上海医药 20250429 摘要 • 上海医药 2024 年归母净利润 13.33 亿元，扣非后 12.63 亿元。工业板块 贡献利润 5.32 亿元，商业板块贡献 8.34 亿元，参股企业贡献 1.96 亿元。 公司通过整合多家工业企业，节省运营成本上千万元，工业三项费用率同 比下降。 • 公司研发投入 6.12 亿元，研发费用 4.97 亿元。I001 高血压适应症推进 药学核查，1,001、1,007 四个适应症有序推进临床受试者入组，D001 罕见病治疗项目完成 58 例入组。与头部院校及科研机构共建创新生态。 • 常州制药厂的熊去氧胆酸胶囊和上药信谊的奥美拉唑碳酸氢钠干混悬剂获 批生产。新增 3 个品种、3 个品规通过一致性评价，累计 77 个品种、106 个品规过评。淤血痹、胃复春等中药品种循证医学研究取得进展。 • 医药商业板块进口总代业务收入 86 亿元，同比增长 9%；创新药服务业务 收入 125 亿元，同比增长 23.2%；CSO 器械大健康业务收入 109 亿元， 同比增长 6.9%。 • 公司聚焦优势项目，2001 高血压适应症小分子肾素抑制剂预计 2025 年 进行 NDA 申报；D ...

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]

Investment Rating - The report maintains a "Recommended" investment rating for Shanghai Pharmaceuticals (601607.SH) [1][7] Core Views - The company reported a revenue of 70.763 billion yuan in Q1 2025, a year-on-year increase of 0.87%, while the net profit attributable to shareholders decreased by 13.56% to 1.333 billion yuan [3][4] - The company has a strong cash position with 36.167 billion yuan in cash as of Q1 2025, representing a year-on-year growth of 20.40%, which supports ongoing mergers and acquisitions [7][8] - The acquisition of a 10% stake in Shanghai Hutchison Pharmaceuticals, increasing total ownership to 60%, is expected to enhance the company's traditional Chinese medicine business [7][8] - Future performance is projected to grow, with net profits expected to reach 5.419 billion yuan in 2025, 6.169 billion yuan in 2026, and 6.612 billion yuan in 2027 [7][8] Financial Summary - Revenue projections for 2025 are set at 297.932 billion yuan, with a year-on-year growth of 8.2% [6][8] - The net profit for 2025 is estimated at 5.419 billion yuan, reflecting a growth of 19.0% compared to 2024 [6][8] - The gross margin is expected to stabilize around 10.9% in 2025, while the net margin is projected to be 1.8% [6][8] - The company’s return on equity (ROE) is forecasted to improve to 7.1% in 2025 [6][8] - The price-to-earnings (P/E) ratio is projected to decrease to 12.4 in 2025, indicating a potentially attractive valuation [6][8]

证券代码：601607 证券简称：上海医药 公告编号：临 2025-052 上海医药集团股份有限公司 关于参加上海国有控股上市公司2024年度 集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、说明会类型 本次业绩说明会以"上证路演中心视频直播和网络互动"形式召开，公司将 针对 2024 年度经营情况及未来发展战略等情况与投资者进行互动交流和沟通，在 信息披露允许的范围内解答投资者普遍关注的问题。 二、说明会召开的时间、地点 （一）会议主题：上海国有控股上市公司 2024 年度集体业绩说明会 （二）会议召开时间：2025 年 5 月 9 日下午 13:30-16:45 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 上海医药集团股份有限公司（以下简称："公司"）已于 2025 年 3 月 28 日 披露公司 2024 年年度报告，为进一步加强公司与投资者的沟通交流，让广大投资 者能深入了解公司经营情况、未来发展战略 ...

Core Viewpoint - The China Securities Index for the medical industry has shown a decline in performance over various time frames, indicating potential challenges within the sector [2]. Group 1: Index Performance - The China Securities Index for the medical industry has decreased by 5.99% over the past month, 1.12% over the past three months, and 6.26% year-to-date [2]. - The index was established with a base date of December 31, 2021, set at 1000.0 points [2]. Group 2: Index Composition - The top ten weighted companies in the index include: - Mindray Medical (14.15%) - Aier Eye Hospital (9.35%) - United Imaging (8.03%) - Aimeike (4.1%) - Huatai Medical (3.87%) - New Industry (3.16%) - Shanghai Pharmaceuticals (3.11%) - Yuyue Medical (3.06%) - Yifeng Pharmacy (2.49%) - Meinian Onehealth (2.45%) [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (56.76%) and the Shanghai Stock Exchange (43.24%) [2]. Group 3: Sector Allocation - The sector allocation within the index is as follows: - Medical Devices: 34.77% - Medical Consumables: 22.92% - Pharmaceutical Commerce: 15.73% - Medical Services: 14.44% - In Vitro Diagnostics: 12.14% [2]. Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to significant events affecting sample companies [3].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 证券代码：601607 证券简称：上海医药 公告编号：临2025-051 上海医药集团股份有限公司（以下简称"本公司"或"上海医药"）第八届 董事会第二十二次会议（以下简称"本次会议"）于 2025 年 4 月 28 日在上海市 太仓路 200 号上海医药大厦 1101 会议室以现场方式召开。本次会议应到董事九 名，实到董事九名，符合《中华人民共和国公司法》和本公司章程关于董事会召 开法定人数的规定。本次会议由杨秋华董事长主持，监事和部分高级管理人员列 席本次会议。董事会会议审议情况具体如下： 1、《2025 年第一季度报告》 上海医药集团股份有限公司 第八届董事会第二十二次会议决议公告 特此公告。 上海医药集团股份有限公司 董事会 二零二五年四月二十九日 表决结果：赞成 9 票，反对 0 票，弃权 0 票 本议案前期已提交公司第八届董事会审计委员会第十二次会议审议通过，同 意提交董事会审议。 2、《关于召开公司 2024 年年度股东大会的议案》 同意召开公司 2024 年 ...

Financial Performance - The company achieved operating revenue of RMB 70.76 billion, a year-on-year increase of 0.87%[7] - Net profit attributable to shareholders decreased by 13.56% to RMB 1.33 billion, while the net profit excluding non-recurring gains and losses was RMB 1.26 billion, down 8.10%[19] - The innovative drug business achieved sales revenue of RMB 12.5 billion, marking a year-on-year growth of 23.2%[16] - The medical device health business reported sales revenue of RMB 10.9 billion, an increase of 6.9%[18] - Total revenue for Q1 2025 reached CNY 70.76 billion, a slight increase of 0.87% compared to CNY 70.15 billion in Q1 2024[31] - The company reported a net profit of CNY 1.09 billion for Q1 2025, compared to CNY 0.26 billion in Q1 2024, indicating a significant increase[31] - Net profit attributable to shareholders for Q1 2025 was approximately ¥1.33 billion, down 13.5% from ¥1.54 billion in Q1 2024[32] - Total comprehensive income for Q1 2025 was approximately ¥1.64 billion, a decrease of 12.3% compared to ¥1.87 billion in Q1 2024[33] Research and Development - Research and development expenses amounted to RMB 6.12 billion, with R&D costs at RMB 4.97 billion, remaining stable year-on-year[7] - The company is advancing multiple innovative drug research pipelines and has established several key laboratories to enhance its R&D capabilities[9] - Research and development expenses for Q1 2025 were CNY 101.36 million, down from CNY 123.48 million in Q1 2024, showing a decrease of about 18%[43] Assets and Liabilities - Total assets reached RMB 225.87 billion, up 2.11% from the end of the previous year[19] - Total assets as of March 31, 2025, amounted to CNY 225.87 billion, up from CNY 221.21 billion at the end of 2024[29] - Total liabilities increased to CNY 140.57 billion, compared to CNY 137.47 billion at the end of 2024[29] - The company's total equity decreased to CNY 40.39 billion as of March 31, 2025, from CNY 40.45 billion as of December 31, 2024, a decline of approximately 0.15%[41] Cash Flow - The net cash flow from operating activities increased by 59.73%, driven by a rise in received payments[21] - Cash flow from operating activities for Q1 2025 showed a net outflow of approximately ¥2.20 billion, an improvement from a net outflow of ¥5.47 billion in Q1 2024[37] - Cash inflow from investment activities in Q1 2025 was approximately ¥16.46 billion, significantly higher than ¥10.53 billion in Q1 2024[37] - Cash flow from financing activities for Q1 2025 was approximately ¥3.86 billion, an increase from ¥3.25 billion in Q1 2024[38] - The company's cash and cash equivalents at the end of Q1 2025 totaled approximately ¥32.57 billion, up from ¥27.13 billion at the end of Q1 2024[38] Shareholder Information - The company has 80,068 total common shareholders at the end of the reporting period[23] - HKSCC NOMINEES LIMITED holds 918,228,849 shares, representing 24.7% of total shares[23] - The top ten shareholders collectively hold significant stakes, with the largest being HKSCC NOMINEES LIMITED and Shanghai Pharmaceutical Group[23] - The total number of shares outstanding is 3,708,361,809, with 2,789,289,105 A-shares and 919,072,704 H-shares[24] Other Financial Metrics - The weighted average return on net assets decreased by 0.39 percentage points to 1.84%[19] - The company's long-term borrowings due within one year increased by 163.19% during the reporting period[21] - The asset disposal income decreased by 100.82%, indicating a reduction in gains from the disposal of fixed and intangible assets[21] - The company reported a net loss from non-current asset disposal of 455,500.64, reflecting challenges in asset management[20] - The financial expenses for Q1 2025 were CNY 52.24 million, down from CNY 59.98 million in Q1 2024, representing a decrease of about 12.9%[43] - The investment income for Q1 2025 was CNY 95.97 million, an increase from CNY 72.12 million in Q1 2024, reflecting a growth of approximately 33.1%[43]

Group 1 - The company Shanghai Pharmaceuticals Holding Co., Ltd. plans to acquire a 10% stake in Shanghai Hutchison Pharmaceuticals Co., Ltd., which will result in the company becoming the actual controller of the target company [2][4] - The acquisition involves a total investment of approximately RMB 995.0366 million, with the company aiming to hold a total of 60% equity in Shanghai Hutchison Pharmaceuticals after the transaction [2][4] - The transaction has been approved by the company's board and is set to be completed by April 25, 2025, with the necessary delivery procedures finalized [4] Group 2 - The company has entered into agreements with Shanghai Jinpu Jianfu Equity Investment Management Co., Ltd. to facilitate the acquisition of shares from Hutchison Whampoa (Hong Kong) Limited [3] - The agreements specify that Shanghai Jinpu Jianfu will acquire 25.1247% of the shares, while another entity will acquire 9.8753% of the shares from Hutchison Whampoa [3]

证券代码：601607 证券简称：上海医药 公告编号：临2025-050 上海医药集团股份有限公司 关于拟收购上海和黄药业有限公司 10%股权暨成为实际控 制人交易完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、交易概述 1 告编号：临 2025-020）。 二、交易进展情况 2025 年 4 月 25 日，本次交易已完成交割手续（交割后标的公司各股东持股 情况如下表所示），上海医药合计持有上海和黄药业 60%股权，对其实施并表。 | 序号 | 股东名称/姓名 | 认缴出资额 (人民币/万元) | 实缴出资额 (人民币/万元) | 持股比例 | | --- | --- | --- | --- | --- | | 1 | 上海和黄医药投资(香港)有限公司 | 1,145 | 1,145 | 5.0000% | | 2 | 上海市药材有限公司 | 11,450 | 11,450 | 50.0000% | | 3 | 上海医药集团股份有限公司 | 2,290 | 2,290 | 10.0000% | | 4 | ...

证券代码：601607 证券简称：上海医药 公告编号：临2025-049 上海医药集团股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 上述参会人员将视实际情况进行调整。 上海医药集团股份有限公司（以下简称"公司"）将于 2025 年 4 月 28 日盘 后发布公司 2025 年第一季度报告，为便于广大投资者更全面深入地了解公司 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 04 月 30 日（星期三） 16:00-17:00 举行 2025 第一季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第一季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 04 月 30 日（星期三）16:00-17:00 （二） 会议召开地点：上 ...