Core Viewpoint - The company, Jingxin Pharmaceutical, has announced that its artificial large blood vessel project has entered the clinical trial phase [1] Group 1 - The artificial large blood vessel project is a significant development for the company, indicating progress in its research and development efforts [1]

证券代码：002020 证券简称：京新药业 公告编号 2025038 浙江京新药业股份有限公司 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。 浙江京新药业股份有限公司（以下简称"公司"）于 2024 年 8 月 14 日召开 第八届董事会第十次会议，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》，同意公司将不超过 2.9 亿元（其中 2016 年度非公开发行募集 资金不超过 9,000 万元；2020 年度非公开发行募集资金不超过 2 亿元）的闲置募 集资金暂时补充流动资金，使用期限自本次董事会审议通过之日起不超过 12 个 月，即 2024 年 8 月 14 日起至 2025 年 8 月 13 日止。以上使用部分闲置募集资金 暂时补充流动资金的情况详见公司在《证券时报》和《中国证券报》及巨潮资讯 网（www.cninfo.com.cn）披露的公告。 截止 2025 年 3 月 21 日，公司已将 2016 年度非公开发行募集资金项目的暂 时补充流动资金的募集资金合计 9,000 万元全部归还至募集资金专户。该专户资 金已于 2025 年 3 月 ...

Group 1 - Changgao Electric New has submitted an application for the issuance of convertible bonds to unspecified objects, which has been accepted by the Shenzhen Stock Exchange [1] - Jingxin Pharmaceutical has returned a total of 290 million yuan of raised funds for temporary liquidity to the special account for raised funds, with a usage period not exceeding 12 months [1] - Liancheng Precision has announced that there is only half a trading day left until the "Liancheng Convertible Bonds" stop conversion, and after the market closes on August 15, unconverted bonds will be forcibly redeemed at a price of 100.22 yuan per bond, potentially leading to losses for investors [1]

证券代码：002020 证券简称：京新药业 公告编号 2025038 特此公告。 浙江京新药业股份有限公司董事会 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。 浙江京新药业股份有限公司（以下简称"公司"）于 2024 年 8 月 14 日召开 第八届董事会第十次会议，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》，同意公司将不超过 2.9 亿元（其中 2016 年度非公开发行募集 资金不超过 9,000 万元；2020 年度非公开发行募集资金不超过 2 亿元）的闲置募 集资金暂时补充流动资金，使用期限自本次董事会审议通过之日起不超过 12 个 月，即 2024 年 8 月 14 日起至 2025 年 8 月 13 日止。以上使用部分闲置募集资金 暂时补充流动资金的情况详见公司在《证券时报》和《中国证券报》及巨潮资讯 网（www.cninfo.com.cn）披露的公告。 截止 2025 年 3 月 21 日，公司已将 2016 年度非公开发行募集资金项目的暂 时补充流动资金的募集资金合计 9,000 万元全部归还至募集资金专户。该专户资 金已于 2 ...

Core Viewpoint - On August 14, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies such as Haishike, Wancheng Group, and Weixing New Materials, indicating strong potential in the chemical pharmaceuticals, leisure food, and decoration materials industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Haishike with a target price increase of 48.00% [2] - Wancheng Group with a target price increase of 41.16% [2] - Weixing New Materials with a target price increase of 38.89% [2] - Other notable companies included: - China Unicom with a target price increase of 31.97% [2] - Kweichow Moutai with a target price increase of 31.81% [2] Brokerage Recommendations - A total of 52 listed companies received brokerage recommendations on August 14, with Weixing New Materials receiving the highest number of recommendations at 5 [3]. - Satellite Chemical received 3 recommendations, while Wanhua Chemical also received 3 [3]. Rating Adjustments - Two companies had their ratings raised: - Shuanghui Development's rating was upgraded from "Hold" to "Buy" by Kaiyuan Securities [4] - United Imaging Healthcare's rating was upgraded from "Hold" to "Buy" by Cinda Securities [4] Rating Downgrades - Two companies had their ratings lowered: - Jian Sheng Group's rating was downgraded from "Buy" to "Hold" by Dongwu Securities [5] - Aisheng Co.'s rating was downgraded from "Buy" to "Hold" by Zhongtai Securities [5] First-Time Coverage - On August 14, 10 companies received first-time coverage from brokerages, including: - Baoneng New Energy with a "Buy" rating from Huatai Securities [6] - Beiqi Blue Valley with an "Increase" rating from Western Securities [6] - Jian Sheng Group with an "Increase" rating from Dongwu Securities [6] - Emei Mountain A with a "Buy" rating from Huaxin Securities [6] - Jingxin Pharmaceutical with a "Recommended" rating from Huachuang Securities [6]

Core Viewpoint - The article highlights the growth and transformation of Jingxin Pharmaceutical, emphasizing its focus on central nervous system and cardiovascular drugs, alongside its commitment to innovation and expansion in the medical device sector [3][4][5]. Group 1: Company Overview - Jingxin Pharmaceutical was established in 1990, initially focusing on quinolone antibiotics and cardiovascular drugs, later expanding into the fields of mental health and digestive products [3]. - The company follows a strategy of strengthening its pharmaceutical core business while developing medical devices, having acquired Shenzhen Juyun in 2015 to enter the medical device market [3]. Group 2: Financial Performance - For 2024, Jingxin Pharmaceutical is projected to achieve a revenue of 4.16 billion yuan (approximately $0.62 billion), representing a 4.0% increase, and a net profit of 710 million yuan (approximately $0.1 billion), reflecting a 15.0% growth [3]. - The company's finished drug business, which includes cardiovascular, mental health, and digestive products, has seen a compound annual growth rate (CAGR) of approximately 29.3% from 2010 to 2019, although the growth rate slowed to 6.5% from 2020 to 2024 due to various market pressures [3]. Group 3: Innovation and R&D - Jingxin Pharmaceutical is accelerating its innovation transformation, focusing on the development of innovative drugs in the mental health sector while also considering strong cardiovascular products [4]. - In 2024, the company plans to invest 383 million yuan (approximately $0.057 billion) in R&D, with several key products in various stages of clinical trials, including JX2201 and JX11502MA [4]. Group 4: Business Segments - The raw material drug segment is expected to generate 876 million yuan (approximately $0.13 billion) in 2024, despite a decline of 8.34%, with a focus on expanding overseas [5]. - The medical device segment, led by Shenzhen Juyun, is projected to achieve a revenue of 693 million yuan (approximately $0.1 billion) in 2024, marking a 7.68% increase, supported by a strong domestic and recovering international market [5]. Group 5: Investment Outlook - The company forecasts net profits of 780 million yuan (approximately $0.12 billion), 880 million yuan (approximately $0.13 billion), and 1.01 billion yuan (approximately $0.15 billion) for 2025, 2026, and 2027, respectively, with growth rates of 9.5%, 12.9%, and 15.0% [6]. - Based on a segment valuation, the company is assigned a reasonable valuation of 22.14 billion yuan (approximately $3.2 billion) and is given a "recommended" rating [6].

金融界消息 截至2025年8月14日收盘，京新药业（002020）报收于19.7元，下跌1.4%，换手率3.72%， 成交量26.93万手，成交金额5.36亿元。 资金流向方面，今日主力资金净流出2680.81万元，占比成交额5.01%。其中，超大单净流出3259.24万 元、占成交额6.08%，大单净流入578.43万元、占成交额1.08%，中单净流出流入1583.18万元、占成交 额2.96%，小单净流入1097.63万元、占成交额2.05%。 京新药业最新一期业绩显示，截至2025一季报，公司营业总收入9.56亿元、同比减少9.86%，归属净利 润1.63亿元，同比减少4.62%，扣非净利润1.47亿元，同比减少6.45%，流动比率1.423、速动比率 0.992、资产负债率28.33%。 天眼查商业履历信息显示，浙江京新药业股份有限公司，成立于1999年，位于绍兴市，是一家以从事医 药制造业为主的企业。企业注册资本86102.914万人民币，实缴资本86102.914万人民币。公司法定代表 人为吕钢。 通过天眼查大数据分析，浙江京新药业股份有限公司共对外投资了24家企业，参与招投标项目5000次， 知 ...

Investment Rating - The report assigns a "Recommended" rating to the company with a target price of 25.7 yuan [1]. Core Views - The report highlights that the company is focusing on the central nervous system and cardiovascular fields, with increased investment in research and development [1][6]. - The report indicates that the company has cleared risks in its finished drug business and is expected to achieve stable growth moving forward [7][8]. - The company is accelerating its innovation transformation, particularly in the fields of central nervous system and cardiovascular drugs [8][58]. Financial Summary - The company is projected to achieve total revenue of 41.59 billion yuan in 2024, with a year-on-year growth of 4.0% [2][16]. - The net profit attributable to shareholders is expected to be 7.12 billion yuan in 2024, reflecting a year-on-year increase of 15.0% [2][16]. - Earnings per share are forecasted to be 0.83 yuan in 2024, with a price-to-earnings ratio of 24 times [2][10]. Business Overview - The company has a comprehensive layout in the pharmaceutical industry, including both finished drugs and medical devices, and has established a strong presence in the domestic market [14][16]. - The finished drug business primarily focuses on cardiovascular, central nervous system, and digestive health, with a significant increase in sales in the outpatient market [21][34]. - The raw material drug and medical device businesses are also performing well, with the raw material drug revenue expected to be 8.76 billion yuan in 2024, despite a slight decline [9][21]. Innovation and R&D - The company has made significant strides in innovation, with a focus on developing new drugs for the treatment of insomnia and other conditions [58][60]. - The first innovative drug, Dazisni, has been approved and is expected to rapidly gain market share [60]. - The company is actively pursuing new drug development, with several products in various stages of clinical trials [58][59]. Investment Recommendations - The report forecasts net profits for 2025, 2026, and 2027 to be 7.8 billion, 8.8 billion, and 10.1 billion yuan respectively, with corresponding growth rates of 9.5%, 12.9%, and 15.0% [10][16]. - The current stock price corresponds to price-to-earnings ratios of 22, 20, and 17 for the years 2025, 2026, and 2027 [10].

Group 1 - The core stock price of Jingxin Pharmaceutical (002020) closed at 19.98 yuan, with a slight increase of 0.15% as of August 13, 2025 [1] - The trading volume was 334,300 hands, with a total transaction amount of 666.5 million yuan [1] - The net inflow of main funds was 35.697 million yuan, accounting for 5.37% of the transaction amount, with significant contributions from large orders [1] Group 2 - For the first quarter of 2025, Jingxin Pharmaceutical reported total operating revenue of 956 million yuan, a year-on-year decrease of 9.86% [1] - The net profit attributable to shareholders was 163 million yuan, down 4.62% year-on-year, while the non-recurring net profit was 147 million yuan, a decrease of 6.45% [1] - The company's liquidity ratios include a current ratio of 1.423 and a quick ratio of 0.992, with a debt-to-asset ratio of 28.33% [1] Group 3 - Jingxin Pharmaceutical, established in 1999 and located in Shaoxing, primarily engages in the pharmaceutical manufacturing industry [1] - The company has a registered capital of 8.6102914 billion yuan and has made investments in 24 enterprises [2] - The company has participated in 5,000 bidding projects and holds 293 trademark registrations and 225 patents, along with 149 administrative licenses [2]

Core Viewpoint - The overall pace of stock buybacks by listed companies has slowed down despite the strong performance of the Shanghai Composite Index [1][3][4]. Buyback Activity - In July, the number of companies announcing buyback plans halved compared to June, with only 15 companies making announcements, down from 30 [4][3]. - The total proposed buyback amount for these 15 companies is approximately 2.045 billion yuan, which is only 34.5% of the 5.927 billion yuan proposed in June [4]. - Among the 15 companies, 8 have proposed buybacks exceeding 100 million yuan, accounting for 53.33% of the total [4]. Notable Companies - Nengte Technology has the highest proposed buyback amount, ranging from 300 million to 500 million yuan, with a buyback price cap of 4.7 yuan per share [5]. - The company has already repurchased 11.3 million shares for a total of approximately 45.59 million yuan as of the end of July [5]. - Nengte Technology expects a significant profit increase of 480.15% to 568.05% year-on-year for the first half of 2025, driven by strong performance in its vitamin E and pharmaceutical intermediate business [6]. Central Enterprises - In July, 12 central enterprises implemented buybacks, with a total buyback amount of approximately 384 million yuan [12]. - Among 33 central enterprises currently executing buybacks, the cumulative buyback amount is about 5.124 billion yuan, achieving 70.1% of the proposed minimum buyback amount of 7.31 billion yuan [12]. - The company Liao Port has the shortest time until its buyback deadline, expected to expire on September 23, with a proposed buyback amount of 420 million to 840 million yuan [12]. Market Impact - The overall buyback activity in July saw 143 transactions totaling approximately 20.94 billion yuan, a 24% increase from June [8]. - However, many companies are facing pressure as their stock prices have exceeded the buyback price caps, which may hinder future buyback efforts [10][9].