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 ...

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 ...