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Start with Jiangsu Nhwa Pharmaceutical’s 2025 annual report for its latest located full-year financial baseline, then treat its drug-pipeline stages as dated company disclosures—not proof of later progress. The report covers the year ended December 31, 2025, and was announced on April 18, 2026. Its figures show revenue growth alongside lower attributable profit, while its pipeline table distinguishes completed study stages from planned 2026 milestones.
Start with the annual report, then check for newer disclosures
Jiangsu Nhwa Pharmaceutical Co., Ltd. (江苏恩华药业股份有限公司) is listed on the Shenzhen Stock Exchange under code 002262. Its 2025 annual report describes a pharmaceutical business spanning research and development, manufacturing and sales of active pharmaceutical ingredients (APIs) and finished medicines, with central nervous system (CNS) medicines as its core manufacturing and strategic focus. The company’s profile and annual-report examples cover anesthesia, psychiatry and neurology.
Use the 2025 annual report as the starting point for full-year figures and the company’s own descriptions of development programs. The report identifies CNINFO and the Shenzhen Stock Exchange as disclosure locations. Sina Finance reproduces the report text; the original filing host was not opened for this account, so readers seeking the filing itself should confirm it in the company’s disclosure record.
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The figures and stages below are the latest located full-year snapshot, not confirmation of developments through October 4, 2026. Before describing a figure or pipeline status as current, look for later announcements from the company and exchange, and for relevant clinical-trial or regulatory records.
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Read the 2025 financial baseline in context
The company reported the following results for the year ended December 31, 2025. Amounts are in renminbi (RMB); percentage comparisons are against 2024.
| Measure | 2025 reported figure | Change from 2024 |
|---|---|---|
| Revenue | RMB 5,911,188,872.18 (RMB 5.911 billion) | Up 3.75% |
| Net profit attributable to shareholders of the listed company | RMB 1,057,334,353.51 (RMB 1.057 billion) | Down 7.54% |
| Net profit attributable to shareholders excluding non-recurring gains and losses | RMB 1,057,820,598.05 | Down 7.50% |
| Net cash from operating activities | RMB 1,078,389,756.83 (RMB 1.078 billion) | Up 17.71% |
| R&D expenses | RMB 685,535,013.44 | Up 15.09% |
| Total R&D investment | RMB 869,129,856.06; 14.70% of revenue | Not stated in the reported headline figures |
| Total assets at year end | RMB 9,223,231,920.16 | Not stated in the reported headline figures |
| Net assets attributable to shareholders at year end | RMB 8,057,134,574.75 | Not stated in the reported headline figures |
These company-reported figures establish a useful starting comparison: revenue rose modestly, attributable net profit fell, operating cash flow rose, and R&D spending increased. Those movements alone do not explain why results changed. Read the management discussion and the financial statements before drawing conclusions about causes, margins, expenses or cash conversion.
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Keep R&D expense separate from total R&D investment
The annual report gives both R&D expenses and total R&D investment. They are distinct reported measures: do not substitute one for the other or treat the larger investment figure as the expense line. Check the report’s definitions and accounting presentation when comparing periods or calculating ratios. The report also lists sales expenses of RMB 2.114 billion; interpreting that amount requires the business and accounting detail in the full management discussion.
Compare reported profit with adjusted profit carefully
Profit excluding non-recurring gains and losses is a separate measure from net profit attributable to shareholders. In 2025, the former was RMB 1,057,820,598.05 and fell 7.50% from 2024, while the latter was RMB 1,057,334,353.51 and fell 7.54%. Keep the labels intact when citing or comparing them rather than treating the adjusted figure as a replacement for reported profit.
Map the pipeline by status, indication and next step
The following table reflects statuses and intended milestones in Nhwa’s 2025 annual report. A stage is a snapshot from that report; a planned milestone is management’s stated intention, not a completed event. “Application submitted,” “clinical research” and “clinical approval obtained” are not interchangeable regulatory outcomes.
| Program | Reported use | Status in the 2025 annual report | Company-stated 2026 plan |
|---|---|---|---|
| NH600001 emulsion injection | Anesthesia induction and short-duration surgery | Marketing application submitted | Target approval; this is not evidence that approval followed. |
| NH102 tablets | Depression | Phase II completed | Plan to start Phase III. |
| NHL35700 tablets (licensed-in) | Schizophrenia | Phase II completed | Plan to start Phase III. |
| NH130 tablets | Psychotic symptoms associated with Parkinson’s disease | Phase II underway | Plan to complete enrollment for part of the Phase II study. |
| NH104 tablets | Insomnia and depression-associated insomnia | Phase I | Plan to complete Phase I and begin Phase II. |
| NH160030 tablets | Cancer pain | Phase I | Plan to complete Phase Ib. |
| NH140068 tablets | Schizophrenia | Phase I | Plan to complete Phase Ib. |
| NH300231 tablets | Schizophrenia | Phase I | Plan to complete Phase I. |
| Protollin nasal spray (collaborative development) | Alzheimer’s disease | Phase Ia completed | Plan to begin Phase Ib/II. |
| NH280105 capsules | Dementia | Phase I | Plan to complete Phase I. |
| Dextromethorphan/bupropion extended-release tablets | Depression | Clinical research | Plan to apply for production. |
| Lorazepam injection | Preoperative sedation | Clinical research | Plan to apply for production. |
| YH2305-Z01 capsules | Schizophrenia | Clinical approval obtained | Plan to complete a bioequivalence study. |
The company’s 2025 annual report cautions: “The future development plans described in this report do not constitute a substantive commitment to investors, and investors and related parties are advised to maintain sufficient risk awareness and understand the difference between plans, forecasts, and commitments.” That distinction matters throughout the table: a planned study, application or approval target should not be written as if it has happened.
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Verify what changed after the reporting date
To bring the snapshot forward, use a source hierarchy that separates company statements from independent status records:
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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →- Find later company disclosures. Check Nhwa’s investor-relations announcements and Shenzhen disclosure record for a 2026 interim report, results announcements, pipeline changes or product approvals. Compare each update with the annual report’s reporting date.
- Match each claim to the right evidence. Financial results belong to filed reports; clinical-stage claims should be checked against relevant trial records; marketing authorization claims need a regulator’s approval record or a company disclosure that clearly reports the approval.
- Keep the date and wording attached. Write “the 2025 annual report said Phase II was complete” unless a later source confirms the current status. For an intended milestone, use “planned” or “targeted” and name the report year.
- Reconcile measures before comparing years. Check reporting periods, definitions, non-recurring items and the distinction between R&D expense and total R&D investment before calculating trends.
Keep the company research separate from treatment advice
This is company-level financial and pipeline research, not a guide to choosing or using a medicine. Nhwa’s commercial products are medicines and APIs; the annual report’s development-stage descriptions do not establish that an investigational program is approved, available or appropriate for any individual. For a company analysis, focus on filed financial results, disclosed development stages and confirmed regulatory events rather than turning a pipeline entry into a consumer recommendation.
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- LARGE 8.5" X 11" FORMAT – Full-size log book pages give you plenty of room to record procedures, data, formulas, diagrams, tables, and detailed research notes without feeling cramped.
- USEFUL REFERENCE PAGES INCLUDED – This chemistry notebook features general guidelines, table of common solvents, safety and handling icons, equations and conversions, and periodic table.
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