誉衡药业：第一大股东是否继续增持将结合公司发展及市场情况而定

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].