JINGXIN(SZ:002020) KAIYUAN SECURITIES·2025-08-28 06:41Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing continuous growth in innovative drugs, with a steady advancement in its pipeline [4] - For the first half of 2025, the company reported revenues of 2.017 billion yuan (down 6.20% year-on-year) and a net profit attributable to shareholders of 388 million yuan (down 3.54% year-on-year) [4] - The company maintains its profit forecast for 2025-2027, expecting net profits of 822 million yuan, 953 million yuan, and 1.106 billion yuan, respectively, with corresponding EPS of 0.95 yuan, 1.11 yuan, and 1.29 yuan [4] Financial Summary - In H1 2025, the company's gross margin was 49.57% (down 2.00 percentage points year-on-year), and the net margin was 19.45% (up 0.57 percentage points year-on-year) [4] - The sales expense ratio was 15.44% (down 2.41 percentage points year-on-year), while the management expense ratio was 4.49% (down 1.45 percentage points year-on-year) [4] - The R&D expense ratio was 9.17% (up 0.01 percentage points year-on-year) [4] Revenue Breakdown - In H1 2025, the company generated 1.175 billion yuan from finished drugs (down 9.68% year-on-year), 453 million yuan from raw materials (down 9.59% year-on-year), and 349 million yuan from medical devices (up 12.01% year-on-year) [5] - The innovative drug, Didasini, achieved revenue of 55 million yuan in H1 2025, with over 1,500 hospitals covered [5] Pipeline Development - The company has made significant progress in its R&D pipeline, with various innovative drugs in different stages of clinical trials [5] - In the field of mental and neurological disorders, the company has completed Phase II clinical trials for its innovative drug JX11502 [5] - In cardiovascular disease, the company is advancing its Phase I clinical trials for a new lipid-lowering drug targeting LP(a) mechanism [5]