京新药业(002020.SZ) 地达西尼持续放量，期待创新管线持续推进 医药 2025 年 09 月 04 日 推荐（维持） 股价：19.21 元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.jingxinpharm.com | | 大股东/持股 | 吕钢/20.77% | | 实际控制人 | 吕钢 | | 总股本(百万股) | 861 | | 流通 A 股(百万股) | 724 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 165 | | 流通 A 股市值(亿元) | 139 | | 每股净资产(元) | 6.35 | | 资产负债率(%) | 30.5 | 行情走势图 相关研究报告 【平安证券】京新药业（002020.SZ）*年报点评*利润 端增长超 预期 ，创新 管线有 望持续 贡献 弹性*推荐 20250406 【平安证券】京新药业（002020.SZ）*半年报点评*成 品药院外放量迅速，精神神经创新管线持续推进*推荐 20240816 证券分析师 | 叶寅 | 投资咨询资格编号 | | --- | --- | | | S1060514 ...

Core Viewpoint - The company faces short-term pressure on performance but is improving profitability through effective cost control and growth in specific product lines [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 2.017 billion yuan, a year-on-year decrease of 6.2%, and a net profit attributable to shareholders of 388 million yuan, down 3.5% year-on-year [1]. - The decline in performance is primarily due to the impact of centralized procurement on finished drugs, which saw a year-on-year decrease of 9.7%, but growth in the sales of Didasun and export of formulations (up 30.1% year-on-year) helped mitigate this impact [1]. - The company has improved its net profit margin, which increased by 0.6 percentage points year-on-year, and expects further enhancement in profitability as the impact of centralized procurement diminishes [1]. Group 2: Product Development and Pipeline - The company is advancing its pipeline in three key areas: 1. In the psychiatric field, the NDA for the schizophrenia drug, Calirazine Hydrochloride Capsules, has been submitted, and the Phase II clinical trial for the innovative drug JX11502 has been completed [2]. 2. In the cardiovascular field, the NDA for the high cholesterol drug, Calriven Hydrochloride Tablets, has been submitted, while the new drug JX2201 is undergoing Phase I clinical trials [2]. 3. In digestive diseases, the Phase II clinical trial for the modified traditional Chinese medicine, Recovery New Enteric Capsules, has been completed and is set to advance to Phase III [2]. - The company has established a robust pipeline that is expected to contribute to future revenue growth [2]. Group 3: Earnings Forecast and Investment Recommendation - Based on the mid-2025 report, the company has adjusted its revenue and expense assumptions for finished and raw materials, while increasing the revenue assumption for medical devices [3]. - The adjusted EPS for 2025-2027 is projected to be 0.95, 1.10, and 1.25 yuan, respectively, up from previous estimates [3]. - The target price is set at 25.30 yuan based on a 23x PE ratio for comparable companies in 2026, maintaining a "buy" rating [3].

Core Insights - The company reported a revenue of 2.017 billion yuan for H1 2025, a decrease of 6.2% year-on-year, and a net profit attributable to shareholders of 388 million yuan, down 3.54% year-on-year [1] - The company experienced a decline in revenue from finished drugs and raw materials, while the medical device segment showed growth [2] - The innovative drug, Didasinib capsules, generated over 55 million yuan in revenue, indicating successful market penetration and collaboration with healthcare institutions [3] Financial Performance - H1 2025 finished drug revenue was 1.175 billion yuan (down 9.68% YoY), raw material drug revenue was 453 million yuan (down 9.59% YoY), and medical device revenue was 349 million yuan (up 12.01% YoY) [2] - The company's non-GAAP net profit increased by 7.78% YoY, driven by a reduction in sales and management expense ratios, leading to a non-GAAP net profit margin of approximately 17.87% [2] Innovation and Development - The company is focusing on the commercialization of its innovative drug Didasinib, having expanded its hospital coverage to over 1,500 institutions [3] - The company is advancing its pipeline in various therapeutic areas, including mental health, cardiovascular, and digestive diseases, with significant progress in clinical trials [4] Revenue Forecast - Projected revenues for 2025-2027 are 4.413 billion yuan, 4.849 billion yuan, and 5.361 billion yuan, with year-on-year growth rates of approximately 6%, 10%, and 11% respectively [4] - Expected net profits for the same period are 802 million yuan, 909 million yuan, and 1.045 billion yuan, with corresponding growth rates of about 13%, 13%, and 15% [4]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 京新药业(002020) 投资评级 上次评级 | [Table_Author] 唐爱金 | 医药行业首席分析师 | | --- | --- | | 执业编号：S1500523080002 | | | 邮 | 箱：tangaijin@cindasc.com | | 贺鑫 | 医药行业联席首席分析师 | | 执业编号：S1500524120003 | | | 邮 | 箱：hexin1@cindasc.com | | 章钟涛 | 医药行业分析师 | | 执业编号：S1500524030003 | | | 邮 | 箱：zhangzhongtao@cindasc.com | 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [25H1 Table_T 地达西尼 itle]胶囊顺利上量，25H2 期待 JX2201 胶囊等创新管线新进展 [Table_ReportDate] 2025 年 09 月 02 日 [Ta ...

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 点击注册小程序 查看完整报告 风险提示： 药品集采降价超预期的风险；新品研发进度低于预期的风险。 事件： 精神神经、心血管及消化疾病领域研发管线有序推进 精神分裂症治疗领域：自主研发的1类创新药JX11502胶囊完成II期临床试验；盐酸卡利拉嗪胶囊正式向国家药 监局提交上市申请（NDA）； 心血管疾病领域：管线梯队持续完善。在LP(a)机制降脂新药研发中，公司I期临床试验有序推进；同时，治疗 高胆固醇血症的盐酸考来维仑片正式向国家药监局提交上市申请（NDA）； 消化疾病领域：中药创新稳步推进。针对溃疡性结肠炎的改良型中药康复新肠溶胶囊II期临床试验已于近期完 成，为后续III期临床试验的设计与开展提供重要支撑。 公司发布2025年半年报，2025年上半年实 ...

[Table_Title] 证券研究报告 / 公司点评报告 成本结构持续优化，创新药品加速放量 ---京新药业 25 年中报业绩点评 事件： [Table_Summary] 公司发布 2025 年中期业绩报告，实现营业收入 20.17 亿元（-6.2%），实 现归属于上市公司股东的净利润为 3.88 亿元（-3.5%），实现归属于上市 公司股东的扣除非经常性损益的净利润 3.60 亿元（+7.8%）。 点评： 财务端：毛利润率小幅下降，成本结构明显优化，盈利能力稳健提升。 1）报告期内实现毛利润率 49.6%（-2.0pct），实现净利润率 19.4% （+0.6pct），盈利能力小幅提升；2）毛利润率下降主要系成品药与原料 药毛利润率下降所致，分别-1.3/-3.0pct 至 63.8%/24.5%；3）期间费用率 27.8%（-3.5pct），其中销售/管理/研发/财务费用率分别同比-3.5/- 2.4/0/+0.4pct，销售费用下降主要系通过人员结构优化实现成本优化。 主营业务短期承压，海外业务表现相对更佳。1）成品药板块收入 11.75 亿元（-9.7%），主要系受集采扩围与价格监管趋严等因素影响。 ...

医药生物/化学制药 京新药业（002020.SZ） 创新药持续放量，在研管线稳步推进 2025 年 08 月 28 日 投资评级：买入（维持） | 日期 | 2025/8/27 | | --- | --- | | 当前股价(元) | 19.09 | | 一年最高最低(元) | 20.86/10.50 | | 总市值(亿元) | 164.37 | | 流通市值(亿元) | 138.21 | | 总股本(亿股) | 8.61 | | 流通股本(亿股) | 7.24 | | 近 3 个月换手率(%) | 249.4 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-08 2024-12 2025-04 京新药业 沪深300 相关研究报告 《存量业务稳中提质，创新药带来新 增量—公司信息更新报告》-2025.4.7 《营销改革效果持续显现，创新药推 动增量空间—公司信息更新报告》 -2024.10.30 余汝意（分析师） 刘艺（联系人） yuruyi@kysec.cn 证书编号：S0790523070002 liuyi1@kysec.cn 证书编号：S079012407002 ...

| | 东财医药何玮。 | | --- | --- | | 时间 | 2025 年 8 月 27 日（星期三） | | 地点 | 电话会议 | | 上市公司接待人 | 董秘：洪贇飞；证券事务代表：史笑梦 | | 员姓名 | | | | 一、公司基本情况介绍 | | | 2025 年上半年，公司实现营业收入 20.17 亿元，同比下降 | | | 6.20%；其中成品药收入 11.75 亿元，同比下降 9.68%；原料药 | | | 收入 4.53 亿元，同比下降 9.59%；医疗器械收入 3.49 亿元， | | | 同比增长 12.01%。实现归母净利润 3.88 亿元，同比下降 3.54%； | | | 实现扣非净利润 3.60 亿元，同比增长 7.78%。公司持续锤炼经 | | | 营韧性，通过多维度策略组合筑牢经营基本盘。 | | | 二、投资者问答主要内容： | | | 问题一：地达西尼的销售进展？ | | | 答：2025 年上半年，在医保准入的助力下，公司围绕京诺宁® | | | （地达西尼胶囊）的商业化布局持续深化，新增 400 多家重点 | | | 医疗机构准入资质，累计实现医院覆盖数量达 ...