誉衡药业（002437）：2025H1业绩稳健增长，代理销售佩玛贝特片

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7][4]. Core Insights - The company reported a revenue of 1.1 billion yuan in H1 2025, a year-on-year decrease of 9.97%, while the net profit attributable to shareholders increased by 7.56% to 134 million yuan [1]. - The company continues to implement cost reduction and efficiency improvement measures, resulting in a significant decrease in sales and management expenses [2]. - The company has signed promotional agreements for the sales of Pemafibrate tablets, which are expected to enhance its product pipeline and competitive position in the cardiovascular field [3]. Financial Performance - In H1 2025, the company achieved a net profit of 134 million yuan, with a year-on-year increase of 7.56% [1]. - The sales expenses decreased from 428 million yuan in the previous year to 294 million yuan, a reduction of 31.28% [2]. - The company's asset-liability ratio improved from 31.66% to 28.70%, indicating enhanced financial stability [2]. Revenue and Profit Forecast - The revenue forecast for 2025-2027 has been adjusted to 2.364 billion yuan, 2.464 billion yuan, and 2.661 billion yuan respectively, while the net profit forecast has been increased to 258 million yuan, 282 million yuan, and 318 million yuan for the same period [4].