证券研究报告 | 医药生物 | 2025年9月6日 www.hczq.com 华创医药投资观点&研究专题周周谈·第142期 恩华药业CNS创新管线梳理 联系人:朱珂琛 | 华创医药团队： | | | --- | --- | | 首席分析师 郑辰 | 执业编号: S0360520110002 邮箱: zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号: S0360520120002 邮箱: liuhao@hcyjs.com | | 医疗器械组组长 李婵娟 | 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 高初蕾 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 王宏雨 | 执业编号: S0360523080006 邮箱: wanghongyu@hcyjs.com | | 分析师 朱珂琛 | 执业编号：S0360524070007 邮箱：zhukechen@hcyjs.com | 本报告由华创证券有限责任公司编制 报告仅供华创证券有限责任公司的客户使用，本公司 ...

Group 1: Company Performance and Sales - The company achieved approximately 1 billion in sales for Antitan after leveraging its sales channel advantages [2] - Oxycodone generated nearly 5 billion in revenue last year, indicating strong market performance [2] - The sales target for Midazolam injection in 2024 is projected to reach around 7 billion [2] - The company expects a sales figure of 2 billion for Oligo in 2025, with over 1,500 hospitals anticipated to adopt the product [1] Group 2: Market Strategy and International Expansion - Domestic sales account for 98.55% of total sales, while international sales represent only 0.41% [1] - The company plans to accelerate international expansion through external product introductions and self-developed project licensing [1] - The company is focusing on strategic partnerships and licensing opportunities to enhance its international presence [4] Group 3: Product Development and Pipeline - NH600001 is progressing well, with NDA submission expected in the second half of this year and approval anticipated in the first half of 2027 [1] - The company is developing long-acting formulations, including Aripiprazole long-acting injection, currently in clinical stages [3] - NH102, NH130, and NH160030 are innovative drug projects in clinical phases, targeting depression and Parkinson's disease symptoms [4] Group 4: Market Challenges and Regulatory Impact - The company acknowledges ongoing challenges in the pain management sector due to competition from other firms [1] - The impact of national procurement policies on the company's operations is considered minimal, but local procurement remains uncertain [2] - The company aims for double-digit growth despite the challenges posed by procurement policies [2] Group 5: Future Outlook and Growth Projections - The company anticipates double-digit growth in the anesthesia, mental health, and neurological sectors [6] - Strategic focus on core competencies is expected to enhance competitive advantages in the market [7] - The company is optimistic about achieving a robust growth trajectory over the next 3-5 years [4]