Core Viewpoint - Enhua Pharmaceutical has recently received approval from the National Medical Products Administration for the chemical drug, Tazobactam Tablets, which is intended for treating severe acute pain in adult patients requiring opioid treatment and for replacing treatments that do not adequately relieve acute pain [1] Company Summary - Enhua Pharmaceutical announced the approval of Tazobactam Tablets on September 19 [1] - The drug is specifically designed for adult patients with severe acute pain that necessitates opioid medication [1] - Currently, the only other company with approval for this drug in China is Yichang Renfu Pharmaceutical Co., Ltd., which received its approval in February 2025 [1]

Group 1 - The company, Enhua Pharmaceutical, has recently received approval from the National Medical Products Administration for the chemical drug, Tazobactam Hydrochloride Tablets [1] - Tazobactam Hydrochloride Tablets are indicated for the treatment of acute pain in adult patients that is severe enough to require the use of opioid analgesics, as well as for acute pain that is not adequately relieved by alternative treatments [1]

盐酸他喷他多片用于治疗成人患者严重到需要使用阿片类药物治疗的急性疼痛，以及替代 治疗不能充分缓解的急性疼痛。根据国家药品监督管理局药品数据显示，目前该品种国内只有 宜昌人福药业有限责任公司于 2025 年 2 月份获得批准。 证券代码：002262 证券简称：恩华药业 公告编号：2025-050 江苏恩华药业股份有限公司 关于获得《药品注册证书》的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈 述或重大遗漏。 公司于近日获得国家药品监督管理局核准签发的化学药品盐酸他喷他多片的《药品注册证 书》，现将相关情况公告如下： 1、盐酸他喷他多片《药品注册证书》的详细情况见下表： | 药品通用名称 | | 盐酸他喷他多片 | | | --- | --- | --- | --- | | 受理号 | CYHS2303458 | CYHS2303459 | CYHS2303460 | | 证书编号 | 2025S02883 | 2025S02884 | 2025S02885 | | 规 格 | 按 计 50mg 按 C14H23NO | 计 75mg C14H23NO | 按 计 100m ...

Group 1 - The core point of the article is that Enhua Pharmaceutical has received approval from the National Medical Products Administration for the registration of its chemical drug, Tazobactam Hydrochloride Tablets [1] Group 2 - The Tazobactam Hydrochloride Tablets are intended for the treatment of acute pain in adult patients who require opioid medications, as well as for acute pain that is not adequately relieved by alternative treatments [1]

Core Viewpoint - Enhua Pharmaceutical has received approval from the National Medical Products Administration for the registration certificate of the chemical drug, Tazobactam Tablets, which is intended for treating severe acute pain in adult patients requiring opioid medication [1] Company Summary - The approved drug, Tazobactam Tablets, is specifically designed for adult patients experiencing severe acute pain that necessitates the use of opioids, as well as for those whose acute pain is not adequately managed by alternative treatments [1]

Core Viewpoint - The company has received approval from the National Medical Products Administration for the registration of its chemical drug, Tazobactam Hydrochloride Tablets, which is intended for treating severe acute pain in adults that requires opioid medication [1] Group 1: Product Approval - The approval of Tazobactam Hydrochloride Tablets enhances the company's product pipeline in the central analgesic drug sector [1] - This new product is aimed at treating acute pain that is inadequately managed by other treatments [1] Group 2: Market Impact - The introduction of this drug is expected to improve the company's market competitiveness [1] - The sales from this product are anticipated to have a positive impact on the company's future performance [1]

Group 1: Commercial Aerospace Industry - The top-level design of commercial aerospace is continuously strengthened, with policies leading to the release of industrial innovation potential. The demand for satellite networking is exploding, and new supply and technology are helping to break development bottlenecks, indicating a positive outlook for low-cost, high-reliability, and large-scale development in the commercial aerospace industry [1][2][4]. - The commercial aerospace industry chain is accelerating its improvement, driven by both supply and demand. China has a complete industry chain from high-end manufacturing to application scenarios, with the global commercial aerospace market size reaching $480 billion. In 2024, China's investment and financing in the commercial aerospace sector is expected to account for 24% of the global total [3][4]. - The demand for satellite networking is surging, with multiple satellite constellations being launched rapidly. The "Long March" series rockets are the main force, and several private rocket companies are expected to become significant contributors to launch capacity [4][5]. Group 2: Company Analysis - GuoBo Electronics - GuoBo Electronics experienced a decline in performance in the first half of 2025 due to revenue confirmation delays in traditional sectors, but achieved significant growth in Q2 with a revenue of 720 million yuan, marking a year-on-year increase of 18.23% and a quarter-on-quarter increase of 105.84% [11][13]. - The company is focusing on the low-orbit satellite and commercial aerospace sectors, with multiple T/R component products already delivered to customers, indicating a new growth point for the company [11][14]. - The company has improved production efficiency and reduced costs through lean manufacturing management and automation, ensuring stable growth in profitability, with a gross margin of 39.11% in the first half of 2025 [13][14]. Group 3: Company Analysis - Enhua Pharmaceutical - Enhua Pharmaceutical is a leading domestic enterprise in the field of controlled substances, with a high barrier to entry in its sector. The impact of centralized procurement is expected to bottom out, and the company is focusing on the gradual realization of innovative results [15][17]. - In the first half of 2025, the company achieved a revenue of 3.01 billion yuan, a year-on-year increase of 8.93%, and a net profit of 700 million yuan, a year-on-year increase of 11.38% [16][17]. - The company is actively developing multiple innovative drugs in the central nervous system field, which is expected to drive a second growth curve for the company [18].

恩华药业 20250916 摘要 恩华药业股价与医药板块背离，但即使不计依托咪酯广东联盟区域的利 润（1 亿）和收入（4 亿），年度表观利润预计仍达 12 亿，其他非集采 产品构成安全边际。 依托咪酯虽有集采风险，但按最坏预期评估，忽略广东联盟区域贡献， 公司仍有约 12 亿利润。集采落地后，公司经营节奏有望改善，以 20 倍 市盈率估算，安全边际在 240-250 亿元。 恩华药业在 CNS 领域管线完整，拥有多个高确定性创新药。60,001 乳 液（依托咪酯改构）预计市场销售额至少翻倍，峰值约 30 亿元，可用 于麻醉维持。 创新药 300,231 针对精神分裂症，对标强生收购的卢比派隆，峰值销售 预期 50 亿美元。140,068 是多巴胺、五羟色胺、核量胺三受体激动剂， 具全球首创潜力，目前处于一期临床。 NH130 对标品诺泛塞林，是下一代针对帕金森半精分适应症的重要产品。 这些创新管线显示恩华药业在全球范围内的竞争力。 恩华药业在抗抑郁领域有三个品种，阿尔兹海默病领域有两个品种在研， 展示了公司在 CNS 领域的全面发展策略。 Q&A 目前如何看待恩华药业的核心产品依托咪酯及其未来前景？ 依托咪酯 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 34.83 CNY [6][13]. Core Insights - The company is a leading player in the domestic anesthetic and psychotropic drug market, operating in a high-barrier industry where the impact of centralized procurement is stabilizing. There is a focus on the gradual realization of innovative results [2][3]. - The company has shown steady growth in its core business segments, with anesthetic revenue reaching 1.634 billion CNY in the first half of 2025, a year-on-year increase of 7.32%, and a gross margin of 90.80%, which is an increase of 3.64 percentage points [13]. - The company is actively developing innovative drugs in the central nervous system field, with multiple pipelines that have potential for future growth, including drugs for schizophrenia, depression, Parkinson's disease, and Alzheimer's disease [13]. Financial Summary - Total revenue is projected to grow from 5,042 million CNY in 2023 to 8,143 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.2% [4][14]. - Net profit attributable to the parent company is expected to increase from 1,037 million CNY in 2023 to 1,776 million CNY in 2027, with a CAGR of about 15.0% [4][14]. - Earnings per share (EPS) is forecasted to rise from 1.02 CNY in 2023 to 1.75 CNY in 2027 [4][14]. Market Data - The company's market capitalization is approximately 28.95 billion CNY, with a current stock price of 28.50 CNY [7][13]. - The stock has a price-to-earnings (P/E) ratio of 27.92 based on the current price and diluted share capital [4][14]. Competitive Position - The company operates in a relatively stable competitive landscape, with strict government regulations governing the production and transportation of anesthetic and psychotropic drugs, which helps maintain its market position [13].

Group 1 - The core viewpoint of the news is that Enhua Pharmaceutical has seen a stock price increase of 5.16%, reaching 27.52 CNY per share, with a total market capitalization of 27.954 billion CNY [1] - Enhua Pharmaceutical, established on March 29, 1999, and listed on July 23, 2008, is primarily engaged in the production, research, and sales of pharmaceuticals, with a revenue composition that includes 54.28% from anesthetics, 20.63% from psychotropic drugs, and 13.08% from commercial pharmaceuticals [1] - The trading volume for Enhua Pharmaceutical was 243 million CNY, with a turnover rate of 1.02% [1] Group 2 - The Guoshou Anbao Health Science Mixed A Fund (005043) holds 140,000 shares of Enhua Pharmaceutical, unchanged from the previous period, representing 5.72% of the fund's net value [2] - The fund has generated a floating profit of approximately 189,000 CNY as of the report date [2] - The fund was established on November 1, 2017, with a current scale of 5.0782 million CNY and has achieved a year-to-date return of 5.38% [2] Group 3 - The fund manager of Guoshou Anbao Health Science Mixed A is Wang Xueying, who has been in the position for 1 year and 183 days [3] - The total asset size of the fund is 50.8314 million CNY, with the best and worst fund returns during Wang's tenure being -1.18% and -1.62%, respectively [3]