证券日报网讯誉衡药业（002437）9月12日在互动平台回答投资者提问时表示，截至2025年9月10日，公 司股东总数约10.68万户。 ...

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]

证券之星价投圈财报分析工具显示： 据证券之星公开数据整理，近期誉衡药业（002437）发布2025年中报。根据财报显示，誉衡药业净利润 同比增长7.56%。截至本报告期末，公司营业总收入11.0亿元，同比下降9.97%，归母净利润1.34亿元， 同比上升7.56%。按单季度数据看，第二季度营业总收入5.48亿元，同比下降12.72%，第二季度归母净 利润7416.97万元，同比上升2.04%。 本次财报公布的各项数据指标表现一般。其中，毛利率47.29%，同比减12.47%，净利率12.5%，同比增 16.06%，销售费用、管理费用、财务费用总计3.52亿元，三费占营收比31.98%，同比减22.15%，每股净 资产0.91元，同比增7.73%，每股经营性现金流0.07元，同比减22.27%，每股收益0.06元，同比增10.25% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 12.21亿 | 11亿 | -9.97% | | 归母净利润(元) | 1.25 Z | 1.34亿 | 7.56% | | 扣非净利 ...

Summary of Yuheng Pharmaceutical Conference Call Company Overview - **Company**: Yuheng Pharmaceutical - **Period**: First half of 2025 Key Points Financial Performance - Yuheng Pharmaceutical reported a revenue of 1.1 billion RMB in the first half of 2025, a decrease of 10% year-on-year [4] - Net profit attributable to shareholders was 134 million RMB, an increase of 7.56% [4] - Non-recurring net profit reached 107 million RMB, up 13.28% [4] - Operating cash flow was 155 million RMB, with a weighted average return on equity of 6.78% [4] - Total and net assets showed slight growth [4] Revenue Decline Reasons - Revenue decline was primarily due to price reductions from centralized procurement, notably the price of core product 12 Wei dropping from 80 RMB to 40 RMB per unit [5] - Despite the revenue drop, overall business growth was maintained with significant increases in products like An Nao series and Lu Guo Duo Peptide [5] Cost Control Measures - Effective cost control led to a sales expense reduction of over 20% year-on-year [6] - Management expenses decreased, and financial expenses approached zero, significantly improving profitability and asset quality [6] Future Business Strategy - The company plans to continue its existing management philosophy, focusing on improving asset quality and profitability while introducing new products like Peima Beite and Nike Bao [7] - Peima Beite tablets are expected to enter the national medical insurance negotiation directory in Q4 2025, with a target market of over 300 million patients with lipid abnormalities in China [8] Sales and Expense Ratios - Sales expense ratio decreased to 26%, below the industry average [9] - Management expense ratio maintained at a low level of 5.16% [9] - The company anticipates stable profit margins for the remainder of the year [10] Product Growth and New Introductions - New products like Xigrelitin Metformin sustained significant sales contributions, covering over 600 hospitals with expected terminal sales of 100 million RMB [11] - Collaboration with Eisai on Mecobalamin injection is projected to generate over 20 million RMB in revenue [13] - The company expects significant sales growth from new products in 2026, with optimistic revenue forecasts [14] E-commerce and Market Expansion - Yuheng Pharmaceutical is actively expanding e-commerce channels, partnering with platforms like JD Health, expecting e-commerce to account for 20-30% of total sales [3][17] - The company is also exploring international development opportunities through acquisitions and partnerships [3] Core Product Performance - Core products like An Nao series and Vitamin B12 maintained stable growth, with An Nao series expected to exceed 10 million boxes in sales [16][20] - The market for An Nao series is supported by a large patient base, with projections for continued high growth [20] Acquisition Strategy - The company has a successful history of acquisitions, contributing significantly to gross profit [21] - Yuheng Pharmaceutical has over 600 million RMB in cash reserves and a low debt ratio of 26%, facilitating future acquisitions [22] Internationalization Efforts - Yuheng Pharmaceutical has initiated international collaborations and plans to expand its international business further [24] Future Outlook - The company aims to create value and meet shareholder expectations while maintaining open communication with investors [25] - Yuheng Pharmaceutical is optimistic about stable growth in the coming years, supported by new product launches and strategic management [23]

Core Viewpoint - Harbin Yuheng Pharmaceutical Co., Ltd. reported a decline in revenue for the first half of 2025, but net profit increased, indicating a mixed performance with potential for future growth through product expansion and cost management [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 1.1 billion yuan, a year-on-year decrease of 9.97% [1]. - Net profit attributable to shareholders was 134 million yuan, an increase of 7.56% year-on-year [1]. - The net profit after deducting non-recurring items was 107 million yuan, up 13.28% year-on-year [1]. - Operating cash flow was 155 million yuan, with a weighted average return on equity of 6.78% [1]. Operational Highlights - The company achieved significant sales growth in key products: - Sales of An Nao Wan/Pian increased by over 30% year-on-year - Revenue from potassium chloride sustained-release tablets also grew by over 30% - The market coverage for Sitagliptin Metformin sustained-release tablets expanded to over 600 terminals [2]. - Management, sales, and financial expenses all saw reductions, with sales expenses down 31.28% to 294 million yuan, management expenses down 21.58% to 56.75 million yuan, and financial expenses down 48.03% to 601,300 yuan [2]. Future Development Strategy - The company plans to enhance asset quality and profitability through: - Continued growth in existing products like Lugu Peptide Injection and multi-vitamin injections - Accelerating sales channel development for new products like Sitagliptin Metformin sustained-release tablets and expanding market reach for new cooperative products [2]. - The company has over 20 projects in development, aiming to obtain approvals for 4 to 6 products this year [2]. - Cost control measures will continue to be a focus, with potential for further reductions in management and sales expenses [2]. Market Expectations - The company expressed optimism about the sales of Pemafibrate tablets, anticipating entry into national negotiations by Q4 2025, which could lead to significant market progress [3]. - The commercial cooperation for Methylcobalamin Injection is expected to contribute to revenue growth [3]. - The Sitagliptin Metformin sustained-release tablets are projected to achieve terminal sales of around 100 million yuan for the year [3]. - The company is exploring international collaborations and has begun exporting products, generating revenue from exports to Central Asia [3]. Investment Outlook - The company is open to investor engagement and is focused on creating value through performance improvement and strategic initiatives [4].