According to the semi-annual report, the growth rate of Renfu Pharmaceutical's net profit index, including the net profit returned to the mother after deduction, is much higher than the growth rate of revenue, and the asset-liability ratio has declined for the tenth consecutive quarter, which shows that the company has further deepened its corporate moat under the influence of uncontrollable factors such as epidemic situation, by means of a series of strategies such as realizing channel tapping potential, leading innovation to the sea, and focusing on nuclear strategy.
Change: high growth rate of net profit: all sectors go hand in hand.
In the first half of the year, affected by the spread of epidemic situation in various places, many medical institutions in COVID-19 concentrated on epidemic prevention and treatment of patients, which affected the number of outpatients and the business of surgical departments and brought severe challenges to Renfu Medicine, the flagship product of narcotic drugs.
However, under such circumstances, the performance of Renfu Pharmaceutical still maintained a high growth rate, and the growth rate of net profit was much higher than revenue.
The semi-annual report shows that Renfu Medicine achieved operating income of 65.438+0.0535 billion yuan, up 8.95% year-on-year; The net profit attributable to shareholders of listed companies was 65.438+0.594 billion yuan, a year-on-year increase of 654.38+0.40.63%; The non-net profit attributable to shareholders of listed companies was 884 million yuan, a year-on-year increase of 42.84%.
The announcement shows that the subsidiary of Renfu Pharmaceutical Industry continues to cultivate key varieties and its core business has maintained steady growth. Among them, Yichang Renfu continued to promote multidisciplinary clinical application, achieving an operating income of 3.366 billion yuan, a year-on-year increase of 12.6 1%, and a net profit of 1025 billion yuan, a year-on-year increase of13.85%; Gedian Renfu and Wuhan Renfu actively deployed API business, and their business performance gradually emerged. Gedian Renfu achieved an operating income of 470 million yuan in the first half of the year, up 25.69% year-on-year, and a net profit of 99.9074 million yuan, up 65.438+08.83% year-on-year. Wuhan Renfu realized an operating income of 320 million yuan; Wei Yao, Xinjiang insisted on expanding the market outside Xinjiang, strengthened the construction of marketing team, actively responded to the adverse effects caused by repeated epidemics in some areas, and maintained stable business performance.
In the pharmaceutical business sector, faced with the influence of quantity procurement and medical insurance control fees, Hubei Renfu achieved operating income of 3.86 billion yuan during the reporting period, up by 9. 19% year-on-year. By adjusting the business structure, on the one hand, it continuously optimized the logistics network, strengthened the introduction of varieties, and improved the efficiency of fund use, on the other hand, it actively explored e-commerce, DTP pharmacies, multi-warehouse management and other businesses. Beijing Medical University insists on business and regional expansion, expands diagnostic market business in Beijing, Hebei and Henan, and arranges cold chain logistics and supply chain extension services. During the reporting period, it realized an operating income of 690 million yuan, a year-on-year increase of 5.32%.
Change: the growth rate of non-surgical departments is obviously unchanged: the leading position is stable
From the income change of narcotic drugs, the fist product of Renfu Medicine, we can see that Renfu Medicine is flexible in coping with the epidemic situation and responding to emergencies.
The data shows that in the first half of this year, the sales revenue of Renfu Medicine was about 2.76 billion yuan, an increase of 8% year-on-year.
In terms of breakdown, the growth rate of narcotic drugs revenue in surgical departments was slowed down by the epidemic, but the business in non-surgical departments increased by 28%, achieving sales revenue of about 700 million yuan, effectively offsetting the impact of the epidemic.
According to industry analysts, the impact of the epidemic on the demand for surgery is delayed rather than disappeared. With the normalization of epidemic prevention and control, the operation department will gradually and steadily recover, and the revenue of narcotic drugs in the operation department of Renfu Medicine is expected to usher in marginal improvement. Coupled with the continuous efforts of narcotic drugs in the non-surgical field, Renfu Medicine's leading position in the field of medical segmentation will be further consolidated.
It is worth mentioning that the anesthesia business of Renfu Medicine is less likely to be affected by centralized procurement.
The above-mentioned insiders further analyzed that the entry threshold for the narcotic drug industry is high. At present, the number of domestic narcotic drug manufacturers is limited to 1-3, the competition pattern is stable, and the iteration of new drugs is slow, and the research and development speed is much lower than that of new cancer drugs, so there is no basis for centralized procurement for the time being. Even if mining is concentrated, the relative pattern of competition is relatively clear because of the limited manufacturers, and the price reduction will not be too big, which is also conducive to promoting the development of other departments, and Renfu Medicine can also seize the cost advantage and first-Mover advantage by virtue of its own industrial chain layout.
Change: new growth points keep gaining the same: promoting innovation to the sea
Under the influence of multiple factors, such as centralized procurement and medical insurance control fees, the survival of the fittest and transformation and upgrading have become the main theme of the pharmaceutical industry. The two-wheel drive measures of "innovation" and "going out to sea" seem to be the "standard" for pharmaceutical companies, among which Renfu Medicine is at the forefront of the industry in these two aspects.
On the one hand, it has formed the strongest platform of "Great Anesthesia" in China: Renfu Medicine has built the strongest research and development platform and professional academic promotion system of narcotic drugs in China by virtue of anesthesia and analgesia (fentanyl series, hydromorphone, nalbuphine, etc.). ) and established a leading position in the field of anesthesia.
On the other hand, Renfu medicine has actively extended to the field of anesthesia and sedation in recent years. Since 2020, the company has approved a batch of new sedatives. The company's 1 class new drugs for injection, such as ribazozolam and propofol disodium phosphate, have been listed one after another. Cooperation with Huaxi Hospital in the layout of long-term local anesthesia innovative drugs and new skeletal muscle relaxants is expected to help the company change from a follower to a leader in the field of anesthesia and sedation.
Judging from the progress of specific innovative drug product lines, in the first half of the year, Renfu Pharmaceutical successively approved a class of chemical injections (new indications and new specifications), a class of sustained-release memantine hydrochloride capsules, ibuprofen soft capsules, a class of chemical injections, a class of chemical injections (new specifications) and other products. The second class of chemicals isoflurane injection, chlorpromazine tablets and paracetamol injection have been declared for production and entered the review stage; A class of chemicals RFUS- 144 injection, a class of traditional Chinese medicine bairesi pills, a class of injection chemicals RF 1600 1, dexmedetomidine hydrochloride nasal spray, dexmedetomidine transdermal patch (Ⅱ), paracetamol and oxycodone sustained-release tablets, three kinds of chemicals fentanyl citrate oral patch, guanidine hydrochloride. Other research projects are being carried out in an orderly manner.
The listing of these new indications or drugs is undoubtedly a new performance growth point of Renfu Medicine.
In addition, the internationalization of Renfu medicine has become a system, and the export of preparations has entered a harvest period.
According to the semi-annual report, in the first half of the year, Renfu Pharmaceutical's American generic drug business achieved sales revenue of about 800 million yuan, up about 20% year-on-year, of which EpicPharma achieved operating income of 383 million yuan, and achieved net profit of 52.67 million yuan by adjusting product structure, up 30.27% year-on-year.
It is reported that the internationalization system of Renfu Medicine has begun to take shape, and its overseas business has now covered mature markets in Europe and America, as well as emerging markets such as South America, Southeast Asia, Central Asia, West Africa and East Africa. Up to ANDA, the company's subsidiaries have obtained the approval number 1 10 of American generic drug products; Wuhan Puke, Yichang Renfu, gedian Renfu, Three Gorges Pharmaceutical, Renfukang and other subsidiaries have successively passed the system certification of the United States and the European Union; Wei Yao, Xinjiang actively deployed the Central Asian market, and six products, including Zukam Granules, have been registered and sold in Central Asian countries. The international layout of gedian Renfu API has been steadily promoted, and products such as mifepristone and dutasteride have been successfully registered in South Korea, India, Brazil and other countries; The pharmaceutical factories built by the company in Mali and Ethiopia in Africa have been put into production for many years, and actively participate in the bidding and procurement of their host countries and neighboring countries.
Change: the structure of assets and liabilities is constantly optimized and unchanged: the focus of refocusing continues to land.
In addition to the performance indicators, the assets and liabilities indicators of Renfu Pharmaceutical are also constantly optimized, which provides a driving force for the company's sustainable development.
The relevant person in charge of Renfu Medicine once said that since the implementation of the "refocusing" strategy on 20 18, the company is gradually withdrawing from the fields where the competitive advantage is not obvious or the synergistic effect is weak.
The data shows that from 20 17 to Q2 2022, the number of merged subsidiaries of Renfu Pharmaceutical decreased from 17 1 to 129. By withdrawing from the blood products/hospitals/pharmaceutical business/financial industry with weak competitive advantages in other provinces, we can recover funds and achieve business focus.
According to the announcement, in 20 19, Renfu Medicine sold its 0/00% equity of Henan Renfu Medicine Co., Ltd. and 70% equity of Wuhan Renfuleya Dental Clinic Co., Ltd. successively. In 2020, Renfu Medicine sold some shares of Sichuan Renfu and Leforth Group in August and 165438+ 10, respectively, of which 70% shares of Sichuan Renfu were sold. After the completion of the transaction, the company received 362 million yuan of equity transfer, recovered about 300 million yuan of subsidiary loans, and reduced interest-bearing debts by about 654.38 billion yuan. Selling 40% equity of Lovers Group for $200 million has brought about 400 million yuan in investment income for the company.
In June, 5438+this year 10, Renfu Medicine announced that the company sold 24.57% equity of Hande Renfu held by its wholly-owned subsidiary to Rhea Parent, Inc, an American subsidiary established by Danish company Novo Holdings, at a price of $65.438+74 billion. This transaction enables the company to realize an investment income of about 540 million yuan in 2022. It is reported that in the first half of the year, Renfu Medicine sold the shares of Agic-Humanwell Lanling (USA) Co., Ltd. and other companies, and recovered the transfer amount of about 654.38+0.2 billion yuan, achieving an investment income of about 550 million yuan.
With Renfu Pharmaceutical strictly controlling the debt scale and actively optimizing the debt structure, by the end of June 2022, the company's asset-liability ratio had dropped to 5 1.42% for the first consecutive quarter, which was more than 1 1 compared with 63.05438+0% at the end of March 2020.
In addition, the company continues to promote the equity transfer of companies such as TF Securities and Huatai Insurance Group Co., Ltd. ..
202 1, 1 1, Renfu Medicine intends to sell its 2.5247% stake in Huatai Insurance to Chubb INA Holdings Inc, a large insurance enterprise group headquartered in the United States, at a transaction price of126 million yuan; On March 3, this year, the company signed an agreement with Hubei Hongtai Group Co., Ltd. to transfer 7.85% equity of TF Securities, with a total transfer price of about 2124 million yuan. On August 24th, Renfu Medicine announced again that TF Securities had received the Reply of China Securities Regulatory Commission on Approving the Change of Major Shareholders of TF Securities Co., Ltd., and approved Hongtai Group to become a major shareholder of TF Securities. At this point, it is relatively certain that Renfu Medicine will be separated from TF Securities.
In June last year, 5438+065438+ 10, Renfu Medicine planned to transfer its shares in Huatai Insurance at a transaction price of10.26 million yuan; Recovering 26,543.8+0.24 billion yuan in cash will further reduce the debt scale of Renfu Medicine, reduce financial expenses and optimize the debt structure.
The brokerage research report pointed out that it is expected that the debt scale and financial expenses of Renfu Medicine will drop sharply in 2022, and the strategic effect of refocusing will begin to appear; It is expected that the new management will accelerate the refocusing process. According to the company's asset sale announcement, Huatai Insurance, TF Securities and other non-core assets are also expected to be divested, and the balance sheet is expected to be repaired quickly. In response to the performance of Renfu Medicine in the semi-annual report, Guolian Securities bought Renfu Medicine.