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恩华药业(002262):业绩稳健增长 创新药梯队蓄势待发
Xin Lang Cai Jing· 2025-08-01 00:29
Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue and net profit showing positive growth compared to the previous year [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.01 billion yuan (+8.93%) and a net profit attributable to shareholders of 700 million yuan (+11.38%) [1]. - For Q2 2025, revenue was 1.50 billion yuan (+6.64%) with a net profit of 400 million yuan (+9.94%) [1]. Segment Performance - The pharmaceutical industry revenue reached 2.58 billion yuan (+9.52%), while commercial pharmaceutical revenue was 394 million yuan (+9.80%) [2]. - Anesthesia revenue was 1.63 billion yuan (+7.32%), CNS revenue was 166 million yuan (+107.33%), and raw material drug revenue was 90 million yuan (-6.17%) [2]. R&D and Innovation - The company has a robust pipeline with 17 innovative drug projects in development, including NH600001, which is expected to be approved in 2026 [2]. - R&D expenses increased by 11.36% in H1 2025, indicating a commitment to innovation [2]. Strategic Focus - The company is enhancing market access for new anesthesia products, with significant growth expected for the newly approved drug, fumaric acid oseltamivir [3]. - The CNS product line is being refined, with promising growth anticipated for the new drug, Antitan [3]. - The company is expanding its pipeline and commercial layout through the launch of new products and a rich innovation reserve [3]. Profit Forecast - The adjusted net profit forecasts for 2025-2026 are 1.32 billion yuan and 1.52 billion yuan, respectively, with an expected net profit of 1.76 billion yuan in 2027 [3].