February 27, China Universal Pharmaceutical REIT (fund code "508084"), the first public REIT for pharmaceutical warehousing and logistics in China, which has attracted much attention from the market, was officially listed on the Shanghai Stock Exchange on February 27, 2025.

As the first public REIT in the pharmaceutical industry, the successful issuance of China Universal Pharmaceutical REIT marks a breakthrough in the professional segmentation of project asset categories in my country's public REITs market, and reflects the innovative practice of the capital market in serving the high-quality development of the real economy.

The primary and secondary markets of public REITs continue to be hot

China Universal Pharmaceutical REIT, which was completed on February 10, had a subscription multiple of 1,192 times by public investors, setting a new record for public REITs. As a latecomer, Jiuzhoutong Pharmaceutical REIT broke the record of 813.44 times set by the recently listed Guotai Junan Asset Management Jinan Energy Heating REIT.

Since the end of last year, REITs have become one of the hottest assets in the capital market, and have steadily developed an advantageous market independent of stocks and bonds. The secondary market performance of newly issued public REITs continues to be hot. On February 26, China Fortune Land Development Intelligent Manufacturing Factory REIT firmly closed the 30% daily limit on the first day of listing, recreating the grand occasion of the first day of listing of Guotai Junan Asset Management Jinan Energy Heating REIT.

Institutional analysts analyzed that behind the continued rise in the popularity of the REITs market, its investment attractiveness may come from two core factors: on the one hand, the clear equity attributes of the underlying assets have enhanced market confidence; on the other hand, in the macro environment where the interest rate center is moving downward, the stable dividend income characteristics of the product are further highlighted, driving funds to accelerate the layout of this defensive and growth-oriented asset category.

Since July 2024, the market has entered the normalized issuance stage, and the types of listed assets of public REITs have become increasingly rich. In 2024, consumer infrastructure and water conservancy facilities projects were added. In 2025, the first municipal facilities project, the first urban renewal project, and the first pharmaceutical warehousing and logistics project were welcomed. The assets are high-quality and scarce, attracting a large number of investors seeking stable returns.

From the issuance rhythm, the issuance of public REITs has accelerated since last year. Wind data shows that among the 63 listed products, 34 have been listed since 2024. In 2024, a total of 29 public REITs products were issued, with an issuance scale of 65.517 billion yuan, and the number and scale of issuance were significantly higher than the previous year. CICC predicts that by the end of 2025, there will be 85 domestic publicly listed REITs, involving a scale of 245 billion yuan.

The scarcity value of the first pharmaceutical REITs is highlighted. As the first public REITs with pharmaceutical warehousing as the underlying asset, Jiuzhoutong Pharmaceutical REIT has a unique market positioning and is of great pioneering and demonstration significance.

Jiuzhoutong Pharmaceutical REIT is a pharmaceutical warehousing REIT jointly launched by Jiuzhoutong, China Universal Asset Management and CITIC Securities. The fund's first launch project selected Jiuzhoutong Dongxihu Modern Pharmaceutical Warehousing and Logistics Center as the underlying asset. The center is a pharmaceutical logistics center that meets the GSP quality standards and was selected as one of the "Top Ten National Intelligent Warehousing and Logistics Demonstration Bases" by the National Development and Reform Commission and the Ministry of Commerce.

According to the data, the revenue and net profit of Jiuzhoutong Pharmaceutical REIT project have increased year by year, with a compound annual growth rate of net operating income of 6.03%. The cash flow distribution rate is expected to be 5.19% in 2025, which is higher than the average of comparable REITs, and has good profitability and growth potential.

"Relatively high-yield stable assets are becoming increasingly scarce, and the relatively stable dividend and dividend distribution capabilities of public REITs attract more capital inflows, improving the cost-effectiveness of investment." AVIC Securities pointed out that the net value discount rate of transportation, warehousing and logistics, and industrial parks is relatively high, and the valuation is expected to be further repaired.

Relying on Jiuzhoutong's leading industry position in the field of pharmaceutical distribution, Jiuzhoutong Pharmaceutical REIT has high scarcity and scalability. Jiuzhoutong Logistics, a subsidiary of the company, is the first 5A-level logistics company in the pharmaceutical industry. It operates and manages 31 provincial pharmaceutical logistics centers, 110 regional logistics centers, and 911 terminal distribution points, covering more than 96% of the administrative regions in the country.

In addition, Jiuzhoutong is accelerating the application of "AI+Robot" technology to promote the intelligent upgrade of the pharmaceutical logistics industry. The company's internal office system has been connected to the DeepSeek system to help improve office efficiency and decision-making capabilities. At the same time, Jiuzhou Yunzhi, a subsidiary of the company, has created a set of robot product matrix that comprehensively covers the entire process of logistics center operations through independent research and development, which is suitable for a variety of business scenarios such as normal temperature storage and ultra-low temperature storage.

Jointown said, "In the future, the company will deepen the integration of AI and business systems, expand multi-scenario applications, accelerate the intelligent upgrade of pharmaceutical supply chain and logistics business, fully drive the implementation of digitalization strategy, and help public REITs projects create sustainable income growth points."

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