上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江京新药业股份有限公司 2024 年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江京新药业股份有限公司 2024 年度股东大会的 法律意见书 上海市锦天城律师事务所（以下简称"本所"）接受浙江京新药业股份有限公 司（以下简称"公司"或"京新药业"）委托，就公司召开 2024 年度股东大会（以 下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简 称《公司法》）、《上市公司股东大会规则》等法律、法规、规章和其他规范性文 件以及《浙江京新药业股份有限公司章程》（以下简称《公司章程》）的有关规定， 出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 项 ...

Group 1: Financial Performance - In 2024, the company's total revenue was 4.159 billion CNY, representing a year-on-year growth of 3.99% [4] - The net profit attributable to shareholders was 712 million CNY, an increase of 15.04% year-on-year [4] - The non-recurring net profit was 647 million CNY, showing a growth of 21.38% compared to the previous year [4] - Earnings per share reached 0.83 CNY, up by 15.28% year-on-year [4] Group 2: Production Capacity and Product Launches - The production capacity utilization rate at the Shandong base is expected to rapidly increase in 2025, aiming to reach the design output of the initial facilities [1] - The company has submitted the market application for the generic drug Calirizine capsule, with updates to be provided in regular announcements [1] - The company anticipates that the Shandong chemical base will help recover the revenue decline in the raw material drug business, which saw a revenue of 876 million CNY in 2024, down by 8.37% year-on-year [2] Group 3: Strategic Focus and Market Position - The company aims to combine generic and innovative drug development, establishing a second growth curve while maintaining cost advantages [4] - The company is focusing on expanding its market share and improving product profitability, particularly in the fields of mental health and cardiovascular treatments [4] - The company believes that the future of the domestic pharmaceutical industry will be characterized by "innovation-driven, differentiation integration, and global competition" [2] Group 4: Challenges and Industry Outlook - The pharmaceutical industry in 2024 is facing pressure from policy-driven innovation, international breakthroughs, and price reductions due to centralized procurement [2] - The company views the impact of the US-China trade war on its export business as minimal, given that direct revenue from the US constitutes a small portion of overall income [3] - The company acknowledges that its valuation in the pharmaceutical industry has been relatively low, attributed to a lack of strong growth products in recent years [5]

Summary of Conference Call Company and Industry Overview - The conference call primarily discusses a pharmaceutical company involved in the development of innovative drugs and generic medications, focusing on mental health treatments and gastrointestinal diseases [1][2][3]. Key Points and Arguments 1. **Pipeline Development**: The company is advancing its pipeline, particularly with the drug 11502 for schizophrenia, which also targets depression and bipolar disorder. Phase II enrollment has been completed, and data analysis is pending [1]. 2. **Sales Growth Expectations**: The company anticipates sales growth for the drug Didaxine, aiming for over 100 million yuan in revenue this year, supported by an increase in hospital enrollments from 600 to an expected 700 additional hospitals [3][4]. 3. **Clinical Trials**: The company has initiated formal clinical enrollment for its products, with expectations to complete Phase I trials by the end of the year [4]. 4. **Government Policy Impact**: The company is optimistic about the government's drug procurement policies, believing that a balanced approach to pricing, quality, and supply will benefit their operations [6]. 5. **Innovation Focus**: The company emphasizes its commitment to innovation, with a budget of approximately 10% of revenue allocated for R&D, focusing on mental health and cardiovascular diseases [8]. 6. **Cost Management**: The company has successfully reduced sales expenses while improving operational efficiency, which is expected to continue into 2025 [9][10]. 7. **Market Dynamics**: The company is adapting to changes in the market, including price adjustments for generic drugs and the impact of new procurement policies on profitability [15][16]. 8. **Raw Material Pricing**: The company anticipates a stable recovery in raw material prices, with a focus on maintaining quality and managing costs effectively [17][18]. 9. **International Market Strategy**: The company is expanding its presence in international markets, particularly in Europe and the U.S., while managing domestic supply effectively [24][27]. 10. **Future Outlook**: The company expects a growth rate of over 30% in its external market segment, driven by new product launches and improved marketing strategies [20][22]. Additional Important Information - The company is focusing on building a robust pipeline of innovative drugs while maintaining a strong presence in the generic market [35]. - The management highlighted the importance of quality control and regulatory compliance in maintaining competitive advantages in both domestic and international markets [30][31]. - The company is also addressing the competitive landscape posed by Indian manufacturers, emphasizing the efficiency and quality of its production processes [27][28]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the company's strategic direction and market positioning.

Group 1 - The company, Zhejiang Jingxin Pharmaceutical Co., Ltd., will hold an online performance briefing for the year 2024 on April 22, 2025, from 15:00 to 17:00 [1][2] - The briefing will be conducted via the Shenzhen Stock Exchange's "Interactive Easy" platform [1] - The company aims to enhance communication by publicly soliciting questions from investors prior to the briefing [3][6] Group 2 - Participants in the briefing will include the company's Chairman and President, Mr. Lv Gang, along with other key executives [2] - Investors can submit questions via email or through the "Interactive Easy" platform [4][5] - The deadline for submitting questions is April 21, 2025, at 12:00 [6]

Core Viewpoint - The company reported a slight increase in revenue and net profit for 2024, but the performance was slightly below market expectations [2] Group 1: Financial Performance - The company achieved a revenue of 4.159 billion yuan in 2024, representing a year-on-year increase of 3.99% [2] - The net profit attributable to shareholders was 712 million yuan, up 15.04% year-on-year [2] - The non-recurring net profit was 647 million yuan, reflecting a year-on-year growth of 21.38% [2] - The operating cash flow was 726 million yuan, down 8.41% year-on-year [2] - The basic earnings per share (EPS) was 0.83 yuan [2] Group 2: Business Segments - The finished drug segment continued to grow, with revenue reaching 2.522 billion yuan, an increase of 8.42% year-on-year [3] - The innovative drug, Didasyn, was successfully included in the medical insurance directory, supporting future sales [3] - The raw material drug segment saw a revenue decline to 876 million yuan, down 8.37% year-on-year, primarily due to market fluctuations [4] - The medical device segment achieved revenue of 687 million yuan, growing by 7.84% year-on-year, despite challenges in the global market [4]

- The report does not contain any quantitative models or factors.

Investment Rating - The report recommends a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Biosciences, Hualing Pharmaceutical-B, Aorite, Tonghe Pharmaceutical, and others [3]. Core Insights - The pharmaceutical sector has outperformed the market, with a 1.20% increase, surpassing the CSI 300 index by 2.57 percentage points. Sub-sectors such as innovative drugs, new medical infrastructure, and pharmacies performed well, while pharmaceutical outsourcing, medical devices, and hospitals lagged behind [6][36]. - There is a significant unmet need for Obstructive Sleep Apnea (OSA) treatment, with GLP-1RA drugs showing remarkable efficacy. The FDA approved Tirzepatide as the first and only prescription drug for treating moderate to severe OSA in adults with obesity [5][26]. Summary by Sections Industry Perspective and Investment Recommendations - OSA is linked to various health issues, including hypertension, and has a high prevalence among adults in China, with 176 million affected. The prevalence of hypertension among OSA patients is notably high [16][17]. - Investment strategies should focus on innovative drugs, particularly in the context of increased liquidity and risk appetite in the market. The upcoming AACR and ASCO meetings are expected to catalyze interest in biotech innovations [30][31]. Industry Performance - The pharmaceutical sector's performance is highlighted, with innovative drugs and medical infrastructure leading the gains. The overall industry P/E ratio stands at 26.88, with a premium of 30.38% compared to the broader A-share market [36]. Company Dynamics - Notable company updates include: - Fuyuan Pharmaceutical reported a revenue of 3.446 billion yuan for 2024, a 3.17% increase year-on-year [37]. - Jingxin Pharmaceutical announced a share buyback totaling approximately 350 million shares [37]. - Heng Rui Medicine received approval for a new indication for its innovative drug, indicating ongoing development and regulatory progress [37].

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浙江京新药业股份有限公司 审计报告及财务报表 二○二四年度 浙江京新药业股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） 一、 审计报告 1-5 二、 财务报表 合并资产负债表和母公司资产负债表 1-4 合并利润表和母公司利润表 5-6 合并现金流量表和母公司现金流量表 7-8 合并所有者权益变动表和母公司所有者权益变动表 9-12 财务报表附注 1-119 审计报告 信会师报字2025第 ZA10557 号 浙江京新药业股份有限公司全体股东： 一、 审计意见 我们审计了浙江京新药业股份有限公司（以下简称"京新药业"） 财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了京新药业 2024 年 12 月 31 日的合并及母公司 财务状况以及 2024 年度的合并及母公司经营成果和现金流量。 二、 形成审计意见的基础 我们按照中国注册会计师审 ...

浙江京新药业股份有限公司 截止至 2024 年 12 月 31 日 信会师报字2025第 ZA10558 号 浙江京新药业股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了浙江京新药业股份有限公司（以下简称"京新药 业"）2024 年 12 月 31 日的财务报告内部控制的有效性。 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、 《企业内部控制应用指引》、 《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是京新药业董事会的责任。 二、 注册会计师的责任 四、 财务报告内部控制审计意见 我们认为，京新药业于 2024 年 12 月 31 日按照《企业内部控制 基本 ...