Summary of Jin Xin Pharmaceutical Conference Call Company Overview - Jin Xin Pharmaceutical has completed centralized procurement and achieved stable revenue and profit growth by expanding its outpatient market [2][4]. Financial Performance - The projected non-deductible net profit for 2024 is approximately 630 million yuan, with expectations for double-digit growth in the coming years [2][4]. - For 2025, the estimated non-deductible net profit is expected to reach 700 million yuan, with total profit around 800 million yuan, supporting a market capitalization of 10-12 billion yuan [2][4]. Key Products and Innovations - The innovative insomnia drug, Tida Xini, is set to enter the medical insurance system in November 2024, priced higher than similar generic drugs [2][5]. - Tida Xini is expected to achieve sales of 180-200 million yuan in 2025, significantly exceeding market expectations of 500-800 million yuan, with potential to surpass 2 billion yuan in sales in the future, corresponding to a market cap of 6 billion yuan [2][5]. Research and Development - Jin Xin's oral LPA small molecule research is leading globally, currently in deep negotiations with overseas multinational corporations (MNCs) [2][6]. - Based on the valuation of similar transactions, the BD transaction valuation for Jin Xin's oral LPA is estimated to be at least 1.5-2 billion USD, corresponding to a market cap of approximately 10 billion yuan [2][6]. Strategic Direction - Jin Xin Pharmaceutical is committed to innovation and will continue to advance its research pipeline while actively expanding its projects in the psychiatric and neurological fields, enhancing the company's long-term investment value [3][7]. Market Position - The company has stabilized its core business after facing intense competition in centralized procurement during 2020 and 2021, successfully completing procurement for several products [4][5]. - The company’s strategic focus on innovative products and R&D positions it favorably in the pharmaceutical market, with a potential market cap of 30 billion yuan if key strategies are realized [4]. Additional Insights - Tida Xini's short half-life and lack of accumulation effects present significant innovation in the field of psychiatry, particularly for insomnia treatment [5]. - Jin Xin's progress in oral LPA small molecules is notable, being second only to Heng Rui and AstraZeneca in the small molecule sector [6]. This summary encapsulates the key points from the conference call, highlighting Jin Xin Pharmaceutical's financial outlook, product innovations, R&D advancements, and strategic direction.

京新药业 20250916 摘要 （2026 年）及后年的折旧摊销压力将快速下降，从而释放约 1 亿人民币的利 润。综合来看，今年（2025 年）公司主业可望实现 8 亿元人民币的利润，以 15 倍市盈率计算，公司估值可达 120 亿元。 金新药业在创新药商业化方面有哪些进展？ 金新药业在创新药商业化方面取得显著进展。其创新药蒂达西尼的销售峰值预 期从 10 亿元上调至 15 亿元。此外，即将商业化的凯拉秦预期峰值也从 5 亿元 上调至 15 亿元。这两个创新药为公司提供了较大的估值弹性。总体来看，公 司在成品药和创新药两大业务板块均有良好表现。 金新药业在早期研发方面有哪些布局？ 金新药业品药业务在院内、院外及制剂出口三方面均呈现向好趋势，为 业绩提供保障，预计 2025 年利润实现双位数增长，2026 年及以后增 速将超过双位数。 加速折旧压力减轻，预计 2026 年及以后折旧摊销压力快速下降，释放 约 1 亿人民币利润。2025 年主业利润有望达 8 亿元人民币，按 15 倍市 盈率计算，公司估值可达 120 亿元。 创新药商业化取得进展，蒂达西尼销售峰值预期从 10 亿元上调至 15 亿 元，凯拉秦预 ...