Shanghai Pharmaceuticals Holding Co Ltd Class H

02607: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$65.40	Xqnqllv	Sdfxzfvv

Shanghai Pharmaceuticals Is the Second-Largest Medical Distributor in China

Yurou Zheng

Aug 27, 2024

Business Strategy and Outlook

Shanghai Pharmaceuticals’, or SPH’s, revenue grew at a compounded annual growth rate of 10.9% in the past 10 years. The growth is driven by its medical distribution segment due to industry consolidation and expansion. Similar to other larger pharmaceutical distributors, SPH, in our view, is likely to grow faster than the distribution industry average in the next three years as the industry further consolidates.

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