证券代码：601607 证券简称：上海医药 编号：临2024-084 上海医药集团股份有限公司 关于控股股东增持公司 H 股股份的公告 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 9 月 13 日，上海医药集团股份有限公司（以下简称"上海医药"或 "公司"）收到上海实业（集团）有限公司（以下简称"上实集团"）通知，上 实集团通过下属全资子公司上实国际投资有限公司（以下简称"上实国际"）增 持了公司 H 股 100,100 股，约占公司总股本（截至 2024 年 9 月 12 日，公司总股 本为 3,704,188,795 股）0.003%。 本次增持前，上实集团持有公司股票 1,352,255,837 股（其中：A 股 1,125,817,837 股，H 股 226,438,000 股），约占公司总股本的 36.506%；本次增 持后，上实集团持有公司股票 1,352,355,937 股（其中：A 股 1,125,817,837 股， H 股 226,538,100 股），约占公司总股本的 36.509 ...

证券代码：601607 证券简称：上海医药 编号：临2024-083 上海医药集团股份有限公司 关于控股股东 H 股增持计划实施完毕的公告 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"）于 2023 年 9 月 11 日收 到上海实业（集团）有限公司（以下简称"上实集团"）通知，上实集团计划在 此后的 12 个月内通过下属全资子公司上实国际投资有限公司（以下简称"上实 国际"）于二级市场增持本公司 H 股股份，增持比例不超过本公司已发行总股本 的 2%（详见公司公告临 2023-076 号）。 截至 2024 年 9 月 10 日香港联合交易所有限公司收市，上实集团增持本公司 H 股股份计划已经实施完毕。本次增持期间内，上实集团通过上实国际增持了本 公司 H 股股份共计 7,899,600 股，约占本公司已发行 H 股股份总数（即 919,072,704 股）的 0.860%，占已发行股份总数（即 3,704,188,795 股，公司截 至 2024 年 9 月 10 日的 ...

证券代码：601607 证券简称：上海医药 编号：2024-004 上海医药集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------|---------------------------|------------------------------------------------------------| | | | | | 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 | | 线下参与机构：中信证券、银河证券、中金公司、华安证券、湘财 | | 名称 | | 证券、高毅资产、远信投资、汇添富基金、国信证券、永盈基金、 | | | | 国君资管、海通资管、华泰证券、天风证券、山西证券、瑞银证 | | | | 券、招商证券、摩根士丹利证券、嘉实基金、浙商证券、摩根基 | | | 金、海通国际等 | 87 人次，同时还有 776 人次通过直播平台及上证 | | | 路演中心于线上听会 ...

Investment Rating - The report maintains an "Outperform" rating for Shanghai Pharma (2607 HK) with a target price of HKD 13.82, down 5.0% from previous estimates [3][5][17]. Core Insights - Shanghai Pharma's 1H24 results showed revenue of CNY 139.4 billion, a year-on-year increase of 5.1%, with a notable growth in the Contract Sales Organization (CSO) business, which achieved sales of CNY 4.0 billion, up 172% year-on-year [11][12]. - The pharmaceutical manufacturing segment faced challenges, reporting a revenue decline of 13.4% year-on-year, primarily due to price reductions in products from SPH No.1 Biochemical & Pharmaceutical [12][14]. - The company successfully introduced 8 import varieties and added 15 new SPD projects in 1H24, contributing to its growth despite the overall industry pressure [11][12]. Revenue and Profitability - In 1H24, Shanghai Pharma's gross profit margin (GPM) was 11.6%, down 1.3 percentage points year-on-year, while the net profit attributable to shareholders was CNY 2.94 billion, reflecting a 12.7% increase year-on-year [14][13]. - The report projects revenue for 2024, 2025, and 2026 to be CNY 277.8 billion, CNY 299.9 billion, and CNY 323.5 billion respectively, with growth rates of 6.7%, 8.0%, and 7.9% [16][17]. Accounts Receivable - As of 1H24, Shanghai Pharma's accounts receivable totaled CNY 80.9 billion, with a significant portion due within one year, indicating potential cash flow management challenges [15][4]. Valuation Methodology - The valuation is based on a discounted cash flow (DCF) model using a WACC of 6.2% and a perpetual growth rate of 3%, leading to the target price of HKD 13.82 [5][17].

Investment Rating - The report assigns a "Recommended" rating to Shanghai Pharmaceuticals [3] Core Views - The company reported a revenue of 139.41 billion yuan for the first half of 2024, representing a 5.14% increase year-on-year, with pharmaceutical commercial revenue growing by 7.45% to 126.68 billion yuan, while pharmaceutical industrial revenue decreased by 13.4% to 12.73 billion yuan. The net profit attributable to shareholders was 2.94 billion yuan, up 12.72% [1] - In Q2 2024, the company achieved a revenue of 69.26 billion yuan, a 4.36% increase, and a net profit of 1.40 billion yuan, reflecting a significant growth of 28.15%. The growth in profit outpaced revenue growth due to non-recurring asset impairment factors from the previous year [1] - The company is focusing on innovation and R&D, with an investment of 1.40 billion yuan in R&D for H1 2024, a 15.26% increase, accounting for 11.03% of industrial sales. The company has multiple new drug applications in progress, including a self-developed product for hypertension [1] Summary by Sections Financial Performance - For H1 2024, Shanghai Pharmaceuticals reported total revenue of 139.41 billion yuan, with a net profit of 2.94 billion yuan, and a significant increase in net profit margin [1] - The company’s operating cash flow decreased by 68.56% to 515 million yuan, indicating potential liquidity concerns [1] Business Segments - The pharmaceutical commercial segment showed robust growth, driven by CSO import agency and vaccine promotion, with CSO sales reaching 4 billion yuan, a 172% increase year-on-year [1] - The non-pharmaceutical business, including medical devices and health products, also grew, with new SPD projects generating approximately 21.8 billion yuan in revenue, an 11.12% increase [1] R&D and Innovation - The company is advancing its R&D efforts, with a focus on traditional Chinese medicine, achieving revenue of 5.19 billion yuan in H1 2024 from its Chinese medicine segment [1] - The company is actively developing major traditional Chinese medicine products and brands, enhancing its competitive edge in the market [1] Management and Strategy - The management is implementing cost reduction and efficiency improvement measures through platform integration and refined management practices, aiming for high-quality growth [2] - The company’s strategic focus on collaboration between its commercial and industrial segments is expected to enhance its competitive advantage [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [6][17]. Core Views - The company reported a revenue of 139.4 billion yuan for the first half of 2024, representing a year-on-year growth of 5.1%, with a net profit attributable to shareholders of 2.94 billion yuan, up 12.7% [1]. - The commercial segment showed steady growth, with Q2 revenue reaching 63.5 billion yuan, a 6.7% increase, and a notable performance in the CSO business, which saw a revenue surge of 217% [2]. - The industrial segment faced revenue pressure, with Q2 income down 16.1% to 5.79 billion yuan, primarily due to a decline in a subsidiary's performance, yet profitability improved with a net profit of 640 million yuan, up 2.9% [3]. Financial Analysis - The company achieved a gross margin of 11.75% and a net margin of 2.5% in Q2, with operational efficiency indicators showing an increase in accounts receivable turnover days to 99.3 days, while inventory turnover days decreased to 52.5 days [4]. - The forecast for revenue from 2024 to 2026 is projected at 289.8 billion yuan, 320.5 billion yuan, and 351.3 billion yuan respectively, with corresponding net profits of 5.24 billion yuan, 5.84 billion yuan, and 6.54 billion yuan, indicating strong growth potential [5][14].

公司快报 2024 年 08 月 27 日 上海医药(601607.SH) 南北整合阶段性成果突出，创新业务蓬 勃发展 事件：公司发布 2024 年中报，整体业绩稳健，单 Q2 工商业贡 献利润稳增。 2024H1 公司实现营业收入 1,394.13 亿元/+5.14%，其中：医药工 业收入 127.34 亿元/-13.37%，医药商业收入 1,266.79 亿元 /+7.45%；归母净利润 29.42 亿元/+12.72%，其中：工业、商业贡 献利润分别约为 13.12 亿元/-1.20%、17.93 亿元/+1.30%，主要 参股企业贡献利润 3.41 亿元；扣非净利润 27.05 亿元/+23.00%。 单 Q2 来看，公司实现营收 692.60 亿元/+4.36%，其中：工业收入 约 57.90/-16.06%，商业收入约 634.70/+6.73%；归母净利润 14.00 亿元/+28.15%，其中：商业、工业贡献利润分别约为 9.61 亿元 /+5.72%、6.38 亿元/+2.90%，单 Q2 公司工业及商业板块经营性 利润实现稳定增长。 Q2 费用端优化，盈利水平有所提升。2024H1 公司销 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS of 1.43/1.58/1.74 yuan for 2024-2026 and corresponding PE ratios of 13.09/11.87/10.79x [5] Core Views - The company demonstrates robust revenue and profit growth, with 2024H1 revenue reaching 139.41 billion yuan (+5.14%) and net profit attributable to parent company of 2.94 billion yuan (+12.72%) [3] - The pharmaceutical commercial segment shows strong performance, with CSO contract promotion business achieving sales of approximately 4 billion yuan, a 172% year-on-year increase [3] - The company continues to optimize its expense control, with sales expense ratio decreasing by 1.12 percentage points to 4.71% in 2024H1 [3] Business Performance Pharmaceutical Commercial Segment - Achieved revenue of 126.68 billion yuan (+7.45%) in 2024H1, with distribution business contributing 127.03 billion yuan (+6.91%) [3] - Successfully introduced 8 new imported agency products and expanded SPD cooperation projects, adding 15 new SPD projects in the first half of 2024 [3] Pharmaceutical Industrial Segment - Generated revenue of 12.73 billion yuan (-13.37%) in 2024H1, mainly due to one-time impact of price reductions [3] - Traditional Chinese medicine business maintained stable growth, with industrial revenue reaching 5.19 billion yuan (+1.41%) [3] R&D and Innovation - Increased R&D investment to 1.40 billion yuan (+15.26%) in 2024H1, accounting for 11.03% of industrial sales [4] - Currently has 64 new drug pipelines in clinical application or subsequent research stages, including 50 innovative drugs [4] Financial Projections - Forecasts net profit attributable to parent company of 5.31/5.85/6.44 billion yuan for 2024-2026, with revenue growth rates of 10.37%/10.17%/10.09% [6] - Expects gross margin to improve from 12.0% in 2023 to 13.1% by 2026, with net margin stable at around 1.8% [7] Strategic Development - Accelerated integration of marketing systems and established a new pharmaceutical sales company to enhance terminal self-operation capabilities [4] - Strengthened provincial platform construction and formed a new pattern of commercial integrated development [4]

业绩简评 2024 年 8 月 26 日，公司发布半年报，1H24 营收/归母/扣非归母 净利润分别为1394/29.4/27.1亿元，同比增长5.1%/12.7%/23.0%。 2Q24 营收/归母/扣非归母净利润分别为 692.6/14.0/13.3 亿元， 同比增长 4.36%/28.15%/57.97%。业绩符合预期。 经营分析 收入结构优化，利润率提升；创新药管线 50 项，中药二次开发推 进中。(1)公司 1H24 营收近 1394.13 亿元，同比增长 5.14%.其中， 医药工业收入 127.34 亿元，同比下降 13.37%;医药商业收入 1266.79 亿元，同比增长 7.45%。（2）医药工业，研发投入/费用 14/11 亿元，同比增长 15.26%/7.67%。①创新药：多项提交 pre-NDA(新药上市申请)、NDA 或关键性研究，自研的 I001 片，新 一代口服非肽类小分子肾素抑制剂，一有 3 个适应症处于临床中后 期，针对高血压适应症的 NDA 已获受理，处于审批阶段。②中药： 公司拥有 8 家直管中药企业，9 个中药核心品牌，1H24 中药总收入 51.92 亿元。养心氏片、 ...

Financial Performance - The net profit attributable to shareholders for the first half of 2024 is CNY 2,941,911,373.69, with a proposed cash dividend of CNY 0.80 per 10 shares, totaling CNY 296,281,879.28, which accounts for 10.07% of the net profit[3]. - The company's operating revenue for the first half of the year reached ¥139.41 billion, an increase of 5.14% compared to ¥132.59 billion in the same period last year[13]. - Net profit attributable to shareholders was ¥2.94 billion, reflecting a growth of 12.72% from ¥2.61 billion year-on-year[13]. - The net profit after deducting non-recurring gains and losses was ¥2.71 billion, up 23.00% from ¥2.20 billion in the previous year[13]. - The basic earnings per share increased to ¥0.79, representing an 11.27% rise from ¥0.71 in the previous year[14]. - The company's cash flow from operating activities showed a significant decline of 68.55%, totaling ¥515.30 million compared to ¥1.64 billion in the same period last year[13]. - The company reported a net profit of RMB 2,705,163,523.17 for the first half of 2024, representing a 23% increase compared to the same period last year[145]. - The total comprehensive income for the first half of 2023 was RMB 811,247,163.75, indicating a significant year-over-year change[154]. Revenue Breakdown - The pharmaceutical industry segment reported revenue of RMB 12.73 billion, a year-on-year decline of 13.37%, while the pharmaceutical commerce segment achieved revenue of RMB 126.68 billion, a year-on-year increase of 7.45%[29]. - The company's traditional Chinese medicine segment achieved industrial revenue of 5.192 billion RMB in the first half of 2024[35]. - Non-pharmaceutical business sales reached about 21.8 billion RMB, growing approximately 11.12% year-on-year[42]. Research and Development - The company has maintained a leading position in R&D investment intensity, ranking among the top tier of domestic pharmaceutical companies in total R&D investment[24]. - R&D investment increased to 1.404 billion RMB, up 15.26% year-on-year, accounting for 11.03% of industrial sales[34]. - The company has 64 new drug pipelines in clinical research, including 50 innovative drugs and 14 improved new drugs[34]. - The company is actively advancing its cell therapy industrialization layout, having established strategic cooperation with several medical institutions for the development of innovative cell therapy products[31]. Corporate Governance and Management - The company has implemented a scientific committee management approach to optimize its R&D management system and enhance R&D capabilities[33]. - The company has implemented a stock option incentive plan, with a total of 25,600,000 stock options granted to 210 incentive targets initially[68]. - The company aims to enhance corporate governance and prevent talent loss through the incentive plan[70]. - The company has experienced changes in its board and senior management, with key personnel resigning due to work adjustments[91]. Financial Position - The total assets of the company were RMB 221.34 billion, consistent with the total liabilities and equity, indicating a balanced financial position[150]. - The company's equity attributable to shareholders reached RMB 69.99 billion as of June 30, 2024, compared to RMB 68.52 billion at the end of 2023, marking an increase of about 2.2%[150]. - The total liabilities of Shanghai Pharmaceuticals amounted to RMB 221.34 billion, an increase from RMB 211.97 billion as of December 31, 2023, representing a growth of approximately 4.3%[150]. - The company's retained earnings were reported at RMB 35.25 billion as of December 31, 2023, compared to RMB 33.82 billion at the end of 2022, reflecting an increase of about 4.2%[150]. Market Position and Recognition - The company ranked 411th in the 2024 Fortune Global 500, marking its fifth consecutive year on the list[18]. - The company was ranked 42nd in the 2024 Global Pharmaceutical Companies Top 50 by Pharm Exec and 3rd in the 2023 China Pharmaceutical Industry Top 100 by the Southern Pharmaceutical Economic Research Institute[19]. - The company is the second-largest pharmaceutical commercial enterprise in China, with a comprehensive supply chain network covering 25 provinces and municipalities[20]. Cash Flow and Investments - The net cash flow from operating activities decreased significantly by 68.55% to CNY 515.30 million, down from CNY 1.64 billion[45]. - The company reported investment income of RMB 602.80 million, a significant increase from a loss of RMB 198.99 million in the same period last year[152]. - The total cash and cash equivalents at the end of the period reached CNY 33,803,202,802.46, an increase from CNY 28,688,336,307.72 at the end of June 2023[153]. Shareholder Information - The total number of ordinary shareholders reached 70,011 by the end of the reporting period[125]. - The top shareholder, Shanghai Leicai (Group) Co., Ltd., holds 716,516,039 shares, representing 19.347% of the total shares[126]. - The total number of shares increased from 3,703,301,054 to 3,703,523,491, with an addition of 222,437 shares during the reporting period[124]. Compliance and Regulations - The company strictly adhered to the Corporate Governance Code as per Hong Kong listing rules, except for the gender diversity requirement on the board[97]. - The audit committee has reviewed and approved the accounting treatment methods adopted in the 2024 semi-annual report[100]. - The company has committed to ensuring that any equity incentive policies align with the execution of compensation measures[106]. Environmental and Social Responsibility - The company completed the signing of environmental protection responsibility agreements for 20 subsidiaries in the first quarter of 2024[101]. - A total of 65 energy-saving technical improvement projects are planned for 2024, with 35 projects completed by the end of the reporting period, expected to save costs of RMB 7.09 million[101]. - The company aims to establish an ISO50001 system and actively promote photovoltaic project construction as part of its energy management strategy[101].