证券研究报告·公司点评报告 2026 年 2 月 25 日 江海证券研究发展部 执业证书编号：S1410524050001 | 投资评级： | 增持（维持） | | | --- | --- | --- | | 当前价格: | | 3.38元 | | 目标价格: | | 3.64元 | | 目标期限: | 6 | 个月 | 市场数据 | 总股本(百万股) | 2232.03 | | --- | --- | | A 股股本(百万股) | 2232.03 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%) | 98.46 | | 12 个月最高/最低(元) | 4.08/2.12 | | 第一大股东 | 沈臻宇 | | 第一大股东持股比例(%) | 4.92 | | 上证综指/沪深 300 | 4117.41/4707.54 | % 1 个月 3 个月 12 个月 相对收益 -3.81 2.98 17.42 绝对收益 -3.70 8.68 35.74 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-黑龙江新质生产力公司深度 报告（首次覆盖)-誉衡药业-002437.SZ： ...

Core Insights - The A-share biopharmaceutical companies are expected to deliver innovative results in 2025, benefiting from industry recovery, overseas market expansion, and favorable pharmaceutical policies [2] - Over 90 A-share biopharmaceutical companies have released performance forecasts for 2025, with 53 companies expected to be profitable [2] - Among the profit forecasts, 14 companies anticipate a net profit increase of over 100%, while 10 companies expect to turn losses into profits [3][2] Group 1: Performance Growth Drivers - Sales volume growth and internal cost reduction are key factors for the significant profit increases among the companies [4] - Shanghai Yizhong leads with a projected net profit increase of 760.18% to 903.54%, expecting a net profit of 60 million to 70 million yuan in 2025 due to its core product being included in the national medical insurance directory [4] - Yuheng Pharmaceutical anticipates a net profit of 350 million to 420 million yuan, a year-on-year increase of 50.37% to 80.44%, driven by steady sales growth of its products [4] - Nawei Technology expects a net profit of 128 million to 145 million yuan, a year-on-year increase of 54.51% to 75.03%, focusing on market strategies in key sectors [4][5] Group 2: International Market Expansion - International business is a significant growth driver for biopharmaceutical companies [6] - WuXi AppTec, a leading CXO company, forecasts a revenue of 45.456 billion yuan, a year-on-year increase of approximately 15.84%, and a net profit of 19.151 billion yuan, a 102.65% increase [6] - Ganli Pharmaceutical expects a net profit of 1.1 billion to 1.2 billion yuan, a year-on-year increase of 78.96% to 95.23%, attributed to steady growth in domestic and international revenues [6] Group 3: Innovation and Recovery - Several innovative drug companies are entering a recovery phase, with many turning losses into profits or significantly reducing losses [8] - BeiGene expects a full-year operating profit for 2025, with revenue projections between 36.2 billion and 38.1 billion yuan, reflecting an upward adjustment from previous estimates [8] - DiZhe Pharmaceutical anticipates a revenue of 800 million yuan, a year-on-year increase of 122.28%, with a reduced net loss of 770 million yuan [9]

Core Viewpoint - Yuheng Pharmaceutical (002437) expects a significant increase in net profit for 2025, projecting a range of CNY 350 million to CNY 420 million, representing a year-on-year growth of 50.37% to 80.44% [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of CNY 350 million to CNY 420 million for 2025, compared to CNY 233 million in the previous year [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between CNY 185 million and CNY 220 million, reflecting a growth of 0.92% to 20.02% from CNY 183 million in the previous year [1] Group 2: Product Development and Market Position - Yuheng Pharmaceutical focuses on the research, production, and sales of pharmaceuticals, with a strong emphasis on high-barrier generic drugs, including pre-filled methotrexate injection [1] - The company has over 300 drug registration certificates, covering various therapeutic areas such as musculoskeletal, cardiovascular, vitamins and minerals, diabetes, analgesics, anti-infection, and anti-tumor [1] - Key products like multi-vitamin injections, potassium chloride sustained-release tablets, and others have maintained high market shares in their respective segments [2] Group 3: Sales and Marketing Strategy - The company primarily sells prescription drugs through hospitals, with some products available in retail pharmacies and e-commerce platforms [2] - Yuheng Pharmaceutical employs a refined招商 (investment promotion) and specialized academic promotion strategy for sales [2] - The company has a low export business proportion, currently limited to sodium phosphate injection to Uzbekistan, with future plans to expand exports in line with the Belt and Road Initiative [2] Group 4: Operational Efficiency - The company has achieved notable results in cost reduction and efficiency improvement, with decreases in both sales and management expenses compared to the same period in 2024 [3] - A non-recurring gain of CNY 132 million from the sale of equity in Guangzhou Yuheng Biotechnology Co., Ltd. is expected to be included in the 2025 investment income [3]

Core Viewpoint - The company expects a significant increase in net profit for 2025, projecting a range of 350 million to 420 million yuan, representing a year-on-year growth of 50.37% to 80.44% [1] Financial Performance - The basic earnings per share are estimated to be between 0.1597 yuan and 0.1917 yuan [1] - The increase in performance is attributed to strong sales growth of core products, including injectable multivitamins, potassium chloride sustained-release tablets, and other key medications [1] Cost Management - The company has improved internal management, leading to a noticeable reduction in sales and administrative expenses compared to the same period last year [1] Non-Recurring Income - In December 2025, the company received 132 million yuan from the sale of equity in Guangzhou Yuheng Biotechnology Co., Ltd., which will be included in the investment income for 2025 as a non-recurring gain [1]

Core Viewpoint - Yuheng Pharmaceutical (002437.SZ) expects a significant increase in net profit for the fiscal year 2025, projecting a range of CNY 350 million to CNY 420 million, representing a year-on-year growth of 50.37% to 80.44% [1] Financial Performance - The company anticipates a net profit attributable to shareholders of CNY 350 million to CNY 420 million, with a year-on-year increase of 50.37% to 80.44% [1] - The net profit after deducting non-recurring gains and losses is projected to be between CNY 185 million and CNY 220 million, reflecting a growth of 0.92% to 20.02% year-on-year [1] Product Performance - Key products such as injectable multivitamins, potassium chloride sustained-release tablets, and other medications have shown substantial and steady sales growth [1] - Additional products contributing to revenue growth include sitagliptin and metformin sustained-release tablets, flurbiprofen ester injection, and injectable papaverine hydrochloride [1]

Core Viewpoint - The company, Yuheng Pharmaceutical (002437.SZ), expects a significant increase in net profit for 2025, projecting a range of 350 million to 420 million yuan, representing a growth of 50.37% to 80.44% year-on-year, while the net profit excluding non-recurring gains is expected to be between 185 million and 220 million yuan, reflecting a growth of 0.92% to 20.02% year-on-year [1] Group 1 - The sales of several core products, including injectable multivitamins, potassium chloride sustained-release tablets, and other medications, have shown substantial and steady growth [1] - The company has improved internal management, achieving notable results in cost reduction and efficiency enhancement, with both sales and management expenses decreasing compared to the previous year [1] - In December 2025, the company received the final payment and interest of 132 million yuan from the sale of its stake in Guangzhou Yuheng Biotechnology Co., Ltd., which will be included in the company's investment income for 2025 as a non-recurring gain [1]

Core Viewpoint - The company expects a significant increase in net profit for 2025, with projections indicating a rise of 50.37% to 80.44% compared to the previous year, driven by strong sales growth in key products and improved internal management efficiency [1] Financial Projections - The company forecasts a net profit attributable to shareholders of 350 million to 420 million yuan for 2025, representing a year-on-year increase of 50.37% to 80.44% [1] - The projected net profit after deducting non-recurring gains and losses is estimated to be between 185 million and 220 million yuan, reflecting a year-on-year growth of 0.92% to 20.02% [1] Key Growth Drivers - Sales of core products such as injectable multivitamins, potassium chloride sustained-release tablets, and other medications have shown significant and stable growth [1] - Additional contributions to revenue are expected from products like sitagliptin and metformin sustained-release tablets, flurbiprofen ester injection, and injectable papaverine hydrochloride [1] Cost Management - The company has made notable progress in internal management, resulting in a decrease in both sales and administrative expenses compared to the same period last year [1] Non-Recurring Gains - In December 2025, the company will receive the final payment and interest of 132 million yuan from the sale of equity in Guangzhou Yuheng Biotechnology Co., Ltd., which will be included in the investment income for 2025 as a non-recurring gain [1]

Core Viewpoint - Yuheng Pharmaceutical (002437) expects a net profit attributable to shareholders of 350 million to 420 million yuan for 2025, representing a year-on-year growth of 50.37% to 80.44% [1] Product Performance - The sales of several core products, including injectable multivitamins, potassium chloride sustained-release tablets, and other key medications, have shown significant and stable growth during the reporting period [1] - Additional products such as sitagliptin and metformin sustained-release tablets, flurbiprofen ester injection, and injectable papaverine hydrochloride have contributed to incremental growth [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]