SH PHARMA (Shanghai Pharmaceuticals Holding Co., Ltd.) reported FY 2025 operating revenue of RMB 283.58 billion, up 3.03% year-on-year. Net profit attributable to shareholders rose 25.74% to RMB 5.73 billion, buoyed by a one-off gain from consolidating Hutchison Pharmaceuticals; excluding this item, adjusted net profit slipped 5.56% to RMB 4.72 billion.

The pharmaceutical manufacturing segment contributed revenue of RMB 24.52 billion (+3.33% YoY) and profit of RMB 2.04 billion, while pharmaceutical services delivered revenue of RMB 259.06 billion (+3.00% YoY) and profit of RMB 3.46 billion. Operating cash inflow improved 5.61% to RMB 6.15 billion. R&D spending reached RMB 2.60 billion, representing 10.62% of manufacturing sales.

The Board proposes a final cash dividend of RMB 0.35 per share (RMB 1.30 billion in total). Including the RMB 0.445 billion interim dividend already paid, the total 2025 cash distribution will amount to RMB 1.74 billion, equating to 30.45% of annual attributable profit.

For 2026, directors approved an interim-dividend framework targeting a payout between 10% and 30% of first-half net profit, subject to cash-flow and regulatory conditions. Deloitte Touche Tohmatsu has been nominated for re-appointment as auditor, with an expected fee of RMB 19.09 million.

SH PHARMA seeks shareholder approval for:

• Issuing up to RMB 15.00 billion (or foreign-currency equivalent) in short-, medium- and long-term debt financing instruments, with proceeds mainly for working-capital replenishment and debt repayment.

• Renewing a multi-product Debt Financing Instrument (DFI) registration to allow flexible issuance of extra short-term bills, medium-term notes, perpetual and asset-backed notes within a 12-month validity.

• A general share-issuance mandate authorising the Board to allot and issue up to 20% of existing A- and/or H-share capital.

• External guarantees for 2026 capped at RMB 12.83 billion (including RMB 12.29 billion, USD 30 million and NZD 80 million) to support subsidiaries, new acquisitions, international operations and a planned bill-pool.

Corporate governance items include elections for the ninth Board (five non-independent and four independent directors), adoption of a new Remuneration Management System for directors and senior management, and continuation of Deloitte as auditor.

The AGM is scheduled for 25 June 2026 in Shanghai, with all resolutions—eight ordinary, three special and two cumulative-voting items—to be decided by poll.