Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [2][3]. Core Insights - The company reported a revenue of 209.63 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.14%. The net profit attributable to shareholders was 4.054 billion yuan, up by 6.78% [2]. - The pharmaceutical CSO business has significantly contributed to the rapid growth of the commercial segment, with a revenue of 191.34 billion yuan in the first three quarters, reflecting an 8.28% increase. The CSO contract promotion business achieved sales of approximately 6.1 billion yuan, a remarkable growth of 176.3% year-on-year [2][3]. - The industrial segment is actively advancing new drug research and development, with a revenue of 18.284 billion yuan, down by 12.10%. The company has 60 new drug pipelines in clinical stages, including 46 innovative drugs [3]. Financial Forecasts - The company is expected to maintain double-digit growth in the commercial segment, with net profits projected at 5.015 billion yuan for 2024, 5.632 billion yuan for 2025, and 6.349 billion yuan for 2026 [3]. - The earnings per share (EPS) are forecasted to be 1.35 yuan in 2024, 1.52 yuan in 2025, and 1.71 yuan in 2026, with a price-to-earnings (P/E) ratio of 14.43 for 2024 [2][3].

根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》、《上海证券交易所股票上市规则》等相关法律法规和《上海医 药集团股份有限公司章程》（以下简称"《公司章程》"）的相关规定,我们作 为上海医药集团股份有限公司(以下简称"公司")的独立董事,基于独立客观 判断,就第八届董事会第十五次会议审议的关于聘任高级管理人员的议案发表独 立意见如下: 经审核买买提艾力先生的个人简历,我们认为其具备履行职责所必需的专业 知识和相关经验,具有良好的职业道德,任职资格符合《公司法》和《公司章程》 等有关规定;未发现有《公司法》规定不得担任公司高级管理人员的情况,以及 被中国证监会认定为市场禁入者并且禁入尚未解除的情况,我们同意聘任买买提 艾力先生担任公司副总裁。 本次董事会审议的公司高级管理人员任命事项,其过程遵循了公平、公正、 公开的原则,符合《公司法》、《上海证券交易所股票上市规则》和《公司章程》 等有关规定,不存在损害公司及其他股东利益的情况。 （本页为关于聘任高级管理人员的独立意见签署页） 独立董事： 顾朝阳 独立董事： 霍文逊 独立董事： 王 忠 上海医药集团股份有限公司 独立董事的独立意 ...

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（以下简称"上海医药"、"公司"）于 2024 年 11 月 5 日召开的第八届董事会第十五次会议审议通过了《关于聘任公司高级管理人 员的议案》，具体内容如下： 董事会同意聘任买买提艾力先生担任公司副总裁，任期至第八届董事会届满 时止。买买提艾力先生简历详见附件。 证券代码：601607 证券简称：上海医药 编号：临2024-100 上海医药集团股份有限公司 关于聘任高级管理人员的公告 上海医药集团股份有限公司 特此公告。 董事会 二零二四年十一月六日 - 1 - 附件简历： 买买提艾力先生，1979 年 6 月出生，复旦大学药学专业本科毕业，上海财 经大学工商管理硕士。现任上海上药第一生化药业有限公司总经理。买买提艾力 先生具备丰富的专业知识和企业管理经验，在公司医药工业和医药商业板块均担 任过重要管理职位。曾任上药控股有限公司副总经理，上药康德乐（上海）医药 有限公司总经理，上海医药进出口有限公司执行董事、总经理，上海市医药-苏 丹制药有限公司总 ...

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 会第十五次会议（以下简称"本次会议"）于 2024 年 11 月 5 日以通讯方式召开。 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。本次会议审议并通过了以下议案： 二、董事会会议审议情况 1、《关于聘任公司高级管理人员的议案》 证券代码：601607 证券简称：上海医药 公告编号：临2024-099 上海医药集团股份有限公司 第八届董事会第十五次会议决议公告 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 董事会 二零二四年十一月六日 1 同意聘任买买提艾力先生担任公司副总裁，任期至第八届董事会届满时止。 表决结果：赞成 8 票，反对 0 票，弃权 0 票 特此公告。 ...

二、该药品的相关信息 己酮可可碱注射液主要用于外周动脉疾病（间歇性跛行或静息痛），内耳循环障 碍，由Sanofi研发，1979年在意大利上市。2023年8月，常州制药厂就该药品仿制药一 致性评价向国家药监局提出申请并获受理。截至本公告日，公司针对该药品的一致性 评价已投入研发费用约人民币364万元。 证券代码：601607 证券简称：上海医药 编号：临 2024-098 上海医药集团股份有限公司 关于己酮可可碱注射液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。 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"）收到国家药品监督管理局（以下简 称"国家药监局"）颁发的关于己酮可可碱注射液（以下简称"该药品"）的《药品补 充申请批准通知书》（通知书编号：2024B04900），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：己酮可可碱注射液 剂型：注射剂 规格：5ml:0.1g 注册分类：化学药品 申 ...

证券代码：601607 证券简称：上海医药 编号：临 2024-097 上海医药集团股份有限公司 关于注射用头孢他啶通过仿制药一致性评价的公告 药品名称：注射用头孢他啶 剂型：注射剂 规格：1.0g 注册分类：化学药品 申请人：上海上药新亚药业有限公司 原批准文号：国药准字H20033881 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 注射用头孢他啶主要用于治疗敏感微生物引起的单一或多重感染，如全身性重度感 染、下呼吸道感染（包括肺炎）、耳鼻喉感染、尿路感染、皮肤和软组织感染、骨和关 节感染、胃肠道、胆道和腹部感染、血液/腹膜透析和持续性非卧床腹膜透析（CAPD） 相关感染、中枢神经系统感染（包括脑膜炎）、预防围手术期尿路感染等；可单独用于 经敏感试验结果确诊的脑膜炎患者；可用于对其他抗菌药物（包括氨基糖苷类和头孢菌 素）耐药的感染。该药品由 PAI Holdings LLC 研发，于 1985 在美国上市。2023 年 8 月， 上药新亚就该药品仿制药一致性评价向国家药监局提出申请并获受理。截至本公告日， 1 公司针对该药品的一致性评价已投入研发费用约人民币 765 万元。 截至本公 ...

Summary of Shanghai Pharmaceuticals Q3 2024 Earnings Call Company Overview - **Company**: Shanghai Pharmaceuticals - **Industry**: Pharmaceutical Industry Key Points Financial Performance - **Revenue**: For the first three quarters of 2024, Shanghai Pharmaceuticals achieved a revenue of **209.63 billion yuan**, a year-on-year increase of **6.14%** [3] - **Pharmaceutical Manufacturing Revenue**: Sales revenue from pharmaceutical manufacturing was **18.28 billion yuan**, a decline of **12.1%**, but the decline rate narrowed compared to the first half of the year [3] - **Pharmaceutical Distribution Revenue**: Sales revenue from pharmaceutical distribution reached **191.34 billion yuan**, with a year-on-year growth of **8.28%**, significantly higher than market growth [3] - **Net Profit**: The company reported a net profit of **4.05 billion yuan**, an increase of **6.78%** year-on-year [3] - **Cash Flow**: Operating cash flow showed improvement with a net inflow of **2.78 billion yuan**, an increase of **20.87%** [4] Business Segments - **Innovation in Commercial Sector**: The company has over **60 billion yuan** in pharmaceutical scale and **1.8 billion yuan** in vaccine scale, maintaining competitive advantages in innovative business [1] - **Operational Management**: Significant improvements in operational management were noted, with a focus on cost reduction and efficiency enhancement [2] - **R&D Initiatives**: Shanghai Pharmaceuticals has established the Shanghai Frontier Innovation Center to foster an open innovation ecosystem, with **60 new drug pipelines**, including **46 innovative drugs** [4] Market Position - **Global Ranking**: Shanghai Pharmaceuticals ranked **411th** in the Fortune Global 500 and **42nd** in the global pharmaceutical industry [3] - **Local Rankings**: The company ranked **13th** in the Shanghai Top 100 Enterprises and **3rd** in Shanghai's manufacturing sector [3] Strategic Initiatives - **Collaborations**: The company has signed strategic cooperation agreements with various organizations, including Bayer Health and local medical institutions, to enhance innovation and drug development [5] - **Cost Management**: Continuous efforts in cost management and operational efficiency are being implemented, including optimizing production layouts and enhancing procurement strategies [5][6] - **Commercial Model Exploration**: The company is exploring new commercial models, particularly in innovative drugs, to enhance service quality and operational efficiency [5] Challenges and Outlook - **Industry Challenges**: The pharmaceutical industry is facing external pressures, particularly from policy changes and market conditions, which have posed significant challenges [1][8] - **Future Expectations**: The management expressed confidence in overcoming current difficulties and achieving satisfactory results for investors in the coming months [3][8] - **Market Dynamics**: The company anticipates that improvements in fiscal policies and healthcare funding will positively impact the pharmaceutical distribution sector [9][10] Additional Insights - **Focus on Core Competencies**: The company is committed to enhancing its core competencies in both commercial and industrial sectors, with a strong emphasis on innovation and efficiency [32][34] - **Investment and M&A Strategy**: Shanghai Pharmaceuticals is actively pursuing investment and M&A opportunities to bolster its market position and product offerings [30] This summary encapsulates the key insights and developments from the Shanghai Pharmaceuticals Q3 2024 earnings call, highlighting the company's financial performance, strategic initiatives, and outlook amidst industry challenges.

Investment Rating - The report maintains a "Recommended" rating for Shanghai Pharmaceuticals [3] Core Views - The company reported a revenue of 209.63 billion yuan for the first nine months of 2024, representing a year-on-year increase of 6.14%. The pharmaceutical commercial revenue was 191.35 billion yuan, up 8.28%, while the pharmaceutical industrial revenue decreased by 12.10% to 18.28 billion yuan. The net profit attributable to shareholders was 4.05 billion yuan, an increase of 6.78% [2][3] - In Q3 2024, the company achieved a revenue of 70.22 billion yuan, a year-on-year growth of 8.16%. The pharmaceutical commercial revenue for the quarter was 64.67 billion yuan, up 9.95%. The growth in the commercial distribution segment outpaced the industry average, driven by the rapid development of CSO contract promotion business [2][3] - The company is focusing on R&D, with R&D expenses increasing by 15.6% year-on-year in Q3 2024. The company is restructuring its product pipeline to prioritize high-value projects [3] - The company has 60 new drug pipelines currently under IND application or clinical trials, with 46 innovative drugs and 3 in Phase II clinical studies in the U.S. [3] - The company is actively promoting the development of major traditional Chinese medicine brands and has signed strategic cooperation agreements to enhance innovation and industrialization in the biopharmaceutical sector [3] Summary by Sections Financial Performance - For the first nine months of 2024, the company reported a total revenue of 209.63 billion yuan, with a net profit of 4.05 billion yuan, reflecting a 6.78% increase [2][3] - Q3 2024 operating cash flow improved significantly to 2.78 billion yuan, a year-on-year increase of 20.87% [3] R&D and Innovation - The company is advancing its new drug development, with 60 projects in various stages of clinical trials [3] - The focus on high-value projects is evident as the company restructures its R&D efforts [3] Market Position and Strategy - The company continues to enhance its competitive advantage through the synergy of its commercial and industrial segments, with a projected net profit growth of 38.06% in 2024 [3]

来源：公司年报、国金证券研究所 业绩简评 2024 年 10 月 28 日，公司发布三季报，2024 年前三季度营收/归 母/扣非归母净利润分别为 2096.29/40.54/36.86 亿元，同比增长 6.14%/6.78%/11.56%。3Q24 单季度营收/归母/扣非归母净利润分 别为 702.2/11.1/9.8 亿元，同比增长 8.16%/-6.29%/-11.20%。业 绩符合预期。 经营分析 打造开源创新生态，集合"产学研医资"等资源，创新成果转化 推进。(1)公司 2024 年前三季度营收近 2096 亿元，同比增长 6.14%. 其中，医药工业收入 182.84 亿元，同比下降 12.10%;医药商业收 入 1913.45 亿元，同比增长 8.28%。（2）医药工业，已有临床管线 60 项，创新药 46 项；其中，3 项在美国 2 期临床。①2024 年 8 月 8 日，上海浦东政府官网发布，上海医药携手一流高校及顶尖科研 机构共同创立的上海前沿园区，简称"上海前沿"正式发布。8 月 20 日以及 9 月 10/26/27 日，公司分别于赛多利斯、上海康健生细 胞技术有限公司、拜耳 Co.L ...

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