Summary of Jin Xin Pharmaceutical Conference Call Company Overview - **Company**: Jin Xin Pharmaceutical - **Industry**: Pharmaceutical and Medical Devices Key Financial Performance - **Revenue**: In the first half of 2025, revenue decreased by 6.2% to 2.017 billion yuan, primarily due to a lack of government subsidies compared to the previous year [3] - **Net Profit**: Net profit attributable to shareholders was 388 million yuan, down 3.5% year-on-year, but the non-GAAP net profit increased by nearly 8% to 360 million yuan [3] - **Cost Management**: Management expenses were reduced by approximately 30%, while R&D expenses remained stable at 185 million yuan, showing improved operational efficiency [2][3] Product Development and Pipeline - **Innovative Drugs**: - **Didasyn**: Achieved over 55 million yuan in sales in the first half of 2025, with an annual target exceeding 100 million yuan [2][6] - **Kali Lazin**: Expected to be approved for marketing in the second half of 2026, with peak sales projected between 500 million to 1 billion yuan [4][15] - **11,502 Project**: Completed phase II clinical trials, considering adjustments to development strategy due to high costs for phase III [7][8] - **LPA Small Molecule**: Currently in phase I clinical trials, expected to complete patient enrollment by October [9][10] Market Performance - **Medical Devices**: The medical device segment grew unexpectedly, benefiting from the recovery of domestic medical activities and overseas client expansions, with an expected annual growth of 10%-15% [2][24] - **Finished Drugs**: The hospital market saw a decline of about 10% due to contract renewal cycles, while the outpatient market performed well, maintaining double-digit growth and aiming for a 40%-45% share by year-end [2][13] Strategic Insights - **Cost Control**: The company has successfully managed raw material costs and optimized production processes, resulting in only a slight decrease in gross margin despite cyclical price pressures [11] - **Market Dynamics**: The company is adapting to changes in the procurement landscape, with the 11th batch of centralized procurement expected to rationalize competition and improve pricing strategies [20] - **Stock Buyback**: Over 600 million yuan has been allocated for stock buybacks, with plans to use a third for employee stock ownership and incentive programs [21][22] Future Outlook - **Growth Projections**: The pharmaceutical industry is expected to maintain a stable growth rate of 10%-15% in the medium to long term, providing continuous revenue and cash flow [12] - **Innovation Focus**: The company aims to continue its transition from generic to innovative drugs, with plans to submit two to three IND applications annually [16][25] - **Market Positioning**: The company is positioning itself to leverage its experience in navigating industry policies and aims to deliver strong performance for investors [25]

Group 1: Company Overview - In the first half of 2025, the company achieved revenue of 2.017 billion CNY, a year-on-year decrease of 6.20% [3] - Finished drug revenue was 1.175 billion CNY, down 9.68% year-on-year [3] - Raw material drug revenue was 453 million CNY, a decline of 9.59% year-on-year [3] - Medical device revenue reached 349 million CNY, showing a growth of 12.01% year-on-year [3] - The net profit attributable to shareholders was 388 million CNY, down 3.54% year-on-year [3] - The net profit after deducting non-recurring gains and losses was 360 million CNY, an increase of 7.78% year-on-year [3] Group 2: Sales and Marketing Strategies - The company expanded the commercial layout of its product 京诺宁® (Didasyn) with over 400 new key medical institutions gaining access, totaling over 1,500 hospitals [3] - Revenue from Didasyn reached 55 million CNY in the first half of 2025 [3] - The company aims to enhance patient access to medications through a three-tier terminal network system [3] Group 3: Research and Development Progress - In the psychiatric field, the innovative drug JX11502 capsule completed Phase II clinical trials [4] - The NDA for the drug targeting the same indication was submitted to the National Medical Products Administration [4] - In the cardiovascular field, the Phase I clinical trial for a new LP(a) mechanism lipid-lowering drug is progressing [4] - The NDA for a drug treating high cholesterol was also submitted [4] - A modified traditional Chinese medicine for ulcerative colitis completed Phase II clinical trials [4] Group 4: Financial Management and Cost Control - Sales expenses amounted to 311 million CNY, with a sales expense ratio decrease of 2.41 percentage points [4] - The company has been reducing sales expenses for several years through improved sales efficiency and internal structure adjustments [4] - As of July 31, 2025, the company repurchased shares worth 610 million CNY, nearing the repurchase limit [4] Group 5: Business Segment Performance - The medical device segment achieved revenue of 349 million CNY, a year-on-year increase of 12.01% [4] - The raw material drug segment reported revenue of 453 million CNY, down 9.59% year-on-year, due to a client inventory destocking cycle [5] - The company is focusing on enhancing its supply chain and expanding its international market presence to stabilize growth in the raw material drug segment [5]

Group 1 - A-share market sees a decline in several innovative drug concept stocks, with Yuekang Pharmaceutical dropping over 10% [1] - Guangshengtang falls by 8%, while Lifang Pharmaceutical and Haishike decrease by over 7% [1] - Saili Medical declines by over 6%, and Huiyu Pharmaceutical drops by over 5% [1] - Jingxin Pharmaceutical experiences a decline of over 4%, with Shutaishen, Haiteshengwu, and Xinlitai all falling by over 3% [1]

（http://www.cninfo.com.cn）查看；半年报摘要详见公司在《证券时报》《中国证券报》和巨潮资讯网 （http://www.cninfo.com.cn）上刊登的2025041号公告。 2. 同样以9票同意、0票反对和0票弃权的表决结 果，审议通过了《公司2025年半年度募集资金存放与使用情况的专项报告》，相关内容详见公司在《证 券时报》《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn）上刊登的2025042号公告。 3. 还是 以9票同意、0票反对和0票弃权的表决结果，审议通过了《关于使用部分闲置募集资金暂时补充流动资 金的议案》，详情可查看公司在《证券时报》《中国证券报》和巨潮资讯网 （http://www.cninfo.com.cn）上刊登的2025043号公告。 此次董事会会议的决议对京新药业的运营和发展具有重要意义，相关投资者可通过指定渠道获取详细信 息。 登录新浪财经APP 搜索【信披】查看更多考评等级 近日，浙江京新药业股份有限公司（证券代码：002020）发布了第八届董事会第十六次会议决议公告。 本次会议通知于2025年8月15日以电子邮件形式发出， ...

平安证券股份有限公司 关于浙江京新药业股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 平安证券股份有限公司（以下简称平安证券或保荐机构）作为浙江京新药业 股份有限公司（以下简称京新药业或公司）2020年度非公开发行股票的保荐机构 及持续督导机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股 票上市规则》《上市公司募集资金监管规则》《深圳证券交易所上市公司自律监 管指引第1号——主板上市公司规范运作》《深圳证券交易所上市公司自律监管指 引第13号——保荐业务》等有关规定，对公司本次使用部分闲置募集资金进行现 金管理事项进行了审慎核查，核查情况如下： 一、募集资金基本情况 三、本次闲置募集资金暂时补充流动资金的情况 （一）2020年非公开发行募集资金情况 经中国证券监督管理委员会《关于核准浙江京新药业股份有限公司非公开发 行股票的批复》（证监许可[2021]190号）核准，公司于2021年8月实施了2020年 度非公开发行股票，本次非公开发行人民币普通股（A股）67,567,567股，每股面 值人民币1.00元，每股发行价格为人民币7.40元，募集资金总额为人民币 499,999,995. ...

Core Viewpoint - Jingxin Pharmaceutical (002020.SZ) reported a decline in revenue and net profit for the first half of the year, indicating challenges in the pharmaceutical sector while showing growth in medical device revenue [1] Financial Performance - The company achieved a total revenue of 2.017 billion yuan, a year-on-year decrease of 6.20% [1] - Finished drug revenue was 1.175 billion yuan, down 9.68% year-on-year [1] - Raw material drug revenue reached 453 million yuan, a decline of 9.59% year-on-year [1] - Medical device revenue increased to 349 million yuan, reflecting a growth of 12.01% year-on-year [1] - The net profit attributable to the parent company was 388 million yuan, a decrease of 3.54% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 360 million yuan, showing a year-on-year increase of 7.78% [1]

证券代码：002020 证券简称：京新药业 公告编号：2025042 (一) 实际募集资金金额、资金到位情况 1、2016 年非公开发行募集资金金额、资金到位情况 经中国证券监督管理委员会《关于核准浙江京新药业股份有限公司非公开发 行股票的批复》（证监许可[2017]924 号）的核准，公司于 2017 年 7 月 28 日向 京新控股集团有限公司等 6 名符合相关规定条件的特定投资者（法人或自然人） 非公开发行人民币普通股（A 股）98,126,672 股，每股发行价格为人民币 11.21 元。本次非公开发行股票募集资金总额为人民币 1,099,999,993.12 元，扣除承销 及保荐等发行费用后，实际募集资金净额为人民币 1,090,400,357.02 元。上述募 集资金已于 2017 年 8 月 4 日全部到位并经立信会计师事务所（特殊普通合伙） 信会师报字[2017]第 ZA15725 号《验资报告》验证。 2、2020 年非公开发行募集资金金额、资金到位情况 经中国证券监督管理委员会《关于核准浙江京新药业股份有限公司非公开发 行股票的批复》（证监许可[2021]190 号）核准，公司于 2021 ...

浙江京新药业股份有限公司 2025 年半年度财务报告 浙江京新药业股份有限公司 2025 年半年度财务报告 2025 年 08 月 1 浙江京新药业股份有限公司 2025 年半年度财务报告 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：浙江京新药业股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 424,693,482.97 | 316,266,734.17 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 122,630,963.48 | 827,656,625.50 | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 823,150,763.89 | 747,847,512.51 | | 应收款项融资 | 39,208,875.35 | 104,169,761.94 | | 预付款项 | 11,344, ...

| 杭州京健雅生物医药科 | 技有限公司 | 子公司 | 其他应收款 | 1,199.86 | 125.54 | 1,325.40 | | 资金周转 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 广东沙溪制药有限公司 | | 子公司 | 其他应收款 | 494.62 | 4,740.95 | 1,351.88 | 3,883.69 | 资金周转 | 非经营性往来 | | 云南京新生物科技有限 | 公司 | 孙公司 | 其他应收款 | 0.76 | | 0.76 | | 资金周转 | 非经营性往来 | | 浙江京新医药有限公司 | | 子公司 | 其他应收款 | 0.23 | | 0.23 | | 资金周转 | 非经营性往来 | | 杭州京瑞医药科技有限 | 公司 | 子公司 | 其他应收款 | | 275.00 | | 275.00 | 资金周转 | 非经营性往来 | | 杭州巨烽显示有限公司 | | 孙公司 | 其他应收款 | | 18.46 | 18.46 | | 租赁及动力 费 | 经营性往来 | | ...

1、2020 年非公开发行募集资金情况 经中国证券监督管理委员会《关于核准浙江京新药业股份有限公司非公开发 行股票的批复》（证监许可[2021]190号）核准，公司于2021年8月实施了2020 年度非公开发行股票，本次非公开发行人民币普通股（A股）67,567,567股，每 股面值人民币1.00元，每股发行价格为人民币7.40元，募集资金总额为人民币 499,999,995.80元，扣除与发行有关的费用人民币4,959,969.41元（不含税）， 实际募集资金净额为人民币495,040,026.39元。上述募集资金已于2021年8月23 日全部到位并经立信会计师事务所（特殊普通合伙）信会师报字[2021]第ZA15359 号《验资报告》验证。公司对募集资金采取了专户存储管理。 本次募集资金计划投资于以下项目（募集资金不足部分，由公司自筹解决）： 证券代码：002020 证券简称：京新药业 公告编号：2025043 浙江京新药业股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 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。 2025 年 8 月 26 ...