The main contents of this survey are:
Q: A question-and-answer session was adopted, and Ms. You Xuedan was responsible for answering:
A: The cooperation mode between the company and Zhien Bio has been disclosed in the prospectus. See "IV. The issuer's main business "for details. Since the epidemic in 2020, the online e-commerce platform of orlistat capsules has shown a rapid growth trend, and the market scale of the whole orlistat category has been further expanded on the e-commerce platform. Although the growth rate of all categories of orlistat slowed down in 20021year due to various factors such as the decline in unit price of orlistat capsules on the e-commerce platform and intensified competition, the overall market scale of this category is still large. At the end of last year, the company reached a further agreement with its partner Zhien Bio, and the company commercialized orlistat capsules under its own brand "Chang Qu". It is believed that with the gradual implementation of the commercialization plan of Orlistat Capsule (Chang Qu), the sales revenue of this variety will be boosted, and the company's "Chang Qu" brand will gain a certain market share in Orlistat category.
Q: What is the reason for the rapid growth of Chinese patent medicine by 20%?
A: First, due to the slowdown of epidemic growth in 2020, 202 1 is a rapid recovery period after the epidemic; Second, the company's price system is stable; Third, the company builds its own marketing team to conduct sales management; Fourthly, we recommend the company's proprietary Chinese medicine as a guide or recommended product for clinical use, and it is a professional drug for dominant diseases of traditional Chinese medicine, and has been recognized by professional customers.
Q: Has the gross profit margin of products changed before and after centralized procurement?
A: According to the rules of centralized procurement, most companies generally cut prices by more than 50% to compete for market size, and centralized procurement has a great impact on the gross profit margin of existing varieties.
Q: What is the current market share of Videmet (aluminum magnesium carbonate tablets/chewable tablets) in and out of hospitals? What is the change in the income of centralized purchasing guard Dimei? What is the proportion of the company's products inside and outside the hospital? How to increase the market share of Weidimei in the future? Is there a price difference between inside and outside the hospital?
A: Videmet has already ranked first in the domestic product market share, and the sales revenue of this variety inside and outside the hospital accounts for about 37%. Although affected by the price reduction of centralized mining, the company has managed to maintain the market scale before centralized mining, and the future growth space of this variety may come from the retail market business.
Q: What is the income change of Chang Song (polyethylene glycol 4000 powder) after centralized mining? What is the current progress of OTC promotion?
A: The overall market size of Chang Song (PEG 4000) powder is small. Centralized procurement is chosen by many companies, because the company has always been the first in the domestic market share of this category before centralized procurement, so many successful bidders divide the market, which has a great impact on the company's revenue scale of this category.
Q: What is the sales revenue of Ganju Bingmei Tablet 202 1? Is it affected by the purchase of drugs in COVID-19? What is the future growth rate?
A: Chamomile Bingmei Tablet is mainly used to treat acute and chronic pharyngitis, which belongs to the common and frequently-occurring varieties aiming at the dominant diseases of traditional Chinese medicine, accounting for more than 18% in the throat Chinese patent medicine market. Referring to the past, under normal circumstances, the annual revenue growth rate of Ganju Bingmei tablets is around 20%. After years of development, dried orange and frozen plum slices have been recognized by the market. Because it is not a febrile drug, it has not been affected by the purchase of drugs from new coronary pneumonia for the time being.
Q: What is the market share of Du Liang soft capsules? What are the competitive advantages compared with other competing products?
A: Duliang Soft Capsule has a market share of over 7% among Chinese patent medicines for primary headache, and it is the first Chinese patent medicine for headache with evidence from large-scale evidence-based medical research. At the same time, it is also the exclusive variety of the company and the national traditional Chinese medicine protection variety; It is the recommended drug in the varieties and guidelines of medical insurance catalogue.
Q: What is the enhancement effect of the new products Liuwei Anshen Capsule and Bawei Qilong Granule?
A: Liuwei Anshen Capsule and Bawei Qilong Granule entered the national medical insurance catalogue in 20 19, and the two varieties are currently in a period of rapid increase.
Q: What kind of special medical food is currently on sale? What is the sales volume of Kangshuyou plus liquid short peptide version and Kangshuyou plus liquid crystal version?
A: These two products were introduced to the market as nutritious foods during February last year 1 1-65438+, and they are in a new market introduction stage. At present, the first special medical food production line invested by the company in Sichuan and Chongqing will complete the transformation of factory facilities in March, complete the installation of production facilities at the end of April, and formally put into production before June after the establishment of production management system. At the same time, the product research and development of special medical food with corresponding formula is also in full swing. Before obtaining the registration of special medical food, the products with relevant formulas will be commercialized on the independent platform of the company. In terms of pipeline layout of special medical foods, in addition to independent research and development of varieties, the company will also obtain approved or nearly approved special medical foods for production and sales through cooperative research and development or outsourcing in the future.
Q: What are the industry barriers and competition patterns of the special medical food track?
A: It will take about 2-3 years for special medical foods to pass the relevant production line certification, to build the production line, and then to be successfully registered as special medical foods. The whole period from R&D to listing is no less than the research and development of generic drugs, which leads to higher policy barriers, capital barriers and technical barriers in the industry. For example, the research and development of specific nutritional special medical foods needs clinical trials, which takes a long time and costs a lot. For food companies, the investment is too high, so pharmaceutical companies will cut in here.
Q: What are the targets and research and development of the innovative drugs of 1 for the four tumors currently under research?
A: The company lays out innovative drug tracks based on differentiated competitive advantages. Among the four existing self-research projects, one is a new global project, and the others are among the top in the world, that is, at most, only 1-2 R&D projects with the same target abroad have entered the first phase of clinical practice. At present, the company's advanced projects have shown good curative effect data both in vivo and in vitro. It is estimated that two projects will enter the IND enabling stage in the second half of this year, and at least 1-2 projects will be approved by IND next year.
Q: What varieties are expected to be approved in 2022-2023?
A: In 2022-2023, at least two generic drug varieties will be approved for listing every year. The research and development period of innovative drugs is long and the risk is high, mainly because the investment in innovative drug research and development is stable and the risk is controllable.
Q: What is the future investment plan of R&D expenses?
A: In the future, the company will continue to invest according to the project progress and new pipelines. At present, the company's internal teams are engaged in self-research projects, and it is possible to realize early commercial returns by licensing global rights and interests with innovative drugs outside Greater China. The cash flow can further support the company's innovative drug research and development.
Q: What is the ratio between in-hospital and out-of-hospital?
A: In the past, the company mainly focused on the public hospital market (including grade hospitals and primary medical institutions), and the sales ratio of the public hospital market and the non-hospital market was about 8:2. In recent years, great changes have taken place in the pharmaceutical industry. The company pays more attention to the development of off-campus market, especially the development of retail chain and e-commerce platform. At present, the proportion of off-campus market has increased, about 3:7.
Q: How to turn core products into off-campus markets?
A: First, the company promotes the development of the out-of-hospital market with the reputation of the public hospital market; Second, continue to increase in-depth cooperation with large retail chain pharmacies and large e-commerce platforms to further promote the development of the retail market.
Q: Southwest China accounts for 60%. Do you want to expand outside the province in the future?
A: The company's drug sales are nationwide, and the southwest region accounts for a relatively large proportion, mainly because the income from drug distribution business comes from the southwest region.
Main business of Huasen Pharmaceutical: The company is a comprehensive pharmaceutical enterprise integrating drug research and development, production and sales, covering pharmaceutical industry, pharmaceutical business and pharmaceutical retail.
The third quarterly report of Huasen Pharmaceutical in 2002/KLOC-0 shows that the company's main income is 645 million yuan, up 3.26% year-on-year; The net profit of returning to the mother was 89.4362 million yuan, a year-on-year decrease of 5.64%; Deducting non-net profit was RMB 84,448,300, a year-on-year increase of14.82%; Among them, in the third quarter of 2002/kloc-0, the company's main income in a single quarter was 2 1 10,000 yuan, down14.61%year-on-year; The net profit returned to the mother in a single quarter was 331679,000 yuan, up 3.81%year-on-year; Non-net profit deducted in a single quarter was RMB 3,654,380+0,402,000, up by 8.46% year-on-year; The debt ratio is 28.33%, the investment income is-2,583,200 yuan, the financial expenses are 6,543.38+0.467 million yuan, and the gross profit margin is 53.86%.
The unit has no agency rating in the past 90 days. Securities star rating analysis tools show that Huasen Pharmaceutical (002907) has a good company rating of 3 stars, a good price rating of 2 stars and a comprehensive valuation rating of 2.5 stars. (Scoring range: 1 ~ 5 stars, with a maximum of 5 stars)
The above contents are compiled by Securities Star according to public information. If you have any questions, please contact us.