九州通20241231

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses Jiuzhoutong, a leading pharmaceutical distribution company in China, focusing on its recent REITs issuance and overall business strategy in the pharmaceutical commercial sector [1][2][3]. Key Points and Arguments 1. REITs Issuance: - Jiuzhoutong is set to approve assets worth approximately 17.2 million square meters for REITs issuance, which is relatively small compared to its overall logistics assets [1][2]. - The issuance is expected to enhance the company's profits and creditworthiness significantly [1][2]. 2. Logistics Assets: - The company currently operates over 4.3 million square meters of logistics facilities, with 3.3 million square meters meeting FIRIS requirements [2][5]. - The assessed value of the logistics assets in Wuhan is approximately 309 million yuan, with a post-issuance valuation of 1.098 billion yuan [4][6]. 3. Asset Utilization and Efficiency: - The fixed asset turnover rate for Jiuzhoutong is relatively low compared to leading pharmaceutical companies in the US and Japan, which have turnover rates exceeding 100% [3][4]. - The company aims to improve its asset utilization through strategic asset management and expansion of logistics capabilities [3][4]. 4. Financial Impact: - Post-issuance, Jiuzhoutong will retain 34% equity in the REITs, translating to approximately 378 million yuan in long-term equity investment on its balance sheet [5][6]. - The expected cash inflow from the issuance is projected to exceed 500 million yuan, significantly bolstering the company's financial position [6][7]. 5. Cost Structure and Tax Implications: - The company anticipates tax costs related to asset appreciation to be around 200 million yuan, primarily due to the difference between assessed and book values [6][7]. - The annual depreciation cost for the logistics assets is approximately 30 million yuan, which will change post-issuance [7][8]. 6. Market Dynamics: - The pharmaceutical distribution market is experiencing a shift, with a focus on larger chain pharmacies rather than smaller distributors, which may stabilize Jiuzhoutong's revenue streams [16][17]. - The growth rate for the second terminal (retail pharmacies) has shown signs of slowing, influenced by healthcare policies and market conditions [16][17]. 7. Future Growth and Strategy: - Jiuzhoutong plans to enhance its logistics network's intelligence and efficiency, which is crucial for supporting its core business and expanding into new markets [15][16]. - The company is also exploring new logistics centers in key areas to further strengthen its operational capabilities [15][16]. Additional Important Insights - The company’s CSO (Contract Sales Organization) business has shown stable growth, primarily focusing on OTC (Over-the-Counter) products, which are less affected by regulatory changes [17]. - The overall trend in the pharmaceutical retail market indicates a potential increase in the concentration of pharmacies, which could benefit larger distributors like Jiuzhoutong [16][17]. This summary encapsulates the critical insights from the conference call, highlighting Jiuzhoutong's strategic initiatives, financial implications, and market positioning within the pharmaceutical distribution industry.