| | 上海医药集团股份有限公司2025 | 年半年度报告摘要 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司 A | 股代码：601607 | 公司简称：上海医药 | | | | | | | | | | | | | H 公司 股代码：02607 | | 公司简称：上海醫藥 | | | | | | | | | | | | | | 上海医药集团股份有限公司 | | | | | | | | | | | | | | | 上海医药集团股份有限公司2025 | 年半年度报告摘要 | | | | | | | | | | | | | | 第一节 重要提示 | | | | | | | | | | | | | | 展规划，投资者应当到 | http://www.sse.com.cn | http://www.hkexnews.hk 网站仔细阅读半年度报告 | | | | | | | | | | | | | 全文。 | | | | | | | | | ...

证券代码：601607 证券简称：上海医药 公告编号：临2025-079 上海医药集团股份有限公司 第八届董事会第二十四次会议决议公告 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 关联/连董事杨秋华先生主动回避该议案的表决，八位非关联/连董事全部投 票同意。 表决结果：赞成 8 票，反对 0 票，弃权 0 票 特此公告。 上海医药集团股份有限公司 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 董事会第二十四次会议（以下简称"本次会议"）于 2025 年 8 月 28 日在上海市 太仓路 200 号上海医药大厦 1101 会议室以现场结合通讯方式召开。本次会议应 到董事九名，实到董事九名，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 表决结果：赞成 9 票，反对 0 票，弃权 0 票 本次会议审议并通过了以下议案： 本议案已提交公司第八届董事会独立董事专门会 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark index within the next six months [6][17]. Core Insights - The company reported a revenue of 141.59 billion yuan (+1.6%) and a net profit attributable to shareholders of 4.459 billion yuan (+51.6%) for the first half of 2025. The significant net profit growth was primarily due to a one-time special gain of approximately 1.68 billion yuan from a change in accounting treatment for a joint venture [3][4]. - The commercial segment showed steady growth, with a revenue of 129.4 billion yuan (+2.2%) and a net profit of 1.79 billion yuan (+0.1%) in H1 2025. Notably, the innovative drug business achieved a revenue of 24.2 billion yuan (+22.6%) [4]. - The industrial segment's performance improved in Q2 2025, with a revenue of 12.16 billion yuan (-4.5%) and a net profit of 1.15 billion yuan (-12.3%) for H1 2025. The company is advancing multiple innovative drug pipelines, including NDA applications and clinical trials [5]. Financial Summary - The company adjusted its profit forecasts for 2025-2027, expecting net profits of 6.22 billion yuan, 4.99 billion yuan, and 5.5 billion yuan respectively, with corresponding P/E ratios of 11, 14, and 13 times [6][12]. - The financial data indicates a gross margin of 10.84% (-0.91 percentage points) and a net margin of 4.41% (+2.39 percentage points) for Q2 2025 [5][12]. - The company’s total revenue is projected to grow from 275.25 billion yuan in 2024 to 309.97 billion yuan in 2027, with a net profit forecasted to increase from 4.55 billion yuan in 2024 to 5.51 billion yuan in 2027 [7][12].

Core Insights - The pharmaceutical distribution market in China has shown steady growth, with a total sales scale exceeding 30 trillion yuan from 2019 to 2023, reflecting a year-on-year increase of 7.5% after excluding non-comparable factors [1][3]. Market Structure - The wholesale market dominates the pharmaceutical distribution sector, accounting for approximately 78% of the market share, while the retail market holds a 22% share [3]. Revenue Growth - The revenue of direct reporting pharmaceutical distribution enterprises reached 22,362 billion yuan in 2023, marking an 8% year-on-year increase after excluding non-comparable factors [5]. Accounts Receivable - The average accounts receivable days for pharmaceutical wholesale enterprises exceeded 150 days in 2023, with a reported average of 152 days, which is an increase of 2 days compared to 2022 [7]. Product Composition - Western medicine is the primary category in pharmaceutical sales, representing 68.7% of total sales, followed by traditional Chinese medicine at 15.5% and Chinese medicinal materials at 2.4%, collectively accounting for 86.6% of the market [9].

Core Insights - Shanghai Pharmaceuticals (601607.SH) reported a total operating revenue of 141.593 billion, ranking first among disclosed peers, with a year-on-year increase of 1.56% [1] - The net profit attributable to shareholders reached 4.459 billion, also ranking first among peers, reflecting a significant year-on-year increase of 51.56% [1] - The net cash flow from operating activities was 989 million, ranking fourth among peers, with a substantial year-on-year increase of 91.98% [1] Financial Metrics - The latest debt-to-asset ratio stands at 62.68%, a decrease of 0.17 percentage points from the same period last year [3] - The gross profit margin is reported at 10.55%, an increase of 0.29 percentage points from the previous quarter [3] - Return on equity (ROE) is at 5.94%, ranking fourth among peers, with a year-on-year increase of 1.73 percentage points [3] - The diluted earnings per share (EPS) is 1.20 yuan, ranking second among peers, with a year-on-year increase of 51.90% [3] - The total asset turnover ratio is 0.62 times, ranking seventh among peers [3] - The inventory turnover ratio is 3.17 times, ranking eleventh among peers [3] Shareholder Structure - The number of shareholders is 85,100, with the top five shareholders holding a total of 2.091 billion shares, accounting for 56.40% of the total share capital [3] - The top five shareholders are: 1. Shanghai Pharmaceuticals (Group) Co., Ltd. - 19.3% 2. Yunnan Baiyao Group Co., Ltd. - 17.9% 3. Shanghai Shun International Investment Co., Ltd. - 8.10% 4. Shanghai Shun (Group) Co., Ltd. - 5.98% 5. Shanghai Tandong Enterprise Consulting Service Co., Ltd. - 5.04% [3]

Core Viewpoint - The A-share market has seen a significant acceleration in the disclosure of 2025 semi-annual reports, with nearly 80% of listed companies having reported their results, highlighting mid-term dividends as a key feature this year [1][2]. Group 1: Company Performance - As of August 28, among the 4,593 companies that disclosed their semi-annual reports, 3,583 companies achieved profitability, representing 78% [3]. - Notable performances include: - China Galaxy reported a revenue of 13.747 billion yuan, a year-on-year increase of 37.71%, and a net profit of 6.488 billion yuan, up 47.86% [4]. - Semiconductor company Zhongwei reported a revenue of 4.961 billion yuan, a growth of 43.88%, and a net profit of 706 million yuan, up 36.62% [4]. - Shanghai Pharmaceuticals achieved a revenue of 141.593 billion yuan, a 1.56% increase, and a net profit of 4.459 billion yuan, up 51.56% [4]. - Yili reported a revenue of 61.777 billion yuan, a 3.49% increase, but a net profit decrease of 4.39% to 7.2 billion yuan [4]. Group 2: Industry Insights - The brokerage industry showed particularly strong performance, with several firms reporting impressive results despite market fluctuations [4]. - The liquor industry, however, displayed mixed results, with Shanxi Fenjiu reporting a revenue of 23.964 billion yuan, a 5.35% increase, but a net profit increase of only 1.13% [5]. - Water Well Square reported a revenue decrease of 12.84% to 1.498 billion yuan and a significant net profit drop of 56.52% [5]. Group 3: Dividend Announcements - As of August 28, the total announced dividend amount reached 334.2 billion yuan, with many companies disclosing their mid-term dividend plans [6][7]. - Companies like Huadian International and Nanshan Aluminum announced cash dividends of 1.045 billion yuan and 465 million yuan, respectively [6]. - China Petroleum announced a mid-term dividend of 0.22 yuan per share, totaling approximately 40.265 billion yuan [7]. - A total of 627 companies have announced dividends, indicating a trend towards higher frequency and quality of dividends, driven by regulatory encouragement [7][8].

证券日报网讯 8月28日晚间，上海医药发布公告称，公司第八届董事会第二十四次会议审议通过了 《2025年半年度报告及摘要》等。 （文章来源：证券日报） ...

上海医药（601607）(02607)公布2025年中期业绩，营业收入约1415.93亿元，同比增长1.56%;归属于上 市公司股东的净利润约44.59亿元，同比增长51.56%;基本每股收益1.2元。 公告称，归母净利增长主要是由于对和黄药业会计核算由合营企业权益法核算变更为按子公司核算而产 生一次性特殊收益所致，扣除上述事项等一次性特殊损益后的归母净利润为27.82亿元，同比下降 2.06%。 ...

Core Viewpoint - Shanghai Pharmaceuticals reported a revenue of 141.59 billion yuan for the first half of 2025, with a year-on-year growth of 1.56%, and a net profit of 4.46 billion yuan, reflecting a significant increase of 51.56% [1] Group 1: Financial Performance - The pharmaceutical manufacturing segment generated sales of 12.16 billion yuan, while the pharmaceutical commercial segment achieved sales of 129.43 billion yuan, with the latter growing by 2.17% year-on-year [1] - The company’s net profit attributable to shareholders reached 4.46 billion yuan, with contributions from the industrial segment at 1.15 billion yuan and the commercial segment at 1.79 billion yuan [1] Group 2: R&D and Innovation - R&D investment totaled 1.15 billion yuan, accounting for 9.44% of the pharmaceutical manufacturing sales, with 959 million yuan specifically allocated for R&D expenses [2] - The company has a pipeline of 56 new drugs, including 44 innovative drugs, with significant progress in clinical trials for several candidates [2] - The company is advancing its research platforms, achieving milestones in drug discovery and clinical trials, including the completion of Phase II trials for multiple candidates [2] Group 3: Strategic Initiatives - The company is enhancing its open-source innovation ecosystem by collaborating with high-growth enterprises and establishing a drug technology validation center with Shanghai Jiao Tong University [3] - The company is focusing on marketing transformation and lean management to improve industrial operations, achieving cost savings of approximately 6.98 million yuan through centralized procurement [4] Group 4: Business Expansion - The company completed the acquisition of a 10% stake in Hehuang Pharmaceutical, which has shown growth in key performance indicators [5] - The company is implementing a "big health OTC + new retail" strategy, including the formation of a professional live-streaming team to explore new business models [6] Group 5: Commercial Performance - The pharmaceutical commercial segment is leveraging technological innovation and digitalization to maintain growth, with significant increases in contract sales and strategic partnerships [7][8] - The import agency business added 25 new product specifications, generating sales of 17.5 billion yuan, a year-on-year increase of 11.7% [8] - The company launched an integrated new retail strategy, enhancing patient-centered services through its retail network and supply chain [8]

Core Viewpoint - Shanghai Pharmaceuticals (02607) reported a mid-year performance for 2025, showing a slight increase in revenue but a significant rise in net profit due to accounting changes [1] Financial Performance - The company's operating revenue was approximately 141.59 billion, reflecting a year-on-year growth of 1.56% [1] - The net profit attributable to shareholders was about 4.46 billion, marking a substantial year-on-year increase of 51.56% [1] - Basic earnings per share stood at 1.2 yuan [1] Special Accounting Changes - The increase in net profit was primarily attributed to a one-time special gain resulting from the change in accounting treatment of Hutchison Whampoa from equity method accounting to subsidiary accounting [1] - Excluding this one-time special gain, the net profit attributable to shareholders was 2.78 billion, which represents a year-on-year decline of 2.06% [1]