此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券 商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的上海醫藥集團股份有限公司的股份全部售出或轉讓，應立即將本通函及隨附的 代表委任表格及回條交予買主或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理商，以 便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本通函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） 取消監事會並修訂《公司章程》及其附件 修訂《累積投票制實施細則》 修訂《募集資金管理辦法》 2025年半年度利潤分配預案 及 臨時股東大會通知 本公司謹訂於2025年12月9日14:00於中國上海市黃浦區太倉路200號上海醫藥大廈二樓會議室舉行 臨時股東大會，大會通知載於本通函第1 ...

Market Overview - The pharmaceutical commercial sector experienced a decline of 0.92% on November 18, with Yao Yigou leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Notable gainers included: - Ren Da Medical (603108) with a closing price of 15.97, up 2.90% and a trading volume of 278,200 shares, totaling 442 million yuan [1] - People's Tongtai (600829) with a closing price of 17.72, up 6.49% and a trading volume of 1,148,700 shares, totaling 1.902 billion yuan [1] - Major decliners included: - Yao Yigou (300937) with a closing price of 33.95, down 6.37% and a trading volume of 115,000 shares, totaling 396 million yuan [2] - Luhua Pharmaceutical (002788) with a closing price of 10.29, down 5.86% and a trading volume of 467,300 shares, totaling 489 million yuan [2] Capital Flow - The pharmaceutical commercial sector saw a net outflow of 706 million yuan from institutional investors, while retail investors contributed a net inflow of 705 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing while retail investors remained active [2] Individual Stock Capital Flow - Ren Da Medical (603108) had a net inflow of 49.2 million yuan from institutional investors, while retail investors saw a net outflow of 65.5 million yuan [3] - Yao Yigou (300937) experienced a significant net outflow of 560.4 million yuan from institutional investors [3] - The data reflects varying levels of investor confidence across different stocks within the sector [3]

Market Overview - The pharmaceutical commercial sector experienced a decline of 1.62% on November 17, with Luyuan Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable gainers included: - Renmin Tongtai (600829) with a closing price of 16.64, up 9.98% and a trading volume of 768,000 shares, totaling 1.276 billion yuan [1] - Other stocks in the sector showed mixed results, with several companies like Shanghai Pharmaceuticals (601607) and Guoyao Yizhi (000028) experiencing declines of 1.20% and 1.53% respectively [1] Capital Flow - The pharmaceutical commercial sector saw a net outflow of 875 million yuan from institutional investors, while retail investors contributed a net inflow of 674 million yuan [2] - The data indicates that retail investors were more active in the market compared to institutional investors during this period [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Shuyuan Pingmin (301017) with a net inflow of 17.85 million yuan from institutional investors, while retail investors had a net outflow of 35.94 million yuan [3] - Nanjing Pharmaceutical (600713) had a net inflow of 17.30 million yuan from institutional investors, but also saw outflows from retail investors [3] - Guoyao Yizhi (000028) and Shanghai Pharmaceuticals (601607) also experienced mixed capital flows, with institutional inflows but retail outflows [3]

Core Insights - The pharmaceutical commercial sector experienced a rise of 1.05% on November 14, with significant gains led by the stock of Jiyu Pingmin, which surged by 20.03% [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Jiyu Pingmin (301017) closed at 16.66 with a gain of 20.03%, trading volume of 141,800 shares and a transaction value of 227 million [1] - Renmin Tongtai (600829) and Kaikai Industry (600272) also saw notable increases of 10.04% and 10.03%, respectively [1] - The pharmaceutical sector's stocks showed a mixed performance, with some stocks like Jianfa Zhixin (301584) and Runda Medical (603108) declining by 3.33% and 1.59% respectively [2] Capital Flow - The pharmaceutical commercial sector saw a net outflow of 497 million from institutional investors, while retail investors contributed a net inflow of 590 million [2][3] - The main stocks experiencing significant net inflows from retail investors included Jiyu Pingmin and Kaikai Industry, while institutional investors showed a preference for stocks like Kaikai Industry [3]

Core Insights - The pharmaceutical commercial sector has seen a significant rise, with the industry index increasing by 1.89% on November 14, and a cumulative increase of 7.75% in November, outperforming the CSI 300 index by approximately 7 percentage points [1][2] - The introduction of supportive policies for commercial health insurance by the government is expected to accelerate the upgrade of the pharmaceutical distribution structure, enhancing the willingness of hospitals to procure high-value innovative drugs [1][2] - The net profit of the pharmaceutical commercial industry reached 16.32 billion yuan in the first three quarters, reflecting a year-on-year growth of 5.35%, indicating an overall recovery in industry prosperity [2] Company Performance - Shuyou Pingmin reported a revenue of 7.446 billion yuan in the first three quarters, with a year-on-year growth of 5.19%, and achieved a net profit of 109 million yuan [3] - Huaren Health's net profit for the first three quarters was 157 million yuan, marking a significant year-on-year increase of 45.21%, the highest growth rate in the industry [3] - The top-performing stock in the sector, Hefuchina, has seen a cumulative increase of 141.98% this year, leading the sector [1] Institutional Holdings - Five pharmaceutical commercial stocks have received significant investments from insurance funds, with a total market value of 4.528 billion yuan [4][5] - Shanghai Pharmaceuticals alone has a market value of 2.707 billion yuan held by insurance funds, indicating strong institutional interest in the sector [5]

Core Viewpoint - The innovative drug sector has regained market attention after a two-month adjustment period, driven by macroeconomic liquidity easing and strong Q3 earnings reports from key companies [1][3]. Group 1: Performance and Financials - The Hang Seng Innovative Drug ETF (159316) rose by 2.52%, while the low-fee Innovative Drug ETF from E Fund (516080) increased by 31% year-to-date [2]. - BeiGene reported Q3 revenue of 27.595 billion yuan, a 44.21% year-on-year increase, with a net profit of 1.562 billion yuan, reversing previous losses [3]. - Innovent Biologics announced over 3.3 billion yuan in product revenue for Q3 2025, maintaining approximately 40% growth [3]. - Other leading companies like WuXi AppTec, Hengrui Medicine, Shanghai Pharmaceuticals, and Fosun Pharma reported revenues of 32.857 billion yuan, 23.188 billion yuan, 21.507 billion yuan, and 2.939 billion yuan respectively, with net profits of 12.076 billion yuan, 5.751 billion yuan, 5.147 billion yuan, and 2.523 billion yuan [3]. Group 2: Industry Trends - A total of 81 innovative drug companies reported a 13.84% year-on-year increase in net profit, with 9 companies turning losses into profits, indicating a shift towards commercialization in the sector [4]. - The total value of outbound licensing transactions for Chinese innovative drugs exceeded 101.24 billion USD, significantly surpassing the projected 51.9 billion USD for 2024 [5]. - Notable licensing deals include Hengrui's collaboration with GSK valued at up to 12 billion USD and a deal between 3SBio and Pfizer worth over 1 billion USD [6]. Group 3: Market Dynamics - The innovative drug sector has experienced a 17% correction since early September, suggesting it may be nearing a bottom [8]. - Historical data indicates that corrections of 15%-20% often signify deep pullbacks, but current macroeconomic conditions are not as extreme as in previous downturns [11]. - The likelihood of a significant market drop exceeding 20-30% is low, given the improving macroeconomic environment and corporate earnings recovery [12]. Group 4: Future Growth Drivers - The domestic policy environment has shifted to a more stable and supportive framework for innovative drug development, with recent healthcare negotiations enhancing commercial prospects [18]. - China's biotech sector ranks second globally in clinical pipelines, with over 20% of global clinical projects, indicating strong future product launches [20]. - Chinese companies are transitioning from "me-too" drugs to "First-in-Class" and "Best-in-Class" innovations, leveraging lower costs and faster clinical trial processes [23]. Group 5: Conclusion - The innovative drug sector is entering a favorable phase characterized by policy improvements, international expansion, and strong earnings, suggesting a potential market rebound [25]. - The increasing interest in innovative drug ETFs reflects the challenges of direct stock investment in this complex sector, with products like the Hang Seng Innovative Drug ETF providing a focused investment vehicle [25].

Group 1 - The Shanghai Municipal Drug Administration has issued the "Guiding Opinions on Modern Drug Logistics in Shanghai" to accelerate the development of modern drug logistics, optimize resource allocation, and promote the standardized growth of drug distribution companies [1] - The guidelines encourage drug wholesale companies to equip suitable storage facilities and independent computer information management systems to ensure quality control and information traceability throughout the entire drug management process [1] - Guojin Securities reports that the pharmaceutical distribution industry has seen overall performance improvement in the first three quarters of this year, with many companies experiencing revenue recovery and cost reduction benefits [1] Group 2 - Shanghai Pharmaceuticals has established a "national-level modern pharmaceutical supply chain service platform," with its distribution network covering multiple provinces and cities across the country [2] - China National Pharmaceutical Group has developed two major business segments: mature marketing of medical products and project integration services, with a global marketing network [2]

Core Points - Shanghai Pharmaceuticals announced on November 11 that it has released a plan for its controlling shareholder to increase shareholding, with details available in the announcement [2] Group 1 - The company confirmed that it will fulfill its information disclosure obligations in accordance with regulatory requirements [2]

Core Viewpoint - Shanghai Pharmaceuticals announced that its subsidiary, Shanghai Shiyuan New Asia Pharmaceutical Co., Ltd., received approval from the National Medical Products Administration for its injectable drugs, Cefuroxime Sodium and Aztreonam, which passed the consistency evaluation of quality and efficacy for generic drugs [1] Group 1: Drug Approvals - The injectable Cefuroxime Sodium is indicated for infections caused by specific sensitive strains of microorganisms, including respiratory, ENT, urinary tract, skin and soft tissue infections, sepsis, meningitis, gonorrhea, bone and joint infections, and postpartum and gynecological infections [1] - Cefuroxime Sodium was originally developed by GSK and launched in countries like the UK and Italy in 1978 [1] - The projected procurement amount for Cefuroxime Sodium injection in Chinese hospitals for 2024 is RMB 2.62 billion [1] Group 2: Aztreonam Details - Injectable Aztreonam is indicated for infections caused by sensitive Gram-negative bacteria, including urinary tract infections (both complicated and uncomplicated), lower respiratory tract infections, sepsis, skin and skin structure infections, intra-abdominal infections, and gynecological infections [1] - Aztreonam was developed by BMS and first launched in Italy in 1984 [1] - The projected procurement amount for Aztreonam injection in Chinese hospitals for 2024 is RMB 163 million [1]

Core Viewpoint - Shanghai Pharmaceuticals has received approval from the National Medical Products Administration for its generic drugs, injectable Cefuroxime Sodium and injectable Aztreonam, confirming their quality and efficacy consistency [1] Group 1: Company Developments - Shanghai Pharmaceuticals' subsidiary, Shanghai Shiyuan New Asia Pharmaceutical Co., Ltd., has been granted a Supplementary Drug Application Approval Notice [1] - The injectable Cefuroxime Sodium is indicated for treating infections caused by specific strains of microorganisms in respiratory, ENT, and urinary tract infections, first launched in 1978 in countries like the UK and Italy [1] - The injectable Aztreonam is used for treating urinary tract infections (both complex and uncomplicated) and lower respiratory tract infections caused by sensitive Gram-negative bacteria, first launched in Italy in 1984 [1]