Financial Performance - Jin Cheng Pharmaceutical reported a significant decline in net profit, down 66.78% year-on-year, with total revenue of 1.36 billion yuan, a decrease of 22.65% [1] - The gross profit margin was 36.13%, down 11.05% year-on-year, and the net profit margin was 3.31%, down 58.17% [1] - In Q2, total revenue was 638 million yuan, a decrease of 22.8%, and net profit was 8.33 million yuan, down 82.51% [1] - Total expenses (selling, administrative, and financial) amounted to 349 million yuan, accounting for 25.68% of revenue, a decrease of 1.48% year-on-year [1] Cash Flow and Financial Ratios - Operating cash flow per share was 0.27 yuan, down 40.34% year-on-year, indicating reduced cash inflow from operations [1] - The company experienced a 382.34% decrease in net increase in cash and cash equivalents due to combined effects from financing, operating, and investing activities [2] - The return on invested capital (ROIC) was 4.91%, indicating weak capital returns, with a historical median ROIC of 5.75% over the past decade [3] Business Model and Strategy - The company's performance relies heavily on research and marketing efforts, with a focus on the women's health sector [4] - Jin Cheng Pharmaceutical is expanding its product pipeline in women's health and has established international collaborations to enhance its market presence [5] - The company has signed a licensing and distribution agreement with UK-based Theramex for hormone replacement therapy products in China, indicating a strategic move towards international partnerships [5] Market Position and Fund Holdings - The largest fund holding Jin Cheng Pharmaceutical shares is Dachen Jingheng Mixed A, with a current scale of 397 million yuan and a recent net value decline of 0.17% [4] - The company has been actively participating in national procurement initiatives and expanding sales channels, particularly in the women's health technology field [5]

Company Overview - Shandong Jincheng Pharmaceutical Group Co., Ltd. was established in 2004 and listed on the Shenzhen Stock Exchange in 2011 (stock code: 300233) [2] - The company focuses on the research, production, and sales of pharmaceutical intermediates, active pharmaceutical ingredients (APIs), drug formulations, and health products, with a strong emphasis on cephalosporin intermediates and biopharmaceuticals [2][3] Strategic Focus - The company aims to deepen its focus on "female health technology, synthetic biology, pharmaceutical chemistry, high-end anti-infection, and new tobacco" [3] - It leverages technological innovation and international strategic cooperation to meet global customer needs [3] Female Health Sector - The company is expanding its product pipeline in the female health sector and prioritizing "chain-building products" [4] - In the first half of the year, Jincheng Tail participated in national procurement efforts and expanded sales channels, enhancing its product offerings [4] - The company obtained an import license for Progestin Cream from the Korean FDA and signed a licensing agreement with UK-based Theramex for hormone replacement therapy products in China [4][5] Hormonal Products Performance - Hormonal products, including Progestin Cream and Progestin Capsules, have shown strong sales growth in the first half of the year [6] - The "Langyi Gynecology" brand continues to expand, with plans to introduce more gynecological products through international collaborations [6] Synthetic Biology Platform - The company has established research platforms for chemical synthesis and biocatalysis, enabling rapid product commercialization [6] - Key products like Glutathione and Adenosylmethionine have seen good sales growth, particularly in international markets such as Russia and the USA [6] Tobacco Products - The company primarily serves domestic clients for its nicotine products, with some exports to East and Southeast Asia [6] - In July 2025, the company received a tobacco production license for electronic cigarette nicotine, increasing its production capacity to 200 tons per year [6] Product Registrations - The company has received multiple product registrations and approvals, enhancing its market competitiveness [7] - Notable approvals include various APIs and formulations from the National Medical Products Administration and the European Medicines Agency [7] Innovation in Pharmaceuticals - The company is actively seeking innovation in pharmaceuticals, particularly in oncology and severe diseases, through investments in innovative drug companies [8] - Ongoing projects include those targeting precancerous lesions and chronic hepatitis B, with several in clinical trials [8] Shareholder Returns - Since its listing, the company has distributed over 895 million yuan in cash dividends and has conducted five share buybacks totaling 240 million yuan [9] - The company plans to continue rewarding shareholders with cash dividends and aims to enhance shareholder returns [9]

Core Viewpoint - Shandong Jincheng Pharmaceutical Group Co., Ltd. has made significant progress in expanding its overseas market, receiving key import licenses for its products in South Korea and Europe, indicating a rapid acceleration in its internationalization efforts [2][3]. Group 1: Product Approvals - Jincheng Tai'er Pharmaceutical Co., Ltd. received an import license for Progestin cream from the Korean Ministry of Food and Drug Safety (MFDS), marking its entry into the South Korean pharmaceutical market [2]. - The company also obtained a Certificate of Suitability (CEP) for Oseltamivir phosphate raw material from the European Medicines Agency, allowing it to sell in the European market [2][3]. - Additionally, the company received a DMF approval letter from the FDA for Posaconazole, which is crucial for entering the highly regulated U.S. raw material market [3]. Group 2: Market Potential - Progestin is the only marketed local estrogen with unique advantages, such as not stimulating endometrial proliferation and not increasing blood estrogen levels, with global sales projected to reach $104 million in 2024 [3]. - Oseltamivir, a leading antiviral drug, has a global sales figure exceeding $1 billion in 2024, with a raw material consumption of 92.31 tons, indicating a substantial market opportunity [3]. - The approval of Posaconazole is seen as a milestone for Jincheng Pharmaceutical to establish a presence in the U.S. and global antifungal raw material supply chain [3]. Group 3: Strategic Direction - The recent achievements in overseas market expansion reflect the company's transition from a focus on raw materials to a dual-driven model of "raw materials + formulations" [4]. - The company is actively exploring higher-level open cooperation and expanding into fields such as women's health technology and high-end anti-infection [4].

Core Viewpoint - Jin Cheng Pharmaceutical's subsidiary, Beijing Jin Cheng Tai Er Pharmaceutical Co., Ltd., has received an import license for Progestin Cream from the Korean Ministry of Food and Drug Safety, marking a significant regulatory achievement for the company in the international market [1] Company Summary - Jin Cheng Tai Er has obtained the import license for Progestin Cream, which is the only marketed estrogen with strict local action, used for treating atrophic changes in the vulva, vestibule, and vaginal area, as well as associated symptoms such as discomfort, itching, burning, and dryness [1] - The product addresses conditions related to Genitourinary Syndrome of Menopause (GSM), which occurs due to decreased estrogen and other hormone levels in women during and after menopause [1] Industry Summary - Local estrogen application is recommended as the first-line treatment for GSM according to domestic and international guidelines, with Progestin Cream being one of the options available [1] - The global sales figures for Progestin formulations are projected to be $78.10 million in 2022, $94.34 million in 2023, and $103.86 million in 2024, indicating a growing market for this therapeutic category [1]

Core Viewpoint - The company Jin Cheng Pharmaceutical has received an import license for Progestin Cream from the Korean Ministry of Food and Drug Safety, marking a significant step in expanding its product offerings in the treatment of Genitourinary Syndrome of Menopause (GSM) [1] Company Summary - Jin Cheng Pharmaceutical's wholly-owned subsidiary, Beijing Jin Cheng Tai Er Pharmaceutical Co., Ltd., has obtained the import license for Progestin Cream [1] - Progestin is currently the only marketed estrogen with strict local action, used for treating atrophic changes in the vulva, vestibule, and vaginal ring, as well as associated symptoms such as discomfort, itching, burning, and dryness [1] Industry Summary - The conditions treated by Progestin Cream are caused by decreased levels of estrogen and other sex hormones in women during the perimenopausal and postmenopausal periods, collectively referred to as Genitourinary Syndrome of Menopause (GSM) [1] - Guidelines both domestically and internationally recommend local estrogen use as the first-line treatment for GSM, with Progestin Cream being one of the options [1] - According to IMS data, global sales of Progestin formulations are projected to be $78.10 million in 2022, $94.34 million in 2023, and $103.86 million in 2024 [1]

格隆汇7月31日丨金城医药（维权）(300233.SZ)公布，公司之全资子公司北京金城泰尔制药有限公司(简 称"金城泰尔")于近日收到韩国食品药品安全部(简称"韩国MFDS")下发的普罗雌烯乳膏药品进口许可 证。 ...

Core Viewpoint - Jincheng Pharmaceutical's subsidiary, Beijing Jincheng Tail Pharmaceutical Co., has received an import license for Progestin Cream from the South Korean Ministry of Food and Drug Safety, marking a significant regulatory achievement for the company [1] Company Summary - Jincheng Pharmaceutical's subsidiary, Beijing Jincheng Tail Pharmaceutical Co., is now authorized to import Progestin Cream, which is currently the only marketed estrogen with strict local action [1]

智通财经7月31日电，金城医药(300233.SZ)公告称，公司全资子公司北京金城泰尔制药有限公司近日收 到韩国食品药品安全部下发的普罗雌烯乳膏药品进口许可证。该产品为严格局部作用的雌激素，用于外 阴、前庭部及阴道环部的萎缩性病变，以及由此引发的自觉症状。普罗雌烯乳膏获得韩国MFDS的药品 进口许可，标志着该产品获得了在韩国的准入资格，对公司拓展韩国医药市场具有积极影响，有利于促 进产品在海外市场的销售。 金城医药：子公司获得韩国药品进口许可证 ...