证券研究报告·公司深度报告 2025 年 12 月 11 日 江海证券研究发展部 执业证书编号：S1410524050001 | 投资评级： | 增持（首次） | | --- | --- | | 当前价格: | 3.22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 | 3878.00/4531.05 | % 1 个月 3 个月 12 个月 相对收益 -4.31 -6.61 8.72 绝对收益 -6.94 -5.01 23.37 数据来源：聚源 注：相对收益与沪深 300 相比 医药行业研究组 分析师：吴春红 誉衡药业 002437.SZ 医药生物行业 双核心业务筑牢基本盘，多矩阵 ...

证券日报网讯誉衡药业（002437）11月17日在互动平台回答投资者提问时表示，公司产品主要以院内销 售为主，氯化钾缓释片、安脑丸/片等部分产品也通过线上方式进行销售，但金额还比较小。 ...

Summary of Yuheng Pharmaceutical Conference Call Company Overview - **Company**: Yuheng Pharmaceutical - **Industry**: Pharmaceutical Key Financial Performance - **Q3 Net Profit**: Increased by 87% YoY to 109 million CNY, with a net profit of 244 million CNY for the first nine months, up 32.85% YoY [2][3] - **Non-Recurring Profit**: Q3 non-recurring net profit reached 71.46 million CNY, a 47% increase YoY; cumulative non-recurring net profit for 1-9 months was 178 million CNY, up 24.69% YoY [2][3] - **Return on Equity**: Weighted average return on equity reached 11.93% for the first nine months, showing slight growth [2][3] - **Net Assets**: As of September, net assets attributable to shareholders grew by 10.58% YoY to 2.157 billion CNY [2][3] Product Sales and Growth Drivers - **Sitagliptin Metformin Extended-Release Tablets**: Sales revenue of approximately 25 million CNY with over 200,000 bottles sold in 1-9 months; expected to maintain rapid growth in Q4 and continue to expand in 2026 [2][5] - **New Product Contributions**: Future growth driven by new products like Anbrain Tablets and Sitagliptin Metformin, along with the introduction of new products like Pimecrolimus [6][12] - **甲钴胺 Injection**: Expected to contribute over 15 million CNY in revenue in 2026 [5][13] Strategic Partnerships and Collaborations - **BD Collaborations**: Partnerships with Japanese companies Seikagaku and Eisai for the promotion of Temozolomide and Methylcobalamin injections [5][11] - **Acquisition Strategy**: Company emphasizes acquisitions as a key strategy for growth, with approximately 800 million CNY in cash and a low debt ratio, planning to use a mix of equity payments, acquisition loans, and own funds for future acquisitions [4][10] Market and Competitive Landscape - **Impact of National Procurement**: Participation in the 11th round of national procurement has affected sales, particularly for products like Plavix Sodium Tablets, which accounted for about 7% of total sales [14][17] - **Market Competition**: Anticipation of increased competition in 2026 with four new competitors entering the market, leading to price reductions despite expected volume growth [16][17] Cost Management and Profitability - **Sales Expense Ratio**: Significant decrease in sales expense ratio due to reduced market investment and product price adjustments, now below 25% [4][8] - **Cost Control**: Ongoing efforts to manage operational costs effectively, with a focus on maintaining profitability [4][12] Future Outlook - **Growth Expectations**: Management expresses confidence in achieving stable long-term growth, driven by both existing and new products, while remaining cautious about the impact of non-recurring gains [12][18] - **Market Adaptation**: Company plans to adapt to future procurement policies and market changes to sustain growth [14][17] Additional Insights - **Investment Fund Performance**: Increase in fair value gains from investments, particularly in Base Pharmaceuticals, with future gains dependent on market performance [4][7] - **Focus on External Innovation**: Company prioritizes external collaborations over in-house R&D for innovative drugs, indicating a strategic shift towards partnerships [9][11]

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]

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].