【机构调研记录】蜂巢基金调研京新药业

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]