哈尔滨誉衡药业股份有限公司 哈尔滨誉衡药业股份有限公司 董事会薪酬与考核委员会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相关事项的核查意见 哈尔滨誉衡药业股份有限公司（以下简称"公司"）薪酬与考核委员会根据 《深圳证券交易所股票上市规则》、《上市公司股权激励管理办法》等法律、法 规及《公司章程》等有关规定，对公司本次回购注销事项及离职激励对象人员名 单等进行了审核，并发表核查意见如下： 哈尔滨誉衡药业股份有限公司 薪酬与考核委员会 二〇二五年十二月三十日 第 1页 经审核，公司本次预留授予的激励对象 3 人的劳动关系已终止，已不符合激 励条件，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上述激励 对象已获授但尚未解除限售的合计 2,160,000 股限制性股票；本次回购注销符合 《上市公司股权激励管理办法》、《2024 年限制性股票激励计划（草案）》及 《2024 年限制性股票激励计划实施考核管理办法》等有关法律法规、规范性文 件的规定，不存在损害公司及全体股东利益的情形，不会影响公司的持续发展， 不会对公司的财务状况和经营成果产生实质性不利影响，因此，同意本次回购注 销事项。 ...

哈尔滨誉衡药业股份有限公司 哈尔滨誉衡药业股份有限公司 第七届董事会第七次会议决议公告 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。 2025 年 12 月 24 日，哈尔滨誉衡药业股份有限公司（以下简称"公司"）董 事会办公室以短信及电子邮件的方式向全体董事发出了《关于召开公司第七届董 事会第七次会议的通知》及相关议案。 2025 年 12 月 29 日，第七届董事会第七次会议以通讯方式召开。本次会议 应参加董事 6 人，实际参加董事 6 人。 会议的召集、召开及表决程序符合《公司法》、《公司章程》及《董事会议 事规则》等有关规定。会议由董事长沈臻宇女士主持，经与会董事认真审议及表 决形成如下决议： 一、审议并通过了《关于修订<公司章程>的议案》； 为进一步提升规范运作水平、完善治理结构，结合公司实际情况，将董事会 成员席位由 6 名增加至 8 名，并对《公司章程》部分条款进行修订，具体如下： 证券代码：002437 证券简称：誉衡药业 公告编号：2025-082 止。徐宇虹简历详见附件。 本议案已经公司董事会提名委员会审议通过。董事会中兼任公司高级管理人 ...

Group 1 - The core point of the article is that Yuheng Pharmaceutical (002437) has announced plans for the launch of its cooperative promotional product, Pemabertin tablets, expected to be available for sale next year [1]

Core Viewpoint - Yuheng Pharmaceutical (002437) is actively engaging with institutional investors and has a diverse portfolio of over 300 drug registrations, focusing on various therapeutic areas including musculoskeletal, cardiovascular, vitamins, diabetes, analgesics, anti-infectives, and oncology [1][2]. Group 1: Product Portfolio and Market Position - As of the end of 2024, Yuheng Pharmaceutical holds over 300 drug registration certificates, with 213 products included in the 2024 National Medical Insurance Directory and 64 in the essential drug list [1]. - The company's core products have been on the market for many years, maintaining a high market share in their respective segments, with certain products like multi-vitamin injections and others leading their niche markets [1]. - The only product with revenue exceeding 50 million yuan that is not included in the medical insurance is the Duhua Peptide Injection, which has a long market presence and stable revenue [2]. Group 2: Research and Development Focus - The company's R&D pipeline is centered around core therapeutic areas and existing production capabilities, primarily focusing on high-barrier generic drugs, such as pre-filled methotrexate injections, which are in a leading R&D position [2]. - Yuheng Pharmaceutical is developing a product line for potassium chloride, including sustained-release tablets, oral solutions, and granules, to create a comprehensive potassium chloride product portfolio [2]. Group 3: Sales and Distribution Strategy - All current products are prescription drugs primarily sold in hospitals, with some products like potassium chloride sustained-release tablets available in retail pharmacies and e-commerce platforms [3]. - The company employs a refined sales strategy through specialized academic promotion and has a low export business proportion, currently exporting only sodium phosphocreatine to Uzbekistan [3]. Group 4: Corporate Governance and Shareholding - The company is currently without a controlling shareholder due to the bankruptcy of its former major shareholder, whose shares were judicially auctioned in 2023 [3]. - The largest shareholder acquired shares through judicial auction and has shown confidence in the management team and long-term investment value by increasing their holdings multiple times [3].

Group 1: Company Overview - The company focuses on high-barrier generic drugs, with a leading position in the research and development pipeline, particularly in products like pre-filled methotrexate injection [2] - The product lineup includes potassium chloride sustained-release tablets and various formulations of potassium chloride, achieving a multi-formulation product combination [2] Group 2: Research and Development - The company’s project initiation standards are based on core therapeutic areas and existing production capacity, focusing on products with fewer applications and technical barriers to ensure competitive advantages [3] - R&D costs for generic drugs are generally lower than those for original drugs, influenced by the complexity of development [3] Group 3: Market and Sales - The company has one product, Luguapeptide injection, with annual revenue exceeding 5,000,000 that is not included in the medical insurance list, maintaining stable market share [3] - Sales are primarily through hospitals, with potassium chloride sustained-release tablets also sold in retail pharmacies and e-commerce platforms, although the latter accounts for a smaller share [3] Group 4: Product Expansion and Future Plans - The company is exploring further expansion in traditional Chinese medicine (TCM) products, with a dedicated business development team researching compatible products [4] - The product Pemabertan tablets are expected to be launched in the following year [4] Group 5: Financial and Shareholder Information - The company has not distributed dividends due to negative retained earnings and has implemented a share buyback plan, utilizing 8,000,000 yuan to repurchase 3,230.72 million shares, representing 1.42% of total share capital [5] - The company is currently without a controlling shareholder due to the bankruptcy of the previous major shareholder, with shares auctioned off in November 2025 [5]

Core Viewpoint - Jilin Sihuan Pharmaceutical Co., Ltd. has issued a public apology regarding non-compliant trading behaviors associated with its product "Nerve Growth Factor Injection," which disrupted market order and violated business ethics [4][8]. Group 1: Company Actions - The company has taken immediate actions, including terminating cooperation with the involved distribution company [4]. - A comprehensive internal review of all product distributors and compliance assessments has been initiated to ensure adherence to industry standards [4]. - The company has strengthened its compliance system by revising and enhancing regulations, clarifying penalties for violations, and conducting specialized training for partners [4]. Group 2: Industry Context - The pharmaceutical sales sector has been plagued by issues such as "kickbacks" and inflated drug prices, leading to increased costs for medical supplies [8]. - The National Medical Insurance Administration has established a credit evaluation system for pharmaceutical pricing and procurement, which penalizes companies based on court rulings or administrative actions [8]. - As of the end of 2024, 735 companies have been rated as untrustworthy, affecting their eligibility for product listing and centralized procurement [8].

证券日报网讯12月17日，誉衡药业（002437）在互动平台回答投资者提问时表示，截至目前，公司生产 经营一切正常，关于公司财务数据请您以公司公告为准。 ...

（文章来源：证券日报） 证券日报网讯 12月15日，誉衡药业在互动平台回答投资者提问时表示，截至2025年12月10日，公司股 东人数为10.29万户。 ...

Core Insights - The article highlights the target price increases for several listed companies as recommended by brokerages, with notable gains in specific sectors [1] Group 1: Target Price Increases - The companies with the highest target price increases include Wen's Foodstuffs Group with a rise of 35.97%, Taihe New Materials with 30.43%, and Yuheng Pharmaceutical with 17.04% [1] - These companies belong to the aquaculture, chemical fiber, and pharmaceutical industries respectively [1] Group 2: Brokerage Recommendations - On December 11, a total of 20 listed companies received recommendations from brokerages, including Yuheng Pharmaceutical, Huayang Co., and Taihe New Materials, each receiving one recommendation [1]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1] Core Views - The company has undergone a strategic transformation from a single focus on orthopedics to multiple therapeutic areas including cardiovascular, nutritional supplements, and electrolyte regulation. The core strategy is centered around "product supremacy" through a "self-research + collaboration" model to enrich the product pipeline [6][14] - In the first half of 2025, the company achieved revenue of 1.0995 billion yuan, with nutritional drugs contributing 43.88% and cardiovascular drugs 27.99% to total revenue. The company has a stable shareholding structure with Shen Zhenyu as the actual controller [6][14] - The company has shown a gradual recovery in performance, with a net profit of 244 million yuan in Q3 2025, representing a year-on-year growth of 32.85%, establishing a healthy operating pattern characterized by low debt and high profitability resilience [6][14] Financial Performance - The company’s projected revenues for 2025-2027 are 2,252.80 million, 2,392.24 million, and 2,637.93 million yuan, with growth rates of -7.70%, 6.19%, and 10.27% respectively. The projected net profits for the same period are 254.40 million, 288.74 million, and 348.65 million yuan, with growth rates of 9.30%, 13.50%, and 20.75% respectively [7] - The current market capitalization corresponds to a PE ratio of 28.25 for 2025, 24.89 for 2026, and 20.61 for 2027, indicating a favorable valuation outlook as the company navigates the pressures of centralized procurement [6][7] Industry Analysis - The global pharmaceutical market is expected to reach 1.9 trillion USD by 2027, with China's market share anticipated to continue increasing. Innovative drug technologies such as ADC, bispecific antibodies, and CGT are projected to be core growth engines [6][14] - The industry is currently in a dual-track development phase characterized by the normalization of centralized procurement and supportive policies for innovative drugs. The company’s core products have a high market share and align well with industry trends, indicating strong adaptability [6][14]