JINGXIN(SZ:002020) 光大证券研究·2025-09-01 23:05Core Viewpoint - The company reported a decline in revenue for the first half of 2025, with a focus on the commercialization progress of its core innovative drug, Didasinib, which has shown initial market penetration success [4][5]. Financial Performance - The company achieved a revenue of 2.017 billion yuan in the first half of 2025, a year-on-year decrease of 6.20% - Finished drug revenue was 1.175 billion yuan, down 9.68% - Raw material drug revenue was 453 million yuan, down 9.59% - Medical device revenue was 349 million yuan, up 12.01% - Net profit attributable to the parent company was 388 million yuan, down 3.54% - Deducted net profit attributable to the parent company was 360 million yuan, up 7.78% - Operating cash flow was 393 million yuan, down 17.48% - Basic EPS was 0.46 yuan [4]. Commercialization Progress - The core innovative drug Didasinib has made significant strides in commercialization, having been included in the National Basic Medical Insurance Drug List as of November 2024 - As of June 30, 2025, over 400 key medical institutions have been added to the access list, with a total of over 1,500 hospitals covered - The product generated revenue of 55 million yuan in the first half of 2025, indicating initial effects of insurance reimbursement [5]. R&D Pipeline Advancement - In the field of psychiatric disorders, the self-developed innovative drug JX11502 capsule has completed Phase II clinical trials, and the application for marketing authorization for Calirizine capsule has been submitted to the National Medical Products Administration - In cardiovascular disease, the pipeline continues to improve with ongoing Phase I clinical trials for a new drug targeting LP(a) mechanism and the submission of a marketing application for a drug treating high cholesterol - In digestive diseases, the modified traditional Chinese medicine for ulcerative colitis has completed Phase II clinical trials, supporting the design and implementation of Phase III trials [6].