Core Viewpoint - The company Kyushu Tong (600998) reported a total sales revenue of 14.728 billion yuan from its agency brand promotion business (including pharmaceuticals and medical devices) in the first three quarters of 2025, indicating a strong performance in this sector [1] Company Performance - The pharmaceutical agency brand promotion business generated a sales revenue of 8.740 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 15.26% [1] - Key products contributing to this growth include well-known brands such as Kewai (Oseltamivir Phosphate), Kangwang, Mikobao, Betaloc, and Pairisong [1]

Core Viewpoint - 九州通's total brand promotion business (CSO) achieved a sales revenue of 14.728 billion yuan in the first three quarters of 2025, demonstrating steady growth [1] Group 1: Pharmaceutical CSO Business - The pharmaceutical CSO business generated a sales revenue of 8.740 billion yuan, reflecting a year-on-year growth of 15.26%, primarily driven by the strong performance of core products such as 可威 and 弥可保 [1] - The company has introduced 81 new product specifications during the period, including 9 high-value products, and has secured the distribution rights for 8 specifications of 卡泊三醇 in retail channels through collaboration with 利奥中国 [1] - 九州通's platforms, including 全擎健康, currently represent 783 product specifications, with 32 products achieving annual sales exceeding 100 million yuan, covering chronic diseases and anti-infection areas [1] Group 2: Medical Device CSO Business - The medical device CSO business recorded a sales revenue of 5.987 billion yuan, facing challenges due to the impact of medical consumables procurement policies on certain products like ultrasound knives and staplers [1] - The company represents 1,386 product specifications from 11 major manufacturers, including brands like 强生, 罗氏, and 雅培, across 15 product lines [1] - New product introductions, such as 登士柏 (dental) and 加奇, have shown rapid growth, with sales revenue exceeding 180 million yuan in the first three quarters [1]

Core Insights - The company reported significant growth in both revenue and profit for the fiscal year 2024, with total revenue reaching 1.766 billion yuan, a year-on-year increase of 29.26%, and net profit attributable to shareholders at 106 million yuan, up 94.58% [1] - In Q1 2025, the company continued its growth trajectory, achieving revenue of 574 million yuan, a 54.16% increase year-on-year, and a net profit of 27.42 million yuan, up 113.88% [1] Business Performance - The company's self-owned brand business generated revenue of 501 million yuan in 2024, marking a 90.28% increase and accounting for 28.37% of total revenue [1] - The brand "Zhanjia" has shown exceptional growth, with its total sales doubling year-on-year across multiple channels, including Tmall, Douyin, and Xiaohongshu, with GMV growth exceeding 100% [1] - The newly launched health brand "FineNutri" has rapidly gained traction, ranking second in Tmall's oral beauty nutrition category and first in the health supplement store heat ranking as of March 2025 [2] Strategic Partnerships and Initiatives - The company signed strategic cooperation agreements with several international brands, including Amorepacific's "Meishangxuan" and DHC, to enhance its presence in the health and personal care sectors [3] - The company has also partnered with Norwegian company ZoocaCalanus for exclusive distribution of a key ingredient in Greater China and established a strategic investment collaboration with AI ingredient development firm MetaNovas [2] Operational Efficiency - The company's agency operation business generated revenue of 764 million yuan in 2024, with an overall gross margin improvement of nearly 5 percentage points compared to the previous year [3] - During the Double Eleven shopping festival, nearly 50 agency-operated stores saw significant GMV growth, with multiple partner stores ranking in the top 5 of their categories [3] Market Performance - The company's stock has been well-received in the market, closing at 51.4 yuan per share on April 24, 2024, reflecting a 5.7% increase, and a year-to-date gain of over 84%, bringing its total market capitalization to 8.4 billion yuan [3]