智通财经网·2025-09-04 07:52Core Viewpoint - Goldman Sachs reported that Shanghai Pharmaceuticals (02607) had a second-quarter sales of 70.8 billion RMB, a year-on-year increase of 2.3%, which was below expectations, indicating continued weakness across various market segments [1] Financial Performance - The second-quarter recurring net profit was consistent with well-controlled expenditures, but was partially offset by a decline in gross margin [1] - The decline in gross margin was primarily attributed to the ongoing decrease in manufacturing profit margins [1] Earnings Forecast - Goldman Sachs adjusted the company's earnings forecasts for this year, next year, and 2027 to an increase of 33.5%, a decrease of 0.3%, and a decrease of 6.4%, respectively [1] - The target price was lowered from 10.29 HKD to 10.08 HKD, maintaining a "Sell" rating [1]