Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][14]. Core Insights - The company is focused on continuous improvement and efficiency enhancement, with good cost control measures in place. In Q1 2025, the company reported a revenue of 707.63 billion yuan, a year-on-year increase of 0.87%, with a net profit attributable to shareholders of 13.33 billion yuan, down 13.56% [3][4]. - The pharmaceutical commercial innovation business has shown strong growth, with various segments such as import agency and innovative drug services achieving significant revenue increases [5]. - The pharmaceutical industrial sector is advancing in research and development, with multiple products approved and ongoing clinical trials for innovative drugs [6]. Financial Performance - For the forecast period of 2025-2027, the company is expected to generate revenues of 2903.88 billion yuan, 3053.49 billion yuan, and 3212.44 billion yuan respectively, with net profits of 50.01 billion yuan, 54.75 billion yuan, and 60.42 billion yuan [7][10]. - The current price-to-earnings (P/E) ratios are projected to be 13, 12, and 11 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation trend [7][10]. Business Segments - The pharmaceutical industrial segment contributed a profit of 5.32 billion yuan, while the commercial segment contributed 8.34 billion yuan in Q1 2025 [3]. - The company’s innovative drug business achieved a revenue of 125 billion yuan in Q1 2025, reflecting a year-on-year growth of 23.2% [5]. Market Position - The company has a total market capitalization of 662 billion yuan and a circulating market value of 498 billion yuan, with a current share price of 17.85 yuan [2]. - The company’s largest shareholder is Shanghai Pharmaceutical Group, indicating strong backing from a major player in the industry [2].

Investment Rating - The report initiates coverage with a "Buy" rating for Shanghai Pharmaceuticals [2][5]. Core Views - Shanghai Pharmaceuticals is positioned to leverage both distribution and industrial segments, enhancing its innovative value across the entire industry chain [4]. - The company is actively embracing new business models to address the overall profit compression in the pharmaceutical distribution industry and increasing competition [5]. - The report forecasts significant revenue and profit growth for the company from 2025 to 2027, with expected revenues of RMB 302.3 billion, RMB 333.3 billion, and RMB 366.3 billion, respectively, and corresponding net profits of RMB 5.3 billion, RMB 6.2 billion, and RMB 7.1 billion [4][5]. Company Overview - Shanghai Pharmaceuticals, established in 1952, has evolved into a comprehensive pharmaceutical enterprise covering manufacturing, distribution, and traditional Chinese medicine [4][14]. - The company became the first A+H listed pharmaceutical company in China and has undergone significant transformations, including the introduction of Yunnan Baiyao as a major shareholder [4][15]. Financial Data and Profit Forecast - The company is projected to achieve revenues of RMB 260.3 billion in 2023, with a year-on-year growth rate of 12.21%, and a net profit of RMB 3.8 billion, reflecting a decline of 32.92% [3][25]. - For 2024, revenues are expected to reach RMB 275.3 billion, with a net profit of RMB 4.6 billion, indicating a growth of 20.82% [3][25]. - The report anticipates a steady increase in revenue and profit margins, with a focus on innovative drug development and operational efficiency [4][5]. Distribution Business - The pharmaceutical distribution market in China is approximately RMB 3 trillion, with a significant portion attributed to wholesale [38]. - Shanghai Pharmaceuticals ranks second among national pharmaceutical wholesalers, benefiting from the industry's increasing concentration and digital transformation [47]. - The company is enhancing its distribution network and operational efficiency through strategic integration and innovative business models [49][60]. Pharmaceutical Manufacturing - The industrial segment of Shanghai Pharmaceuticals includes a diverse range of products, such as generic drugs, innovative drugs, and traditional Chinese medicine [67]. - The company has established production bases across 12 provinces and cities in China and overseas, producing around 800 varieties of drugs [67]. - The report highlights the company's commitment to increasing research and development investments, particularly in innovative drug pipelines [4][5]. Growth Highlights - The company is focusing on building a comprehensive lifecycle service platform for innovative drugs, which has shown significant sales growth [54]. - Shanghai Pharmaceuticals is implementing the SPD model to enhance supply chain management for medical institutions, which has led to increased sales in medical devices [56]. - The "1+1+1" model in Shanghai is being leveraged to improve grassroots medical efficiency, providing significant growth opportunities for the company's distribution business [61][66].

EF001 | | | | 有關代預扣所得稅之更多補充 | | --- | --- | --- | --- | | 股東類型 | | 稅率 | （如適用） | | 非居民企業 | | | | | | | | 如H股股東為境外H股非居民企業 | | （非中國內地登記地址） | | 10% | 股東（包括香港中央結算（代理 | | | | | 人）有限公司，其他企業代理人或 | | | | | 受託人，或其他組織及團體），本 | | | | | 公司將按10%的稅率代扣代繳企業 | | | | | 所得稅。 | | 非個人居民 | | | | | （非中國內地登記地址） | | 10% | 如H股個人股東為香港或澳門居民 | | | | | 以及其他與中國簽訂10%股息稅率 | | | | | 的稅收協議的國家的居民，或如H | | | | | 股個人股東為與中國簽訂低於10% 股息稅率的稅收協議的國家的居 | | | | | 民，本公司將按10%的稅率代扣代 | | | | | 繳股息的個人所得稅。 | | 非個人居民 | | | | | （非中國內地登記地址） | | 20% | 如H股個人股東為與中國簽訂2 ...

（於中華人民共和國註冊成立的股份有限公司） 香港交易及結算所有限公司及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倚賴 該等內容而引致之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. * (股份代碼: 02607) 股東週年大會之投票結果 及 派發及收取現金紅利的登記日 一、 股東週年大會之投票結果 上海醫藥集團股份有限公司（「本公司」）2024年股東週年大會（「股東週年大會」）已於 2025年6月26日（星期四）下午一時正，假座中國上海市徐匯區楓林路450號楓林國際大廈二期 六樓裙樓601會議室舉行。 於股東週年大會上審議的決議案的詳情已載於本公司日期為2025年5月29日的股東週年大會通告 及股東週年大會通函（「通函」）。除非本公告另有界定，否則通函所用詞語在本公告中具有 相同涵義。 股東週年大會在符合《中華人民共和國公司法》及公司章程的規定下召開，並由本公司董事長 楊秋華先生擔任股東週年大會主席。根據香港上市規則的規定，本公司 ...

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） （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普瑞巴林膠囊獲得泰國藥品註冊證書的公告》僅供 參閱。 承董事會命 上海醫藥集團股份有限公司 楊秋華 董事長 中國上海，2025 年 6 月 20 日 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 药品名称：普瑞巴林胶囊 剂型：胶囊 ...

Group 1 - The core index of the China Securities Index for Food and Major Consumer Goods Retail has shown a decline of 2.40% over the past month, 6.58% over the past three months, and 6.48% year-to-date [1] - The index is composed of listed companies in the food and drug retail sector, reflecting the overall performance of these companies, with a base date of December 31, 2004, set at 1000.0 points [1] - The top ten weighted companies in the index include Yonghui Supermarket (6.61%), Digital China (6.21%), Wancheng Group (4.68%), Shanghai Pharmaceuticals (4.41%), Yifeng Pharmacy (4.32%), Jiuzhoutong (3.86%), Kidswant (3.41%), Sinopharm (3.25%), Wangfujing (3.17%), and TianKang (3.09%) [1] Group 2 - The market segments represented in the index include 43.94% in pharmaceutical commerce, 21.32% in supermarkets and convenience stores, 20.29% in specialty retail, and 14.46% in department stores [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

Core Viewpoint - Shanghai Pharmaceuticals has received the drug registration certificate for Pregabalin capsules from the Thai Food and Drug Administration, allowing the product to be marketed in Thailand [1][2]. Group 1: Drug Information - Drug Name: Pregabalin Capsules - Dosage Forms: Capsule - Specifications: 50mg, 75mg, 150mg - Registration Category: Chemical Generic Drug - Manufacturer: Changzhou Pharmaceutical Factory Co., Ltd. [1] - Registration Numbers: 50mg: 1C 97/68 (NG); 75mg: 1C 98/68 (NG); 150mg: 1C 99/68 (NG) [1]. Group 2: Indications - Pregabalin capsules are primarily used for treating postherpetic neuralgia, diabetic peripheral neuropathy, fibromyalgia, and neuropathic pain due to spinal cord injury, as well as for adjunctive treatment of epilepsy [1]. Group 3: Market Competition - As of the announcement date, Pregabalin capsules in Thailand face competition from 24 other sellers, including VIATRIS, SANDOZ, and BIOLAB [2]. - According to IQVIA data, the total market for Pregabalin capsules in Thailand is projected for 2024 [2]. Group 4: Financial Investment - The company has invested approximately RMB 2.19 million in research and development for the product's market entry in Southeast Asia, including Thailand, Singapore, Malaysia, and the Philippines [2]. Group 5: Impact on Company - The approval of Pregabalin capsules in three specifications (50mg, 75mg, 150mg) signifies the company's qualification to sell the drug in Thailand, positively impacting its overseas market expansion and accumulating valuable experience [2].

证券代码：601607 证券简称：上海医药 公告编号：临2025-062 上海医药集团股份有限公司 关于召开2024年年度股东大会的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 上海医药集团股份有限公司（以下简称"上海医药"、"公司"）于2025 年5月31日在《上海证券报》、《证券日报》、《证券时报》、《中国证券报》 和上海证券交易所网站（www.sse.com.cn）上刊登了《上海医药集团股份有限 公司关于召开2024年年度股东大会的通知》（临2025-059），定于2025年6月26 日以现场投票和网络投票相结合的方式召开2024年年度股东大会。现将本次会 议的有关事项提示如下: 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 1 股东大会召开日期：2025年6月26日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 召开地点：中国上海市徐汇区枫林路 450 号枫林国际大厦二期六楼裙楼 601 会议室 (五) 网络投票的系统、起止日期和投票 ...

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） （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向專業投資者公開發行公司債券獲得中國證監會註 冊批復的公告》僅供參閱。 承董事會命 上海醫藥集團股份有限公司 楊秋華 董事長 中國上海，2025 年 6 月 19 日 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：601 ...

香港交易及結算所有限公司及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份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 承董事會命 上海醫藥集團股份有限公司 楊秋華 董事長 中國上海，2025 年 6 月 19 日 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） （股份代碼：02607） 關於召開股東週年大會的提示性公告 本公告乃根據上海醫藥集團股份有限公司（「本公司」）的章程第七十七條作出。 本公司根據於 2025 年 6 月 26 日舉行的股東週年大會會議（「股東週年大會」）召開前 十（10）日收到的書面回覆計算，擬出席股東週年大會的股東所代表的有表決權的股份 數尚未達到本公司有表決權的股份總數的二分之一（1/2）以上。根據本公司的章程第 七十七條規定，本公司現將召開股東週年大會的相關事宜作提示性公告如下： 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； ...