登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 2025年4月24日，哈尔滨誉衡药业股份有限公司（以下简称"公司"）第七届董事会第三次会议审议通过 了《关于使用闲置自有资金进行委托理财的议案》。同意公司及纳入合并报表范围内的子公司使用不超 过人民币39,000万元自有闲置资金额度在金融机构购买中等或中等以下风险的委托理财产品，在上述投 资额度内，各投资主体资金可以滚动使用，委托理财期限自董事会审议通过之日起一年内有效，并授权 公司经理层负责具体组织实施。具体情况详见2025年4月26日公司披露于《中国证券报》、《证券时 报》及巨潮资讯网http://www.cninfo.com.cn的《关于使用闲置自有资金进行委托理财的公告》。 2025年7月7日至2025年9月18日，公司使用自有闲置资金28,000万元购买了理财产品，现将具体情况公 告如下： 一、委托理财的情况 （一）国泰海通证券股份有限公司（以下简称"国泰海通"）理财产品基本情况 1、理财产品名称：国泰海通证券睿博系列尧睿25154 号收益凭证 2、产品 ...

哈尔滨誉衡药业股份有限公司 证券代码：002437 证券简称：誉衡药业 公告编号：2025-071 哈尔滨誉衡药业股份有限公司 关于使用闲置自有资金进行委托理财的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2025年4月24日，哈尔滨誉衡药业股份有限公司（以下简称"公司"）第七届 董事会第三次会议审议通过了《关于使用闲置自有资金进行委托理财的议案》。 同意公司及纳入合并报表范围内的子公司使用不超过人民币39,000万元自有闲 置资金额度在金融机构购买中等或中等以下风险的委托理财产品，在上述投资额 度内，各投资主体资金可以滚动使用，委托理财期限自董事会审议通过之日起一 年内有效，并授权公司经理层负责具体组织实施。具体情况详见2025年4月26日 公司披露于《中国证券报》、《证券时报》及巨潮资讯网http://www.cninfo.com.cn 的《关于使用闲置自有资金进行委托理财的公告》。 2025年7月7日至2025年9月18日，公司使用自有闲置资金28,000万元购买了 理财产品，现将具体情况公告如下： 一、委托理财的情况 （一）国泰海通证券股 ...

Core Viewpoint - The company is experiencing a decline in sales gross margin, which has dropped to 47.29% in the latest interim report, raising concerns among investors about market share and future profitability [1] Group 1: Sales Performance - The company reported that core products included in the centralized procurement (集采) have seen varying degrees of sales growth, with specific products like Luguaduo Peptide Injection expected to grow nearly 10% in sales for 2024 [1] - The sales of Injection Multivitamins (12) are projected to increase by over 40% in 2024, with a growth of over 20% in sales during the first half of this year [1] Group 2: Future Plans and Strategies - The company has indicated that most of its core self-operated products are now part of the centralized procurement, which is expected to stabilize sales [1] - In addition to existing products, the company is actively promoting new product development in hospitals, which is anticipated to contribute additional revenue and gross margin next year [1] - The company plans to enhance operational management to reduce operating costs or stabilize them at a reasonable level [1]

Group 1 - The company Yuheng Pharmaceutical (002437) responded to investor inquiries on September 12, indicating that as of September 10, 2025, the total number of shareholders is approximately 106,800 [1]

哈尔滨誉衡药业股份有限公司 证券代码：002437 证券简称：誉衡药业 公告编号：2025-070 哈尔滨誉衡药业股份有限公司 关于回购注销部分限制性股票减少注册资本暨通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、通知债权人的原因 哈尔滨誉衡药业股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召 开第七届董事会第四次会议、第六届监事会第十九次会议，并于 2025 年 9 月 11 日召开 2025 年第三次临时股东大会，审议通过了《关于回购并注销离职人员已 获授但尚未解除限售的限制性股票的议案》，同意公司以授予价格加上中国人民 银行同期存款利息之和，回购注销 4 名离职人员已获授但尚未解除限售的合计 13,761,600 股限制性股票。上述限制性股票回购注销完成后，公司总股本将减少 13,761,600 股，公司注册资本将减少 13,761,600 元。具体内容详见公司 2025 年 8 月 27 日 披 露 于 《 证 券 时 报 》 、 《 中 国 证 券 报 》 和 巨 潮 资 讯 网 http://www.cn ...

1、公司应当对向本所律师提供的本次股东大会会议资料以及其 他相关资料（包括但不限于董事会决议、关于召开本次股东大会的公 告、本次股东大会股权登记日的《股东名册》等）的真实性、完整性 和有效性负责。 2、按照《股东会规则》的要求，本所律师仅对本次股东大会的 召集、召开程序、本次股东大会召集人和出席会议人员的资格、本次 股东大会的表决程序和表决结果发表法律意见，并不对本次股东大会 审议的各项议案内容及其所涉及事实和数据的真实性、合法性发表意 见。 北京市京轩律师事务所 关于哈尔滨誉衡药业股份有限公司 2025 年第三次临时股东大会的法律意见书 致哈尔滨誉衡药业股份有限公司： 根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）及中国证券 监督管理委员会《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、法规和规范性文件的规定及《哈尔滨誉衡药业股份有限公司 章程》(以下简称"《公司章程》")的有关规定，北京市京轩律师事 务所（以下简称"本所"）受哈尔滨誉衡药业股份有限公司（以下简 称"公司"）的委托，指派律师参加了公司 2025 年第三次临时股东 大 ...

哈尔滨誉衡药业股份有限公司 证券代码：002437 证券简称：誉衡药业 公告编号：2025-069 哈尔滨誉衡药业股份有限公司 2025年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会不存在否决提案的情形； 6、股权登记日：2025 年 9 月 4 日； 7、会议出席情况： | 出席方式 | 股东人数 | 股份总数 | 占有表决权股份总数的比例 | | --- | --- | --- | --- | | 现场参会 | 0 | 0 | 0.00% | | 网络参会 | 730 | 320,733,614 | 14.2816％ | | 合计 | 730 | 320,733,614 | 14.2816％ | 其中：参加本次会议的中小投资者共 723 人，代表有表决权的股份 90,217,339 股，占公司总股本的 4.0172％。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、现场会议召开时间：2025 年 9 月 11 日 15:00； 2、现场会议召开地点：北京市顺义区 ...

Investment Rating - The investment rating for the company is "Add" [1] Core Views - The company has shown continuous improvement in operational efficiency and has good growth potential in its CSO (Contract Sales Organization) business [4] - Key products have maintained stable growth, with significant sales increases in certain categories due to marketing reforms and favorable policy changes [6] - The company has a strong foundation in its CSO business, with ongoing collaborations expected to contribute to revenue growth [6] - Earnings forecasts indicate a slight decline in revenue for 2025, followed by a recovery and growth in subsequent years, with net profit expected to grow steadily [5][6] Financial Summary - The latest closing price is 3.39 CNY, with a one-year high of 4.08 CNY and a low of 1.80 CNY [3] - The current P/E ratio is 31.43, and the P/B ratio is 3.72 [3] - Total shares outstanding are 2.246 billion, with a total market capitalization of 7.613 billion CNY [3] - Revenue for 2024 is projected at 24.41 billion CNY, with a slight decline in 2025 to 24.37 billion CNY, followed by growth to 27.51 billion CNY in 2026 and 30.80 billion CNY in 2027 [5] - Net profit for 2024 is estimated at 2.33 billion CNY, increasing to 2.56 billion CNY in 2025, 2.91 billion CNY in 2026, and 3.28 billion CNY in 2027 [5] - The company’s sales expense ratio has decreased by 8.30 percentage points year-on-year, and management expenses have decreased by 21.58% [6]

Core Viewpoint - The A-share market continues to rise, leading to a prosperous season for brokerage firms, with significant growth in their performance driven by proprietary trading income [2][3]. Group 1: Brokerage Performance - In the first half of the year, 42 listed brokerages achieved a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan, representing year-on-year growth of 11.37% and 65.08% respectively [2]. - Proprietary trading contributed significantly to the performance, with total proprietary income reaching 112.35 billion yuan, a year-on-year increase of 53.53%, accounting for over 40% of total income [3][4]. - Among the brokerages, CITIC Securities was the only firm with proprietary income exceeding 10 billion yuan, totaling 19.05 billion yuan, contributing approximately 57% to its total revenue [3]. Group 2: Top Holdings and Stock Preferences - As of the end of June, the top three stocks held by brokerages were Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with holdings of 923 million shares, 439 million shares, and 383 million shares respectively [9]. - The market value of these holdings was over 10 billion yuan for Jiangsu Bank alone, indicating strong interest from brokerages in non-bank financials, electronics, and biomedicine sectors [2][9]. - In the second quarter, brokerages significantly increased their positions in stocks like Sichuan Chengyu and Hongchuang Holdings, with notable increases in shareholdings [11]. Group 3: Changes in Holdings - Brokerages reduced their holdings in several stocks, including Huangshi Group and Shanghai Mechanical, with significant decreases in share quantities [12][16]. - The reduction in holdings was particularly pronounced for Huangshi Group, where Oriental Securities cut its stake by over 34% due to regulatory issues [15]. - Other stocks that saw substantial reductions included New Steel and Yingfang Micro, with brokerages decreasing their holdings by over 2 million shares in the second quarter [16].

Core Insights - The A-share market continues to rise, leading to a prosperous season for brokerage firms, with 42 listed brokerages achieving a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan in the first half of the year, representing year-on-year growth of 11.37% and 65.08% respectively [1] - The significant increase in brokerage performance is largely attributed to proprietary trading, which generated a total income of 112.35 billion yuan, a year-on-year increase of over 50%, accounting for more than 40% of total income [1][2] - Among the brokerages, CITIC Securities stands out as the only firm with proprietary income exceeding 10 billion yuan, reaching 19.05 billion yuan, contributing approximately 57% to its total revenue [2] Brokerage Performance - In the first half of the year, 25 out of 42 listed brokerages reported proprietary income exceeding 1 billion yuan, accounting for nearly 60% of the total [2] - Notable performers include Changjiang Securities, which saw a staggering year-on-year increase of 668.35% in proprietary income, and Guolian Minsheng and Huaxi Securities with increases of 458.78% and 245.07% respectively [2] Stock Holdings - As of the end of June, the top three stocks held by brokerages were Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with holdings of 923 million shares, 43.9 million shares, and 38.3 million shares respectively, translating to market values of 11.03 billion yuan, 6.51 billion yuan, and 9.21 billion yuan [4] - Brokerages have shown a preference for sectors such as non-bank financials, electronics, and biomedicine in their proprietary trading [1] Changes in Holdings - In the second quarter, significant increases in holdings were observed in stocks like Sichuan Chengyu, Hongchuang Holdings, and Yuntianhua, with increases of 9.89 million shares, 5.76 million shares, and 5 million shares respectively [6] - Conversely, stocks such as Huangshi Group, Shanghai Mechanical, and Northeast Securities experienced substantial reductions in holdings, with the largest decrease being 14 million shares for Huangshi Group [8][11] Regulatory Impact - Some stocks faced significant reductions in holdings due to regulatory penalties, with brokerages exiting positions in companies like Huangshi Group, which was under investigation for information disclosure violations [10][11]