Chang Jiang Shang Bao·2025-07-10 23:35Core Viewpoint - Shanghai Pharmaceuticals is expected to significantly enhance its profitability due to the acquisition of a 10% stake in Shanghai Hutchison Pharmaceuticals, leading to a projected net profit of 44.50 billion yuan for the first half of 2025, representing a year-on-year increase of approximately 52% [2][3]. Financial Performance - The company anticipates a net profit of 44.50 billion yuan for the first half of 2025, an increase of 15.08 billion yuan compared to the previous year [3]. - In 2024, Shanghai Pharmaceuticals achieved a revenue of 2,752.51 billion yuan, a year-on-year growth of 5.75%, and a net profit of 45.53 billion yuan, up 20.82% [5]. - The net profit for the first quarter of 2025 was reported at 13.33 billion yuan, reflecting a decline of 13.56% year-on-year, which was reversed by the recent acquisition [4]. Cost Management - The company has successfully reduced sales expenses for two consecutive years, with a 16.11% decrease in the first quarter of 2025 [8][7]. - Sales expenses for 2023 and 2024 were 139.02 billion yuan and 127.14 billion yuan, respectively, showing a decline of 2.64% and 8.55% year-on-year [7]. R&D Investment - Research and development expenses have been on the rise for three consecutive years, with amounts of 21.12 billion yuan, 22.04 billion yuan, and 23.94 billion yuan from 2022 to 2024, reflecting growth rates of 6.29%, 4.35%, and 8.64% respectively [9]. - In the first quarter of 2025, R&D expenses were 4.97 billion yuan, showing a slight decrease of 0.88% year-on-year [10]. Shareholder Confidence - The controlling shareholder, Shanghai Industrial Group, has increased its stake in Shanghai Pharmaceuticals by 1.995%, reflecting confidence in the company's future development [2][11]. - The total shares held by Shanghai Industrial Group after the increase amount to 1.426 billion shares, representing approximately 38.461% of the total issued shares [12]. Dividend History - Since its listing, Shanghai Pharmaceuticals has distributed dividends 30 times, totaling 157.46 billion yuan, with 114.14 billion yuan from A-shares and 43.32 billion yuan from H-shares [12].