Group 1 - The core viewpoint of the news highlights the recent research conducted by the well-known private equity firm Ruiyang Investment on a listed company, Jingxin Pharmaceutical, focusing on its commercial layout and financial performance [1] - Jingxin Pharmaceutical has deepened its commercialization layout for Jingnuoning, adding over 400 hospital admissions, covering more than 1,500 hospitals, and achieving revenue of 55 million yuan [1] - The company has completed Phase II clinical trials for JX11502 capsules and submitted a listing application for Calirazine capsules, while also advancing Phase I for LP(a) lowering drugs [1] Group 2 - The sales expense ratio has decreased by 2.41 percentage points, with expectations for stable expense ratios moving forward [1] - As of July 31, 2025, the company has repurchased shares worth 610 million yuan, primarily for equity incentives [1] - Revenue from medical devices reached 349 million yuan, representing a year-on-year growth of 12.01%, while revenue from raw materials decreased by 9.59% year-on-year to 453 million yuan due to downstream destocking [1]

Group 1: Company Insights - Chuanghou Fund recently conducted research on four listed companies, including Electric Science Digital, which has launched AI products in various fields such as shipbuilding and aviation, with new contracts signed in the first half of the year exceeding the total of last year [1] - New Zobang reported a revenue of 4.248 billion yuan in the first half of 2025, a year-on-year increase of 18.58%, with battery chemicals revenue growing by 22.77% [1] - Jingxin Pharmaceutical's revenue from its commercialized product Jingnuoning reached 55 million yuan, with over 1,500 hospitals covered [2] - Huafeng Technology's sales in the new energy vehicle sector increased, and the company is expanding its market scale for high-voltage connector products [3] Group 2: Financial Performance - Electric Science Digital's new orders increased by 57% year-on-year, primarily from high-end manufacturing and aerospace sectors [1] - New Zobang's net profit for the first half of 2025 was 484 million yuan, a year-on-year increase of 16.36%, with significant growth in electronic information chemicals [1] - Jingxin Pharmaceutical's medical device revenue grew by 12.01% year-on-year, while raw material drug revenue decreased by 9.59% due to downstream destocking [2] - Huafeng Technology's asset impairment mainly resulted from increased accounts receivable and customer cost control [3] Group 3: Market Opportunities - Electric Science Digital is expanding its capabilities in satellite communication and AI applications, with expectations for increased revenue from AI products [1] - New Zobang is capitalizing on market opportunities from international manufacturers' production halts, with plans for new production facilities in the coming years [1] - Jingxin Pharmaceutical is advancing its drug pipeline with multiple clinical trials and has repurchased shares for equity incentives [2] - Huafeng Technology is collaborating with various manufacturers and internet application clients to promote high-speed connector projects [3]

Group 1 - The core focus of the article is on the recent research conducted by Hive Fund on a listed company, Jingxin Pharmaceutical, highlighting its commercial developments and financial performance [1] - Jingxin Pharmaceutical has deepened its commercialization layout for Jingnoning, adding over 400 hospital admissions, covering more than 1,500 hospitals, and achieving revenue of 55 million yuan [1] - The company has completed Phase II clinical trials for JX11502 capsules and submitted a listing application for Calirasin capsules, while also advancing Phase I for LP(a) lowering drugs [1] - The sales expense ratio has decreased by 2.41 percentage points, with expectations for stable expense ratios moving forward [1] - As of July 31, 2025, the company has repurchased shares worth 610 million yuan, primarily for equity incentives [1] - Revenue from medical devices reached 349 million yuan, reflecting a year-on-year growth of 12.01% [1] - Revenue from raw materials was 453 million yuan, showing a year-on-year decline of 9.59% due to downstream inventory destocking [1] Group 2 - Hive Fund was established in 2018, with total assets under management of 48.884 billion yuan, ranking 86th out of 210 [2] - The fund's non-monetary public fund assets under management are 48.879 billion yuan, ranking 76th out of 210 [2] - The fund manages 57 public funds, ranking 97th out of 210, with 9 public fund managers, ranking 112th out of 210 [2] - The best-performing public fund product in the past year is Hive Advanced Manufacturing Mixed Initiation A, with a latest net value of 1.26 and a growth of 62.77% over the past year [2]

商业模式：公司业绩主要依靠营销驱动。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示： 建议关注公司现金流状况（货币资金/流动负债仅为35.26%） 据证券之星公开数据整理，近期京新药业（002020）发布2025年中报。根据财报显示，京新药业净利润 同比下降3.54%。截至本报告期末，公司营业总收入20.17亿元，同比下降6.2%，归母净利润3.88亿元， 同比下降3.54%。按单季度数据看，第二季度营业总收入10.6亿元，同比下降2.64%，第二季度归母净利 润2.25亿元，同比下降2.74%。 本次财报公布的各项数据指标表现一般。其中，毛利率49.57%，同比减3.89%，净利率19.45%，同比增 3.02%，销售费用、管理费用、财务费用总计3.75亿元，三费占营收比18.61%，同比减15.74%，每股净 资产6.35元，同比减3.41%，每股经营性现金流0.46元，同比减17.48%，每股收益0.46元，同比减2.13% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 21.5亿 | 20.1 ...

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]