"Advertising, I am very careful. Fame is given by the audience, and you are responsible for everyone. 2 1 jinweita, 2 1 year, excellent and healthy families. This is also a responsibility, 2 1 Jinweita, family health, our responsibility. " In 2005, the well-known host Ni Ping contributed the first commercial advertisement to the equally famous 2 1 Jinweita.
Hangzhou Minsheng Health Pharmaceutical Co., Ltd. (hereinafter referred to as "Minsheng Health"), which develops and produces 2 1 Jinweita, was founded in 1926, and is one of the earliest four western pharmaceutical factories in China. Like the other three companies-Xinyi, Xinya and Haipu, people's livelihood health has also experienced a series of ups and downs and restructuring, and finally came to the door of the capital market. On the last day of 2002 1, Minsheng Health submitted an IPO application, and Jin Weita of 21knocked on the door of the Growth Enterprise Market. Since the GEM was launched in 1985, Jin Weita has been 36 years old.
Zhu Fujiang, the actual controller who has been the chairman for 26 years, said that he has three dreams in his career: first, to achieve zero breakthrough in innovative drugs and get the approval for a class of innovative drugs; The second is to sell the prescription drugs produced by the company to the United States; The third is to lead the company to go public. The first two dreams have come true, so what about the third one?
Monopoly API
According to official website of the State Administration of Pharmaceutical Products, there are only five manufacturers of vitamin D2, namely Sichuan Neijiang Huixin Pharmaceutical Co., Ltd., Northeast Pharmaceutical Group Co., Ltd., Jiangxi Gannan Haixin Pharmaceutical Co., Ltd., Sichuan Yuxin Pharmaceutical Co., Ltd. and Nanjing Haijing Pharmaceutical Co., Ltd.
Hebei Guangyiyuan Pharmaceutical Co., Ltd. and Tibet Junjian Pharmaceutical Co., Ltd., the main suppliers of vitamin D2 for people's livelihood and health, are listed as "pharmaceutical enterprises" on the website of the State Administration of Pharmaceutical Products, and they are obviously distributors.
One of the manufacturers, Northeast Pharmaceutical (000597. SZ), 2011was investigated by Liaoning Provincial Market Supervision Administration, and 20 18 1 was reported as "maliciously controlling" raw materials. The market believes that the price of APIs has skyrocketed, even resulting in monopoly, or related to environmental supervision.
On 20 17, the competent department of pharmaceutical companies rectified pharmaceutical companies according to the Environmental Impact Assessment Law of the People's Republic of China, which set off an "environmental impact assessment storm" for pharmaceutical companies. On April 1 day, 2065438, China's environmental protection tax was officially levied.
According to the Regulations on the Management of the List of Key Pollutant Dischargers (Trial), API manufacturing and pharmacy are listed in the list of key pollutant discharge units in water environment and the list of key pollutant discharge units in atmospheric environment respectively. In this context, many API companies have been forced to withdraw from the market or make rectification and transformation, and the price of APIs has soared.
On 20021125, the Heilongjiang Provincial Medical Insurance Bureau issued the Notice of Heilongjiang Province on Publicizing the Information of Some Drugs Disconnected from the Internet, saying that according to the applications submitted by enterprises, Heilongjiang Province will voluntarily cancel the online access of 369 drugs, among which 153 pharmaceutical manufacturers clearly pointed out that the reason for withdrawing from the Internet was "related to cost".
In the second half of 20021,the monopoly of APIs is expected to improve. In 20021,110/0, the State Anti-Monopoly Bureau issued the Anti-Monopoly Guide in the field of APIs on the first day of its official listing, which prohibited competitive API operators from reaching horizontal monopoly agreements as stipulated in Article 13 of the Anti-Monopoly Law.
For example, it is forbidden for API manufacturers and other competitive operators to agree on the production quantity, sales quantity, sales price, sales target and sales area of APIs through joint production agreements, joint purchase agreements, joint sales agreements and joint bid agreements.
It is also forbidden for an API manufacturer to reach an agreement with other competitive API operators not to produce or sell APIs and other API operators to compensate them; At the same time, the Anti-Monopoly Guide also prohibits API operators from reaching a vertical monopoly agreement with their counterparties as stipulated in Article 14 of the Anti-Monopoly Law.
API operators shall not directly fix the resale price and limit the minimum resale price for API distribution enterprises and pharmaceutical production enterprises through contractual agreements, oral agreements, written letters, e-mails and price adjustment notices. Or impose disguised resale price restrictions on API distribution enterprises and pharmaceutical production enterprises by means of fixed distribution enterprise profits, discounts and kickbacks.
From 20 18 to 2020, the gross profit margin of 2 1(2 1 Jinweita), the main product of people's livelihood health, was 70.42%, 68.38% and 67.90% respectively.
According to the company, the gross profit margin in 20 19 decreased by 2.04 percentage points compared with that in 20 18, mainly because the unit cost increased by 16.20% compared with that in 20 18. Can the anti-monopoly storm in the field of APIs open up the imagination of people's livelihood and healthy gross profit margin?
It has to be 2 1 Huang Jinweita.
As a well-known product in the vitamin industry in China, 2 1 Jinweita has almost contributed more than 90% of the revenue of people's livelihood and health. In order to maintain the reputation of fist products, but also to pull a handful of other new products, Minsheng Health accounts for a larger proportion of advertising expenses every year than its peers.
From 20 18 to the first half of 20021,the advertising expenses of the company accounted for 2 1.25%, 16.35%, 2 1.69% and 20.56% of the revenue respectively. Jiang Zhong Pharmaceutical (600750. SH) and Tomson Bianjian (300 146. SZ), the comparable listed companies in the same industry are 1 1.65%, 12.92%, 13.65438+ respectively.
However, the company said that the absolute amount of advertising expenses of comparable companies is much larger than that of the company, and the income of comparable companies is larger, and the scale effect is significant, so the proportion of advertising expenses in income is low.
Friends circle is all over Zhejiang pharmaceutical industry.
According to the prospectus, the actual controllers of the company are Zhu Fujiang and Zhu Qi, and Zhu Fujiang is the chairman of the company, indirectly controlling 92.00% of the company's equity.
Zhu Weimin Shenghouze is the executive director and general manager, the company's director, and the managing partner of employee stock ownership platforms Jingniu Management, Jingyi Management and Ruimin Management. He holds 3.97% of the shares of Minsheng Pharmaceutical, the controlling shareholder, and the investment ratio of Ruimin Management is 5.6 1%. There are many "big brothers" behind other small shareholders who bought shares on the eve of listing counseling.
In March, 20021,on the eve of listing counseling, the company added four external shareholders, namely Puhua Lingju, Shuobo Investment, Qixing Investment and Menghe Medical Wisdom, all of whom were interested in investing because they were optimistic about the company's development and the expected return of IPO. Among them, Qixing Investment can be described as a "big gathering place" for Zheshang-Shen Farong, one of the partners, is the founder of Xingxiangyuan, and his company specializes in high-end health management.
Partner Cai Shikang (600572. SH) group. Behind the investment of Zhejiang Lion in the partner list is the listed company Zhejiang Pharmaceutical (6002 16. SH), the partner Zhong Jian Investment is Liao Jieyuan, the founder of Micromedicine. In addition, Wan Ma (002276. SZ) and Jingxin Pharmaceutical (0028).
Zhejiang Zheshang Construction Investment Property Management Co., Ltd., the fund manager of Qi Xing Investment, displayed a list of friends, including Dean Diagnostics (300244. SZ), Intel Group (0004 1 1. SZ), Asia Pacific Pharmaceutical (002370. It was co-founded by the academician and her husband, and Hu Qingyutang, Hangzhou Museum of Traditional Chinese Medicine.
However, Zhu and his son did not intend to share their labor achievements in previous years with friends. According to the prospectus, before March 9, 2002/KLOC-0, that is, March 26, after the new shareholders completed the shareholding procedures, the company found the bonus to the shareholders of the company on February 28, 2002/KLOC-0. In other words, this dividend directly divided up the "family" saved in the previous three years.
Minsheng Pharmaceutical, the controlling shareholder of the new shareholder, holds 65,438+000%, Minsheng Pharmaceutical holds 78.265,438+0%, Zhu Fujiang holds 53.36% and Zhu holds 3.97% of Minsheng Pharmaceutical.
To sum up, income is highly dependent on 2 1 Jinweita, raw material prices are rising due to monopoly, and "friends circle" is all over the people's livelihood and health in Zhejiang medicine field. Can the long-awaited dream of listing be realized?