证券代码：601607 证券简称：上海医药 编号：临2024-090 上海医药集团股份有限公司 关于 2019 年 A 股股票期权激励计划首次授予股票期权第三 个行权期及预留股票期权第二个行权期 2024 年第三季度自主行权结果公告 重要内容提示： 一、本次股权激励计划已履行的相关审批程序 1、2019 年 9 月 30 日，公司召开第七届董事会第五次会议及第七届监事会 第三次会议，审议通过了《关于 2019 年股票期权激励计划（草案）及其摘要的 议案》（以下简称"《股票期权激励计划（草案）》"）、《关于 2019 年股票期权激 励计划实施考核管理办法的议案》（以下简称"《考核管理办法》"）、《关于提请股 东大会授权董事会办理 2019 年股票期权激励计划相关事宜的议案》。公司董事中 1 上海医药集团股份有限公司（以下简称"上海医药"或"公司"）2019 年 A 股股票期权激励计划（"本次股权激励计划"）首次授予股票期权第三个行 权期可行权股票数量为 6,976,800 份，行权期自 2024 年 2 月 14 日起至 2025 年 2 月 13 日止；预留股票期权第二个行权期可行权的股票期权数量 755,7 ...

Financial Performance - The net profit attributable to shareholders for the first half of 2024 is approximately CNY 2.94 billion, with a proposed cash dividend of CNY 0.80 per 10 shares, totaling CNY 296.28 million, which accounts for 10.07% of the net profit[4]. - The company's operating revenue for the first half of the year reached ¥139.41 billion, an increase of 5.14% compared to ¥132.59 billion in the same period last year[23]. - Net profit attributable to shareholders was ¥2.94 billion, reflecting a growth of 12.72% from ¥2.61 billion year-on-year[23]. - The basic earnings per share increased to ¥0.79, up 11.27% from ¥0.71 in the previous year[25]. - The total assets of the company at the end of the reporting period were ¥221.34 billion, representing a 4.42% increase from ¥211.97 billion at the end of the previous year[23]. - The total amount of non-recurring gains and losses was ¥236.75 million, after accounting for tax effects and minority interests[26]. - The company reported a significant increase in long-term receivables, which rose by 161.71% to RMB 596.54 million from RMB 227.94 million year-on-year[61]. - The company’s total assets included RMB 62.10 billion in overseas assets, accounting for 2.81% of total assets[62]. Dividend and Share Capital - The total share capital as of June 30, 2024, is 3,703,523,491 shares, which will be used as the basis for the dividend distribution[4]. - The report does not include any capital reserve fund conversion into share capital for this reporting period[4]. - The company will not conduct a capital reserve transfer to increase share capital during this reporting period[129]. - A cash dividend of 0.80 yuan per 10 shares (including tax) is proposed for shareholders, based on a total share capital of 3,703,523,491 shares as of June 30, 2024[129]. Risk Management - There are no significant risks that materially affect the company's operations during the reporting period[5]. - The company emphasizes the importance of risk awareness regarding future plans and development strategies[4]. - The company has implemented strict internal control measures to prevent losses from derivative trading, including clear approval processes and risk management protocols[76]. - The report highlights various risks associated with derivative investments, including market risk, credit risk, and operational risk[76]. Corporate Governance - The report confirms that all board members attended the board meeting, ensuring the accuracy and completeness of the financial report[6]. - The company strictly adheres to the corporate governance code as per the Hong Kong listing rules, although it currently does not meet the gender diversity requirement on the board[134]. - The audit committee has reviewed and approved the accounting treatment methods adopted in the 2024 half-year report[138]. - The company is actively seeking suitable candidates to comply with the gender diversity regulations in the board of directors[134]. Research and Development - The company invested RMB 1.404 billion in R&D, a year-on-year increase of 15.26%, accounting for 11.03% of industrial sales[46]. - The company has 64 new drug pipelines, including 50 innovative drugs, with several in critical research and clinical phases[46]. - The company is actively advancing its cell therapy industrial layout and has initiated clinical trials for its first CAR-T product, B019[45]. - The company is actively responding to the "Healthy China 2030" strategy by increasing innovation investments and optimizing its product offerings[29]. Market and Sales Performance - The pharmaceutical industry segment reported revenue of RMB 12.73 billion, a year-on-year decline of 13.37%, while the pharmaceutical commerce segment generated revenue of RMB 126.68 billion, a year-on-year increase of 7.45%[43]. - The sales amount of the CSO contract promotion business surged to approximately CNY 4 billion, representing a year-on-year increase of 172%[51]. - The sales of non-pharmaceutical businesses, including medical devices and health products, reached approximately CNY 21.8 billion, with a year-on-year growth of about 11.12%[51]. - The sales of health food products from Shanghai Shenyin Microecology Technology Co., Ltd. reached CNY 173 million, reflecting a year-on-year increase of 331%[55]. Investment and Financial Activities - Investment income surged by 223.81% to RMB 246.36 million, compared to a loss of RMB 198.99 million in the previous year[57]. - The company reported a total guarantee amount of 2,524,289,236.08 RMB, which accounts for 3.61% of the company's net assets[167]. - The company has a total of 870,850.00 RMB in credit business with a related party, with actual transactions amounting to 209,257.89 RMB[165]. - The company’s total loan amount from a related party was 209,257.89 RMB during the reporting period[165]. Employee and Stock Options - Shanghai Pharmaceuticals employed 49,234 staff as of June 30, 2024, including 1,674 R&D personnel, focusing on enhancing employee performance and compensation linked to company performance[93]. - The company has implemented an employee stock option incentive plan, with various phases of stock options being exercised as per the announcements[130][132]. - The stock options granted to middle management and core personnel accounted for 77.911% of the total options granted[101]. - The total number of stock options granted under the incentive plan is 24.35572 million, accounting for no more than 1% of the total shares issued by the company as of the report date[3]. Environmental Responsibility - In 2024, the company signed environmental protection responsibility agreements with 20 subsidiaries, enhancing accountability for environmental management[140]. - The group issued a notice outlining six key energy management requirements, aiming to eliminate high-energy-consuming products and improve energy efficiency[141]. - A total of 65 energy-saving technical improvement projects are planned for 2024, with 35 projects completed by the end of the reporting period, expected to save RMB 7.09 million[141].

Investment Rating - The report maintains an "Outperform" rating for Shanghai Pharma (2607 HK) with a target price of HKD 13.82, down 5.0% from previous estimates [3][5][17]. Core Insights - Shanghai Pharma's 1H24 results showed revenue of CNY 139.4 billion, a year-on-year increase of 5.1%, with a notable growth in the Contract Sales Organization (CSO) business, which achieved sales of CNY 4.0 billion, up 172% year-on-year [11][12]. - The pharmaceutical manufacturing segment faced challenges, reporting a revenue decline of 13.4% year-on-year, primarily due to price reductions in products from SPH No.1 Biochemical & Pharmaceutical [12][14]. - The company successfully introduced 8 import varieties and added 15 new SPD projects in 1H24, contributing to its growth despite the overall industry pressure [11][12]. Revenue and Profitability - In 1H24, Shanghai Pharma's gross profit margin (GPM) was 11.6%, down 1.3 percentage points year-on-year, while the net profit attributable to shareholders was CNY 2.94 billion, reflecting a 12.7% increase year-on-year [14][13]. - The report projects revenue for 2024, 2025, and 2026 to be CNY 277.8 billion, CNY 299.9 billion, and CNY 323.5 billion respectively, with growth rates of 6.7%, 8.0%, and 7.9% [16][17]. Accounts Receivable - As of 1H24, Shanghai Pharma's accounts receivable totaled CNY 80.9 billion, with a significant portion due within one year, indicating potential cash flow management challenges [15][4]. Valuation Methodology - The valuation is based on a discounted cash flow (DCF) model using a WACC of 6.2% and a perpetual growth rate of 3%, leading to the target price of HKD 13.82 [5][17].

Financial Performance - The net profit attributable to shareholders for the first half of 2024 is CNY 2,941,911,373.69, with a proposed cash dividend of CNY 0.80 per 10 shares, totaling CNY 296,281,879.28, which accounts for 10.07% of the net profit[3]. - The company's operating revenue for the first half of the year reached ¥139.41 billion, an increase of 5.14% compared to ¥132.59 billion in the same period last year[13]. - Net profit attributable to shareholders was ¥2.94 billion, reflecting a growth of 12.72% from ¥2.61 billion year-on-year[13]. - The net profit after deducting non-recurring gains and losses was ¥2.71 billion, up 23.00% from ¥2.20 billion in the previous year[13]. - The basic earnings per share increased to ¥0.79, representing an 11.27% rise from ¥0.71 in the previous year[14]. - The company's cash flow from operating activities showed a significant decline of 68.55%, totaling ¥515.30 million compared to ¥1.64 billion in the same period last year[13]. - The company reported a net profit of RMB 2,705,163,523.17 for the first half of 2024, representing a 23% increase compared to the same period last year[145]. - The total comprehensive income for the first half of 2023 was RMB 811,247,163.75, indicating a significant year-over-year change[154]. Revenue Breakdown - The pharmaceutical industry segment reported revenue of RMB 12.73 billion, a year-on-year decline of 13.37%, while the pharmaceutical commerce segment achieved revenue of RMB 126.68 billion, a year-on-year increase of 7.45%[29]. - The company's traditional Chinese medicine segment achieved industrial revenue of 5.192 billion RMB in the first half of 2024[35]. - Non-pharmaceutical business sales reached about 21.8 billion RMB, growing approximately 11.12% year-on-year[42]. Research and Development - The company has maintained a leading position in R&D investment intensity, ranking among the top tier of domestic pharmaceutical companies in total R&D investment[24]. - R&D investment increased to 1.404 billion RMB, up 15.26% year-on-year, accounting for 11.03% of industrial sales[34]. - The company has 64 new drug pipelines in clinical research, including 50 innovative drugs and 14 improved new drugs[34]. - The company is actively advancing its cell therapy industrialization layout, having established strategic cooperation with several medical institutions for the development of innovative cell therapy products[31]. Corporate Governance and Management - The company has implemented a scientific committee management approach to optimize its R&D management system and enhance R&D capabilities[33]. - The company has implemented a stock option incentive plan, with a total of 25,600,000 stock options granted to 210 incentive targets initially[68]. - The company aims to enhance corporate governance and prevent talent loss through the incentive plan[70]. - The company has experienced changes in its board and senior management, with key personnel resigning due to work adjustments[91]. Financial Position - The total assets of the company were RMB 221.34 billion, consistent with the total liabilities and equity, indicating a balanced financial position[150]. - The company's equity attributable to shareholders reached RMB 69.99 billion as of June 30, 2024, compared to RMB 68.52 billion at the end of 2023, marking an increase of about 2.2%[150]. - The total liabilities of Shanghai Pharmaceuticals amounted to RMB 221.34 billion, an increase from RMB 211.97 billion as of December 31, 2023, representing a growth of approximately 4.3%[150]. - The company's retained earnings were reported at RMB 35.25 billion as of December 31, 2023, compared to RMB 33.82 billion at the end of 2022, reflecting an increase of about 4.2%[150]. Market Position and Recognition - The company ranked 411th in the 2024 Fortune Global 500, marking its fifth consecutive year on the list[18]. - The company was ranked 42nd in the 2024 Global Pharmaceutical Companies Top 50 by Pharm Exec and 3rd in the 2023 China Pharmaceutical Industry Top 100 by the Southern Pharmaceutical Economic Research Institute[19]. - The company is the second-largest pharmaceutical commercial enterprise in China, with a comprehensive supply chain network covering 25 provinces and municipalities[20]. Cash Flow and Investments - The net cash flow from operating activities decreased significantly by 68.55% to CNY 515.30 million, down from CNY 1.64 billion[45]. - The company reported investment income of RMB 602.80 million, a significant increase from a loss of RMB 198.99 million in the same period last year[152]. - The total cash and cash equivalents at the end of the period reached CNY 33,803,202,802.46, an increase from CNY 28,688,336,307.72 at the end of June 2023[153]. Shareholder Information - The total number of ordinary shareholders reached 70,011 by the end of the reporting period[125]. - The top shareholder, Shanghai Leicai (Group) Co., Ltd., holds 716,516,039 shares, representing 19.347% of the total shares[126]. - The total number of shares increased from 3,703,301,054 to 3,703,523,491, with an addition of 222,437 shares during the reporting period[124]. Compliance and Regulations - The company strictly adhered to the Corporate Governance Code as per Hong Kong listing rules, except for the gender diversity requirement on the board[97]. - The audit committee has reviewed and approved the accounting treatment methods adopted in the 2024 semi-annual report[100]. - The company has committed to ensuring that any equity incentive policies align with the execution of compensation measures[106]. Environmental and Social Responsibility - The company completed the signing of environmental protection responsibility agreements for 20 subsidiaries in the first quarter of 2024[101]. - A total of 65 energy-saving technical improvement projects are planned for 2024, with 35 projects completed by the end of the reporting period, expected to save costs of RMB 7.09 million[101]. - The company aims to establish an ISO50001 system and actively promote photovoltaic project construction as part of its energy management strategy[101].

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥139.41 billion, an increase of 5.14% compared to ¥132.59 billion in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2024 was ¥2.94 billion, representing a 12.72% increase from ¥2.61 billion in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥2.71 billion, up 23.00% from ¥2.20 billion year-on-year[19]. - Basic earnings per share increased by 11.27% to CNY 0.79 compared to the same period last year[20]. - Diluted earnings per share also rose by 11.27% to CNY 0.79 year-on-year[20]. - The pharmaceutical industrial segment reported revenue of RMB 12.73 billion, a decline of 13.37%, while the pharmaceutical commercial segment generated revenue of RMB 126.68 billion, an increase of 7.45%[36]. - The net profit attributable to shareholders was RMB 2.94 billion, a year-on-year growth of 12.72%, with the industrial business contributing RMB 1.31 billion and the commercial business contributing RMB 1.79 billion[36]. Cash Flow and Assets - The net cash flow from operating activities decreased significantly by 68.55%, amounting to ¥515.30 million compared to ¥1.64 billion in the same period last year[19]. - The total assets of the company at the end of the reporting period were ¥221.34 billion, reflecting a 4.42% increase from ¥211.97 billion at the end of the previous year[19]. - The net assets attributable to shareholders increased to ¥69.99 billion, a rise of 2.14% from ¥68.52 billion at the end of the previous year[19]. - The company's total assets included 6.21 billion RMB in overseas assets, accounting for 2.81% of total assets[58]. - The company's asset-liability ratio is 62.85%, an increase of 0.74 percentage points compared to the beginning of the period[74]. Research and Development - The company increased R&D investment to RMB 1.40 billion, a year-on-year rise of 15.26%, accounting for 11.03% of industrial sales[41]. - The company has 64 new drug pipelines in clinical research, including 50 innovative drugs, with 3 in Phase II clinical trials in the U.S.[41]. - The CAR-T product B019 has officially started clinical trials, and the company is collaborating with major medical institutions for cell therapy product development[38]. - The company maintains a strong R&D investment intensity, ranking among the top tier of domestic pharmaceutical companies[31]. Dividends and Profit Distribution - The company plans to distribute a cash dividend of ¥0.80 per 10 shares, totaling ¥296.28 million, which accounts for 10.07% of the net profit for the first half of 2024[6]. - The proposed profit distribution plan includes a cash dividend of RMB 0.8 per 10 shares[117]. - A cash dividend of 0.80 CNY per 10 shares (including tax) is proposed, totaling 296,281,879.28 CNY, based on a total share capital of 3,703,523,491 shares as of June 30, 2024[118]. Environmental Compliance - Shanghai Pharmaceutical Group reported a COD discharge concentration of 92.49 mg/L and a total discharge of 14.03 tons, with a regulatory limit of 49.12 tons[129]. - The company achieved a non-methane hydrocarbon emission of 8.31 tons, with a total hydrocarbon emission of 15.71 tons, demonstrating adherence to air quality regulations[132]. - The company has implemented new strategies to expand its market presence, focusing on sustainable practices and compliance with environmental regulations[132]. - The company is committed to maintaining compliance with national and local environmental standards, ensuring sustainable operations moving forward[132]. Employee Management and Training - As of June 30, 2024, Shanghai Pharmaceuticals employed 49,234 people, including 1,674 in R&D[79]. - During the reporting period, a total of 4,323 employees participated in 15 training sessions, enhancing their professional knowledge and leadership skills[80]. - The company has established a differentiated compensation system for various roles, linking employee income growth to company performance[79]. - The training programs included a new cadre training class and various functional training sessions, reflecting the company's commitment to talent development[80]. Related Party Transactions - The total amount of related party transactions for the company reached CNY 38,442.76 million, accounting for 100% of similar transactions[171]. - The company reported a related party procurement amount of CNY 29,690.67 million, also representing 100% of similar transactions[171]. - The company has a significant reliance on related party transactions, with all reported transactions being at market prices[171]. Corporate Governance - The company strictly adhered to the corporate governance code as per Hong Kong listing rules, except for the gender diversity requirement on the board[122]. - The audit committee has reviewed and approved the accounting treatment methods adopted in the 2024 half-year report[126]. - The company has committed to ensuring the implementation of profit distribution policies to safeguard investor returns[165]. Future Plans and Strategies - The company plans to maintain the distribution amount per share unchanged, adjusting the total distribution amount based on any changes in total share capital before the implementation date[119]. - The company intends to continue investment mergers and acquisitions, overseas business expansion, and digital transformation initiatives[112]. - The company plans to enhance operational efficiency and quality, focusing on R&D innovation and product planning in the industrial sector[112].

Investment Rating - The report initiates coverage with an "Outperform" rating for Shanghai Pharmaceuticals [4][66]. Core Views - Shanghai Pharmaceuticals is a leading pharmaceutical distributor in China, with strong capabilities in both pharmaceutical distribution and manufacturing. The company achieved sales of RMB 260.3 billion in 2023, representing a year-on-year growth of 12.2% [63][64]. - The pharmaceutical distribution segment is expected to benefit from innovative services and increasing industry concentration, with a projected revenue CAGR of 9.0%-13.7% for leading companies, significantly outpacing the industry average of 6.6% [64][66]. - The pharmaceutical manufacturing segment is anticipated to experience growth driven by traditional Chinese medicine (TCM) rebranding and innovative drugs, with a stable cash flow from generic drugs [65][66]. Summary by Sections 1. Chinese Pharmaceutical Distribution Market - The market size reached RMB 27,516 billion in 2022, with a CAGR of 6.6% from 2017 to 2022. The market is characterized by strong consumer demand and a trend towards consolidation among leading companies [7][8]. - The concentration ratio of the top four companies in the market increased from 37.6% in 2017 to 45.5% in 2022, indicating a strong trend of "the rich getting richer" [11][12]. 2. Shanghai Pharmaceuticals Overview - Shanghai Pharmaceuticals operates in two main segments: pharmaceutical distribution and manufacturing. In 2023, the distribution revenue was RMB 233.8 billion, accounting for 89.8% of total revenue [18][20]. - The company has a robust distribution network covering over 31 provinces and municipalities in China, serving more than 32,000 medical institutions [20]. 3. Pharmaceutical Distribution - The distribution segment is expected to maintain high growth due to innovative services, including a significant partnership with Sanofi worth over RMB 5 billion [21][64]. - The company aims to enhance its market share through both organic growth and acquisitions, leveraging its strong logistics network [24][28]. 4. Pharmaceutical Manufacturing - The manufacturing segment is set to benefit from the launch of innovative drugs, with three innovative drugs already on the market and 68 projects in clinical stages as of 2023 [65][66]. - The TCM segment is implementing a "Big Brand + Big Product" strategy, which is expected to drive revenue growth through rebranding and multi-channel sales [37][65]. 5. Financial Forecast and Valuation - Revenue projections for FY24-26 are RMB 284.8 billion, RMB 311.6 billion, and RMB 340.4 billion, respectively, indicating a three-year CAGR of 9.4% [66]. - The target price for the stock is set at HKD 14.54, based on a DCF model with a WACC of 6.2% and a perpetual growth rate of 3% [66].

Investment Rating - Initiation coverage with an "Outperform" rating and a target price of HKD 14.54 [4] Core Investment Thesis - Shanghai Pharmaceuticals (SH Pharma) is a leading pharmaceutical distributor in China, with dual engines of pharmaceutical distribution and drug manufacturing [2] - The company achieved RMB 260.3 billion in revenue in 2023, a 12.2% YoY growth, with distribution and industrial revenues of RMB 233.8 billion and RMB 26.3 billion respectively [2] - The pharmaceutical distribution business is expected to benefit from innovative services in the short term and industry consolidation in the long term, with the top 4 players holding a 45.5% market share in 2022 [2] - The pharmaceutical manufacturing business is entering a harvest period, driven by traditional Chinese medicine (TCM) brand revitalization and innovative drug pipelines [3] Pharmaceutical Distribution Business - Short-term growth is driven by innovative services, including a RMB 5 billion+ collaboration with Sanofi and comprehensive lifecycle management services for innovative drugs [2] - Long-term growth is supported by market share gains through organic growth and M&A, with the top 4 players' market share increasing from 37.6% in 2017 to 45.5% in 2022 [2] - The CSO business is expected to see explosive growth in 2024, with Q1 2024 revenue surging 128% YoY to RMB 1.7 billion [24] - The company has a strong logistics network covering 31 provinces and serves over 32,000 medical institutions [23] Pharmaceutical Manufacturing Business - The TCM segment is a key growth driver, with a "big brand + big product" strategy driving a 10.3% YoY revenue growth to RMB 9.82 billion in 2023 [43] - The innovative drug pipeline includes 68 clinical projects, with 3 drugs already launched and 3 more expected to be approved by 2025 [39] - The generic drug segment is expected to face short-term pressure in 2024 but will provide stable cash flow from 2025 onwards [46] Financial Performance and Valuation - Revenue is expected to grow at a 9.4% CAGR from FY24 to FY26, reaching RMB 340.4 billion in FY26 [4] - Net profit attributable to shareholders is forecasted to be RMB 5.17 billion, RMB 5.67 billion, and RMB 6.28 billion in FY24-26 respectively [4] - The current valuation implies a FY24/FY25 P/E of 7.7x/7.0x [4] Industry Overview - China's pharmaceutical distribution market reached RMB 27.5 trillion in 2022, with a 6.6% CAGR from 2017 to 2022 [6] - The market is characterized by increasing concentration, with the top 4 players' market share rising from 37.6% in 2017 to 45.5% in 2022 [12] - The industry is expected to continue its steady growth, driven by China's aging population and increasing healthcare expenditure [10]

Financial Performance - The company achieved operating revenue of RMB 70.15 billion in Q1 2024, representing a year-on-year growth of 5.93%[9] - Net profit attributable to shareholders was RMB 1.54 billion, an increase of 1.62% compared to the same period last year[9] - Total operating revenue for Q1 2024 reached ¥70.15 billion, a 5.5% increase from ¥66.23 billion in Q1 2023[33] - Net profit for Q1 2024 was ¥1.87 billion, a decrease of 4.5% compared to ¥1.95 billion in Q1 2023[34] - The company reported a total comprehensive income of ¥1.87 billion for Q1 2024, compared to ¥1.92 billion in Q1 2023[34] Research and Development - Research and development investment reached RMB 715 million, up 30.78% year-on-year, with R&D expenses amounting to RMB 501 million[9] - The company introduced two new drug projects during the reporting period, including I025-A for colorectal cancer and HQ-0124 for schizophrenia[11] - Research and development expenses for Q1 2024 were ¥123.48 million, slightly down from ¥124.55 million in Q1 2023, reflecting a decrease of 0.86%[42] Sales and Segments - The pharmaceutical industrial segment reported sales of RMB 6.94 billion, a decrease of 10.98% year-on-year, while the pharmaceutical commercial segment saw sales of RMB 63.21 billion, an increase of 8.19%[9] - The company’s commercial innovation business experienced a sales increase of approximately 33% in Q1 2024, successfully introducing four new imported products[14] - The CSO contract promotion business achieved sales of approximately RMB 1.7 billion, reflecting a year-on-year growth of about 128%[14] Assets and Liabilities - The company’s total assets at the end of the reporting period were RMB 217.42 billion, a 2.57% increase from the end of the previous year[17] - The total number of issued A-shares is 2,784,228,350, and H-shares are 919,072,704, totaling 3,703,301,054 shares[23] - Total liabilities as of March 31, 2024, were ¥135.33 billion, compared to ¥131.65 billion at the end of 2023, indicating an increase of approximately 2.0%[30] - The total equity attributable to shareholders increased to ¥70.06 billion from ¥68.52 billion, a rise of about 2.2%[30] Cash Flow - Cash flow from operating activities increased by 108.65% due to higher cash outflows for payments[19] - Cash flow from operating activities for Q1 2024 showed a net outflow of ¥5.47 billion, worsening from a net outflow of ¥2.62 billion in Q1 2023[37] - Cash inflow from operating activities totaled $271.4 million in Q1 2024, compared to $75.2 million in Q1 2023, indicating a year-over-year increase of 261%[45] Shareholder Information - The total number of common shareholders at the end of the reporting period was 82,305[22] - The largest shareholder, Shanghai Pharmaceutical Group, holds 716,516,039 shares, accounting for 48% of total shares[22] Other Financial Metrics - The company reported a fair value change gain of ¥31.35 million in Q1 2024, down from ¥79.29 million in Q1 2023, reflecting a decrease of about 60.54%[42] - The company received $10.05 billion from investment recoveries in Q1 2024, up from $9.23 billion in Q1 2023[45] - The company paid $3.3 billion in debt repayments during Q1 2024, compared to $7.2 billion in Q1 2023[46]

（於中華人民共和國註冊成立的股份有限公司） （股份代碼：02607） 2024年第一季度報告 本公告乃根據證券及期貨條例（香港法例第571章）第XIVA部及香港聯合交易所有限公司 證券上市規則第13.09條而發表。 以下為上海醫藥集團股份有限公司2024年第一季度報告，其所載財務報告根據中國企業 會計準則編製，並且未經審計。 承董事會命 上海醫藥集團股份有限公司 楊秋華 董事長 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。 上海醫藥集團股份有限公司 Shanghai Pharmaceuticals Holding Co., Ltd. * 中國上海，二零二四年四月二十六日 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； 非執行董事為陳發樹先生；以及獨立非執行董事為顧朝陽先生、霍文遜先生及王忠先生。 * 僅供識別 - 1 - 本公司董事會及全體董事保證本公告內容不存在任何虛假記載、誤導性陳述或者重大遺 漏，並對其內容的真實 ...

(於中華人民共和國註冊成立的股份有限公司) (H股股份代號：02607) (A股股份代號：601607) 上海醫藥集團股份有限公司 年度報告 2023 * 僅供識別 www.sphchina.com 上海醫藥集團股份有限公司 年年度報告 2023 上海醫藥集團股份有限公司 我們的願景 成為受人尊敬、擁有行業美譽度的領先品牌藥製造商 和健康領域服務商 我們的使命 持之以恆，致力於提升民眾的健康生活品質 我們的核心價值觀 創新、誠信、合作、包容、責任 | 目錄 | | | | --- | --- | --- | | 第一節 | 釋義 | 2 | | 第二節 | 企業資料 | 7 | | 第三節 | 財務摘要 | 9 | | 第四節 | 致股東函 | 10 | | 第五節 | 管理層討論與分析 | 13 | | 第六節 | 董事會報告 | 45 | | 第七節 | 董事、監事及高級管理層情況 | 74 | | 第八節 | 企業管治報告 | 86 | | 第九節 | 財務報表及審計報告 | 97 | 在本報告書中，除非文義另有所指，下列詞語具有如下含義： 常用詞語釋義 | 「本集團」、「集團」、 | 指 | 上海醫藥 ...