Group 1 - The company, Zhejiang Jingxin Pharmaceutical Co., Ltd., will hold an online performance briefing for the year 2024 on April 22, 2025, from 15:00 to 17:00 [1][2] - The briefing will be conducted via the Shenzhen Stock Exchange's "Interactive Easy" platform [1] - The company aims to enhance communication by publicly soliciting questions from investors prior to the briefing [3][6] Group 2 - Participants in the briefing will include the company's Chairman and President, Mr. Lv Gang, along with other key executives [2] - Investors can submit questions via email or through the "Interactive Easy" platform [4][5] - The deadline for submitting questions is April 21, 2025, at 12:00 [6]

证券代码：002020 证券简称：京新药业 公告编号：2025028 浙江京新药业股份有限公司 关于举行 2024 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 二、投资者问题征集及方式 为充分尊重投资者、提升交流的针对性，公司就本次网上业绩说明会提前向投资者公开征 集问题，广泛听取投资者的意见和建议，公司将在信息披露允许的范围内就投资者普遍关注的 问题进行回答。欢迎广大投资者积极参与。 1、投资者可将问题以文字方式发送至公司制定电子邮箱：stock@jingxinpharm.com。 2、投资者可提前登陆"互动易"平台"云访谈"栏目进入本次业绩说明会页面进行提问。 3、本次业绩说明会投资者问题征集的截止时间为：2025年4月21日12:00。 特此公告。 浙江京新药业股份有限公司董事会 浙江京新药业股份有限公司（以下简称"公司"）已于 2025 年 4 月 3 日在巨潮资讯网 （http://www.cninfo.com.cn/）上披露了《2024 年年度报告》及其摘要。为便于广大投资者 进一步了解公司 2024 年年度经营情况， ...

Core Viewpoint - The company reported a slight increase in revenue and net profit for 2024, but the performance was slightly below market expectations [2] Group 1: Financial Performance - The company achieved a revenue of 4.159 billion yuan in 2024, representing a year-on-year increase of 3.99% [2] - The net profit attributable to shareholders was 712 million yuan, up 15.04% year-on-year [2] - The non-recurring net profit was 647 million yuan, reflecting a year-on-year growth of 21.38% [2] - The operating cash flow was 726 million yuan, down 8.41% year-on-year [2] - The basic earnings per share (EPS) was 0.83 yuan [2] Group 2: Business Segments - The finished drug segment continued to grow, with revenue reaching 2.522 billion yuan, an increase of 8.42% year-on-year [3] - The innovative drug, Didasyn, was successfully included in the medical insurance directory, supporting future sales [3] - The raw material drug segment saw a revenue decline to 876 million yuan, down 8.37% year-on-year, primarily due to market fluctuations [4] - The medical device segment achieved revenue of 687 million yuan, growing by 7.84% year-on-year, despite challenges in the global market [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's finished drug segment continues to grow, with revenue reaching 2.522 billion yuan in 2024, a year-on-year increase of 8.42% [2] - The innovative drug, Dazatinib, successfully entered the medical insurance directory, which is expected to drive rapid commercialization in 2025 [4] - The raw material drug segment experienced a revenue decline of 8.37% to 876 million yuan due to market fluctuations, while the medical device segment grew by 7.84% to 687 million yuan [3] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 4.159 billion yuan, a year-on-year increase of 3.99%, and a net profit of 712 million yuan, up 15.04% [1] - The basic EPS for 2024 was 0.83 yuan, with operating cash flow of 726 million yuan, down 8.41% year-on-year [1] Revenue Breakdown - Finished drug revenue was 2.522 billion yuan, contributing significantly to overall growth [2] - Raw material drug revenue decreased to 876 million yuan, while medical device revenue increased to 687 million yuan [3] Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been raised to 903 million yuan and 1.072 billion yuan, respectively, reflecting a 20% and 13% increase from previous estimates [4] - The company is positioned to enter a new development phase combining innovation and generics, supported by its strong product pipeline and market influence [4] Market Data - The current stock price is 13.37 yuan, with a total market capitalization of 11.512 billion yuan [6] - The company has a total share capital of 861 million shares [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.65 CNY, based on a 15x PE for 2025 [2][4]. Core Insights - The company has shown steady performance with a revenue of 4.16 billion CNY in 2024, reflecting a year-on-year growth of 3.99%. The net profit attributable to the parent company reached 712 million CNY, up 15.04% year-on-year [9]. - The sales structure adjustment is complete, and both commercialization and R&D are expected to make progress. The company has successfully entered nearly 600 hospitals with its product, Didasyn, and has conducted over 160 academic promotion activities [7][9]. - The company has achieved significant growth in finished drugs and medical devices, with finished drug revenue increasing by 8.42% to 2.52 billion CNY, driven by marketing reforms [9]. Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 7.81 billion CNY, 8.91 billion CNY, and 10.49 billion CNY respectively, with an upward adjustment in gross margin [2]. - The company’s gross margin is projected to improve from 50.0% in 2024 to 52.9% by 2027, while net profit margin is expected to rise from 17.1% to 19.6% over the same period [7][12]. - The company’s earnings per share (EPS) is forecasted to grow from 0.83 CNY in 2024 to 1.22 CNY in 2027 [12].

Investment Rating - The investment rating for the company is "Buy" with a target price of 13.65 CNY, maintaining the rating from previous assessments [2][4]. Core Insights - The company has shown steady performance with revenue and net profit growth, achieving a revenue of 41.59 billion CNY (up 3.99% year-on-year) and a net profit of 7.12 billion CNY (up 15.04% year-on-year) in the latest report [9]. - The sales structure has been adjusted, and the commercialization and research and development are expected to make progress, particularly with the product Didasyn [7][9]. - The company has successfully entered nearly 600 hospitals with Didasyn and has conducted over 160 academic promotion activities, indicating strong commercial potential [9]. Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 7.81 billion CNY, 8.91 billion CNY, and 10.49 billion CNY respectively, with an upward adjustment in gross margin [2]. - The company’s gross margin is expected to improve from 50.0% in 2024 to 52.9% by 2027, while net profit margin is projected to increase from 17.1% to 19.6% over the same period [7][12]. - The earnings per share (EPS) is forecasted to rise from 0.83 CNY in 2024 to 1.22 CNY in 2027 [12]. Segment Performance - Finished drug revenue reached 25.22 billion CNY (up 8.42% year-on-year), while raw material drug revenue was 8.76 billion CNY (down 8.37% year-on-year) [9]. - Medical device revenue grew to 6.87 billion CNY (up 7.84% year-on-year), driven by market share gains and international expansion [9]. Market Position and Valuation - The company’s market capitalization is approximately 11.12 billion CNY, with a price-to-earnings (PE) ratio of 18.0 for 2023, expected to decrease to 10.6 by 2027 [4][12]. - The company is positioned favorably within the pharmaceutical and biotechnology industry in China, with a focus on innovative drug development and commercialization strategies [4][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable growth in its existing business while innovative drugs are expected to bring additional revenue. The marketing reform effects are becoming evident, and the innovative drug Daxin is anticipated to gradually increase its market presence [6][8] Financial Performance Summary - In 2024, the company achieved revenue of 4.159 billion yuan, a year-on-year increase of 3.99% - The net profit attributable to the parent company was 712 million yuan, up 15.04% - The non-recurring net profit was 647 million yuan, an increase of 21.38% - The gross margin for 2024 was 49.97%, a decrease of 0.60 percentage points, while the net profit margin increased by 1.70 percentage points to 17.29% - Sales expense ratio decreased by 2.94 percentage points to 16.65%, while management expense ratio increased by 0.16 percentage points to 5.49% and R&D expense ratio decreased by 0.81 percentage points to 9.22% [6][10] Revenue Breakdown - The company's finished drug revenue was 2.522 billion yuan, a year-on-year increase of 8.42% - Raw material drug revenue was 876 million yuan, a year-on-year decrease of 8.37% - Medical device revenue was 687 million yuan, a year-on-year increase of 7.84% - The main business has maintained stable growth [7] Innovation and Drug Development - The first-class innovative drug Daxin is expected to enter the medical insurance negotiation by the end of 2024, with further market expansion anticipated - The II phase clinical trial for JX11502MA capsule, a treatment for schizophrenia, is nearing completion - The modified new drug for ulcerative colitis, Kangfu New Enteric Capsule, is also progressing well in its II phase clinical trial - The I phase clinical trial for JX2201 capsule, a first-class innovative drug for LP(a) hyperlipidemia, started in March 2025 - The III phase clinical trial for the schizophrenia treatment, Kalirazine Hydrochloride Capsule, has been completed and will soon submit for market approval [8] Earnings Forecast - The company’s net profit forecast for 2025-2027 is adjusted to 822 million yuan, 953 million yuan, and 1.106 billion yuan respectively - The earnings per share (EPS) for the same period is projected to be 0.95 yuan, 1.11 yuan, and 1.28 yuan respectively - The current stock price corresponds to a price-to-earnings (P/E) ratio of 15.4, 13.2, and 11.4 times for 2025, 2026, and 2027 respectively [6][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable growth in its existing business while innovative drugs are expected to bring additional revenue. The marketing reform effects are becoming evident, and the innovative drug Dazaxin is anticipated to gradually increase in volume [6][7][8] Financial Performance - In 2024, the company achieved revenue of 4.159 billion yuan, a year-on-year increase of 3.99% - The net profit attributable to the parent company was 712 million yuan, up 15.04% - The gross margin for 2024 was 49.97%, a decrease of 0.60 percentage points, while the net profit margin increased by 1.70 percentage points to 17.29% - The sales expense ratio decreased by 2.94 percentage points to 16.65%, while the management expense ratio increased slightly by 0.16 percentage points to 5.49% [6][10] Revenue Breakdown - The company's finished drug revenue was 2.522 billion yuan, a year-on-year increase of 8.42% - Raw material drug revenue was 876 million yuan, a year-on-year decrease of 8.37% - Medical device revenue reached 687 million yuan, a year-on-year increase of 7.84% [7] Future Projections - The company has adjusted its profit forecasts for 2025-2026 and added projections for 2027, expecting net profits of 822 million yuan, 953 million yuan, and 1.106 billion yuan respectively - The expected EPS for 2025-2027 is 0.95 yuan, 1.11 yuan, and 1.28 yuan, with corresponding P/E ratios of 15.4, 13.2, and 11.4 [6][10] Innovation Pipeline - The first-class innovative drug Dazaxin is expected to enter the medical insurance negotiation by the end of 2024, with further volume growth anticipated - Other innovative drugs are in various stages of clinical trials, including JX11502MA for schizophrenia and JX2201 for LP(a) hyperlipidemia [8]

Investment Rating - The report maintains a "Recommended" rating for Jingxin Pharmaceutical (002020.SZ) [1][9] Core Views - The company has exceeded profit expectations with a total operating revenue of 4.159 billion yuan, up 3.99%, and a net profit attributable to shareholders of 712 million yuan, up 15.04% [3][6] - The innovative pipeline is expected to continue contributing to the company's growth, particularly in the treatment of chronic diseases [6][7] Financial Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 4.159 billion yuan, net profit of 712 million yuan - 2025E: Revenue of 4.724 billion yuan, net profit of 823 million yuan - 2026E: Revenue of 5.357 billion yuan, net profit of 948 million yuan - 2027E: Revenue of 6.092 billion yuan, net profit of 1.103 billion yuan [5][8] - **Profitability Ratios**: - Gross margin is projected to be around 50.0% in 2024, improving to 52.8% by 2027 - Net margin is expected to increase from 17.1% in 2024 to 18.1% in 2027 [5][8] - **Valuation Metrics**: - P/E ratio is expected to decrease from 17.1 in 2024 to 11.1 in 2027 - P/B ratio is projected to decline from 2.0 in 2024 to 1.5 in 2027 [5][8] Business Performance - The company has shown significant growth in its core pharmaceutical business, with a notable increase in sales from the outpatient market, growing over 45% year-on-year [6][7] - The innovative drug pipeline includes successful clinical trials and new drug applications, which are expected to enhance market opportunities [6][7]