上海建发致新医疗科技集团股份有限公司 （2）公司具有较为完备的信息化基础和丰富的信息化建设经验 公司作为医疗器械流通服务商，自成立以来一直注重信息化建设的投入，不 断完善信息化管理体系，并专门设立研发中心与运维中心，包含研发团队、测试 团队、产品团队、运维团队与实施团队等，自主开发致新医疗供应链操作云平台、 智信链智慧医用耗材管理软件、致锐云供应商 SAAS 系统、WMS 致新医用耗材 第三方物流软件系统与记录产品基础信息的产品云平台软件，积累了丰富的信息 化建设经验，能够为此次信息化建设提供有力保障。 （3）公司具有信息化水平的人才基础 经公司 2022 年第二届董事会第十四次会议以及 2022 年第二次临时股东大会 审议通过，公司拟向社会公众公开发行人民币普通股（A 股）不超过 63,193,277 股，实际募集资金扣除发行费用后的净额将全部用于公司主营业务相关的项目和 营运资金，具体投资方向与使用安排如下： | | | | | 单位：万元 | | | --- | --- | --- | --- | --- | --- | | 序 | | 项目 | 本次募集 | 环评批复 | | | | 项目名称 | | ...

Investment Rating - The report initiates coverage with a "Buy" rating for Shanghai Pharmaceuticals [2][5]. Core Views - Shanghai Pharmaceuticals is positioned to leverage both distribution and industrial segments, enhancing its innovative value across the entire industry chain [4]. - The company is actively embracing new business models to address the overall profit compression in the pharmaceutical distribution industry and increasing competition [5]. - The report forecasts significant revenue and profit growth for the company from 2025 to 2027, with expected revenues of RMB 302.3 billion, RMB 333.3 billion, and RMB 366.3 billion, respectively, and corresponding net profits of RMB 5.3 billion, RMB 6.2 billion, and RMB 7.1 billion [4][5]. Company Overview - Shanghai Pharmaceuticals, established in 1952, has evolved into a comprehensive pharmaceutical enterprise covering manufacturing, distribution, and traditional Chinese medicine [4][14]. - The company became the first A+H listed pharmaceutical company in China and has undergone significant transformations, including the introduction of Yunnan Baiyao as a major shareholder [4][15]. Financial Data and Profit Forecast - The company is projected to achieve revenues of RMB 260.3 billion in 2023, with a year-on-year growth rate of 12.21%, and a net profit of RMB 3.8 billion, reflecting a decline of 32.92% [3][25]. - For 2024, revenues are expected to reach RMB 275.3 billion, with a net profit of RMB 4.6 billion, indicating a growth of 20.82% [3][25]. - The report anticipates a steady increase in revenue and profit margins, with a focus on innovative drug development and operational efficiency [4][5]. Distribution Business - The pharmaceutical distribution market in China is approximately RMB 3 trillion, with a significant portion attributed to wholesale [38]. - Shanghai Pharmaceuticals ranks second among national pharmaceutical wholesalers, benefiting from the industry's increasing concentration and digital transformation [47]. - The company is enhancing its distribution network and operational efficiency through strategic integration and innovative business models [49][60]. Pharmaceutical Manufacturing - The industrial segment of Shanghai Pharmaceuticals includes a diverse range of products, such as generic drugs, innovative drugs, and traditional Chinese medicine [67]. - The company has established production bases across 12 provinces and cities in China and overseas, producing around 800 varieties of drugs [67]. - The report highlights the company's commitment to increasing research and development investments, particularly in innovative drug pipelines [4][5]. Growth Highlights - The company is focusing on building a comprehensive lifecycle service platform for innovative drugs, which has shown significant sales growth [54]. - Shanghai Pharmaceuticals is implementing the SPD model to enhance supply chain management for medical institutions, which has led to increased sales in medical devices [56]. - The "1+1+1" model in Shanghai is being leveraged to improve grassroots medical efficiency, providing significant growth opportunities for the company's distribution business [61][66].