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 - Easy Environmental Solutions Inc. is expanding its Nano Void technology into new industries, with installations planned for a livestock truck washing operation and a resort in Minnesota, valued at approximately $200,000, which will generate recurring revenue streams [2][5][9]. Group 1: Technology and Applications - The Easy Nano Void 60 model will be installed at a livestock truck washing operation, injecting 1.6 trillion super oxygenated Nano Void bubbles per gallon into liquid manure, which helps break down waste and eliminate odors [3][5]. - A second Easy Nano Void 30 model will be installed at a resort in Northern Minnesota to dredge muck from the swimming area of the lake using the proprietary Terreplenish solution [7][9]. - The company offers three Nano Void models (150, 60, 30) for various applications, including agriculture and water treatment, and a 450 model for oil separation, all of which are membrane-free and more efficient than competitors [5][10][11]. Group 2: Market Potential and Revenue - The two projects in Minnesota are expected to yield ongoing revenue from Easy Nano Void Operating License fees and the sale of Terreplenish, highlighting the potential for recurring revenue streams [5][9]. - The technology is positioned as a sustainable solution for rural communities facing failing waste systems, with plans for widespread adoption across similar installations nationwide [3][5]. Group 3: Company Vision and Leadership - CEO Mark Gaalswyk emphasizes the need for chemical-free water restoration solutions, aiming to address global challenges related to water treatment and desalination [5][14]. - The company is focused on sustainability and efficiency, developing modular technologies to solve major environmental issues [15].