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） 關連交易 擬參與設立生物醫藥併購基金 合夥協議 董事會欣然宣佈，於2025年1月27日，本公司擬參與設立生物醫藥併購基金，其 中，國投先導（作為有限合夥人）、本公司（作為有限合夥人）、東富龍（作為有 限合夥人）、君實生物（作為有限合夥人）、鎂信健康（作為有限合夥人）、新華 保險（作為有限合夥人）、工銀安盛人壽（作為有限合夥人）、浦東引領區基金 （作為有限合夥人）、張江科技（作為有限合夥人）、興嘉二期（作為有限合夥 人）、馬陸發展（作為有限合夥人）、中贏創新（作為有限合夥人）、上實資本 （作為普通合夥人）、GP2（作為普通合夥人）及SLP（作為特別有限合夥人）擬 分別認購人民幣22.49億元、人民幣10億元、人民幣2億元、 ...

国浩律师（上海）事务所 关于 上海医药集团股份有限公司 调整 2019 年股票期权激励计划激励对象名单、授予期权数量并 注销部分期权及行权条件成就相关事宜 之 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: +86 21 52341668 传真/Fax: +86 21 52433320 网址/Website: http://www.grandall.com.cn 二〇二四年十二月 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 调整 2019 年股票期权激励计划激励对象名单、授予期权数量并注销 部分期权及行权条件成就相关事宜之 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"上海医药"或"公司"）的委托，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 ...

证券代码：601607 证券简称：上海医药 编号：临 2025-013 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 第三个行权期采用自主行权模式的提示性公告 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。 根据上海医药集团股份有限公司（以下简称"上海医药"或"公司"）2019 年第一次临时股东大会、2019年第二次A股类别股东大会及2019年第二次H股类 别股东大会的授权，公司于2024年12月31日召开第八届董事会第十六次会议，审 议并通过《关于公司2019年A股股票期权激励计划预留股票期权第三个行权期行 权条件成就的议案》，具体内容详见公司2025年1月2日于上海证券交易交易所网 站（http://www.sse.com.cn/）披露的《关于2019年A股股票期权激励计划预留股票 期权第三个行权期行权条件成就的公告》（公告编号：2025-006号）。 公司2019年A股股票期权激励计划预留股票期权第三个行权期采用自主行 权模式行权，主要安排如下： 二、本次行权对象名单及行权情况: ...

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 2019 年 A 股股票期權激勵計畫預留股票期權第三 個行權期採用自主行權模式的提示性公告》、《國浩律師（上海）事務所關於上海醫藥調整 2019 年股票期權激勵計畫激勵物件名單、授予期權數量並註銷部分期權及行權條件成就相 關事宜之法律意見書》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 1 月 25 日 於本公告日期，本 ...

Investment Rating - Maintains an OUTPERFORM rating with a target price of HKD 14.39 [1][2] Core Views - The company is expected to achieve stable growth in its pharmaceutical distribution business, with a projected revenue increase of 8.0% in 2024 [3][12] - The pharmaceutical manufacturing sector is forecasted to decline by 6.5% in 2024 due to price reductions and slower growth in traditional Chinese medicine products [3][12] - The company is actively cutting costs and improving efficiency, which is expected to reduce sales and management expense ratios [4][13] Revenue and Profit Forecasts - Total revenue for 2024 is projected to be CNY 277.3 billion, a 6.5% year-on-year increase [3][12] - Net profit attributable to shareholders is expected to reach CNY 4.8 billion in 2024, a 28.1% increase from the previous year [4][13] - Gross profit margin is expected to decline by 0.9 percentage points to 11.1% in 2024 due to price cuts and a higher proportion of low-margin distribution business [4][13] Business Segments - Pharmaceutical distribution business is expected to generate CNY 252.7 billion in revenue, an 8.0% increase, driven by growth in CSO services, import agency business, and SPD services [3][12] - Pharmaceutical manufacturing sector is expected to generate CNY 24.6 billion in revenue, a 6.5% decline, primarily due to price reductions for polymyxin B and slower growth in traditional Chinese medicine products [3][12] Cost Efficiency and Expenses - Sales expense ratio is expected to decrease by 0.7 percentage points to 4.6% in 2024 [4][13] - Management expense ratio is expected to decrease by 0.1 percentage points to 2.1% in 2024 [4][13] - Financial expense ratio is expected to remain stable at 0.6% [4][13] Acquisition and Strategic Moves - The company acquired a 10% equity stake in Shanghai Hutchison Pharmaceuticals Limited, increasing its total stake to 60% and becoming the actual controller [4][14] - Shanghai Hutchison Pharmaceuticals reported revenues of CNY 2.7 billion and a net profit of CNY 660 million in 2023 [4][14] Valuation and Financial Metrics - The company's valuation is based on a DCF model with a WACC of 6.2%, a perpetual growth rate of 3%, and a 60% discount for H-shares relative to A-shares [5][15] - The current stock price corresponds to 2024/2025 P/E ratios of 8.7x/7.7x [5][15] ESG Performance - The company has established a comprehensive environmental management system and is committed to social responsibility and charitable causes [18][19] - The company continuously improves its sustainability governance system and ESG structure [19]

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熊去氧膽酸膠囊獲得批准生產的公告》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 1 月 23 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 生及王忠先生。 * 僅供識別 证券代码：601607 证券简称：上海医药 公告编号 ...

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份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 香港 H 股過戶登記處更改名稱 上海醫藥集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，自2025年1月20日起， 本公司於香港之H股過戶登記處（「香港過戶登記處」）名稱由「Link Market Services (Hong Kong) Pty Limited」更改為「MUFG Corporate Markets Pty Limited」。本公司之香港過戶登記處的地址、 電話號碼及傳真號碼維持不變。 承董事會命 上海醫藥集團股份有限公司 楊秋華 董事長 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) 中國上海，2025 年 1 月 20 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 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4][6]. Core Views - The company is a leading integrated pharmaceutical group in China, with a dual-driven model of commercial and industrial operations. It has a strong presence in both pharmaceutical manufacturing and distribution, producing around 700 drug varieties and serving as the second-largest national pharmaceutical distributor [1][15]. - The company has seen steady revenue growth, with a reported revenue of 209.63 billion yuan for the first three quarters of 2024, a year-on-year increase of 6.14%, and a net profit of 4.05 billion yuan, up 6.78% year-on-year [1][4]. Summary by Sections 1. Company Overview - The company is recognized as a national leader in pharmaceutical distribution and has a comprehensive product portfolio across various therapeutic areas, including oncology and cardiovascular diseases [1][15]. - It has a robust distribution network covering 31 provinces and regions in China, with over 70,000 medical institutions served [15][20]. 2. Commercial Operations - The commercial segment is the company's core, with significant growth in its CSO (Contract Sales Organization) business, achieving a sales amount of approximately 6.1 billion yuan, a year-on-year increase of 176.3% [2][42]. - The company is actively expanding into non-pharmaceutical sectors, including medical devices and health foods, with a reported sales growth of 11.9% in its health device business [2][43]. 3. Industrial Operations - The industrial segment has shown strong capabilities, with a focus on innovation and a pipeline of 60 new drug projects, including 46 innovative drugs [3][60]. - The company has increased its R&D investment significantly, from 1.39 billion yuan in 2018 to 2.6 billion yuan in 2023, reflecting a commitment to innovation [3][56]. 4. Financial Projections - Revenue projections for 2024-2026 are estimated at 281.57 billion, 308.36 billion, and 338.59 billion yuan, with corresponding net profits of 5.04 billion, 5.59 billion, and 6.31 billion yuan, indicating a strong growth trajectory [4][13]. - The company is expected to benefit from the increasing concentration in the pharmaceutical distribution industry and the rapid growth of its innovative business segments [4][39].

Summary of Shanghai Pharmaceuticals Conference Call Company Overview - Shanghai Pharmaceuticals operates in the pharmaceutical industry, focusing on three main segments: pharmaceutical commerce, pharmaceutical manufacturing, and innovative drugs [3][4]. Key Financial Performance - From 2022 to 2024, Shanghai Pharmaceuticals demonstrated resilience with a revenue growth of 6.1% and a net profit growth of 6.8% in the first three quarters of the current year [3][4]. - The company expects revenue growth rates of 7%, 10.1%, and 8.3% for the next three years, with net profit growth rates of 33.4%, 12.8%, and 10.2% respectively [4][27]. Business Segments - **Pharmaceutical Commerce**: As a leading player, the company benefits from increasing industry concentration, with a market share expected to grow as the domestic CRO market concentration is currently at 45.5%, compared to over 90% in the US [3][4]. - **Pharmaceutical Manufacturing**: The segment faced a revenue decline of 12% in the first three quarters of 2024 due to price reductions and procurement disruptions, but the gross margin improved to 61.6% [23]. - **Innovative Drugs**: The company has a strong pipeline with 1-2 new drugs expected to be approved annually, and it has already launched four innovative drugs [25]. Strategic Initiatives - The company has made significant acquisitions, including a 60% stake in He Guang Pharmaceuticals, enhancing its traditional Chinese medicine portfolio [4][26]. - The introduction of instant settlement reforms for medical insurance funds is expected to improve cash flow and enhance profitability [7][18]. Leadership and Management - A new leadership team has been appointed, focusing on operational efficiency and strategic adjustments, including the integration of northern and southern operations [9][10]. Market Position and Competitive Landscape - Shanghai Pharmaceuticals is the largest importer and distributor in China, with strategic partnerships with major international pharmaceutical companies [20]. - The pharmaceutical distribution industry in China is experiencing steady growth, with a compound annual growth rate of approximately 6.1% from 2019 to 2023 [15]. Financial Health and Efficiency - The company has maintained a clear equity structure, with state-owned background providing strong support for mergers and acquisitions [8]. - The sales expense ratio decreased to 4.5% in the first three quarters of 2024, down from 5.3% in 2023, indicating improved cost management [13]. Future Outlook - The company is expected to maintain a stable growth trajectory, with a focus on enhancing operational efficiency and expanding its market presence in both domestic and international markets [27]. Additional Insights - The company has made significant strides in the non-pharmaceutical sector, achieving a sales increase of 12% in medical devices and health products [22]. - The innovative CFO business has shown remarkable growth, with a 170% increase in revenue in the first three quarters of 2024 [19]. This summary encapsulates the key points from the conference call, highlighting Shanghai Pharmaceuticals' performance, strategic initiatives, and future outlook in the pharmaceutical industry.

Investment Rating - The report assigns a "Buy" rating for Shanghai Pharmaceuticals with a target price of Rmb 22.80, indicating an expected upside from the current price of Rmb 19.88 [5][6]. Core Insights - The management of Shanghai Pharmaceuticals believes that the pharmaceutical distribution industry will experience more stable growth driven by an aging population and increased government healthcare spending, despite potential slowdowns due to cost control measures and anti-corruption policies [2]. - The company sees significant structural growth opportunities, particularly in its Contract Sales Organization (CSO) business, which has a higher gross margin compared to traditional distribution [2]. - The acquisition of Shanghai Hengrui Pharmaceutical is expected to enhance the company's revenue by Rmb 20-30 billion, focusing on traditional Chinese medicine products [3]. - The tightening of pharmacy policies is expected to have a limited impact on the company's business, as pharmacies account for just over 10% of its operations [4]. Summary by Sections Industry Outlook - The pharmaceutical distribution industry is projected to grow steadily due to demographic changes and increased healthcare funding, although policy pressures may slow growth rates [2]. Business Strategy - Shanghai Pharmaceuticals aims to capitalize on structural growth opportunities, particularly in the CSO sector, which is expected to see increased divestment from multinational pharmaceutical companies [2]. - The company plans to leverage its extensive brand portfolio and retail channels to expand its traditional Chinese medicine sales [3]. Financial Projections - Revenue is forecasted to grow from Rmb 215.8 billion in 2021 to Rmb 397.4 billion by 2028, with net profit expected to increase from Rmb 5.1 billion in 2021 to Rmb 7.8 billion by 2028 [8]. - The report anticipates a diluted earnings per share of Rmb 1.28 for 2024, increasing to Rmb 2.11 by 2028 [8]. Valuation Metrics - The target price of Rmb 22.80 is based on a discounted cash flow (DCF) analysis with a weighted average cost of capital (WACC) of 11.4% and a terminal growth rate of 2.5% [5]. - The report indicates a forecasted stock price increase of 14.7% and a dividend yield of 2.2%, leading to an expected total return of 16.9% [10].