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 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Shanghai Pharmaceuticals [6] Core Views - The company is positioned as a leading integrated pharmaceutical group in China, with a focus on innovation and operational efficiency [13][19] - The new management team is expected to drive reforms and unlock operational potential [15][17] - The pharmaceutical distribution sector is experiencing consolidation, which is anticipated to benefit the company [30][34] Summary by Sections Company Overview - Shanghai Pharmaceuticals is a major player in the pharmaceutical industry, with a registered capital of 3.703 billion yuan and 2023 revenue of 260.3 billion yuan, ranking among the top three pharmaceutical companies in China [13] - The company has a comprehensive distribution network covering over 31 provinces and municipalities, with more than 32,000 medical institutions served [13] Business Performance - Revenue growth has been steady, with a compound annual growth rate (CAGR) of 10.3% from 2018 to 2023, increasing from 159.1 billion yuan to 260.3 billion yuan [19] - The pharmaceutical commercial business contributes the majority of revenue, accounting for 90% of total revenue in 2023 [22] - The company’s net profit for 2023 was impacted by one-time factors, but underlying growth remains positive, with a net profit of 49.2 billion yuan, a 2.99% increase year-on-year [19] Pharmaceutical Distribution - The pharmaceutical distribution industry in China is growing steadily, with a market size of 27.516 trillion yuan in 2022, reflecting a 6.0% year-on-year growth [30] - The company holds an 11% market share in the distribution sector, ranking second nationally, and has seen its market share increase from 8% in 2017 [34] Innovation and R&D - The company has a robust pipeline with 68 new drug candidates, including 55 innovative drugs, and is transitioning towards a research-driven pharmaceutical enterprise [3][13] - The company’s industrial segment has seen revenue growth from 11.82 billion yuan in 2015 to 26.26 billion yuan in 2023, with a focus on key therapeutic areas [55] Financial Projections - Revenue projections for 2024-2026 are 289.8 billion yuan, 320.5 billion yuan, and 351.3 billion yuan, respectively, with expected growth rates of 11.3%, 10.6%, and 9.6% [4] - The forecasted net profit for 2024-2026 is 5.24 billion yuan, 5.84 billion yuan, and 6.54 billion yuan, with growth rates of 39%, 12%, and 12% respectively [4]

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 司上海禾丰制药有限公司（以下简称"上药禾丰"）收到国家药品监督管理局（以下简 称"国家药监局"）颁发的关于盐酸布比卡因注射液（以下简称"该药品"）的《药品 补充申请批准通知书》（通知书编号：2024B03024），该药品通过仿制药质量和疗效一 致性评价。 一、该药品的基本情况 证券代码：601607 证券简称：上海医药 编号：临 2024-069 上海医药集团股份有限公司 关于盐酸布比卡因注射液通过仿制药一致性评价的公告 三、对上市公司影响及风险提示 根据国家相关政策，通过一致性评价的药品品种在医保支付及医疗机构采购等领域将 获得更大的支持力度。因此上药禾丰的盐酸布比卡因注射液通过仿制药一致性评价，有利 于扩大该药品的市场份额，提升市场竞争力，同时为公司后续产品开展仿制药一致性评价 工作积累了宝贵的经验。 因受国家政策、市场环境等不确定因素影响，该药品可能存在销售不达预期等情况， 具有较大不确定性，敬 ...

证券代码：601607 证券简称：上海医药 公告编号：临2024-068 上海医药集团股份有限公司 关于盐酸缬更昔洛韦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"）下 属控股子公司上海上药中西制药有限公司（以下简称"上药中西"）的盐酸缬更 昔洛韦片（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：2024S01515），该药品获得批准 生产。 一、该药品基本情况 药物名称：盐酸缬更昔洛韦片 药品批准文号：国药准字 H20244281 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，发给药品注册证书。 二、 该药品相关的信息 盐酸缬更昔洛韦片主要用于治疗成人获得性免疫缺陷综合症（AIDS）患者 的巨细胞病毒（CMV）视网膜炎，预防存在 CMV 感染风险的实体器官移植患 者的 CMV 感染。最早由 Cheplapharm Arzn ...

证券代码：601607 证券简称：上海医药 公告编号：临 2024-067 上海医药集团股份有限公司 2023 年年度权益分派实施公告 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法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利 0.41 元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/19 | － | 2024/7/22 | 2024/7/22 | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 28 日的 2023 年年度股东大会审议通过。 二、分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体 A 股股东。 H 股 股 东 的 现 金 分 红 有 关 情 况 详 见 本 公 司 在 香 港 联 合 交 易 所 有 ...

证券代码：601607 证券简称：上海医药 公告编号：临2024-066 上海医药集团股份有限公司 关于枸橼酸托法替布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"）下 属全资子公司上海中西三维药业有限公司（以下简称"上药中西"）的枸橼酸托 法替布原料药（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： 2024YS00606），该药品获得批准生产。 一、该药物基本情况 名称：枸橼酸托法替布 注册标准编号：YBY67022024 包装规格：10kg/桶 申请事项：境内生产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》，经审查，本品符合原料药 审批的有关规定，批准生产本品。 二、该药品相关的信息 枸橼酸托法替布主要适用于治疗类风湿关节炎、银屑病关节炎、强直性脊柱 炎，由辉瑞公司研发，制剂最早于 2012 年美国上市。2022 年 9 月，上药 ...