格隆汇8月1日｜东吴证券研报指出，恩华药业半年报业绩稳健增长，创新药梯队蓄势待发。分行业来 看，公司医药工业营收25.83亿元（+9.52%），商业医药营收3.94亿元（+9.80%）；分产品来看，麻醉 类营收16.34亿元（+7.32%），精神类营收6.21亿元（+4.29%），神经类营收1.66亿元（+107.33%）， 原料药营收0.90亿元（-6.17%），商业医药营收3.94亿元（+9.80%）。公司经营稳健，各项费用管控有 效；同时实施创仿并重的策略，积极对创新药物的研发，2025H1研发费用同比增长11.36%，公司目前 17个在研创新药项目，其中NH600001乳状注射液完成III期临床项目研究，预计2026年获批上市； NHL35700完成Ⅱ期临床研究，预计25年III期临床，此外开展仿制药项目48个。考虑到公司精麻领域的 领导地位，维持"买入"评级。 ...

Core Viewpoint - Enhua Pharmaceutical reported strong financial performance in the first half of 2025, with significant increases in revenue and profit, although there are concerns regarding accounts receivable and cash flow [2][8]. Operational Overview - The total operating revenue reached 3.01 billion yuan, an increase of 8.93% year-on-year; net profit attributable to shareholders was 700 million yuan, up 11.38% year-on-year; and net profit after deducting non-recurring gains and losses was 699 million yuan, a rise of 10.33% year-on-year [2]. Profitability - The company's gross margin was 75.24%, an increase of 3.78% year-on-year; net profit margin was 23.26%, up 2.57% year-on-year, indicating effective cost control and enhanced product value [3]. Financial Structure - Cash and cash equivalents amounted to 1.767 billion yuan, a year-on-year increase of 23.61; interest-bearing debt decreased by 44.09% to 59.61 million yuan, indicating reduced debt pressure; however, accounts receivable rose by 29.68% to 1.653 billion yuan, with accounts receivable to profit ratio at 144.53%, raising concerns about collection risks [4]. Cash Flow Situation - Operating cash flow per share was 0.49 yuan, a decrease of 21.10% year-on-year, suggesting a decline in cash flow from operating activities, which may impact future liquidity and investment activities [5]. Main Business Composition - The main business revenue primarily comes from anesthetic (54.28%), psychiatric (20.63%), and neurological products (5.51%); anesthetic products have a gross margin of 90.80%, making them the main profit source, while commercial pharmaceuticals and other trade services have lower gross margins of 17.00% and 72.99% respectively [6]. Development Strategy and R&D Investment - The company continued to focus on the research and production of central nervous system products, investing 395 million yuan in R&D, a year-on-year increase of 23.97%; it has 17 innovative drug projects and 48 generic drug projects in development, reinforcing its leading position in the domestic central nervous system drug market [7]. Summary - Overall, Enhua Pharmaceutical demonstrated strong profitability in the first half of 2025, with improvements in gross and net margins; however, the rapid growth of accounts receivable and decline in operating cash flow warrant attention, necessitating enhanced accounts receivable management to ensure financial stability [8].