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) 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公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告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。 建議修訂公司章程並取消監事會 及 建議修訂股東大會議事規則及董事會議事規則 上海醫藥集團股份有限公司（「本公司」）於2025年11月6日召開第八屆董事會（「董事會」）第 26次會議審議通過了《關於取消監事會並修訂<公司章程>及其附件的議案》。 根據《中華人民共和國公司法（2023年修訂）》、《中華人民共和國證券法（2019年修訂）》、 《上市公司章程指引（2025年修訂）》、《上市公司股東會規則（2025年修訂）》、《上海證券交 易所股票上市規則（2025年4月修訂）》等相關規定，結合自身實際情況，董事會建議(1)對 本公司的公司章程（「公司章程」）作出若干相應修訂（「建議修訂公司章程」），其內容包括 但不限於取消監事會並 ...

Core Viewpoint - Shanghai Pharmaceuticals has received approval from the National Medical Products Administration for the production of Tocilizumab Sustained-Release Tablets, which are used to treat rheumatoid arthritis, psoriatic arthritis, and ankylosing spondylitis [1] Group 1: Company Developments - Shanghai Pharmaceuticals' subsidiary, Shanghai Shiyou Chinese and Western Medicine Co., Ltd., has been granted a drug registration certificate for Tocilizumab Sustained-Release Tablets [1] - The drug was originally developed by Pfizer and was launched in the United States in 2016 [1] - The company submitted a registration application for the drug to the National Medical Products Administration in January 2024, which has been accepted [1] - As of the announcement date, the company has invested approximately RMB 19.42 million in research and development for this drug [1]

Core Viewpoint - Shanghai Pharmaceuticals (601607.SH) announced that its subsidiary, Changzhou Pharmaceutical Factory, received final approval from the U.S. FDA for the abbreviated new drug application (ANDA) for Ticagrelor tablets, which are used to reduce the incidence of thrombotic cardiovascular events in patients with acute coronary syndrome [1] Company Summary - The ANDA for Ticagrelor tablets was submitted to the U.S. FDA in May 2021 and has now been approved for market launch [1] - The company has invested approximately RMB 9.6713 million in research and development for this drug as of the date of the announcement [1] Industry Summary - Ticagrelor is indicated for patients with acute coronary syndrome, including those undergoing medical therapy and percutaneous coronary intervention, to lower the risk of thrombotic cardiovascular events [1] - The original drug was developed by AstraZeneca and was launched in the U.S. in 2011 [1]

Core Viewpoint - Shanghai Pharmaceuticals' subsidiary, Changzhou Pharmaceutical Factory, has received final approval from the U.S. Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for Ticagrelor tablets, which are used to reduce the incidence of thrombotic cardiovascular events in patients with acute coronary syndrome [1] Company Summary - The approved drug, Ticagrelor, was originally developed by AstraZeneca and was launched in the U.S. in 2011 [1] - As of the date of the announcement, the company has invested approximately RMB 9.6713 million in research and development for this drug [1]

Core Viewpoint - Shanghai Pharmaceuticals' subsidiary, Shanghai Shiyou Zhongxi Pharmaceutical Co., Ltd., has received a drug registration certificate for Tocilizumab Sustained-Release Tablets from the National Medical Products Administration, allowing for production approval [1] Group 1: Product Approval - The drug Tocilizumab Sustained-Release Tablets is approved for the treatment of rheumatoid arthritis, psoriatic arthritis, and ankylosing spondylitis [1] - The drug was originally developed by Pfizer and was launched in the United States in 2016 [1] Group 2: Regulatory Process - Shanghai Shiyou Zhongxi submitted the registration application for the drug to the National Medical Products Administration in January 2024, which has been accepted [1] - The drug registration certificate number is 2025S03257 [1] Group 3: Investment and R&D - The company has invested approximately RMB 19.42 million in research and development for this drug [1]

Market Overview - The pharmaceutical commercial sector declined by 0.5% on November 4, with Baiyang Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable gainers included: - HeFu China (603122) with a closing price of 11.85, up 10.03% [1] - Renmin Tongtai (600829) at 9.71, up 8.01% [1] - Jianfa Zhixin (301584) at 35.42, up 5.20% [1] - Baiyang Pharmaceutical (301015) saw a significant decline, closing at 25.62, down 6.09% [2] - Other notable decliners included: - Yifeng Pharmacy (603939) at 23.76, down 3.22% [2] - Saili Medical (603716) at 24.78, down 3.17% [2] Capital Flow - The pharmaceutical commercial sector experienced a net inflow of 32.34 million yuan from institutional investors, while retail investors saw a net outflow of 41.10 million yuan [2] - The capital flow for key stocks showed: - Renmin Tongtai had a net inflow of 63.04 million yuan from institutional investors [3] - Yifeng Pharmacy experienced a net outflow of 32.44 million yuan from retail investors [3]

Core Viewpoint - Citigroup has raised the target price for Shanghai Pharmaceuticals from HKD 13.1 to HKD 14.2, citing that the market may underestimate the long-term value created by the company's manufacturing platform restructuring, the significant potential of the commercial insurance market, and clear progress in cost optimization [1] Group 1 - The revenue forecasts for Shanghai Pharmaceuticals for 2025 to 2027 have been lowered by 3% to 6% to reflect ongoing pressure on core business [1] - The earnings per share forecasts for the same period have been reduced by 12% to 14% [1] - Citigroup maintains a "Buy" rating for Shanghai Pharmaceuticals [1]

Core Viewpoint - The report highlights the increasing accounts receivable among A-share pharmaceutical companies, with a significant number exceeding 10 billion yuan, indicating potential liquidity issues and financial health concerns in the industry [1][3]. Accounts Receivable Overview - As of the end of Q3, 14 A-share pharmaceutical companies reported accounts receivable exceeding 10 billion yuan, with Shanghai Pharmaceuticals leading at 88.783 billion yuan, followed by Jiuzhoutong at 39.09 billion yuan [3][4]. - The blood products sector has seen a notable increase in accounts receivable, with companies like Tiantan Biological and Boya Biological reporting significant year-on-year growth [5][6]. Industry Characteristics - The pharmaceutical distribution sector is primarily responsible for high accounts receivable, as public hospitals, which dominate the market, often negotiate longer payment terms, leading to increased receivables for distributors [3][10]. - Companies may adopt lenient credit policies to attract more clients, which can temporarily boost sales but also result in higher accounts receivable [3][10]. Financial Ratios - Eight companies have accounts receivable constituting over 50% of their total assets, with Renmin Tongtai having the highest ratio at 62.1% [8][9]. - *ST Suwu and Zhongyao Holdings follow, with accounts receivable ratios of 56.28% and significant increases compared to the previous year [9][10]. Performance Implications - High accounts receivable can lead to reduced cash flow and increased opportunity costs, potentially impacting profitability due to higher bad debt provisions [10]. - However, in certain scenarios, elevated accounts receivable may not be detrimental if they align with healthy revenue and profit growth, and if customer quality and payment terms are managed effectively [10].

Investment Rating - The investment rating for the company is "Recommended" (maintained) with a current stock price of 17.94 yuan [1]. Core Views - The company's revenue for Q1-Q3 2025 reached 215.07 billion yuan, a year-on-year increase of 2.60%, while the net profit attributable to shareholders was 5.15 billion yuan, up 26.96%. This increase was primarily due to a one-time special gain from changing the accounting treatment of a joint venture to a subsidiary [3]. - Excluding one-time special gains, the net profit attributable to shareholders was 3.98 billion yuan, reflecting a year-on-year decrease of 1.85% [3]. - The innovative drug business continues to advance, with 57 new drug applications accepted for clinical trials, including 45 innovative drug pipelines [6]. - The pharmaceutical commercial segment showed steady growth, with innovative drug sales reaching 40.7 billion yuan, a year-on-year increase of over 25%, and import agency business sales of 27.6 billion yuan, up over 14% [6]. - The company adjusted its profit forecast for 2025-2027, expecting net profits of 5.195 billion yuan, 5.689 billion yuan, and 5.966 billion yuan, respectively [6]. Summary by Sections Financial Performance - Revenue for 2023 is projected at 260.30 billion yuan, with a year-on-year growth of 12.2%. For 2024, revenue is expected to be 275.25 billion yuan, growing by 5.7%, and for 2025, it is estimated at 291.77 billion yuan, with a growth of 6.0% [5]. - Net profit for 2023 is projected at 3.77 billion yuan, with a significant decline of 32.9%. However, it is expected to recover to 4.55 billion yuan in 2024, representing a growth of 20.8% [5]. - The gross margin is expected to be 12.0% in 2023, decreasing to 11.1% in 2024, and stabilizing at 11.5% from 2025 to 2027 [5]. Cash Flow and Balance Sheet - Operating cash flow for 2024 is projected at 5.11 billion yuan, increasing significantly to 10.70 billion yuan in 2025 [8]. - Total assets are expected to grow from 221.21 billion yuan in 2024 to 241.84 billion yuan by 2027 [7]. - The company’s debt ratio is projected to decrease from 62.1% in 2024 to 58.2% in 2027, indicating improved financial stability [7]. Market Position and Future Outlook - The innovative drug pipeline is expected to contribute significantly to future growth, with ongoing clinical trials for various new drugs [6]. - The company is well-positioned to maintain a steady growth trajectory in the pharmaceutical sector, supported by its commercial operations and innovative drug developments [6].

FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02607 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 919,072,704 | RMB | | 1 RMB | | 919,072,704 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 919,072,704 | RMB | | 1 RMB | | 919,072,704 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601607 | 說明 | | ...