Investment Rating - The report does not explicitly state an investment rating for the cinnamon health food industry Core Insights - The cinnamon health food industry is driven by health demand, with a broad market outlook due to the rich raw material resources and increasing consumer recognition and acceptance [4][11] - The industry has experienced stable historical growth, primarily influenced by limited supply increases and the need for greater consumer awareness, with price increases being the main growth driver [4][34] - Future growth is expected to be supported by policy backing and an aging population, which will enhance supply and elevate consumer demand, leading to market expansion [4][35] Industry Definition - Cinnamon health foods are defined as health products primarily made from cinnamon, which is widely recognized for its multiple health benefits [5] Industry Classification - The cinnamon health food industry can be categorized into various forms, including tinctures, capsules, and tablets [6] Industry Characteristics - Rich raw material resources: China leads the world in cinnamon planting area and production, ensuring a stable supply for the industry [11][12] - Clear regulatory boundaries: The industry is subject to specific safety and functionality standards, providing a balanced regulatory environment that encourages innovation [13] - Sustained consumer demand: The dual role of cinnamon as both a traditional medicine and a widely used spice enhances consumer acceptance of cinnamon health foods [14] Development History - The industry has evolved from initial exploration to a mature stage, with significant growth driven by policy support and market demand [15][16] Industry Chain Analysis - The industry chain includes sustainable raw material sourcing, technological innovation in production, and strong downstream market demand for health products [19][20] Market Size - The market size of the cinnamon health food industry grew from 1.402 billion RMB in 2020 to 1.578 billion RMB in 2024, with a compound annual growth rate of 3.00% [32] - Future projections estimate the market will expand from 1.626 billion RMB in 2025 to 1.902 billion RMB in 2029, with a compound annual growth rate of 3.99% [32] Price Trends - The average price of cinnamon health foods is expected to rise from 205.01 RMB to 215.03 RMB between 2025 and 2029, driven by increasing consumer demand for quality health products [36] Competitive Landscape - The industry is characterized by significant product homogeneity, with leading companies like Weisiya Health and others competing in a relatively fragmented market [41][42] - Smaller companies may find opportunities for growth through differentiated strategies, as the market does not heavily rely on large listed companies [45]

Group 1: Smartphone Market - Xiaomi has regained the top position in the Chinese smartphone market after ten years, with a shipment of 13.3 million units and a market share of 18.6%, representing a year-on-year growth of 39.9% [2] - Huawei shipped 11.2 million units with a market share of 15.7%, showing a year-on-year increase of 10% [2] - Apple experienced a decline, shipping 9.8 million units and a market share of 13.7%, down 10% year-on-year [2] Group 2: Corporate Developments - Apple is restructuring its teams, moving its robotics team to the hardware department, indicating dissatisfaction with its AI and machine learning leadership [3] - Cyberspace Group has submitted an application for listing on the Hong Kong Stock Exchange, with joint sponsors being CICC and China Galaxy International [4] - Warner Pharmaceuticals has received approval for its bismuth potassium citrate granules, which will enhance its market competitiveness [12] Group 3: Financial Performance - CICC reported a net profit of 2.042 billion yuan for Q1, a year-on-year increase of 64.85%, with revenues of 5.721 billion yuan, up 47.69% [9] - WuXi AppTec achieved a net profit of 3.672 billion yuan in Q1, marking a year-on-year growth of over 89% [10] - Shanghai Pharmaceuticals reported a net profit of 1.333 billion yuan in Q1, down 13.56% year-on-year [11] Group 4: Consumer Goods - Lao Feng Xiang reported a net profit of 613 million yuan in Q1, a decrease of 23.55% year-on-year, with revenues of 17.521 billion yuan, down 31.64% [13] - Three squirrels reported a net profit of 239 million yuan in Q1, a decline of 22.46% year-on-year, with revenues of 3.723 billion yuan, up 2.13% [16] Group 5: New Initiatives - China Petroleum & Chemical Corporation has commenced construction on a 30,000-ton carbon fiber project, expected to be completed by 2027, supporting the new materials industry [22][23] - ZTE is entering the companion robot market, planning to launch products focused on security monitoring and emotional companionship [6] Group 6: Market Trends - TikTok is implementing new regulations to combat malicious marketing accounts, introducing a health score mechanism for accounts [8] - The dining reservation volume for the upcoming holiday has surged, with Haidilao receiving over 25,000 reservations for the first day of the holiday [15]

Core Viewpoint - The China Securities Index for the medical industry has shown a decline in performance over various time frames, indicating potential challenges within the sector [2]. Group 1: Index Performance - The China Securities Index for the medical industry has decreased by 5.99% over the past month, 1.12% over the past three months, and 6.26% year-to-date [2]. - The index was established with a base date of December 31, 2021, set at 1000.0 points [2]. Group 2: Index Composition - The top ten weighted companies in the index include: - Mindray Medical (14.15%) - Aier Eye Hospital (9.35%) - United Imaging (8.03%) - Aimeike (4.1%) - Huatai Medical (3.87%) - New Industry (3.16%) - Shanghai Pharmaceuticals (3.11%) - Yuyue Medical (3.06%) - Yifeng Pharmacy (2.49%) - Meinian Onehealth (2.45%) [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (56.76%) and the Shanghai Stock Exchange (43.24%) [2]. Group 3: Sector Allocation - The sector allocation within the index is as follows: - Medical Devices: 34.77% - Medical Consumables: 22.92% - Pharmaceutical Commerce: 15.73% - Medical Services: 14.44% - In Vitro Diagnostics: 12.14% [2]. Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to significant events affecting sample companies [3].

香港交易及結算所有限公司和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分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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 茲載列上海醫藥集團股份有限公司（「本公司」）在上海證券交易所網站(http://www.sse.com.cn) 刊登的《上海醫藥集團股份有限公司第八屆董事會第二十二次會議決議公告》僅供參閱。 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，2025 年 4 月 29 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 2、《关于召开公司 2024 年年度股东大会 ...

Financial Performance - The company achieved operating revenue of RMB 70.763 billion in Q1 2025, representing a year-on-year growth of 0.87%[10] - The net profit attributable to shareholders was RMB 1.333 billion, a decrease of 13.56% year-on-year, with the industrial segment contributing RMB 532 million and the commercial segment contributing RMB 834 million[10] - Total operating revenue for the reporting period was approximately 70.76 billion RMB, an increase of 0.87% compared to the previous year[20] - Net profit attributable to shareholders decreased by 13.56% to approximately 1.33 billion RMB[20] - Net profit for Q1 2025 was ¥1.64 billion, a decrease of 12.06% from ¥1.87 billion in Q1 2024[36] - Earnings per share for Q1 2025 were ¥0.36, down from ¥0.42 in Q1 2024[38] Research and Development - Research and development expenses amounted to RMB 612 million, with R&D costs at RMB 497 million remaining stable year-on-year[11] - Multiple innovative drug research pipelines are progressing, including I001 for hypertension, which has submitted supplementary materials for review[12] - The company has established several key laboratories and centers to enhance its R&D capabilities in the biopharmaceutical industry[13] - The company is actively collaborating with academic institutions to advance research in traditional Chinese medicine and improve product quality[17] - The company reported a decrease in R&D expenses to ¥497 million in Q1 2025 from ¥501 million in Q1 2024[35] - Research and development expenses for Q1 2025 were 101,363,079.95, down from 123,475,536.87 in Q1 2024, indicating an 18% reduction[50] Product Development and Approvals - The company received production approvals for two products and submitted eight additional products for production during the reporting period[13] - A total of 77 products (106 specifications) have passed quality and efficacy consistency evaluations as of the end of the reporting period[13] - The company is implementing a strategy to ensure the quality of medicinal materials through a comprehensive national resource network and standardized management models[15] Business Segments Performance - Innovative business segments, including import agency and innovative drug services, have shown good growth during the reporting period[16] - The company's total import agency business achieved sales revenue of 8.6 billion RMB, a year-on-year increase of 9.0%[18] - The innovative drug full life cycle service generated sales revenue of 12.5 billion RMB, with a year-on-year growth of 23.2%[18] - The CSO business saw a revenue increase of 9.89% year-on-year[18] - The medical device health business reported sales revenue of 10.9 billion RMB, reflecting a year-on-year growth of 6.9%[18] Cash Flow and Liquidity - The net cash flow from operating activities improved by 59.73%, reaching approximately -2.20 billion RMB[20] - In Q1 2025, the cash inflow from operating activities was CNY 72.34 billion, an increase of 3.9% from CNY 67.81 billion in Q1 2024[40] - The net cash flow from operating activities was -CNY 2.20 billion, an improvement from -CNY 5.47 billion in the same period last year[41] - Cash inflow from investment activities totaled CNY 16.46 billion, up from CNY 10.53 billion in Q1 2024, marking a 56% increase[41] - Cash inflow from financing activities reached CNY 23.25 billion, compared to CNY 21.52 billion in Q1 2024, reflecting an 8% increase[42] - The company experienced a net decrease in cash and cash equivalents of approximately ¥1.63 billion in Q1 2025, compared to a decrease of approximately ¥1.08 billion in Q1 2024[54] Assets and Liabilities - Total assets at the end of the reporting period were approximately 225.87 billion RMB, a 2.11% increase from the previous year[20] - Total liabilities increased to CNY 130,813,134,867.82 from CNY 126,038,386,279.10, marking an increase of approximately 3.1%[31] - Short-term borrowings rose significantly to CNY 42,909,928,847.57 from CNY 38,064,098,967.71, reflecting an increase of about 12.4%[31] - Total liabilities as of March 31, 2025, amounted to ¥140.57 billion, an increase from ¥137.47 billion as of December 31, 2024[32] - Total non-current liabilities were ¥9.76 billion as of March 31, 2025, down from ¥11.43 billion as of December 31, 2024[32] Shareholder Information - The total number of shares outstanding as of March 31, 2025, is 3,708,361,809, with A-shares accounting for 2,789,289,105 and H-shares for 919,072,704[28] - The number of ordinary shareholders reached 80,068, with A-share holders accounting for 78,411 and H-share holders for 1,657[28] - Shareholders' equity attributable to the parent company increased to ¥73.01 billion as of March 31, 2025, from ¥71.68 billion as of December 31, 2024[32] Future Outlook - The company is set to implement new accounting standards starting in 2025, which may impact future financial reporting[54]

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。 证券代码：601607 证券简称：上海医药 公告编号：临2025-051 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 董事会第二十二次会议（以下简称"本次会议"）于 2025 年 4 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。董事会会议审议情况具体如下： 1、《2025 年第一季度报告》 上海医药集团股份有限公司 第八届董事会第二十二次会议决议公告 特此公告。 上海医药集团股份有限公司 董事会 二零二五年四月二十九日 表决结果：赞成 9 票，反对 0 票，弃权 0 票 本议案前期已提交公司第八届董事会审计委员会第十二次会议审议通过，同 意提交董事会审议。 2、《关于召开公司 2024 年年度股东大会的议案》 同意召开公司 2024 年 ...

Financial Performance - The company achieved operating revenue of RMB 70.76 billion, a year-on-year increase of 0.87%[7] - Net profit attributable to shareholders decreased by 13.56% to RMB 1.33 billion, while the net profit excluding non-recurring gains and losses was RMB 1.26 billion, down 8.10%[19] - The innovative drug business achieved sales revenue of RMB 12.5 billion, marking a year-on-year growth of 23.2%[16] - The medical device health business reported sales revenue of RMB 10.9 billion, an increase of 6.9%[18] - Total revenue for Q1 2025 reached CNY 70.76 billion, a slight increase of 0.87% compared to CNY 70.15 billion in Q1 2024[31] - The company reported a net profit of CNY 1.09 billion for Q1 2025, compared to CNY 0.26 billion in Q1 2024, indicating a significant increase[31] - Net profit attributable to shareholders for Q1 2025 was approximately ¥1.33 billion, down 13.5% from ¥1.54 billion in Q1 2024[32] - Total comprehensive income for Q1 2025 was approximately ¥1.64 billion, a decrease of 12.3% compared to ¥1.87 billion in Q1 2024[33] Research and Development - Research and development expenses amounted to RMB 6.12 billion, with R&D costs at RMB 4.97 billion, remaining stable year-on-year[7] - The company is advancing multiple innovative drug research pipelines and has established several key laboratories to enhance its R&D capabilities[9] - Research and development expenses for Q1 2025 were CNY 101.36 million, down from CNY 123.48 million in Q1 2024, showing a decrease of about 18%[43] Assets and Liabilities - Total assets reached RMB 225.87 billion, up 2.11% from the end of the previous year[19] - Total assets as of March 31, 2025, amounted to CNY 225.87 billion, up from CNY 221.21 billion at the end of 2024[29] - Total liabilities increased to CNY 140.57 billion, compared to CNY 137.47 billion at the end of 2024[29] - The company's total equity decreased to CNY 40.39 billion as of March 31, 2025, from CNY 40.45 billion as of December 31, 2024, a decline of approximately 0.15%[41] Cash Flow - The net cash flow from operating activities increased by 59.73%, driven by a rise in received payments[21] - Cash flow from operating activities for Q1 2025 showed a net outflow of approximately ¥2.20 billion, an improvement from a net outflow of ¥5.47 billion in Q1 2024[37] - Cash inflow from investment activities in Q1 2025 was approximately ¥16.46 billion, significantly higher than ¥10.53 billion in Q1 2024[37] - Cash flow from financing activities for Q1 2025 was approximately ¥3.86 billion, an increase from ¥3.25 billion in Q1 2024[38] - The company's cash and cash equivalents at the end of Q1 2025 totaled approximately ¥32.57 billion, up from ¥27.13 billion at the end of Q1 2024[38] Shareholder Information - The company has 80,068 total common shareholders at the end of the reporting period[23] - HKSCC NOMINEES LIMITED holds 918,228,849 shares, representing 24.7% of total shares[23] - The top ten shareholders collectively hold significant stakes, with the largest being HKSCC NOMINEES LIMITED and Shanghai Pharmaceutical Group[23] - The total number of shares outstanding is 3,708,361,809, with 2,789,289,105 A-shares and 919,072,704 H-shares[24] Other Financial Metrics - The weighted average return on net assets decreased by 0.39 percentage points to 1.84%[19] - The company's long-term borrowings due within one year increased by 163.19% during the reporting period[21] - The asset disposal income decreased by 100.82%, indicating a reduction in gains from the disposal of fixed and intangible assets[21] - The company reported a net loss from non-current asset disposal of 455,500.64, reflecting challenges in asset management[20] - The financial expenses for Q1 2025 were CNY 52.24 million, down from CNY 59.98 million in Q1 2024, representing a decrease of about 12.9%[43] - The investment income for Q1 2025 was CNY 95.97 million, an increase from CNY 72.12 million in Q1 2024, reflecting a growth of approximately 33.1%[43]

Group 1 - The company Shanghai Pharmaceuticals Holding Co., Ltd. plans to acquire a 10% stake in Shanghai Hutchison Pharmaceuticals Co., Ltd., which will result in the company becoming the actual controller of the target company [2][4] - The acquisition involves a total investment of approximately RMB 995.0366 million, with the company aiming to hold a total of 60% equity in Shanghai Hutchison Pharmaceuticals after the transaction [2][4] - The transaction has been approved by the company's board and is set to be completed by April 25, 2025, with the necessary delivery procedures finalized [4] Group 2 - The company has entered into agreements with Shanghai Jinpu Jianfu Equity Investment Management Co., Ltd. to facilitate the acquisition of shares from Hutchison Whampoa (Hong Kong) Limited [3] - The agreements specify that Shanghai Jinpu Jianfu will acquire 25.1247% of the shares, while another entity will acquire 9.8753% of the shares from Hutchison Whampoa [3]

Group 1 - Midea Group's humanoid robot will officially enter its washing machine factory in Jingzhou, Hubei in May, for machine operation, equipment inspection, and transportation [1][10] - The humanoid robot is part of Midea's "Dual Intelligence" strategy, which integrates smart home and smart manufacturing, aiming to transform manufacturing capabilities into strategic advantages [2] - Midea's approach represents a shift from scale advantages to intelligent advantages in manufacturing, addressing challenges through digitalization, human-machine collaboration, and product premiumization [2][3] Group 2 - Shanghai Pharmaceuticals' subsidiary received FDA approval for its abbreviated new drug application for Valganciclovir tablets, which treat CMV retinitis in AIDS patients and prevent CMV infection in organ transplant patients [4] - This approval signifies a major step in Shanghai Pharmaceuticals' international strategy, enhancing its competitiveness in the global market [4] Group 3 - Meituan's self-developed fourth-generation drone received the first nationwide low-altitude logistics operation certificate, allowing for regular commercial operations across China [5] - This certification marks a new phase in the commercialization of low-altitude logistics in China, expected to significantly improve last-mile delivery efficiency [5] Group 4 - JD.com announced that its food delivery service surpassed 10 million orders on April 22, demonstrating strong supply chain and logistics efficiency [6] - The rapid increase in order volume reflects consumer recognition of the JD brand and its competitive advantage in delivery speed and service quality [6] Group 5 - Baidu launched several AI products, including the Wenxin 4.5 Turbo and X1 Turbo models, which offer enhanced performance at reduced costs, aiming to capture the enterprise AI market [8] - The new models feature an 80% price reduction for Wenxin 4.5 Turbo and a 50% price reduction for X1 Turbo, positioning Baidu against competitors like Alibaba Cloud and Huawei [8] Group 6 - CATL introduced the "Xiao Yao Dual-Core Battery," featuring a dual-core architecture and self-generating negative electrode technology, enhancing safety and energy density [9] - This innovation aligns with industry trends towards lightweight and high-voltage solutions, potentially becoming a new growth driver for CATL [9] Group 7 - Gree Electric's board re-elected Dong Mingzhu as chairperson with a 124% approval rate, while Zhang Wei was appointed as president, indicating strong leadership continuity [11] - The leadership combination aims to navigate challenges in the white goods market and drive diversification and internationalization efforts [11] Group 8 - Sany Heavy Industry elected Xiang Wenbo as the new chairman of its board, which is expected to enhance strategic decision-making and operational synergy amid competitive pressures in the construction machinery sector [12] Group 9 - CATL and GAC Group signed a comprehensive strategic cooperation agreement to introduce battery-swapping models across several vehicle lines, promoting the battery-swapping model in the new energy vehicle sector [13] - This partnership aims to accelerate the adoption of battery-swapping technology and expand business scenarios for both companies, with CATL's network already established in 16 cities [13]

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之內容概不負責，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分內容 而產生或因依賴該等內容而引致之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) 於2025年4月25日，本次收購已完成交割，交割後上海和黃各股東持股情況的詳情載列如下。 上海和黃由本公司直接及間接持有60%股權，成為本公司的非全資附屬公司，且其財務業績 合併計入本集團綜合財務報表內。 | 序號 | 股東名稱 | 認繳出資額 | 實繳出資額 | 持股比例 | | --- | --- | --- | --- | --- | | | | (人民幣/萬元) | (人民幣/萬元) | (%) | | 1. | 和黃投資 | 1,145 | 1,145 | 5.0000% | | 2. | 上藥藥材 | 11,450 | 11,450 | 50.0000% | | 3. | 本公司 | 2,290 | 2, ...