JINGXIN(SZ:002020) Xin Lang Cai Jing·2025-08-28 14:34Core Viewpoint - The company reported its 2025 H1 financial results, showing a revenue of 2.017 billion yuan, a year-on-year decrease of 6.20%, and a net profit attributable to shareholders of 388 million yuan, a year-on-year decrease of 3.54% [1] Financial Performance - In 2025 H1, the company's non-recurring net profit reached 360 million yuan, reflecting a year-on-year increase of 7.78% [1] - For Q2 2025, the company achieved a revenue of 1.060 billion yuan, a year-on-year decrease of 2.64%, and a net profit attributable to shareholders of 225 million yuan, a year-on-year decrease of 2.74% [1] - The non-recurring net profit for Q2 was 214 million yuan, showing a year-on-year increase of 20.36% [1] Business Segments - The company’s core profitability improved due to effective cost control, with sales and management expenses decreasing by 18.86% and 29.18% year-on-year, respectively [2] - The finished drug business generated revenue of 1.175 billion yuan, down 9.68% year-on-year, primarily due to price governance in the hospital market and price reductions from some centralized procurement products [2] - The formulation export business saw a revenue increase of 30.13% year-on-year, becoming a significant growth driver for the finished drug segment [2] - The raw material drug business reported revenue of 453 million yuan, down 9.59% year-on-year, affected by industry cyclicality [2] - The medical device business achieved revenue of 349 million yuan, up 12.01% year-on-year, supported by recovering overseas demand [2] Product Development - The innovative insomnia drug, Dazisni, has shown rapid growth, generating revenue of 55 million yuan in H1 2025 after being included in the national medical insurance directory [3] - The company has established a solid channel foundation by covering over 1,500 hospitals for Dazisni, which is expected to be a significant growth engine in the coming years [3] - The schizophrenia drug, Kalirazine, has submitted its first generic application, with a potential peak sales of 1 billion yuan, given the original product's global sales exceeding 3.2 billion USD in 2024 [3] R&D Pipeline - The company is advancing its cardiovascular and metabolic drug pipeline, with the Lp(a) small molecule lipid-lowering drug (JX2201) currently in Phase I clinical trials, indicating a leading position in development [4] - The Lp(a) target is popular in the cardiovascular field, with similar drugs from other companies achieving nearly 2 billion USD in overseas licensing deals, suggesting potential for value re-evaluation for JX2201 [4] Profit Forecast - The company forecasts revenues of 4.605 billion, 5.104 billion, and 5.678 billion yuan for 2025-2027, with year-on-year growth rates of 10.74%, 10.83%, and 11.25% respectively [4] - The projected net profits attributable to shareholders are 821 million, 949 million, and 1.103 billion yuan for the same period, with growth rates of 15.26%, 15.69%, and 16.14% respectively [4] - The current price-to-earnings ratios are expected to be 21, 19, and 16 times for 2025, 2026, and 2027 [4]