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 （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二十七次會議決議公告》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 12 月 30 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 Shanghai Pharmaceuticals Holding Co., Ltd. * 上海医药集团股份有限公司（以下简称"本公司 ...

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) 持續關連交易 簽訂 2026 銷售及採購框架協議 簽訂 2026銷售及採購框架協議 茲提述本公司日期為 2025 年 1 月 2 日的公告，內容有關本公司與雲南白藥訂立的 2025 銷售及採購 框架協議。 截至本公告日，雲南白藥持有本公司 17.95%股份，為本公司一名主要股東，因而雲南白藥屬於本公 司於上市規則第 14A.07 條定義之關連人士。因此，2026 銷售及採購框架協議項下擬進行之交易構成 本公司上市規則第 14A 章下的持續關連交易。 由於 2026 銷售及採購框架協議項下擬進行之銷售或採購之交易的各自建議年度上限的最高適用百分 比率（上市規則第 14.07 條所定義者）均超過 0.1%但低於 5%，故 ...

证券之星消息，12月29日医药商业板块较上一交易日下跌1.82%，漱玉平民领跌。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。医药商业板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002788 | 登陆失药 | 22.26 | 6.00% | 86.90万 | 18.63亿 | | 603716 | 塞力医疗 | 21.64 | 0.74% | 10.96万 | 2.37亿 | | 301584 | 建发致新 | 31.24 | 0.35% | 4.01万 | 1.25亿 | | 601607 | 上海医药 | 17.83 | -0.17% | 5.91万 | 1.06亿 | | 600538 | 国发股份 | 6.15 | -0.65% | 8.36万 | 5118.71万 | | 603108 | 润达医疗 | 14.84 | -0.67% | 6.71万 | 9994.24万 | | 600511 | 国药股份 | ...

财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 格隆汇12月29日丨上海医药(601607.SH)公布，上海医药集团股份有限公司拟与云南白药集团股份有限 公司续签《日常关联交易/持续关连交易框架协议》，协议约定：2026年1月1日至2026年12月31日，本 公司向云南白药销售产品金额上限为人民币(币种下同)12亿元；本公司向云南白药采购产品金额上限为 7亿元。 截至本公告披露日，云南白药持有上海医药17.95%的股份，系上海医药第二大股东，根据《上海证券 交易所股票上市规则》，云南白药系上海医药关联方。本次交易涉及金额超过人民币300万元且占本公 司最近一期经审计净资产绝对值高于0.5%但低于5%，故本次交易需提交公司董事会审议，无需提交股 东大会审议。 ...

证券代码：601607 证券简称：上海医药 公告编号：临 2025-120 上海医药集团股份有限公司 关于拟与云南白药集团股份有限公司续签《日常关联交易/ 持续关连交易框架协议》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。 2025 年 12 月 29 日，上海医药第八届独立董事专门会议第十二次会议及第 八届董事会第二十七次会议审议通过《关于与云南白药集团股份有限公司续签< 日常关联交易/持续关联交易框架协议>的议案》。根据协议，2026 年 1 月 1 日至 2026 年 12 月 31 日，本公司向云南白药销售产品金额上限为人民币 12 亿元；本 公司向云南白药采购产品金额上限为人民币 7 亿元。 1 在董事会审议该议案时，关联董事张文学先生、董明先生主动回避该议案的 表决，其他非关联董事一致同意该议案。独立董事专门会议已事前审核本次交易， 认为本次交易符合《中华人民共和国公司法》、《中华人民共和国证券法》、《上海 证券交易所股票上市规则》等相关规定，是公司在日常经营业务中发生的交易， 符合公司正常生产经营 ...

1、《关于与云南白药集团股份有限公司续签<日常关联交易/持续关连交易 框架协议>的议案》 详见本公司公告临 2025-120 号。 本议案已经过公司第八届董事会独立董事专门会议第十二次会议审议通过， 同意提交董事会审议。 同意公司与云南白药续签《日常关联交易/持续关连交易框架协议》。2026 年 1 月 1 日至 12 月 31 日，本公司向云南白药销售产品金额上限为人民币 12 亿 元，本公司向云南白药采购产品金额上限为人民币 7 亿元。 关联/连董事张文学先生、董明先生主动回避该议案的表决，七位非关联/ 连董事全部投票同意。 表决结果：赞成 7 票，反对 0 票，弃权 0 票 证券代码：601607 证券简称：上海医药 公告编号：临2025-119 上海医药集团股份有限公司 第八届董事会第二十七次会议决议公告 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"）第八届董事会第二十七 次会议（以下简称"本次会议"）于 2025 年 12 月 29 日以通讯方式召开。本次会 议应 ...

上海医药公告称，2025年12月29日公司董事会审议通过议案，拟与云南白药续签《日常关联交易/持续 关连交易框架协议》。协议有效期为2026年1月1日至12月31日，上海医药向云南白药销售和采购产品金 额上限分别为12亿元、7亿元。截至公告披露日，云南白药持有上海医药17.95%股份，为其第二大股 东。2025年前11个月，上海医药向云南白药销售和采购产品已发生金额分别为6.05亿元、4.94亿元。 ...

Core Insights - 2025 marks a pivotal year for China's innovative pharmaceuticals, with a significant increase in international collaborations and licensing agreements, indicating a shift from a pharmaceutical giant to a stronghold in the industry [1][3] - The total amount of outbound licensing agreements exceeded $100 billion, with upfront payments reaching $8.1 billion, showcasing a transition to multi-layered cooperation models [1][3] - China's biopharmaceutical market remains the second largest globally, with innovative drugs accounting for approximately 30% of global research, reflecting a critical leap from following to competing on a global scale [1][3] Internationalization - The internationalization of China's pharmaceutical industry saw explosive growth in 2025, highlighted by a surge in business development (BD) transactions and the popularity of "A+H" listings [3][4] - The total amount of outbound licensing for innovative drugs reached over $100 billion, a 75% increase from 2024, indicating a shift from merely selling products to actively engaging in global markets [3][4] - Notable BD transactions include significant agreements between major Chinese pharmaceutical companies and international firms, such as a $12.5 billion deal between Hengrui Medicine and GSK [3][4] Innovation - In 2025, advancements in cutting-edge technologies such as antibody-drug conjugates (ADC) and dual antibodies have shown promising results in cancer treatment [7][8] - The third-generation ADC technology has become mainstream, with significant efficacy demonstrated in treating solid tumors [7] - The dual antibody sector continues to lead, with Chinese companies achieving remarkable results in clinical trials, such as a 91% improvement in progression-free survival compared to existing treatments [8] Policy Support - The policy support for innovative drugs in China has reached unprecedented levels, with a notable increase in the number of approved innovative drugs [10][11] - The National Medical Products Administration approved 69 innovative drugs in 2025, a 44% increase from the previous year, covering various therapeutic areas [10] - The payment system for innovative drugs has been significantly upgraded, enhancing accessibility and affordability for patients [10][11] Mergers and Acquisitions - The pharmaceutical sector has seen a surge in mergers and acquisitions, with over 400 transactions announced globally, totaling approximately $111 billion, marking a 50% increase from 2024 [13][14] - Domestic mergers also showed strong activity, with significant deals indicating a shift towards quality improvement and resource consolidation among leading companies [13][14] - The trend reflects a transition from scale expansion to enhancing quality and efficiency, with companies focusing on high-value clinical pipelines [14]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The number of innovative drugs listed in China continues to grow, with domestic products accounting for approximately half of the total market share. The R&D capabilities for innovative drugs in China are also increasing, attracting global attention. Notably, the number and value of domestic innovative drug business development (BD) transactions have reached new highs, with ADC, bispecific antibodies, small nucleic acids, and CAR-T being the four key R&D directions to watch in 2026 [15][21][22] - The Chinese innovative drug market has seen a significant increase in the number of new drug applications (NDA), with domestic products making up a growing proportion. From 2017 to 2024, the number of innovative drugs listed in China rose from 41 to 92, with domestic products accounting for 50% of the total by 2024 [17][21] - The report highlights that the license-out transaction volume and total amount for Chinese companies reached $92.03 billion in the first three quarters of 2025, a 77% increase compared to the total for 2024. The upfront payment for license-out transactions has also surpassed the total financing amount in the primary market for the same period [22][25] Summary by Sections Industry Trends - The A-share pharmaceutical index has shown a year-to-date increase of 14.29%, while the Hang Seng Healthcare Index has surged by 62.29% [3][8] - The report notes that the pharmaceutical sector has experienced fluctuations, with raw materials and medical devices showing positive growth [8] R&D Progress and Company Dynamics - The report provides an overview of the R&D progress for innovative and modified drugs, including approvals and clinical applications [5] - It lists key companies to watch in various sub-sectors, including innovative drugs, research services, and medical devices, with specific recommendations for companies like Innovent Biologics, Hengrui Medicine, and WuXi AppTec [11][12] Market Insights and Regulatory Observations - The report tracks the price-to-earnings ratio of the pharmaceutical index, noting that it is currently lower than historical averages [5] - It emphasizes the importance of the regulatory environment and market dynamics in shaping the future of the pharmaceutical industry [5]

Core Viewpoint - Shanghai is actively shaping its "14th Five-Year" development blueprint, focusing on industrial stability and growth, with Shanghai Pharmaceuticals as a key representative in the biopharmaceutical sector, achieving steady operational results despite industry pressures [1][7]. Group 1: Strategic Development - The Shanghai Municipal State-owned Assets Supervision and Administration Commission emphasizes the need for Shanghai Pharmaceuticals to enhance its core competitiveness and strategic capabilities, particularly in the context of innovation drug transformation and localization of imported products [1][7]. - The company is encouraged to strengthen its investment and acquisition strategies, talent incentives, and decision-making efficiency to support the implementation of innovative drug products during the "14th Five-Year" period [1][7]. Group 2: Technological Innovation - Shanghai Pharmaceuticals is urged to leverage artificial intelligence across research, production, and sales to create a comprehensive "smart manufacturing" ecosystem that covers the entire product lifecycle [1][7]. - The company aims to embrace the AI era by developing full-chain application models from healthcare providers to patients, thereby establishing a new ecosystem for smart health services [3][9]. Group 3: Collaborative Ecosystem - The company is positioned as a "chain leader," responsible for fostering a collaborative innovation ecosystem that integrates industry, academia, research, healthcare, and finance [3][9]. - There is a focus on building a synergistic community that gathers industrial resources and promotes collaborative innovation [3][9]. Group 4: Operational Insights - Shanghai Pharmaceuticals is committed to implementing the directives from the municipal government and the State-owned Assets Supervision and Administration Commission, focusing on innovation reforms and steady growth [3][9]. - The company is concentrating on its core areas, particularly in API and formulation development, to solidify its foundational business [3][9].