Shanghai Pharmaceuticals Holding Co., Ltd. (Shanghai Pharma) released its unaudited first-quarter report for 2026.
Operating Performance • Revenue rose 6.36% year-on-year (YoY) to RMB75.26 billion, driven by both manufacturing and service segments. • Net profit attributable to shareholders increased 6.35% YoY to RMB1.42 billion. • Net profit after deducting non-recurring items edged down 2.02% YoY to RMB1.24 billion, reflecting lower investment income and higher inventory provisions. • Total profit expanded 12.38% YoY to RMB2.42 billion.
Segment Highlights Pharmaceutical Manufacturing – Sales: RMB6.81 billion, up 15.64% YoY. – Profit contribution: RMB0.66 billion. – R&D expenditure reached RMB577.00 million, or 8.47% of manufacturing sales; R&D expenses alone were RMB468.00 million (6.88% of sales). – Key pipeline progress included Phase III completion for B001 (NMOSD) and Phase III data lock for Shenqi Sherong Pill, while three generic formulations received production approvals.
Pharmaceutical Services – Sales: RMB68.46 billion, up 5.52% YoY. – Profit contribution: RMB0.83 billion. – Innovative-drug commercialisation generated revenue above RMB17.00 billion, a YoY increase exceeding 36%. – Import agency business surpassed RMB10 billion in revenue, up more than 16%. – Devices & big-health revenue reached RMB11.00 billion, up more than 7%. – Seven new commercialisation mandates were added to the CSO portfolio, and strategic partnerships were sealed with Roche and Henlius.
Cash Flow and Balance Sheet • Net operating cash outflow narrowed to RMB1.01 billion from RMB2.20 billion a year earlier, reflecting improved working-capital management. • Net investing cash outflow was RMB0.29 billion, significantly lower YoY due to reduced investment spending. • Total assets stood at RMB235.37 billion, up 0.95% from year-end 2025; shareholders’ equity reached RMB77.30 billion, up 1.86%. • Short-term borrowings amounted to RMB46.70 billion, while cash and cash equivalents totalled RMB27.25 billion at quarter-end.
Equity Structure Shanghai Pharma had 3.71 billion shares outstanding as of 31 March 2026. The largest shareholders were HKSCC Nominees (24.76%), Shanghai Pharmaceutical (Group) (19.32%) and Yunnan Baiyao Group (17.95%).
Outlook Management emphasised continued R&D investment, commercial rollout of new drugs Xintuoan and Aosian, and further expansion of technology-enabled pharmaceutical services to sustain growth momentum.
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