Xiangcai Securities research report points out that as a leading integrated medical and business company, Shanghai Pharma (601607.SH) is expected to maintain steady growth by leveraging business integration and focusing on major varieties in the medical industry. It is given a 'shareholding' rating for the first time. Looking at the net margin, the company's overall net margin remains stable, with the exception of a slight decline in 2023 due to one-time gains and losses, the net margins in other years are basically between 2.5-3.0%. The company is steadily advancing its overseas business layout, making substantial progress in the registration of multiple products. Among them, Sh Pharma Thailand has successfully introduced its own products to the market, completed the introduction of related product lines, and achieved sales revenue. In addition, the company continues to increase its investment in research and development, actively building an open and diverse innovation system of 'independent research and development + acquisition introduction + incubation cultivation', while accelerating the progress of the R&D pipeline, continuously deepening its cooperation with universities, research institutes, medical institutions, and innovative enterprises.