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維立西呱原料藥上市申請獲得批准的公告》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 5 月 13 日 证券代码：601607 证券简称：上海医药 公告编号：临2025-054 上海医药集团股份有限公司 关于维立西呱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 ...

上海医药（601607）公告，控股子公司南通常佑的维立西呱原料药获国家药监局颁发的《化学原料药上 市申请批准通知书》，该药物主要适用于近期心力衰竭失代偿的症状性慢性心力衰竭成人患者，旨在降 低住院或急诊静脉利尿剂治疗的风险。维立西呱最早于2021年在美国上市，2023年南通常佑递交技术审 评申请并获受理，近日收到批准通知书。截至公告日，公司已投入研发费用约363万元。2024年全年中 国大陆医院采购维立西呱制剂的金额约为8421万元。该事项不会对公司当期经营业绩产生重大影响。 ...

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控股股東及其一致行動人權益變動觸及 1%刻度的 提示性公告》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 5 月 10 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 证券代码：601 ...

Core Viewpoint - The announcement details a change in equity ownership by Shanghai Pharmaceuticals Holding Co., Ltd.'s controlling shareholder, Shanghai Industrial (Group) Co., Ltd., and its concerted party, Shanghai Industrial International Investment Co., Ltd., which has resulted in an increase in their shareholding without triggering a mandatory tender offer or affecting the company's control structure [1][2][3]. Group 1: Equity Change Details - The equity change is a result of the implementation of a previously disclosed share acquisition plan by Shanghai Industrial (Group) Co., Ltd. and its concerted party, which does not trigger a mandatory tender offer [1][3]. - Prior to the equity change, Shanghai Industrial (Group) held 1,371,116,337 shares, representing 36.974% of the total share capital of 3,708,361,809 shares. After the change, their holdings increased to 1,372,116,337 shares, accounting for 37.001% of the total share capital [2][3]. - The share acquisition plan is still ongoing, and the acquiring parties will continue to increase their shareholdings in accordance with the plan during the implementation period [1][2]. Group 2: Compliance and Legal Framework - The equity change complies with relevant laws and regulations, including the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, and the Management Measures for the Acquisition of Listed Companies [2][3]. - The company will continue to monitor the progress of the share acquisition plan and fulfill its information disclosure obligations as required by the relevant regulatory authorities [3].

Investment Rating - The report maintains an "Outperform" rating for Shanghai Pharmaceuticals [2][16]. Core Insights - In Q1 2025, Shanghai Pharmaceuticals achieved revenue of CNY 70.76 billion, a year-on-year increase of 0.9%, while net profit attributable to shareholders was CNY 1.33 billion, down 13.6% year-on-year, primarily due to a decline in profit contributions from the Pharmaceutical Manufacturing segment and one-time losses [3][13]. - The Pharmaceutical Service segment demonstrated strong resilience, with revenue reaching CNY 64.88 billion, up 2.6% year-on-year, driven by innovative business initiatives [3][14]. - The report forecasts revenue growth of 8% for FY2025 and 7.3% for FY2026, with net profit growth expected to be 9.3% in FY2025 and 9.9% in FY2026 [11][16]. Financial Performance Summary - Revenue for FY2023 was CNY 260.3 billion, with a projected increase to CNY 275.3 billion in FY2024 and CNY 297.3 billion in FY2025, reflecting a growth rate of 12.2%, 5.7%, and 8.0% respectively [11][16]. - The gross profit margin for FY2025 is projected at 11.2%, with a slight decrease to 11.1% in FY2026 [11][16]. - The report indicates a P/E ratio of 7.4x for FY2025 and 6.7x for FY2026, suggesting the stock is undervalued compared to its earnings potential [5][16]. Segment Performance - The Pharmaceutical Service segment's revenue includes CNY 1.8 billion from Contract Sales Organization (CSO) services, up 9.9% year-on-year, and CNY 12.5 billion from innovative drug distribution, up 23.2% year-on-year [3][14]. - The Pharmaceutical Manufacturing segment reported revenue of CNY 5.89 billion, down 15.3% year-on-year, primarily due to a high base effect from the previous year [14][16]. Valuation - The target price for Shanghai Pharmaceuticals is set at HKD 13.73, based on a discounted cash flow (DCF) model with a WACC of 6.2% and a perpetual growth rate of 3% [5][16].

Investment Rating - The report maintains an "Outperform" rating for Shanghai Pharmaceuticals [2][16]. Core Insights - In Q1 2025, Shanghai Pharmaceuticals achieved revenue of CNY 70.76 billion, a year-on-year increase of 0.9%, while net profit attributable to shareholders was CNY 1.33 billion, down 13.6% year-on-year, primarily due to a decline in profit contributions from the Pharmaceutical Manufacturing segment and one-time losses [3][13]. - The Pharmaceutical Service segment showed resilience with revenue reaching CNY 64.88 billion, up 2.6% year-on-year, driven by innovative business initiatives [3][14]. - The report forecasts revenue growth of 8% for FY2025 and 7% for FY2026, with net profit expected to grow by 9.3% in FY2025 and 9.9% in FY2026 [11][16]. Summary by Sections Financial Performance - Q1 2025 revenue was CNY 70.76 billion, with a net profit of CNY 1.33 billion, reflecting a decline due to various factors including a fine and asset disposal losses [3][13]. - The Pharmaceutical Service segment's revenue was CNY 64.88 billion, with significant contributions from innovative drug distribution and medical device businesses [3][14]. Segment Analysis - Pharmaceutical Manufacturing revenue decreased by 15.3% year-on-year to CNY 5.89 billion, impacted by a high base from the previous year, but showed a quarter-on-quarter increase of 8.0% [14]. - R&D investment in Q1 2025 was CNY 610 million, with R&D expenses remaining stable year-on-year [14]. Profitability and Valuation - The report uses a discounted cash flow model to maintain a target price of HKD 13.73, corresponding to P/E ratios of 7.4x for FY2025 and 6.7x for FY2026 [5][16]. - The gross profit margin for Q1 2025 was reported at 11.2%, with expectations for continued improvement in management efficiency and cost ratios [15].

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參加上海國有控股上市公司 2024 年度集體業績說 明會的公告》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 4 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 证券代码：6 ...

Core Insights - Shanghai Pharmaceuticals reported a revenue of 70.763 billion yuan for Q1 2025, representing a year-on-year growth of 0.87% [1] - The company achieved a net profit attributable to shareholders of 1.333 billion yuan during the same period [1] Revenue Breakdown - The pharmaceutical manufacturing segment generated sales of 5.885 billion yuan [1] - The pharmaceutical commercial segment accounted for sales of 64.878 billion yuan [1] Business Growth Areas - The import agency business achieved sales of 8.6 billion yuan, reflecting a year-on-year increase of 9.0% [1] - The innovative drug business reported sales of 12.5 billion yuan, with a significant growth of 23.2% [1] - The CSO (Contract Sales Organization) business saw a revenue increase of 9.89% [2] - The health equipment segment generated sales of 10.9 billion yuan, marking a growth of 6.9% [2] Strategic Initiatives - Shanghai Pharmaceuticals launched the "Lingang New Area Medical Device Import and Export Service Center" to facilitate the import of urgently needed drugs and rare disease medications [1] - The company established strategic partnerships with firms like Ansell and Kangfang Biotech to enhance the commercialization of new drugs [1]

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第八屆董事會第二十二次會議決議公告》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 4 月 29 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 2、《关于召开公司 2024 年年度股东大会 ...

Financial Performance - The company achieved operating revenue of RMB 70.763 billion in Q1 2025, representing a year-on-year growth of 0.87%[10] - The net profit attributable to shareholders was RMB 1.333 billion, a decrease of 13.56% year-on-year, with the industrial segment contributing RMB 532 million and the commercial segment contributing RMB 834 million[10] - Total operating revenue for the reporting period was approximately 70.76 billion RMB, an increase of 0.87% compared to the previous year[20] - Net profit attributable to shareholders decreased by 13.56% to approximately 1.33 billion RMB[20] - Net profit for Q1 2025 was ¥1.64 billion, a decrease of 12.06% from ¥1.87 billion in Q1 2024[36] - Earnings per share for Q1 2025 were ¥0.36, down from ¥0.42 in Q1 2024[38] Research and Development - Research and development expenses amounted to RMB 612 million, with R&D costs at RMB 497 million remaining stable year-on-year[11] - Multiple innovative drug research pipelines are progressing, including I001 for hypertension, which has submitted supplementary materials for review[12] - The company has established several key laboratories and centers to enhance its R&D capabilities in the biopharmaceutical industry[13] - The company is actively collaborating with academic institutions to advance research in traditional Chinese medicine and improve product quality[17] - The company reported a decrease in R&D expenses to ¥497 million in Q1 2025 from ¥501 million in Q1 2024[35] - Research and development expenses for Q1 2025 were 101,363,079.95, down from 123,475,536.87 in Q1 2024, indicating an 18% reduction[50] Product Development and Approvals - The company received production approvals for two products and submitted eight additional products for production during the reporting period[13] - A total of 77 products (106 specifications) have passed quality and efficacy consistency evaluations as of the end of the reporting period[13] - The company is implementing a strategy to ensure the quality of medicinal materials through a comprehensive national resource network and standardized management models[15] Business Segments Performance - Innovative business segments, including import agency and innovative drug services, have shown good growth during the reporting period[16] - The company's total import agency business achieved sales revenue of 8.6 billion RMB, a year-on-year increase of 9.0%[18] - The innovative drug full life cycle service generated sales revenue of 12.5 billion RMB, with a year-on-year growth of 23.2%[18] - The CSO business saw a revenue increase of 9.89% year-on-year[18] - The medical device health business reported sales revenue of 10.9 billion RMB, reflecting a year-on-year growth of 6.9%[18] Cash Flow and Liquidity - The net cash flow from operating activities improved by 59.73%, reaching approximately -2.20 billion RMB[20] - In Q1 2025, the cash inflow from operating activities was CNY 72.34 billion, an increase of 3.9% from CNY 67.81 billion in Q1 2024[40] - The net cash flow from operating activities was -CNY 2.20 billion, an improvement from -CNY 5.47 billion in the same period last year[41] - Cash inflow from investment activities totaled CNY 16.46 billion, up from CNY 10.53 billion in Q1 2024, marking a 56% increase[41] - Cash inflow from financing activities reached CNY 23.25 billion, compared to CNY 21.52 billion in Q1 2024, reflecting an 8% increase[42] - The company experienced a net decrease in cash and cash equivalents of approximately ¥1.63 billion in Q1 2025, compared to a decrease of approximately ¥1.08 billion in Q1 2024[54] Assets and Liabilities - Total assets at the end of the reporting period were approximately 225.87 billion RMB, a 2.11% increase from the previous year[20] - Total liabilities increased to CNY 130,813,134,867.82 from CNY 126,038,386,279.10, marking an increase of approximately 3.1%[31] - Short-term borrowings rose significantly to CNY 42,909,928,847.57 from CNY 38,064,098,967.71, reflecting an increase of about 12.4%[31] - Total liabilities as of March 31, 2025, amounted to ¥140.57 billion, an increase from ¥137.47 billion as of December 31, 2024[32] - Total non-current liabilities were ¥9.76 billion as of March 31, 2025, down from ¥11.43 billion as of December 31, 2024[32] Shareholder Information - The total number of shares outstanding as of March 31, 2025, is 3,708,361,809, with A-shares accounting for 2,789,289,105 and H-shares for 919,072,704[28] - The number of ordinary shareholders reached 80,068, with A-share holders accounting for 78,411 and H-share holders for 1,657[28] - Shareholders' equity attributable to the parent company increased to ¥73.01 billion as of March 31, 2025, from ¥71.68 billion as of December 31, 2024[32] Future Outlook - The company is set to implement new accounting standards starting in 2025, which may impact future financial reporting[54]