长江商报消息 ●长江商报记者 沈右荣 追求资产价值最大化，上海医药（601607.SH）拟出售资产。 2月4日晚，上海医药公告，公司拟通过公开挂牌方式转让中美上海施贵宝制药有限公司（简称"中美施 贵宝"）30%股权，转让价格不低于10.23亿元。 2025年，中美施贵宝60%股权对外出售，潜在收购方提交的中美施贵宝100%股权的报价为4.8亿美元。 上海医药公告称，在市场化报价下实现股权退出更能够实现资产价值最大化，遂寻求转让所持标的公司 股权。 上海医药主营业务覆盖医药工业和医药商业。近年来，公司加速创新转型，通过打造具有优势的药物研 发、临床研究、中试生产、产业化制造及营销推广的工业体系，提升综合竞争力。 2021年至2024年，上海医药研发投入合计超过百亿元，2025年前三季度，研发投入逾15亿元。 上海医药取得了不菲的研发成果。2025年12月，公司自研新药SPH3127片高血压适应症已正式获批上 市，一种渐冻症新药已启动III期临床试验。 上海医药盈利能力较强。2025年前三季度，公司实现的归母净利润超过50亿元。 超10亿转让或获利7.67亿 上海医药选择出手，退出中美施贵宝股东之列。 1982年 ...

2月4日，上海医药披露公告称，拟通过产权交易所以公开挂牌方式，转让其持有的中美施贵宝30%的股 权，挂牌转让价格不低于10.23亿元。 目前，中美施贵宝的股权由三方持有，其中百时美施贵宝（中国）投资有限公司持股60%，上海医药持 股30%，国药集团资产管理有限公司持股10%。若此次顺利转让，上海医药将不再持有中美施贵宝股 权。 资料显示，中美施贵宝成立于1982年，是我国最早一批中外合资制药企业，公司专注于抗肿瘤、心血 管、抗病毒等领域的处方药研发、生产与销售，引进并本地化生产博路定、百服咛等多款知名原研药。 但受集采和竞争影响，中美施贵宝的业绩持续下滑，2024年实现营收17.95亿元、净利润2.48亿元。2025 年前三季度营收降至10.96亿元、净利润为8711.89万元，较2016年营收47.24亿元、净利润6.22亿元的峰 值均大幅缩水。 实际上，上海医药近年一直在推进资产优化整合。去年4月，上海医药斥资近10亿元进一步控股和黄药 业，获得了"麝香保心丸"等多个中药产品。并且，还通过旗下的上药云健康平台收购多家DTP药房企 业。 研发方面，上海医药也在不断加大投入。2025年前三季度累计研发投入17 ...

Core Viewpoint - After a decade of growth, multinational pharmaceutical companies are facing a changing environment in China, entering a phase of cyclical adjustment, as evidenced by Bristol-Myers Squibb's (BMS) decision to sell 60% of its stake in its joint venture in China, Shanghai Bristol-Myers Squibb Pharmaceutical (SASS) [1][3][4] Group 1: Company Actions - BMS has signed an agreement to sell its 60% stake in SASS to Hillhouse Capital, with the transaction expected to be completed by early 2026 [2][3] - The divestiture reflects BMS's evolving network strategy, allowing the company to focus resources on core areas with the highest growth potential [2][5] - BMS's decision to exit the joint venture indicates a shift towards innovation and a focus on drug development rather than reliance on established products [4][13] Group 2: Market Context - The Chinese pharmaceutical market has undergone significant changes, with government policies increasingly favoring innovative drugs, making it difficult for multinational companies to rely on high-priced original drugs [8][9] - The implementation of centralized procurement policies since 2018 has severely compressed profit margins for off-patent original drugs, with price reductions typically ranging from 50% to 85% for selected drugs [5][9] - BMS's revenue from mature products has declined by 20%, primarily due to intensified competition from generics and changes in U.S. healthcare policies [6][7] Group 3: Strategic Implications - Analysts suggest that multinational pharmaceutical companies must adapt to the changing landscape by focusing on innovative drug development, local partnerships, and financial health [3][13] - The transition from a broad coverage strategy to a more focused approach emphasizes the importance of local ecosystems and collaboration with domestic firms [3][10] - Future strategies may include prioritizing high-barrier and differentiated innovative drugs, deepening local cooperation, and restructuring business models to mitigate risks associated with mature products [13][12]