证券代码：601607 证券简称：上海医药 编号：临2025-042 上海医药集团股份有限公司 关于 2019 年 A 股股票期权激励计划预留股票期权第三个行 权期 2025 年第一季度自主行权结果公告 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、本次股权激励计划已履行的相关审批程序 1、2019 年 9 月 30 日，公司召开第七届董事会第五次会议及第七届监事会 第三次会议，审议通过了《关于 2019 年股票期权激励计划（草案）及其摘要的 议案》（以下简称"《股票期权激励计划（草案）》"）、《关于 2019 年股票期权激 励计划实施考核管理办法的议案》（以下简称"《考核管理办法》"）、《关于提请股 东大会授权董事会办理 2019 年股票期权激励计划相关事宜的议案》。公司董事中 作为激励对象的关联董事左敏先生、李永忠先生及沈波先生均已回避表决。公司 独立董事基于独立客观判断，发表独立意见同意上述事项；公司监事会亦出具核 查意见。详见公司于 2019 年 10 月 1 日在指定信息披露媒体发布的相关 ...

向特定对象发行限售股上市流通的核查意见 国投证券股份有限公司（以下简称"国投证券"或"保荐机构"）作为上海医药 集团股份有限公司（以下简称"上海医药"或"公司"）向特定对象发行股票的保荐 机构，根据《上市公司证券发行管理办法》《证券发行上市保荐业务管理办法》《上海 证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关规定， 对上海医药向特定对象发行限售股上市流通的事项进行了核查，具体情况如下： 国投证券股份有限公司 关于上海医药集团股份有限公司 一、本次限售股上市类型 经中国证券监督管理委员会《关于核准上海医药集团股份有限公司非公开发行 股票的批复》（证监许可[2022]584号）核准，上海医药合计向特定对象发行人民币普 通股（A股）股票852,626,796股，发行价为人民币16.39元/股（以下简称"本次发行"）。 本次发行新增852,626,796股份已于2022年4月8日在中国证券登记结算有限责任 公司上海分公司办理完毕股份登记手续。本次发行新增股份为有限售条件流通股，将 于限售期满后的次一交易日起上 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 275.25 billion yuan in 2024, representing a year-on-year growth of 5.75%. The net profit attributable to shareholders was 4.55 billion yuan, up by 20.82% year-on-year [7] - The commercial segment showed steady development, with the CSO business achieving a strategic breakthrough, resulting in a sales revenue of 251.52 billion yuan, an increase of 7.47% [7] - The industrial segment experienced a revenue decline of 9.6%, but net profit increased by 3.95%, indicating a transformation in the marketing model [7] - The company has a robust pipeline of new drugs, with 54 clinical applications accepted and 40 innovative drugs in development [7] - The forecast for net profit attributable to shareholders for 2025 and 2026 has been adjusted to 5.01 billion yuan and 5.65 billion yuan, respectively, with a new estimate for 2027 at 6.33 billion yuan [7] Financial Summary - Total revenue for 2023 was 260.30 billion yuan, with a projected increase to 275.25 billion yuan in 2024 [1] - The net profit for 2023 was 3.77 billion yuan, expected to rise to 4.55 billion yuan in 2024 [1] - The latest diluted EPS is projected to be 1.23 yuan for 2024, increasing to 1.71 yuan by 2027 [1] - The P/E ratio is expected to decrease from 18.26 in 2023 to 10.88 in 2027, indicating a potential increase in valuation [1]

Investment Rating - The report maintains a "Recommendation" rating for Shanghai Pharmaceuticals [1][8][10] Core Views - The company achieved a revenue of 275.25 billion yuan in 2024, representing a year-on-year growth of 5.75%, and a net profit of 4.55 billion yuan, up 20.82% year-on-year [4][7] - The CSO business showed remarkable performance with a revenue increase of 177% to 8 billion yuan in 2024, highlighting its potential as a significant growth driver [7][8] - The pharmaceutical commercial segment is stable, with a projected revenue of 251.5 billion yuan in 2024, reflecting a growth of 7.5% [7] Financial Summary - Revenue projections for 2025, 2026, and 2027 are 297.93 billion yuan, 322.69 billion yuan, and 349.44 billion yuan, respectively, with expected growth rates of 8.2% and 8.3% [6][8] - Net profit forecasts for the same years are 5.42 billion yuan, 6.18 billion yuan, and 6.62 billion yuan, with year-on-year growth rates of 19.1%, 13.9%, and 7.2% [6][8] - The gross margin is expected to stabilize around 11% from 2025 onwards, while the net margin is projected to improve gradually [6][8] Business Segment Performance - The pharmaceutical industrial segment is expected to generate 30.5 billion yuan in revenue in 2024, with a growth rate of 29.7%, driven by innovative drugs and traditional Chinese medicine [7] - The company has established over 300 SPD projects, serving 129 medical institutions, enhancing its distribution network across the country [7] - The company’s strong state-owned background and comprehensive industry chain layout are expected to support its future growth [7][8]

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關於高級管理人員離 任的公告》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 1 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 证券代码：601607 证券简称：上海医药 公告编号 ...

证券代码：601607 证券简称：上海医药 公告编号：临2025-041 上海医药集团股份有限公司 董事会 二零二五年四月一日 1 关于高级管理人员离任的公告 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。 上海医药集团股份有限公司（以下简称"本公司"或"公司"）董事会收到 李东明先生的书面告知，其与公司签订的劳动合同到期后不再续签。因此，自 2025 年 4 月 1 日起李东明先生不再担任公司副总裁及下属企业的任何职务。 截至本公告日，不存在因离任而需要提请公司股东注意之事项。公司对李东 明先生于任职期间内对公司发展所做出的贡献表示感谢！ 特此公告。 上海医药集团股份有限公司 ...

Summary of Shanghai Pharmaceuticals Conference Call Company Overview - Shanghai Pharmaceuticals Group ranked 411th in the Fortune Global 500 for 2024, with various accolades including being among the top 50 global pharmaceutical companies and top 25 in brand value [3][4] Financial Performance - Total revenue reached 275.25 billion CNY, a year-on-year increase of 5.75% - Pharmaceutical manufacturing revenue decreased by 9.62% to 23.73 billion CNY - Pharmaceutical commerce revenue increased by 7.47% to 251.52 billion CNY - Net profit attributable to shareholders was 4.55 billion CNY, up 20.82% [3][4] Key Insights - Revenue growth was driven by the pharmaceutical commerce sector, while the manufacturing sector faced a decline, indicating a need for attention on the industrial segment [3] - The company increased R&D investment to 2.818 billion CNY, with a focus on building an open innovation ecosystem and enhancing R&D efficiency [5] - Significant progress in rare disease treatments, with multiple products covering various indications and some innovative drugs entering clinical trials [7] - Expansion into overseas markets, particularly in Southeast Asia and the Middle East, resulted in a 24.53% increase in overseas sales revenue to 3.967 billion CNY [8] - The company is adapting its marketing strategies and technology upgrades to improve efficiency and reduce costs [9] R&D and Innovation - The establishment of a new product planning department to focus on key disease areas, resulting in 44 products generating over 100 million CNY in sales [6] - Collaboration with various research institutions to enhance R&D capabilities and establish a comprehensive innovation system [5][11] - Development of AI-enabled platforms to accelerate new product development and improve overall R&D efficiency [12][13] Market Challenges and Strategies - The pharmaceutical distribution industry faces challenges from delayed medical insurance payments and centralized procurement policies, but timely payments from the National Medical Insurance Bureau may improve the environment [28][29] - The company is exploring innovative payment models and multi-channel strategies to ensure sustainable growth [3][28] Future Goals - Shanghai Pharmaceuticals aims to strengthen its R&D foundation and expand its product pipeline, focusing on high-incidence diseases in China [10][20] - Plans to leverage cash reserves for mergers and acquisitions, particularly in innovative drug development and traditional Chinese medicine [24][40] - The company is committed to enhancing its international presence and developing a robust marketing strategy for innovative drugs [44][45] Conclusion - Shanghai Pharmaceuticals is positioned for growth through strategic R&D investments, international expansion, and innovative marketing strategies, despite facing challenges in the pharmaceutical distribution sector. The focus on rare diseases and AI integration in drug development highlights the company's commitment to innovation and market responsiveness [3][5][20][49]

Core Viewpoint - The recent administrative penalty against three pharmaceutical companies for price manipulation of Methacholine Chloride Injection reveals underlying collusion and monopolistic practices in the industry, raising concerns about market integrity and consumer rights [1][5][6]. Summary by Sections Price Manipulation and Penalties - Shanghai Xinyi United Pharmaceutical Co., Ltd. and its affiliates were fined a total of 2.23 billion yuan for colluding to raise the price of Methacholine Chloride Injection by 11 to 21 times [1][4]. - The leading company, Xinyi United, received a reduced penalty of 1.65 billion yuan due to its cooperation in providing evidence [1][6]. Market Dynamics and Drug Information - Methacholine Chloride Injection is a commonly used anesthetic drug, included in the national essential drug list and the shortage drug list [2][3]. - Prior to the price manipulation, the prices for this injection ranged from 3.56 to 6.8 yuan per unit, but were inflated to 71.5 yuan during the collusion [2][3]. Collusion Details - The collusion involved communication between the companies to set prices and divide market territories, ensuring stable market shares while excluding competition [4][5]. - The investigation revealed that the companies had agreed to raise prices to match those in the Shandong market, significantly distorting the pricing mechanism [3][4]. Regulatory Response and Future Implications - The case marks the first instance of personal liability for individuals involved in reaching a monopoly agreement under the revised Anti-Monopoly Law [1][6]. - The regulatory environment is tightening, with increased scrutiny and penalties aimed at deterring monopolistic practices in the pharmaceutical sector [6][9]. Broader Industry Context - The incident highlights a trend of monopolistic behavior in the pharmaceutical industry, particularly in the context of limited competition for certain drugs [5][9]. - The upcoming inclusion of Methacholine Chloride Injection in the national centralized procurement program is expected to reduce its price significantly, indicating a shift towards more competitive pricing [8].

Core Viewpoint - Shanghai Pharmaceuticals reported a revenue increase of 5.75% year-on-year, reaching 275.25 billion yuan, while facing challenges in its industrial segment and compliance issues [1][2]. Financial Performance - The company achieved a net profit of 4.55 billion yuan, up 20.82% year-on-year, with the industrial segment contributing 2.19 billion yuan and the commercial segment contributing 3.39 billion yuan [1]. - The pharmaceutical industrial segment's revenue declined by 9.62%, while the commercial segment's revenue grew by 7.47% [1][2]. Market Reaction - Despite the positive financial results, the stock market response was lukewarm, with A-shares down 1.65% and Hong Kong shares down 2.74% as of March 28 [1]. Compliance and Governance Issues - The company has faced multiple compliance risks, including monopoly agreements and fraudulent invoicing, which may impact its long-term stability [1][6]. - Compliance was mentioned 11 times in the latest financial report, highlighting the company's focus on improving its governance and compliance systems [6]. R&D and Innovation - Shanghai Pharmaceuticals terminated 15 R&D projects in the past year, with a total investment of over 770 million yuan, to focus on core projects [3][4]. - The company has 54 new drug pipelines, with 40 being innovative drugs, and aims to balance short-term performance with long-term development [3][4]. Sales and Marketing Expenses - The company's sales expenses reached 12.71 billion yuan, with a significant portion allocated to marketing and advertising [4][5]. - Shanghai Pharmaceuticals has the highest sales expense ratio among its peers, which it claims is managed through a structured budgeting process [5]. Industry Context - The pharmaceutical industry in China is undergoing a transformation towards high-quality development, with compliance management becoming increasingly important for sustainable growth [2][6]. - The company is focusing on international market expansion and innovation to adapt to ongoing healthcare reforms and pricing pressures [2][7].

Group 1 - CIMC reported a net profit of RMB 29.72 billion for 2024, a year-on-year increase of 605.60% [1] - CIMC's revenue reached RMB 1,776.64 billion, up 39.01% from the previous year [1] - The container manufacturing segment generated revenue of RMB 622.05 billion, a 105.89% increase year-on-year [1] Group 2 - CIMC Vehicles reported revenue of RMB 209.98 billion, a decrease of 16.30% year-on-year [2] - Net profit for CIMC Vehicles fell to RMB 10.81 billion, down 55.83% compared to the previous year [2] - The decline in net profit was attributed to normalization of North American business and non-recurring gains from a previous equity disposal [2] Group 3 - SMIC's revenue for 2024 was RMB 57,795.6 million, an increase of 27.7% year-on-year [3] - The net profit for SMIC decreased by 23.3% to RMB 3,698.7 million [3] - The increase in revenue was driven by a rise in wafer sales volume, which increased by 36.7% [3] Group 4 - Haier Smart Home achieved a net profit of RMB 187.41 billion, a year-on-year increase of 12.92% [4] - The company reported revenue of RMB 2,859.81 billion, up 4.29% from the previous year [4] - The gross margin for Haier Smart Home was 27.8%, an increase of 0.3 percentage points from 2023 [4] Group 5 - CNOOC reported a net profit of RMB 137.94 billion for 2024, an increase of 11.4% year-on-year [6] - The company's revenue was RMB 420.51 billion, a slight increase of 0.9% from the previous year [6] - CNOOC's oil and gas production reached 199 million barrels of oil equivalent per day [6] Group 6 - CNOOC's oil liquid sales volume increased by 9.4% to 562.9 million barrels [7] - The average realized oil price was USD 76.75 per barrel, a decrease of approximately 1.6% [7] - The company achieved a reserve replacement rate of 167% with 11 new discoveries [7] Group 7 - China Merchants Securities reported a net profit of RMB 103.86 billion, an increase of 18.51% year-on-year [8] - The company achieved revenue of RMB 208.91 billion for the year [8] - Wealth management and institutional business contributed RMB 102.33 billion to the revenue [8] Group 8 - China Merchants Energy reported a net profit of RMB 51.07 billion for 2024 [9] - The company's revenue was RMB 257.99 billion, with a slight decrease of 0.32% [9] - The revenue decline was influenced by fluctuations in the oil tanker market [9] Group 9 - Industrial Bank achieved a net profit of RMB 772.05 billion, a year-on-year increase of 0.12% [11] - The bank's revenue was RMB 2,122.26 billion, up 0.66% from the previous year [11] - The non-performing loan ratio was 1.07%, indicating stable asset quality [11] Group 10 - Weichai Power reported a net profit of RMB 114.03 billion, a year-on-year increase of 26.51% [12] - The company's revenue reached RMB 2,156.9 billion, up 0.81% [12] - The sales of various engines totaled 734,000 units, with a 5% increase in exports [13] Group 11 - Lens Technology achieved a net profit of RMB 36.24 billion, a year-on-year increase of 19.94% [14] - The company reported revenue of RMB 698.97 billion, up 28.27% [14] - The smartphone and computer segments contributed significantly to revenue growth [14] Group 12 - Shandong Gold reported a net profit of RMB 29.52 billion, a year-on-year increase of 26.80% [15] - The company's revenue was RMB 825.18 billion, up 39.21% [15] Group 13 - Huadian International achieved a net profit of RMB 57.03 billion, a year-on-year increase of 26.11% [16] - The company's revenue was RMB 1,129.94 billion, a decrease of 3.57% [16] Group 14 - Postal Savings Bank reported a revenue of RMB 348.77 billion, a year-on-year increase of 1.83% [16] - The bank's net interest income was RMB 286.12 billion, up 1.53% [16] Group 15 - Joyoung reported a net profit of RMB 1.22 billion, a year-on-year decrease of 68.55% [17] - The company's revenue was RMB 8.85 billion, down 7.94% [17] Group 16 - Shanghai Pharmaceuticals achieved a net profit of RMB 45.53 billion, a year-on-year increase of 20.82% [18] - The company's revenue was RMB 2,752.51 billion, up 5.75% [18] Group 17 - CITIC Securities reported a net profit of RMB 72.23 billion, a year-on-year increase of 2.68% [19] - The company's revenue was RMB 211.29 billion, down 9.1% [19] Group 18 - Three squirrels plan to issue H-shares and apply for listing on the Hong Kong Stock Exchange [21] - The company aims to enhance global brand recognition and expand overseas financing capabilities [21] Group 19 - CIMC announced the termination of the spin-off of its subsidiary CIMC Tianda for listing on the Shenzhen Stock Exchange [22] - The decision was made for comprehensive considerations regarding business development and capital operation planning [22] Group 20 - CNOOC's subsidiary CIMC Tianda withdrew its IPO application [23] - The expected fundraising amount was RMB 1.41941 billion [23]