Shanghai Pharmaceuticals (601607) Q3 2025 earnings summary

Executive summary

• Achieved top ten ranking in 2024 China Pharma Industry Revenue Top 100 and MSCI ESG rating upgraded to AA.

• Revenue for Jan–Sep 2025 reached RMB 215.07 billion, up 2.60% year-over-year.

• Net profit attributable to shareholders was RMB 51.47 billion, up 26.96% year-over-year, mainly due to a one-time gain from accounting changes; adjusted net profit was RMB 39.79 billion, down 1.85% year-over-year.

• Operating cash flow for Jan–Sep 2025 was RMB 2.35 billion, maintaining high-quality growth.

Financial highlights

• Q3 revenue: RMB 73.48 billion, up 4.65% year-over-year.

• Q3 net profit attributable to shareholders: RMB 688 million, down 38.13% year-over-year.

• Q3 adjusted net profit: RMB 599 million, down 38.94% year-over-year.

• Q3 operating cash flow: RMB 1.36 billion, down 40% year-over-year.

• Total assets at period end: RMB 236.75 billion, up 7.02% from year-end 2024.

Outlook and guidance

• Continued focus on R&D, new drug development, and internationalization of traditional Chinese medicine.

• Ongoing expansion in rare disease treatment and digital health services.