Core Viewpoint - The company is actively embracing AI technology to enhance its business and management processes through self-development and partnerships with leading firms like Alibaba Cloud and Tencent Cloud, aiming for a digital transformation in various application scenarios [1][2] Group 1: AI Applications - The company has developed AI intelligent agents based on AI technology and large models, tailored for different application scenarios such as AI + smart logistics, AI + traditional Chinese and Western medicine diagnosis, AI + medical devices, and AI + smart office [1] - Specific projects like the orthopedic Chang'e smart service platform and the AI-assisted diagnosis platform for clinics have significantly improved operational efficiency in various scenarios, receiving positive feedback from hospitals, doctors, and patients [1] - The AI logistics project "goods-to-person" has implemented intelligent scheduling algorithms across the entire lifecycle, enhancing the overall efficiency of the "goods-to-person" model and improving picking and outbound efficiency by 10% [1] Group 2: Internal Efficiency Improvements - The company's internal office system and employee digital assistant "Zhi Jiu Ge" have integrated with DeepSeek to enhance operational efficiency and optimize business decision-making [2] - The introduction of Alibaba's Tongyi Lingma has empowered the R&D system, resulting in a significant reduction in technical development time and an approximate 38% increase in work efficiency [2] - The company plans to continue exploring deeper integration of AI technology with its systems to expand management and business application scenarios, further promoting its digital transformation [2]

Core Insights - The company, Jiuzhoutong, reported significant growth in its B2B e-commerce platform, Yaowangjiu, achieving self-operated sales revenue of 6.304 billion yuan in the first half of 2025, a year-on-year increase of 14.62% [1] - The platform has established partnerships with 10,000 industrial enterprises, offering over 100,000 product varieties and surpassing 460,000 self-operated SKUs, highlighting its competitive pricing and product diversity [1] - The company has developed a comprehensive logistics supply chain service system, ensuring same-day delivery in core urban areas and over 90% next-day delivery rates [2] Business Development - The company focuses on a terminal pure sales model, enhancing its digital platform services for clinics, small chains, and pharmacies, providing one-stop procurement, professional marketing, supply chain finance, and SaaS systems [1] - The platform has integrated an online and offline operational system, improving user experience and customer engagement, with over 600,000 registered users and 380,000 active users, achieving a customer satisfaction rate of 96.2% [2] Technological Advancements - The Yaowangjiu app incorporates advanced intelligent recommendation algorithms and blockchain encryption technology, ensuring precise drug matching and secure transaction data storage [2] - The platform has undergone functional upgrades, including intelligent search, customer service systems, procurement systems, and automated order verification, significantly enhancing operational efficiency [2]

Core Viewpoint - 九州通 has demonstrated significant growth in its retail e-commerce service platform, achieving a sales revenue of 4.332 billion yuan in the first half of 2025, representing a year-on-year increase of 31.89% [1] Group 1: Sales Performance - The sales of pharmaceuticals and OTC products to self-operated platforms like JD and Alibaba reached 3.420 billion yuan, marking a year-on-year growth of 32.44% [1] - The company has provided "one-stop" online distribution and supply chain services to over 2,300 brand enterprises, including notable names like Dong'e Ejiao and Beijing Tongrentang [1] Group 2: Brand Operations - In the first half of 2025, 九州通 added 28 new operating brands, bringing the total to 54, with 19 brands expected to achieve annual sales exceeding 10 million yuan [1] - The company is enhancing its brand operation service capabilities to empower core suppliers and improve brand influence [2] Group 3: Logistics and Supply Chain - 九州通 has integrated its nationwide warehousing and logistics network with retail e-commerce platforms, offering services such as automatic ordering and unified settlement [2] - The company has pioneered a multi-warehouse collaborative business model, significantly reducing logistics costs and improving warehouse entry efficiency [2]

Group 1 - The company held its 2025 semi-annual performance briefing on September 3, where executives reported steady progress in its new medical strategy, with over 2,400 clinic member stores established by the end of July 2025, aiming to achieve a network of 10,000 clinics within three years [1] Group 2 - The company's subsidiary, Jiuyi Clinics, focuses on a business model that integrates "medical services + supply chain," primarily based on supply chain operations, promoting products and forming a member alliance across clinics [2] - The company has introduced over 260 new products in the first half of the year, enhancing the product structure for clinics by collaborating with multiple upstream manufacturers, including Taiji, China Resources Sanjiu, Changfeng Pharmaceutical, Jilin Aodong, and Tianyao Pharmaceutical [2] - The company has developed and launched the Jiuyi SaaS Clinic Manager system, providing intelligent operational value-added services to clinic clients, enabling quick documentation and billing processes, with 1,525 clinic member stores currently using the system [2] - The company partnered with Tencent Cloud to develop the Jiuyi Clinic AI-assisted diagnosis platform, which integrates Tencent's medical AI reasoning, covering nearly 3,000 diseases and 110,000 drug knowledge, with an average of 51,000 monthly uses of the AI-assisted diagnosis platform across member stores [2]

Core Viewpoint - The company, Jiuzhoutong, has achieved a significant upgrade in its credit rating to AAA, the highest domestic credit rating, reflecting strong recognition of its comprehensive strength in the capital market [1] Credit Rating Upgrade - On August 25, 2025, Jiuzhoutong was rated AAA by China Chengxin International Credit Rating Co., Ltd., with a stable outlook [1] - Jiuzhoutong is now the only private enterprise in the pharmaceutical distribution sector to hold an AAA credit rating [1] Impact of Credit Rating - The upgrade in credit rating is expected to lower the company's financing costs [1] - It will enhance the liquidity of the company's related bonds [1] - The upgrade is anticipated to boost investor confidence and participation in bond investments [1]

Core Viewpoint - The company anticipates stable distribution performance despite pressure from medical insurance cost control and procurement expansion, with new drug launches and effective hospital projects providing growth opportunities [1]. Distribution Segment Performance Expectations - The company expects distribution performance to remain flat compared to last year due to medical insurance cost control, although the collection cycle for procured products has shortened [1]. - The introduction of both domestic and imported new drugs is accelerating, supported by medical insurance channels and successful promotion of hospital SPD projects [1]. Strategic Focus on Narcotic Drugs - The company will enhance its efforts in obtaining narcotic qualifications and improve internal coordination of narcotic product resources with the national distribution platform [2]. Market Outlook in Guangxi and Guangdong - In Guangxi, the company has narrowed the gap with major competitors and increased market share [3]. - In Guangdong, while competitors are growing, the company maintains a significantly higher net profit margin and continues to grow its market share in public hospitals [3]. Response to Procurement and New Growth Points - The company has faced credit impairment losses and investment income impacts but has not been fundamentally affected by procurement policies [4]. - New product launches and the growth of specialty pharmacies are expected to alleviate pressure on profits [4]. Increase in Credit Impairment Losses - The rise in credit impairment losses is attributed to extended collection periods for accounts receivable, leading to increased aging and scale [5]. Retail Segment Development Strategy - The company has no plans for large-scale store closures in the second half of the year and is adapting its business model in response to online competition [6]. Profit Growth of Guoda Pharmacy - Guoda Pharmacy achieved profit growth through store closures, cost rate adjustments, and centralized management [7]. Decline in Operating Cash Flow - The decline in operating cash flow is due to extended collection periods in the distribution business and negative sales growth at Guoda Pharmacy [8]. Industry Development Judgement - The pharmacy industry is becoming increasingly important in medical circulation, with short-term policy impacts slowing growth but maintaining significant social value in the long term [9]. M&A Expectations in the Pharmacy Sector - Guoda Pharmacy is currently focused on stability and efficiency improvements, with no short-term acquisition plans, but may consider expansion in the future once the industry stabilizes [10]. Retail Segment Net Profit Margin Goals - The average net profit margin in the industry is in the low single digits, and Guoda Pharmacy aims to improve its margin through product optimization and cost savings [13]. O2O Business Expansion - The company is expanding its O2O business but faces profitability challenges due to platform service fees, while maintaining its unique positioning to counter online pricing pressures [14]. Store and Supply Chain Adjustments - The company is adjusting its store formats and supply chain services in response to medical insurance policy changes, prioritizing the health sector [15]. Goodwill Impairment Risk - The company conducts annual goodwill impairment tests, with current conditions remaining stable, and specific results pending further testing [16]. Digital Transformation and Smart Logistics - The company is enhancing efficiency and reducing labor costs through investments in automation and IT systems, resulting in lower sales and management expenses [17]. Dividend Policy - The company committed to a minimum dividend payout ratio of 20% over three years, with this year's payout exceeding 30% [18]. Accounts Receivable Management - The company plans to strengthen credit management in the second half of the year, implementing dual controls on payment terms and limits to reduce high-risk business [19]. "14th Five-Year" Planning Review - The company is preparing for its "15th Five-Year" plan, reflecting on the implementation of the previous plan and focusing on optimizing business and management structures [20]. Revenue and Profit Outlook for the Year - The company expects stable revenue performance despite intense market competition, emphasizing the balance between accounts receivable and sales revenue to ensure quality [21].

Group 1: Financial Performance and Market Outlook - The company expects overall performance in the distribution sector to remain stable compared to last year, despite pressures from centralized procurement and payment reforms [2] - The net profit margin in the Guangdong market is significantly higher than competitors, with continued growth in public hospital market share [2] - The company has seen a substantial increase in credit impairment losses due to extended receivable collection periods and increased receivable scales [3] Group 2: Strategic Initiatives and Business Development - The company plans to enhance its capabilities in narcotic and psychotropic drug qualifications and improve internal collaboration for resource distribution [2] - There is a focus on accelerating the launch of new domestic and imported drugs to fill market gaps, alongside promoting hospital SPD projects [2] - The company is committed to digital transformation and smart logistics, which are expected to yield measurable cost savings and efficiency improvements [4] Group 3: Retail and Distribution Strategy - The company does not plan large-scale store closures in the near term, but is adapting to online sales pressures by enhancing product offerings and operational efficiency [3] - The retail sector's net profit margin is targeted to improve towards 3%, with strategies to optimize product categories and reduce costs [3] - The company emphasizes the importance of retail pharmacies in the pharmaceutical distribution chain, despite short-term pressures from regulatory changes [3] Group 4: Future Planning and Risk Management - The company is reviewing its "14th Five-Year Plan" and preparing for the "15th Five-Year Plan," focusing on market changes and organizational adjustments [4] - There is a commitment to maintaining a dividend policy of at least 20%, with current payouts exceeding 30% [4] - The company is enhancing its management of accounts receivable to ensure a reasonable return to levels, focusing on high-risk clients and overdue accounts [4]

Summary of Key Points from the Conference Call Records Industry Overview - The pharmaceutical sector shows a clear performance divergence, with innovative drug companies outperforming generic drug companies. The focus should be on multi-antibody therapies, dual antibodies, and treatments for unmet clinical needs in chronic diseases, such as ADC dual antibodies and small molecule therapies [1][4] - The medical device sector benefits from favorable policies, with a recovery in bidding processes and reduced channel inventory pressure. Leading companies are expected to gain market share, and the infrastructure sector is anticipated to reach a turning point [1][5] - The distribution sector's revenue remains flat, but the net profit excluding non-recurring items has decreased year-on-year. Gross margins have slightly declined, and accounts receivable turnover days have increased, indicating significant collection pressure [1][6] - The formulation sector shows stable overall performance, with net profit growth benefiting from innovative formulation products entering overseas markets. R&D expenses are growing faster than revenue, indicating increased investment in innovation [1][7] - Biotech companies are experiencing rapid revenue growth, driven by the overseas expansion of core products and unique indications. R&D and sales expense ratios are declining, reflecting improved commercial capabilities [1][9] Key Insights on Sub-sectors Innovative Drugs - Innovative drugs represent one of the largest investment opportunities in 2025, particularly in areas with potential for multi-antibodies and dual antibodies, as well as innovative therapies for cancer [4] Medical Devices - The medical device sector is seeing significant policy support, with a notable recovery in bidding trends and reduced inventory pressure for manufacturers. This is expected to drive performance improvements in the infrastructure sector [5][22] Distribution Sector - The distribution sector's performance is under pressure, with a notable decline in net profit. However, leading companies like Guokong, China Resources, and Shanghai Pharmaceuticals are performing relatively well [6] Formulation Companies - Formulation companies are showing steady performance, with a 20% growth in net profit driven by innovative products. Companies with high barriers to entry and rapid transformation are demonstrating stronger profitability [7] Biotech Companies - From 2019 to 2024, the cumulative revenue of 22 representative biotech companies in China grew from 7.7 billion to 66.8 billion, with a compound annual growth rate (CAGR) of 54%. In the first half of 2025, total revenue reached 38.9 billion, reflecting nearly 30% growth [9][10] Performance Trends - The medical device sector's revenue declined by approximately 5% in the first half of 2025, with profits down 24%. This decline is attributed to the impact of centralized procurement and cost control measures [20] - The biotech sector's core products are experiencing significant growth due to overseas sales and unique therapeutic advantages, with some products seeing revenue increases of over 50% [11] - The traditional Chinese medicine sector is under short-term pressure, but several companies are advancing innovative pipelines that may drive future growth [3][27] Future Outlook - The medical device sector is expected to see a turning point in the second half of 2025, with improved bidding data and a recovery in demand anticipated [22] - The distribution sector is likely to stabilize, with leading companies expected to gain market share as the industry undergoes consolidation [40][41] - The overall outlook for the pharmaceutical sector remains positive, with expectations for continued growth driven by innovation and market expansion [12][41] Additional Considerations - The impact of regulatory changes, such as the drug traceability code policy, is expected to enhance compliance within the industry [39] - The performance of the vaccine sector has been under pressure, with many companies transitioning from profit to loss due to market saturation and pricing pressures [17][18] - The blood products sector is experiencing steady revenue but faces challenges due to price declines in key products [19] This summary encapsulates the key insights and performance trends across various sectors within the pharmaceutical and medical device industries, highlighting both opportunities and challenges ahead.

Group 1: Overall Market Outlook - The report from Guojin Securities indicates an improvement in the performance of certain sectors such as ophthalmology, dentistry, and pharmacies in the first half of 2025, with a gradual decrease in performance pressure throughout 2024 [1][2] - The overall performance of traditional Chinese medicine companies is expected to improve as inventory continues to be digested and the execution time for centralized procurement of traditional Chinese medicine has been announced in multiple regions [1][2] Group 2: Traditional Chinese Medicine - In the first half of 2025, the overall performance of traditional Chinese medicine is under pressure, with both revenue and net profit being affected by lower flu incidence and inventory digestion [2] - The centralized procurement process is ongoing, but the execution progress has been slow, limiting the volume of selected products in hospitals [2] Group 3: Pharmacy Sector - The pharmacy sector experienced slight revenue pressure in the first half of 2025, although profits showed some recovery due to cost reduction and efficiency improvements [3] - The industry is undergoing consolidation, with a focus on compliance and the elimination of non-compliant stores, which may enhance market share for leading companies [3] Group 4: Medical Services and Consumer Healthcare - The medical services sector is recovering due to increased consumer demand and successful technological upgrades, with profit growth outpacing revenue growth [4] - Specific segments like ophthalmology and orthodontics are showing significant recovery, while serious medical fields face challenges due to payment reforms and cost control policies [4] - The application of AI technology is enhancing operational efficiency and accelerating business turnover, presenting opportunities for traditional medical services [4]

证券代码：600713 证券简称：南京医药 编号：ls2025-114 使用部分暂时闲置募集资金进行现金管理到期赎回并继续 进行现金管理的公告 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： ? 现金管理受托方：招商银行股份有限公司（以下简称"招商银行"） ? 本次现金管理金额：9,000万元（人民币，下同） ? 现金管理产品名称：南京医药股份有限公司（以下简称"公司"）子公 司福建同春药业股份有限公司（以下简称"福建同春"）本次使用部分暂时闲置 募集资金 9,000 万元购买招商银行点金系列看涨两层区间 91 天结构性存款。 ? 履行的审议程序：公司于2025年1月20-22日召开了第九届董事会临时会 议及第九届监事会临时会议，审议通过了《关于公司及子公司使用部分暂时闲置 募集资金进行现金管理的议案》，同意公司及子公司使用不超过7亿元（含本数） 暂时闲置募集资金进行现金管理，投资的产品品种为安全性较高、流动性较好、 风险较低的保本型理财产品。使用期限自公司董事会审议通过之日起12个月内有 效，上述额度在使用期 ...