【私募调研记录】高毅资产调研京新药业、华丰科技

Group 1: Jingxin Pharmaceutical - Jingxin Pharmaceutical is focusing on the commercialization of Jingnuoning, with over 400 new hospital admissions, covering more than 1,500 hospitals, achieving revenue of 55 million yuan [1] - The company has completed Phase II clinical trials for JX11502 capsules and submitted a market application for Calirazone capsules, while the LP(a) lowering drug is in Phase I [1] - The sales expense ratio has decreased by 2.41 percentage points, and the expense ratio is expected to remain stable [1] - As of July 31, 2025, the company has repurchased shares worth 610 million yuan, primarily for equity incentives [1] - Medical device revenue reached 349 million yuan, a year-on-year increase of 12.01%, while raw material drug revenue was 453 million yuan, a year-on-year decrease of 9.59% due to downstream destocking [1] Group 2: Huafeng Technology - In Q2 2025, Huafeng Technology's production and sales of high-speed line modules showed good growth compared to Q1 [2] - The sales revenue from the new energy vehicle business has increased year-on-year, with an improved product structure and plans to expand market scale for high-voltage connector applications [2] - Asset impairment mainly includes credit impairment losses and inventory write-downs, primarily due to increased accounts receivable and customer cost control [2] - The 224G high-speed backplane connector has completed customer validation testing, with mass production timing dependent on customer demand [2] - The company is collaborating with multiple equipment manufacturers and internet application customers on various projects, with customers generally adopting high-speed line module methods [2]