Investment Rating - The report maintains a "Buy" rating for Jingxin Pharmaceutical (002020) with a target price of 18, compared to the last closing price of 13.73 [1]. Core Insights - In Q1 2025, the company reported a revenue of 9.56 billion, a year-on-year decline of 9.86%, and a net profit attributable to shareholders of 1.63 billion, down 4.62% year-on-year. The net profit after deducting non-recurring items was 1.47 billion, a decrease of 6.45% year-on-year [4][5]. - The decline in revenue and profit is primarily attributed to the high base effect from the same period last year. The overall gross profit for Q1 was 4.56 billion, with a gross margin of 47.71%, down 4.17 percentage points from the previous year. The sales expense ratio improved to 15.84%, a decrease of 3.76% year-on-year [5][6]. - The company invested 0.87 billion in R&D in Q1 2025, focusing on innovative drug development. Clinical trials for key products are progressing well, including JX11502MA for schizophrenia and a modified new drug for ulcerative colitis [6]. Financial Forecasts - The company forecasts revenues of 43.67 billion, 46.73 billion, and 50.47 billion for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 5.01%, 7.01%, and 8.00%. The net profit attributable to shareholders is projected to be 8.20 billion, 9.11 billion, and 10.15 billion for the same years, with growth rates of 15.21%, 11.12%, and 11.35% respectively [7][8]. - The current price-to-earnings (PE) ratios are estimated at 14, 13, and 12 for 2025, 2026, and 2027 [6][7].

Financial Performance - The company's revenue for Q1 2025 was ¥956,068,676.24, a decrease of 9.86% compared to ¥1,060,660,180.25 in the same period last year[4] - Net profit attributable to shareholders was ¥163,292,650.63, down 4.62% from ¥171,207,841.45 year-on-year[4] - Total operating revenue decreased to ¥956,068,676.24 from ¥1,060,660,180.25, representing a decline of approximately 9.8% year-over-year[19] - Net profit for the period was ¥165,381,300.92, down from ¥173,212,132.61, reflecting a decrease of approximately 4.8%[19] - The weighted average return on net assets decreased by 0.29 percentage points to 2.77% from 3.06% year-on-year[4] - Research and development expenses were ¥87,331,667.77, down from ¥98,380,244.05, a decrease of approximately 11.2%[19] Cash Flow - The net cash flow from operating activities decreased by 53.92%, amounting to ¥162,892,743.70 compared to ¥353,529,027.32 in the previous year[8] - The company reported a net cash flow from operating activities of ¥162,892,743.70, down from ¥353,529,027.32, indicating a decline of about 53.9%[21] - The net cash flow from financing activities was -$538,954,381.34, a decline from a positive $48,665,662.75 in the previous period, indicating challenges in financing[22] - The net increase in cash and cash equivalents was $94,416,109.55, compared to $698,822,014.51 previously, indicating a decrease in liquidity growth[22] - The ending balance of cash and cash equivalents was $381,561,042.25, down from $1,974,840,382.26, reflecting a significant reduction in cash reserves[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,986,569,416.25, a decline of 5.81% from ¥8,479,313,218.60 at the end of the previous year[4] - The company’s non-current assets decreased to ¥5.27 billion from ¥5.57 billion, a reduction of approximately 5.2%[16] - The total liabilities decreased to ¥2,262,918,112.21 from ¥2,477,769,425.69, a reduction of approximately 8.7%[17] - Total equity attributable to shareholders decreased to ¥5,689,530,119.19 from ¥5,969,508,653.97, reflecting a decline of about 4.7%[17] - The company’s total liabilities decreased, with short-term borrowings reduced to RMB 190 million from RMB 281.36 million, a decrease of about 32.5%[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 25,705, with no preferred shareholders[9] - The largest shareholder, Lü Gang, holds 20.77% of the shares, amounting to 178,796,755 shares[9] Investment Activities - The company reported a significant increase in investment income, which rose by 145.73% to ¥4,406,931.90 from ¥1,793,438.35 in the previous year[7] - The company experienced a 911.56% increase in current non-current assets, totaling ¥348,427,624.42, primarily due to an increase in time deposits[7] - The net cash flow from investment activities was $470,473,743.64, an increase from $295,293,598.31 in the previous period, indicating strong investment performance[22] - Total cash inflow from investment activities amounted to $1,097,601,857.61, compared to $482,772,965.94 previously, reflecting a significant growth[22] - Cash outflow for investment activities was $627,128,113.97, up from $187,479,367.63, showing increased investment spending[22] Share Repurchase - The company plans to repurchase shares with a total amount not less than RMB 350 million and not exceeding RMB 400 million, with a maximum repurchase price of RMB 14.8 per share, potentially acquiring approximately 13.51 million to 27.03 million shares, representing about 1.57% to 3.14% of the total share capital[11] - As of March 31, 2025, the company has repurchased 35,099,975 shares, accounting for 4.08% of the total share capital, with a total transaction amount of RMB 443.18 million[12] - The company has adjusted the total repurchase fund amount to not less than RMB 350 million and not exceeding RMB 700 million, maintaining the other terms of the repurchase plan unchanged[12] Other Information - The company did not undergo an audit for the first quarter report, which may affect the reliability of the financial data presented[23] - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[24]

证券代码：002020 证券简称：京新药业 公告编号：2025029 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 重要提示： 1、本次股东大会无否决提案的情况； 2、本次股东大会以现场投票和网络投票相结合的方式召开。 一、会议召开情况 1、本次股东大会的召开时间 浙江京新药业股份有限公司 2024 年度股东大会决议公告 现场会议时间：2025 年 4 月 24 日 14:00 起。 网络投票：通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 4 月 24 日 9:15—9:25,9:30—11:30 和 13:00—15:00；通过深圳证券交易所 互联网投票系统进行网络投票的具体时间为 2025 年 4 月 24 日 9:15 至 15:00 的 任意时间。 2、现场会议地点：浙江省新昌县羽林街道新昌大道东路 800 号本公司行政 楼一楼会议室。 3、会议召开方式：本次会议采取现场投票与网络投票相结合的方式。本次 股东大会通过深圳证券交易所交易系统和互联网投票系统向公司股东提供网络 形式的投票平台，股东可以在网络投票时间内通过上述系统行使表决权 ...

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]

证券代码：002020 证券简称：京新药业 公告编号：2025028 浙江京新药业股份有限公司 关于举行 2024 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 二、投资者问题征集及方式 为充分尊重投资者、提升交流的针对性，公司就本次网上业绩说明会提前向投资者公开征 集问题，广泛听取投资者的意见和建议，公司将在信息披露允许的范围内就投资者普遍关注的 问题进行回答。欢迎广大投资者积极参与。 1、投资者可将问题以文字方式发送至公司制定电子邮箱：stock@jingxinpharm.com。 2、投资者可提前登陆"互动易"平台"云访谈"栏目进入本次业绩说明会页面进行提问。 3、本次业绩说明会投资者问题征集的截止时间为：2025年4月21日12:00。 特此公告。 浙江京新药业股份有限公司董事会 浙江京新药业股份有限公司（以下简称"公司"）已于 2025 年 4 月 3 日在巨潮资讯网 （http://www.cninfo.com.cn/）上披露了《2024 年年度报告》及其摘要。为便于广大投资者 进一步了解公司 2024 年年度经营情况， ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's finished drug segment continues to grow, with revenue reaching 2.522 billion yuan in 2024, a year-on-year increase of 8.42% [2] - The innovative drug, Dazatinib, successfully entered the medical insurance directory, which is expected to drive rapid commercialization in 2025 [4] - The raw material drug segment experienced a revenue decline of 8.37% to 876 million yuan due to market fluctuations, while the medical device segment grew by 7.84% to 687 million yuan [3] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 4.159 billion yuan, a year-on-year increase of 3.99%, and a net profit of 712 million yuan, up 15.04% [1] - The basic EPS for 2024 was 0.83 yuan, with operating cash flow of 726 million yuan, down 8.41% year-on-year [1] Revenue Breakdown - Finished drug revenue was 2.522 billion yuan, contributing significantly to overall growth [2] - Raw material drug revenue decreased to 876 million yuan, while medical device revenue increased to 687 million yuan [3] Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been raised to 903 million yuan and 1.072 billion yuan, respectively, reflecting a 20% and 13% increase from previous estimates [4] - The company is positioned to enter a new development phase combining innovation and generics, supported by its strong product pipeline and market influence [4] Market Data - The current stock price is 13.37 yuan, with a total market capitalization of 11.512 billion yuan [6] - The company has a total share capital of 861 million shares [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.65 CNY, based on a 15x PE for 2025 [2][4]. Core Insights - The company has shown steady performance with a revenue of 4.16 billion CNY in 2024, reflecting a year-on-year growth of 3.99%. The net profit attributable to the parent company reached 712 million CNY, up 15.04% year-on-year [9]. - The sales structure adjustment is complete, and both commercialization and R&D are expected to make progress. The company has successfully entered nearly 600 hospitals with its product, Didasyn, and has conducted over 160 academic promotion activities [7][9]. - The company has achieved significant growth in finished drugs and medical devices, with finished drug revenue increasing by 8.42% to 2.52 billion CNY, driven by marketing reforms [9]. Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 7.81 billion CNY, 8.91 billion CNY, and 10.49 billion CNY respectively, with an upward adjustment in gross margin [2]. - The company’s gross margin is projected to improve from 50.0% in 2024 to 52.9% by 2027, while net profit margin is expected to rise from 17.1% to 19.6% over the same period [7][12]. - The company’s earnings per share (EPS) is forecasted to grow from 0.83 CNY in 2024 to 1.22 CNY in 2027 [12].