To invest in stocks, look at the research reports of Golden Kylin analysts, authoritative, professional, timely and comprehensive, helping you tap potential themed opportunities!
Original title: Xuebijing has been included in the new coronary pneumonia diagnosis and treatment plan for the sixth time, and Chinese medicine formula granules have grown rapidlyRed Sun PharmaceuticalAchievement record high
Reporter looking at the report
Hongri Pharmaceutical (300026.SZ) once again attracted market attention.
According to the announcement on March 17, in the “New Coronary Virus Pneumonia Diagnosis and Treatment Plan (Trial Version 9)” jointly issued by the National Health Commission and the State Administration of Traditional Chinese Medicine, Hongri Pharmaceutical’s product Xuebijing Injection was listed as a clinical During the treatment period (confirmed cases), it is recommended for severe and critical patients.
As a result, the stock price of Hongri Pharmaceutical rose to the daily limit in heavy volume.
In fact, this is not the first time that Red Sun Pharmaceutical’s product Xuebijing injection has entered the new coronary pneumonia diagnosis and treatment plan. In the previous trial implementation of the fourth to eighth versions of the plan, it has been continuously included and has become the “three drugs and three parties” in the plan. The only traditional Chinese medicine injection.
“From the past, (the inclusion of the plan) will not have much impact on sales. Xuebijing injection is mainly used for critically ill patients, and now critically ill patients are a minority after all.” A relevant person from Hongri Pharmaceutical said on the afternoon of March 17. 21st Century Business Herald reporter said.
Xuebijing only accounts for 7.54% of revenue
As the leading product to achieve IPO, Hongri Pharmaceutical has never spared no expense on Xuebijing injection.
In the announcement on March 17, Hongri Pharmaceutical stated that Xuebijing injection is one of the company’s main products. .
The 21st Century Business Herald reporter noticed that the official of Hongri Pharmaceutical declared that Xuebijing injection was approved for marketing in early 2004, filling the gap of drugs for sepsis and multiple organ dysfunction syndrome, “my country’s authoritative journal of critical care medicine. According to the data of “China Critical Illness Emergency Medicine”, Xuebijing can increase the 28-day cure rate of severe new crown patients by 44.5% and reduce the mortality rate by 9.8%.”
However, the impact of Xuebijing injection revenue on the overall revenue of Hongri Pharmaceutical is declining.
The announcement on March 17 indicated that in the first three quarters of 2021, Xuebijing injection achieved operating income of 414 million yuan, accounting for 7.54% of Hongri Pharmaceutical’s operating income.
In 2009, when Hongri Pharmaceutical was listed on the Growth Enterprise Market, the revenue of Xuebijing injection was 104 million, accounting for 46.43% and 48.4% of the company’s main revenue and gross profit, which was the mainstay.
The comparison shows that although the revenue of Xuebijing injection has increased for more than 10 years, it has relegated to the general position of the income composition of Hongri Pharmaceutical.
Hongri Pharmaceutical has invested a lot in Xuebijing injection.
At the beginning of the listing, Hongri Pharmaceutical promised to invest 201.9 million yuan in the Xuebijing technical transformation and expansion project, and then increased the fund-raising investment of 37.49 million yuan in August 2010, but as of the 2021 semi-annual report, this The progress of this investment is still at the level of 96.26%.
“Xuebijing Injection Company has been selling for more than ten years, and the annual sales have been similar in recent years.” The aforementioned person from Hongri Pharmaceutical told the 21st Century Business Herald reporter. So far, Xuebijing injection has no export business.
Previously, Hongri Pharmaceutical announced that it had submitted an application for Xuebijing injection to the US FDA, but so far there has been no following.
“Because it is a traditional Chinese medicine injection, the influence of various policies has not been approved.” The above-mentioned person from Hongri Pharmaceutical said, “Now we can’t say we give up, we can only say that we are continuing, but it is very difficult.”
The above-mentioned person from Hongri Pharmaceutical believes that Xuebijing injection has encountered difficulties in entering overseas, mainly because foreign drug policies are different from those in China. “Even after going out, Western medicine has limitations in the use of traditional Chinese medicine.”
In addition to Xuebijing injection being included in the new coronary pneumonia diagnosis and treatment plan, Hongri Pharmaceutical is also jointly developing the “Keguan No. 1” product with 302 Hospital.
“‘Keguan No. 1’ is still in the research stage, and it is clear that there is no substantial progress.” The above-mentioned person from Hongri Pharmaceutical said.
TCM formula granules contributed major revenue
Red Sun Pharmaceutical, which started with Xuebijing Injection, currently derives its main income from traditional Chinese medicine formula granules.
In 2020, the revenue of Hongri Pharmaceutical’s traditional Chinese medicine formula granules and decoction pieces was 2.991 billion yuan, accounting for 46.09% of the main business revenue; in the first half of 2021, the revenue of traditional Chinese medicine formula granules and decoction pieces was 1.8 billion yuan, more than The same period last year increased by 49.56%, accounting for 51.64% of the main business income.
The traditional Chinese medicine formula granule business of Hongri Pharmaceutical started from the acquisition of Kangrentang in 2010. The revenue of this business was only 50 million yuan at the beginning, and the growth rate was quite rapid.
In the 2021 annual performance report, Hongri Pharmaceutical also stated that in 2021, the good business situation will continue. The traditional Chinese medicine formula granule business will continue to strengthen the national production capacity layout, continue to improve the market coverage and the penetration rate of the stock market, and the revenue and profit will be higher. Significant growth was achieved in the same period of the year.
According to the announcement, in 2021, the total operating income of Hongri Pharmaceutical will increase by 19.32% year-on-year to 7.741 billion yuan, and its net profit will increase by 20.03% year-on-year to 688 million yuan.
21st Century Business Herald reporters compared and found that 2021 is the best performance of Hongri Pharmaceutical since its listing.
“We have basically spread Chinese medicine formula granules in hospitals across the country, and currently there is no centralized procurement of Chinese medicine formula granules.” The aforementioned person from Hongri Pharmaceutical told the 21st Century Business Herald reporter.
According to the 2021 semi-annual report of Hongri Pharmaceutical, there are more than 600 kinds of TCM formula granules, basically covering all the varieties with the highest frequency of clinical use of TCM. A total of 128 Chinese herbal medicine planting bases have been built nationwide, involving 99 varieties.
Hongri Pharmaceutical said that it is one of the earliest national pilot enterprises of traditional Chinese medicine formula granules, and has first-mover advantages in participating in the formulation of industry standards, industrial chain layout, varieties, channels and quality.
In terms of production layout, Hongri Pharmaceutical has built production bases in Beijing, Tianjin, Gansu, Hubei, Henan, Chongqing, Hebei and Shandong. The eighth largest production base project will be officially launched in Jinan, Shandong in June 2021. The land is 100 mu. After completion, 10,000 tons of traditional Chinese medicinal materials will be extracted and 3,000 tons of formula granules will be produced.
“Jinan’s main project has been capped, and it is still in the construction stage, and it will take some time to put it into use.” The above-mentioned person from Hongri Pharmaceutical said. According to Red Sun Pharmaceutical’s disclosure on the interactive platform, the project will be put into production in 2023.
Hongri Pharmaceutical believes that there is still a lot of room for medical insurance coverage of formula granules. In addition to policy-driven, traditional Chinese medicine formula granules can meet the treatment and health care needs of the elderly and sub-healthy people with small side effects and the effect of health preservation and disease prevention. It will promote its market size to usher in a new wave of growth.
Founder SecuritiesAccording to the research report, at present, the replacement rate of Chinese herbal formula granules for decoction pieces is expected to be 8-10%, and the replacement rate for Japan and South Korea is 60%, and the penetration rate has a large room for improvement.
“The market competition of traditional Chinese medicine formula granules is definitely quite fierce, and it depends on who has the fastest market.” The above-mentioned person from Hongri Pharmaceutical pointed out, “We think it must be good, regardless of scale or maturity, it is definitely better than emerging The company is stronger.”
However, the profitability of Hongri Pharmaceutical’s traditional Chinese medicine formula granules has shown a downward trend. The gross profit margins from 2019 to the first half of 2021 were 76.58%, 71.16%, and 68.41%, respectively.
Hongri Pharmaceutical stated that Chinese herbal medicines areagricultural productsThe price is affected by the climate, monetary policy, and the relationship between supply and demand fluctuates greatly. For example, in the first half of 2021, the prices of some medicinal materials such as Alisma, turmeric, and perilla seeds have risen to a certain extent, which will have an adverse impact on the production cost of enterprises.
(Author: Zhang Wang Editor: Zhu Yimin)
Massive information, accurate interpretation, all in Sina Finance APP