【私募调研记录】睿扬投资调研京新药业

Group 1 - The core viewpoint of the news highlights the recent research conducted by the well-known private equity firm Ruiyang Investment on a listed company, Jingxin Pharmaceutical, focusing on its commercial layout and financial performance [1] - Jingxin Pharmaceutical has deepened its commercialization layout for Jingnuoning, 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 Calirazine capsules, while also advancing Phase I for LP(a) lowering drugs [1] Group 2 - 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, representing a year-on-year growth of 12.01%, while revenue from raw materials decreased by 9.59% year-on-year to 453 million yuan due to downstream destocking [1]