证券代码：002020 证券简称：京新药业 公告编号：2025060 浙江京新药业股份有限公司 关于股份回购进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、回购股份方案的基本情况 浙江京新药业股份有限公司(以下简称"公司")于 2025 年 1 月 8 日召开的 第八届董事会第十二次会议，审议通过了《关于股份回购的方案》，公司使用自 有资金以集中竞价交易方式回购公司股份，回购的公司股份将用于股权激励或员 工持股计划。本次回购总金额为不低于人民币 20,000 万元(含)，不超过人民币 40,000 万元（含），回购价格不超过 14.80 元/股（含），若按回购总金额上、 下限和回购股份价格上限测算，预计回购股份数量约为 1,351 万股-2,703 万股， 约占目前公司总股本的 1.57%-3.14%。具体回购金额及回购数量以回购完成时实 际使用的资金和回购的股份数量为准。回购股份的实施期限自董事会审议通过本 次回购股份方案之日起 12 个月内。具体内容详见公司于 2025 年 1 月 9 日、2025 年 1 月 10 日 在 《 证 券 时 报 ...

Core Points - The Biotech Index (970038) closed at 2134.66 points, down 0.06%, with a trading volume of 13.045 billion yuan and a turnover rate of 0.95% [1] - Among the index constituents, 22 stocks rose while 27 fell, with Hualan Vaccine leading the gainers at 2.57% and Jingxin Pharmaceutical leading the decliners at 5.97% [1] Index Constituents Summary - The top ten constituents of the Biotech Index include: - Mindray Medical (12.58% weight, latest price 196.30 yuan, market cap 238 billion yuan) [1] - Changchun High-tech (4.87% weight, latest price 99.66 yuan, market cap 40.655 billion yuan) [1] - Shimi Aoshi (4.74% weight, latest price 6.60 yuan, market cap 4.3811 billion yuan) [1] - Kanglong Chemical (4.55% weight, latest price 28.87 yuan, market cap 51.337 billion yuan) [1] - Tigermed (4.54% weight, latest price 51.20 yuan, market cap 44.085 billion yuan) [1] - Deep Technology (4.16% weight, latest price 23.42 yuan, market cap 36.809 billion yuan) [1] - Muyuan Food (3.62% weight, latest price 49.90 yuan, market cap 272.592 billion yuan) [1] - Lepu Medical (3.19% weight, latest price 15.87 yuan, market cap 29.255 billion yuan) [1] - Aimeike (3.16% weight, latest price 146.26 yuan, market cap 44.257 billion yuan) [1] - Seeyou Medical (3.07% weight, latest price 35.70 yuan, market cap 35.788 billion yuan) [1] Capital Flow Analysis - The Biotech Index constituents experienced a net outflow of 84.2481 million yuan from institutional investors, while retail investors saw a net inflow of 67.1618 million yuan [1] - Notable capital flows include: - Muyuan Food: 104 million yuan net inflow from institutional investors, but net outflows from retail and speculative investors [2] - Aimeike: 46.9918 million yuan net inflow from institutional investors, with outflows from retail and speculative investors [2] - Mindray Medical: 33.0761 million yuan net inflow from institutional investors, with outflows from retail and speculative investors [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [11]. Core Insights - The company has a solid foundation in traditional business, with a focus on innovation that opens up growth opportunities. It has established a comprehensive layout covering active pharmaceutical ingredients, formulations, and medical devices, particularly in the CNS, CVD, and digestive system fields. The company has accelerated its innovation transformation, with key products like the insomnia treatment drug, JX2201 targeting Lp(a) reduction, and promising pipelines for schizophrenia and Parkinson's disease [3][7][47]. Summary by Sections Traditional Business Stability - The company's finished drug business is the core, with revenue expected to reach 2.522 billion yuan in 2024, reflecting an 8% year-on-year increase. The company has managed to stabilize its revenue despite previous pressures from centralized procurement [7][32]. Innovation and Growth Potential - The insomnia drug, JX2201, has been commercialized and is expected to generate significant revenue, with 55 million yuan achieved in the first half of 2025. The drug's advantages include fewer side effects and lower dependency risks compared to competitors [8][47]. - JX2201 focuses on the Lp(a) lipid reduction mechanism, positioning itself uniquely in a competitive market dominated by RNA-based drugs. The company is the only domestic player with an Lp(a) small molecule in clinical stages, indicating strong business development potential [9][47]. Pipeline Development - The company continues to deepen its innovation in the CNS field, with ongoing clinical trials for schizophrenia and Parkinson's disease treatments. The collaboration between innovative and generic drugs is expected to enhance the overall product matrix [10][48]. Financial Projections - The company forecasts net profits of 795 million yuan, 965 million yuan, and 1.162 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.92, 1.12, and 1.35 yuan [11].

Summary of Key Points Core Viewpoint - A total of 33 stocks received buy ratings from institutions today, with notable first-time attention on Chao Hong Ji, Wei Hong Co., and Zhong Wei Company [1][2]. Institutional Ratings - 33 stocks received buy ratings, with the highest attention on Jingxin Pharmaceutical and Baoxiniang, each having one buy rating record [1]. - Among the rated stocks, 13 provided future target prices, with 9 stocks showing an upside potential exceeding 20%. Guangxun Technology has the highest upside potential at 81.99%, with a target price of 99.00 yuan compared to the latest closing price of 54.40 yuan [1][2]. - Other stocks with significant upside potential include Antu Biology at 43.13% and Enhua Pharmaceutical at 35.08% [1][2]. Market Performance - The average decline for stocks with buy ratings today was 2.80%, underperforming the Shanghai Composite Index. Only 5 stocks saw price increases, with the largest gains from Fulei New Materials (2.63%), Lianying Medical (2.15%), and Top Group (0.84%) [1][2]. - Stocks with the largest declines included Xiamen Tungsten New Energy (-9.09%), Aopu Mai (-7.02%), and Minsheng Health (-6.59%) [1][2]. Industry Focus - The pharmaceutical and biotechnology sector is the most favored, with 8 stocks including Minsheng Health and Enhua Pharmaceutical making the buy rating list. The electronics and textile sectors also attracted attention, with 4 and 3 stocks respectively [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23.54 CNY based on a 22x P/E ratio for 2026 [5][12]. Core Insights - The company is in a rapid growth phase for its core business and key products over the next 1-2 years, with adjustments made to revenue and expense forecasts [5]. - The first innovative drug, Dazisin, has been approved and is expected to perform well commercially, with significant market potential in the insomnia treatment sector [12][42]. - The company has a strong pipeline focusing on central nervous system and lipid-lowering therapies, with promising products in various stages of development [12][22]. Financial Summary - Revenue projections for the company are as follows: - 2023: 3,999 million CNY - 2024: 4,159 million CNY (growth of 4.0%) - 2025: 4,279 million CNY (growth of 2.9%) - 2026: 4,714 million CNY (growth of 10.2%) - 2027: 5,363 million CNY (growth of 13.8%) [7]. - Net profit attributable to the parent company is projected to grow from 619 million CNY in 2023 to 1,079 million CNY in 2027, reflecting a compound annual growth rate of approximately 17.5% [7]. Business Focus - The company has shifted its focus towards innovation after facing challenges from centralized procurement, with a robust pipeline of generic and innovative drugs [12][15]. - The main therapeutic areas include central nervous system disorders, cardiovascular diseases, and digestive system conditions, with a strong emphasis on innovative drug development [15][19]. Product Pipeline - The company has a diverse pipeline with key products such as: - Dazisin (approved for insomnia) - JX11502 (in Phase II for schizophrenia) - JX2201 (in Phase I for high Lp(a) levels) [23][32]. - The company is also pursuing first-generic opportunities for high-value products, such as Calira, which has significant market potential [27][29]. Market Position - The company has established a solid market presence in the CNS and lipid-lowering sectors, with leading market shares in several key products [24][26]. - The innovative drug Dazisin is positioned to capture a significant share of the insomnia treatment market, which has over 200 million patients in China [42][45].

11月20日，京新药业涨5.22%，截至发稿，报21.36元/股，成交2.74亿元，换手率1.83%，总市值183.92 亿元。 资料显示，浙江京新药业股份有限公司位于浙江省新昌县羽林街道新昌大道东路800号，成立日期1999 年2月13日，上市日期2004年7月15日，公司主营业务涉及化学制剂、传统中药、生物制剂、化学原料 药、医疗器械的研发、生产及销售。主营业务收入构成为：医药制造82.46%，医用器械17.54%。 上银医疗健康混合A（011288）基金经理为杨建楠。 截至发稿，杨建楠累计任职时间3年270天，现任基金资产总规模2.53亿元，任职期间最佳基金回报 4.13%， 任职期间最差基金回报2.97%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，上银基金旗下1只基金重仓京新药业。上银医疗健康混合A（011288）三季度持有股数57.67 万股，占基金净值比例为4.72%，位居第五大重仓股。根据测算，今日 ...

Core Viewpoint - Jingxin Pharmaceutical's stock has experienced fluctuations, with a year-to-date increase of 64.25% and a recent decline of 2.01% on November 19, 2023 [1] Financial Performance - For the period from January to September 2025, Jingxin Pharmaceutical reported revenue of 3.048 billion yuan, a year-on-year decrease of 5.00%, while net profit attributable to shareholders was 576 million yuan, reflecting a slight increase of 0.10% [2] - The company has cumulatively distributed 2.11 billion yuan in dividends since its A-share listing, with 801 million yuan distributed over the past three years [3] Stock Market Activity - As of November 19, 2023, Jingxin Pharmaceutical's stock price was 20.48 yuan per share, with a total market capitalization of 17.634 billion yuan [1] - The stock has seen significant trading activity, with a net outflow of 1.6599 million yuan from main funds and a notable presence on the "Dragon and Tiger List" on July 4, 2023, where it recorded a net purchase of 1.11 billion yuan [1] Shareholder Information - As of September 30, 2025, the number of shareholders for Jingxin Pharmaceutical was 22,300, a decrease of 13.08% from the previous period, while the average circulating shares per person increased by 15.05% to 32,438 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 7.4588 million shares, a decrease of 2.1904 million shares compared to the previous period [3] Business Overview - Jingxin Pharmaceutical, established on February 13, 1999, and listed on July 15, 2004, specializes in the research, production, and sales of chemical preparations, traditional Chinese medicine, biological preparations, chemical raw materials, and medical devices [1] - The company's main business revenue composition is 82.46% from pharmaceutical manufacturing and 17.54% from medical devices [1]

11月18日，京新药业涨5.01%，截至发稿，报20.34元/股，成交1.63亿元，换手率1.13%，总市值175.13 亿元。京新药业股价已经连续4天上涨，区间累计涨幅6.02%。 天治新消费混合（350008）基金经理为梁莉。 截至发稿，梁莉累计任职时间4年219天，现任基金资产总规模6431.4万元，任职期间最佳基金回报 29.96%， 任职期间最差基金回报-64.6%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，浙江京新药业股份有限公司位于浙江省新昌县羽林街道新昌大道东路800号，成立日期1999 年2月13日，上市日期2004年7月15日，公司主营业务涉及化学制剂、传统中药、生物制剂、化学原料 药、医疗器械的研发、生产及销售。主营业务收入构成为：医药制造82.46%，医用器械17.54%。 从基金十大重仓股角度 数据显示，天治基金旗下1只基金重仓京新药业。天治新消费混合（350008）三季度持有股数3.89万 股，占基金净值比 ...

Investment Rating - The report continues to recommend the innovative drug and medical device industry chain, indicating a high level of investment interest in this sector [1][5]. Core Views - The report highlights the high prosperity in innovative drugs, suggesting potential value revaluation for companies such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [2][5]. - It emphasizes the importance of Biopharma/Biotech companies with innovative pipelines and performance entering a volume increase phase, including Innovent Biologics, BeiGene, and others [2][5]. - The report also points out the recovery potential for leading medical equipment companies like United Imaging Healthcare, Lepu Medical, and others [2][5]. Summary by Sections A-Shares Performance - In the second week of November 2025, the A-Shares pharmaceutical sector outperformed, with the SW Pharmaceutical and Biological index rising by 3.3% while the SHCOMP fell by 0.2% [2][30]. - The pharmaceutical commerce, chemical raw materials, and chemical preparations sub-sectors showed strong performance, with increases of 5.7%, 5.1%, and 4.4% respectively [2][30]. - Notable stock gains included GDK (+61.6%), HPGC Renmintongtai Pharmaceutical Corporation (+61.1%), and Chengda Pharmaceuticals Co., Ltd. (+58.3%) [2][30]. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also outperformed, with the Hang Seng Healthcare index increasing by 6.8% and the Hong Kong Biotechnology index by 7.1% [2][31]. - In the U.S., the S&P Healthcare Select Sector rose by 3.9%, significantly outperforming the S&P 500, which only increased by 0.1% [2][32]. Valuation Metrics - As of November 14, 2025, the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 77.0% [2][15]. - The report provides earnings forecasts and valuation metrics for various companies, indicating expected growth rates and price-to-earnings ratios for the coming years [6][7].

Market Overview - The chemical pharmaceutical sector experienced a decline of 1.44% on November 17, with Shuyatong leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Top Gainers in Chemical Pharmaceutical Sector - Fuxiang Pharmaceutical (300497) saw a closing price of 21.15, with a significant increase of 12.14% and a trading volume of 1.8867 million shares, amounting to a transaction value of 3.8 billion [1] - Muanhai Pharmaceutical (000566) closed at 7.45, up 10.04%, with a trading volume of 2.5684 million shares, totaling 1.871 billion [1] - Kangzhiyue Pharmaceutical (300086) closed at 11.11, increasing by 4.61%, with a trading volume of 1.5735 million shares, amounting to 1.747 billion [1] Top Losers in Chemical Pharmaceutical Sector - Buzou Pharmaceutical (300204) closed at 36.31, down 7.61%, with a trading volume of 560,200 shares, resulting in a transaction value of 2.067 billion [2] - Anglikang (002940) closed at 43.43, decreasing by 7.60%, with a trading volume of 251,600 shares, totaling 1.112 billion [2] - Aozhu Pharmaceutical (002755) closed at 18.59, down 5.59%, with a trading volume of 260,100 shares, amounting to 489 million [2] Capital Flow Analysis - The chemical pharmaceutical sector experienced a net outflow of 3.72 billion from institutional investors, while retail investors saw a net inflow of 2.604 billion [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Jingxin Pharmaceutical (002020) had a net inflow of 21.78 million from institutional investors, while retail investors experienced a net outflow of 13.49 million [3] - Taiankang (301263) saw a net inflow of 13.83 million from institutional investors, with retail investors facing a net outflow of 26.79 million [3] - Meinuohua (603538) recorded a net inflow of 12.13 million from institutional investors, while retail investors had a net outflow of 17.35 million [3]