Core Viewpoint - The article emphasizes the importance of enhancing the quality of listed companies in Shanghai, focusing on cultivating high-performing, innovative, and well-governed firms that are recognized in the market [1][2]. Group 1: Shanghai State-owned Enterprises Performance - As of the end of 2024, the total market value of 94 state-owned listed companies in Shanghai reached 2.78 trillion yuan, an increase of 617.74 billion yuan, or 28.52% from the beginning of the year [1]. - The Shanghai Municipal State-owned Assets Supervision and Administration Commission aims to complete high-quality reforms and enhance the market value performance of state-owned listed companies [2]. Group 2: Company Highlights Shanghai Port Group - In 2024, Shanghai Port Group achieved a container throughput of 51.506 million TEUs, a year-on-year increase of 4.8%, maintaining its position as the world's largest port for 15 consecutive years [3]. - The company's net profit attributable to shareholders reached 14.95 billion yuan, a growth of 13.3% year-on-year [3]. Huayi Group - Huayi Group reported a revenue of 44.6 billion yuan in 2024, a 9.3% increase year-on-year, with a net profit of 0.91 billion yuan, up 5.8% [5]. - The company applied for 151 patents, receiving 134 authorizations, and is focusing on strategic emerging sectors [5][6]. Shanghai Pharmaceuticals - Shanghai Pharmaceuticals achieved a revenue of 275.251 billion yuan, a 5.75% increase, and a net profit of 4.553 billion yuan, up 20.82% [6][7]. - The company is optimizing its R&D system and has established a new innovation center to enhance its open innovation ecosystem [7]. Pudong Development Bank - Pudong Development Bank reported a net profit of 45.3 billion yuan in 2024, a 23.31% increase, marking the highest growth in nearly 12 years [9]. - The bank is focusing on technology finance and has developed a comprehensive cross-border financial service system [10][11]. China Pacific Insurance - China Pacific Insurance reported a revenue of 404.089 billion yuan, a 24.7% increase, and a net profit of 44.96 billion yuan, up 64.9% [11][12]. - The company is enhancing its green insurance offerings and has provided coverage exceeding 147 trillion yuan in green insurance [13]. Data Harbor - Data Harbor achieved a revenue of approximately 1.721 billion yuan, an 11.57% increase, and a net profit of approximately 132 million yuan, up 7.49% [14][15]. - The company is focusing on IDC services and has been recognized as a top service provider in the industry [14].

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控股股東及其一致行動人權益變動觸及 1%刻度的 提示性公告》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 5 月 10 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 ...

上海医药 SH Pharma (2607 HK) 2025 年一季度业绩：符合预期；医药商业创新业务增速瞩目 1Q25 results: in line; remarkable innovative pharmaceutical service business growth [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$10.74 目标价 HK$13.73 HTI ESG 4.2-4.4-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$63.18bn / US$8.15bn 日交易额 (3 个月均值) US$7.17mn 发行股票数目 919.07mn 自由流通股 (%) 74% 1 年股价最高最低值 HK$14.60-HK$10.12 注：现价 HK$10.64 为 2025 年 05 月 02 日收盘价 资料来源： Factset 1mth 3mth 12 ...

研究报告 Research Report 6 May 2025 点评 创新业务拉动医药商业板块持续稳健增长 2025 年一季度，上海医药实现营收 707.6 亿元，同比+0.9%。归母 净利润13.3亿元，同比-13.6%，主要受工业利润贡献下滑影响，部 分受一次性损失（3 月子公司上海信谊联合罚款损失约 1.66 亿元） 和资产处置损失约1000万元（去年同期为资产处置收益1.1亿元） 影响；扣非归母净利润 12.6 亿元，同比-8.1%。分板块看： 医药商业板块（分销+零售）：2025 年一季度实现收入 648.8 亿 元，同比+2.6%。我们认为在医药流通大环境整体复苏较慢的背景 下，上海医药的医药商业展现出较强的业绩韧性，主要由医药商 业创新业务拉动。药品合约销售 CSO 业务收入超 18 亿元，同比 +9.9%；创新药分销业务收入 125 亿元，同比+23.2%，其中进口总 代业务收入 86 亿元，同比+9.0%；器械大健康业务收入 109 亿元， 同比+6.9%。商业板块贡献利润 8.3 亿元，同比基本持平。 医药工业板块：2025 年一季度实现收入 58.9 亿元，同比-15.3% （主要受去年 ...

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參加上海國有控股上市公司 2024 年度集體業績說 明會的公告》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 4 月 30 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：6 ...

Core Insights - Shanghai Pharmaceuticals reported a revenue of 70.763 billion yuan for Q1 2025, representing a year-on-year growth of 0.87% [1] - The company achieved a net profit attributable to shareholders of 1.333 billion yuan during the same period [1] Revenue Breakdown - The pharmaceutical manufacturing segment generated sales of 5.885 billion yuan [1] - The pharmaceutical commercial segment accounted for sales of 64.878 billion yuan [1] Business Growth Areas - The import agency business achieved sales of 8.6 billion yuan, reflecting a year-on-year increase of 9.0% [1] - The innovative drug business reported sales of 12.5 billion yuan, with a significant growth of 23.2% [1] - The CSO (Contract Sales Organization) business saw a revenue increase of 9.89% [2] - The health equipment segment generated sales of 10.9 billion yuan, marking a growth of 6.9% [2] Strategic Initiatives - Shanghai Pharmaceuticals launched the "Lingang New Area Medical Device Import and Export Service Center" to facilitate the import of urgently needed drugs and rare disease medications [1] - The company established strategic partnerships with firms like Ansell and Kangfang Biotech to enhance the commercialization of new drugs [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） （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第八屆董事會第二十二次會議決議公告》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 4 月 29 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 2、《关于召开公司 2024 年年度股东大会 ...

Financial Performance - The company achieved operating revenue of RMB 70.763 billion in Q1 2025, representing a year-on-year growth of 0.87%[10] - The net profit attributable to shareholders was RMB 1.333 billion, a decrease of 13.56% year-on-year, with the industrial segment contributing RMB 532 million and the commercial segment contributing RMB 834 million[10] - Total operating revenue for the reporting period was approximately 70.76 billion RMB, an increase of 0.87% compared to the previous year[20] - Net profit attributable to shareholders decreased by 13.56% to approximately 1.33 billion RMB[20] - Net profit for Q1 2025 was ¥1.64 billion, a decrease of 12.06% from ¥1.87 billion in Q1 2024[36] - Earnings per share for Q1 2025 were ¥0.36, down from ¥0.42 in Q1 2024[38] Research and Development - Research and development expenses amounted to RMB 612 million, with R&D costs at RMB 497 million remaining stable year-on-year[11] - Multiple innovative drug research pipelines are progressing, including I001 for hypertension, which has submitted supplementary materials for review[12] - The company has established several key laboratories and centers to enhance its R&D capabilities in the biopharmaceutical industry[13] - The company is actively collaborating with academic institutions to advance research in traditional Chinese medicine and improve product quality[17] - The company reported a decrease in R&D expenses to ¥497 million in Q1 2025 from ¥501 million in Q1 2024[35] - Research and development expenses for Q1 2025 were 101,363,079.95, down from 123,475,536.87 in Q1 2024, indicating an 18% reduction[50] Product Development and Approvals - The company received production approvals for two products and submitted eight additional products for production during the reporting period[13] - A total of 77 products (106 specifications) have passed quality and efficacy consistency evaluations as of the end of the reporting period[13] - The company is implementing a strategy to ensure the quality of medicinal materials through a comprehensive national resource network and standardized management models[15] Business Segments Performance - Innovative business segments, including import agency and innovative drug services, have shown good growth during the reporting period[16] - The company's total import agency business achieved sales revenue of 8.6 billion RMB, a year-on-year increase of 9.0%[18] - The innovative drug full life cycle service generated sales revenue of 12.5 billion RMB, with a year-on-year growth of 23.2%[18] - The CSO business saw a revenue increase of 9.89% year-on-year[18] - The medical device health business reported sales revenue of 10.9 billion RMB, reflecting a year-on-year growth of 6.9%[18] Cash Flow and Liquidity - The net cash flow from operating activities improved by 59.73%, reaching approximately -2.20 billion RMB[20] - In Q1 2025, the cash inflow from operating activities was CNY 72.34 billion, an increase of 3.9% from CNY 67.81 billion in Q1 2024[40] - The net cash flow from operating activities was -CNY 2.20 billion, an improvement from -CNY 5.47 billion in the same period last year[41] - Cash inflow from investment activities totaled CNY 16.46 billion, up from CNY 10.53 billion in Q1 2024, marking a 56% increase[41] - Cash inflow from financing activities reached CNY 23.25 billion, compared to CNY 21.52 billion in Q1 2024, reflecting an 8% increase[42] - The company experienced a net decrease in cash and cash equivalents of approximately ¥1.63 billion in Q1 2025, compared to a decrease of approximately ¥1.08 billion in Q1 2024[54] Assets and Liabilities - Total assets at the end of the reporting period were approximately 225.87 billion RMB, a 2.11% increase from the previous year[20] - Total liabilities increased to CNY 130,813,134,867.82 from CNY 126,038,386,279.10, marking an increase of approximately 3.1%[31] - Short-term borrowings rose significantly to CNY 42,909,928,847.57 from CNY 38,064,098,967.71, reflecting an increase of about 12.4%[31] - Total liabilities as of March 31, 2025, amounted to ¥140.57 billion, an increase from ¥137.47 billion as of December 31, 2024[32] - Total non-current liabilities were ¥9.76 billion as of March 31, 2025, down from ¥11.43 billion as of December 31, 2024[32] Shareholder Information - The total number of shares outstanding as of March 31, 2025, is 3,708,361,809, with A-shares accounting for 2,789,289,105 and H-shares for 919,072,704[28] - The number of ordinary shareholders reached 80,068, with A-share holders accounting for 78,411 and H-share holders for 1,657[28] - Shareholders' equity attributable to the parent company increased to ¥73.01 billion as of March 31, 2025, from ¥71.68 billion as of December 31, 2024[32] Future Outlook - The company is set to implement new accounting standards starting in 2025, which may impact future financial reporting[54]

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之內容概不負責，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.* ( 於中華人民共和國註冊成立的股份有限公司 ) (股份代碼: 02607) 於2025年4月25日，本次收購已完成交割，交割後上海和黃各股東持股情況的詳情載列如下。 上海和黃由本公司直接及間接持有60%股權，成為本公司的非全資附屬公司，且其財務業績 合併計入本集團綜合財務報表內。 | 序號 | 股東名稱 | 認繳出資額 | 實繳出資額 | 持股比例 | | --- | --- | --- | --- | --- | | | | (人民幣/萬元) | (人民幣/萬元) | (%) | | 1. | 和黃投資 | 1,145 | 1,145 | 5.0000% | | 2. | 上藥藥材 | 11,450 | 11,450 | 50.0000% | | 3. | 本公司 | 2,290 | 2, ...

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） | 關於本報告 | 001 | | --- | --- | | 董事長致辭 | 003 | | 走進上海醫藥 | 005 | | 年度專題： | 013 | 科技引領醫療創新 攜手共繪健康藍圖 | 可持續發展治理體系 | 021 | | --- | --- | | 可持續發展治理模型 | 023 | | 利益相關方識別與溝通 | 026 | | 雙重重要性分析 | 027 | | 響應聯合國可持續發展目標（SDGs） | 029 | | 守正篤行， 同德共鑄發展根基 | 031 | | 黨建引領發展 | 033 | | --- | --- | | 穩健公司治理 | 034 | | 堅持合規運營 | 039 | | 深化數字化運營 | 049 | | 向新而行， | 051 | | --- | --- | | 同力共築健康中國 | | | 創新驅動發展 | 053 | | 提升健康可及 | 057 | | 卓越品質保障 | 064 ...