证券研究报告：医药生物 | 公司点评报告 发布时间：2025-09-05 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 18.26 | | --- | --- | | 总股本/流通股本（亿股）37.08 | / 27.89 | | 总市值/流通市值（亿元）677 | / 509 | | 52 周内最高/最低价 | 22.07 / 17.47 | | 资产负债率(%) | 62.1% | | 市盈率 | 14.85 | | 第一大股东 | 上海医药(集团)有限公 | | 司 | | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 上海医药(601607) 经营稳中有进，坚持创新业务驱动 l 经营稳中有进，费用把控能力强 公司发布2025年中报：2025H1营业收入1415.93亿元（+1.56%）， 其中：医药工业实现销售收入 121.60 亿元（-4.50%）；医药商业实 ...

Core Insights - Shanghai Pharmaceuticals reported a solid performance in Q1 2025, achieving a revenue of 70.763 billion yuan, a year-on-year increase of 0.87%, with a net profit attributable to shareholders of 1.333 billion yuan and R&D investment of 0.612 billion yuan [1] Pharmaceutical Industry Segment - The company made progress in R&D with multiple product approvals and advancements in innovative drug development and traditional Chinese medicine projects [2] - Key clinical trials for several innovative drugs are ongoing, including I001 for hypertension and B001 for neuromyelitis optica spectrum disorder, with significant patient enrollment completed [2] - The establishment of several research centers in Shanghai enhances the collaborative R&D framework [2] - New products launched include ursodeoxycholic acid capsules and omeprazole sodium bicarbonate suspension, with additional products submitted for production approval [2] - The company has achieved consistency evaluation for 77 products, totaling 106 specifications [2] Traditional Chinese Medicine Business - The company is advancing the secondary development of major traditional Chinese medicine products, with significant progress in evidence-based research [3] - Collaboration with Tianjin University of Traditional Chinese Medicine has led to published research and recognition for quality improvement in traditional Chinese medicine [3] - A comprehensive strategy for securing quality medicinal materials from the source is being implemented, focusing on digital transformation and standardized management [3] Pharmaceutical Commercial Segment - The company achieved a sales revenue of 8.6 billion yuan from its import agency business, reflecting a year-on-year growth of 9.0% [4] - The establishment of a drug and medical device import-export service center in the Lingang New Area supports the import of urgently needed drugs and rare disease medications [4] - Strategic partnerships with companies like AstraZeneca and CanSino Biologics have been formed to enhance the commercialization of new drugs, with innovative drug business revenue reaching 12.5 billion yuan, a growth of 23.2% [4] - The medical device health business generated 10.9 billion yuan in sales, marking a 6.9% increase [4] - The company aims to leverage its full industry chain resources and collaborate with academic and research institutions to foster innovation and enhance competitiveness [4]