证券研究报告：医药生物 | 公司点评报告 发布时间：2025-07-02 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 17.85 | | --- | --- | | 总股本/流通股本（亿股）37.08 | / 27.89 | | 总市值/流通市值（亿元）662 | / 498 | | 52 周内最高/最低价 | 22.07 / 17.47 | | 资产负债率(%) | 62.1% | | 市盈率 | 14.51 | | 第一大股东 | 上药集团 | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 上海医药(601607) 我 们 预 计 公 司 2025-2027 年 营 收 分 别 为 2903.88/3053.49/3212.44 亿 元 ， 归 母 净 利 润 分 别 为 50.01/54.75/60.42 亿元，当前股价对应 PE 分别为 13/12/11 倍， ...

Investment Rating - The report initiates coverage with a "Buy" rating for Shanghai Pharmaceuticals [2][5]. Core Views - Shanghai Pharmaceuticals is positioned to leverage both distribution and industrial segments, enhancing its innovative value across the entire industry chain [4]. - The company is actively embracing new business models to address the overall profit compression in the pharmaceutical distribution industry and increasing competition [5]. - The report forecasts significant revenue and profit growth for the company from 2025 to 2027, with expected revenues of RMB 302.3 billion, RMB 333.3 billion, and RMB 366.3 billion, respectively, and corresponding net profits of RMB 5.3 billion, RMB 6.2 billion, and RMB 7.1 billion [4][5]. Company Overview - Shanghai Pharmaceuticals, established in 1952, has evolved into a comprehensive pharmaceutical enterprise covering manufacturing, distribution, and traditional Chinese medicine [4][14]. - The company became the first A+H listed pharmaceutical company in China and has undergone significant transformations, including the introduction of Yunnan Baiyao as a major shareholder [4][15]. Financial Data and Profit Forecast - The company is projected to achieve revenues of RMB 260.3 billion in 2023, with a year-on-year growth rate of 12.21%, and a net profit of RMB 3.8 billion, reflecting a decline of 32.92% [3][25]. - For 2024, revenues are expected to reach RMB 275.3 billion, with a net profit of RMB 4.6 billion, indicating a growth of 20.82% [3][25]. - The report anticipates a steady increase in revenue and profit margins, with a focus on innovative drug development and operational efficiency [4][5]. Distribution Business - The pharmaceutical distribution market in China is approximately RMB 3 trillion, with a significant portion attributed to wholesale [38]. - Shanghai Pharmaceuticals ranks second among national pharmaceutical wholesalers, benefiting from the industry's increasing concentration and digital transformation [47]. - The company is enhancing its distribution network and operational efficiency through strategic integration and innovative business models [49][60]. Pharmaceutical Manufacturing - The industrial segment of Shanghai Pharmaceuticals includes a diverse range of products, such as generic drugs, innovative drugs, and traditional Chinese medicine [67]. - The company has established production bases across 12 provinces and cities in China and overseas, producing around 800 varieties of drugs [67]. - The report highlights the company's commitment to increasing research and development investments, particularly in innovative drug pipelines [4][5]. Growth Highlights - The company is focusing on building a comprehensive lifecycle service platform for innovative drugs, which has shown significant sales growth [54]. - Shanghai Pharmaceuticals is implementing the SPD model to enhance supply chain management for medical institutions, which has led to increased sales in medical devices [56]. - The "1+1+1" model in Shanghai is being leveraged to improve grassroots medical efficiency, providing significant growth opportunities for the company's distribution business [61][66].

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于上海医药集团股份有限公司 2024 年年度股东大会的法律意见书 致：上海医药集团股份有限公司 国浩律师（上海）事务所（以下简称"本所"），接受上海医药集团股份有限公 司（以下简称"公司"）的委托，指派本所律师出席公司 2024 年年度股东大会（以 下简称"本次股东大会"），并根据《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》（以下简称"《证券法》"）、《上市公司股东会 规则》（以下简称"《股东会规则》"）以及《上海医药集团股份有限公司章程》 （以下简称"《公司章程》"）的规定出具本法律意见书。 1 国浩律师（上海）事务所 法律意见书 一、本次股东大会的召集、召开程序 公司召开本次股东大会，董事会已于 2025 年 5 月 31 日在《上海证券报》、 《证券日报》、《证券时报》和上海证券交易所网站以公告方式通知各股东。另亦 按照香港联合交易所有限公司上市规则要求，向公司 H 股股东发出了关于召开 本次股东大会的通告。公司发布的上述公告载明了会议的时间、地点、会议审议 的事项，说明了股东有权出席，并可委托代理人出席和行 ...

法律意见书 (本页无正文,为《关于上海医药集团股份有限公司 2024年年度股东大会的法 律意见书》之签章页) 国浩律师 電 负责人: r vi v V / 徐 晨 见证律师: 见飞扬 | 国浩律师(上海)事务所 | | --- | 二〇二五年六月二十六日 112 120 t 2017-02-12 2019 11: GENT THE PERSON STERNET PRODUCTION CONSTITUTION THE CONSTITUTION CONSULTION CO VIII - 孙静雯 ...

证券代码：601607 证券简称：上海医药 公告编号：临2025-065 上海医药集团股份有限公司 2024年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 26 日 (二)股东大会召开的地点：中国上海市徐汇区枫林路 450 号枫林国际大厦二期六 楼裙楼 601 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 605 | | --- | --- | | 其中：A 股股东人数 | 604 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,395,389,898 | | 其中：A 股股东持有股份总数 | 2,004,333,627 | | 境外上市外资股股东持有股份总数（H 股） | 391,056,271 | | 3、出席会议的股东所持有表决权股份数占公司有表 ...

Group 1 - Chengjian Development received a dividend of 7.1282 million yuan from Beijing Jingcheng Jiaye Property Co., Ltd., in which it holds a 33.47% stake [1] - Shengnuo Bio expects a net profit attributable to shareholders of 77.0275 million to 94.1448 million yuan for the first half of 2025, representing a year-on-year increase of 253.54% to 332.10% [1] - JKN2301 dry mixed suspension has been approved for clinical trials, targeting children with influenza [5][6] Group 2 - Jindawei obtained a patent for a method of purifying natto kinase, with a validity of twenty years [2] - CITIC Guoan plans to increase its stake in China Broadcasting Hunan Company to approximately 5.29% through a capital increase of 278 million yuan [2] - Ji Electric announced the resignation of its general manager, Niu Guojun, due to work changes [3] Group 3 - Xintian Green Energy successfully issued 1.5 billion yuan in green medium-term notes with a term of 3+N years and an interest rate of 2.05% [7] - Hengrun Co. plans to invest 1.2 billion yuan in a project to produce 2,000 sets of wind turbine gearbox components [9] - Pulaide received a government subsidy of 10 million yuan, accounting for 15.87% of its audited net profit for the last fiscal year [10] Group 4 - Boteng Co. passed the EU QP audit, receiving a compliance statement for its CDMO services [12] - Zhou Dasheng added 7 self-operated stores in May, with total investments ranging from 900,000 to 6.5 million yuan [13] - Wantai Bio initiated a Phase III clinical trial for its live attenuated varicella vaccine [15] Group 5 - Shanghai Pharmaceuticals received a drug registration certificate for Pregabalin capsules in Thailand [19] - Sanxing Medical's subsidiary is expected to win contracts worth approximately 143 million yuan from State Grid projects [21] - Jiangsu Huachen plans to issue 460 million yuan in convertible bonds [24] Group 6 - Jian Gong Repair won a soil pollution remediation project worth 32.76 million yuan [25] - Dize Pharmaceutical completed patient enrollment for a global Phase III clinical trial of its drug [26] - Del Co. received acceptance for its application to issue shares for asset acquisition and raise matching funds [27] Group 7 - Beijing Kerui won multiple power grid projects with a total value of approximately 154 million yuan [27] - Xie Chuang Data signed financing lease contracts totaling 498 million yuan with Su Yin Financial Leasing [28] - Meige Intelligent submitted an application for H-share listing on the Hong Kong Stock Exchange [29][31] Group 8 - Aikodi plans to repurchase shares worth 100 million to 200 million yuan for employee stock ownership plans [54] - Kong Kong Industrial intends to sell 80% of Tianyuan Construction to its controlling shareholder [55] - Youyou Green Energy proposed a cash dividend of 12 yuan per 10 shares, totaling 50.4 million yuan [55]

Core Viewpoint - Shanghai Pharmaceuticals has received the drug registration certificate for Pregabalin capsules from the Thai Food and Drug Administration, allowing the product to be marketed in Thailand [1][2]. Group 1: Drug Information - Drug Name: Pregabalin Capsules - Dosage Forms: Capsule - Specifications: 50mg, 75mg, 150mg - Registration Category: Chemical Generic Drug - Manufacturer: Changzhou Pharmaceutical Factory Co., Ltd. [1] - Registration Numbers: 50mg: 1C 97/68 (NG); 75mg: 1C 98/68 (NG); 150mg: 1C 99/68 (NG) [1]. Group 2: Indications - Pregabalin capsules are primarily used for treating postherpetic neuralgia, diabetic peripheral neuropathy, fibromyalgia, and neuropathic pain due to spinal cord injury, as well as for adjunctive treatment of epilepsy [1]. Group 3: Market Competition - As of the announcement date, Pregabalin capsules in Thailand face competition from 24 other sellers, including VIATRIS, SANDOZ, and BIOLAB [2]. - According to IQVIA data, the total market for Pregabalin capsules in Thailand is projected for 2024 [2]. Group 4: Financial Investment - The company has invested approximately RMB 2.19 million in research and development for the product's market entry in Southeast Asia, including Thailand, Singapore, Malaysia, and the Philippines [2]. Group 5: Impact on Company - The approval of Pregabalin capsules in three specifications (50mg, 75mg, 150mg) signifies the company's qualification to sell the drug in Thailand, positively impacting its overseas market expansion and accumulating valuable experience [2].

证券代码：601607 证券简称：上海医药 编号：临2025-064 一、该药品基本情况 药品名称：普瑞巴林胶囊 剂型：胶囊剂 规格：50mg、75mg、150mg 注册分类：化学仿制药 申请事项：新产品上市 上海医药集团股份有限公司 关于普瑞巴林胶囊获得泰国药品注册证书的公告 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"）下 属上药泰国有限责任公司（以下简称"上药泰国"）的普瑞巴林胶囊（以下简称 "该药品"）收到泰国食品药品监督管理局颁发的药品注册证书，该药品获得批 准上市。 二、该药品相关的信息 四、对上市公司影响及风险提示 生产厂家：常州制药厂有限公司（公司下属企业，以下简称"常州制药厂"） 申请人：上药泰国有限责任公司 注册证号：50mg: 1C 97/68 (NG)；75mg: 1C 98/68 (NG)；150mg: 1C 99/68 (NG) 普瑞巴林胶囊主要用于治疗带状疱疹后神经痛、糖尿病外周神经痛、纤维肌 痛和脊髓损伤引起的神经性疼痛以及 ...

Key Developments - Xiaogoods City plans to establish a wholly-owned subsidiary in Hong Kong and apply for a TCSP license to enhance cross-border financial services for small and micro enterprises [2] - Shanghai Superconductor's IPO application has been accepted, focusing on high-temperature superconducting materials with a projected revenue growth from 35.78 million yuan in 2022 to 239.53 million yuan in 2024, representing a compound annual growth rate of 158.74% [4] - Zhaowei Electromechanical has submitted an application for H-share listing on the Hong Kong Stock Exchange [5] - Wolong Electric Drive intends to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and competitiveness [6] Financing Activities - Guotai Junan has received approval from the CSRC to issue up to 15 billion yuan in technology innovation corporate bonds [8] - Kanda New Materials plans to raise no more than 585 million yuan through a private placement for expansion projects [9] - Xinda Real Estate has been approved to issue up to 3 billion yuan in corporate bonds [10] - Shanghai Pharmaceuticals has received approval for a public bond issuance of up to 5 billion yuan [11] Mergers and Acquisitions - Konggang Co. plans to sell 80% of Tianyuan Construction to its controlling shareholder, which is expected to constitute a major asset restructuring [14] - HNA Group has received an inquiry letter regarding its acquisition of a subsidiary of Hainan Airport, with a transaction value of 799 million yuan [16] Corporate Announcements - Haimo Technology announced that Fan Zhonghua will become the controlling shareholder and actual controller of the company [24] - Poly Developments has received approval for a 5 billion yuan short-term financing bond registration [25] - China Eastern Airlines plans to transfer a 20% stake in New Shanghai International Building to an affiliate for approximately 286 million yuan [26] - Wolong Nuclear Materials intends to purchase a 25% stake in Changyuan Electronics for 340 million yuan [27]

证券代码：601607 证券简称：上海医药 编号：临 2025-063 上海医药集团股份有限公司 关于向专业投资者公开发行公司债券 获得中国证监会注册批复的公告 二、本次发行公司债券应严格按照报送上海证券交易所的募集说明书进行。 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行公司债券。 四、自同意注册之日起至本次公司债券发行结束前，公司如发生重大事项， 应及时报告并按有关规定处理。 公司董事会将按照有关法律法规和注册批复文件的要求及公司股东大会的 授权办理本次发行公司债券的相关事宜,并及时履行信息披露义务。 特此公告。 上海医药集团股份有限公司 董事会 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"公司"）收到中国证券监督 管理委员会（以下简称"中国证监会"）出具的《关于同意上海医药集团股份有 限公司向专业投资者公开发行公司债券注册的批复》(证监许可[2025]1216 号), 就公司发行公司债券事项批复如下: 一、同意公司向专业投资者公开发行面 ...