Core Viewpoint - The company showcased its stable growth and strategic initiatives during the 2024 annual performance briefing, highlighting significant financial achievements and advancements in digital transformation and ESG practices [1][2][3][4] Financial Performance - In 2024, the company reported revenue of 151.81 billion yuan and a net profit attributable to shareholders of 2.507 billion yuan, with a year-on-year revenue growth of 2.58% and a net profit growth of 39.88% after adjusting for seasonal factors [1] - For Q1 2025, the company achieved revenue of 42.016 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 [1] Shareholder Returns - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, totaling 999.7 million yuan, which, combined with the stock buyback of 268 million yuan, amounts to 1.265 billion yuan, representing 50.47% of the annual net profit [2] Asset Securitization - The company successfully established an asset securitization platform, with its public REITs for pharmaceutical logistics warehousing listed on the Shanghai Stock Exchange, marking a significant milestone as the first public REITs in the domestic pharmaceutical sector [2] Digital Transformation - The company is actively embracing AI technology through both in-house development and external collaborations, partnering with leading tech firms like Alibaba Cloud and Tencent Cloud to enhance its digital capabilities across various applications [2] ESG Practices - Over the past three years, the company has developed a robust ESG management system, achieving an A rating in mainstream ESG assessments and ranking first in the pharmaceutical distribution industry for 2024 [3] Strategic Initiatives - The company highlighted its achievements in new products, new retail, and new medical services during the performance briefing, emphasizing its commitment to strategic transformation and future growth [4]

Group 1 - The core viewpoint of the news is that Jiuzhoutong has successfully established itself as a leader in the pharmaceutical logistics sector by launching the first public REITs and Pre-REITs fund in China, enhancing its asset management capabilities and market value [1][2] - Jiuzhoutong's 2024 revenue reached 151.81 billion yuan, with a net profit attributable to shareholders of 2.507 billion yuan, reflecting a year-on-year revenue growth of 2.58% and a net profit growth of 39.88% after adjusting for seasonal factors [2] - In Q1 2025, Jiuzhoutong 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 [2] Group 2 - The issuance of public REITs is a significant part of Jiuzhoutong's strategic transformation, aimed at revitalizing its pharmaceutical logistics assets and facilitating rapid business growth [1] - Jiuzhoutong has become the first company in the pharmaceutical industry to establish a dual listing platform of "equity + assets," setting a benchmark for asset management in the pharmaceutical distribution sector [1]

此外，公司积极拥抱AI人工智能技术，通过自主研发与外部合作双轮驱动，开发针对不同应用场景的 AI智能体，加速业务及管理的数智化转型。在AI及大模型领域，公司与阿里云、腾讯云等头部科技企 业进行合作，分别在公司智慧知识管理、通义灵码、诊疗系统的处方辅助诊断和 AI 健康教育处方等方 面开展应用合作。 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%。 5月7日下午，2024年度沪市主板集体业绩说明会新质生产力之民营活力专场活动召开，九州通 （600998）董事长刘长云、副总经理全铭出席了本次活动，并围绕公司2024年经营情况、"三新两化"战 略转型成效及未来发展规划等问题与投资者进行了充分交流。 有投资者提问称，今年以来，大数据、AI的快速发展推动各行各业不断蜕变转型，公司也把数字化作 为核心战略之一，想请教一下目前数字化及AI对公司业 ...

Performance - In 2024, the company achieved total operating revenue of 151.81 billion, a year-on-year increase of 1.11%; net profit attributable to shareholders was 2.51 billion, up 15.33%; and net profit excluding non-recurring items was 1.81 billion, down 7.47% [1] - In Q1 2025, total operating revenue reached 42.02 billion, a year-on-year increase of 3.82%; net profit attributable to shareholders was 970 million, a significant increase of 80.38%; and net profit excluding non-recurring items was 507 million, down 2.76% [1] Growth Potential - The company successfully launched its REITs, marking a new chapter in light asset operations, with the public offering of pharmaceutical warehousing logistics REITs raising 1.16 billion on February 27, 2025 [2] - The CSO business continued to grow, achieving sales revenue of 19.27 billion, with pharmaceutical CSO revenue at 10.77 billion, a year-on-year increase of 19.59% after adjusting for high base effects [2] New Retail and New Medical - The "Good Pharmacist" franchise rapidly expanded, reaching 29,331 stores by the end of March 2025, with sales to franchise pharmacies amounting to 5.39 billion, a year-on-year increase of 54.94% [3] - The "Nine Medical Clinics" membership stores reached 1,377 by the end of March 2025, utilizing AI-assisted diagnostic platforms to empower grassroots medical institutions [3] Profitability - The overall gross margin for 2024 was 7.80%, a decrease of 0.27 percentage points, while Q1 gross margin was 7.33%, an increase of 0.13 percentage points [4] - The net profit margin attributable to shareholders for 2024 was 1.65%, an increase of approximately 0.21 percentage points, with Q1 2025 net profit margin at 2.31%, a significant increase of 0.98 percentage points [4] Operating Quality - The net cash flow from operating activities in 2024 was 3.08 billion, a year-on-year decrease of 35.07%, primarily due to increased procurement payments from strategic cooperation with core suppliers [5] - By Q1 2025, the company's operating cash flow remained stable year-on-year, with slight increases in accounts receivable turnover days and inventory turnover days [5] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 163.29 billion, 176.46 billion, and 190.08 billion, with corresponding growth rates of 7.56%, 8.06%, and 7.72% [6] - Expected net profits attributable to shareholders for the same period are 2.84 billion, 3.18 billion, and 3.54 billion, with year-on-year growth rates of 13.13%, 12.08%, and 11.21% [6]

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].

证券代码：000950 证券简称：重药控股 重药控股股份有限公司投资者关系活动记录表 编号：2025-004 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | | 线上参与公司 年度业绩说明会的投资者 2024 上市公司接待人员： | | | 董事长 袁泉 | | 活动参与人员 | 独立董事 刘胜强 | | | 财务总监、董事会秘书 邱天 | | | 证券事务代表 赵婧 | | 时间 | 年 月 日下午 2025 5 6 15:00-16:00 | | 地点 | 价值在线（www.ir-online.cn） | | 形式 | 网络互动方式 | | | 1、重药控股如何促进提高国有资产的保值增值，切实回报 | | | 投资者。 重药控股上市有 年多了，股价长时间低于净资产值， 6 | | | 至今股价也低于 2017 年重药上市时的配售发行价（5.93 元/股）， | | | 令战略投资者和普通投资者在 年多时间里，长期处 ...

Investment Rating - The report indicates a cautious outlook for the pharmaceutical industry, with a focus on recovery in 2024 after a challenging 2023 due to anti-corruption measures [6][19]. Core Insights - The pharmaceutical industry is projected to see a decline in sales revenue and net profit for 2024 compared to 2023, with total sales revenue growth at -0.46%, net profit at -6.73%, and non-recurring net profit at -11.97% [2][13]. - The fastest-growing segments in Q4 2024 are expected to be CXO, medical devices, and pharmaceutical distribution, while in Q1 2025, the growth leaders will shift to CXO, pharmacies, and pharmaceutical distribution [22]. - The report highlights a significant slowdown in growth for traditional Chinese medicine and a mixed performance across various sectors, with some showing resilience and others facing challenges [5][24]. Summary by Sector Pharmaceutical Industry - In 2024, the total revenue growth for 405 pharmaceutical companies is projected at -0.46%, with net profit declining by 6.73% [2][13]. - Q1 2025 shows a continued decline in revenue and net profit, indicating ongoing challenges [13]. Traditional Chinese Medicine - For 62 listed companies in traditional Chinese medicine, revenue and net profit are expected to decline by -3.9% and -14.6% respectively in 2024, with further declines in Q1 2025 [24][32]. Chemical Preparations - The 96 chemical preparation companies are expected to see revenue growth of 1.2% and net profit growth of 15.7% in 2024, with a slight slowdown in Q1 2025 [2][5]. Research Services - The 16 research service companies are projected to experience a revenue increase of 6.56% in 2024, despite a significant drop in net profit [2][5]. Medical Services - The 11 medical service companies are expected to face revenue growth of 1.4% in 2024, with a notable recovery in Q1 2025 [2][5]. Medical Devices - The 97 medical device companies are projected to see a slight revenue increase of 1.16% in 2024, with a decline in net profit [2][5]. Biopharmaceuticals - The 54 biopharmaceutical companies are expected to see a revenue decline of -6.9% in 2024, with a significant drop in Q1 2025 [3][5]. CXO - The 22 CXO companies are projected to experience a revenue decline of -4.14% in 2024, but a recovery is anticipated in Q1 2025 with a revenue increase of 13.1% [3][5]. Raw Materials - The 50 raw material companies are expected to see a slight revenue increase of 2.48% in 2024, with a recovery trend starting in Q1 2025 [3][5]. Pharmacies - The 7 pharmacy companies are projected to see revenue growth of 4.9% in 2024, but face challenges in Q1 2025 [2][5]. Pharmaceutical Distribution - The 22 pharmaceutical distribution companies are expected to see a slight revenue increase of 0.27% in 2024, with ongoing challenges in Q1 2025 [2][5].

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 Insights - The Chinese pharmaceutical industry is undergoing significant transformation due to policies like "Two Invoice System" and "Volume-based Procurement," leading to compressed profit margins [1] - The average gross margin in China's pharmaceutical distribution industry fell to 7.2% in 2022, down from 9.8% in 2018, indicating a need for digital transformation [1] - The B2B private domain mall solution by Shushangyun aims to help pharmaceutical companies transition from traditional distribution models to digital marketing, having served over 300 companies with an average online transaction growth of 150% and an 80% increase in marketing efficiency [1] Market Status and Pain Points - The Chinese B2B pharmaceutical e-commerce market reached 256 billion yuan in 2022 and is expected to exceed 500 billion yuan by 2025, with a compound annual growth rate of over 25% [3] - Key drivers of this growth include regulatory support, the impact of the pandemic accelerating online processes, and technological advancements like AI and big data [3] - Pharmaceutical companies face four main pain points: high traditional channel costs (20-30% of distribution costs), low marketing efficiency (average cost of 500 yuan per sales visit), severe data silos (over 80% of companies), and increasing compliance risks [3] Solution Architecture - The B2B private domain mall solution features a "four-layer three-end" architecture, including a hybrid cloud infrastructure, data middle platform, business middle platform, and application layer [4] - Core functionalities include intelligent product management, unified order management across multiple channels, precise marketing systems, professional pharmaceutical services, supply chain collaboration, and a data dashboard for business insights [4][6] Case Studies - A top 20 pharmaceutical company with over 5 billion yuan in annual sales improved its marketing efficiency and reduced customer churn through the implementation of a digital marketing system [5] - A regional leading commercial company serving over 3,000 terminals enhanced its supply chain efficiency and reduced order processing time significantly by adopting intelligent supply chain systems [5][6] Future Trends - The industry is expected to see innovation driven by technology, including deep AI applications, blockchain for drug traceability, and digital twins for supply chain optimization [7] - The business model is evolving from transaction platforms to service platforms, focusing on building an industrial internet ecosystem and monetizing data value [7] Why Choose Shushangyun - Shushangyun has extensive industry experience, having served over 300 pharmaceutical companies, and offers over 50 specialized functions for the pharmaceutical sector [7] - The company provides efficient implementation with standard solutions that can be launched in two months and offers 24/7 operational support [7]