上海医药集团股份有限公司 第八届董事会第十九次会议决议公告 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。 上海医药集团股份有限公司（以下简称"本公司"）第八届董事会第十九次 会议（以下简称"本次会议"）于 2025 年 2 月 21 日以通讯方式召开。本次会议 应到董事 8 名，实到董事 8 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。董事会会议审议情况具体如下： 1、《关于修订<公司章程>的议案》 同意根据《中华人民共和国公司法》、《上市公司独立董事管理办法》、《上海 证券交易所股票上市规则》等相关规定和要求，结合公司实际情况，对《公司章 程》进行修订，详见《上海医药集团股份有限公司关于修订<公司章程>的公告》 （临 2025-018 号）。 对《公司章程》的修订需提交本公司股东大会审议。 表决结果：赞成 8 票，反对 0 票，弃权 0 票 2、《关于召开 2025 年第一次临时股东大会的议案》 证券代码：601607 证券简称：上海医药 公告编号：临2025-017 上海医药集团股份 ...

证券代码：601607 证券简称：上海医药 编号：临 2025-017 上海医药集团股份有限公司 关于 2019 年 A 股股票期权激励计划 预留股票期权第三个行权期限制行权期间的提示性公告 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。 根据《上市公司股权激励管理办法》、《上海证券交易所上市公司自律监管 指南第2号—业务办理》、《上海医药集团股份有限公司2019年股票期权激励计 划（草案）》及中国证券登记结算有限责任公司上海分公司（以下简称"中证登 上海分公司"）关于股票期权自主行权的相关规定，并结合上海医药集团股份有 限公司（以下简称"公司"）2024年年度报告披露计划，现对公司2019年股票期 权激励计划预留股票期权第三个行权期限制行权期间（以下简称"本次限制行权 期"）公告如下： 一、预留股票期权第三个行权期自2025年2月8日起至2026年2月7日止。 1 二、本次限制行权期为2025年2月26日至2025年3月27日，在此期间全部激励 对象将限制行权。 三、公司将按照有关规定及时向中证登上海分公司申请办理限制 ...

证券代码：601607 证券简称：上海医药 编号：临2025-014 上海医药集团股份有限公司 关于参与设立上海生物医药并购基金暨关联/连交易的公告 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。 重要内容提示： 上海医药作为上海市生物医药行业优质"链主"企业，参与组建设立生物医 药并购基金，对本市生物医药产业及上海医药未来的高质量发展极具战略意义。 标的基金将成为促进产业链集聚整合、推动产业转型升级、拓宽资本退出通道的 重要工具，可为上海加快打造全球生物医药研发经济和产业化高地提供重要支撑。 （二）交易结构 上海医药拟作为有限合伙人之一参与出资设立并购基金，基金募集资金预计 50.1 亿元，其中上海医药以自有资金认缴出资 10 亿元。截至目前，各投资人认 缴出资情况详见下表： | 序 | 合伙人 | 合伙人 | | 认缴出资额 | 认缴占比 | 出资方式 | | --- | --- | --- | --- | --- | --- | --- | | 号 | | 类型 | | （元人民币） | （预计） | | | 1 ...

国浩律师（上海）事务所 关于 上海医药集团股份有限公司 调整 2019 年股票期权激励计划激励对象名单、授予期权数量并 注销部分期权及行权条件成就相关事宜 之 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: +86 21 52341668 传真/Fax: +86 21 52433320 网址/Website: http://www.grandall.com.cn 二〇二四年十二月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于 上海医药集团股份有限公司 调整 2019 年股票期权激励计划激励对象名单、授予期权数量并注销 部分期权及行权条件成就相关事宜之 法律意见书 致：上海医药集团股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受上海医药集团股份有限公 司（以下简称"上海医药"或"公司"）的委托，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和 ...

证券代码：601607 证券简称：上海医药 编号：临 2025-013 上海医药集团股份有限公司 关于 2019 年 A 股股票期权激励计划预留股票期权 第三个行权期采用自主行权模式的提示性公告 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。 根据上海医药集团股份有限公司（以下简称"上海医药"或"公司"）2019 年第一次临时股东大会、2019年第二次A股类别股东大会及2019年第二次H股类 别股东大会的授权，公司于2024年12月31日召开第八届董事会第十六次会议，审 议并通过《关于公司2019年A股股票期权激励计划预留股票期权第三个行权期行 权条件成就的议案》，具体内容详见公司2025年1月2日于上海证券交易交易所网 站（http://www.sse.com.cn/）披露的《关于2019年A股股票期权激励计划预留股票 期权第三个行权期行权条件成就的公告》（公告编号：2025-006号）。 公司2019年A股股票期权激励计划预留股票期权第三个行权期采用自主行 权模式行权，主要安排如下： 二、本次行权对象名单及行权情况: ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4][6]. Core Views - The company is a leading integrated pharmaceutical group in China, with a dual-driven model of commercial and industrial operations. It has a strong presence in both pharmaceutical manufacturing and distribution, producing around 700 drug varieties and serving as the second-largest national pharmaceutical distributor [1][15]. - The company has seen steady revenue growth, with a reported revenue of 209.63 billion yuan for the first three quarters of 2024, a year-on-year increase of 6.14%, and a net profit of 4.05 billion yuan, up 6.78% year-on-year [1][4]. Summary by Sections 1. Company Overview - The company is recognized as a national leader in pharmaceutical distribution and has a comprehensive product portfolio across various therapeutic areas, including oncology and cardiovascular diseases [1][15]. - It has a robust distribution network covering 31 provinces and regions in China, with over 70,000 medical institutions served [15][20]. 2. Commercial Operations - The commercial segment is the company's core, with significant growth in its CSO (Contract Sales Organization) business, achieving a sales amount of approximately 6.1 billion yuan, a year-on-year increase of 176.3% [2][42]. - The company is actively expanding into non-pharmaceutical sectors, including medical devices and health foods, with a reported sales growth of 11.9% in its health device business [2][43]. 3. Industrial Operations - The industrial segment has shown strong capabilities, with a focus on innovation and a pipeline of 60 new drug projects, including 46 innovative drugs [3][60]. - The company has increased its R&D investment significantly, from 1.39 billion yuan in 2018 to 2.6 billion yuan in 2023, reflecting a commitment to innovation [3][56]. 4. Financial Projections - Revenue projections for 2024-2026 are estimated at 281.57 billion, 308.36 billion, and 338.59 billion yuan, with corresponding net profits of 5.04 billion, 5.59 billion, and 6.31 billion yuan, indicating a strong growth trajectory [4][13]. - The company is expected to benefit from the increasing concentration in the pharmaceutical distribution industry and the rapid growth of its innovative business segments [4][39].

Summary of Shanghai Pharmaceuticals Conference Call Company Overview - Shanghai Pharmaceuticals operates in the pharmaceutical industry, focusing on three main segments: pharmaceutical commerce, pharmaceutical manufacturing, and innovative drugs [3][4]. Key Financial Performance - From 2022 to 2024, Shanghai Pharmaceuticals demonstrated resilience with a revenue growth of 6.1% and a net profit growth of 6.8% in the first three quarters of the current year [3][4]. - The company expects revenue growth rates of 7%, 10.1%, and 8.3% for the next three years, with net profit growth rates of 33.4%, 12.8%, and 10.2% respectively [4][27]. Business Segments - **Pharmaceutical Commerce**: As a leading player, the company benefits from increasing industry concentration, with a market share expected to grow as the domestic CRO market concentration is currently at 45.5%, compared to over 90% in the US [3][4]. - **Pharmaceutical Manufacturing**: The segment faced a revenue decline of 12% in the first three quarters of 2024 due to price reductions and procurement disruptions, but the gross margin improved to 61.6% [23]. - **Innovative Drugs**: The company has a strong pipeline with 1-2 new drugs expected to be approved annually, and it has already launched four innovative drugs [25]. Strategic Initiatives - The company has made significant acquisitions, including a 60% stake in He Guang Pharmaceuticals, enhancing its traditional Chinese medicine portfolio [4][26]. - The introduction of instant settlement reforms for medical insurance funds is expected to improve cash flow and enhance profitability [7][18]. Leadership and Management - A new leadership team has been appointed, focusing on operational efficiency and strategic adjustments, including the integration of northern and southern operations [9][10]. Market Position and Competitive Landscape - Shanghai Pharmaceuticals is the largest importer and distributor in China, with strategic partnerships with major international pharmaceutical companies [20]. - The pharmaceutical distribution industry in China is experiencing steady growth, with a compound annual growth rate of approximately 6.1% from 2019 to 2023 [15]. Financial Health and Efficiency - The company has maintained a clear equity structure, with state-owned background providing strong support for mergers and acquisitions [8]. - The sales expense ratio decreased to 4.5% in the first three quarters of 2024, down from 5.3% in 2023, indicating improved cost management [13]. Future Outlook - The company is expected to maintain a stable growth trajectory, with a focus on enhancing operational efficiency and expanding its market presence in both domestic and international markets [27]. Additional Insights - The company has made significant strides in the non-pharmaceutical sector, achieving a sales increase of 12% in medical devices and health products [22]. - The innovative CFO business has shown remarkable growth, with a 170% increase in revenue in the first three quarters of 2024 [19]. This summary encapsulates the key points from the conference call, highlighting Shanghai Pharmaceuticals' performance, strategic initiatives, and future outlook in the pharmaceutical industry.

Investment Rating - The report assigns a "Buy" rating for Shanghai Pharmaceuticals with a target price of Rmb 22.80, indicating an expected upside from the current price of Rmb 19.88 [5][6]. Core Insights - The management of Shanghai Pharmaceuticals believes that the pharmaceutical distribution industry will experience more stable growth driven by an aging population and increased government healthcare spending, despite potential slowdowns due to cost control measures and anti-corruption policies [2]. - The company sees significant structural growth opportunities, particularly in its Contract Sales Organization (CSO) business, which has a higher gross margin compared to traditional distribution [2]. - The acquisition of Shanghai Hengrui Pharmaceutical is expected to enhance the company's revenue by Rmb 20-30 billion, focusing on traditional Chinese medicine products [3]. - The tightening of pharmacy policies is expected to have a limited impact on the company's business, as pharmacies account for just over 10% of its operations [4]. Summary by Sections Industry Outlook - The pharmaceutical distribution industry is projected to grow steadily due to demographic changes and increased healthcare funding, although policy pressures may slow growth rates [2]. Business Strategy - Shanghai Pharmaceuticals aims to capitalize on structural growth opportunities, particularly in the CSO sector, which is expected to see increased divestment from multinational pharmaceutical companies [2]. - The company plans to leverage its extensive brand portfolio and retail channels to expand its traditional Chinese medicine sales [3]. Financial Projections - Revenue is forecasted to grow from Rmb 215.8 billion in 2021 to Rmb 397.4 billion by 2028, with net profit expected to increase from Rmb 5.1 billion in 2021 to Rmb 7.8 billion by 2028 [8]. - The report anticipates a diluted earnings per share of Rmb 1.28 for 2024, increasing to Rmb 2.11 by 2028 [8]. Valuation Metrics - The target price of Rmb 22.80 is based on a discounted cash flow (DCF) analysis with a weighted average cost of capital (WACC) of 11.4% and a terminal growth rate of 2.5% [5]. - The report indicates a forecasted stock price increase of 14.7% and a dividend yield of 2.2%, leading to an expected total return of 16.9% [10].

详见本公司公告临 2025-011 号。 经董事会提名委员会建议，董事会提名万钧博士为公司第八届董事会独立董 事候选人，任期自股东大会审议通过之日起至第八届董事会届满之日止。 该议案尚需提交本公司股东大会审议。 表决结果：赞成 8 票，反对 0 票，弃权 0 票 证券代码：601607 证券简称：上海医药 公告编号：临2025-010 上海医药集团股份有限公司 第八届董事会第十七次会议决议公告 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。 上海医药集团股份有限公司（以下简称"本公司"）第八届董事会第十七次 会议（以下简称"本次会议"）于 2025 年 1 月 10 日以通讯方式召开。本次会议 应到董事 8 名，实到董事 8 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。本次会议审议并通过了以下议案： 1、《关于提名第八届董事会独立董事候选人的议案》 二零二五年一月十一日 1 特此公告。 上海医药集团股份有限公司 董事会 ...