证券研究报告·公司点评报告·医药商业 九州通（600998） 2025 年中报点评：现金流改善，"三新两化" 战略持续推进 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 150,140 | 151,810 | 165,919 | 177,268 | 189,609 | | 同比（%） | 6.92 | 1.11 | 9.29 | 6.84 | 6.96 | | 归母净利润（百万元） | 2,174 | 2,507 | 2,694 | 2,818 | 3,108 | | 同比（%） | 4.27 | 15.33 | 7.44 | 4.59 | 10.30 | | EPS-最新摊薄（元/股） | 0.43 | 0.50 | 0.53 | 0.56 | 0.62 | | P/E（现价&最新摊薄） | 11.90 | 10.32 | 9.60 | 9.18 | 8.32 | [Table_Tag] [Table_Sum ...

Core Insights - Shanghai Pharmaceuticals reported a revenue of 70.763 billion yuan for Q1 2025, representing a year-on-year growth of 0.87% [1] - The company achieved a net profit attributable to shareholders of 1.333 billion yuan during the same period [1] Revenue Breakdown - The pharmaceutical manufacturing segment generated sales of 5.885 billion yuan [1] - The pharmaceutical commercial segment accounted for sales of 64.878 billion yuan [1] Business Growth Areas - The import agency business achieved sales of 8.6 billion yuan, reflecting a year-on-year increase of 9.0% [1] - The innovative drug business reported sales of 12.5 billion yuan, with a significant growth of 23.2% [1] - The CSO (Contract Sales Organization) business saw a revenue increase of 9.89% [2] - The health equipment segment generated sales of 10.9 billion yuan, marking a growth of 6.9% [2] Strategic Initiatives - Shanghai Pharmaceuticals launched the "Lingang New Area Medical Device Import and Export Service Center" to facilitate the import of urgently needed drugs and rare disease medications [1] - The company established strategic partnerships with firms like Ansell and Kangfang Biotech to enhance the commercialization of new drugs [1]