Group 1: Financial Performance - In 2024, the company's total revenue was 4.159 billion CNY, representing a year-on-year growth of 3.99% [4] - The net profit attributable to shareholders was 712 million CNY, an increase of 15.04% year-on-year [4] - The non-recurring net profit was 647 million CNY, showing a growth of 21.38% compared to the previous year [4] - Earnings per share reached 0.83 CNY, up by 15.28% year-on-year [4] Group 2: Production Capacity and Product Launches - The production capacity utilization rate at the Shandong base is expected to rapidly increase in 2025, aiming to reach the design output of the initial facilities [1] - The company has submitted the market application for the generic drug Calirizine capsule, with updates to be provided in regular announcements [1] - The company anticipates that the Shandong chemical base will help recover the revenue decline in the raw material drug business, which saw a revenue of 876 million CNY in 2024, down by 8.37% year-on-year [2] Group 3: Strategic Focus and Market Position - The company aims to combine generic and innovative drug development, establishing a second growth curve while maintaining cost advantages [4] - The company is focusing on expanding its market share and improving product profitability, particularly in the fields of mental health and cardiovascular treatments [4] - The company believes that the future of the domestic pharmaceutical industry will be characterized by "innovation-driven, differentiation integration, and global competition" [2] Group 4: Challenges and Industry Outlook - The pharmaceutical industry in 2024 is facing pressure from policy-driven innovation, international breakthroughs, and price reductions due to centralized procurement [2] - The company views the impact of the US-China trade war on its export business as minimal, given that direct revenue from the US constitutes a small portion of overall income [3] - The company acknowledges that its valuation in the pharmaceutical industry has been relatively low, attributed to a lack of strong growth products in recent years [5]

Summary of Conference Call Company and Industry Overview - The conference call primarily discusses a pharmaceutical company involved in the development of innovative drugs and generic medications, focusing on mental health treatments and gastrointestinal diseases [1][2][3]. Key Points and Arguments 1. **Pipeline Development**: The company is advancing its pipeline, particularly with the drug 11502 for schizophrenia, which also targets depression and bipolar disorder. Phase II enrollment has been completed, and data analysis is pending [1]. 2. **Sales Growth Expectations**: The company anticipates sales growth for the drug Didaxine, aiming for over 100 million yuan in revenue this year, supported by an increase in hospital enrollments from 600 to an expected 700 additional hospitals [3][4]. 3. **Clinical Trials**: The company has initiated formal clinical enrollment for its products, with expectations to complete Phase I trials by the end of the year [4]. 4. **Government Policy Impact**: The company is optimistic about the government's drug procurement policies, believing that a balanced approach to pricing, quality, and supply will benefit their operations [6]. 5. **Innovation Focus**: The company emphasizes its commitment to innovation, with a budget of approximately 10% of revenue allocated for R&D, focusing on mental health and cardiovascular diseases [8]. 6. **Cost Management**: The company has successfully reduced sales expenses while improving operational efficiency, which is expected to continue into 2025 [9][10]. 7. **Market Dynamics**: The company is adapting to changes in the market, including price adjustments for generic drugs and the impact of new procurement policies on profitability [15][16]. 8. **Raw Material Pricing**: The company anticipates a stable recovery in raw material prices, with a focus on maintaining quality and managing costs effectively [17][18]. 9. **International Market Strategy**: The company is expanding its presence in international markets, particularly in Europe and the U.S., while managing domestic supply effectively [24][27]. 10. **Future Outlook**: The company expects a growth rate of over 30% in its external market segment, driven by new product launches and improved marketing strategies [20][22]. Additional Important Information - The company is focusing on building a robust pipeline of innovative drugs while maintaining a strong presence in the generic market [35]. - The management highlighted the importance of quality control and regulatory compliance in maintaining competitive advantages in both domestic and international markets [30][31]. - The company is also addressing the competitive landscape posed by Indian manufacturers, emphasizing the efficiency and quality of its production processes [27][28]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the company's strategic direction and market positioning.

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， ...

点击注册小程序 特别申明： 事件： 公司发布2024年年报，实现营业收入41.59亿元，同比+3.99%；归母净利润7.12亿元，同比+15.04%；扣非 归母净利润6.47亿元，同比+21.38%；经营性净现金流7.26亿元，同比-8.41%；EPS（基本）0.83元。业绩 略低于市场预期。 点评： 成品药板块营收持续增长，地达西尼成功进入医保目录 2024年，公司成品药收入25.22亿元，同比增长8.42%。公司深化营销体系升级，坚持以精神神经领域为主 体，同时统筹推进心脑血管和消化领域协同发展。1类创新药地达西尼胶囊于2024年3月底正式上市销售。 公司围绕地达西尼胶囊确定了医保谈判、推广入院以及学术推广三大任务。在2024年11月份结束的创新药 医保谈判中，地达西尼胶囊成功进入医保支付目录，为该品种后续销售提供了准入支持。2024年度，公司 自营团队以及核心代理商成功完成了近600 家医院的入院程序，初步覆盖了重点销售地区。 原料药板块受价格波动营收减少，医疗器械板块逆势增长 2024年，原料药业务实现营业收入8.76亿元，同比下降8.37%，主要受国内原料药市场波动影响。子公司 绍兴京新的520车间 ...

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]