证券代码：601607 证券简称：上海医药 公告编号：临2024-077 上海医药集团股份有限公司 关于舒更葡糖钠原料药上市申请获得批准的公告 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"）控 股子公司南通常佑药业科技有限公司（以下简称"南通常佑"）的舒更葡糖钠原 料药（以下简称"该药物"）收到国家药品监督管理局（以下简称"国家药监局"） 颁发的《化学原料药上市申请批准通知书》（通知书编号：2024YS00781），该 药品获得批准生产。 一、该药物基本情况 名称：舒更葡糖钠 注册标准编号：YBY68852024 包装规格：1kg/桶、2kg/桶、5kg/桶、15kg/桶 申请事项：境内化学原料药上市申请 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品 符合药品注册的有关要求，批准注册。 二、该药物相关的信息 舒更葡糖钠主要适用于拮抗罗库溴铵或维库溴铵诱导的神经肌肉阻滞。最早 由默沙东公司研发，于 2008 年在欧盟上市。2022 年 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [1][4][56]. Core Insights - Shanghai Pharmaceuticals is a leading integrated enterprise in the pharmaceutical industry, with a solid foundation and an optimized asset structure expected to drive performance growth [3][4]. - The company has established a strong position in the commercial sector, with high-margin CSO (Contract Sales Organization) business expected to grow rapidly, contributing significantly to profits [3][20]. - The industrial segment is robust in both chemical and traditional Chinese medicine, with innovative drugs entering the revenue realization phase [3][36]. - The management reform has been completed, focusing on cost reduction and efficiency enhancement, which is anticipated to release operational vitality and gradually improve performance [4][15]. Summary by Sections Management and Operational Efficiency - The management team has been restructured, with a focus on cost reduction and efficiency improvements, which is expected to enhance operational vitality and gradually release performance [4][15][19]. - The integration of commercial platforms across regions aims to streamline operations and reduce sales expense ratios [19][20]. Commercial Sector Strength - The commercial segment contributes approximately 90% of total revenue, with distribution business being the primary source of income [20][25]. - The CSO business has shown significant growth, with sales reaching approximately 29 billion yuan in 2023, marking a 50% year-on-year increase [31][32]. Industrial Segment Development - The industrial segment generated sales of 262.57 billion yuan in 2023, with a slight decline of 1.87% year-on-year, primarily due to price reductions of key products [3][36]. - The company has a strong pipeline of innovative drugs, with several products in late-stage clinical trials, indicating potential for future revenue growth [48][49]. Financial Projections - The company is projected to achieve net profits of 53.07 billion yuan, 58.52 billion yuan, and 64.40 billion yuan for the years 2024 to 2026, respectively, with corresponding EPS of 1.43, 1.58, and 1.74 yuan [4][56][57].

证券代码：601607 证券简称：上海医药 公告编号：临2024-074 上海医药集团股份有限公司 关于高级管理人员辞任的公告 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。 2024 年 8 月 5 日，上海医药集团股份有限公司（以下简称"本公司"或"公 司"）董事会收到张耀华先生的书面辞职报告。因工作调动，张耀华先生辞去本 公司副总裁等全部职务。辞职报告自送达本公司董事会之日起生效。辞任后，张 耀华先生将不再担任公司及下属企业任何职务。 截至本公告日，张耀华先生已确认与公司及公司董事会并无任何意见分歧， 亦无其他因离任而需要提请公司股东注意之事项。 公司对张耀华先生在任职期间对公司发展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 董事会 二零二四年八月六日 1 ...

证券代码：601607 证券简称：上海医药 编号：临 2024-073 上海医药集团股份有限公司 关于甲钴胺片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"上海医药"或"公司"）控股子公 司上海新亚药业闵行有限公司（以下简称"新亚闵行"）收到国家药品监督管理局（以 下简称"国家药监局"）颁发的关于甲钴胺片（以下简称"该药品"）的《药品补充申 请批准通知书》（通知书编号：2024B03245），该药品通过仿制药一致性评价。 一、该药品的基本情况 药品名称：甲钴胺片 剂型：片剂，薄膜衣片 规格：0.5mg 注册分类：化学药品 申请人：上海新亚药业闵行有限公司 原批准文号：国药准字H20052207 审批结论：本品通过仿制药质量和疗效一致性评价 二、该药品的相关信息 甲钴胺片主要用于周围神经病，由日本卫材研发，最早于 1981 年在日本上市。2022 年 11 月，新亚闵行就该药品仿制药一致性评价向国家药监局提出申请并获受理。截至 本公告日，公司针对该药品 ...

截至本公告日，中国境内该药品的主要生产厂家包括正大天晴药业集团股份 有限公司、浙江海正药业股份有限公司、江苏豪森药业集团有限公司等。 证券代码：601607 证券简称：上海医药 公告编号：临2024-072 上海医药集团股份有限公司 关于盐酸鲁拉西酮片获得批准生产的公告 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"）控 股子公司常州制药厂有限公司（以下简称"常州制药厂"）的盐酸鲁拉西酮片（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《药品注册证书》（证书编号：2024S01697），该药品获得批准生产。 一、该药品基本情况 药物名称：盐酸鲁拉西酮片 剂型：片剂 规格：40mg（按 C28H36N4O2S·HCl 计） 注册分类：化学药品 4 类 药品批准文号：国药准字 H20244450 审批结论：符合药品注册的有关要求，批准注册，发给药品注册证书。 二、 该药品相关的信息 盐酸鲁拉西酮片为多巴胺 D2、5-HT2A 及 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for Shanghai Pharmaceuticals [4][66]. Core Views - Shanghai Pharmaceuticals is a leading pharmaceutical distributor in China, with strong capabilities in both pharmaceutical distribution and manufacturing. The company achieved sales of RMB 260.3 billion in 2023, representing a year-on-year growth of 12.2% [63][64]. - The pharmaceutical distribution segment is expected to benefit from innovative services and increasing industry concentration, with a projected revenue CAGR of 9.0%-13.7% for leading companies, significantly outpacing the industry average of 6.6% [64][66]. - The pharmaceutical manufacturing segment is anticipated to experience growth driven by traditional Chinese medicine (TCM) rebranding and innovative drugs, with a stable cash flow from generic drugs [65][66]. Summary by Sections 1. Chinese Pharmaceutical Distribution Market - The market size reached RMB 27,516 billion in 2022, with a CAGR of 6.6% from 2017 to 2022. The market is characterized by strong consumer demand and a trend towards consolidation among leading companies [7][8]. - The concentration ratio of the top four companies in the market increased from 37.6% in 2017 to 45.5% in 2022, indicating a strong trend of "the rich getting richer" [11][12]. 2. Shanghai Pharmaceuticals Overview - Shanghai Pharmaceuticals operates in two main segments: pharmaceutical distribution and manufacturing. In 2023, the distribution revenue was RMB 233.8 billion, accounting for 89.8% of total revenue [18][20]. - The company has a robust distribution network covering over 31 provinces and municipalities in China, serving more than 32,000 medical institutions [20]. 3. Pharmaceutical Distribution - The distribution segment is expected to maintain high growth due to innovative services, including a significant partnership with Sanofi worth over RMB 5 billion [21][64]. - The company aims to enhance its market share through both organic growth and acquisitions, leveraging its strong logistics network [24][28]. 4. Pharmaceutical Manufacturing - The manufacturing segment is set to benefit from the launch of innovative drugs, with three innovative drugs already on the market and 68 projects in clinical stages as of 2023 [65][66]. - The TCM segment is implementing a "Big Brand + Big Product" strategy, which is expected to drive revenue growth through rebranding and multi-channel sales [37][65]. 5. Financial Forecast and Valuation - Revenue projections for FY24-26 are RMB 284.8 billion, RMB 311.6 billion, and RMB 340.4 billion, respectively, indicating a three-year CAGR of 9.4% [66]. - The target price for the stock is set at HKD 14.54, based on a DCF model with a WACC of 6.2% and a perpetual growth rate of 3% [66].

Investment Rating - Initiation coverage with an "Outperform" rating and a target price of HKD 14.54 [4] Core Investment Thesis - Shanghai Pharmaceuticals (SH Pharma) is a leading pharmaceutical distributor in China, with dual engines of pharmaceutical distribution and drug manufacturing [2] - The company achieved RMB 260.3 billion in revenue in 2023, a 12.2% YoY growth, with distribution and industrial revenues of RMB 233.8 billion and RMB 26.3 billion respectively [2] - The pharmaceutical distribution business is expected to benefit from innovative services in the short term and industry consolidation in the long term, with the top 4 players holding a 45.5% market share in 2022 [2] - The pharmaceutical manufacturing business is entering a harvest period, driven by traditional Chinese medicine (TCM) brand revitalization and innovative drug pipelines [3] Pharmaceutical Distribution Business - Short-term growth is driven by innovative services, including a RMB 5 billion+ collaboration with Sanofi and comprehensive lifecycle management services for innovative drugs [2] - Long-term growth is supported by market share gains through organic growth and M&A, with the top 4 players' market share increasing from 37.6% in 2017 to 45.5% in 2022 [2] - The CSO business is expected to see explosive growth in 2024, with Q1 2024 revenue surging 128% YoY to RMB 1.7 billion [24] - The company has a strong logistics network covering 31 provinces and serves over 32,000 medical institutions [23] Pharmaceutical Manufacturing Business - The TCM segment is a key growth driver, with a "big brand + big product" strategy driving a 10.3% YoY revenue growth to RMB 9.82 billion in 2023 [43] - The innovative drug pipeline includes 68 clinical projects, with 3 drugs already launched and 3 more expected to be approved by 2025 [39] - The generic drug segment is expected to face short-term pressure in 2024 but will provide stable cash flow from 2025 onwards [46] Financial Performance and Valuation - Revenue is expected to grow at a 9.4% CAGR from FY24 to FY26, reaching RMB 340.4 billion in FY26 [4] - Net profit attributable to shareholders is forecasted to be RMB 5.17 billion, RMB 5.67 billion, and RMB 6.28 billion in FY24-26 respectively [4] - The current valuation implies a FY24/FY25 P/E of 7.7x/7.0x [4] Industry Overview - China's pharmaceutical distribution market reached RMB 27.5 trillion in 2022, with a 6.6% CAGR from 2017 to 2022 [6] - The market is characterized by increasing concentration, with the top 4 players' market share rising from 37.6% in 2017 to 45.5% in 2022 [12] - The industry is expected to continue its steady growth, driven by China's aging population and increasing healthcare expenditure [10]

证券代码：601607 证券简称：上海医药 编号：临 2024-071 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 首次授予股票期权第三个行权期及预留股票期权第二个行 权期限制行权期间的提示性公告 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。 根据《上市公司股权激励管理办法》、《上海证券交易所上市公司自律监管 指南第2号—业务办理》、《上海医药集团股份有限公司2019年股票期权激励计 划（草案）》及中国证券登记结算有限责任公司上海分公司（以下简称"中证登 上海分公司"）关于股票期权自主行权的相关规定，并结合上海医药集团股份有 限公司（以下简称"公司"）2024年半年度报告披露计划，现对公司2019年股票 期权激励计划首次授予股票期权第三个行权期及预留股票期权第二个行权期限 制行权期间（以下简称"本次限制行权期"）公告如下： 二、本次限制行权期为2024年7月31日至2024年8月29日，在此期间全部激励 对象将限制行权。 三、公司将按照有关规定及时向中证登上海分公司申请办理限制行权相关事 宜。 ...

证券代码：601607 证券简称：上海医药 公告编号：临2024-070 上海医药集团股份有限公司 关于艾曲泊帕乙醇胺片获得批准生产的公告 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"）控 股子公司常州制药厂有限公司（以下简称"常州制药厂"）的艾曲泊帕乙醇胺片 （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《药品注册证书》（证书编号：2024S01665），该药品获得批准生产。 一、该药品基本情况 药物名称：艾曲泊帕乙醇胺片 药品批准文号：国药准字 H20244420 审批结论：符合药品注册的有关要求，批准注册，发给药品注册证书。 二、 该药品相关的信息 艾曲泊帕乙醇胺片适用于既往对糖皮质激素、免疫球蛋白等治疗反应不佳的 成人和 6 岁及以上儿童慢性免疫性（特发性）血小板减少症（ITP）患者，使血 小板计数升高并减少或防止出血；用于因血小板减少和临床条件导致出血风险增 加的 ITP 患者。该药品最早于 2008 年获 FDA ...

证券代码:601607 证券简称:上海医药 上海医药集团股份有限公司 投资者关系活动记录表 编号:2024-004 投 资 者 关 □特定对象调研 □分析师会议 系 活 动 类 □媒体采访 □业绩说明会 别 □新闻发布会 路演活动 □现场参观 □其他 参 与 单 位 参与机构:海通证券、兴业证券、中信证券、中信建投、中泰证 名称 券、汇添富基金、富国基金、华夏基金、前海开源、民生加银、华 宝基金、安信基金、太平养老、招商基金、浙商资管、凯石基金、 泰信基金、上银基金、禧弘资产、华泰自营、渤海人寿、泉果基 金、玖鹏资产、农银汇理、华商基金、兴银理财、鹏华基金、华安 基金、长江养老、景顺长城、建信养老等 128 人次 时间 2024 年 6 月 地点 上海、北京、深圳 上 市 公 司 副总裁、董事会秘书 钟涛 接 待 人 员 证券事务代表 孙诗旖 姓名 投 资 者 关 Q:商业板块药品 CSO 业务发展情况? PAGE \* MERGEFORMAT 2 系 活 动 主A:2023 年末,公司与赛诺菲达成合约销售战略合作,涉及重点疾 要 内 容 介 病领域 20 多个产品,合约规模超 50 亿,是近年来医药产业工商 ...