Jointown Pharmaceutical Group Co., Ltd. (600998)

Equity Research Report　|　Industry: Pharmaceutical Distribution　|　Report Date: September 13, 2026　|　Closing price on September 11, 2026 (Friday), cross-checked across multiple sources (official SSE market-data page, stcn, East Money, Jiufang Intelligent Investment and Sina)

This report was automatically compiled by AI based on publicly available information. It is for reference only and does not constitute investment advice.

1. Executive Summary

Jointown recorded operating revenue of RMB 87.279 billion in 1H2026, up 7.61% year on year, while net profit attributable to shareholders fell 16.95% to RMB 1.201 billion. Recurring net profit attributable to shareholders rose 3.22% to RMB 982 million. Revenue growth accelerated from 6.58% in the first quarter to 8.71% in the second quarter. However, reported profit remained affected by a decline in non-recurring gains, including proceeds from the issuance of public REITs, and the improvement in operating profitability has not yet fully translated into growth in attributable net profit.

The company is essentially a pharmaceutical distributor and supply-chain services provider centered on a nationwide warehouse network and omnichannel distribution platform. Distribution and related businesses accounted for approximately 83.4% of core revenue in 1H2026, and low-margin distribution remained dominant. At the same time, businesses including general agency/CSO, pharmaceutical manufacturing, traditional Chinese medicine decoctions, medical devices, medical aesthetics, B2C e-commerce and digital-intelligence services maintained sound structural growth. Consolidated gross margin was approximately 7.78% in 2025 and 7.8% in 1H2026, up 0.2 percentage points year on year. Business-mix upgrading is the main potential source of earnings improvement.

The company has 137 warehouse facilities covering more than 96% of administrative regions nationwide. Its downstream B2B customer base reached 740,500, while the number of Good Doctor franchise stores was approximately 36,100. Customer concentration is low, and sales to out-of-hospital markets account for more than 70%, creating a pharmaceutical-distribution model distinct from one primarily focused on hospital channels. However, this model also requires substantial working capital: accounts receivable reached RMB 35.672 billion in 1H2026, up 23.64% from the beginning of the year; net operating cash flow was negative RMB 2.781 billion; and short-term borrowings increased 34.15% from the beginning of the year.

As of September 11, 2026, the share price was RMB 4.97, with a market capitalization of approximately RMB 25.061 billion, a forward P/E of approximately 10.44x and a P/B ratio of approximately 0.93x. Technically, the stock was in a weak, low-turnover consolidation phase. Although the MACD formed a golden cross below the zero axis and the moving averages had previously formed a bullish alignment, the share price had fallen below the chip-cost average of approximately RMB 4.98. In the short term, investors should monitor whether the RMB 4.95–5.00 moving-average and cost area can provide effective support.

2. Company Overview

2.1 Basic Information

2.2 Core Businesses and Product Portfolio

• Digital pharmaceutical distribution and supply-chain services (1H2025 revenue of RMB 67.634 billion, approximately 83.4% of core revenue, and gross profit of RMB 4.307 billion)
• General agency and brand-promotion business (CSO; 1H2025 revenue of RMB 9.591 billion, approximately 11.8%, and gross profit of RMB 1.098 billion; including RMB 5.759 billion from general pharmaceutical agency and RMB 3.831 billion from general device agency; FY2025 revenue of RMB 19.777 billion and gross profit of RMB 2.254 billion, representing 18.03% of core gross profit)
• Self-manufactured and OEM pharmaceutical products (1H2025 revenue of RMB 1.593 billion, approximately 2.0%, and gross profit of RMB 320 million; FY2025 revenue of RMB 3.333 billion, up 10.81% year on year, including RMB 2.621 billion from self-manufactured traditional Chinese medicine decoctions, up 14.66%)
• New retail and healthcare services (consumer-facing; 1H2025 pharmaceutical new-retail revenue of RMB 1.493 billion, approximately 1.8%, and gross profit of RMB 218 million)
• Digital-intelligence logistics services (digital logistics and supply-chain solutions; 1H2025 revenue of RMB 587 million and gross profit of RMB 108 million)
• Digital-intelligence technology services (healthcare and technology value-added services; 1H2025 revenue of RMB 140 million and gross margin of 40.77%)

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

Jointown is China’s largest private pharmaceutical commercial enterprise and the fourth-largest pharmaceutical commercial enterprise overall. It is essentially a light-asset, network-based pharmaceutical-distribution and supply-chain services provider rather than a capacity-based manufacturer. Its position in the value chain is the midstream distribution link between pharmaceutical manufacturers and end markets, including hospitals, pharmacies and primary-care institutions. Its core assets are its nationwide warehouse network and omnichannel distribution platform, comprising 137 warehouses with a total construction area of more than 4.02 million square meters and coverage of more than 96% of administrative regions nationwide. Upstream, the company is extending into general agency/CSO and self-manufacturing; downstream, it is extending into new retail and a large franchise-store network.

• Purchasing sources are the company’s genuine upstream suppliers: pharmaceutical and device manufacturers and agents. Jointown itself does not manufacture pharmaceuticals and is engaged primarily in distribution; only its industrial-manufacturing segment purchases APIs, Chinese medicinal materials and decoction ingredients through subsidiaries Jingfeng Pharmaceutical and Jiuxin Traditional Chinese Medicine. Core upstream categories are: ① finished pharmaceuticals and devices purchased from manufacturers, general agents and regional agents; and ② APIs and Chinese medicinal materials/decoction ingredients required for self-manufacturing.
• Supplier concentration: purchases from the five largest suppliers amounted to RMB 23.286 billion, approximately 14.04% of total purchases (source: Chaguwang, page updated 2026-08-22). Concentration is relatively low. The data come from a single source, could not be cross-checked, and the fiscal-year basis is not clearly stated; the annual report’s disclosure of the “five largest suppliers” should be used as the reference.
• Bargaining-power assessment: As the fourth-largest pharmaceutical distributor nationwide and the largest private pharmaceutical distributor, Jointown has some scale and channel bargaining power over fragmented upstream manufacturers. However, drug purchase prices are largely determined by policies such as volume-based procurement and national negotiated procurement, as well as by manufacturers. Overall, the company is a price taker in the procurement of generic drugs. Its relative moat lies in exclusive or leading agency rights under the general-agency/CSO business, such as Kewei, Mikelan and calcipotriol products, which provide some pricing and gross-margin flexibility.
• Payment-side pressure: “Strengthening strategic cooperation with core suppliers, resulting in higher payments,” was one of the reasons for the decline in operating cash flow in 2024 (China Chengxin International 2025 credit-rating report).
• Upstream cooperation resources: nearly 10,000 upstream industrial companies; approximately 2,521 agency product specifications in 1H2026; cumulative CSO agency coverage of more than 817 pharmaceutical specifications, 1,612 device specifications, 11 major manufacturers and 15 product lines; and a CSO marketing team of approximately 3,000 people.
• Customer structure: public hospitals, chain and independent pharmacies, primary-care and private medical institutions, internet traffic platforms and downstream pharmaceutical distributors (quasi-terminals), providing omnichannel coverage from first- to fourth-tier terminals plus quasi-terminals.
• Terminal structure (1H2026): chain and independent pharmacies accounted for 37.6%, while primary-care and private medical institutions accounted for 56.9% (approximately 94.5% combined, with the remainder comprising hospitals, internet channels and others). Out-of-hospital sales accounted for more than 70% according to the 2025 annual report, a significant feature distinguishing Jointown from Sinopharm and Shanghai Pharmaceuticals, whose businesses are primarily hospital-oriented.
• B2B customer base: 740,500 downstream B2B customers in 1H2026, compared with 505,700 at the end of 2023; Good Doctor’s “10,000-store franchise” network had approximately 36,120 stores in 1H2026, compared with 21,192 at the end of 1Q2024.
• Customer concentration: extremely low. Based on accounts receivable, the five largest customers accounted for 3.21% at end-2021, 3.03% at end-2022, 3.01% at end-2023 and 2.85% at end-2024 (sources: 2024 audited report and preferred-share prospectus). Media reports for 1H2026 stated that the five largest customers accounted for only 4.7% of accounts receivable (media basis; source: Caifuhao, 2026-08-27).
• ⚠ Customer-concentration discrepancy: Chaguwang reports that the five largest customers generated sales of RMB 3.406 billion, or 2.24% of revenue (dated 2024-12-31), while another entry shows sales of RMB 13.567 billion, or 8.41% of revenue (135.67/1,613.9 ≈ 8.41%, apparently FY2025). The same source is internally inconsistent and cannot be cross-checked; the annual report’s disclosure of the “five largest customers” should be used as the reference.
• Industry bargaining dynamics: Downstream demand is spread across numerous pharmacies and primary-care and private medical institutions, which together account for approximately 94.5%; customer concentration is low and distributors’ bargaining position is relatively balanced. However, for hospital channels such as public hospitals, volume-based procurement, medical-insurance cost controls and collection cycles create substantial payment-term pressure.
• Working-capital signals: The company has a large accounts-receivable balance and significant collection pressure. Media headlines have referred to “RMB 35.6 billion in receivables weighing on the company” and “receivables surging by RMB 8.6 billion in one quarter” (sources: Toutiao; media figures not cross-checked against the annual report). The positive signal is extremely low customer concentration: the five largest customers’ share of accounts receivable declined from 3.21% at end-2021 to 2.85% at end-2024 (sources: 2024 audited report and preferred-share prospectus), indicating that sales are not dependent on a single major customer and that bargaining power is relatively dispersed. However, in 2024, higher payments resulting from strengthened strategic cooperation with core suppliers contributed to the decline in operating cash flow, suggesting that the company actively concedes on the upstream payment side to secure resources. Overall, the company exhibits a working-capital pattern of “fragmented downstream customers and increased upstream payments.” Complete accounts-receivable/payable and turnover-day data were not provided in the research materials.
• Extremely low customer concentration: the five largest customers accounted for 3.21%, 3.03%, 3.01% and 2.85% of accounts receivable at end-2021, end-2022, end-2023 and end-2024, respectively (sources: 2024 audited report and preferred-share prospectus); media reports put the 1H2026 figure at only 4.7%. Supplier concentration is relatively low: purchases from the five largest suppliers totaled RMB 23.286 billion, approximately 14.04% of total purchases (source: Chaguwang, updated 2026-08-22; single source, fiscal-year basis unclear and not cross-checked). ⚠ Customer-sales concentration discrepancy: the same Chaguwang page contains two inconsistent figures—sales of RMB 3.406 billion, or 2.24% of revenue (dated 2024-12-31), and sales of RMB 13.567 billion, or 8.41% of revenue (apparently FY2025). These figures cannot be cross-checked; the latest annual report should be used as the reference.

Jointown operates in the midstream distribution and supply-chain services portion of the smile curve: low margin, with consolidated gross margin of approximately 7.8%, high turnover and strong network scale effects. It is a typical “thin-margin midstream, winning through volume” business rather than an upstream, resource-based high-margin business or a downstream, brand-driven high-margin business. The genuine drivers of further gross-margin improvement, in descending order, are: ① product and business-mix upgrading, including general agency/CSO, self-manufactured and OEM pharmaceuticals, traditional Chinese medicine decoctions, medical aesthetics and medical devices; ② relative pricing power from exclusive or leading agency rights under the general-agency/CSO business; ③ scale effects from the omnichannel warehouse network and incremental service revenue from digital logistics and digital-intelligence technology services; and ④ cost control and working-capital efficiency, rather than the generic explanation of “intense industry competition.”

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest disclosed reporting period is the 2026 interim report (for the six months ended 2026-06-30, announced on 2026-08-25/08-31); the 2026 third-quarter report had not yet been disclosed and was expected in late October 2026. Year-on-year attributable net profit was significantly affected by non-recurring items: non-recurring gains in the prior-year period of 1H2026 included RMB 494 million from the issuance of public REITs, versus only RMB 218 million in the current period. In 2024, the company completed a Pre-REITs issuance that increased attributable net profit by RMB 576 million; in 2025, the public REITs issuance increased attributable net profit by RMB 438 million, making cross-year comparisons difficult. The 2025 annual report stated that attributable net profit excluding the increased impact of impairment provisions was RMB 2.486 billion, down 0.84% year on year. Some sources report 2025 attributable net profit as RMB 2.254 billion, reflecting rounding. Sources: GF Securities research report dated 2026-08-27, China Post Securities research report dated 2026-09-11, Securities Star income-statement page, China Securities Journal·China Securities Network, East Money and Jiemian News.

1H2026 revenue rose 7.61% year on year to RMB 87.279 billion, with quarterly growth improving sequentially (+6.58% in 1Q and +8.71% in 2Q). Attributable net profit fell 16.95% to RMB 1.201 billion, mainly because non-recurring gains declined from RMB 494 million in the prior-year period, including proceeds from public REIT issuance, to RMB 218 million in the current period. Recurring attributable net profit was RMB 982 million, up 3.22%, providing a more stable basis. 1H2026 gross margin was 7.77% (+0.21ppt), attributable net margin was 1.38% (-0.41ppt), and recurring net margin was 1.13%. Expense ratios were 3.15% for selling expenses (+0.26ppt), 1.81% for administrative expenses (-0.01ppt), 0.07% for R&D expenses and 0.60% for financial expenses (+0.04ppt). Net operating cash flow was negative RMB 2.781 billion, compared with negative RMB 2.821 billion in the prior-year period; ending cash and cash equivalents were RMB 21.863 billion. Net profit included a net loss from discontinued operations of RMB 212 million; consolidated net profit was approximately RMB 1.193 billion, slightly below attributable net profit of RMB 1.201 billion because of losses attributable to minority shareholders. FY2025 attributable net profit was RMB 2.255 billion, down 10.07%, and recurring attributable net profit was RMB 1.748 billion, down 3.63%; basic EPS was RMB 0.44. FY2024 attributable net profit was RMB 2.507 billion, up 15.33%; recurring attributable net profit was RMB 1.814 billion, operating cash flow was positive RMB 3.083 billion, gross margin was 7.80%, debt-to-asset ratio was 67.19% and EPS was RMB 0.50.

3.2 Earnings Forecasts

Consensus estimates are sourced from East Money F10 (emweb.securities.eastmoney.com/ProfitForecast, recent-six-month basis, searched around September 2026). Individual broker estimates: Orient Securities (2026-09-04) EPS of RMB 0.49/0.54/0.56; GF Securities (2026-08-27) EPS of RMB 0.45/0.51/0.57; Soochow Securities (2026-08-26) revenue of RMB 171.656/183.294/195.470 billion and attributable net profit of RMB 2.334/2.602/2.864 billion, revised down from RMB 2.502/2.759/3.029 billion in its April version; China Post Securities (2026-09-11) revenue of RMB 172.488/184.314/197.045 billion, attributable net profit of RMB 2.244/2.487/2.740 billion and EPS of RMB 0.44/0.49/0.54; China Galaxy Securities (2026-04-29/05-05) attributable net profit of approximately RMB 2.490/2.765/3.162 billion; China Securities Investor Services (2026-05-09) revenue of RMB 174.285/188.388/203.842 billion, recurring attributable net profit of RMB 1.906/2.088/2.295 billion and recurring EPS of RMB 0.38/0.41/0.46, a recurring-profit basis that is materially below other broker estimates; CICC (2026-04-29) net profit of approximately RMB 2.255 billion in 2026 and RMB 2.390 billion in 2027. Across multiple brokers, the approximate consensus ranges for 2026–2028 attributable net profit are RMB 2.2–2.3 billion/RMB 2.5–2.6 billion/RMB 2.7–2.9 billion, corresponding to low-single-digit to low-double-digit growth; brokers cite a three-year CAGR of approximately 12%. Attributable profit is more affected by non-recurring REIT-related gains, while the recurring basis is more stable. Consensus 2026E book value per share is approximately RMB 5.83 and 2027E approximately RMB 6.18; 2026E ROE is approximately 7.94%. Some broker estimates were obtained from aggregator websites or research-report summaries and were not individually checked against original PDFs. China Securities Investor Services uses a recurring-profit basis that is not directly comparable with peers and should be treated cautiously.

3.3 Valuation and Institutional Ratings

Around mid-September 2026, China Post Securities’ report dated 2026-09-11 used a closing price of RMB 5.04; MarketWatch showed a closing price of RMB 4.97, versus a previous close of RMB 5.04; an East Money announcement page showed a market capitalization of RMB 24.4 billion on August 31, corresponding to RMB 4.84. Total shares were 5.042 billion (Jufeng Financial, 2026/9/11), implying a market capitalization of approximately RMB 25.0–25.4 billion (MarketWatch: ¥25.06B). Based on consensus 2026E EPS of RMB 0.45 and a share price of RMB 5.0, forward P/E is approximately 11x, with 2027E at approximately 10x and 2028E at approximately 9x. MarketWatch reported P/E of 12.47x, based on its EPS of RMB 0.40 and apparently a TTM basis; East Money’s August 31 announcement page showed P/E of 10.16x at RMB 4.84. Based on 2026Q1 book value per share of RMB 5.4556 and a share price of RMB 5.0, P/B is approximately 0.92x, close to below-book valuation. The 2025 dividend was RMB 0.20 per 10 shares including tax, implying a dividend yield of approximately 4.0% (MarketWatch yield 4.02%; ex-dividend date 2026-06-08). The 2024 dividend was also RMB 0.20 per 10 shares, implying a yield of approximately 3.76%. The 52-week range was RMB 4.48–5.84 (MarketWatch; exact dates unclear). At the company level, cumulative dividends over the past three years represented 159.84% of average annual net profit (Sichuan Caizheng Securities event report, 2025-10-15). Uncertainties include inconsistent data dates for share price, P/E and P/B: RMB 4.84 corresponds to August 31, RMB 5.04 to September 11, and the MarketWatch date for RMB 4.97 is unclear. Valuation multiples may therefore vary slightly and should be recalculated using a consistent latest closing date. EPS definitions are also inconsistent: basic EPS in the annual report, East Money’s latest share-count adjustment and certain brokers’ recurring EPS are not directly comparable. ROE is reported at different levels, including 7.90%, 8.29% and 9.06%, probably reflecting differences between weighted and diluted, attributable and consolidated bases; a single basis could not be confirmed. Sources: MarketWatch, East Money announcement pages, Jufeng Financial, Chaguwang and Sina Finance research pages.

4. Recent News and Announcements

4.1 Proposed Private Placement of Preferred Shares of up to RMB 2.8 Billion

On the evening of 2026-08-31/2026-09-01, the company disclosed the “2026 Plan for Issuance of Preferred Shares to Specific Investors” (Announcement No. Lin 2026-078). The issuance would comprise no more than 28 million shares, with a par value of RMB 100 per share, issued at par, and total proceeds of no more than RMB 28.000 billion? [sic] The source states total proceeds of no more than RMB 28,000 million (RMB 2.8 billion). Use of proceeds: no more than RMB 2.0 billion to repay bank loans and other interest-bearing liabilities, and no more than RMB 800 million to replenish working capital. The offering would target no more than 200 qualified investors; existing shareholders would not receive priority placement, and the controlling shareholder, actual controller and related parties would not participate. Instrument terms: fixed dividend rate with a one-time step-up arrangement, cumulative, non-participating, with no put option, non-convertible preferred shares; redemption rights belong to the company; the entire amount would be recognized as an equity instrument for accounting purposes; and the issuance would be conducted in tranches. The first tranche would be completed within six months of registration approval by the CSRC and represent at least 50% of the total issue, with the balance issued within the following 24 months. This would be the second preferred-share financing in two years, following the issuance of 17.90 million shares for RMB 1.790 billion in August 2024. Media reports noted that A-share preferred-share issuance is dominated by banks and that intensive use of the instrument by a private non-financial company is relatively uncommon; in the past two years, only Jointown and China Merchants Shekou have issued such instruments at the listed-company level. The company stated that the purpose is to optimize its capital structure, ease debt-repayment pressure and reduce financial expenses. Approval status: the plan still requires approval by the third extraordinary general meeting of shareholders in 2026, review by the SSE and registration approval by the CSRC, and therefore remains subject to uncertainty. Sources: Shanghai Securities News (2026-09-01), CLS (2026-09-01), China Securities Network; the original announcement is available on the SSE website and Securities Star.

4.2 Third Extraordinary General Meeting of Shareholders in 2026 Scheduled for 2026-09-17

Time and venue: 14:00 on September 17, 2026, at Jointown Headquarters, No. 5 Longxing West Street, Hanyang District, Wuhan. Record date: A shares, 2026-09-11; preferred shares (code 360047, “Jiuzhou You”), 2026-09-14. Ten proposals are to be considered, including expansion of the business scope and amendments to the Articles of Association, election of non-independent directors, amendments to certain management rules, and a full package of proposals relating to the private placement of preferred shares, including the issuance plan, feasibility analysis of the use of proceeds, use of proceeds from the previous offering, the offering plan, measures to offset dilution of immediate returns, and authorization for the board to handle the issuance. The proposed business-scope expansion would add “veterinary drug operations.” Disclosed announcements include Lin 2026-080 on 2026-09-01 (notice), Lin 2026-082 on 2026-09-10 (online-voting reminder) and Announcement No. 2026-083 on 2026-09-10 (reminder announcement). Sources: CFi.cn, Securities Daily, Shanghai Securities News and Sohu (meeting materials). Note: the voting results of the September 17 meeting had not been disclosed in the search and should be treated as an item requiring follow-up.

4.3 Changes in the Upper-Level Ownership Structure of the Controlling Shareholder and Addition of a Concert Party (Disclosed 2026-09-12)

Announcement No. Lin 2026-085 (2026-09-12; see Shanghai Securities News/China Securities Journal): Shanghai Junda Hengchang Enterprise Management Consulting Co., Ltd. proposes to inject capital into Chuchang Group, increasing Chuchang Group’s registered capital from RMB 111.40622 million to RMB 112.534718 million. Following the capital injection, Shanghai Junda Hengchang will hold 1.0028% of Chuchang Group; Liu Baolin will hold 50.8233%, Liu Shulin 25.5976% and Liu Zhaonian 22.5763%. The actual controller of Shanghai Junda Hengchang is Liu Baolin. The parties also signed a concert-party agreement, making Shanghai Junda Hengchang a concert party of the actual controller. The transaction is an internal adjustment of the shareholding structure of the actual controller and concert parties. It does not involve a direct transfer of listed-company shares, an increase or reduction of holdings, or a mandatory tender offer. Chuchang Group remains the controlling shareholder and Liu Baolin remains the actual controller; aggregate shareholdings and ownership percentages remain unchanged. Registration of the change with the market-regulation authorities remains outstanding. Sources: Shanghai Securities News and China Securities Journal.

4.4 Share Pledge and Release (Shareholder Activity, Announced 2026-08-20/21)

Announcements dated 2026-08-20/21 stated that shareholder Zhongshan Guangyin Investment Co., Ltd. held 335,357,275 shares, representing 6.65% of total shares. The company completed the early release of pledges over 47 million shares (0.93%) and newly pledged 17 million shares (0.34%) and 42 million shares (0.83%) to the Wuhan branches of China Merchants Bank and Ping An Bank. Following completion, Zhongshan Guangyin had cumulatively pledged 296,021,100 shares, or 5.87% of total shares. Chuchang Investment, the controlling shareholder, and its concert parties together held 2,290,962,492 shares, or 45.43% of total shares. Pledged shares totaled 1,317,716,845, representing 57.52% of their holdings and 26.13% of total shares. Source: Securities Daily (Announcement No. Lin 2026-069).

4.5 Progress on Guarantees Provided to Subsidiaries (2026-09-12)

Announcement No. Lin 2026-084: New guarantees in August 2026 totaled RMB 21.570 billion? [sic] The source states RMB 215,700.00 ten thousand, comprising RMB 170,850 ten thousand for subsidiaries with debt-to-asset ratios above 70% and RMB 44,850 ten thousand for subsidiaries below 70%. Guarantees released during the month totaled RMB 339,850.00 ten thousand. Guarantees were provided to 37 subsidiaries. As of 2026-08-31, the company’s actual outstanding guarantee balance was RMB 31.368 billion; total external guarantees were RMB 31,368.1862 million, representing 109.85% of the latest audited net assets, exceeding both 50% and 100% thresholds and triggering a special risk warning. In 2026, the company and its subsidiaries were approved for aggregate credit facilities and other business with financial institutions of no more than RMB 79.586 billion. Source: CFi.cn.

4.6 “Enhance Quality, Improve Efficiency and Increase Returns” 2.0 Action Plan

The 22nd meeting of the sixth board of directors on 2026-08-20 approved the “2026 ‘Enhance Quality, Improve Efficiency and Increase Returns’ 2.0 Action Plan,” responding to the SSE’s special initiative of the same name and setting quantitative targets around operations, corporate governance and investor returns. Announcement No. Lin 2026-069 (2026-08-21). Source: Securities Daily.

4.7 2026 Interim Report (Disclosed 2026-08-24)

Revenue was RMB 87.279 billion (+7.61% year on year); attributable net profit was RMB 1.201 billion (-16.95%); recurring attributable net profit was RMB 982 million (+3.22%); basic EPS was RMB 0.23. The main reason for the decline in attributable net profit was the reduction in non-recurring gains from RMB 494 million in the prior-year period, primarily public REIT issuance gains, to RMB 218 million in the current period, a decline of RMB 276 million. Investment income moved from RMB 877 million in the prior-year period to negative RMB 95 million. At period end, total assets were RMB 120.775 billion, liabilities RMB 83.596 billion and the debt-to-asset ratio 69.22%, versus 68.33% at the beginning of the year. Accounts receivable were RMB 35.672 billion, up 23.64% from the beginning of the year, and short-term borrowings were RMB 15.380 billion, up 34.15%. No interim profit-distribution or capitalization plan was disclosed. Sources: Zhitong Finance/Securities Star, Securities Times and East Money. Note: sources differ on the precise disclosure date. Most media reported the report was disclosed on the evening of 2026-08-24, while a “Gubaike” article stated that it was released on August 21. The exchange’s original document should be used for cross-checking.

4.8 Other Recent Announcements and Events

Strategic cooperation: on 2026-08-21, the company signed a strategic cooperation agreement with National Council for Social Security Fund? [sic] The source refers to China Life Pension Insurance, to explore “pension finance + pharmaceutical services” (sources: GF Securities research report dated 2026-08-27 and CLS). Project award: on 2026-08-29, the company received a notice of award for the information-integration project for the county-level medical consortium in Changyang Tujia Autonomous County. The contract value was RMB 43.1205 million, the winning bidder was Jointown Healthcare Technology Co., Ltd. and the contract period was 730 days (source: East Money major-events reminder). Financing instrument: in June 2026, the company issued RMB 1.0 billion of accounts-receivable ABN at a coupon rate of 1.75% (source: China Post Securities research report dated 2026-09-11). Institutional communication: the company hosted investor research on 2026-09-02 (online interaction/earnings briefing), UBS and others on 2026-08-25 (interim-results conference call), and an investor reception day on 2026-07-09 (source: East Money major-events reminder). Subsidiary qualifications: in May 2026, subsidiaries and controlled subsidiaries were recognized as high-tech enterprises; on 2026-05-07, a subsidiary passed the drug GMP compliance inspection (source: Sina Finance announcement list). Share repurchase: the “repurchase” provisions identified in the search belong to the preferred-share issuance plan and do not represent a repurchase of ordinary shares. As of the search date, no recent ordinary-share repurchase announcement had been found.

4.9 Industry and Policy News Relevant to the Company

The 12th round of national volume-based procurement covered 65 products, with a procurement scale of approximately RMB 60 billion, setting records for both the number of products and transaction value. The 2026 edition of the National Essential Medicines List expanded to 794 products and, for the first time, included 16 innovative drugs in bulk. The “15th Five-Year Plan for the Revitalization and Development of Traditional Chinese Medicine” was issued. The company’s sales revenue through tier-three public hospitals rose 10.47% year on year in 1H2026, and it had secured distribution rights for 3,681 products under national volume-based procurement (sources: Gubaike/Securities Star, 2026-08-26).

4.10 Uncertainties and Limitations to Be Noted

1. Data timing: the latest public information above was available through around 2026-09-12, and company announcement numbers had reached Lin 2026-085 and 2026-083. No new announcement after September 12, 2026 was identified in this search. If the report is to be updated “through today,” later disclosures must be checked. 2. The preferred-share offering remains subject to approval by shareholders, the SSE and the CSRC. Whether it will ultimately be approved, as well as the actual issuance size and dividend rate, remains undetermined; it is a plan rather than a completed transaction. 3. The voting results of the 2026-09-17 extraordinary general meeting were not found in this search, as the meeting may not yet have been held or the results may not yet have been posted; this should be treated as a follow-up item. 4. Margin-financing data, such as the RMB 553 million balance on 2026-09-04, came from East Money’s “major events” page and was not cross-checked against a second source; it is for reference only. Data on institutional flows and share-price-related capital flows were not successfully obtained and were excluded. 5. Sources differ on the precise interim-report disclosure date: most media reported the evening of 2026-08-24, while a “Gubaike” article stated August 21. This report follows the company board/exchange disclosure timeline of the evening of August 24; the exchange’s original document should be used for verification. 6. Research-report earnings estimates, such as GF Securities’ 2026–2028 EPS estimates of RMB 0.45/0.51/0.57 and fair-value target of RMB 6.48 dated 2026-08-27, and China Post Securities’ EPS estimates of RMB 0.44/0.49/0.54 and Buy rating dated 2026-09-11, represent individual-broker views rather than multi-broker consensus and are for reference only. 7. Source reliability: announcement texts on the websites of the four major securities newspapers and the SSE website (static.sse.com.cn) are the most authoritative. CLS, China Securities Network and Shanghai Securities News are credible financial media. East Money’s “major events” reminder is a third-party aggregator and contains occasional date deviations, such as for the interim report.

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of the September 11, 2026 close, Jointown (600998.SH) was at RMB 4.97, down 1.39%, with a turnover rate of only 0.50%, volume ratio of 0.90, turnover value of RMB 126 million, market capitalization of RMB 25.061 billion and full float. The technical picture was mixed: MACD formed a weak-repair golden cross below the zero axis on September 4 and a bullish moving-average alignment appeared on September 9. However, the strength trend had recently fallen from the holding zone to the observation zone, indicating a short-term bearish trend with downside momentum not yet exhausted. The share price had fallen below the high-level-consolidation cost average of RMB 4.98 and five-day moving-average support of RMB 4.97. Major-player costs over one and 20 days were RMB 4.97 and RMB 4.96, respectively, while the moving-average cluster was approximately RMB 4.95–5.00. Precise MA5/10/20 and Bollinger-band data for the day were unavailable and remain uncertain. In terms of fund flows, major-player funds recorded aggregate net outflows of approximately RMB 31.12 million over the eight trading days from September 1 to September 10, according to a summation of East Money’s flow table rather than an official aggregate. Third-party platforms differed, but the consensus trend was that net outflows prevailed on most days in the past week. Relative to its sectors, the stock outperformed pharmaceutical commerce, biopharmaceuticals and pharmaceutical distribution by approximately 6 percentage points over 10 days, demonstrating clear downside resilience. Sources also differed on the 52-week high and low, with the high probably in the RMB 5.60–5.84 range and the low in the RMB 4.37–4.62 range. Overall, the stock was in a low-turnover, low-volume weak consolidation pattern, with its short-term direction dependent on whether the RMB 4.95–5.00 moving-average cluster holds and whether trading volume recovers.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is a subjective scenario analysis based on the September 11, 2026 closing data. The price levels are technical ranges rather than point forecasts, and the scenario weights are subjective judgments rather than statistical probabilities. This does not constitute investment advice. Investors should make independent judgments and assume their own risks.

① Key Technical Levels

② Scenarios for the Coming Week (Subjective Weights, Not Statistical Probabilities)

• Consolidation (relatively higher weight, approximately 60%, a subjective heuristic based on current technical and fund-flow conditions, not a statistical probability): the share price fluctuates within RMB 4.95–5.05, with daily turnover remaining around RMB 90–150 million. Trigger/confirmation conditions: the RMB 4.95–5.00 moving-average cluster holds, the MACD red histogram does not continue to contract and pharmaceutical-commerce/biopharmaceutical sectors do not suffer another sharp single-day decline. Under this scenario, neither bulls nor bears have a clear breakout catalyst and wait-and-see sentiment continues.
• Weak decline (medium weight, subjective heuristic rather than a statistical probability): the stock breaks below RMB 4.95 and moves toward strong support at RMB 4.85–4.90, or even tests the RMB 4.48 52-week low under the mainstream definition. Trigger conditions: the MACD red histogram contracts again after the golden cross; downside momentum continues; major-player funds remain net sellers; the sectors or broader market remain weak; or a high-volume decline occurs, with turnover clearly expanding and the stock closing lower.
• Rebound and strengthening (low weight, subjective heuristic rather than a statistical probability): the stock decisively breaks through RMB 4.98–5.08 and tests RMB 5.05–5.07, the September 7/8 closing levels, before moving toward approximately RMB 5.30. Trigger conditions: the MACD red histogram expands again and the golden cross below the zero axis develops into an effective repair; daily turnover expands above RMB 200 million; major-player funds turn into sustained net inflows; or a catalytic announcement or broad sector strengthening emerges.

③ Fund-Flow and Liquidity Background

The liquidity background is as follows: market capitalization of RMB 25.061 billion, fully floating, and recent daily turnover generally around RMB 90–150 million (approximately RMB 213 million on September 1, RMB 142 million on September 2, RMB 145 million on September 8, RMB 90 million on September 9 and RMB 126 million on September 11). The turnover rate ranged from approximately 0.35% to 0.86% (0.86% on September 1, 0.57% on September 2, 0.57% on September 8, 0.35% on September 9 and 0.50% on September 11), indicating a low-turnover stock. The five-level order book showed 2,379 lots offered at 5.00, 2,399 lots offered at 5.01 and 4,198 lots bid at 4.93. Large individual orders can therefore have a visible impact on price. Selling pressure around RMB 4.98–5.08 will require incremental funds to absorb, while bids are moderately thin and slippage on large trades may be relatively wide. In margin financing, the official SSE data for 2026-09-11 showed a margin balance of RMB 537,707,944 (RMB 538 million), margin purchases of RMB 5.128 million, margin repayments of RMB 11.0582 million and securities-lending balance of 1,053,450 shares. stcn reported a margin balance of RMB 549 million on 2026-09-10, representing 2.14% of free-float market capitalization, with net margin purchases of negative RMB 4.7322 million and a decline for two consecutive days. East Money showed a margin-balance difference of RMB 538 million, representing 2.12% of the free float, below the market average of 4.37%. Shareholder concentration data are lagged and the structure may have changed: Tonghuashun F10 reported that, as of 2026-06-30, 358 major institutions held 3.470 billion shares, or 68.82% of floating A shares. The top ten shareholders as of 2025-09-30, based on BOCHK/etnet disclosure, were primarily the controlling family’s platforms—Shanghai Hongkang Industrial 21.58%, Shilong International (Hong Kong) 11.41%, Chuchang Investment 7.19%, Zhongshan Guangyin 6.65% and Beijing Dianjin 5.48%, approximately 52.31% in total—along with AMC China Cinda at 4.99%, an employee shareholding plan at 1.72% and an industrial M&A fund at 1.36%. No public-fund account or social-security fund appeared among the top ten. Northbound holdings differed between two sources: stcn reported 93.5672 million shares as of 2026-06-30, down 10.72% from the prior quarter, while Jiufang reported 170 million shares. These figures could not be cross-checked and are provided as single-source information only.

Volume-confirmation signal: using recent normal daily turnover of approximately RMB 90–150 million and high-volume days of approximately RMB 200 million as reference points, sustained daily turnover above RMB 200 million, materially above the upper end of normal volume, could signal stronger capital participation or support. Conversely, if turnover remains below RMB 100 million and the price falls below RMB 4.95, the weak pattern is likely to continue.

④ Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Monitor whether the RMB 4.95–5.00 moving-average cluster holds, including five-day support at RMB 4.97, the chip-cost average at RMB 4.98 and the 20-day major-player cost at RMB 4.96. This is the short-term dividing line between bulls and bears (observation framework only, not a trading instruction).
• Monitor whether the RMB 4.98–5.08 resistance zone can be decisively overcome and whether a breakout is confirmed by turnover expanding above RMB 200 million (observation framework only, not a trading instruction).
• Track whether the MACD red histogram expands again after the golden cross below the zero axis and whether major-player funds shift from net outflows in the past week to sustained net inflows (observation framework only, not a trading instruction).
• Monitor strong support at RMB 4.85–4.90. A decisive break could point toward the 52-week low, with the mainstream figure at RMB 4.48 and the broader range at RMB 4.37–4.62 (observation framework only, not a trading instruction).

The above scenario analysis is based on the September 11, 2026 closing data and calculations using historical prices and technical indicators. Short-term share prices may also be affected by news, fund flows, broader-market conditions and other factors. Technical indicators have inherent lag and limitations. This does not guarantee future performance or constitute a buy or sell recommendation. Investors should make independent judgments based on the latest market information and assume their own investment risks. Note: precise MA5/10/20 and Bollinger-band values for September 11, the exact RSI6 value and complete major-player fund-flow data for September 11 were not obtained; the relevant fields have been marked as missing or uncertain. Shareholding data are lagged: Tonghuashun data are as of 2026-06-30 and the top-ten shareholder data are as of 2025-09-30; the structure may have changed since then.

6. Industry Structure and Competitor Analysis

7. Risk Factors

• Working-capital and cash-flow risk: accounts receivable reached RMB 35.672 billion in 1H2026, up 23.64% from the beginning of the year, while net operating cash flow was negative RMB 2.781 billion. If collections from downstream pharmacies, primary-care and private medical institutions or hospital customers slow, financing requirements and credit-impairment pressure could increase further.
• Short-term debt-repayment and leverage risk: the debt-to-asset ratio was 69.22% at the end of 1H2026, and short-term borrowings were RMB 15.380 billion, up 34.15% from the beginning of the year. As of 2026-08-31, actual outstanding guarantees were RMB 31.368 billion, representing 109.85% of the latest audited net assets. Some guaranteed subsidiaries had debt-to-asset ratios above 70%, creating substantial funding and contingent-liability pressure.
• Uncertainty regarding preferred-share financing: the proposed preferred-share issuance of up to RMB 2.8 billion has not completed shareholder approval, SSE review or CSRC registration. The actual issuance size, timing and fixed dividend rate remain uncertain. If the offering progresses below expectations, plans to repay interest-bearing liabilities and replenish working capital could be affected.
• Low-margin distribution risk: pharmaceutical wholesale and related services still account for the overwhelming majority of revenue. The segment’s gross margin was approximately 7.29% in 2025, making overall profitability sensitive to scale expansion, procurement terms and expense control. Volume-based procurement, national negotiated procurement and medical-insurance cost controls may continue to compress gross margins in generic-drug distribution.
• Non-recurring profit volatility: the prior-year period in 1H2026 included RMB 494 million of non-recurring gains, including public REIT issuance proceeds, compared with RMB 218 million in the current period, causing a significant year-on-year decline in attributable net profit. Future attributable profit may continue to fluctuate with REITs, investment income and other non-recurring items; revenue growth alone should not be used to assess the earnings trend.
• Execution risk in high-margin businesses: general agency/CSO, pharmaceutical manufacturing, traditional Chinese medicine decoctions, medical devices, medical aesthetics and digital-intelligence services are important avenues for improving the profit mix, but remain relatively small compared with the core distribution business. If agency products fail to scale, self-manufacturing growth disappoints or new retail expands more slowly than expected, consolidated gross-margin improvement could fall short of expectations.
• Controlling-shareholder and share-pledge risk: Chuchang Investment and its concert parties together hold approximately 45.43%, of which pledged shares represent 57.52% of their holdings and 26.13% of the company’s total shares. If the share price continues to weaken or financing conditions change, the high pledge ratio could increase liquidity and governance-stability pressure at the shareholder level.
• Technical and liquidity risk: as of September 11, 2026, turnover was only 0.50% and the volume ratio was 0.90, with the share price near the RMB 4.95–5.00 moving-average and cost area. If this area breaks and turnover fails to expand effectively, the technical outlook could weaken further. Low turnover and relatively thin bid and ask depth could also amplify short-term price volatility.

8. Conclusion and Outlook

Jointown’s growth drivers primarily comprise expansion of revenue scale, penetration of out-of-hospital and primary-care terminals, increased contribution from higher-margin businesses such as general agency/CSO and pharmaceutical manufacturing, and expansion into digital logistics and healthcare services. Traditional Chinese medicine, medical aesthetics, medical devices and B2C e-commerce maintained relatively rapid growth in 1H2026. If new businesses scale and improve the product mix, consolidated gross margin and recurring profitability could continue to improve. The mainstream institutional expectations for 2026–2028 attributable net profit are approximately RMB 2.2–2.3 billion, RMB 2.5–2.6 billion and RMB 2.7–2.9 billion, respectively. However, these expectations remain constrained by the low-margin distribution base and the pace of margin recovery.

The company’s core tension is that “revenue growth is not synchronized with improvement in profitability and cash flow.” Revenue increased 6.31% in 2025, while attributable net profit fell 10.07% to RMB 2.255 billion. Revenue continued to grow in 1H2026, but attributable net profit still declined, and recurring profit increased only modestly. Key areas to monitor include whether distribution gross margin can improve sustainably, whether incremental CSO and industrial-business contributions can offset the low margins of traditional wholesale, and whether accounts receivable, short-term borrowings and operating cash flow can improve.

The company proposes to issue preferred shares worth no more than RMB 2.8 billion, with no more than RMB 2.0 billion used to repay bank loans and other interest-bearing liabilities and no more than RMB 800 million used to replenish working capital. The plan remains subject to approval by shareholders, the SSE and the CSRC, and the final issuance size and dividend rate have not been determined. If the financing proceeds smoothly, it could optimize the capital structure and ease funding pressure. However, the company also has a high outstanding guarantee balance and elevated leverage, meaning future financial expenses, financing costs and capital-market execution will continue to affect earnings quality.

Data Sources

• “I Am a Shareholder” and a High-Quality Peer Visit—Sichuan Caizheng Securities Organizes Investors to Visit Shanghai-Listed Company Jointown (Code: 600998)
• Jointown (600998)_Stock Overview_Stock Price_Real-Time Market Data_Charts_News_Reviews_Financial Reports_FinScope—AI Makes Investing Easier
• Jointown 600998 Stock Code, Price, Market Data, Analysis and Chart
• Jointown (600998) Company Profile—Hexun Market Center
• Jointown (sh600998)
• Great Wall Securities Investor Education Base
• Jointown (600998): 2026 Interim Report Released; Performance in Line with Expectations
• Research Report Metrics Express—Securities Star
• Jointown (600998): Q2 Revenue Growth Accelerated; “Four New Businesses and Two Transformations” Strategy Continues
• Jointown (600998) Announcement
• Jointown (600998) 2025 Management Discussion and Analysis
• Jointown (600998)_Company Profile_CFi.cn
• Jointown (600998)—F10 Data—Compass Market Network
• Jointown (600998) 2026 Interim Management Discussion and Analysis—Securities Star
• Jointown (600998)—F10 Data—Compass Market Network
• Jointown (600998)_Company Announcement—2025 Interim Report Summary_Sina Finance
• Bank of China (Hong Kong) Limited
• Jointown (600998) Operating Analysis—Tonghuashun Finance
• Jointown (600998)_Operating Summary_CFi.cn
• Jointown (600998)_Operating Summary_CFi.cn
• Media Release—From Traditional Distribution to an Integrated Healthcare Services Provider
• Jointown (600998) Core Business Analysis—Chaguwang
• Jointown (600998) Core Business Analysis—Gubit.cn
• Jointown (600998)_Company Announcement—2024 Audit Report_Sina Finance
• 2023 Annual Report of Jointown Pharmaceutical Group
• 2026 Interim Report Series—Jointown: RMB 35.6 Billion Receivables Weighing on the Company
• Receivables Surged by RMB 8.6 Billion in One Quarter—How Tight Is Jointown’s Liquidity?
• Shanghai and Shenzhen Company Announcement Headlines—Jointown 2023 Annual Report
• Jointown (600998)_Company Announcement—Preferred-Share Prospectus (Registration Draft)_Sina Finance
• Jointown (600998): 2025 Credit-Rating Report
• Stronger Getting Stronger? Four Pharmaceutical Distribution Leaders Capture More Than 35% Market Share
• 2025 Interim Reports of Sinopharm, China Resources and Other Four Major Pharmaceutical Companies
• Industry Deep Dive: China’s Pharmaceutical Distribution Competitive Landscape and Rankings in 2025
• Wholesale Margins Bottoming Out, Services Rebuilding the Industry
• Sinopharm, China Resources, Shanghai Pharma and Jointown: A Deep Comparison
• Wholesale Margins Bottoming Out, Services Rebuilding the Industry
• Wholesale Margins Bottoming Out, Services Rebuilding the Industry
• Sinopharm, China Resources, Shanghai Pharma and Jointown: A Deep Comparison—Sina Finance Client
• Jointown 2025 Annual Report Summary
• Sichuan Pharmaceutical Commerce Association
• Jointown Financial Report Summary
• SH.600998 Jointown Pharma—A-Share Real-Time Quote and Company Information
• Bank of China (Hong Kong) Limited
• Jointown (600998) F10—CFi.cn
• Bank of China (Hong Kong) Limited—Company Information
• Nanyang Commercial Bank—Company Information
• Chiyu Banking Corporation
• SH.600998 Jointown Pharma—A-Share Real-Time Quote and Company Information
• Jointown (600998)—AskCI
• Jointown (600998.SH)—Aastocks
• 600998 Stock Price | Jointown Pharmaceutical Group Co. Ltd. Stock Quote (China: Shanghai) | MarketWatch
• Jointown (600998) Earnings Data—East Money
• Jointown (600998.SH): 2024 Annual-Report Net Profit of RMB 2.507 Billion
• Jointown (600998)_Company Announcement—2024 Annual Report Summary_Sina Finance
• Jointown (600998)_2024 Third-Quarter Report_Sina Finance
• Jointown (600998) Earnings Data—East Money
• Jointown (600998) Financial Analysis
• Jointown (600998) Income Statement—Securities Star
• 600998 Jointown Shanghai K-Line Analysis
• Earnings Data—East Money
• Jointown (600998)—Income Statement
• Jointown Q2 Growth Accelerated; Four New Businesses and Two Transformations Strategy Delivering Growth
• Jointown (600998)—Jufeng Financial
• Jointown: 2025 Net Profit of RMB 2.255 Billion; Proposed RMB 0.20 Dividend per 10 Shares
• Jointown: 2025 Net Profit Down 10.07%; Proposed RMB 0.20 Dividend per 10 Shares
• Jointown (600998): Revenue Growth Improving Quarterly; New Three-Year Strategy Synergies Taking Shape
• Jointown (600998): Revenue Growth Improving Quarterly; New Three-Year Strategy Synergies Taking Shape
• Jointown (600998): Revenue Growth Improving Quarterly; New Three-Year Strategy Synergies Taking Shape
• Jointown 2025 Annual Report and 2026 First-Quarter Results Review
• Jointown 2025 Net Profit of RMB 2.255 Billion, Down 10.07%
• Jointown: 2025 Net Profit of RMB 2.255 Billion; Proposed RMB 0.20 Dividend per 10 Shares
• Jointown: 2025 Net Profit Down 10.07%; Proposed RMB 0.20 Dividend per 10 Shares
• Jointown: 2025 Net Profit of RMB 2.255 Billion; Proposed RMB 0.20 Dividend per 10 Shares
• Jointown (600998): Core Operations Stable; Diversification Opens Upside
• Jointown (600998): 2026 Interim Report Released; Performance in Line with Expectations
• Jointown (600998.SH) Earnings Forecast—Rating Statistics
• Jointown (600998.SH) Earnings Forecast
• Soochow Securities: Jointown (600998)—2026 Interim Report Review
• Soochow Securities: Jointown—2025 Annual Report and 2026 First-Quarter Report Review
• Jointown (600998) Investment Rating Details—Chaguwang
• Research Report Table—China Galaxy—May 5, 2026
• Jointown (600998): Investment Rating Details—Chaguwang
• Jointown: Reminder Announcement for the 2026 Third Extraordinary General Meeting
• Jointown Announcement on Changes in the Upper-Level Ownership Structure of the Controlling Shareholder
• China Securities Journal—Jointown Announcement
• Jointown Announcement on Online Voting Reminder Service
• Resolution of the 22nd Meeting of the Sixth Board of Directors
• Jointown Major Events and News Announcements—Sina Finance
• Jointown Reminder Announcement for the 2026 Third Extraordinary General Meeting
• Jointown Announcement on Guarantees Provided to Subsidiaries
• Jointown Announcement on Online Voting Reminder Service
• Jointown (600998.SH) Major Events—East Money
• Jointown Announcement—2026 Plan for Issuance of Preferred Shares to Specific Investors_Sina Finance
• Jointown Proposes Preferred-Share Offering of up to RMB 2.8 Billion
• Jointown Announcement on the Preferred-Share Offering Plan
• Two Preferred-Share Offerings in Two Years: Jointown Proposes Another RMB 2.8 Billion Liquidity Plan
• Two Preferred-Share Offerings in Two Years: Jointown Proposes Another RMB 2.8 Billion Liquidity Plan
• Jointown: Proposed Preferred-Share Offering of up to RMB 2.8 Billion to Build an Intelligent Supply Chain
• Two Preferred-Share Offerings in Two Years: Jointown Proposes Another RMB 2.8 Billion Liquidity Plan
• Jointown 2026 Plan for Issuance of Preferred Shares to Specific Investors
• Jointown Announcement on the Preferred-Share Offering Plan
• Jointown 2026 Preferred-Share Offering Plan Summary
• Jointown Shareholders’ Meeting Notice—Sina Finance
• Jointown Notice of the 2026 Third Extraordinary General Meeting
• Jointown Notice of the 2026 Third Extraordinary General Meeting—Sina Finance
• Jointown Notice of the 2026 Third Extraordinary General Meeting
• Jointown 2026 Third Extraordinary General Meeting Materials
• Jointown 2026 Third Extraordinary General Meeting Materials
• Jointown Notice of the 2026 Third Extraordinary General Meeting
• Jointown 2026 Third Extraordinary General Meeting Materials
• Jointown Reminder Announcement for the 2026 Third Extraordinary General Meeting
• Jointown Reminder Announcement for the 2026 Third Extraordinary General Meeting—Summary
• Jointown (600998): Strong Revenue; Awaiting Accelerated Profit Growth in 2H
• Jointown Revenue Nearly RMB 87.3 Billion in 1H; Four New Businesses and Two Transformations Strategy Deepened
• Jointown (600998): Strong Revenue; Awaiting Accelerated Profit Growth in 2H
• Jointown (600998.SH) Releases Interim Results
• Jointown Reports Attributable Net Profit of Approximately RMB 1.201 Billion in 1H, Down 16.95%
• Jointown 1H Revenue Increased but Profit Declined; Net Profit Down Nearly 17%
• Jointown 1H Attributable Net Profit of RMB 1.2 Billion, Down 16.9%
• Jointown: 1H2026 Revenue of RMB 87.279 Billion, Up 7.61%
• Jointown (600998): 2026 Interim Report Released; Performance in Line with Expectations
• Jointown 1H Attributable Net Profit of Approximately RMB 1.201 Billion, Down 16.95%
• Jointown (600998)_Company Profile_CFi.cn
• Jointown (600998)—Compass Market Network
• China Securities Journal—Jointown
• eCompany—Listed-Company Information Platform
• Jointown 4.97 -0.07 (-1.39%) Latest Price and Chart—East Money
• Jointown (sh600998) Market Trend
• Jointown (600998.SH)
• Jointown (600998) Latest Price and Chart—Mobile East Money
• Jointown (sh600998) Market Trend
• Jointown (600998) Fund Flows—Tonghuashun
• Jointown (600998)_Stock Overview—FinScope
• SH.600998 Jointown Pharma—etnet
• Jointown (SH:600998)
• Jointown (sh600998) Stock Price and Real-Time Market Data—Sina Finance
• Jointown 600998.SH—HStong
• Jointown (600998)—Investing.com
• Jointown (600998.SH)
• Jointown (600998) Stock Price and Information—Google Finance
• China Post Securities: Jointown—Q2 Revenue Growth Accelerated
• Jointown (600998) Fund Flows—East Money
• Jointown September 1 Major-Player Net Purchase of RMB 6.8583 Million
• Jointown (600998) Market Data and Chart—Jiufang Intelligent Investment
• Jointown 5.05 -0.39%—Jiufang Intelligent Investment
• Jointown (600998.SH)—Aastocks
• Jointown Pharmaceutical Group Co., Ltd. 600998—SSE
• Jointown (600998) Qian Gu Qian Ping—East Money
• Jointown (600998)_Latest Price and Chart—East Money
• Jointown Technical Analysis—Investing.com
• Jointown (600998.SH)
• Jointown (600998) Technical Analysis
• Jointown—Anniu Intelligent Investment
• Technical Analysis of Jointown Pharmaceutical Group Company Limited—TradingView
• Jointown—East Money

This report was automatically searched, compiled and generated by AI based on publicly available information. The information is current through the September 11, 2026 (Friday) close and was cross-checked across multiple sources, including the official SSE market-data page, stcn, East Money, Jiufang Intelligent Investment and Sina. Timing differences may exist. Specific data should be based on the company’s formal announcements and authoritative data terminals. This report is for information compilation and research reference only and does not constitute investment advice. Investors should make independent judgments and assume their own investment risks.