证券研究报告·公司点评报告 2026 年 2 月 25 日 江海证券研究发展部 执业证书编号：S1410524050001 | 投资评级： | 增持（维持） | | | --- | --- | --- | | 当前价格: | | 3.38元 | | 目标价格: | | 3.64元 | | 目标期限: | 6 | 个月 | 市场数据 | 总股本(百万股) | 2232.03 | | --- | --- | | A 股股本(百万股) | 2232.03 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%) | 98.46 | | 12 个月最高/最低(元) | 4.08/2.12 | | 第一大股东 | 沈臻宇 | | 第一大股东持股比例(%) | 4.92 | | 上证综指/沪深 300 | 4117.41/4707.54 | % 1 个月 3 个月 12 个月 相对收益 -3.81 2.98 17.42 绝对收益 -3.70 8.68 35.74 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-黑龙江新质生产力公司深度 报告（首次覆盖)-誉衡药业-002437.SZ： ...

上市公司：海南海药（000566），东北制药（000597），亚太实业（000691），通化金马（000766）， 北大医药（000788），力生制药（002393），海普瑞（002399），科伦药业（002422），杭氧股份 （002430），长江健康（002435），誉衡药业（002437），华软科技（002453） 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2025年1-12月，化学原料和化学制品制造业企业数（以下数据涉及的企业，均为规模以上工业企业，从 2011年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万 元）为27102个，和上年同期相比，增加了815个，同比增长3.1%，占工业总企业的比重为5.15%。 2016-2025年化学原料和化学制品制造业企业数统计图 相关报告：智研咨询发布的《2026-2032 ...

Core Insights - The A-share biopharmaceutical companies are expected to deliver innovative results in 2025, benefiting from industry recovery, overseas market expansion, and favorable pharmaceutical policies [2] - Over 90 A-share biopharmaceutical companies have released performance forecasts for 2025, with 53 companies expected to be profitable [2] - Among the profit forecasts, 14 companies anticipate a net profit increase of over 100%, while 10 companies expect to turn losses into profits [3][2] Group 1: Performance Growth Drivers - Sales volume growth and internal cost reduction are key factors for the significant profit increases among the companies [4] - Shanghai Yizhong leads with a projected net profit increase of 760.18% to 903.54%, expecting a net profit of 60 million to 70 million yuan in 2025 due to its core product being included in the national medical insurance directory [4] - Yuheng Pharmaceutical anticipates a net profit of 350 million to 420 million yuan, a year-on-year increase of 50.37% to 80.44%, driven by steady sales growth of its products [4] - Nawei Technology expects a net profit of 128 million to 145 million yuan, a year-on-year increase of 54.51% to 75.03%, focusing on market strategies in key sectors [4][5] Group 2: International Market Expansion - International business is a significant growth driver for biopharmaceutical companies [6] - WuXi AppTec, a leading CXO company, forecasts a revenue of 45.456 billion yuan, a year-on-year increase of approximately 15.84%, and a net profit of 19.151 billion yuan, a 102.65% increase [6] - Ganli Pharmaceutical expects a net profit of 1.1 billion to 1.2 billion yuan, a year-on-year increase of 78.96% to 95.23%, attributed to steady growth in domestic and international revenues [6] Group 3: Innovation and Recovery - Several innovative drug companies are entering a recovery phase, with many turning losses into profits or significantly reducing losses [8] - BeiGene expects a full-year operating profit for 2025, with revenue projections between 36.2 billion and 38.1 billion yuan, reflecting an upward adjustment from previous estimates [8] - DiZhe Pharmaceutical anticipates a revenue of 800 million yuan, a year-on-year increase of 122.28%, with a reduced net loss of 770 million yuan [9]

Market Overview - The chemical pharmaceutical sector experienced a slight decline of 0.05% on January 21, with Sunflower leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Top Performers - The following companies showed significant gains: - Aoheng Pharmaceutical (002437) closed at 3.51, up 10.03% with a trading volume of 1.9852 million shares and a transaction value of 693 million yuan [1] - Guobang Pharmaceutical (605507) closed at 26.96, up 6.81% with a trading volume of 132,600 shares and a transaction value of 357 million yuan [1] - Laimei Pharmaceutical (300006) closed at 5.24, up 6.50% with a trading volume of 670,800 shares and a transaction value of 345 million yuan [1] Underperformers - The following companies faced notable declines: - Sunflower (300111) closed at 4.64, down 6.07% with a trading volume of 1.514 million shares and a transaction value of 708 million yuan [2] - Hanshang Group (600774) closed at 10.94, down 6.01% with a trading volume of 436,600 shares and a transaction value of 470 million yuan [2] - Huabang Health (002004) closed at 5.40, down 4.42% with a trading volume of 1.1395 million shares and a transaction value of 618 million yuan [2] Capital Flow - The chemical pharmaceutical sector saw a net inflow of 239 million yuan from institutional investors, while retail investors contributed a net inflow of 58.25 million yuan [2] - However, there was a net outflow of 297 million yuan from speculative funds [2] Individual Stock Capital Flow - Aoheng Pharmaceutical (002437) had a net inflow of 206 million yuan from institutional investors, accounting for 29.69% of its total trading [3] - Tonghua Golden Horse (000766) saw a net inflow of 74.79 million yuan from institutional investors, representing 14.69% [3] - Fuxing Pharmaceutical (600196) experienced a net inflow of 64.35 million yuan from institutional investors, making up 14.11% [3]

Core Insights - The company, Yuheng Pharmaceutical, expects significant growth in its 2025 performance, with net profit attributable to shareholders projected to be between 350 million to 420 million yuan, representing an increase of 50.37% to 80.44% compared to the previous year's 233 million yuan [1] Performance Drivers - The primary reasons for the expected performance growth include a substantial increase in sales of core products, enhanced internal management, and effective cost control measures [1] - The company anticipates receiving 132 million yuan from the sale of equity in Guangzhou Yuheng Biotechnology Co., Ltd. in December 2025, which will be recorded as investment income and classified as non-recurring gains [1] - There are no discrepancies between the company and the accounting firm regarding the financial data related to the performance forecast [1]

Core Viewpoint - The stock price of Yuheng Pharmaceutical has experienced significant movement, reaching the daily limit with a trading volume of 48.37 million shares and a transaction amount of 166 million yuan, following the release of its latest earnings forecast for 2025, which indicates a projected net profit of 350 million to 420 million yuan, representing a year-on-year growth of 50.37% to 80.44% [2] Group 1: Stock Performance - As of 9:31 AM today, Yuheng Pharmaceutical's stock price hit the daily limit with a trading volume of 48.37 million shares and a transaction amount of 166 million yuan, resulting in a turnover rate of 2.30% [2] - The stock's limit-up order amount reached 793 million yuan, indicating strong investor interest [2] - Among companies that announced their 2025 earnings forecasts today, Yuheng Pharmaceutical's stock price increased by 10.03%, reflecting a robust market response [2] Group 2: Financial Data - The latest earnings forecast for Yuheng Pharmaceutical anticipates a net profit of 350 million to 420 million yuan for 2025, with a year-on-year growth rate between 50.37% and 80.44% [2] - Over the past five days, the main funds for Yuheng Pharmaceutical have shown a net outflow of 36.97 million yuan, with a significant outflow of 23.80 million yuan on the previous trading day [2] - The latest margin trading data indicates that the total margin balance for Yuheng Pharmaceutical is 316 million yuan, with a decrease of 11.11 million yuan in the financing balance over the past five days, representing a decline of 3.39% [2]

Core Viewpoint - Yuheng Pharmaceutical (002437) announced on January 20 that it expects a net profit of 350 million to 420 million yuan for 2025, representing a year-on-year growth of 50.37% to 80.44% [2] Group 1: Company Performance - The stock closed at 3.19 yuan, down 0.62%, with a turnover rate of 1.82% and a trading volume of 122 million yuan [2] - Over the past five days, the stock has decreased by 1.54% [2] - The company’s net profit forecast indicates a significant increase, which historically correlates with positive stock performance [2] Group 2: Market Reaction - Statistics show that 67.06% of stocks with a profit forecast increase of over 50% saw their prices rise on the announcement day, with three stocks hitting the daily limit [2] - Over the five days following the announcement, 75.29% of these stocks experienced price increases [2] Group 3: Capital Flow - The stock experienced a net outflow of 23.8 million yuan in principal funds today, with a total net outflow of 36.9733 million yuan over the past five days [2] - As of January 19, the margin balance was 322 million yuan, with a financing balance of 322 million yuan, reflecting a decrease of 1.54% from the previous trading day and a cumulative decline of 1.06% over the past five days [2]

Group 1: New Stock Offerings - Medela's new stock offering has a subscription code of 920119, with an issue price of 41.88 yuan per share and a price-to-earnings ratio of 14.99 times, allowing a maximum subscription limit of 720,000 shares per account [2] Group 2: Fiscal Policy and Economic Measures - The Ministry of Finance will continue to implement a more proactive fiscal policy, aiming for increased total spending, improved structure, better efficiency, and stronger momentum, with necessary levels of fiscal deficit, total debt, and spending maintained through 2026 [3] - The Ministry of Finance has optimized the personal consumption loan interest subsidy policy, including credit card installment payments, removing restrictions on certain consumption areas, allowing all consumer loans to enjoy interest subsidies [3] - Starting April 1, 2026, export tax rebates for photovoltaic products will be canceled, and electronic product export tax rebates will be phased out over two years, promoting efficient resource use and guiding rational industrial structure adjustments [3] - Tax and fee preferential policies for community services such as elderly care, childcare, and housekeeping will continue, benefiting institutions providing these services [3] Group 3: Commodity Market Adjustments - The Shanghai Futures Exchange will adjust margin ratios and price fluctuation limits for futures contracts of copper, gold, and other commodities starting January 22, 2026 [4] - Domestic gasoline and diesel prices will increase by 85 yuan per ton due to rising international oil prices, marking the first price hike in 2026, with an average increase of 0.07 yuan per liter for 92 and 95 gasoline and 0 diesel [4] - Shanghai has released an action plan to enhance the linkage between spot and futures markets for non-ferrous metals, aiming to expand the international influence of "Shanghai prices" [4] Group 4: Company Earnings Forecasts - Huicheng Environmental Protection plans to increase its shareholding by 25 million to 50 million yuan [7] - JianTou Energy expects a net profit increase of approximately 253.38% year-on-year for 2025 [7] - Hikvision's performance report indicates a year-on-year growth of 18.46% in net profit attributable to shareholders for 2025 [7] - Longzi Co. anticipates a net profit increase of 245.25% to 302.8% year-on-year for 2025 [7] - Zhaoyan New Drug expects a net profit increase of 214% to 371% year-on-year for 2025 [8] - Huachen Equipment forecasts a net profit increase of 193.64% to 242.04% year-on-year for 2025 [8] - Qianyuan Power anticipates a net profit increase of 160% to 190% year-on-year for 2025 [8] - Jin Fang Energy expects a net profit increase of 123.97% to 193.7% year-on-year for 2025 [8] - Other companies such as Zhongfu Industrial, Batian Co., and Dongwei Technology also project significant year-on-year profit increases for 2025, ranging from 50% to over 300% [8][9]

Core Viewpoint - Yuheng Pharmaceutical announced an expected increase in net profit for the fiscal year 2025, projecting a range of CNY 350 million to CNY 420 million, representing a growth of 50.37% to 80.44% compared to the previous year [2] Financial Performance - The company anticipates net profit attributable to shareholders to be between CNY 350 million and CNY 420 million for 2025 [2] - This projection indicates a significant year-on-year growth rate of 50.37% to 80.44% [2]

Core Viewpoint - Yuheng Pharmaceutical (002437) expects a significant increase in net profit for 2025, projecting a range of CNY 350 million to CNY 420 million, representing a year-on-year growth of 50.37% to 80.44% [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of CNY 350 million to CNY 420 million for 2025, compared to CNY 233 million in the previous year [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between CNY 185 million and CNY 220 million, reflecting a growth of 0.92% to 20.02% from CNY 183 million in the previous year [1] Group 2: Product Development and Market Position - Yuheng Pharmaceutical focuses on the research, production, and sales of pharmaceuticals, with a strong emphasis on high-barrier generic drugs, including pre-filled methotrexate injection [1] - The company has over 300 drug registration certificates, covering various therapeutic areas such as musculoskeletal, cardiovascular, vitamins and minerals, diabetes, analgesics, anti-infection, and anti-tumor [1] - Key products like multi-vitamin injections, potassium chloride sustained-release tablets, and others have maintained high market shares in their respective segments [2] Group 3: Sales and Marketing Strategy - The company primarily sells prescription drugs through hospitals, with some products available in retail pharmacies and e-commerce platforms [2] - Yuheng Pharmaceutical employs a refined招商 (investment promotion) and specialized academic promotion strategy for sales [2] - The company has a low export business proportion, currently limited to sodium phosphate injection to Uzbekistan, with future plans to expand exports in line with the Belt and Road Initiative [2] Group 4: Operational Efficiency - The company has achieved notable results in cost reduction and efficiency improvement, with decreases in both sales and management expenses compared to the same period in 2024 [3] - A non-recurring gain of CNY 132 million from the sale of equity in Guangzhou Yuheng Biotechnology Co., Ltd. is expected to be included in the 2025 investment income [3]