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]

Financial Performance - In 2024, the company achieved a total revenue of 4.159 billion CNY, representing a year-on-year growth of 3.99% [2] - Finished drug revenue reached 2.522 billion CNY, with an increase of 8.42% [2] - Raw material drug revenue was 876 million CNY, showing a decline of 8.37% [2] - Medical device revenue amounted to 687 million CNY, growing by 7.84% [2] - The net profit attributable to shareholders was 712 million CNY, up by 15.04% [2] - The net profit after deducting non-recurring items was 647 million CNY, reflecting a growth of 21.38% [2] Product Development - The company submitted a clinical application for the innovative drug JX2201 for treating LP(a) dyslipidemia by the end of 2024 and has initiated Phase I clinical trials [3] - The innovative drug Didasin was officially launched in March 2024 and successfully entered the medical insurance catalog after negotiations in November 2024 [3] Market Performance - The finished drug market outside hospitals experienced rapid growth, increasing by 45% year-on-year in 2024 [3] - The retail division is focused on expanding the outpatient market through collaboration with retail pharmacy chains and enhancing coverage in grassroots pharmacies [3] Sales and Marketing Strategy - The company has achieved a reduction in sales expenses over the past few years through more precise expenditure allocation and improved employee efficiency [3] - In 2025, the company aims to control the sales expense ratio while expanding its market presence in outpatient and grassroots markets [3]

Investment Rating - The investment rating for the company is "Buy/Maintain" with a target price of 18, compared to the last closing price of 14.66 [1]. Core Views - The company has demonstrated strong growth in net profit excluding non-recurring items, with a significant decrease in sales expense ratio [4][5]. - The company reported a revenue of 4.159 billion yuan in 2024, representing a year-on-year growth of 3.99%, and a net profit of 712 million yuan, which is a 15.04% increase year-on-year [4][9]. - The company is focusing on innovation, with the launch of its first innovative drug, and has invested 383 million yuan in R&D in 2024 [6]. Financial Performance - The company's revenue from finished drugs grew by 8.42% year-on-year, while raw material drug revenue declined by 8.37% [4]. - The overall gross profit margin was 49.96%, slightly down by 0.6 percentage points from the previous year [5]. - The company expects revenues of 4.367 billion yuan, 4.673 billion yuan, and 5.047 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 820 million yuan, 911 million yuan, and 1.015 billion yuan [7][9]. R&D and Innovation - The company has made significant progress in its R&D efforts, with ongoing clinical trials for several innovative drugs [6]. - The innovative drug, which treats schizophrenia, is nearing the end of its Phase II clinical trials, and another drug for ulcerative colitis is also progressing well [6]. Market Outlook - The company is expected to benefit from the gradual weakening of the impact of centralized procurement in hospitals and has significant growth potential in the outpatient market [7]. - The projected PE ratios for the company are 15, 14, and 12 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation [7].

Core Viewpoint - Jingxin Pharmaceutical reported a revenue growth of 3.99% to 4.159 billion yuan and a net profit increase of 15.04% to 712 million yuan for the year 2024 [1] Revenue Breakdown - Finished drug revenue reached 2.522 billion yuan, up 8.42% year-on-year [1] - Raw material drug revenue was 876 million yuan, down 8.37% year-on-year [1] - Medical device revenue amounted to 687 million yuan, an increase of 7.84% year-on-year [1] Financial Metrics - Main business revenue was approximately 4.086 billion yuan with a gross margin of 50.05%, reflecting a 4.23% increase in revenue and a 0.38% decrease in gross margin compared to the previous year [2] - Other business revenue was around 727 million yuan, with a gross margin of 45.81%, showing a 7.81% decrease in revenue and a 12.00% decrease in gross margin year-on-year [2] Product Performance - The company is enhancing its product capabilities in the CNS field, with the innovative drug Jingnoning® (Dazatinib Capsules) receiving registration approval in December 2023 and set to launch in March 2024 [5] - The company has established a multi-dimensional product lineup covering CNS, cardiovascular, and digestive system diseases, with over 10 innovative drug projects in progress [6] Market Strategy - The company is focusing on expanding its innovative drug pipeline while maintaining steady operations in the generic drug business, achieving over 45% growth in outpatient market sales [6] - The company’s export revenue from formulations grew by 25% year-on-year, supported by capacity release and market expansion [6]

Group 1 - The core viewpoint of the news is the disclosure of institutional and public fund holdings in Jingxin Pharmaceutical, indicating a slight decrease in the proportion of holdings among the top institutional investors compared to the previous quarter [1][2] Group 2 - As of April 2, 2025, a total of 236 institutional investors hold shares in Jingxin Pharmaceutical, with a combined holding of 228 million shares, accounting for 26.46% of the total share capital [1] - The top ten institutional investors collectively hold 22.43% of the shares, which is a decrease of 2.15 percentage points from the previous quarter [1] Group 3 - In the public fund sector, three funds increased their holdings, while six funds reduced their holdings, with a total decrease of 0.27% [2] - A total of 224 new public funds were disclosed this period, including several focused on innovative drugs and medical investments [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 1.90% compared to the previous quarter [2]

浙江京新药业股份有限公司 审计报告及财务报表 二○二四年度 浙江京新药业股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） 一、 审计报告 1-5 二、 财务报表 合并资产负债表和母公司资产负债表 1-4 合并利润表和母公司利润表 5-6 合并现金流量表和母公司现金流量表 7-8 合并所有者权益变动表和母公司所有者权益变动表 9-12 财务报表附注 1-119 审计报告 信会师报字2025第 ZA10557 号 浙江京新药业股份有限公司全体股东： 一、 审计意见 我们审计了浙江京新药业股份有限公司（以下简称"京新药业"） 财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了京新药业 2024 年 12 月 31 日的合并及母公司 财务状况以及 2024 年度的合并及母公司经营成果和现金流量。 二、 形成审计意见的基础 我们按照中国注册会计师审 ...

募集资金年度存放与使用情况鉴证报告 关于浙江京新药业股份有限公司 专项报告的鉴证报告 信会师报字2025第ZA10559号 浙江京新药业股份有限公司全体股东： 我们接受委托，对后附的浙江京新药业股份有限公司（以下简称 "京新药业"）2024年度募集资金存放与使用情况专项报告（以下简 称"募集资金专项报告"）执行了合理保证的鉴证业务。 一、董事会的责任 浙江京新药业股份有限公司 京新药业董事会的责任是按照中国证券监督管理委员会《上市公 司监管指引第2号——上市公司募集资金管理和使用的监管要求 （2022年修订）》（证监会公告〔2022〕15号）、《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》以及《深 圳证券交易所上市公司自律监管指南第2号——公告格式》的相关规 定编制募集资金专项报告。这种责任包括设计、执行和维护与募集资 金专项报告编制相关的内部控制，确保募集资金专项报告真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏。 二、注册会计师的责任 我们的责任是在执行鉴证工作的基础上对募集资金专项报告发 表鉴证结论。 三、工作概述 我们按照《中国注册会计师其他鉴证业务准则第3101号— ...

| 其附属企业 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 京 江西京纬通新材料有限公司 | 新控 股集团 有限 | 公 | 其他应收款 | | 226.57 | 226.57 | | | 租赁及动力费 | 经营性往来 | | | | | | | | | | | 100%的股权 司持有其 | | | | | | | | | 京 | 新控 股集团 有限 | 公 | | | | | | | | 浙江元金化学有限公司 | | | 其他应收款 | | 53.72 | 53.72 | 租 | | 赁及动力费 | 经营性往来 | 司持有其 100%的股权 | | | | | | | | | 京 | 新控 股集团 有限 | 公 | | | | | | | | 杭州海狮佳科技有限公司 | | | 应收账款 | | 1.61 | 1.61 | | | 货款 | 经营性往来 | | | | | | | | | | 京 | 司持有其 100%的股权 新控 股集团 有限 | 公 | | | | | | | | 新昌信锦药业 ...