjusting for seasonal factors. The net profit attributable to shareholders increased by 39.88% to 2.51 billion yuan, while the net profit excluding non-recurring items rose by 14.89% to 1.81 billion yuan [2][3]. - For Q1 2025, the company reported a revenue of 420.16 billion yuan, a 3.82% increase year-on-year, and a net profit of approximately 970 million yuan, reflecting an 80.38% growth compared to the same period last year [2]. Strategic Transformation - Jiuzhoutong is focusing on a strategic transformation that includes new products, new retail, new medical services, digitalization, and real estate securitization, collectively referred to as "Three New and Two Transformations" [2][5]. - The company is enhancing its core competitiveness in product introduction, C-end channel construction, digital technology development, and asset operation models [5][6]. Core Business Development - The core pharmaceutical distribution business is experiencing stable growth, with emerging sectors such as industrial self-production, OEM, traditional Chinese medicine, and digital logistics showing growth rates around 20% [3][4]. - The industrial self-production and OEM segment achieved sales of 5.92 billion yuan, a 26.92% increase, while the traditional Chinese medicine segment reported sales of 22.86 billion yuan, up 21.45% [3]. Digital and Logistics Innovations - Jiuzhoutong has established a complete industry chain for traditional Chinese medicine, achieving sales of 4.96 billion yuan, an 18.14% increase, and has developed digital systems for quality tracking and smart manufacturing [4]. - The digital logistics and supply chain solutions segment generated revenue of 1.06 billion yuan, a 25.32% increase, with a gross profit of 236 million yuan, up 17.08% [4]. Future Outlook - The company views 2025 as a critical year for the implementation of its three-year strategic plan and aims to continue advancing the "Three New and Two Transformations" strategy while focusing on talent acquisition [7].