Investment Rating - The report maintains a "Recommended" investment rating for Jingxin Pharmaceutical (002020.SZ) [1][8][10] Core Views - The company is expected to see continued growth in its innovative pipeline, particularly with the ongoing expansion of its first-class innovative drug, Didasinib [7][8] - The company reported a revenue of 2.017 billion yuan for H1 2025, a year-on-year decrease of 6.20%, while the net profit attributable to shareholders was 388 million yuan, down 3.54% year-on-year [4][7] - The report anticipates that the company will achieve revenues of 4.724 billion yuan, 5.357 billion yuan, and 6.092 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13.6%, 13.4%, and 13.7% [6][8] Financial Performance - In H1 2025, the company's revenue from finished drugs was 1.175 billion yuan, down 9.68% year-on-year, while revenue from medical devices increased by 12.01% to 349 million yuan [7] - The gross margin for H1 2025 was 49.57%, a decrease of 2.00 percentage points year-on-year, while the net margin increased by 0.57 percentage points to 19.45% [7] - The company expects to maintain its profit forecasts, projecting net profits of 829 million yuan, 947 million yuan, and 1.102 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16.4%, 14.3%, and 16.4% [8] Innovative Pipeline - The innovative drug Didasinib has seen significant growth, generating 55 million yuan in revenue in H1 2025, with over 1,500 hospitals now covered [7][8] - The company has a rich pipeline of drugs under development, including a first-class innovative drug for schizophrenia that has completed Phase II clinical trials and a new drug for cardiovascular diseases that is progressing through Phase I trials [7][8]

Group 1 - The company announced a share buyback program, repurchasing 47,271,295 shares, which represents 5.49% of its total share capital [1] - The maximum purchase price for the shares was 14.41 yuan per share, while the minimum purchase price was 11.86 yuan per share [1] - The total amount spent on the share buyback was 608.7222 million yuan, excluding transaction fees [1]

Group 1 - The company Zhejiang Jingxin Pharmaceutical Co., Ltd. has made significant progress in its share repurchase plan, with a total of 47.27 million shares repurchased as of August 31, 2025, representing 5.49% of the current total share capital [3] - The initial repurchase plan set a total amount between 200 million yuan and 400 million yuan, with a maximum repurchase price of 14.80 yuan per share, later adjusted to a range of 350 million yuan to 700 million yuan and a price cap of 14.47 yuan per share [2] - The total amount spent on repurchased shares reached approximately 608.72 million yuan, with the highest transaction price at 14.41 yuan per share and the lowest at 11.86 yuan per share [3] Group 2 - The company plans to continue its share repurchase based on market conditions and will fulfill its information disclosure obligations [3] - The repurchase is intended for employee stock ownership plans or equity incentives, aligning with the company's strategic goals [2]

Group 1 - The company announced a share repurchase plan, intending to buy back 47.271295 million shares, which represents 5.49% of its total share capital [1] - The total amount for the share repurchase is 609 million yuan, excluding transaction fees [1]

Group 1 - The company, Jingxin Pharmaceutical (002020.SZ), announced a share repurchase plan, intending to buy back 47.271295 million shares, which represents 5.49% of its total share capital [1] - The total amount for the share repurchase is set at 609 million yuan, excluding transaction fees [1]

格隆汇9月3日丨京新药业(002020.SZ)公布，截至2025年8月31日，公司通过股份回购专用证券账户以集 中竞价方式回购公司股份4,727.1295万股，占公司目前总股本的5.49%，购买股份最高成交价为14.41元/ 股，购买股份最低成交价为11.86元/股，成交总金额为6.087亿元(不含交易费用)。 ...

Group 1 - The company, Jingxin Pharmaceutical (002020.SZ), announced a share buyback program, repurchasing 47.271295 million shares, which accounts for 5.49% of its total share capital [1] - The maximum purchase price for the shares was 14.41 yuan per share, while the minimum purchase price was 11.86 yuan per share [1] - The total amount spent on the share buyback reached 608.7 million yuan, excluding transaction fees [1]

证券代码：002020 证券简称：京新药业 公告编号：2025044 浙江京新药业股份有限公司 关于股份回购进展公告 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。 一、回购股份方案的基本情况 浙江京新药业股份有限公司(以下简称"公司")于 2025 年 1 月 8 日召开的 第八届董事会第十二次会议，审议通过了《关于股份回购的方案》，公司使用自 有资金以集中竞价交易方式回购公司股份，回购的公司股份将用于股权激励或员 工持股计划。本次回购总金额为不低于人民币 20,000 万元(含)，不超过人民币 40,000 万元（含），回购价格不超过 14.80 元/股（含），若按回购总金额上、 下限和回购股份价格上限测算，预计回购股份数量约为 1,351 万股-2,703 万股， 约占目前公司总股本的 1.57%-3.14%。具体回购金额及回购数量以回购完成时实 际使用的资金和回购的股份数量为准。回购股份的实施期限自董事会审议通过本 次回购股份方案之日起 12 个月内。具体内容详见公司于 2025 年 1 月 9 日、2025 年 1 月 10 日 在 《 证 券 时 报 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company's profitability is improving, with significant growth expected from the product Didasyn [10]. - The revenue forecast for 2025 has been adjusted to 4.33 billion yuan, with EPS estimates revised to 0.95 yuan for 2025, 1.10 yuan for 2026, and 1.25 yuan for 2027 [3][5]. - The target price is set at 25.30 yuan based on a 23x PE ratio for 2026 [3]. Financial Performance Summary - Revenue for 2023 is projected at 3.999 billion yuan, with a growth rate of 5.8%. For 2024, revenue is expected to reach 4.159 billion yuan, growing at 4.0% [5][12]. - Operating profit is forecasted to be 714 million yuan in 2023, with a decline of 5.6%, but is expected to rise to 844 million yuan in 2024, reflecting an 18.1% increase [5][12]. - Net profit attributable to the parent company is estimated at 619 million yuan for 2023, with a decrease of 6.5%, and is projected to grow to 712 million yuan in 2024, a 15.0% increase [5][12]. - The gross margin is expected to improve from 50.6% in 2023 to 51.5% in 2025, while the net margin is projected to increase from 15.5% to 18.9% over the same period [5][12]. - The company’s return on equity (ROE) is expected to rise from 11.6% in 2023 to 12.8% in 2025 [5][12].

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].