JINGXIN(SZ:002020) 智通财经网·2026-02-11 23:30Company Overview - Jingxin Pharmaceutical (002020.SZ) is an innovation-driven pharmaceutical group focusing on two core disease areas: central nervous system diseases and cardiovascular and cerebrovascular diseases. The company combines the commercialization of existing products with the continuous advancement of its product pipeline [1][2]. Product Portfolio - The company has shifted its strategic focus on innovative drug development towards central nervous system diseases and cardiovascular and cerebrovascular diseases. Its current product portfolio includes over 60 approved drugs, covering generic drugs, innovative drugs, traditional Chinese medicine, and biological agents [2]. - The generic drug segment is a significant part of the company's product mix, providing stable revenue and broad market coverage to support ongoing innovation investments. The focus is on psychiatric and neurological drugs, as well as cardiovascular and cerebrovascular drugs [2]. - The innovative drugs are central to the company's transformation and long-term growth, prioritizing unmet medical needs with clinical value and commercial potential. In 2023, the company launched a new innovative drug, Dazisni, approved for treating insomnia in China, marking a milestone in its transition to an innovation-driven model [2]. Financial Performance - The company reported revenues of approximately RMB 3.999 billion for the fiscal year 2023, with projections of RMB 4.159 billion for 2024 and RMB 3.344 billion for the ten months ending October 31, 2025 [5]. - The net profit for the fiscal year 2023 was approximately RMB 623 million, with projections of RMB 719 million for 2024 and RMB 629 million for the ten months ending October 31, 2025 [4][5]. - The gross profit margin for the fiscal year 2023 was 49.2%, with slight declines projected to 48.5% in 2024 and 48.3% in 2025 [6]. Industry Overview - The Chinese pharmaceutical market is expected to grow from RMB 1,447.9 billion in 2020 to RMB 1,629.7 billion by 2024, with a compound annual growth rate (CAGR) of 3.0%. By 2035, the market is projected to reach RMB 3,103.4 billion, with a CAGR of 6.5% from 2025 to 2035, surpassing the global CAGR of 5.1% during the same period [8]. - The market share of patented drugs is expected to increase from 44.6% in 2020 to 70.0% by 2035, while the market for generic drugs is projected to grow moderately, with a decline in market share from 55.4% to 30.0% over the same period [8]. Central Nervous System Market - The global central nervous system drug market is entering a stable growth phase, with the market size increasing from USD 233.7 billion in 2020 to USD 258.8 billion by 2024, reflecting a CAGR of 2.6%. The Chinese market is also growing, with an increase from approximately USD 32.2 billion in 2020 to USD 34.1 billion by 2024, and an expected CAGR of 4.1% from 2025 to 2035 [10]. - The insomnia drug market in China is projected to maintain a size of around USD 1.7 billion from 2020 to 2024, with a CAGR of -1.0%. However, it is expected to grow to USD 3.5 billion by 2035, with a CAGR of 7.5% from 2025 to 2035 [12]. Cardiovascular Drug Market - The global cardiovascular drug market is expected to grow from USD 115 billion in 2020 to USD 124.6 billion by 2024, with a CAGR of 2.0%. The Chinese market is projected to decline from USD 25.5 billion in 2020 to USD 24.9 billion by 2024, but is expected to rebound to USD 36.9 billion by 2035, with a CAGR of 4.1% from 2025 to 2035 [13][14].