文 | 时代周报 近日，中药老字号企业片仔癀频现新药研发动态，相继发布了1.1类中药创新药温胆片和化学药品1类创 新药PZH2108片的研发进展情况。这家以片仔癀产品为核心的老牌中药企业，也在化药创新药研发领域 取得进展。 据片仔癀公告介绍，PZH2108片IIa期临床试验采用多中心、随机、双盲、安慰剂对照设计，以"治疗期 不良事件及安全性评估异常的发生及严重程度"作为主要终点。该临床试验方案已获得牵头单位河南省 肿瘤医院医学伦理委员会审核同意，并于2025年11月14日完成首例受试者入组。截至公告日11月21日， 该药物项目的研发投入(未经审计)累计约6100万元。 对于同类产品情况，片仔癀公告介绍，根据全球疾病负担研究数据，2021年，癌症患者中约44.5%会经 历不同程度的癌症疼痛，约有797万癌痛患者。根据2016-2021年癌症病例的发展趋势及癌痛患病率，预 计到2033年，癌痛患者数量将会突破1200万人。阿片类药物为目前癌痛的常规治疗药物。经查询药智网 数据库，2024年，中国医院销售端的镇痛阿片碱类药物销售规模达104.78亿元。 11月21日，片仔癀（600436.SH）发布公告称，近日，公 ...

Core Viewpoint - Enhua Pharmaceutical (002262) has shown steady growth in its core products, with a focus on expanding its new drug pipeline and enhancing research and development efforts, leading to a "buy" rating from Pacific Securities [1][4]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.01 billion yuan, a year-on-year increase of 8.93% [2]. - The net profit attributable to shareholders was 700 million yuan, reflecting a year-on-year growth of 11.38% [2]. - Basic earnings per share (EPS) reached 0.69 yuan, up 11.29% year-on-year [2]. Product Growth - The company has leveraged its product differentiation advantages to achieve stable growth in mature products while rapidly promoting new products [3]. - Anesthesia products generated revenue of 1.63 billion yuan, accounting for 54.29% of total revenue, with a year-on-year growth of 7.32% [3]. - Mental health products reported revenue of 621 million yuan, representing 20.63% of total revenue, with a year-on-year increase of 4.29% [3]. - Neurology products saw significant growth, with revenue of 166 million yuan, a year-on-year increase of 107.33% [3]. Research and Development - The company invested 395 million yuan in R&D in the first half of 2025, a year-on-year increase of 23.97%, representing 13.12% of revenue [4]. - There are currently 17 innovative drug projects under development, with various clinical trial phases completed and ongoing [4]. Profit Forecast and Investment Rating - Revenue projections for 2025-2027 are 6.40 billion, 7.26 billion, and 8.24 billion yuan, with year-on-year growth rates of 12.39%, 13.34%, and 13.51% respectively [4]. - Net profit forecasts for the same period are 1.29 billion, 1.48 billion, and 1.69 billion yuan, with growth rates of 13.19%, 14.03%, and 14.56% respectively [4]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 17, 15, and 13 for 2025-2027 [4].

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant revenue and profit growth, driven by robust sales of core products and rapid growth in new products [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.01 billion yuan, a year-on-year increase of 8.93% [1] - The net profit attributable to shareholders was 700 million yuan, reflecting a year-on-year growth of 11.38% [1] - Basic earnings per share (EPS) reached 0.69 yuan, up 11.29% year-on-year [1] Product Performance - Anesthesia products generated revenue of 1.63 billion yuan, accounting for 54.29% of total revenue, with a year-on-year growth of 7.32% [1] - Mental health products achieved revenue of 621 million yuan, representing 20.63% of total revenue, with a year-on-year increase of 4.29% [1] - Neurology products saw revenue of 166 million yuan, making up 5.51% of total revenue, with a remarkable year-on-year growth of 107.33% [1] R&D Investment - The company invested 395 million yuan in R&D in the first half of 2025, a year-on-year increase of 23.97%, representing 13.12% of total revenue [2] - There are currently 17 innovative drug projects in the pipeline, indicating a rich new drug pipeline [2] - The company has completed one Phase III clinical study and two Phase II studies, with additional studies ongoing [2] Profit Forecast - Projected operating revenues for 2025-2027 are 6.40 billion, 7.26 billion, and 8.24 billion yuan, with year-on-year growth rates of 12.39%, 13.34%, and 13.51% respectively [2] - Expected net profits for the same period are 1.29 billion, 1.48 billion, and 1.69 billion yuan, with growth rates of 13.19%, 14.03%, and 14.56% respectively [2] - EPS forecasts for 2025-2027 are 1.27, 1.45, and 1.66 yuan, with corresponding PE ratios of 17, 15, and 13 times [2]