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]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 209.63 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 6.14%. The revenue for Q3 2024 was 70.22 billion yuan, with a year-on-year increase of 8.16% [2][3]. - The pharmaceutical manufacturing revenue decreased by 12.10% to 18.28 billion yuan, while the pharmaceutical commercial revenue increased by 8.28% to 191.35 billion yuan [3]. - The company has 60 clinical pipelines, with 46 innovative drugs, including three in Phase II clinical trials in the United States [3]. - The CSO (Contract Sales Organization) business saw a significant growth of 176.3%, generating approximately 6.1 billion yuan in sales [3]. - The company is focused on building an innovative ecosystem by collaborating with top universities and research institutions [3]. Summary by Sections Performance Review - For the first three quarters of 2024, the company achieved revenues of 209.63 billion yuan, with net profit attributable to shareholders of 4.05 billion yuan, and a non-dedicated net profit of 3.69 billion yuan, reflecting year-on-year growth rates of 6.14%, 6.78%, and 11.56% respectively [2]. Operational Analysis - The company is advancing its innovative drug pipeline and has established partnerships with various research institutions to enhance its research capabilities [3]. - The CSO business has shown remarkable growth, indicating a successful strategy in expanding its market presence [3]. Profit Forecast, Valuation, and Rating - The revenue forecasts for 2024, 2025, and 2026 are projected at 276.23 billion yuan, 303.85 billion yuan, and 338.80 billion yuan, respectively, with expected growth rates of 6%, 10%, and 12% [3]. - The net profit attributable to shareholders is expected to reach 5 billion yuan, 6.1 billion yuan, and 7.31 billion yuan for the same years, with growth rates of 34%, 21%, and 20% respectively [3].

直播简介上海医药2024年第三季度业绩说明会于2024年10月30日10:00-11:00举行，欢迎关注！ 责任编辑： 吴晓辉直播时间2024年10月30日(周三) 10:00主持人时报君 ...

证券代码：601607 证券简称：上海医药 编号：临2024-096 上海医药集团股份有限公司 关于拟参与设立上海上实生物医药二期创业投资合伙企业 （有限合伙）暨关联/连交易的公告 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。 重要内容提示： 一、交易概述 （一）交易目的与意义 1、助力资本有效连接产业生态，推动优质项目成长 1 交易内容概述：上海医药集团股份有限公司控股子公司上海生物医药前沿产 业创新中心有限公司拟作为有限合伙人之一参与设立上海上实生物医药二 期创业投资合伙企业（有限合伙）（以下简称"标的基金"或"基金"），出 资金额为人民币（币种下同）2.5 亿元。 特别风险提示：基金在投资运作过程中将受宏观经济、行业周期、投资标的、 公司经营管理、交易方案等多种因素影响，加上投资项目投资周期较长、流 动性较低等特点，投资基金后续投资进展及完成情况尚存在不确定性，亦可 能存在投资失败或亏损等不能实现预期收益、不能及时有效退出的风险。 本次交易涉及关联交易；截至本次关联交易止（不含本次交易），过去 12 个 月内，公 ...

Revenue and Profit Performance - Revenue for the first three quarters of 2024 reached 209.629 billion yuan, a year-on-year increase of 6.14%[6] - Revenue for the reporting period was RMB 70.22 billion, an increase of 8.16% year-over-year[10] - Net profit attributable to shareholders was 4.054 billion yuan, a year-on-year increase of 6.78%[6] - Net profit attributable to shareholders of the listed company was RMB 1.11 billion, a decrease of 6.29% year-over-year[10] Pharmaceutical Business Performance - Pharmaceutical industry sales revenue was 18.284 billion yuan, a year-on-year decrease of 12.10%[6] - Pharmaceutical commerce sales revenue was 191.345 billion yuan, a year-on-year increase of 8.28%[6] - Pharmaceutical CSO contract promotion business achieved sales revenue of approximately 6.1 billion yuan, a year-on-year increase of 176.3%[9] - The company successfully introduced 13 imported general agency varieties in the first three quarters of 2024[9] Medical Device and Health Business - Medical device and health business sales reached approximately 32.6 billion yuan, a year-on-year increase of 11.9%[9] - Bayer Health Consumer Goods China Innovation Cooperation Center (CCIP) is expected to invest approximately 20 million euros[8] Cash Flow and Financial Activities - Net cash flow from operating activities was 2.783 billion yuan, a year-on-year increase of 20.87%[6] - Operating cash flow for the reporting period was RMB 2.27 billion, a significant increase of 241.50% year-over-year[10] - Investment activities generated a net cash flow of 3,128,618,459.42, compared to a net outflow of -3,031,028,093.67 in the previous period[31] - Cash inflows from investment activities totaled 22,667,228,186.18, while cash outflows were 19,538,609,726.76[31] - Cash inflows from financing activities amounted to 9,708,395,348.82, with cash outflows of 12,308,051,196.37, resulting in a net cash outflow of -2,599,655,847.55[31] - The net increase in cash and cash equivalents was 304,402,326.97, compared to a net decrease of -227,919,375.59 in the previous period[31] - The ending balance of cash and cash equivalents was 8,234,133,720.99, slightly lower than the previous period's 8,368,403,580.05[31] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 223.74 billion, an increase of 5.55% compared to the end of the previous year[10] - Total assets increased to RMB 223.74 billion as of September 30, 2024, up from RMB 211.97 billion at the end of 2023[18] - Current assets totaled RMB 173.79 billion, with cash and cash equivalents at RMB 33.82 billion[18] - Accounts receivable rose to RMB 83.07 billion, up from RMB 72.93 billion at the end of 2023[18] - Inventory increased to RMB 37.58 billion, compared to RMB 36.62 billion at the end of 2023[18] - Total liabilities stood at RMB 122.53 billion, with short-term borrowings at RMB 38.81 billion[19] - Accounts payable increased to RMB 54.93 billion, up from RMB 47.92 billion at the end of 2023[19] Shareholder and Equity Information - The number of ordinary shareholders at the end of the reporting period was 67,642[14] - The top shareholder, Shanghai Pharmaceutical (Group) Co., Ltd., holds 19.341% of the shares[14] - The company had 67,642 shareholders, including 65,940 A-share holders and 1,702 H-share holders[16] - Total issued shares were 3.70 billion, consisting of 2.79 billion A-shares and 919.07 million H-shares[16] - HKSCC NOMINEES LIMITED held 666.74 million H-shares, representing a significant portion of the H-share capital[15] - Shanghai Industrial Holdings Limited and its subsidiaries held 450.91 million H-shares and 222.30 million A-shares[15] Non-Recurring Items and Investment Income - Non-recurring gains and losses amounted to RMB 131.10 million for the reporting period, with government subsidies contributing RMB 198.83 million[11][12] - Investment income surged by 509.78% due to increased income from joint ventures and associates[13] Financial Instruments and Receivables - Derivative financial liabilities increased by 417.36% due to the rise in fair value of forward foreign exchange contracts[13] - Long-term receivables increased by 152.00% due to an increase in receivables from related parties[13]

上海医药集团股份有限公司 关于与永发印务有限公司续签《采购框架协议》暨日常关联 /持续关连交易的公告 证券代码：601607 证券简称：上海医药 公告编号：临 2024-095 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： 交易概述：2024 年 10 月 29 日，上海医药与关联方永发印务续签了《采 购框架协议》，由永发印务向本公司提供药品的印刷包装材料，自 2025 年 1 月 1 日起至 2025 年 12 月 31 日止，采购金额年度上限为人民币 9,000 万元。 根据《上交所上市规则》，框架协议项下的日常关联交易的最高年度上限 占本公司最近一期经审计净资产绝对值低于0.5%，无需进行披露；本次公告的刊 发是根据《联交所上市规则》第14A.07条，框架协议项下的日常关联交易的最高 年度上限适用百分比率超过0.1%但低于5%，仅须遵守申报、年度审核及公告要 求，豁免遵守独立股东批准要求。 本交易无需提交股东大会审议。 本交易符合公司整体利益，能够确保本公司业务的稳定开展，同时满足 本公司未来发展 ...

本次会议审议并通过了以下议案： 证券代码：601607 证券简称：上海医药 公告编号：临2024-094 上海医药集团股份有限公司 第八届董事会第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 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 会第十四次会议（以下简称"本次会议"）于 2024 年 10 月 29 日在上海市太仓路 200 号上海医药大厦以现场结合通讯方式召开。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。由于杨秋华董事长以通讯方式参加本次会议，本次会议由执行董事沈波 先生主持，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 1 1、《2024 年第三季度报告》 本议案已提交公司第八届董事会审计委员会第七次会议审议通过，同意提交 董事会审议。 表决结果：赞成 8 票，反对 0 票，弃权 0 票 2、《关于与永发印务有限公司续签<采购框架协议>暨日常关联/持续关连交 ...

重要内容提示： 投资者可于 2024 年 10 月 24 日(星期四)至 10 月 29 日(星期二)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 证券代码：601607 证券简称：上海医药 公告编号：临 2024-093 上海医药集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 二、 说明会召开的时间、地点 （一） 会议召开时间：2024 年 10 月 30 日 上午 10:00-11:00 会议召开时间：2024 年 10 月 30 日(星期三) 上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow. sseinfo.com/） 会议召开方式：上证路演中心音频直播 三、 参加人员 上述参会人员将视实际情况进行调整。 四、 投资者参加方式 （一）投资者可在 2024 年 10 月 30 日上午 10:00-11:00，通过互联网 ...

Investment Rating - The report assigns an "Accumulate" rating for Shanghai Pharmaceuticals, marking its first coverage [2][28]. Core Views - Shanghai Pharmaceuticals is a leading integrated pharmaceutical company in China, with a comprehensive industrial layout and steady performance. The company reported a revenue of CNY 260.3 billion in 2023, a year-on-year increase of 12%. However, the net profit attributable to shareholders decreased by 33% to approximately CNY 3.768 billion, primarily due to one-time asset impairments and antitrust fines [2][8]. - The company has a strong commercial revenue stream, with sales reaching approximately CNY 234.04 billion in 2023, reflecting a growth of 14.04%. The distribution business accounted for CNY 233.76 billion, while retail business contributed CNY 9.111 billion [2][4]. - The report highlights the company's strategic focus on large product categories in the pharmaceutical industry, which is expected to drive steady growth in the coming years [28]. Summary by Sections Recent Performance - Over the past 12 months, the company's relative return was -11% over one month, -2% over three months, and +9% over twelve months compared to the CSI 300 index. Absolute returns were +11%, +9%, and +14% respectively [1]. Financial Performance - In 2023, the company achieved a total revenue of CNY 260.3 billion, with a year-on-year growth of 12%. The net profit attributable to shareholders was CNY 3.768 billion, down 33% year-on-year. Excluding one-time losses, the adjusted net profit was CNY 4.919 billion, reflecting a growth of 2.99% [2][10]. - The gross margin has declined from 14.2% in 2018 to 11.4% in 2023, primarily due to the increasing proportion of lower-margin commercial business [3]. Business Segments - The commercial segment generated approximately CNY 234.04 billion in revenue in 2023, with a growth rate of 14.04%. The distribution business grew by 13.62%, while retail business grew by 10.25% [4][5]. - The industrial segment reported a revenue of CNY 26.257 billion, a decrease of 1.87% year-on-year. The Chinese medicine sector within the industrial segment saw a revenue increase of 10.3% [6]. Innovation and R&D - The company is enhancing its R&D efforts, focusing on a diversified innovation system that includes self-research, mergers, and incubation. In 2023, significant progress was made in the innovative drug pipeline, with multiple products entering late-stage clinical trials [7][26]. Future Projections - The report forecasts revenues for 2024, 2025, and 2026 to be CNY 290.1 billion, CNY 321.4 billion, and CNY 353.8 billion respectively, with net profits projected at CNY 4.803 billion, CNY 4.896 billion, and CNY 5.173 billion [8][28].

证券代码：601607 证券简称：上海医药 公告编号：临2024-092 上海医药集团股份有限公司 关于罗沙司他原料药上市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。 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"）全 资子公司上药康丽（常州）药业有限公司（以下简称"上药康丽"）收到国家药 品监督管理局（以下简称"国家药监局"）颁发的关于罗沙司他原料药（以下简 称"该药物"）的《化学原料药上市申请批准通知书》（通知书编号：2024YS01020）， 该药物获得批准生产。 一、该药物基本情况 名称：罗沙司他 注册标准编号：YBY69572024 包装规格：1kg/桶、2kg/桶、5kg/桶、10kg/桶、20kg/桶、25kg/桶 罗沙司他适用于慢性肾脏病（CKD）引起的贫血，包括透析及非透析患者。 该药物是由 FibroGen 公司原研的一种小分子化合物，治疗慢性肾炎相关的贫血 症，2018 年在中国获批上市。2022 年 7 月，上药康丽就该原料药向国家药监局 提出上市申请并获受理 ...