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 ...

Core Viewpoint - The article discusses the characteristics of historical bull and bear markets, the performance of different investment styles during these periods, and the current stage of the bull market in A-shares, providing insights on how to respond to market conditions [1][3][30]. Market Performance Overview - A-shares have seen an overall increase since the beginning of 2024, with the CSI All Share Index achieving a maximum increase of 56.98% from early 2024 to August 21, 2025 [3]. - The growth style, represented by the ChiNext Index, has performed strongly with a maximum increase of 82.16%, while the value style, represented by the CSI 300 Value Index, has seen a lower maximum increase of 45.13% during the same period [4]. Historical Market Review - From 2012 to 2014, A-shares experienced a bear market with a maximum drawdown of 39.24% due to poor fundamentals and declining corporate profits [6]. - In the second half of 2014, financial stocks surged following a series of monetary easing policies, with the Securities Industry Total Return Index rising by 206.91% from July 1 to the end of 2014 [8][9]. - The first half of 2015 saw a significant rise in small-cap and growth stocks, leading to a "leverage bull market," with the CSI All Share Index climbing from over 2000 points to over 8000 points [10]. - However, the market experienced a sharp decline in the second half of 2015, with a significant drop in valuations [13]. - From 2016 to 2017, value and consumer stocks led the market as corporate fundamentals improved, resulting in a slow bull market for value stocks [14]. Current Market Stage - The current market resembles the 2015-2016 period, with stimulus policies beginning to take effect and corporate fundamentals showing signs of recovery [31]. - If corporate earnings continue to improve in the upcoming quarters, there is potential for further market growth, similar to past economic recovery phases [32]. Investment Strategy - In the current market, characterized by a 4-star to 4.9-star rating, it is still relatively inexpensive to allocate funds to stock assets [36]. - The recommended allocation strategy suggests investing 60% of funds in stock funds and 40% in bond funds, adjusting based on age [36].

Summary of Shunwang Technology Conference Call Company Overview - **Company**: Shunwang Technology - **Industry**: E-sports technology and online gaming services Key Points Financial Performance - In the first half of 2025, Shunwang Technology reported a revenue growth of **25.09%**, with net profit increasing by **69.22%** and non-GAAP net profit rising by **54.21%**. The profit growth significantly outpaced revenue growth, primarily driven by strong performance in the online advertising and value-added services segments, as well as a recovery in the internet café industry [2][3][21]. Industry Trends - A notable revival in PC gaming has been observed since late 2024, reflected in user behavior, advertising demand from game companies, and changes in license application types. This trend is expected to continue, positively impacting the entire industry, including Shunwang Technology [4][5][20]. - The internet café industry has shown continuous recovery since 2023, with improved occupancy rates and increased consumer spending, which benefits Shunwang's advertising and value-added services [6][7]. Product Innovation - Shunwang Technology is focused on product innovation, exemplified by the launch of "Wangwei Master 9,300," which incorporates technological improvements and AI capabilities to enhance gaming performance and advertising precision [2][8]. ChinaJoy Exhibition - The 2025 ChinaJoy exhibition saw a record attendance of **410,300**, indicating a robust recovery in the industry post-pandemic. The company introduced new sections for creators and robots, which are expected to generate new revenue streams in the fourth quarter of 2025 [9][14]. AI and Cloud Computing - Shunwang has launched a one-stop AI work platform in the AI cloud computing and edge computing sectors, providing services such as multi-modal generation and programming assistance. This initiative aims to expand market opportunities beyond the e-sports sector [10][11][12]. Advertising Business - The advertising business has a high gross margin, with over **95%** of domestic game companies as clients. The company has optimized resource allocation to meet increasing advertising demand without raising prices, focusing on enhancing product offerings [13][15][17]. Future Outlook - Shunwang Technology anticipates continued growth in advertising and gaming demand, with plans to lock in resources for the latter half of 2025. The company remains optimistic about the ongoing trends in PC gaming and internet café operations, which are expected to bolster revenue performance [22][23]. Cost Structure and Efficiency - The company's advertising business benefits from a high gross margin due to in-house traffic management. Major costs are associated with personnel and software updates, allowing Shunwang to focus on demand-side growth and resource expansion [16][17][18]. Game Development - The gaming segment, managed by its subsidiary Fuyun Technology, focuses on casual game development. New projects are planned for release in the fourth quarter of 2025, pending approval of relevant licenses [19]. Market Demand - The demand for PC gaming and marketing has surged, with a year-on-year growth exceeding **30%** in the second quarter of 2025, indicating strong market interest and potential for revenue growth [20]. This summary encapsulates the key insights from the conference call, highlighting Shunwang Technology's financial performance, industry trends, product innovations, and future outlook.