上海市锦天城律师事务所 关于上海上实（集团）有限公司及其一致行动人 免于发出要约事宜 之 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 | | | 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海上实（集团）有限公司及其一致行动人 免于发出要约事宜之法律意见书 致：上海上实（集团）有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海上实（集团）有限公 司（以下简称"公司"或"上海上实"）委托，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司收购管理办法》《公开发行证券的公司信 息披露内容与格式准则第 16 号——上市公司收购报告书》等法律法规的有关规 定，就上海上实及其一致行动人金钟国际控股有限公司（以下简称"金钟控股"） 本次收购所涉及的免于发出要约事宜，出具本法律意见书。 为出具本法律意见书，本所及本所经办律师声明如下： 1、本所仅依据本法律意见书出具日以前已经发生或存在的事实和中国境内 现行法律、行政法规、部门规章和其他规范性文件及中国证 ...

上海医药公告，上海市国资委将其所持有的上实集团股权调整至上海上实新设子公司金钟控股，从而使 得上海上实间接拥有上海医药权益，并成为上海医药间接控股股东。此次股权调整后，上海上实及其一 致行动人持有上海医药股份比例从25.303%增至38.748%。上海医药的实际控制人仍为上海市国资委。 ...

Core Viewpoint - Shanghai Pharmaceuticals Group Co., Ltd. plans to renew the "Daily Related Transactions/Continuous Related Transactions Framework Agreement" with Yunnan Baiyao Group Co., Ltd. for the period from January 1, 2026, to December 31, 2026, with a sales cap of RMB 1.2 billion and a procurement cap of RMB 700 million [2][3]. Transaction Overview - The agreement stipulates that Shanghai Pharmaceuticals will sell products to Yunnan Baiyao with a maximum amount of RMB 1.2 billion and purchase products from Yunnan Baiyao with a maximum amount of RMB 700 million during the specified period [2][3]. - Yunnan Baiyao holds 17.95% of Shanghai Pharmaceuticals' shares, making it the second-largest shareholder and an associated party under the Shanghai Stock Exchange rules [2][3]. - The transaction exceeds RMB 3 million and is between 0.5% and 5% of the latest audited net assets, requiring board approval but not shareholder meeting approval [2][3]. Approval Process - The proposal was approved during the 27th meeting of the 8th Board of Directors on December 29, 2025, with independent directors reviewing and endorsing the transaction [3]. - Associated directors recused themselves from the vote, and the remaining non-associated directors unanimously agreed to the proposal [3]. Previous and Current Transaction Estimates - The framework agreement considers factors such as the estimated demand for pharmaceuticals, medical devices, health products, and traditional Chinese medicine from both parties for the year 2026 [5]. - Historical transaction data and anticipated growth due to business development were also taken into account [5]. Related Party Information - Yunnan Baiyao Group Co., Ltd. is a publicly listed company with total assets of RMB 53.343 billion and equity of RMB 39.818 billion as of the end of Q3 2025 [6]. - The company reported a revenue of RMB 30.654 billion and a net profit of RMB 4.789 billion for the first three quarters of 2025 [6]. Agreement Details and Pricing Principles - The agreement allows Shanghai Pharmaceuticals and its subsidiaries to sell and purchase various products from Yunnan Baiyao and its subsidiaries, with sales capped at RMB 1.2 billion and purchases at RMB 700 million for 2026 [8][10]. - Pricing will be determined based on market conditions, order size, and costs, ensuring fairness and alignment with third-party pricing [11]. Internal Monitoring Measures - The company has implemented internal monitoring measures to ensure compliance with the agreement, including regular assessments of pricing principles and transaction amounts [12]. Purpose and Impact on the Company - The related transactions are necessary for the company's daily operations and are structured to protect the interests of all shareholders, ensuring no adverse effects on the company's independence [13].

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 ...

Core Viewpoint - Shanghai Pharmaceuticals Holding Co., Ltd. plans to renew the framework agreement for daily related transactions with Yunnan Baiyao Group Co., Ltd. for the period from January 1, 2026, to December 31, 2026, with a sales cap of RMB 1.2 billion and a procurement cap of RMB 700 million [1] Group 1: Transaction Details - The sales cap for products sold by Shanghai Pharmaceuticals to Yunnan Baiyao is set at RMB 1.2 billion [1] - The procurement cap for products purchased by Shanghai Pharmaceuticals from Yunnan Baiyao is set at RMB 700 million [1] - The transaction involves amounts exceeding RMB 3 million and represents more than 0.5% but less than 5% of the latest audited net assets of Shanghai Pharmaceuticals, thus requiring board approval but not shareholder approval [1] Group 2: Shareholding Information - Yunnan Baiyao holds a 17.95% stake in Shanghai Pharmaceuticals, making it the second-largest shareholder [1] - According to the Shanghai Stock Exchange listing rules, Yunnan Baiyao is considered a related party to Shanghai Pharmaceuticals due to its significant shareholding [1]

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 ...

Core Viewpoint - Shanghai Pharmaceuticals announced the board's approval to renew the framework agreement for daily related transactions with Yunnan Baiyao, effective from January 1, 2026, to December 31, 2026, with sales and procurement limits set at 1.2 billion and 700 million respectively [1] Group 1 - The agreement will allow Shanghai Pharmaceuticals to sell products to Yunnan Baiyao up to 1.2 billion and purchase products up to 700 million [1] - As of the announcement date, Yunnan Baiyao holds a 17.95% stake in Shanghai Pharmaceuticals, making it the second-largest shareholder [1] - In the first eleven months of 2025, Shanghai Pharmaceuticals reported sales to Yunnan Baiyao amounting to 605 million and purchases totaling 494 million [1]

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].