Group 1: Company Overview and Financial Performance - The company reported a revenue of 50 million yuan from self-paid products, with the exception of Lugu Peptide Injection, which is not covered by medical insurance [2] - The impact of the centralized procurement policy on the company's main products has stabilized, with a projected 40% increase in sales for Injection of Multiple Vitamins (12) in 2024 [3] - The company expects a slight decline or flat revenue compared to last year due to the effects of drug procurement policies [4] Group 2: Product Development and Market Strategy - The company plans to expand its product offerings in key areas such as vitamins, cardiovascular, and orthopedic fields [3] - New product launches and market expansions are anticipated, including the sales channels for Sitagliptin Metformin Sustained-Release Tablets and the introduction of Meloxicam Tablets [4] - The company aims to enhance its product pipeline through partnerships, acquisitions, and the introduction of differentiated products [5] Group 3: Research and Development Investment - The company's R&D investment is projected to be 3.97% of revenue in 2024, with plans to increase this ratio to align with industry standards [5] - Future acquisitions will focus on innovative and differentiated products, particularly in traditional Chinese medicine and generic drugs [6] Group 4: Financial Management and Cost Control - The company is committed to reducing costs and improving efficiency, aiming to keep sales, management, and financial expenses at a low level [4] - Cash received from investments at the end of Q1 2025 amounted to 261 million yuan, primarily from the redemption of financial products [6]

Core Viewpoint - Yuheng Pharmaceutical (002437) has shown a significant increase in stock price, closing at 3.14 yuan with a rise of 10.18% on July 10, following a research meeting with First Capital Securities [1][2] Company Overview - Yuheng Pharmaceutical and its subsidiaries are primarily engaged in the research, production, and sales of pharmaceuticals, holding over 300 drug registration certificates by the end of 2024 [2] - The company's product range covers multiple therapeutic areas, including musculoskeletal, cardiovascular, vitamins and minerals, diabetes, analgesics, anti-infectives, and anti-tumor treatments [2] Product Portfolio - As of the end of 2024, 216 products are included in the 2024 National Medical Insurance Directory, with 63 products in the essential drug list [2] - Core products have maintained a high market share in their respective segments, with notable products like injection multi-vitamin (12), deer melon peptide injection, and ginkgo biloba injection leading in their markets [2] Sales Performance - The injection multi-vitamin (12) product has a strong competitive position, maintaining over 80% market share due to its first-mover advantage and brand strength [2] - The product has been selected in multiple local procurement rounds, with a projected 40% sales growth in 2024, generating over 1.1 billion yuan in revenue [2] Operational Strategy - Yuheng Pharmaceutical anticipates growth in its operating performance compared to the previous year, focusing on stable growth of existing products and expanding sales channels for unique traditional Chinese medicine products [3][4] - The company plans to enhance its sales channels for new products like the sitagliptin metformin sustained-release tablet and expand the market for meperidine [4] Cost Management - The company has seen a decrease in sales expense ratio from 40.69% to 32.48% year-on-year, with a further drop to 28.80% in Q1 2025, attributed to improved management and efficiency [4] - There is still potential for further reduction in sales expenses, with ongoing efforts to maintain low expense ratios through refined management practices [4] Future Growth and M&A Strategy - Yuheng Pharmaceutical is considering mergers and acquisitions cautiously, focusing on innovative and differentiated products to enrich its product pipeline [5] - The company aims to target acquisition candidates with strong revenue, profit, and cash flow potential, or those that can quickly contribute to sales and leverage existing production capacity [5]

Market Overview - The pharmaceutical sector experienced a significant surge on July 10, with stocks such as Seer Medical, Lianhuan Pharmaceutical, and Kangchen Pharmaceutical hitting the daily limit [1] - Seer Medical recorded a price of 25.61 with a rise of 10.01%, Lianhuan Pharmaceutical reached 13.62 with a 10.02% increase, and Kangchen Pharmaceutical was at 40.68 with a 10.01% gain [2] Key Events - Merck, a major U.S. pharmaceutical company, announced its intention to acquire UK-based Verona Pharma for approximately $10 billion to enhance its product line for chronic obstructive pulmonary disease (COPD) [3] - Former President Trump threatened to impose a 200% tariff on pharmaceuticals, although this may not take effect immediately, allowing pharmaceutical companies a one-year buffer [3] - The National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs, including 16 initiatives to enhance support for R&D and encourage clinical application [3] Institutional Insights - The trend of Chinese innovative drugs entering international markets is expected to grow over the next 3-5 years, driven by improved innovation capabilities and profitability of Chinese pharmaceutical companies, which will enhance industry valuation levels [4] - The upstream raw material drug sector has seen a valuation adjustment, now positioned at relatively low levels, with the commercialization of GLP-1 products expected to drive growth in upstream peptide raw materials [4] - As the mid-year reporting period approaches, performance metrics will become a focal point for the market, with expectations for continued improvement in innovative drugs and their supply chains [4]

Group 1: Product Performance and Sales Projections - The main product, Injection Multi-Vitamins (12), is expected to achieve a sales growth of 40% in 2024, with sales revenue exceeding 1.1 billion CNY, and a continued growth trend anticipated for 2025 [2][3] - The sales revenue of An Nao Wan/Pills reached 182 million CNY in 2023, an increase of 81.7 million CNY year-on-year, with a projected growth of over 30% in Q1 2025 [3][4] - The company expects significant growth in Chloride Potassium Sustained-Release Tablets this year [6][8] Group 2: Market Position and Competitive Landscape - Injection Multi-Vitamins (12) maintains over 80% market share due to its competitive landscape and brand advantage [2] - The market for Ginkgo Biloba Injection is favorable, with only three competitors expected to increase sales after the current procurement cycle [3] - The company has a stable partnership with Daiichi Sankyo, contributing approximately 10% of total revenue, around 240 million CNY [4][5] Group 3: Sales and Marketing Strategy - The sales expense ratio decreased from 40.69% in the previous year to 32.48% in 2024, with a further reduction to 28.80% in Q1 2025, indicating improved efficiency [8][9] - The company plans to enhance the competitiveness of An Nao Wan/Pills through improved product qualifications and academic promotion [6][8] - Marketing investments will be adjusted based on product lifecycle and profitability, with increased focus on An Nao Wan/Pills post-medical insurance limit removal [9] Group 4: Future Growth and Development Plans - The company aims to expand its product pipeline through new product approvals and potential acquisitions, focusing on innovative and differentiated products [8][9] - There is an emphasis on maintaining steady growth in existing products while exploring new market opportunities [7][8] - The company is committed to cost reduction and efficiency improvements to sustain profitability [8]

关于公司部分董事及高级管理人员减持股份计划实施完毕的公告 哈尔滨誉衡药业股份有限公司（以下简称"公司"）副总经理李润宝先生、 副总经理王小航先生及董事、副总经理、董事会秘书刘月寅女士保证信息披露的 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 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：2025-058 哈尔滨誉衡药业股份有限公司 公司于 2025 年 5 月 30 日披露了《关于公司部分董事及高级管理人员减持股 份的预披露公告》，公司副总经理李润宝先生、王小航先生及公司董事、副总经 理、董事会秘书刘月寅女士计划自减持计划预披露公告披露之日起 15 个交易日 后的三个月内（2025 年 6 月 24 日-2025 年 9 月 23 日）以集中竞价方式各减持公 司股份 587,500 股（占公司股份总数的 0.03%）、587,500 股（占公司股份总数的 0.03%）、259,619 股（占公司股份总数的 0.01%）。 2025 年 7 月 1 日，公司收到李润宝先生、王小航先生、刘月寅女 ...

Group 1 - The company announced that the share reduction plan by its executives has been completed [1] - Vice General Managers Li Runbao and Wang Xiaohang each reduced their holdings by 587,500 shares, accounting for 0.03% of the company's total shares [1] - Board Secretary and Vice General Manager Liu Yueyin reduced his holdings by 259,600 shares, accounting for 0.01% of the company's total shares [1] Group 2 - The reduction price range for the shares was between 2.9 yuan and 2.92 yuan per share [1] - After the reduction, Li Runbao and Wang Xiaohang each hold 1,762,500 shares, representing 0.08% of the total share capital [1] - Liu Yueyin now holds 779,000 shares, which is 0.03% of the total share capital [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：2025-057 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5月13日至2025年6月25日，公司使用自有闲置资金24,000万元购买了 理财产品，现将具体情况公告如下： 一、委托理财的情况 （一）中国对外经济 ...

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：2025-056 哈尔滨誉衡药业股份有限公司 关于全资下属公司山西普德药业有限公司 注射用多种维生素（12）通过一致性评价的公告 哈尔滨誉衡药业股份有限公司 注射用多种维生素(12)为静脉补充维生素用药，适用于当口服营养禁忌、不 能或不足（营养不良、吸收不良、胃肠外营养……），需要通过注射补充维生素 的成人及 11 岁以上儿童患者。 该品种由美国 Baxter S.A.开发，最早 1990 年在欧洲上市，商品名 Cernevit。 1999 年进口中国，商品名施尼维他。注射用多种维生素(12)于 2018 年 9 月纳入 《国家基本药物目录(2018 年版)》，于 2020 年 12 月被直接调入《国家基本医 疗保险、工伤保险和生育保险药品目录(2020 年)》，属于国家医保目录乙类品 种。经查询，除美国 Baxter S.A.的原研药品外，国内仅普德药业、山东鲁盛制药 有限公司 2 家获批上市，并通过或视同通过一致性评价。目前在审评中的有重庆 药友制药有限责任公司、内蒙古白医制药股份有限公司和辽宁海思科制药有限公 司。 本公司 ...

Core Viewpoint - Yuheng Pharmaceutical (002437) announced that its wholly-owned subsidiary, Pude Pharmaceutical, received approval from the National Medical Products Administration for the injection of multiple vitamins (12) [1] Group 1: Product Approval and Market Potential - The injection of multiple vitamins (12) has passed the consistency evaluation of generic drug quality and efficacy [1] - The product is intended for adult and pediatric patients aged 11 and above, with projected sales in urban public hospitals and county-level public medical institutions in China amounting to 1.916 billion yuan in 2024 [1] Group 2: R&D Investment - Pude Pharmaceutical has invested approximately 3.6706 million yuan in the consistency evaluation work for this product [1]

Group 1: Company Performance and Financials - The company's revenue has significantly declined compared to 2018 and 2019, primarily due to the sale of Auno (China) Pharmaceutical Co., Ltd. in late 2019, which is no longer included in the consolidated financial statements [2] - In Q1 2025, the company's revenue decreased by 7.06% year-on-year, while net profit attributable to shareholders increased by 15.24% [6] - The company expects stable or slightly declining revenue for 2025, with continued growth in operating performance [6] Group 2: Product and Market Insights - Major products have been subjected to centralized procurement, with significant sales growth expected for the injection of multi-vitamins (over 40% in 2024) [3] - The company has a diverse product portfolio, including traditional Chinese medicine and various injectable products, with a focus on maintaining stable growth in existing products [6][10] - The company is primarily engaged in generic drug business, with plans to explore differentiated generics and high-barrier generics in the short term [10] Group 3: Corporate Structure and Shareholder Information - The company has undergone multiple acquisitions, with goodwill amounting to 369 million yuan as of the end of 2024, with no impairment risks identified [5] - Major shareholders include Shen Zhenyu and others, holding over 20% of total shares, with Shen Zhenyu's stake at approximately 10% as of Q1 2025 [13] - The company completed a share repurchase plan in March 2025, utilizing approximately 80 million yuan to buy back 32.31 million shares, representing 1.42% of the total share capital [11]