JINGXIN(SZ:002020) Xinda Securities·2025-09-02 07:45Investment Rating - The investment rating for Jingxin Pharmaceutical (002020) is not explicitly stated in the provided content, but the report indicates a focus on growth and innovation in the pharmaceutical sector [1]. Core Insights - The report highlights that Jingxin Pharmaceutical's revenue for H1 2025 was 2.017 billion yuan, a decrease of 6.2% year-on-year, while the net profit attributable to the parent company was 388 million yuan, down 3.54% year-on-year. However, the net profit excluding non-recurring items increased by 7.78% to 360 million yuan [2][4]. - The company is experiencing short-term revenue pressure, particularly in finished drug sales, which fell by 9.68% to 1.175 billion yuan due to centralized procurement pressures. However, the medical device segment grew by 12.01% to 349 million yuan, indicating a robust performance in that area [4]. - The innovative drug, Didasini capsule, generated over 50 million yuan in revenue, demonstrating the company's ability to commercialize its innovative pipeline effectively [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved total revenue of 2.017 billion yuan, with a net profit of 388 million yuan. The second quarter alone contributed 1.06 billion yuan in revenue, reflecting a 2.64% decline year-on-year [2][4]. - The gross profit margin for 2025 is projected to remain stable around 50%, with net profit growth expected to recover in the following years [6]. Revenue Breakdown - Finished drug revenue decreased to 1.175 billion yuan, raw material drug revenue fell to 453 million yuan, while medical device revenue increased to 349 million yuan [4]. - The company has expanded its market access significantly, with over 1,500 hospitals covered, enhancing the availability of its products [4]. Future Projections - Revenue is expected to grow to 4.413 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 6% from 2025 to 2027. Net profit is projected to reach 802 million yuan in 2025, with a growth rate of 13% [7]. - The report emphasizes the potential of the JX2201 capsule in the cardiovascular disease treatment space, with ongoing clinical trials and significant market interest [5][7].