Interim report cards of pharmaceutical and biological enterprises are emerging. According to the data disclosed by Juchao Information Network, as of July 24th, * * * there are 126 A-share pharmaceutical and biological enterprises forecasting the interim results in 221.
specifically, there are 86 enterprises with pre-increased performance, accounting for nearly 7%. Among them, 54 enterprises expect a substantial increase in performance, and the highest increase limit of net profit is Hot View Bio, reaching 81,88.47%, while the upper limit of net profit increase of Tai 'antang, Jinshiya Pharmaceutical and Harbin Sanlian also exceeds 1,8%. There are 17 enterprises with the upper limit of net profit growth in the range of 2%-1%, and 19 enterprises in the range of 1%-2%. Fifteen enterprises such as Harbin Pharmaceutical Co., Ltd., Kangxinuo, Weiming Pharmaceutical Co., Ltd. and Dong 'e Ejiao are expected to turn losses into profits compared with the same period of last year.
it is worth noting that there are still 15 enterprises with pre-declining performance, among which the lower limit of net profit decline of Haixiang Pharmaceutical, Yuheng Pharmaceutical, Baotelai, Yifan Pharmaceutical and Jiu 'an Medical all exceeds 7%. There are also 17 enterprises with pre-loss performance. Sihuan Bio ranks first with a net profit decline of 538.33%, followed by Sino Medical with a net profit decline of 36.2%. Nanhua Bio, Hainan Haiyao, Guangshengtang and other enterprises are also expected to suffer losses to varying degrees. In addition, seven companies including Meinian Health, Innovative Medical Care, Asia-Pacific Pharmaceutical, Zixin Pharmaceutical and Tianzhihang are expected to reduce losses.
chemical drugs
market recovery growth boosts performance
the downward price of raw materials has hit overseas business hard
among the 126 pharmaceutical and biological enterprises that have predicted interim results, 32 belong to the chemical pharmaceutical sector, ranking second among the six sub-sectors. On the whole, enterprises with pre-increased performance occupy a dominant position, reaching 2. Among them, the net profit of Harbin Sanlian and Jinshiya Pharmaceutical increased dramatically. However, the reasons driving the performance growth of the two companies are totally different, which is worthy of consideration by the industry.
in order to broaden its own development path in the medical devices and cosmetics sector, Harbin Sanlian invested 1% equity in Fuerjia Technology, a wholly-owned subsidiary of Beixing Pharmaceutical, in February this year, and acquired 5% equity of the pioneer of the domestic medical sodium hyaluronate facial dressing market. This unique foreign investment directly brought 566 million yuan of investment income to Harbin Sanlian, which is obviously the biggest factor that caused the change of interim results this time. Cross-border investment or M&A has become a popular way for enterprises to break through the bottleneck of performance growth when the growth of existing business segments is weak. Sailong Pharmaceutical, which ranked sixth in net profit growth, also disclosed that the impact of interim non-recurring gains and losses on net profit was about 8.8 million yuan, mainly due to the increase in investment income and fair value change income.
The substantial increase in net profit of Jinshiya Pharmaceutical relies on the performance contribution made by the leading products. Under the epidemic situation in COVID-19, the public took active protective measures, including wearing masks and washing hands frequently, which caused the frequency of colds to drop sharply, the market demand for cold medicines decreased greatly, and the sales volume of products declined seriously. However, since the beginning of this year, the cold medicine market has gradually recovered, and due to the influence of last year's cold medicine purchase restriction policy, the fear of inconvenience in purchasing medicines has also made the public intentionally hoard a certain amount of cold medicines. At the same time, the obvious rebound in market demand has also made downstream distributors and chain pharmacies increase their stock, which has greatly increased the sales revenue of "Quick" brand adult cold medicine and "Little Quick" brand children cold medicine of Jinshiya Medicine compared with the same period of last year.
With the effective control of the domestic epidemic situation, the production and sales of enterprises are as usual. Except Jinshiya Pharmaceutical, the sales of major products of Guangji Pharmaceutical, Kelun Pharmaceutical and other enterprises have also recovered, thus achieving a substantial year-on-year increase in performance from a low base last year. However, some pharmaceutical companies are exploring more possibilities while regaining market certainty. For example, Zhendong Pharmaceutical, which gradually sank the third terminal, Jiuzhou Pharmaceutical, which continued to increase the layout of CDMO business segments, and Huaren Pharmaceutical, which improved sales channels and opened up incremental markets. On the other side of the coin, Yifan Pharmaceutical and Tianyu Co., Ltd., whose raw material drug prices and overseas business profits both fell, and Yongan Pharmaceutical, whose main product taurine profits fell, all experienced a performance dive, with net profit falling by more than 5%; Hainan Haiyao, whose investment income declined, and five pharmaceutical companies, including Guangshengtang, Frontier Bio and Zejing Pharmaceutical, which continued to increase their R&D investment, all predicted performance losses.
traditional Chinese medicine
divesting medical e-commerce and making investment profit of over 7 million
non-main business brings the first two increases in net profit
A series of favorable policies have injected a booster into the traditional Chinese medicine sector and ushered in the development highlights. Among the 2 Chinese medicine companies that have predicted interim results, 14 companies have achieved pre-increased performance, among which 12 pharmaceutical companies, such as Taian Tang, Taiji Group and Qizheng Tibetan Medicine, have seen a sharp increase in performance. If we count the four pharmaceutical companies that turned losses into profits, including Jiaying Pharmaceutical, Dong 'e Ejiao, Longshen Rongfa and Longjin Pharmaceutical, the Chinese medicine sector can be said to be in full bloom, and 9% of enterprises achieved year-on-year growth in performance, leading the entire pharmaceutical biology sector with outstanding performance.
Looking at the TOP1 list of net profit growth forecast for interim results of Chinese medicine sector, the first thing that comes to your attention is Taian Tang, whose net profit exceeds 5 million yuan and the year-on-year growth is nearly 2 times. However, the reason for such a huge change in the performance of Taiantang is extremely simple and clear: the transfer of 47.35% equity of its subsidiary Kang Aiduo. For this transaction, Taiantang said that in order to quickly obtain cash and ease the pressure on the working capital of listed companies, it is expected to receive a cash payment consideration of 748 million yuan through the sale of medical e-commerce business. As the online sales of prescription drugs is approaching, it seems inappropriate for Taiantang to divest the pharmaceutical e-commerce sector. It remains to be seen whether the withdrawal of funds can alleviate its liquidity pressure, and the proprietary Chinese medicine manufacturing business will face new performance challenges.
Qizheng Tibetan medicine, whose upper limit of net profit growth exceeds 1 billion yuan, also stands out in this list. Similar to pharmaceutical companies such as Harbin Sanlian and Sailong Pharmaceutical in the chemical sector, the net profit contribution of Qizheng Tibetan Medicine also comes from foreign investment income. In June this year, Qizheng Tibetan Medicine officially landed on the Growth Enterprise Market by participating in the establishment of a healthy brand commercialization platform indirectly held by M&A funds. After accounting, the investment will increase the net profit of Qizheng Tibetan Medicine by more than 7 million yuan in 221 according to the agreement. However, the high return on investment is always accompanied by high risks. Yunnan Baiyao, the leader of Chinese medicine, which caused a 4% decline in net profit in the first quarter of this year due to stock trading, is a lesson from the past. Qizheng Tibetan Medicine also reminded in its performance forecast that this investment will lead to certain fluctuations in its performance.
Comparing the reasons for the performance changes of Tai 'antang and Qizheng Tibetan Medicine, the Chinese medicine enterprises that focus on the main business and deeply cultivate the industry are obviously more pragmatic. Taiji Group, which ranked second in net profit growth, said that its performance was mainly affected by its main business, because it focused on the development of its main business, implemented the main product strategy, increased the sales of large-scale varieties, and promoted the sales growth of other products, and both sales revenue and gross profit increased; Zuoli Pharmaceutical, which adheres to the marketing strategy of "stable self-management and strong investment promotion", has a steady growth trend in sales revenue of core products Wuling series and Bailing tablets under the strengthening of market investment and the development and coverage of terminal medical institutions. Dong 'e Ejiao, which is expected to turn losses, enriches the product matrix through firm digital transformation and realizes benign market growth with new growth logic.
biological products
The overall performance is mixed
There are abundant pipelines, and it is also worrying to enter the medical insurance
When the low fruits of the scientific tree of small molecular drugs are all picked up, the field of macromolecular biopharmaceuticals has become a new track that pharmaceutical companies have cut into in recent years. Among the 18 biopharmaceutical companies that have published interim results forecasts, the number of pharmaceutical companies with pre-increased and pre-decreased performance accounts for almost half of the country. Together with Kangxinuo, Weiming Pharmaceutical and Shuangcheng Pharmaceutical, three pharmaceutical companies that are expected to turn losses, they just make up the list of TOP1 net profit growth.
Specifically, Pailin Bio ranks first with the upper limit of 2% net profit growth, and the main reason for the sharp increase in performance is that it continues to promote business changes, both endogenous and exogenous. While constantly optimizing the product sales structure and actively adjusting the product sales strategy, the extension expansion effect of Pailin Bio has also begun to appear: the strategic cooperation with Xinjiang Deyuan Bio has greatly increased its financial income year-on-year; The completion of the strategic reorganization of Harbin Paisi Pheko Biopharmaceutical Co., Ltd. and its becoming a wholly-owned subsidiary is also further contributing to the overall performance growth of Pailin Bio.
anke biotechnology, which has continuously strengthened its marketing work and improved its sales channels, also achieved a substantial year-on-year increase in its main product recombinant human growth hormone, thus driving the growth of its consolidated net profit index. In the industry's view, with the recent approval of new indications for injecting human growth hormone, it will still be the main profit point of Anke Bio in the future. However, the news that Guangdong-led super-centralized mining alliance intends to include recombinant human growth hormone once lowered the share prices of Changchun Gaoxin, anke biotechnology and other related enterprises. Whether this unresolved challenge will bring greater performance impact to anke biotechnology remains to be seen.
based on the inherent characteristics of high technical risk, long research and development cycle and large capital investment in biomedical research and development, it has a rich pipeline of biomedical products, but only Baiaotai, which is listed in adalimumab, still gives the judgment of pre-loss in performance. Sansheng Guojian, who gave the same performance forecast, believes that with the increase in the number of competing products included in the medical insurance scope and the downward adjustment of the price of competing products, the market competition faced by its key product, Yisaipu, is intensified, and there are risks such as uncertainty in the performance of Xisaiting after entering the medical insurance catalogue.
medical devices
explosive growth of foreign trade orders
procurement of consumables shows power
the field of medical devices is the main force to disclose interim results forecast at present, with as many as 39 enterprises, and it is also a subdivision of enterprises with the highest net profit and net profit increase respectively. On the whole, including Lidman and Toujing Life, which are expected to turn losses, * * * 28 enterprises, including Hot Scenery Bio, Haohaishengke and Jiuqiang Bio, have achieved positive growth in performance, accounting for more than 7%; There are still 1 companies, such as Sino Medical, Jiu 'an Medical, Baolaite, etc., which predict that their performance will drop sharply or predict or reduce their losses.
Among them, Hot Scenery Bio stands out from the rest with the highest expected profit increase of 81,88.47%. Affected by the sustained development of COVID-19 epidemic in Europe and the world in the first half of the year, the foreign trade orders of two novel coronavirus antigen rapid detection reagent products of Rejing Bio showed explosive growth, which promoted its business performance to show a substantial increase in the first half of the year, and finally produced a gratifying result that the net profit increased by over 8,%. Coincidentally, Dongfang Bio, whose upper limit of net profit growth is over 5% and the upper limit of growth is as high as 3.53 billion yuan, also relies on its novel coronavirus antigen rapid detection test paper (colloidal gold) to continue to invest in the global COVID-19 epidemic prevention and control cause.
In addition to the factors that help overseas to fight the epidemic and achieve explosive growth in performance, the recovery of domestic market demand and the initiative of enterprises to adjust their business strategies are also the main reasons. Haohaishengke, Aojing Medical, Lidman, Huitai Medical, etc. all expand their brand awareness and influence through continuous marketing and marketing activities, so as to achieve a greater increase in product sales; In terms of innovation, Dean Diagnostics insists on the unique competitive advantage of the integrated medical diagnosis solution, and vigorously promotes the special inspection business based on the precision center and the general inspection business based on cooperation. Wanfu Bio, on the other hand, conforms to the industry trend driven by diseases and application scenarios, and has carried out organizational reform of the domestic marketing division, and promoted the coordinated development of various business lines through personnel integration and channel reuse.
With the price and quantity of protective products returning to normal at this stage, compared with the larger sales revenue and profit base caused by the surge in demand for epidemic prevention materials in the same period last year, enterprises such as Jiu 'an Medical, Ogilvy Medical and Yangpu Medical all gave the forecast of a sharp decline in performance. In addition, the policy of purchasing with quantity roaring from the pharmaceutical field is subverting the competitive pattern in the field of high-value consumables. Because the Chinese-made coronary stent was not selected, the sales volume of Sino Medical products dropped by 85.61% compared with the same period of last year, and the income decreased by 124 million yuan, down by 9.1% year-on-year. When explaining the main reasons for the decline in net profit, Sino Medical said that due to the sharp decline in sales of coronary stent products, the scale effect of its products decreased, and the production cost of products failed to decrease in the same proportion.
conclusion