Start with Jiangsu Nhwa Pharmaceutical Co., Ltd.’s 2025 annual report for its latest located full-year financial baseline, then check subsequent exchange disclosures before treating any figure or drug-program status as current. The report records revenue growth alongside lower attributable profit, and it distinguishes completed development stages from management’s plans for 2026.
Identify the company and the right reporting period
Jiangsu Nhwa Pharmaceutical Co., Ltd. (江苏恩华药业股份有限公司), listed in Shenzhen under stock code 002262, reports pharmaceutical research and development, manufacturing and sales, including active pharmaceutical ingredients (APIs) and finished formulations. Its central nervous system (CNS) medicines are its core manufacturing and strategic focus; its portfolio spans anesthesia, psychiatry and neurology. The company describes that focus on its English-language corporate site and in its company profile.
Use the 2025 annual report as the starting point for financials: it was announced on April 18, 2026, and its financial period ended December 31, 2025. The report is available as reproduced text through Sina Finance; it identifies CNINFO and the Shenzhen Stock Exchange as disclosure locations. This is the latest located full-year snapshot, not confirmation that no newer interim report or filing exists. Check the company’s investor-relations disclosures and the Shenzhen filing record for updates before relying on it as current through October 4, 2026.
Read the financial baseline without conflating the measures
The company reported the following figures for the year ended December 31, 2025. Year-over-year comparisons are against 2024:
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| Measure | 2025 reported result | Change from 2024 |
|---|---|---|
| Revenue | RMB 5,911,188,872.18 (about RMB 5.911 billion) | Up 3.75% |
| Net profit attributable to shareholders of the listed company | RMB 1,057,334,353.51 (about 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 | 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 |
| Total assets at year end | RMB 9,223,231,920.16 | Not stated |
| Net assets attributable to shareholders at year end | RMB 8,057,134,574.75 | Not stated |
These are company-reported figures in the 2025 annual report text. The contrast to examine is revenue up 3.75% while attributable net profit fell 7.54%; meanwhile operating cash flow and R&D spending rose. Those figures alone do not establish why profit declined. The report also lists sales expenses of RMB 2.114 billion, but understanding operating performance requires the management discussion and the report’s accounting detail, not a causal conclusion from headline totals.
Keep R&D expense separate from total R&D investment
The report gives both R&D expenses and total R&D investment; the amounts differ. Do not substitute one for the other or imply they are interchangeable accounting categories. When comparing Nhwa across years or with another company, use the same measure and definition on both sides.
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Use adjusted profit as a cross-check, not a replacement
Profit excluding non-recurring gains and losses is reported separately from attributable net profit. Comparing the two measures and their year-over-year changes helps show whether the headline trend is similar under the report’s adjusted presentation. Keep the measure’s name attached to the figure.
Map the pipeline by stage, indication and evidence date
The statuses below are those reported in Nhwa’s 2025 annual report, not independently verified current statuses. A completed phase, a filed application and a future target are different kinds of evidence. The report’s 2026 milestones are plans, not established outcomes.
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| Program | Reported use | Status in 2025 annual report | Stated 2026 plan |
|---|---|---|---|
| NH600001 emulsion injection | Anesthesia induction and short-duration surgery | Marketing application submitted | Targeted approval; the report does not establish that approval occurred. |
| NH102 tablets | Depression | Phase II completed | Plan to start Phase III. |
| NHL35700 tablets | Schizophrenia | Phase II completed; described as licensed-in | 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 | Alzheimer’s disease | Phase Ia completed; collaborative development | 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 stages and plans in this table come from the company’s 2025 annual report. The 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.”
Verify changes before calling a status current
- Open the company’s latest disclosures. Check Nhwa’s investor-relations announcement list and its Shenzhen exchange disclosure record for 2026 interim results, pipeline updates or regulatory announcements.
- Match the announcement to the claim. A planned filing is not a submitted application; an application is not an approval. For trial-stage claims, look for a later company announcement or relevant trial record that confirms the change.
- Write the date and source into your notes. Record whether a statement is a reported completed event or a forward-looking target, and cite the filing supporting it. If no later confirmation is found, attribute the status to the 2025 annual report rather than presenting it as current.
What the figures and pipeline can—and cannot—tell you
The annual report provides a company-level view of revenue, profit, cash flow, research spending and named programs. It does not, by itself, establish why profit moved, whether a planned milestone was achieved after year-end, or whether a pipeline candidate will succeed. Treat the financial statements as reported historical results and the pipeline as a dated snapshot, then verify newer disclosures for any claim about subsequent developments.
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Nhwa’s relevant commercial products are medicines and APIs, not consumer products; this company-level financial and pipeline review is not a recommendation to use a drug.
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