格隆汇12月11日｜中邮证券研报指出，上海医药商业板块稳健增长，Q3减值影响利润，看好创新业务 驱动成长。公司医药商业业务继续保持增长韧性，优势区域增长态势强劲，器械大健康业务表现亮眼， 新零售战略调整成效显现，CSO业务规模再创新高，创新药产品结构持续优化，供应链服务面向专业化 与价值链高端延伸。2025Q1-3公司创新药业务实现销售收入407亿元，同比增长超过25%；进口总代业 务实现销售收入276亿元，同比增长超过14%；器械大健康业务实现销售收入339.88亿元，同比增长超 过4%。截至2025年9月30日，公司提交临床试验申请获得受理及进入后续临床试验阶段的新药管线共计 57项，包括创新药管线45项。维持"买入"评级。 ...

Group 1 - The China Securities Central Enterprises Dividend Index (931233.CSI) includes 50 stocks of central enterprises with stable dividend levels and high dividend yields, achieving a 1-year dividend yield of 6.75% as of December 10, which is higher than the 10-year government bond yield of 4.88% [1] - The Hang Seng High Dividend Yield Index (HSMCHYI.HI) consists of high dividend stocks from mainland companies listed in Hong Kong, with a 1-year dividend yield of 6.21% as of December 10, surpassing the 10-year government bond yield of 4.34% [1] - The Non-Standard Poor's Hong Kong Stock Connect Low Volatility Dividend Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks listed in Hong Kong, with the Hong Kong Stock Connect Low Volatility Dividend ETF (159118) being the ETF with the lowest comprehensive fee tracking this index [1] Group 2 - Shanghai Pharmaceuticals (601607) announced a dividend of HKD 0.13215 per share, with an ex-dividend date of December 29, 2025, and a payment date of February 6, 2026 [2] - Shanghai Pharmaceuticals is not a component of the China Securities Central Enterprises Dividend Index (931233.CSI), the Hang Seng High Dividend Yield Index (HSMCHYI.HI), or the Non-Standard Poor's Hong Kong Stock Connect Low Volatility Dividend Index (SPAHLVHP.SPI) [2]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 20% relative to the benchmark index within the next six months [9][15]. Core Insights - The company reported a revenue of 215.07 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 2.60%. The pharmaceutical industrial segment saw a slight decline in sales revenue by 0.66%, while the pharmaceutical commercial segment grew by 2.91% [3][4]. - The net profit attributable to the parent company for the same period was 5.147 billion yuan, an increase of 26.96%. However, the non-recurring net profit decreased by 26.79% to 2.699 billion yuan [3][4]. - The company’s innovative drug business achieved sales revenue of 40.7 billion yuan, growing over 25% year-on-year, indicating strong growth in this segment [5]. Financial Performance Summary - For Q1-Q3 2025, the company’s gross margin was 10.42%, a decrease of 0.63 percentage points, while the net profit margin increased by 0.46 percentage points to 2.39% [4]. - The company’s R&D investment for the first nine months of 2025 was 1.729 billion yuan, accounting for 9.52% of the pharmaceutical industrial sales revenue [6]. - The forecasted revenues for 2025, 2026, and 2027 are 286.67 billion yuan, 301.44 billion yuan, and 317.14 billion yuan, respectively, with net profits expected to be 5.701 billion yuan, 5.538 billion yuan, and 6.074 billion yuan [9][11].

Group 1 - The China Securities Central State-Owned Enterprises Dividend Index (931233.CSI) includes 50 stocks of central enterprises with stable dividend levels and high dividend yields, achieving a 1-year dividend yield of 6.75% as of December 10, which is higher than the 10-year government bond yield of 4.88% [1] - The Hang Seng China Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI) consists of high dividend stocks from mainland companies listed in Hong Kong, with a 1-year dividend yield of 6.21% as of December 10, surpassing the 10-year government bond yield of 4.34% [1] - The Non-Standard Poor Hong Kong Stock Connect Low Volatility Dividend Hong Kong Dollar Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks listed in Hong Kong, with the Hong Kong Stock Connect Dividend Low Volatility ETF (159118) being the ETF with the lowest comprehensive fee tracking this index [1] Group 2 - Shanghai Pharmaceuticals announced a dividend of HKD 0.13215 per share, with an ex-dividend date of December 29, 2025, and a payment date of February 6, 2026 [2] - Shanghai Pharmaceuticals is not a component of the China Securities Central State-Owned Enterprises Dividend Index (931233.CSI), the Hang Seng China Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI), or the Non-Standard Poor Hong Kong Stock Connect Low Volatility Dividend Hong Kong Dollar Index (SPAHLVHP.SPI) [2]

Major Events - JD Industrial (07618) received a subscription rate of 60.52 times for its public offering in Hong Kong, with a share price set at HKD 14.10 [1] - Shanghai Pharmaceuticals (02607) obtained approval for the listing application of Succinic Acid Sultamicillin Tablets (SPH3127) [1] - Fosun Pharma (02196) received approval from the National Medical Products Administration for the drug registration application of Sodium Phosphonate Injection [1] - Lingbao Gold (03330) subsidiary plans to invest AUD 370 million to acquire a 50%+1 share stake in St Barbara Mining Pty Ltd [1] - Jiangsu Ninghu Expressway (00177) intends to increase capital by CNY 3.26964 billion to Longtan Bridge Company [1] - Yunfeng Financial (00376) had Fitch maintain the "A-" (Strong) financial strength rating for Wantong Insurance [1] Operating Performance - Sunny Optical Technology (02382) reported a shipment volume of 12.634 million vehicle-mounted lenses in November, a year-on-year increase of 69.4% [1] - Q Technology (01478) saw mobile camera module sales of 38.053 million units in November, a month-on-month decrease of 13.6% and a year-on-year decrease of 5.6% [1] - Yue Yuen Industrial (00551) reported a cumulative operating profit of approximately USD 7.382 billion for the first 11 months, a year-on-year decrease of 1.6% [1] - Baoshan International (03813) reported a cumulative operating profit of CNY 15.784 billion for the first 11 months, a year-on-year decline of 6.8% [1] - COFCO Joycome (01610) reported a pig slaughter volume of 559,000 heads in November, a month-on-month decrease of 4.44% [1]

Core Insights - Shanghai Pharmaceuticals announced the approval of its drug, SPH3127 tablets, by the National Medical Products Administration (NMPA) [1] - SPH3127 is a new generation oral non-peptide small molecule renin inhibitor, designed to treat primary hypertension by directly inhibiting renin [1] Company Summary - Shanghai Pharmaceuticals' subsidiary, Shanghai Shiyin Pharmaceutical Factory, received the drug registration certificate for SPH3127 [1] - The approval signifies a significant milestone for the company in expanding its product portfolio in the hypertension treatment market [1] Industry Summary - SPH3127 targets the overactivation of the renin-angiotensin-aldosterone system (RAAS), which is a key factor in hypertension [1] - The introduction of new hypertension treatments like SPH3127 reflects ongoing innovation in the pharmaceutical industry aimed at addressing cardiovascular diseases [1]

Core Viewpoint - Shanghai Pharmaceuticals has received approval from the National Medical Products Administration for the marketing license of SPH3127 tablets, a new oral non-peptide small molecule renin inhibitor for the treatment of primary hypertension [1][2] Group 1: Product Approval and Characteristics - The approval of SPH3127 tablets allows Shanghai Pharmaceuticals to produce and sell the drug in the domestic market [2] - SPH3127 is designed to directly inhibit renin, counteracting the blood pressure increase caused by the overactivation of the renin-angiotensin-aldosterone system (RAAS) [1] - Preclinical and clinical studies indicate that SPH3127 exhibits stronger renin activity inhibition compared to other drugs targeting the same pathway, demonstrating efficacy in models of hypertension, chronic kidney disease, and inflammatory bowel disease [1] Group 2: Clinical Efficacy and Safety - Completed clinical research shows that SPH3127 has good overall safety and clear antihypertensive effects in patients with primary hypertension [1] - The drug aims to meet the clinical needs of primary hypertension patients by providing a new treatment option [1] Group 3: Research and Development Investment - The cumulative research and development investment for SPH3127 has reached approximately 296 million yuan [1]

Core Insights - Shanghai Pharmaceuticals (02607) announced that its subsidiary, Shanghai Shenyin Pharmaceutical Factory, received the drug registration certificate for SPH3127 (also known as Apixaban) from the National Medical Products Administration [1][2] - SPH3127 is a new generation oral non-peptide small molecule renin inhibitor, designed to treat primary hypertension by directly inhibiting renin, counteracting the overactivation of the renin-angiotensin-aldosterone system (RAAS) [1] - Clinical studies have shown that SPH3127 has a good overall safety profile and significant antihypertensive efficacy in patients with primary hypertension, providing a new treatment option for this patient group [1] Company Developments - The approval of SPH3127 marks Shanghai Shenyin's qualification to produce and sell the drug in the domestic market [2] - The company emphasizes the importance of drug research and development, maintaining strict quality and safety controls throughout the drug development, manufacturing, and sales processes [2] - The total research and development investment for SPH3127 has reached approximately 296 million yuan [1]

Core Viewpoint - Shanghai Pharmaceuticals (02607.HK) has received approval from the National Medical Products Administration for its new drug, SPH3127 tablets, which are a new generation of oral non-peptide small molecule renin inhibitors for the treatment of primary hypertension [1] Company Summary - The drug SPH3127 is designed to directly inhibit renin, counteracting the increase in blood pressure caused by the overactivation of the renin-angiotensin-aldosterone system (RAAS) [1] - The approval of SPH3127 represents a significant advancement in the company's product offerings in the hypertension treatment market [1] Industry Summary - The approval of new hypertension treatments like SPH3127 reflects ongoing innovation in the pharmaceutical industry, particularly in the development of targeted therapies for cardiovascular conditions [1] - The introduction of non-peptide small molecule inhibitors may enhance treatment options for patients with primary hypertension, potentially impacting market dynamics [1]

香港交易及結算所有限公司和香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 上 海 醫 藥 集 團 股 份 有 限 公 司 Shanghai Pharmaceuticals Holding Co., Ltd. * （於中華人民共和國註冊成立的股份有限公司） 於本公告日期，本公司的執行董事為楊秋華先生、沈波先生、李永忠先生及董明 先生；非執行董事為張文學先生；以及獨立非執行董事為顧朝陽先生、霍文遜先 生、王忠先生及萬鈞女士。 * 僅供識別 证券代码：601607 证券简称：上海医药 编号：临2025-114 （股份代碼：02607） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 茲載列上海醫藥集團股份有限公司（「本公司」）在上海證券交易所網站(http://www.sse.com.cn) 刊登的《上海醫藥集團股份有限公司關於蘋果酸司妥吉侖片（SPH3127 片）上市許可申請獲 得批准的公告》僅供參閱。 承董事會命 上海醫藥集團股份有限公 ...