业绩简评 2024 年 8 月 26 日，公司发布半年报，1H24 营收/归母/扣非归母 净利润分别为1394/29.4/27.1亿元，同比增长5.1%/12.7%/23.0%。 2Q24 营收/归母/扣非归母净利润分别为 692.6/14.0/13.3 亿元， 同比增长 4.36%/28.15%/57.97%。业绩符合预期。 经营分析 收入结构优化，利润率提升；创新药管线 50 项，中药二次开发推 进中。(1)公司 1H24 营收近 1394.13 亿元，同比增长 5.14%.其中， 医药工业收入 127.34 亿元，同比下降 13.37%;医药商业收入 1266.79 亿元，同比增长 7.45%。（2）医药工业，研发投入/费用 14/11 亿元，同比增长 15.26%/7.67%。①创新药：多项提交 pre-NDA(新药上市申请)、NDA 或关键性研究，自研的 I001 片，新 一代口服非肽类小分子肾素抑制剂，一有 3 个适应症处于临床中后 期，针对高血压适应症的 NDA 已获受理，处于审批阶段。②中药： 公司拥有 8 家直管中药企业，9 个中药核心品牌，1H24 中药总收入 51.92 亿元。养心氏片、 ...

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].

证券代码：601607 证券简称：上海医药 编号：临2024-079 上海医药集团股份有限公司 2024 年半年度利润分配方案公告 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。 重要内容提示： 一、利润分配方案内容 每股分配比例：每 10 股派发现金红利 0.80 元（含税）。 本次利润分配将以实施权益分派股权登记日登记的总股本为基数，具体日期 将在权益分派实施公告中明确。 在实施权益分派的股权登记日前本公司总股本发生变动的，公司拟以实施权 益分派股权登记日的总股本为基准，维持每股分配金额不变，相应调整利润 分配总额。 次会议审议通过《关于 2024 年中期分红安排的议案》，在满足监管机构关于上市 公司利润分配、收益收缴要求；公司累计未分配利润为正、当期盈利；公司现金 流可以满足正常经营和持续发展的前提下，董事会提请股东大会授权董事会制定 具体的中期分红方案，派发现金红利总金额不低于相应期间归属于上市公司股东 净利润的 10%（含），不超过相应期间归属于上市公司股东的净利润的 30%（含）。 2、2024 年 6 月 ...

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].

证券代码：601607 证券简称：上海医药 公告编号：临2024-078 本议案已提交公司第八届董事会审计委员会第六次会议审议通过，同意提交 董事会审议。 上海医药集团股份有限公司 第八届董事会第十三次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 上海医药集团股份有限公司（以下简称"本公司"或"上海医药"）第八届董事 会第十三次会议（以下简称"本次会议"）于 2024 年 8 月 26 日在上海市太仓路 200 号上海医药大厦以现场方式召开。本次会议应到董事八名，实到董事八名， 符合《中华人民共和国公司法》和本公司章程关于董事会召开法定人数的规定。 本次会议由杨秋华董事长主持，监事和部分高级管理人员列席本次会议。 二、董事会会议审议情况 本次会议审议并通过了以下议案： 1、《2024 年半年度报告及摘要》 内容详见上海证券交易所网站 www.sse.com.cn。 本 公 司 2024 年 半 年 度 实 现 合 并 归 属 于 上 市 公 司 股 东 的 净 利 润 2,941, ...

上海医药集团股份有限公司 - 1 - 二、内部控制及持续风险评估情况 （一）控制环境 关于上海上实集团财务有限公司 2024 年半年度风险持续评估 报告 根据《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》的 要求，上海医药集团股份有限公司（以下简称"上海医药"或"我们"）通过查验 上海上实集团财务有限公司（以下简称"财务公司"）的《金融许可证》、《营业 执照》等证件资料，审阅其二〇二四年度中期财务报表，对经营资质、业务和风险 状况进行了解和评估。具体情况报告如下： 一、 企业基本情况及经营资质 上海上实集团财务有限公司由上海上实（集团）有限公司（股东一）、上海医 药集团股份有限公司（股东二）、上海上实资产经营有限公司（股东三）以及上海 实业东滩投资开发（集团）有限公司（股东四）合资成立。2014 年 9 月 1 日在中华 人民共和国上海市注册成立的有限责任公司。 财务公司于 2014 年 8 月 26 日取得原中国银行业监督管理委员会上海监管局的 沪银监复、[2014]561 号开业批复，于 2014 年 9 月 1 日成立，注册资本人民币 10 亿元整，已于 2014 年 5 月 19 ...

证券代码：601607 证券简称：上海医药 公告编号：临 2024-076 上海医药集团股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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 08 月 27 日(星期二) 下午 13:30-15:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow. sseinfo.com/） 会议召开方式：上证路演中心音频直播 投资者可于 2024 年 08 月 20 日(星期二) 至 08 月 23 日(星期五)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 （三） 会议召开方式：上证路演中心音频直播 三、 参加人员 上述参会人员将视实际情况进行调整。 重要内容提示： 上海医药集团股份有限公司（以下简称"公司"）将于 2024 年 08 月 26 日 发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年 半年度经营成果 ...

证券代码：601607 证券简称：上海医药 公告编号：临2024-077 上海医药集团股份有限公司 关于舒更葡糖钠原料药上市申请获得批准的公告 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"）控 股子公司南通常佑药业科技有限公司（以下简称"南通常佑"）的舒更葡糖钠原 料药（以下简称"该药物"）收到国家药品监督管理局（以下简称"国家药监局"） 颁发的《化学原料药上市申请批准通知书》（通知书编号：2024YS00781），该 药品获得批准生产。 一、该药物基本情况 名称：舒更葡糖钠 注册标准编号：YBY68852024 包装规格：1kg/桶、2kg/桶、5kg/桶、15kg/桶 申请事项：境内化学原料药上市申请 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品 符合药品注册的有关要求，批准注册。 二、该药物相关的信息 舒更葡糖钠主要适用于拮抗罗库溴铵或维库溴铵诱导的神经肌肉阻滞。最早 由默沙东公司研发，于 2008 年在欧盟上市。2022 年 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [1][4][56]. Core Insights - Shanghai Pharmaceuticals is a leading integrated enterprise in the pharmaceutical industry, with a solid foundation and an optimized asset structure expected to drive performance growth [3][4]. - The company has established a strong position in the commercial sector, with high-margin CSO (Contract Sales Organization) business expected to grow rapidly, contributing significantly to profits [3][20]. - The industrial segment is robust in both chemical and traditional Chinese medicine, with innovative drugs entering the revenue realization phase [3][36]. - The management reform has been completed, focusing on cost reduction and efficiency enhancement, which is anticipated to release operational vitality and gradually improve performance [4][15]. Summary by Sections Management and Operational Efficiency - The management team has been restructured, with a focus on cost reduction and efficiency improvements, which is expected to enhance operational vitality and gradually release performance [4][15][19]. - The integration of commercial platforms across regions aims to streamline operations and reduce sales expense ratios [19][20]. Commercial Sector Strength - The commercial segment contributes approximately 90% of total revenue, with distribution business being the primary source of income [20][25]. - The CSO business has shown significant growth, with sales reaching approximately 29 billion yuan in 2023, marking a 50% year-on-year increase [31][32]. Industrial Segment Development - The industrial segment generated sales of 262.57 billion yuan in 2023, with a slight decline of 1.87% year-on-year, primarily due to price reductions of key products [3][36]. - The company has a strong pipeline of innovative drugs, with several products in late-stage clinical trials, indicating potential for future revenue growth [48][49]. Financial Projections - The company is projected to achieve net profits of 53.07 billion yuan, 58.52 billion yuan, and 64.40 billion yuan for the years 2024 to 2026, respectively, with corresponding EPS of 1.43, 1.58, and 1.74 yuan [4][56][57].

证券代码：601607 证券简称：上海医药 公告编号：临2024-074 上海医药集团股份有限公司 关于高级管理人员辞任的公告 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。 2024 年 8 月 5 日，上海医药集团股份有限公司（以下简称"本公司"或"公 司"）董事会收到张耀华先生的书面辞职报告。因工作调动，张耀华先生辞去本 公司副总裁等全部职务。辞职报告自送达本公司董事会之日起生效。辞任后，张 耀华先生将不再担任公司及下属企业任何职务。 截至本公告日，张耀华先生已确认与公司及公司董事会并无任何意见分歧， 亦无其他因离任而需要提请公司股东注意之事项。 公司对张耀华先生在任职期间对公司发展做出的贡献表示感谢！ 特此公告。 上海医药集团股份有限公司 董事会 二零二四年八月六日 1 ...