（文章来源：证券日报） 证券日报网讯 9月19日晚间，恩华药业发布公告称，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》。 ...

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]

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]

Investment Rating - The report maintains a "Buy" rating for Renfu Pharmaceutical (600079) [1][7] Core Views - Renfu Pharmaceutical's core business shows stable growth, particularly in the neurology medication sector, while its subsidiaries are achieving significant results in innovation and transformation [1][5][6] - The company reported a revenue of 12.064 billion yuan for the first half of 2025, a year-on-year decrease of 6.20%, primarily due to structural reforms in the pharmaceutical payment sector and ongoing optimization of its business structure [4] - The net profit attributable to shareholders reached 1.155 billion yuan, reflecting a year-on-year increase of 3.92% [4] Summary by Sections Neurology Medication Growth - Yichang Renfu, the largest designated research and production base for anesthetics in Asia, holds over 60% of the domestic market share for anesthetic drugs [5] - In the first half of 2025, Yichang Renfu achieved a revenue of 4.423 billion yuan, a decrease of 1.75%, while net profit increased by 0.49% to 1.432 billion yuan [5] - Revenue from neurology medications reached approximately 3.9 billion yuan, with a year-on-year growth of about 4%, driven by strong sales of products like remifentanil and sufentanil [5] Innovation and Transformation - The company is accelerating its strategic shift from generic drugs to innovative drugs, with R&D investment reaching 743 million yuan in the first half of 2025, a year-on-year increase of 5.32% [6] - A total of 14 new products across 21 specifications have been approved, supporting the development of various product lines, including new neurology and steroid hormone medications [6] Financial Forecast and Projections - The company forecasts revenues of 26.7 billion yuan, 28.2 billion yuan, and 29.9 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 4.87%, 5.85%, and 6.01% [7][9] - Net profit attributable to shareholders is projected to be 2.3 billion yuan, 2.5 billion yuan, and 2.7 billion yuan for the same years, with significant growth expected in 2025 at 70.04% [7][9] - The earnings per share (EPS) are expected to be 1.39 yuan, 1.50 yuan, and 1.63 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 15, 14, and 13 times [7][9]