Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [7][5]. Core Views - The company achieved a revenue of 3.999 billion in 2023, reflecting a year-on-year growth of 5.78%. However, the net profit attributable to shareholders decreased by 6.55% to 619 million [7][10]. - The report highlights the company's ongoing expansion in the formulation sector and the integration of innovative and generic drug development, marking a new era for the company [7][9]. - The company is expected to see revenue growth of 11.54%, 10.12%, and 8.99% for the years 2024, 2025, and 2026, respectively, with net profit growth projected at 17.66%, 15.54%, and 11.84% for the same years [7][10]. Financial Summary - **Revenue (Million)**: - 2023: 3,999 - 2024E: 4,460 - 2025E: 4,912 - 2026E: 5,353 - **Net Profit (Million)**: - 2023: 619 - 2024E: 728 - 2025E: 841 - 2026E: 941 - **Earnings Per Share (EPS)**: - 2023: 0.72 - 2024E: 0.85 - 2025E: 0.98 - 2026E: 1.09 - **Price-to-Earnings Ratio (PE)**: - 2023: 17.67 - 2024E: 12.69 - 2025E: 10.98 - 2026E: 9.82 [10][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock price will outperform the benchmark index by more than 20% over the next 6-12 months [9][23]. Core Insights - The company achieved a revenue of 3.999 billion RMB in 2023, representing a year-on-year growth of 5.79%. However, the net profit attributable to shareholders decreased by 6.55% to 619 million RMB, indicating some pressure on profitability [4][18]. - The company has adjusted its pharmaceutical sales structure from a "line-based" model to a "hospital-retail" model, which is expected to enhance sales capabilities and expand future growth opportunities [4][18]. - Increased investment in research and development (R&D) is noted, with R&D expenses reaching 401 million RMB in 2023, a 9.23% increase year-on-year. The company is advancing its pipeline, including the registration of its first Class 1 new drug, which is set to launch in March 2024 [4][18]. Financial Summary - The company reported a total revenue of 3.999 billion RMB for 2023, with a growth rate of 5.8%. The projected revenues for 2024, 2025, and 2026 are 4.388 billion RMB, 4.851 billion RMB, and 5.415 billion RMB, respectively, with expected growth rates of 9.7%, 10.5%, and 11.6% [19][20]. - The net profit for 2023 was 619 million RMB, with projections for 2024, 2025, and 2026 at 649 million RMB, 749 million RMB, and 889 million RMB, respectively, indicating a recovery in profitability in the coming years [19][20]. - The earnings per share (EPS) for 2023 was 0.72 RMB, with forecasts of 0.75 RMB, 0.87 RMB, and 1.03 RMB for the following years [19][20].

证券代码：002020 证券简称：京新药业 公告编号：2024015 浙江京新药业股份有限公司 关于举行 2023 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。 3、出席本次业绩说明会的人员 公司董事长兼总裁吕钢先生，董事兼董事会秘书洪贇飞先生，董事兼副总裁、财务总监陈 美丽女士，独立董事徐攀女士（如有特殊情况，参与人员会有调整）。 4、投资者问题征集及方式 为广泛听取投资者的意见和建议，提前向投资者征集问题，提问通道自发出公告之日起开 放，投资者可以于2024年4月7日(星期日) 15:00 前通过上述投资者参与方式进入"京新药业 2023年度业绩说明会"页面进行提问。公司将在本次业绩说明会上对投资者普遍关注的问题进 行重点回答。 浙江京新药业股份有限公司（以下简称"公司"）已于 2024 年 3 月 30 日在巨潮资讯网 （http://www.cninfo.com.cn/）上披露了《2023 年年度报告》及其摘要。为便于广大投资者 进一步了解公司 2023 年年度经营情况，公司定于 2024 年 4 月 8 日（星期一）下午 ...

[ T able_StockInfo] 2024 年 03 月 30 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：10.73 元 京新药业（002020）医药生物 目标价：——元（6 个月） [Table_QuotePic] 相对指数表现 -29% -17% -5% 7% 19% 31% 23/3 23/5 23/7 23/9 23/11 24/1 24/3 京新药业 沪深300 数据来源：聚源数据 | --- | --- | |-----------------------------------------------|----------------------| | | | | 总股本 ( 亿股 ) | 8.61 | | 流通 A 股 ( 亿股 ) | 6.56 | | 52 周内股价区间 ( 元 ) | 8.6-15.87 | | 总市值 ( 亿元 ) | 92.39 | | 总资产 ( 亿元 ) | 79.87 | | 每股净资产 ( 元 ) | 6.40 | | | | | 相关研究 [Table_Report] 1. 京新药业（ 002020 | ）：营销改革业绩逐步 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months with expected returns exceeding 15% compared to the market benchmark [19][21]. Core Insights - The company has entered a new development phase with the approval of its first innovative drug, Didasin, marking its transition into a combination of innovative and generic drug development [5][12]. - In 2023, the company achieved a finished drug revenue of 2.326 billion yuan, reflecting a year-on-year increase of 4.98% [12]. - The company has adjusted its sales model from a product line-based structure to a hospital-retail model, enhancing its sales capabilities [4][12]. Financial Performance - The company reported a total revenue of 3.999 billion yuan in 2023, a year-on-year increase of 5.79%, while the net profit was 619 million yuan, down 6.55% year-on-year [24]. - The earnings per share (EPS) for 2023 was 0.72 yuan, with a projected EPS of 0.76 yuan for 2024 and 0.87 yuan for 2025 [6][24]. - The company’s net profit forecast for 2024 and 2025 has been revised down to 654 million yuan and 751 million yuan, respectively, reflecting a decrease of 24% and 26% from previous estimates [5]. Research and Development - The company invested 401 million yuan in R&D in 2023, representing a year-on-year increase of 9.23% [4]. - Other innovative drug projects are progressing well, with JX11502MA capsules and rehabilitation new enteric-coated capsules completing the IIa phase in 2023 [27]. Market Position - As a leading enterprise in the field of mental and neurological disorders, the company is well-positioned with a strong product pipeline and brand influence [5]. - The company is expected to continue its innovative transformation as it enters the innovative drug era with Didasin's market launch [12].

■ 京新药业 — 沪深300指数 | --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------------------------|-------|-------| | | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 3,780 | 3,999 | 4,399 | 5,019 | 5,770 | | YOY(%) | 13.3 | 5.8 | 10.0 | 14.1 | 15.0 | | 净利润 ( 百万元 ) | 662 | 619 | 698 | 821 | 977 | | YOY(%) | 7.9 | -6.5 | 12.7 | 17.6 | 19.1 | | 毛利率 (%) | 53.3 | 50.6 | 53.1 | 55.7 | 57.5 | | 净利率 (%) | 17.5 | 15.5 | 15.9 | 16.4 | 16.9 | | ROE(%) | 12.9 | 11.2 | 11.6 | 12.4 | 13.3 ...

Financial Performance - Total cash inflow from operating activities in 2023 was ¥4,023,184,127.43, a decrease of 5.79% compared to ¥4,270,422,463.58 in 2022[3] - Total cash outflow from operating activities in 2023 was ¥3,230,345,761.50, down by 5.40% from ¥3,414,644,665.16 in 2022[3] - Net cash flow from operating activities decreased by 7.35% to ¥792,838,365.93 in 2023 from ¥855,777,798.42 in 2022[3] - Total cash inflow from investing activities increased by 14.50% to ¥957,118,569.49 in 2023 from ¥835,941,496.84 in 2022[3] - Total cash outflow from financing activities increased by 144.01% to ¥585,058,474.42 in 2023 from ¥239,765,754.71 in 2022[3] - The net increase in cash and cash equivalents was a decrease of 240.89%, amounting to -¥187,648,914.00 in 2023 compared to -¥55,046,087.19 in 2022[3] - Cash and cash equivalents at the end of 2023 were ¥1,460,812,995.03, accounting for 18.29% of total assets, down from 21.03% at the beginning of the year[6] - The company reported a significant increase in revenue, achieving a total of 1.5 billion CNY for the fiscal year, representing a 20% year-over-year growth[60] - User data showed a 15% increase in active users, reaching 2 million by the end of the reporting period[60] - The company provided guidance for the next fiscal year, projecting a revenue growth of 25% to 1.875 billion CNY[60] Research and Development - The company reported a total of over 10 innovative drug projects under research, focusing on the fields of mental and cardiovascular health[46] - The company has ongoing research and development for generic drugs, with batch applications in progress[46] - The company aims to enhance its innovation pipeline and improve operational efficiency through internal reforms and resource integration in 2024[18] - The company is focused on expanding its market presence while ensuring the development of competitive products in its core areas[46] - The company has invested 200 million CNY in new technology development, focusing on advanced drug delivery systems[60] Market Strategy - The company aims to maximize market value through differentiation and clinical value, with a strategy of external collaboration and independent project initiation[46] - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[60] - A strategic acquisition of a local biotech firm was completed, enhancing the company's R&D capabilities and expected to generate 100 million CNY in synergies[60] - The company plans to increase its marketing budget by 30% to support new product launches and market expansion efforts[60] - New product launches included two innovative drug formulations, expected to contribute an additional 300 million CNY in revenue[60] Corporate Governance - The company held its 2022 Annual General Meeting with a participation rate of 40.69% on April 21, 2023[31] - The company has conducted multiple board meetings, with directors attending a total of 5 meetings in the reporting period[43] - The company held four board meetings in 2023, discussing key proposals including the annual audit report and the use of raised funds[74] - The total remuneration paid to the board of directors and senior management in 2023 amounted to 11.6263 million yuan[69] - The company’s management performance evaluation is based on the established performance assessment system, ensuring accountability and effectiveness[109] Environmental Responsibility - The company has a valid pollution discharge permit effective from January 12, 2023, to January 11, 2028[93] - The company has established two wastewater treatment systems with capacities of 200 tons/day and 300 tons/day, ensuring compliance with environmental standards[151] - The company has implemented measures to reduce carbon emissions by optimizing equipment and processes, leading to a continuous decrease in carbon output[156] - The company’s wastewater treatment facilities are monitored quarterly for total nitrogen, total phosphorus, and other pollutants, ensuring compliance with environmental regulations[168] - The company has received no administrative penalties related to environmental issues during the reporting period[171] Employee and Shareholder Engagement - The employee stock ownership plan includes 233 employees holding a total of 4,937,104 shares, representing 0.57% of the company's total equity[84] - The company distributed a cash dividend of 3.00 yuan (including tax) for every 10 shares, totaling 258.308742 million yuan, based on a total share count of 861,029,140 shares[79] - The company has launched a total of 3 employee stock ownership plans, with the third plan established in February 2021, involving 93 participants and an initial fund size of CNY 20,517,200, holding 1,892,729 shares[112] - The company has ensured that minority shareholders have sufficient opportunities to express their opinions and that their legal rights are fully protected[1] Risk Management - The company faced various risks and has established measures to address them, although specific risks were not detailed in the provided content[47] - The company has committed to avoiding any related party transactions that could harm shareholder interests, ensuring fair and transparent operations[174] - The company has not encountered any major environmental issues and holds a valid pollution discharge permit effective until October 27, 2027[137] - There were no significant related party transactions during the reporting period[138]

(一) 实际募集资金金额、资金到位情况 1、2016 年非公开发行募集资金金额、资金到位情况 关于募集资金存放与实际使用情况的专项报告 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。 2024 年 3 月 28 日，浙江京新药业股份有限公司（以下称"公司"、"京新药 业"）召开第八届董事会第八次会议，审议通过了《关于募集资金存放与实际使用 情况的专项报告》。 证券代码：002020 证券简称：京新药业 公告编号：2024011 根据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（2023 年修订）》的相关规 定，本公司就 2023 年募集资金存放与使用情况作如下专项报告： 浙江京新药业股份有限公司 一、募集资金基本情况 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[2017]92 ...

浙江京新药业股份有限公司 2023 年度内部控制自我评价报告 1 公司未发现非财务报告内部控制重大缺陷。 自内部控制评价报告基准日至内部控制评价报告发出日之间未发生影响内部控 制有效性评价结论的因素。公司已经建立的内部控制体系在完整性、合规性、有效 性等方面不存在重大缺陷。 浙江京新药业股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求 （以下简称"企业内部控制规范体系"），结合浙江京新药业股份有限公司（以下简 称"公司"）内部控制制度和评价办法，在内部控制日常监督和专项监督的基础上， 公司董事会对2023年12月31日的内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有 效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和 实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。公司董事 会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假记载、误 导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理 ...

证券代码：002020 证券简称：京新药业 公告编号：2024013 浙江京新药业股份有限公司 关于沙溪制药未完成业绩承诺及有关业绩补偿的公告 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。 2024年3月28日，浙江京新药业股份有限公司（以下称"公司"）召开第八届 董事会第八次会议，审议通过了《关于沙溪制药未完成业绩承诺及有关业绩补偿的 议案》。现将有关情况公告如下： 一、本次业绩补偿的基本情况 2021 年 12 月 14 日，公司召开第七届董事会第二十八次会议，审议通过了《关 于收购广东沙溪制药有限公司 100%股权暨关联交易的议案》，同意公司以自有资金 20,500 万元收购新昌元金健康产业投资合伙企业（有限合伙）（以下简称"元金健 康"或"转让方一"）持有的沙溪制药 99%股权及京新控股集团有限公司（以下简称 "京新控股"或"转让方二"）持有的沙溪制药 1%的股权。同日，公司（受让方）与 元金健康（转让方一）、京新控股（转让方二）、沙溪制药（目标公司）签订《股权 转让协议》，目标公司 2021 年、2022 年、2023 年经审计后净利润分别不低于 16 ...