2021 年 10 月，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"）与贵州生 诺生物科技有限公司及其全资子公司（以下简称"贵州生诺"）签订《合作协议》， 获得了 X842 项目（即"戊二酸利那拉生酯胶囊"）原料药及制剂在中国区域的独 家委托生产和所有适应症的工业销售权（详见公司公告临 2021-084）。 近日，上药信谊与贵州生诺合作开发的 X842 项目获得国家药品监督管理局 （以下简称"国家药监局"）下发的《药品注册证书》（证书编号：2024S03003）， 该药品上市许可申请获国家药监局批准。现将相关情况公告如下： 一、药品基本信息 药品名称：戊二酸利那拉生酯胶囊 证券代码：601607 证券简称：上海医药 编号：临2024-105 上海医药集团股份有限公司 关于戊二酸利那拉生酯胶囊（X842 项目）上市许可申请 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。 申报受理号：CXHS2300027 拟用适应症：反流性食管炎 上市 ...

证券代码：601607 证券简称：上海医药 公告编号：临2024-104 关于阿普米司特片获得批准生产的公告 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 股子公司常州制药厂有限公司（以下简称"常州制药厂"）的阿普米司特片（规 格 10mg、20mg 和 30mg；以下简称"该药品"）收到国家药品监督管理局（以 下简称"国家药监局"）颁发的《药品注册证书》（证书编号：2024S03031、 2024S03029、2024S03030），该药品获得批准生产。 一、该药品基本情况 药品名称：阿普米司特片 剂型：片剂 规格：10mg、20mg 和 30mg 注册分类：化学药品 4 类 药品批准文号：国药准字 H20249592、国药准字 H20249593、国药准字 H20249591 审批结论：符合药品注册的有关要求，批准注册，发给药品注册证书。 上海医药集团股份有限公司 截至本公告日，中国境内该药品的主要生产厂家包括石药集团欧意药业有限 公司、齐鲁制药有 ...

证券代码：601607 证券简称：上海医药 编号：临 2024-103 上海医药集团股份有限公司 关于 I037 完成中国 II 期临床试验结果分析的公告 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。 2019 年 11 月 6 日，上海医药集团股份有限公司（以下简称"公司"）与顺天医药 生技股份有限公司签订《合作协议》，取得 I037（以下称"LT3001"或"该项目"）在 中国大陆地区开发、生产和销售等的独占权益（详见公司公告临 2019-085 号）。2020 年 9 月，该项目获国家药品监督管理局批准开展临床试验（详见公司公告临 2020-052 号）。近日，公司完成 LT3001 中国 II 期临床试验结果分析。现将相关情况公告如下： 一、该项目临床试验进展情况 注射用 LT3001 属于全球首创结合靶向溶栓和脑神经保护功能的急性脑卒中治疗创 新药项目，拟用于急性缺血性脑卒中的治疗。 （一）试验计划名称： 一项在急性缺血性脑卒中受试者中评价注射用 LT3001 的安全性和有效性的多中心、 随机、双盲、安慰剂平 ...

关于 I048 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"）开发的 I048 （以下简称"该项目"）临床试验申请获得国家药品监督管理局（以下简称"国家药监 局"）受理，现将相关情况公告如下： 一、该项目基本信息 证券代码：601607 证券简称：上海医药 编号：临2024-102 上海医药集团股份有限公司 该项目由上海医药主导研发，公司拥有全球独占实施许可权益。截至本公告披露日， 该项目已累计投入研发费用 2,223.94 万元人民币。 三、同类药品的市场情况 截至本公告日，全球未有完全相同靶点和同适应症的药品上市。 四、对上市公司的影响及风险提示 项目名称：I048 剂型：片剂 申请事项：境内生产药品注册临床试验 申报受理号：CXHL2401267、CXHL2401268、CXHL2401269 结论：根据《中华人民共和国行政许可法》第三十二条的规定，经审查，决定予以 受理。 二、该项目研发及注册情况 I048 是小分子一类 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 27.8 yuan based on a 20x P/E ratio for 2024 [2]. Core Insights - Shanghai Pharmaceuticals is a leading integrated pharmaceutical company in China, with a strong presence in both pharmaceutical distribution and manufacturing. The company has shown steady revenue growth with a compound annual growth rate (CAGR) of 10.35% from 2018 to 2023, achieving revenue of 139.4 billion yuan in the first half of 2024, a 5.1% increase year-on-year [1][32]. - The pharmaceutical distribution segment remains the core revenue driver, contributing approximately 90% of total revenue, with a market share that is expected to continue increasing due to strategic integrations and new business developments [1][41]. - The pharmaceutical manufacturing segment is undergoing innovation and transformation, focusing on key products that are expected to contribute significantly to revenue growth [1][39]. Summary by Sections Company Overview - Shanghai Pharmaceuticals is a large pharmaceutical company listed in both Shanghai and Hong Kong, recognized as the second-largest national pharmaceutical distribution enterprise in China and the largest importer of pharmaceuticals [21][23]. Financial Performance - The company reported a revenue of 260.3 billion yuan in 2023, with a year-on-year growth of 12.2%. The net profit attributable to shareholders was 3.77 billion yuan, a decrease of 32.9% due to one-time losses, but it rebounded to 29.42 billion yuan in the first half of 2024, reflecting a 12.7% increase [4][32]. Pharmaceutical Distribution - The distribution segment is the backbone of the company's revenue, with a revenue contribution of 91.12% in the first half of 2024. The segment has maintained a CAGR of 10.9% from 2018 to 2023, achieving 1,270.31 billion yuan in revenue in the first half of 2024, a 6.91% increase year-on-year [41][39]. Pharmaceutical Manufacturing - The manufacturing segment is actively pursuing innovation, focusing on biopharmaceuticals, traditional Chinese medicine, and rare disease drugs. The company has a robust pipeline of 60 key products that are expected to drive revenue growth [1][39][57]. Business Strategy - The company is enhancing its distribution network through strategic mergers and acquisitions, including partnerships with major pharmaceutical companies like Sanofi, which has led to significant contract sales agreements [57][1]. Earnings Forecast - The forecast for earnings per share (EPS) is projected at 1.39 yuan for 2024, 1.53 yuan for 2025, and 1.72 yuan for 2026, indicating a positive growth trajectory [2].

证券代码：601607 证券简称：上海医药 编号：临2024-101 上海医药集团股份有限公司 关于股东权益变动的提示性公告 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、本次权益变动的基本情况 上海医药集团股份有限公司（以下简称"上海医药"或"公司"）于 2024 年 11 月 13 日收到公司股东新华人寿保险股份有限公司（简称"新华保险"或"信 息披露义务人"）发来的《简式权益变动报告书》，新华保险于 2024 年 11 月 12 日通过二级市场集中竞价交易方式增持上海医药无限售条件流通 A 股 9,999,836 股股份和 H 股 1,500,000 股股份。本次增持股份的资金来源为自有资金。 本次权益变动后，新华保险持有上海医药 A 股 148,951,274 股，约占公司 总股本的 4.02%。持有上海医药 H 股 37,895,900 股，约占公司总股本的 1.02%。 新华资产管理股份有限公司（简称"新华资产"，截至本公告披露日，新华保险 持有新华资产 99.4%的股权，新华资产构成新 ...

上海医药集团股份有限公司 简式权益变动报告书 | 上市公司名称： | 上海医药集团股份有限公司 | | --- | --- | | 股票上市地点： | 上海证券交易所、香港联合交易所有限公司 | | 股票简称： | 上海医药 | | 股票代码： | 601607.SH、02607.HK | 信息披露义务人： 新华人寿保险股份有限公司 住所： 北京市延庆区湖南东路 16 号(中关村延庆园) 通讯地址： 北京市朝阳区建国门外大街甲 12 号新华保险大厦 一致行动人： 新华资产管理股份有限公司 住所： 北京市朝阳区建国门外大街甲 12 号新华保险大厦 19 层 通讯地址： 北京市朝阳区建国门外大街甲 12 号新华保险大厦 19 层、18 层、8 层 权益变动性质： 股份增加 签署日期：二〇二四年十一月十二日 1 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容 与格式准则第 15 号——权益变动报告书》及其他相关法律法规和规范性文件编 写。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《 ...

Company Collaboration - Shanghai Pharmaceutical Co Ltd engaged in discussions with Shanghai Shenkang Hospital Development Center to explore collaboration opportunities in clinical innovation and transformation [1] - The meeting aimed to leverage the strengths of both hospital and enterprise to promote the implementation of scientific research achievements [1] Strategic Initiatives - Shenkang Center is driving high-quality development of municipal public hospitals and established the Shanghai Clinical Innovation and Transformation Research Institute to accelerate the integration of clinical innovation achievements into the industry [1] - Shanghai Pharmaceutical Co Ltd, as a leading enterprise in Shanghai's biomedical industry, is expected to play a demonstrative role in fostering sustainable and open sharing mechanisms for hospital-enterprise cooperation [1] Industry Opportunities - The collaboration focuses on seizing strategic opportunities in clinical transformation and data element empowerment to accelerate the cultivation of new productive forces in the biomedical sector [1]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 209.6 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 6.1%, with a net profit attributable to shareholders of 4.05 billion yuan, up 6.78% year-on-year [1] - The commercial segment showed steady growth, with Q3 revenue reaching 64.7 billion yuan, an increase of 9.9%, while the CSO business experienced a remarkable growth of 185% [2] - The industrial segment's revenue decreased by 9% to 5.55 billion yuan in Q3, but profitability improved due to cost reduction and efficiency enhancement measures [3] Financial Analysis - The company achieved a gross margin of 9.98% in Q3, down 0.65 percentage points year-on-year, and a net margin of 2.03%, down 0.34 percentage points [4] - Accounts receivable turnover days increased to 100.5 days, while inventory turnover days rose to 53.7 days, indicating a slight decline in operational efficiency [4] Earnings Forecast and Investment Suggestions - The revenue forecasts for 2024-2026 are adjusted to 284.4 billion, 312.6 billion, and 242.8 billion yuan, with expected year-on-year growth rates of 9.3%, 9.9%, and 9.7% respectively [5] - The net profit forecasts for the same period are 5.08 billion, 5.7 billion, and 6.36 billion yuan, with corresponding year-on-year growth rates of 35%, 12%, and 12% [5] - The company is positioned as a leader in the national distribution industry, with rapid development in its commercial segment and ongoing transformation in its industrial segment, justifying the "Buy" rating [5]

Group 1: Company Strategy and Innovation - Shanghai Pharmaceuticals is leveraging the Shanghai Frontier platform to enhance its R&D pipeline and drive innovation, collaborating with multiple enterprises for resource integration [2] - The company aims to empower its innovation-driven development through the transformation and industrialization of research outcomes [2] Group 2: Industrial Cost Reduction and Marketing Reform - Shanghai Pharmaceuticals is restructuring its industrial layout and product iteration, with plans for a new marketing system to be operational by 2025 [2] - The company is focusing on the secondary development of dormant products to enhance its product offerings [2] Group 3: Traditional Chinese Medicine (TCM) Development - Shanghai Pharmaceuticals operates 8 major TCM companies and 9 core TCM brands, achieving over 7 billion CNY in industrial revenue from TCM in the first nine months of 2024 [2] - The company is committed to advancing its TCM strategy, emphasizing evidence-based research and expanding its market presence [2] Group 4: Commercial Sector Growth - Despite a challenging pharmaceutical industry in 2024, Shanghai Pharmaceuticals' commercial sector has achieved high-quality growth, introducing 13 new imported products in the first nine months [3] - The company's health equipment sales reached approximately 32.6 billion CNY, marking an 11.9% year-on-year increase [3] Group 5: Contract Sales Organization (CSO) Progress - In 2023, Shanghai Pharmaceuticals established a strategic partnership with Sanofi for contract sales, covering over 20 key disease areas with a contract scale exceeding 5 billion CNY [3] - The sales scale for the CSO business reached 6.142 billion CNY in the first nine months of 2024, reflecting a growth of over 170% [3]