Core Viewpoint - Goldman Sachs reported that Shanghai Pharmaceuticals (02607) had a second-quarter sales of 70.8 billion RMB, a year-on-year increase of 2.3%, which was below expectations, indicating continued weakness across various market segments [1] Financial Performance - The second-quarter recurring net profit was consistent with well-controlled expenditures, but was partially offset by a decline in gross margin [1] - The decline in gross margin was primarily attributed to the ongoing decrease in manufacturing profit margins [1] Earnings Forecast - Goldman Sachs adjusted the company's earnings forecasts for this year, next year, and 2027 to an increase of 33.5%, a decrease of 0.3%, and a decrease of 6.4%, respectively [1] - The target price was lowered from 10.29 HKD to 10.08 HKD, maintaining a "Sell" rating [1]

Core Viewpoint - Goldman Sachs reports that Shanghai Pharmaceuticals (601607)(02607) experienced a second-quarter sales revenue of 70.8 billion RMB, a year-on-year increase of 2.3%, which is below expectations, indicating continued weakness across various market segments [1] Financial Performance - The second-quarter recurring net profit was consistent with well-controlled expenditures, but was partially offset by a decline in gross margin [1] - The decline in gross margin is primarily attributed to the ongoing decrease in manufacturing profit margins [1] Earnings Forecast - The company’s earnings forecasts for this year, next year, and 2027 have been adjusted to an increase of 33.5%, a decrease of 0.3%, and a decrease of 6.4%, respectively [1] - The target price has been lowered from 10.29 HKD to 10.08 HKD, while maintaining a "Sell" rating [1]

证券代码：601607 证券简称：上海医药 编号：临 2025-081 上海医药集团股份有限公司 关于二羟丙茶碱注射液通过仿制药一致性评价的公告 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"公司"）下属上海信谊金朱 药业有限公司（以下简称"信谊金朱"）的二羟丙茶碱注射液（以下简称"该药 品"）收到国家药品监督管理局（以下简称"国家药监局"）颁发的《药品补充 申请批准通知书》（通知书编号：2025B04012），该药品通过仿制药质量和疗 效一致性评价。 一、该药品基本情况 药物名称：二羟丙茶碱注射液 剂型：注射剂 规格：2ml:0.3g 注册分类：化学药品 药品批准文号：国药准字 H20258173 申请人：上海信谊金朱药业有限公司 审批结论：批准本品增加 2ml:0.3g 规格的补充申请，核发药品批准文号，本 品通过仿制药质量和疗效一致性评价。 二、该药品相关的信息 二羟丙茶碱注射液适用于支气管哮喘、喘息型支气管炎、阻塞性肺气肿等缓 解喘息症状。也可用于因心源性肺水肿而致的喘 ...

Core Viewpoint - Shanghai Pharmaceuticals (601607) announced that its subsidiary, Shanghai Xinyi Jinzhu Pharmaceutical Co., Ltd., received the approval notice from the National Medical Products Administration for its Dihydrocodeine Injection, which has passed the consistency evaluation of quality and efficacy for generic drugs [1] Group 1 - The Dihydrocodeine Injection is indicated for the relief of symptoms in bronchial asthma, asthmatic bronchitis, and obstructive pulmonary emphysema [1] - The drug can also be used for alleviating symptoms caused by pulmonary edema due to heart disease [1]

Core Viewpoint - Shanghai Pharmaceuticals (601607.SH) announced that its subsidiary, Shanghai Xinyi Jinzhu Pharmaceutical Co., Ltd. (referred to as "Xinyi Jinzhu"), has received a "Drug Supplement Application Approval Notice" from the National Medical Products Administration (NMPA) for its Dihydroxypropyl Theophylline Injection, which has passed the consistency evaluation of quality and efficacy for generic drugs [1] Group 1 - The Dihydroxypropyl Theophylline Injection is indicated for bronchial asthma, asthmatic bronchitis, obstructive pulmonary emphysema, and relief of wheezing symptoms [1] - The drug can also be used for wheezing caused by cardiogenic pulmonary edema [1] - Dihydroxypropyl Theophylline Injection was developed by Eisai Co., Ltd. and was launched in Japan in October 1952 [1] Group 2 - In August 2024, Xinyi Jinzhu submitted a supplementary application to the NMPA for the new specification and combined consistency evaluation of the generic drug, which was accepted [1] - As of the date of the announcement, the company has invested approximately RMB 3.05 million in research and development costs for this drug [1]

Core Viewpoint - Shanghai Pharmaceuticals (601607.SH) announced that its subsidiary, Shanghai Xinyi Jinzhu Pharmaceutical Co., Ltd. (referred to as "Xinyi Jinzhu"), has received a Supplementary Application Approval Notice from the National Medical Products Administration (NMPA) for its Dihydroxypropyl Theophylline Injection, which has passed the consistency evaluation of generic drug quality and efficacy [1] Group 1 - The Dihydroxypropyl Theophylline Injection is indicated for bronchial asthma, asthmatic bronchitis, obstructive pulmonary emphysema, and relief of wheezing symptoms [1] - The drug can also be used for wheezing caused by cardiogenic pulmonary edema [1] - The drug was developed by Eisai Co., Ltd. and was launched in Japan in October 1952 [1] Group 2 - In August 2024, Xinyi Jinzhu submitted a supplementary application to the NMPA for the new specification and consistency evaluation of the generic drug, which has been accepted [1] - As of the date of the announcement, the company has invested approximately RMB 3.05 million in research and development costs for this drug [1]

Investment Trends - The investment scale in the pharmaceutical distribution industry from 2014 to 2024 shows an initial increase followed by a decline, with the most active investment period being from 2014 to 2017 and the highest investment amount recorded between 2019 and 2021. Since 2022, both the number and amount of investments have decreased, with only 9 investments recorded in 2024 [1][17] - The single investment amount fluctuated from 110 million yuan per deal in 2014 to 700 million yuan per deal in 2020, then began to decline in 2021, with a rebound to 320 million yuan per deal in 2023 [3][17] Financing Rounds - Strategic investments are the primary financing round in the industry, accounting for 37% from 2021 to 2025, driven by companies accelerating business transformation and enhancing bargaining power through regional network integration [9][17] - A-round financing accounts for 17.7% of the total financing rounds [9] Investment Entities - Private Equity (PE) and Venture Capital (VC) account for 73% of the investment entities, while enterprises account for 17%, primarily for vertical investments in the supply chain [11][17] - Funds represent 8% of the investment entities [11] Investment Destinations - The majority of funds are directed towards Beijing, accounting for 27%, followed by Shanghai at 16%, and Guangdong and Zhejiang at 13% and 10%, respectively [13][17] Fund Management - Several funds are actively investing in the pharmaceutical distribution sector, with management scales exceeding 50 billion yuan, including the Shanghai Comprehensive Reform Fund and the National Mixed Ownership Fund [16][17]

Core Insights - The investment scale in the pharmaceutical distribution industry has shown a trend of increasing and then decreasing from 2014 to 2024, with the most active investment phase occurring between 2014 and 2017, and the highest investment amount recorded from 2019 to 2021. Since 2022, both the number and amount of investments have declined, with 2024 seeing 9 investments totaling 420 million yuan [1][2]. Investment Trends - From 2014 to 2020, the average single investment amount increased from 110 million yuan to 700 million yuan, but began to fluctuate downwards from 2021, with a rebound to 320 million yuan in 2023. Investments in 2024 and 2025 are expected to be in the million yuan range [2]. Financing Events Summary - A summary of financing events from 2024 to 2025 shows various companies receiving investments, with notable amounts such as 150 million yuan for Zhengshe Pharmacy and 600 million yuan for Huaren Biopharma [6][7][8]. Financing Rounds - The majority of financing rounds from 2021 to 2025 are strategic investments, accounting for 37% of total investments, indicating a trend towards business transformation and enhanced bargaining power through regional network integration. A rounds account for 17.7%, while B and C rounds are also prevalent [9]. Investment Entities - Private Equity (PE) and Venture Capital (VC) firms dominate the investment landscape, making up 73% of the total investment entities, followed by enterprises at 17%. This trend is driven by the need for substantial capital to support chain expansion and acquisitions, as traditional bank loans are insufficient [10]. Investment Destinations - The primary destinations for investment in the pharmaceutical distribution sector are Beijing (27%), followed by Shanghai (16%), Guangdong (13%), and Zhejiang (10%). These regions are characterized by strong economic development and high demand for pharmaceutical distribution [12]. Fund Management Capabilities - Several funds are actively investing in the pharmaceutical distribution sector, including the Shanghai Comprehensive Reform Fund and the National Mixed Ownership Fund, with management scales exceeding 50 billion yuan. Most of these funds are backed by state and local government resources, indicating strong management capabilities [13][17].

呈交日期: 2025年9月2日 I. 法定/註冊股本變動 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海醫藥集團股份有限公司 | 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 ...

Group 1: Overall Market Outlook - The report from Guojin Securities indicates an improvement in the performance of certain sectors such as ophthalmology, dentistry, and pharmacies in the first half of 2025, with a gradual decrease in performance pressure throughout 2024 [1][2] - The overall performance of traditional Chinese medicine companies is expected to improve as inventory continues to be digested and the execution time for centralized procurement of traditional Chinese medicine has been announced in multiple regions [1][2] Group 2: Traditional Chinese Medicine - In the first half of 2025, the overall performance of traditional Chinese medicine is under pressure, with both revenue and net profit being affected by lower flu incidence and inventory digestion [2] - The centralized procurement process is ongoing, but the execution progress has been slow, limiting the volume of selected products in hospitals [2] Group 3: Pharmacy Sector - The pharmacy sector experienced slight revenue pressure in the first half of 2025, although profits showed some recovery due to cost reduction and efficiency improvements [3] - The industry is undergoing consolidation, with a focus on compliance and the elimination of non-compliant stores, which may enhance market share for leading companies [3] Group 4: Medical Services and Consumer Healthcare - The medical services sector is recovering due to increased consumer demand and successful technological upgrades, with profit growth outpacing revenue growth [4] - Specific segments like ophthalmology and orthodontics are showing significant recovery, while serious medical fields face challenges due to payment reforms and cost control policies [4] - The application of AI technology is enhancing operational efficiency and accelerating business turnover, presenting opportunities for traditional medical services [4]