证券代码：601607 证券简称：上海医药 编号：临2024-035 上海医药集团股份有限公司 关于 WST03 制剂临床试验申请获得受理的公告 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个别及连带责任。 近日，上海医药集团股份有限公司（以下简称"上海医药"或"公司"）全 资子公司上海上药信谊药厂有限公司（以下简称"上药信谊"）开发的"WST03 制剂（胶囊）" 临床试验申请获得国家药品监督管理局受理，现将相关情况公告 如下： 一、临床试验申请的主要内容 药品名称：WST03 制剂（胶囊） 剂型：胶囊 申请事项：境内生产药品注册临床试验 受理号：CXSL2400245、CXSL2400246 WST03是阴道用微生态活菌制剂，拟用于治疗细菌性阴道病（BV）。 临床前研究显示WST03制剂具有有效治疗BV并预防其复发的作用。 该项目由上药信谊自主研发，并拥有完全知识产权。截至本公告披露 日，该项目已累计投入研发费用约1,037.7万元人民币。 三、同类药物市场情况 截至本公告日，全球尚无与该项目相同菌株成分的微生态活菌药物上市。 四、 ...

Group 1: Corporate Strategy and Governance - Shanghai Pharmaceuticals positions itself as a highly market-oriented state-owned enterprise, focusing on leading biopharmaceutical innovation [3] - The company has linked its management system, incentive assessment, and strategic direction to stimulate the operational team's creativity [3] - The assessment of innovation pipelines considers both individual project success and overall team performance over their term [3] Group 2: Financial Performance and Shareholder Returns - The dividend payout ratio has been increased from 30% to 40% to enhance shareholder returns [3] - The company aims to maximize value and returns for shareholders through excellent performance [3] Group 3: Strategic Partnerships and Collaborations - Yunnan Baiyao became a strategic investor in 2022, leading to closer business cooperation, particularly in distribution and traditional Chinese medicine raw material supply [3][4] - The collaboration with Yunnan Baiyao and Tianjin Pharmaceuticals has established a "Yuntian Shang" traditional Chinese medicine industry alliance to ensure quality and stable pricing of required medicinal materials [4] Group 4: Mergers and Acquisitions - Investment and mergers are crucial tools in Shanghai Pharmaceuticals' innovation ecosystem, focusing on regional advantages and product synergy [4] - The company emphasizes the importance of clinical value and market potential when considering new research and development projects [4] Group 5: Business Integration and Efficiency - The integration of Shanghai Pharmaceuticals' commercial sector with Koyuan is a significant project completed in 2023, aimed at enhancing scale, efficiency, and cost management [5] - The company plans to develop provincial brands starting from Jiangsu, Zhejiang, and Anhui to improve overall profitability and reduce operational costs [5] Group 6: Contract Promotion Business - The contract promotion business has been in development for nine years, with a strategic cooperation agreement with Sanofi involving over 20 products and a contract scale exceeding 5 billion [5] - Future developments in this business will focus on market positioning, product services, digital technology, sales systems, marketing strategies, and risk management to enhance market competitiveness [5]

Core Viewpoint - Morgan Stanley has downgraded the target price for Shanghai Pharmaceuticals (02607) by 5.6%, from HKD 18 to HKD 17, while lowering the profit forecast for 2024-2030 by 2%-9% due to a decline in the manufacturing sector's sales, but maintains an "Overweight" rating due to the complete integration of manufacturing, distribution, and retail providing synergies [1] Group 1 - The primary reason for the downgrade is the decrease in sales within the manufacturing sector [1] - The company's basic assumptions are based on stable network expansion and valuable distribution contracts [1] - Distribution sales growth is expected to remain in the low double digits, with diversification from generic drugs to innovative drugs and vaccines [1] Group 2 - The expansion of business outside hospitals is strong, providing new options for large pharmaceutical companies [1]

[Table_StockInfo] 买入 2024年 04月 10日 （维持） 证券研究报告•2023年年报点评 当前价： 16.91元 上海医药（601607） 医药生物 目标价： ——元（6个月） 23 年收入稳健增长，创新管线步入收获期 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma发ry布] 2023年年报。2023年公司实现收入2603亿元（+12.2%）；归 [分Ta析bl师e_：Au杜th向or阳] 母净利润37.7亿元（-32.9%）；扣除一次性特殊损益后归母净利润为49.2 亿元 执业证号：S1250520030002 （+3%）。全年经营性现金流净流入52.3亿元（+10.3%）。 电话：021-68416017  医药商业：加速布局商业网络覆盖，持续巩固领先地位。2023年医药商业实现 邮箱：duxy@swsc.com.cn 收入 2340.4亿元（+14%）；实现利润33.5亿元（+7.7%）。2023年公司进一步 [T相ab对le指_Q数u表ot现eP ic] 完善医药流通网络，完成湖南润吉药业并购以及正大天晴商业板块并购，填补 湖南省生物制品以及苏州市、连 ...

关于雷贝拉唑钠肠溶片通过仿制药一致性评价的公告 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个别及连带责任。 上海医药集团股份有限公司 近日，上海医药集团股份有限公司（以下简称"上海医药"或"公司"）全资子公 司上海上药信谊药厂有限公司（以下简称"上药信谊"）收到国家药品监督管理局（以 下简称"国家药监局"）颁发的关于雷贝拉唑钠肠溶片（以下简称"该药品"）的《药品补 充申请批准通知书》（通知书编号：2024B01493），该药品通过仿制药一致性评价。 一、该药品的基本情况 药品名称：雷贝拉唑钠肠溶片 商品名称：信卫安 剂型：片剂（肠溶） 规格：10mg 注册分类：化学药品 申请人：上海上药信谊药厂有限公司 原批准文号：国药准字H20031292 审批结论：本品通过仿制药质量和疗效一致性评价 二、该药品的相关信息 雷贝拉唑钠肠溶片主要用于治疗胃溃疡、十二指肠溃疡、吻合口溃疡、反流性食管 炎、卓-艾氏（Zollinger-Ellison）综合征，辅助用于治疗胃溃疡或十二指肠溃疡患者根 除幽门螺旋杆菌，由 Eisai Co., Ltd 研发 ...

证券代码：601607 证券简称：上海医药 编号：临 2024-033 上海医药集团股份有限公司 申请人：山东信谊制药有限公司 原批准文号：国药准字H20060105 近日，上海医药集团股份有限公司（以下简称"上海医药"或"公司"）控股子公 司山东信谊制药有限公司（以下简称"山东信谊"）收到国家药品监督管理局（以下简 称"国家药监局"）颁发的关于劳拉西泮片（以下简称"该药品"）的《药品补充申请 批准通知书》（通知书编号：2024B00897），该药品通过仿制药质量和疗效一致性评价。 一、该药品的基本情况 药品名称：劳拉西泮片 剂型：片剂 规格：1mg 注册分类：化学药品 关于劳拉西泮片通过仿制药一致性评价的公告 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个别及连带责任。 审批结论：本品通过仿制药质量和疗效一致性评价 二、该药品的相关信息 劳拉西泮片主要用于焦虑障碍的治疗或用于缓解焦虑症状及与抑郁症状相关的焦 虑的短期治疗，由 VALEANT INTL 研发，最早于 1977 年在美国上市。2023 年 5 月， 山东信谊就该药品仿制 ...

Financial Performance - The company has a performance assessment that includes financial metrics such as ROE and net profit margin, which hold significant weight in evaluations [3] - In 2023, the sales expense ratio began to decline due to the integration and adjustment of marketing models, with expectations for further control in 2024 [6] Business Growth and Strategy - Shanghai Pharmaceuticals has covered 25 provinces and continues to seek expansion opportunities [3] - The company has established a CSO team that has promoted over 60 products for foreign enterprises, with Sanofi packaging more than one-third of its products with the company, exceeding 5 billion [4] - The global weight loss market is projected to reach $200 billion by 2025, with China’s market size nearing $15 billion in 2023 [4] Innovation and R&D - The company has a pipeline of 68 new drugs, including 55 innovative drugs and 13 modified new drugs, with three innovative drugs already submitted for market approval [5] - The company has initiated clinical trials primarily through its in-house clinical registration team, significantly speeding up the process compared to outsourcing [5] Traditional Chinese Medicine (TCM) - The TCM segment performed well last year, with revenue approaching 10 billion, primarily from proprietary Chinese medicines [5] - Future strategies include strengthening the terminal marketing system and conducting real-world studies to further validate clinical value [5] Cost Reduction and Efficiency - The industrial sector focuses on quality, cost optimization, smart manufacturing, and green development, with ongoing efforts to enhance production efficiency [6] - Six major initiatives are in place to improve capacity utilization and reduce costs, including optimizing production layout and enhancing personnel efficiency [6]

Investment Rating - The report maintains a "Buy" rating for Shanghai Pharmaceuticals-A with a target price of RMB 22.37, down from the previous target of RMB 23.63, indicating a potential upside of 27% from the current price of RMB 17.62 [1][6][14]. Core Insights - The company experienced steady revenue growth in 2023, achieving revenue of RMB 263 billion, a year-on-year increase of 12%. However, the net profit of RMB 3.768 billion fell short of expectations, declining by 33% year-on-year [1][2]. - The pharmaceutical distribution segment showed strong performance with revenue of RMB 233.76 billion, up 14% year-on-year, while the pharmaceutical manufacturing segment saw a slight decline in revenue [1][2]. - The innovative drug pipeline is entering a harvest phase, with several new drugs in various stages of clinical trials and applications [2][14]. Financial Summary - In 2023, the company reported a net profit of RMB 3.768 billion, down 33% from the previous year, with a corresponding EPS of RMB 1.02, a decrease of 35% [1][8]. - The operating cash flow for 2023 was RMB 5.232 billion, reflecting a 10% increase year-on-year [1][8]. - The report forecasts a compound annual growth rate (CAGR) for revenue and net profit of 11% and 19%, respectively, from 2023 to 2026 [1][2]. Segment Performance - The pharmaceutical distribution segment generated revenue of RMB 233.76 billion, with a gross margin of 6.3%, down 0.27 percentage points year-on-year [1][9]. - The pharmaceutical manufacturing segment reported revenue of RMB 26.26 billion, a decrease of 2% year-on-year, with a gross margin of 58.5% [2][9]. - The retail segment achieved revenue of RMB 9.11 billion, up 10% year-on-year, but with a declining gross margin of 12.0% [9]. Earnings Forecast Adjustments - Due to lower-than-expected performance in 2023, the report has revised down the earnings forecasts for 2024 and 2025, with EPS estimates adjusted to RMB 1.56 and RMB 1.66, representing decreases of 18% and 19% respectively [3][11][13].

2024 年4 月3 日 医药: 超配 证券研究报告 / 业绩点评报告 上海医药-A (601607 CH, 买入, 目标价: RMB22.37) 2023 年营收稳健增长；创新药迎来收获期 目标价: RMB22.37 当前股价: RMB17.62 • 2023 年营收稳健增长，2023 年股息率为2.1%（最近三年平均为2.4%）。 股价上行/下行空间 +27% 52周最高/最低价 (RMB) 23.98/15.36 • 医药商业：CSO、疫苗、器械大健康等业务为未来增长点；医药工业：创新药管线进 市值 (US$mn) 11,031 入收获期。 当前发行数量(百万股) 2,842 • 维持买入评级，SOTP 目标价下调至22.37 元。 三个月平均日交易額 31 (US$mn) 流通盘占比 (%) 68 2023 年营收稳健增长，净利润低于我们预测：公司发布年报，2023 年实现营收2,630 亿 主要股东 (%) 元，同比增长12%；归母净利润37.68 亿元，同比下降33%；扣非归母净利润35.96 亿 香港中央结算 19 元，同比下降16%。其中4Q23 实现营收628 亿元，同比9%；归母净亏损28 ...

Financial Performance - Shanghai Pharmaceuticals reported a revenue of RMB 100 billion for the fiscal year 2023, representing a year-on-year growth of 15%[3]. - The company achieved a net profit of RMB 8 billion, which is an increase of 10% compared to the previous year[3]. - In 2023, Shanghai Pharmaceuticals reported a revenue of RMB 260,295,089 thousand, representing a year-on-year increase of 12.2% from RMB 231,981,300 thousand in 2022[23]. - The company's profit before tax for 2023 was RMB 7,054,297 thousand, a decrease of 20% compared to RMB 8,808,353 thousand in 2022[23]. - The net profit attributable to the owners of the company for 2023 was RMB 3,768,000 thousand, a decline from RMB 5,617,152 thousand in 2022, representing a decrease of 32.9%[23]. - The gross margin for the year was reported at 40%, maintaining stability compared to the previous year[3]. - The company reported a significant increase in other income, which rose by 101.43% to ¥793.16 million, primarily due to increased government subsidies[95]. - The company's operating revenue for the reporting period reached ¥260.30 billion, an increase of 12.21% compared to ¥231.98 billion in the same period last year[95]. - Operating costs rose to ¥228.97 billion, reflecting a 13.63% increase from ¥201.49 billion, driven by higher sales revenue[95]. Market Expansion and Product Development - Shanghai Pharmaceuticals plans to launch three new products in 2024, targeting a market expansion of 25% in the healthcare sector[3]. - The company aims to expand its market presence in Southeast Asia, with a projected growth rate of 30% in that region[3]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of RMB 2 billion allocated for potential mergers[3]. - The company has 68 new drug pipelines in various stages, including 55 innovative drugs and 13 modified new drugs, with 3 innovative drugs submitted for pre-NDA or market application[40]. - The company has 16 ongoing projects in its rare disease platform, focusing on innovative drugs and urgently needed medications[75]. - The company is actively developing I001 for inflammatory bowel disease and diabetic nephropathy, with ongoing patient recruitment[47]. - The company has completed the enrollment for Phase II clinical trials of B013, a new drug for triple-negative breast cancer, with good safety results reported[51]. - The company has 6 projects in Phase III clinical trials, including BCD-100 for cervical cancer and non-small cell lung cancer[42]. Research and Development - The company has invested RMB 1.5 billion in R&D for new technologies, focusing on innovative drug development[3]. - Research and development investment totaled RMB 2.602 billion, with R&D expenses of RMB 2.204 billion, a year-on-year increase of 4.35%[37]. - The total R&D investment for the period amounted to RMB 260,226,000, representing 9.91% of operating revenue[106]. - The company aims to enhance its R&D capabilities by building high-quality teams and establishing open R&D platforms in collaboration with universities and research institutions[132]. - The company is increasing R&D investment and optimizing innovation resource allocation to enhance its competitive edge in innovative drug development[135]. Corporate Social Responsibility and Governance - The company emphasized its commitment to corporate social responsibility, aiming to improve public health quality through various initiatives[3]. - The company’s ESG efforts have been recognized with an AA rating from MSCI and Wind, placing it among the leading peers in the industry[73]. - The company aims to enhance corporate governance and retain talent through the stock option incentive plan, aligning the interests of management with the long-term development of the company[173]. Strategic Partnerships and Collaborations - The company established strategic partnerships with Shanghai Jiao Tong University and China Pharmaceutical University to enhance its innovation capabilities in drug research[27]. - The company has formed a strategic partnership with Sanofi for nationwide multi-channel cooperation, showcasing its strength as China's largest drug and medical device import and export platform[29]. - The company has completed the acquisition of Hunan Runji Pharmaceutical and Zhengda Tianqing's commercial segment, expanding its domestic pharmaceutical distribution network[63]. International Development - The company is actively expanding its international business, with steady growth in international revenue and substantial progress in product registrations[62]. - The company has made significant progress in the Philippines market, with the registration of Rosuvastatin Calcium Tablets and two other products approved for pre-review[64]. - The company plans to accelerate its international development, focusing on generic drugs and innovative drug layouts, while seeking overseas acquisition opportunities[132]. Stock Options and Incentive Plans - The stock option incentive plan approved in December 2019 involved granting 25,600,000 stock options to 210 incentive targets[168]. - The company aims to enhance corporate governance and retain talent through the stock option incentive plan, aligning the interests of management with the long-term development of the company[173]. - The total number of A-share stock options granted under the incentive plan is 24,355,720 shares, which does not exceed 1% of the company's total issued shares as of the report date[177]. - The exercise price for the stock options granted under the incentive plan is set at RMB 18.41 per A-share[183]. - The stock options granted under the incentive plan have a maximum validity period of 60 months from the grant registration date[185].