Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights significant improvements in profitability, with a 69.27% year-on-year increase in net profit attributable to the parent company for the first three quarters of 2024, despite a 6.21% decline in revenue [5][6] - The company has effectively reduced costs and improved efficiency, leading to a gross margin increase of 10.35 percentage points in the pharmaceutical intermediates and raw materials segment [5] - The report anticipates revenue growth for the company, projecting revenues of 120.24 billion, 128.25 billion, and 138.36 billion yuan for 2024, 2025, and 2026 respectively [7] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 85.93 billion yuan and a net profit of 9.55 billion yuan [5] - The gross margin for the first three quarters of 2024 was 39.69%, reflecting a year-on-year increase of 0.81 percentage points [6] - The net profit margin for the same period was 13.96%, up by 5.25 percentage points year-on-year [6] Business Strategy - The company is focusing on enhancing its integrated supply chain for raw materials and formulations, with new products added to its portfolio [7] - It has successfully improved its research and development capabilities, with a notable increase in the number of approved projects [7] Earnings Forecast - The forecast for net profit attributable to the parent company is 11.73 billion yuan for 2024, with expected growth rates of 69.5%, 17.5%, and 15.4% for the following years [8][11] - The report provides a valuation range for the company, estimating a reasonable value between 15.41 and 19.52 yuan per share based on a P/E ratio of 15-19x for 2025 [7][10]

证券代码：600420 证券简称：国药现代 公告编号：2024-078 上海现代制药股份有限公司 关于参加 2024 年上海辖区上市公司三季报集体业绩说明 会的公告 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。 会议召开时间：2024 年 11 月 13 日 15:00-16:30 会议召开地点：上证路演中心网站（https://roadshow.sseinfo.com/） 会议召开方式：网络文字互动 投 资 者 可 于 2024 年 11 月 12 日 16:00 前 通 过 公 司 公 开 邮 箱 （xd_zhengquanban@sinopharm.com）进行会前提问，公司将在说明会上 对投资者普遍关注的问题进行回复。 重要内容提示： 上海现代制药股份有限公司（以下简称公司）已于 2024 年 10 月 29 日披露 公司 2024 年第三季度报告。为进一步加强与投资者的互动交流，公司将参加由 上海上市公司协会与上证所信息网络有限公司联合举办的 2024 年上海辖区上市 公司三季报集体业绩说明会，就投资者关心的问题进 ...

上海现代制药股份有限公司 关于药品通过仿制药一致性评价的 自愿性信息披露公告 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。 近日，上海现代制药股份有限公司（以下简称公司或国药现代）收到国家药 品监督管理局核准签发的《药品补充申请批准通知书》，批准非那雄胺片通过仿 制药质量和疗效一致性评价（以下简称一致性评价）。现将相关情况公告如下： 一、药品基本信息 药品名称：非那雄胺片 通知书编号：2024B05000、2024B05092 证券代码：600420 证券简称：国药现代 公告编号：2024-077 非那雄胺是一种 4-氮甾体激素化合物，能通过降低血液和前列腺组织中的 二氢睾酮水平而抑制前列腺增生、改善良性前列腺增生的相关临床症状。非那雄 胺片（1mg）适用于治疗男性秃发（雄激素性秃发），能促进头发生长并防止继 续脱发。非那雄胺片（5mg）适用于治疗和控制良性前列腺增生（BPH）以及预 防泌尿系统事件，降低发生急性尿潴留的危险性，降低需进行经尿道切除前列腺 证券代码：600420 证券简称：国药现代 公告编号：2024-077 ...

Cash Flow from Financing Activities - Cash inflows from financing activities in the first three quarters of 2024 amounted to 2,635,260,419.35, compared to 170,000,000.00 in the same period of 2023 [27] - Cash outflows from financing activities in the first three quarters of 2024 were 2,548,983,743.12, compared to 1,913,366,346.18 in the same period of 2023 [27] - Net cash flow from financing activities in the first three quarters of 2024 was 86,276,676.23, a significant improvement from -1,743,366,346.18 in the same period of 2023 [27] Net Cash and Cash Equivalents - Net increase in cash and cash equivalents in the first three quarters of 2024 was 471,988,212.11, compared to a net decrease of -1,660,285,210.64 in the same period of 2023 [27] - Ending cash and cash equivalents balance as of September 2024 was 4,216,677,812.07, up from 2,357,754,769.34 in September 2023 [27]

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。 2024 年 10 月 28 日，上海现代制药股份有限公司(以下简称公司)召开第八 届董事会第十六次会议，审议通过《关于计提减值准备的议案》。现就本次计提 减值准备情况公告如下： 一、本次计提减值准备情况概述 证券代码：600420 证券简称：国药现代 公告编号：2024-075 上海现代制药股份有限公司 关于计提减值准备的公告 经计算，2024 年 1-9 月，公司计提应收账款减值损失 309.20 万元，计提其他 应收款减值损失 91.77 万元，合计 400.97 万元。 （二）存货跌价准备 公司存货采用成本与可变现净值孰低计量，按照成本高于可变现净值的差额 计提存货跌价准备。直接用于出售的存货，在正常生产经营过程中以该存货的估 计售价减去估计的销售费用和相关税费后的金额确定其可变现净值；需要经过加 工的存货，在正常生产经营过程中以所生产的产成品的估计售价减去至完工时估 计将要发生的成本、估计的销售费用和相关税费后的金额确定其可变现净值。如 果以前期间计提存货跌价准备的影响 ...

证券代码：600420 证券简称：国药现代 公告编号：2024-074 上海现代制药股份有限公司 第八届董事会第十六次会议决议公告 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。 一、董事会会议召开情况 上海现代制药股份有限公司(以下简称公司)第八届董事会第十六次会议，于 2024 年 10 月 28 日在上海市浦东新区建陆路 378 号以现场结合通讯会议的方式 召开。本次会议的通知和会议资料已于 2024 年 10 月 18 日以电子邮件方式发出。 本次会议应参会董事 8 名，实际参会董事 8 名。会议由董事长许继辉先生主持， 公司部分监事和高级管理人员列席了会议。本次会议的召集和召开程序符合《公 司法》和《公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 本次会议审议并通过了如下事项： 证券代码：600420 证券简称：国药现代 公告编号：2024-074 2024 年 10 月 29 日 本议案已经董事会审计与风险管理委员会 2024 年第五次会议审议通过，同 意提交公司董事会审议。 表决结果：同意 8 票， ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company is a comprehensive state-owned pharmaceutical manufacturer, achieving a net profit attributable to shareholders of 718 million yuan in the first half of 2024, representing a year-on-year increase of 108.29% [4] - The company experienced a 7.52% year-on-year decrease in revenue, totaling 5.96 billion yuan in the first half of 2024 [4] - The raw material drug segment showed profitability elasticity, with sales revenue of 2.687 billion yuan, up 7.38% year-on-year, accounting for 45.08% of total revenue [4] - The formulation segment faced revenue pressure, with a 14.88% year-on-year decline, generating 3.113 billion yuan, which constituted 52.23% of total revenue [4] - The company is expected to see revenue growth in the raw material and intermediate drug segment of 0%/5%/5% from 2024 to 2026, while the formulation segment is projected to grow at -3%/6%/8% during the same period [4] Financial Performance - The company is projected to achieve revenues of 12.024 billion yuan, 12.825 billion yuan, and 13.836 billion yuan from 2024 to 2026, with net profits of 1.173 billion yuan, 1.378 billion yuan, and 1.589 billion yuan respectively [5][9] - The earnings per share (EPS) are expected to be 0.87 yuan, 1.03 yuan, and 1.218 yuan for the years 2024, 2025, and 2026 respectively [5][9] - The gross margin is projected to be 36.8%, 37.0%, and 37.2% from 2024 to 2026 [9] Business Segment Analysis - The intermediate and raw material drug segment is expected to maintain stable revenue, while the chemical formulation segment is anticipated to face challenges due to price reductions linked to centralized procurement [4][7] - The health segment is expected to grow steadily, with projected revenue increases of 15% annually from 2024 to 2026 [4][7] Valuation - The company is assigned a P/E ratio of 17-22x for 2024, with a reasonable value range of 14.87 to 19.24 yuan per share, translating to a market capitalization range of 19.9 billion to 25.8 billion yuan [5][8]

Financial Performance - Net profit attributable to shareholders of the listed company is expected to be between 925 million yuan and 985 million yuan, representing a year-on-year increase of 64.01% to 74.65%[2] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses is expected to be between 892 million yuan and 952 million yuan, representing a year-on-year increase of 68.30% to 79.62%[3] - In the same period last year, the company's net profit attributable to shareholders was 563.92 million yuan, and the net profit after deducting non-recurring gains and losses was 530.12 million yuan[4] Market Demand and Sales - The increase in performance is mainly due to strong market demand for penicillin and macrolide APIs, leading to increased sales and improved gross margins in the pharmaceutical intermediates and APIs business segment[5] Cost Control - The company has implemented cost control measures, resulting in a significant year-on-year decrease in period expenses[5]

北京市中伦（上海）律师事务所 关于上海现代制药股份有限公司 2024 年第一次临时股东大会 法律意见书 2024 年 9 月 北京 • 上海 • 深圳 • 广州 • 成都 • 武汉 • 重庆 • 青岛 • 杭州 • 南京 • 香港 • 东京 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 Beijing • Shanghai • Shenzhen • Guangzhou • Chengdu • Wuhan • Chongqing • Qingdao • Hangzhou • Nan Jing • Hong Kong • Tokyo • London • New York • Los Angeles • San Francisco 法律意见书 北京市中伦（上海）律师事务所 关于上海现代制药股份有限公司 2024 年第一次临时股东大会的法律意见书 致：上海现代制药股份有限公司 北京市中伦（上海）律师事务所（以下简称"本所"）作为上海现代制药股份有 限公司（以下简称"公司"）的法律顾问，受公司委托，指派律师出席公司 2024 年 第一次临时股东大会（以下简称"本次股东大会"）。本所律师根据《中华人民共和 国公司法》（以 ...

上海现代制药股份有限公司 2024 年第一次临时股东大会决议公告 证券代码：600420 证券简称：国药现代 公告编号：2024-071 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2024 年 9 月 12 日 (二)股东大会召开的地点：上海市浦东新区建陆路 378 号 B1 楼五楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 160 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 829,245,829 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的 | 61.8299 | | 比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，公司副董事长刘勇先生主持。会议的召集、 召开程序符合国家有关法律、法规和《公司章程》的规定。 1、 ...