Core Viewpoint - The pharmaceutical distribution industry is characterized by three main business models: wholesale, retail, and various new distribution models, each with distinct operational dynamics and market implications [1]. Group 1: Wholesale Model - The wholesale model, also known as the distribution model, involves selling pharmaceuticals and medical devices in bulk to entities that directly interact with consumers, such as medical institutions and retail pharmacies [4]. - The third terminal in the wholesale model is increasingly favored by internet hospitals, indicating a shift towards digital integration in pharmaceutical distribution [4]. Group 2: Retail Model - The retail model involves retail pharmacies purchasing pharmaceutical products from manufacturers or other distributors and selling them to individual consumers, generating profit from the price difference [7]. - Although the retail model operates on a smaller scale compared to wholesale, it boasts higher profit margins, making it an attractive segment within the pharmaceutical distribution landscape [7]. Group 3: Internet Retail Model - The internet retail model encompasses various online platforms, including internet hospitals and pharmaceutical e-commerce, facilitating diagnosis and drug sales through digital channels [9]. - This model includes B2B, B2C, and O2O formats, reflecting the growing trend of digital transformation in the pharmaceutical sector [9]. Group 4: Third-Party Cold Chain Logistics - The "14th Five-Year Plan" emphasizes the need for a modern, intelligent pharmaceutical supply chain, focusing on enhancing networked, scaled, and specialized logistics services [12]. - Third-party cold chain logistics offer significant advantages, such as reducing initial investment costs for pharmaceutical companies and ensuring temperature-controlled transport, which is crucial for maintaining drug quality [12]. - These logistics providers can effectively manage reverse logistics and product recalls through advanced tracking and data exchange systems, thereby minimizing losses and ensuring compliance with quality standards [12].

批发模式中第三终端受互联网医院青睐 转自：前瞻产业研究院 行业主要上市公司：国药控股(01099.HK);上海医药(601607.SH);华润医药(03320.HK);九州通 (600998.SH);南京医药(600713.SH);华东医药(000963.SZ);英特集团（维权）(000411.SZ)等 医药流通行业主要商业模式可分为三类 医药商业是医药行业的子行业之一，是专门从事医药商品经营活动的独立经济分支，主要负责药品在市 场上的流通。医药流通行业主要商业模式可分为批发模式、零售模式和各类新型流通模式三类。批发毛 利率较低其中又分为纯销、快批和调拨等;零售毛利率较高药品零售企业一般就是所谓的零售药店是直 接面对最终消费者患者的商品流通环节也是药品流通的最终环节。 批发模式即分销模式，是指批量将药品和医疗器械销售给直接接触消费者的最后环节，包括医疗机构、 零售药店、基层医疗机构等或下游分销商。根据销售对象的不同批发模式可进一步区分为以下几类：医 院直销：商业调拨、第三终端。此外由于渠道下沉、分散等特点，第三终端目前也是各互联网医药企业 积极布局的市场。 零售模式规模小但毛利率高 零售模式是指零售药店从医药 ...

Market Overview - The pharmaceutical commercial sector increased by 0.05% on August 20, with Yifeng Pharmacy leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Stock Performance - Yifeng Pharmacy (603939) closed at 24.27, up 0.87% with a trading volume of 58,700 shares and a turnover of 141 million yuan [1] - Other notable performers include: - Liuyuan Group (603368) at 18.64, up 0.76% [1] - China National Pharmaceutical Group (600511) at 30.01, up 0.60% [1] - Shanghai Pharmaceuticals (601607) at 19.02, up 0.58% [1] - Nanjing Pharmaceutical (600713) at 5.30, up 0.57% [1] Capital Flow - The pharmaceutical commercial sector experienced a net outflow of 377 million yuan from institutional investors, while retail investors saw a net inflow of 367 million yuan [2] - Notable capital flows include: - Yifeng Pharmacy had a net outflow of 9.79 million yuan from institutional investors [3] - Heavy Drug Holdings (000950) saw a net inflow of 7.45 million yuan from institutional investors [3] - Drug Easy Purchase (300937) had a net inflow of 3.82 million yuan from institutional investors [3]

*注：AH股是指同时在A股和港股上市的公司，溢价（A/H）越大，说明H股相比A股越便宜。 8月18日，上证指数涨0.85%，收报3728.03点，恒生指数跌0.37%，收报25176.85点。 上海医药AH溢价达62.94%，位居AH股溢价率第49位。当日收盘，上海医药A股报18.95元，涨幅 0.74%，H股报12.67港元，下跌0.39%。 资料显示，上海医药集团股份有限公司(以下简称"上海医药"或"公司")是沪港两地上市的大型医药产业 集团(港交所股票代码:02607;上交所股票代码:601607)。公司主营业务覆盖医药工业与商业,入选上证180 指数、沪深300指数成分股、摩根斯坦利中国指数(MSCI)。上海医药倡导"创新、诚信、合作、包容、 责任"的企业核心价值观,致力于持之以恒,提升民众的健康生活品质,努力打造成为受人尊敬、具有行业 美誉度的领先品牌药制造商和健康领域服务商。上海医药坚持创新发展,持续加大研发创新投入,加快创 新转型发展。 本文源自：金融界 作者：行情君 ...

董事會會議通告 上海醫藥集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈， 董事會會議將於二零二五年八月二十八日（星期四）舉行，藉以（其中包括） 批准本公司及其附屬公司截至二零二五年六月三十日止六個月之中期業績及其 發佈。 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份內容 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） 承董事會命 上海醫藥集團股份有限公司 楊秋華 董事長 中國上海，二零二五年八月十八日 於本公告日期，本公司的執行董事為楊秋華先生、沈波先生、李永忠先生及董明先生； 非執行董事為張文學先生；以及獨立非執行董事為顧朝陽先生、霍文遜先生、王忠先生 及萬鈞女士。 * 僅供識別 ...

Core Viewpoint - Recently, Shanghai Pharmaceuticals (601607) established a new subsidiary, Up Pharmaceutical Holdings (Yongzhou) Co., Ltd., with a registered capital of 20 million yuan, indicating an expansion in its operational capabilities in the pharmaceutical sector [1] Company Summary - The new company is co-owned by Shanghai Pharmaceuticals' subsidiary, Up Pharmaceutical Holdings (Hunan) Co., Ltd., and Yongzhou Big Health Industry Co., Ltd., reflecting a strategic partnership in the health industry [1] - The business scope of the new entity includes drug wholesale, sales of Class II and III radiation devices, operation of Class III medical devices, general equipment repair, and professional design services, showcasing a diverse range of services [1]

Core Points - The AMAC Wholesale Retail Trade Index increased by 1.07%, reaching 1700.32 points, with a trading volume of 34.214 billion yuan [1] - The index has risen by 2.06% over the past month, 5.71% over the past three months, and 6.13% year-to-date [1] Group 1: Index Composition - The AMAC Wholesale Retail Trade Index is based on 43 industry classification indices, excluding manufacturing, and is compiled according to the classification guidelines of the China Securities Association [1] - The top ten holdings in the index include Huadong Medicine (4.85%), Digital China (2.99%), Yonghui Superstores (2.86%), and others [1] Group 2: Market Segmentation - The Shenzhen Stock Exchange accounts for 54.80% of the index holdings, while the Shanghai Stock Exchange accounts for 45.20% [1] - In terms of industry composition, discretionary consumption represents 38.58%, healthcare 30.36%, and industrials 23.73% of the index [2]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Healthcare - **Key Indices Performance**: HSHCI/HSHKBIO indices rose by 0.2% and 0.1% respectively from August 4 to August 8, 2025. SW Healthcare A/H indices moved -0.8% and +2.5%, ranking 31st and 20th among A/H-share sectors [1][1][1]. Company Insights - **Saint Bella**: Initiated coverage with a Buy rating due to its strong position in postpartum care and long-term family care potential, which may be overlooked [1][1][1]. - **Wuxi Bio**: Upgraded to Buy as it is well-positioned as a biologics CDMO amid therapy upgrades from chemotherapy to antibody-drug conjugates (ADC) and from monoclonal to bi/multi-specific candidates [1][1][1]. Subsector Performance - **Medtech**: Outperformed in A shares with a +2.7% increase, likely due to sectoral rotation within healthcare [1][1][1]. - **Biologics**: Outperformed in H shares with a +6.3% increase, primarily driven by small-cap biotechs [1][1][1]. Notable Company Performances - **Innovent**: Reported H125 product sales exceeding RMB 5.2 billion, up more than 35% year-over-year, surpassing estimates of RMB 5.1 billion [3][3][3]. - **3SBio**: Issued new shares to Pfizer worth HK$7.85 million, equating to 1.28% of its total post-IPO equity [3][3][3]. - **Huadong**: Released phase II trial results for HDM1002, showing weight reduction of -4.63%, -6.08%, and -2.88% in different dosage groups after 12 weeks [3][3][3]. Regulatory Developments - **Generics GPO**: The National Joint Procurement Office started demand reporting for the 11th round of national centralized drug procurement, allowing reporting by product name or brand for the first time [2][2][2]. - **Biosimilar VBP**: Initiated by the Anhui Provincial Pharmaceutical Procurement Center for eight monoclonal antibodies [2][2][2]. Investment Recommendations - **Top Picks**: Include Innovent, 3SBio, Wuxi Apptec, and United Imaging among others [1][1][1]. - **Medtech Focus**: Added United Imaging to top picks while retaining Weigao [1][1][1]. Risks and Challenges - **Healthcare Industry Risks**: Include potential price cuts from GPO programs, intensified competition, lower-than-expected innovative drug prices for NRDLs, slower consumption recovery, stricter regulations, and geopolitical tensions impacting operations [35][35][35]. Additional Insights - **Funding Trends**: Biopharma funding in July 2025 showed a year-over-year increase of 133% and a month-over-month increase of 34% [8][8][8]. - **Clinical Trials**: The number of registered clinical trials in China has been on an upward trend, indicating a robust pipeline for future drug development [22][22][22]. This summary encapsulates the key points from the conference call, highlighting the performance of companies within the China healthcare sector, regulatory changes, investment recommendations, and potential risks.

董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪7 分行业来看，统计数据显示，A股共有31家上市医药商业公司，其中2024年董事会秘书仍任职的共计28家，其聘任总体情况如下（部分统计口径剔除无效数据）。 从董秘的年龄分布来看，介于40-50岁的董秘是市场的中坚力量，占比共计达到57%；50岁以上的董秘占比为11%；小于等于40岁的董秘群体占比为32%。其中，目前仍任职的最年轻的男上市公 从董秘的学历分布看，拥有本科、硕士、博士学历的董秘占比分别为50%、46%、4%，其中，获得博士学历的董秘仅1人，为国发股份的李勇。 从薪酬分布看，A股医药商业上市公司董秘年薪平均值为72.65万元。经统计，处于50万以下、50万-100万、100万-200万、200万以上各区间的人数占比分别为43%、36%、18%、3%。 其中，年薪排行前三的董秘分别为上海医药的钟涛、润达医疗的张诚栩、国药股份的罗丽春，三人年薪分别为203.73万元、162.42万元、120万元。 从薪酬变动幅度看，人民同泰 ...

Core Insights - The report highlights that in 2024, the total salary for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 726,500 yuan [1] Group 1: Salary Distribution - A total of 1,144 company secretaries earned over 1 million yuan, accounting for more than 21% of the total [1] - The average annual salary for company secretaries in the pharmaceutical commercial sector is 726,500 yuan [1] - Salary distribution shows that 43% earn below 500,000 yuan, 36% earn between 500,000 and 1 million yuan, 18% earn between 1 million and 2 million yuan, and 3% earn above 2 million yuan [1] Group 2: Age and Education Distribution - Company secretaries aged between 40-50 years constitute 57% of the market, while those over 50 years account for 11%, and those aged 40 or below make up 32% [1] - The educational background of company secretaries shows that 50% hold a bachelor's degree, 46% have a master's degree, and only 4% possess a doctoral degree, with only one individual holding a PhD [1] Group 3: Notable Salary Changes - The highest-paid company secretaries are from Shanghai Pharmaceuticals, Run Da Medical, and China National Pharmaceutical Group, with salaries of 2.0373 million yuan, 1.6242 million yuan, and 1.2 million yuan respectively [1] - The largest salary decrease was observed for Wang Lei from Renmin Tongtai, with a year-on-year decline of 60.61%, while Zhang Yufeng from Zhejiang Zhenyuan experienced the largest increase at 212.33% [1]