答:该产品预计明年实现上市销售。 格隆汇12月24日丨誉衡药业(002437)在投资者关系中表示，有被问到:公司合作推广品种佩玛贝特片计划 上市时间？ ...

2025-011 | 回复： | | --- | | 公司有专业的 BD 团队，在针对中药产品进行深入研究，目 | | 标是找到与公司发展方向相符合的产品。 | | 问题 7：公司合作推广品种佩玛贝特片计划上市时间？ | | 回复： | | 该产品预计明年实现上市销售。 | | 问题 8：公司产品出口情况及未来计划？ | | 回复： | | 公司出口业务占整体营业收入比例较低，为注射用磷酸肌酸 | | 钠出口至乌兹别克斯坦；未来公司如果开展现有产品的出口业务， | | 也将主要围绕一带一路国家开展。 | | 问题 9：目前公司处于无实际控制人状态的原因？未来第一 | | 大股东是否会持续增持？ | | 回复： | | 公司原控股股东因破产导致其持有的公司股份于 2023 年被司 | | 法拍卖，导致公司处于无实际控制人状态。 | | 公司第一大股东通过司法拍卖方式获得了公司股份，后续因 | | 认可经理层团队及公司长期投资价值，进行了多次增持。 | | 未来是否会继续增持，将结合公司发展及市场情况而定。 | | 问题 10：公司多年未进行分红的原因，以及公司进行股份回 | | 购的原因？ | | 回复： | ...

Core Viewpoint - Yuheng Pharmaceutical (002437.SZ) is collaborating with Japan's Kowa Company to promote Pemabate Tablets, aimed at adult patients with non-familial hypertriglyceridemia to lower triglyceride levels. The product is not yet available in the domestic market, but the company plans to initiate hospital entry and development work next year based on market conditions [1]. Group 1 - The product Pemabate Tablets is intended for adult patients with non-familial hypertriglyceridemia [1]. - The collaboration is between Yuheng Pharmaceutical and Kowa Company from Japan [1]. - The product is currently not available for sale in the domestic market [1]. Group 2 - The company anticipates starting hospital entry and related development work next year [1]. - The initiation of these activities will depend on market conditions [1].

Core Viewpoint - Yuheng Pharmaceutical (002437.SZ) is collaborating with Japan's Kowa Company to promote Pemabate Tablets, aimed at reducing triglyceride levels in adult patients with non-familial hypertriglyceridemia. The product is not yet available in the domestic market, but the company plans to initiate hospital entry and related development work next year based on market conditions [1]. Group 1 - Yuheng Pharmaceutical is involved in a partnership with Kowa Company for the promotion of Pemabate Tablets [1] - The primary indication for Pemabate Tablets is to lower triglyceride levels in adult patients with non-familial hypertriglyceridemia [1] - The product has not yet been launched in the domestic market [1] Group 2 - The company anticipates conducting hospital entry and development activities for the product next year [1] - The timing of these activities will depend on market conditions [1]

Core Viewpoint - Yuheng Pharmaceutical is a well-known chemical formulation enterprise in China, with strong competitiveness in drug production and agency sales, and a rich product line and professional marketing team [1] Group 1: Business Performance - In Q3 2025, Yuheng Pharmaceutical reported revenue of 1.665 billion yuan, ranking 39th among 110 companies in the industry, while the industry leader, Huadong Medicine, had revenue of 32.664 billion yuan [2] - The net profit for the same period was 248 million yuan, placing the company 30th in the industry, with the top performer, Heng Rui Medicine, achieving a net profit of 5.76 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Yuheng Pharmaceutical's debt-to-asset ratio was 28.13%, down from 32.28% year-on-year, which is lower than the industry average of 35.26%, indicating improved debt repayment capability [3] - The gross profit margin for Q3 2025 was 46.42%, down from 53.25% year-on-year, and below the industry average of 57.17%, suggesting a need for improvement in profitability [3] Group 3: Management Team - The chairwoman, Shen Zhenyu, has a rich background and has held various leadership positions, while the general manager, Guo Leifeng, has extensive experience in investment management [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.99% to 102,500, while the average number of circulating A-shares held per shareholder increased by 3.08% to 20,400 [5] - The top circulating shareholder, Hong Kong Central Clearing Limited, increased its holdings by 35.136 million shares [5] Group 5: Future Outlook - Tianfeng Securities has adjusted its revenue forecasts for 2025-2027 to 2.364 billion, 2.464 billion, and 2.661 billion yuan, while raising net profit forecasts to 258 million, 282 million, and 318 million yuan for the same period [5] - First Capital Securities expects revenues of 2.437 billion, 2.751 billion, and 3.08 billion yuan, with net profits of 256 million, 291 million, and 328 million yuan for 2025-2027 [6]

Financial Performance - The company reported a net profit increase in Q3, primarily due to significant non-recurring gains from investments, particularly a substantial rise in the stock price of its invested fund WuXi L.P. [5] - Revenue from the core products, including potassium chloride sustained growth, with sales of the injection of multiple vitamins (12) and other exclusive Chinese medicine varieties showing robust performance [5][6] Product Development and Sales Outlook - The company has signed promotional agreements for new products, including Pemafibrate tablets and Mecobalamin injection, with expected revenue contributions of over 7 million in 2025 and around 15 million in 2026 respectively [3][4] - Sales of the Sitagliptin Metformin sustained-release tablets reached approximately 25 million in the first nine months of 2025, with a sales volume of nearly 200,000 bottles [3][4] Market Strategy and Growth Drivers - Future growth is anticipated from multiple sources, including core products that contribute over 60% of total revenue, and new products like Pemafibrate and Mecobalamin [5][6] - The injection of multiple vitamins (12) has seen over 40% sales growth in 2024, with a projected increase of over 10% by the end of 2025 [4] Cost Management - The sales expense ratio decreased to below 25% by the end of September, attributed to the impact of centralized procurement policies [7] - The company aims to maintain a low sales expense ratio while managing internal marketing effectively [7] Future Plans and M&A Considerations - The company is focused on introducing MNC products domestically, particularly through partnerships with Japanese firms, and is exploring opportunities in differentiated products within its core areas [8][9] - The company has over 100 million in self-owned funds available for potential acquisitions, alongside options for acquisition loans [9] Investment and Shareholder Communication - The company holds a 3.46% stake in Yu Cheng Capital, with significant projects like the Hong Kong-listed Basestone Pharmaceuticals contributing to fair value gains [9] - The company emphasizes ongoing communication with investors and welcomes further engagement [9]

Core Viewpoint - Yuheng Pharmaceutical achieved a net profit attributable to shareholders of 134 million yuan in H1 2025, representing a year-on-year increase of 7.56% [1] Financial Performance - The company's asset-liability ratio decreased from 31.66% in the same period last year to 28.70%, indicating an ongoing optimization of the asset-liability structure and enhanced risk resistance [1] Strategic Partnerships - In H1 2025, the company signed a joint promotion agreement for Pemafibrate tablets with Xinghe Pharmaceutical and a market promotion service agreement for Mecobalamin injection with Eisai (China) [1] - Pemafibrate tablets, as a new generation of fibrate drugs, have broad market prospects, which will enrich the company's product pipeline and potentially increase revenue and profit [1] Competitive Positioning - The promotion of Pemafibrate tablets is expected to enhance the company's competitiveness in the cardiovascular field and improve its specialized academic promotion capabilities, laying the foundation for future product collaborations [1] Investment Rating - The company maintains a "Buy" rating [1]

Group 1 - The report highlights a marginal recovery in China's manufacturing PMI in September, indicating a rebound in production activities, with new orders and export orders showing upward trends [1] - The report suggests three main investment directions based on economic recovery and market liquidity: breakthroughs in technology AI, resonance between domestic and international markets, and the continued rise of undervalued assets [1] - In the A-share market, major indices maintained upward momentum in September, with the ChiNext index rising over 12% and net inflows from southbound funds reaching 172.65 billion yuan [3] Group 2 - The global small nucleic acid drug market is projected to grow at a compound annual growth rate of 26.1%, reaching 46.7 billion USD by 2033, driven by technological advancements and increasing clinical approvals [10] - The report details the clinical progress of small nucleic acid drugs in various therapeutic areas, indicating significant potential for growth in this sector [10] - The report recommends focusing on both international and domestic companies involved in small nucleic acid drugs, highlighting key players in the market [10] Group 3 - The report on Lian Microelectronics indicates a stable revenue growth of 14.18% year-on-year for H1 2025, driven by technological innovation and an integrated supply chain [12] - Despite the revenue growth, the company reported a significant increase in net losses, indicating ongoing profitability challenges [12] - The report emphasizes the importance of capacity expansion and integrated industry chain advantages for the company's stable operations [12] Group 4 - The report on Solon Technology highlights the opportunities created by electrification and domestic substitution trends in the nylon pipeline sector, with potential revenue growth driven by increased demand from electric vehicles [18] - The company has established long-term partnerships with over 30 automotive manufacturers, positioning itself well in the market [18] - Revenue projections for 2025-2027 indicate a growth trajectory, with expected revenues of 1.57 billion, 1.96 billion, and 2.39 billion yuan respectively [18] Group 5 - The report on Yuheng Pharmaceutical shows a decline in revenue by 9.97% in H1 2025, while net profit increased by 7.56%, indicating effective cost management [37] - The company has signed promotional agreements for new drug products, enhancing its market presence and potential revenue streams [37] - The introduction of Pemabet tablets is expected to strengthen the company's product pipeline and competitive position in the cardiovascular sector [38]

Core Insights - The company reported a revenue of 1.1 billion yuan for H1 2025, a decrease of 9.97% year-on-year, while the net profit attributable to shareholders increased by 7.56% to 134 million yuan [1] - Cost reduction and efficiency improvement measures are showing positive results, with sales expenses down 31.28% to 294 million yuan and management expenses down 21.58% to 56.75 million yuan [2] - The company signed promotional agreements for Pemabate tablets, which are expected to enhance its product pipeline and competitiveness in the cardiovascular field [3] - Revenue forecasts for 2025-2027 have been adjusted to 2.364 billion, 2.464 billion, and 2.661 billion yuan, while net profit forecasts have been increased to 258 million, 282 million, and 318 million yuan [4] Financial Performance - H1 2025 revenue: 1.1 billion yuan, down 9.97% year-on-year [1] - H1 2025 net profit: 134 million yuan, up 7.56% year-on-year [1] - H1 2025 non-recurring net profit: 107 million yuan, up 13.28% year-on-year [1] Cost Management - Sales expenses decreased from 428 million yuan to 294 million yuan, a reduction of 31.28% [2] - Sales expense ratio fell from 35.06% in H1 2024 to 26.76% [2] - Management expenses decreased from 72.37 million yuan to 56.75 million yuan, a reduction of 21.58% [2] - Asset-liability ratio improved from 31.66% to 28.70% [2] Product Development - The company signed a joint promotion agreement for Pemabate tablets, which have a promising market outlook [3] - Pemabate tablets are the first new selective PPARα modulator approved in China, aimed at lowering triglyceride levels [3] - The promotion of Pemabate tablets is expected to enhance the company's revenue and profit, as well as its academic promotion capabilities [3] Revenue and Profit Forecast - Adjusted revenue forecasts for 2025-2027: 2.364 billion, 2.464 billion, and 2.661 billion yuan [4] - Adjusted net profit forecasts for 2025-2027: 258 million, 282 million, and 318 million yuan [4]

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].