誉衡药业 20251029 摘要 玉恒药业第三季度扣非后净利润同比增长 47%至 7,146 万元，1-9 月累 计增长 24.69%至 1.78 亿元，加权平均净资产收益率达 11.93%。截 至 9 月底，归母净资产同比增长 10.58%至 21.57 亿元，显示公司盈利 能力稳步提升。 西格列汀二甲双胍缓释片于 2025 年 1-9 月实现销售收入约 2,500 万元， 销量 20 多万瓶。预计四季度将保持快速增长，已开发 700 余家终端， 2026 年有望持续放量，显著贡献销售收入，为公司业绩增长注入新动 力。 公司积极拓展 BD 合作，与日本星和制药和卫材制药达成合作推广协议， 引入特马德克片和甲钴胺注射液。匹马贝特片预计 2025 年四季度进入 国谈目录，普伐他汀片有望在国谈导入后于 2026 年实现快速放量，甲 钴胺注射液预计明年贡献 1,500 万以上收入。 未来两到三年，玉恒药业业绩增长将受益于安脑丸片、西格列汀二甲双 胍缓释片等新产品的持续放量，以及匹马贝特等新品的引入。现有产品 如 12 维路瓜多肽、氯化钾缓释片等也将继续贡献业绩，同时计划通过 外延并购引进更多新产品。 Q&A 公司第 ...

证券代码： 002437 证券简称：誉衡药业 哈尔滨誉衡药业股份有限公司投资者关系活动记录表 2025-010 | □ | 特定对象调研 □ 分析师会议 | | | | --- | --- | --- | --- | | □ | 媒体采访 √ | | 业绩说明会 | | 投资者关系活动 □ | 新闻发布会 路演活动 □ | | | | 类别 | | | | | □ | 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） 天风证券、东吴证券、信达证券、中金公司、中信建投、国盛证 | | | | | 券、招商证券、首创证券、中信证券、国泰海通、华福证券、国 | | | | | 泰君安资产管理股份有限公司、青骊投资管理（上海）有限公司、 | | | | 参与单位名称及 | 富安达基金管理有限公司、天治基金管理有限公司、长江证券（上 | | | | 人员姓名 | 海）资产管理有限公司、申万菱信基金管理有限公司、创金合信 | | | | | 基金管理有限公司、深圳市思加私募证券基金管理有限公司、和 | | | | | 谐健康保险股份有限公司、循远资产管理（上海）有限公司、中 | | | | | 国人保资 ...

Investment Rating - The investment rating for the company is "Add" [1] Core Views - The company has shown continuous improvement in operational efficiency and has good growth potential in its CSO (Contract Sales Organization) business [4] - Key products have maintained stable growth, with significant sales increases in certain categories due to marketing reforms and favorable policy changes [6] - The company has a strong foundation in its CSO business, with ongoing collaborations expected to contribute to revenue growth [6] - Earnings forecasts indicate a slight decline in revenue for 2025, followed by a recovery and growth in subsequent years, with net profit expected to grow steadily [5][6] Financial Summary - The latest closing price is 3.39 CNY, with a one-year high of 4.08 CNY and a low of 1.80 CNY [3] - The current P/E ratio is 31.43, and the P/B ratio is 3.72 [3] - Total shares outstanding are 2.246 billion, with a total market capitalization of 7.613 billion CNY [3] - Revenue for 2024 is projected at 24.41 billion CNY, with a slight decline in 2025 to 24.37 billion CNY, followed by growth to 27.51 billion CNY in 2026 and 30.80 billion CNY in 2027 [5] - Net profit for 2024 is estimated at 2.33 billion CNY, increasing to 2.56 billion CNY in 2025, 2.91 billion CNY in 2026, and 3.28 billion CNY in 2027 [5] - The company’s sales expense ratio has decreased by 8.30 percentage points year-on-year, and management expenses have decreased by 21.58% [6]

Core Viewpoint - The company has received approval for its self-developed potassium chloride sustained-release tablets, which are expected to enhance its product portfolio and market share in the pharmaceutical industry [1][3]. Group 1: Product Approval and Characteristics - The potassium chloride sustained-release tablets have been approved by the National Medical Products Administration, with specifications of 0.5g and 0.6g [1]. - This product is classified as a Category 3 generic drug under new chemical drug registration, which is considered equivalent to passing the consistency evaluation [1]. - The sustained-release technology offers advantages such as improved medication adherence, stable blood drug concentration, reduced peak-trough fluctuations, and minimized side effects [1]. Group 2: Research and Development Achievements - The company has developed unique large-scale production technology for the potassium chloride sustained-release tablets, ensuring stable production and high efficiency [2]. - The research institute has successfully demonstrated bioequivalence between the new product and the original formulation, achieving consistent therapeutic effects [2]. - The company has also secured a patent for the preparation method of the potassium chloride sustained-release tablets, marking a breakthrough in core technology [2]. Group 3: Market Potential - The potassium chloride sustained-release tablets are included in the 2024 National Medical Insurance Directory, indicating significant market potential [2]. - Sales figures for the potassium chloride sustained-release tablets are projected to grow from 350 million yuan in 2022 to 400 million yuan in 2024 [2]. Group 4: Strategic Direction - The potassium chloride sustained-release tablets represent an upgrade to the company's existing product line, aimed at capturing a larger market share and generating greater benefits [3]. - The company plans to continue enhancing research and industrial collaboration to provide accessible quality medications for patients while creating long-term value for investors [3].

Financial Performance - In the first half of 2025, the company's operating revenue was 11.00 billion CNY, a year-on-year decrease of 9.97% [2] - Net profit attributable to shareholders was 1.34 billion CNY, an increase of 7.56% year-on-year [2] - The net profit after deducting non-recurring gains and losses increased by 13.28% [2] - Operating cash flow was 1.55 billion CNY, with a weighted average return on equity of 6.78% [2] Sales Growth Drivers - Sales of the main product, An Nao Wan/Pian, increased by over 30% year-on-year [3] - Revenue from potassium chloride sustained-release tablets also grew by over 30% [3] - The sales of the drug Siglitin Metformin sustained-release tablets have expanded to over 600 terminals, with expected continued growth [3] Cost Management - Sales expenses decreased by 31.28% to 294 million CNY [3] - Management expenses fell by 21.58% to 56.75 million CNY [3] - Financial expenses reduced from 60.13 million CNY to 48.03 million CNY [3] Future Strategies - Focus on existing product growth, particularly for Luguapeptide injection and multi-vitamin injections [3] - Accelerate the sales channel expansion for Siglitin Metformin sustained-release tablets and explore new markets for Meloxicam tablets [3] - New product Pema Bet tablets expected to launch in September, with high market expectations [3] - The company aims to maintain low levels of financial, management, and sales expenses [3] Market Expectations - Pema Bet tablets projected to enter the national catalog in Q4 2025, with significant market potential [4] - Siglitin Metformin sustained-release tablets expected to achieve sales of approximately 100 million CNY by year-end [4] - An Nao Wan/Pian expected to exceed 10 million boxes in sales, with a target of over 1 billion CNY in the next five years [6] International Expansion - The company has accumulated experience in international cooperation over the past decade and plans to continue exploring new opportunities [7] - Sodium creatine phosphate sales in Central Asia generated 2.46 million CNY in revenue in the first half of 2025 [7] Cost Efficiency - Sales expense ratio has decreased to 26.76% due to refined management and drug procurement policies [8] - Management expense ratio is among the lowest in the industry, with potential for further reduction [8] E-commerce Development - The company has established a professional e-commerce team, expecting online sales to contribute approximately 20% of product revenue [8]

Core Viewpoint - The company, Lisheng Pharmaceutical, has received drug registration certificates from the National Medical Products Administration for its potassium chloride sustained-release tablets in two specifications: 0.5g and 0.6g [1]. Group 1 - The company announced the receipt of the drug registration certificate for potassium chloride sustained-release tablets 0.5g (Batch No: 2025S02514) [1] - The company also received the drug registration certificate for potassium chloride sustained-release tablets 0.6g (Batch No: 2025S02515) [1] - Both products have successfully passed the drug marketing license application [1]

Overview - Tianjin Lisheng Pharmaceutical Co., Ltd. has received drug registration certificates for potassium chloride sustained-release tablets in 0.5g and 0.6g specifications from the National Medical Products Administration [1][2] Drug Information - The potassium chloride sustained-release tablets are classified as chemical drugs and are intended for the treatment and prevention of hypokalemia associated or not associated with metabolic alkalosis [1] - The drug registration numbers are 2025S02514 for 0.5g and 2025S02515 for 0.6g [1] Impact on the Company - The approval of this drug will enhance the company's product line for treating digestive system diseases and improve its market competitiveness [2] - The potassium chloride sustained-release tablets are approved under Category 3 of chemical drugs, which is beneficial for expanding market sales and positively impacting future operating performance [2]

Core Viewpoint - The company, Lifesun Pharmaceutical, has received drug registration certificates from the National Medical Products Administration for its potassium chloride sustained-release tablets in 0.5g and 0.6g specifications, indicating successful approval for market entry [1]. Group 1 - The potassium chloride sustained-release tablets are indicated for the treatment and prevention of hypokalemia with or without metabolic alkalosis [1]. - These tablets are particularly useful for patients who do not respond well to dietary management with potassium-rich foods or reduced diuretic dosage [1].

Core Viewpoint - The company, Lifesun Pharmaceutical, has received drug registration certificates for its potassium chloride sustained-release tablets in two specifications, indicating successful approval for market entry [1] Group 1: Company Developments - Lifesun Pharmaceutical announced the receipt of drug registration certificates from the National Medical Products Administration for potassium chloride sustained-release tablets in 0.5g and 0.6g specifications [1] - The potassium chloride sustained-release tablets are indicated for the treatment and prevention of hypokalemia associated or not associated with metabolic alkalosis, particularly when dietary management or reduced diuretic dosage is ineffective [1]

Core Viewpoint - The company has received drug registration certificates for two specifications of potassium chloride sustained-release tablets, indicating successful approval for market entry [1] Group 1 - The company announced the receipt of the drug registration certificate for potassium chloride sustained-release tablets in 0.5g specification [1] - The company also received the drug registration certificate for potassium chloride sustained-release tablets in 0.6g specification [1] - Both products have successfully passed the drug market licensing application [1]