**: Pharmaceutical Intelligence Headlines***
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The main business of the pharmaceutical industry has gradually returned to normal, and non-recurring revenue has gradually been diluted.
According to Flush Wencai.com, as of January 31, 2024, more than 235 pharmaceutical companies in the industry have released last year's performance forecasts, 124 companies have announced net profit year-on-year**, and 111 companies have announced a year-on-year decline in net profit, showing a slight upward trend as a whole; In addition, under the subdivision, 33 pharmaceutical companies have turned losses into profits, and 41 pharmaceutical companies have made substantial net profits, which also shows the overall upward trend of the industry.
Data**: Straight Flush asks the financial network.
In addition, it is worth noting that pharmaceutical companies include China Resources.
Three. 9. Pharmaceutical companies such as Huadong Medicine and Kelun Pharmaceutical have temporarily ranked in the top 10 list of net profit (median) in 2023, with outstanding demeanor.
Top 10 list of net profit (median) in 2023
Data**: Straight Flush asks the financial network.
But behind the joy of the top 10 pharmaceutical companies in terms of net profit (median), what kind of ups and downs have they experienced during the period? What kind of story is behind it, but it is always unknown.
Chinese medicine shows its power again
China Resources has become a big winner
Among the top 10 pharmaceutical companies in terms of net profit (median) in 2023, there are the most traditional Chinese medicine companies, including China Resources.
Three. 9. There are 4 Tongrentang, Tasly and Dong'e Ejiao, and the net profit (median) is 294.2 billion, 161.8 billion, 122.2 billion and 113 billion, all of which demonstrate the strength of the field of traditional Chinese medicine in recent years.
It is worth mentioning that Tasly will lose 26.7 billion, which is the only loss-making pharmaceutical company in the TOP10 in 2022, but in 2023, it will not only turn losses into profits, but also make a profit of 122.2 billion, becoming the most conspicuous "boy" among the top 10 pharmaceutical companies.
The lesser of two evils, Tasly, as a veteran Chinese medicine company, set a record for revenue in 2019 (1899.8 billion), it went downhill, and the revenue from 2020 to 2022 fell seriously, with 1357.6 billion, 759.2 billion and 859.3 billion.
Investment**.
The reason behind 2020 becoming a turning year for Tasly's performance is that it disposed of Tasly's marketing equity in August 2020, resulting in a 43% decline in revenue from the pharmaceutical business segment99%。The pharmaceutical business is the most important support for Tasly's performance, according to its 2019 annual report, the revenue of the pharmaceutical business is 1271.7 billion, accounting for 67 percent of the total revenue of the main business17%, but in this year, Tasly Pharmaceutical Industry's revenue fell by 12 percent year-on-year79%, it is worth noting that the operating cost of the pharmaceutical industry decreased by 9 percent year-on-year59%, while the operating cost of pharmaceutical business is **1801%。
In recent years, due to the inheritance and innovation support of the traditional Chinese medicine industry at the national level, the enthusiasm for the research and development of traditional Chinese medicine is high, coupled with the pace of Tasly's single-minded march into chemical drugs and biological drugs, so that it resolutely chose the former in pharmaceutical and drug sales, and in 2023, it will continue to "open" to the pharmaceutical business, and intends to give 90% of the equity of Tasly Pharmacy and 60% of the equity of Pingjia Pharmacy to the people of Shuyu, but it was terminated due to the failure of the two parties to reach an agreement.
According to its 2023 semi-annual report, the R&D pipeline has 95 products, including 26 traditional Chinese medicines, 57 chemical drugs and 12 biological drugs.
China Resources is the dominant system, starting from traditional Chinese medicine. Among the 4 traditional Chinese medicine companies on the list, China Resources accounts for 2, namely China Resources Sanjiu and Dong'e Ejiao.
The predecessor of China Resources was Lianhe Hong, at the beginning of its establishment in 1938, it dealt with medicine, purchased medical supplies such as drugs and gauze bandages, which was one of the secret missions entrusted to it by the party, and after changing its name to China Resources in 1948, the pharmaceutical and medical device business was still one of the main businesses, and in 2004, through the establishment of China Resources Dong'e Ejiao, indirect holding of Dong'e Ejiao, officially stepped into the pharmaceutical field.
However, China Resources has not stopped on the road of attacking the traditional Chinese medicine industry, in addition to later incorporating Sanjiu Pharmaceutical and Jiangzhong Pharmaceutical into its subsidiaries, at the end of 2022, through its subsidiary China Resources Sanjiu, it purchased a total of 28% shares of KPC from Huali Pharmaceutical and Huali Group, becoming the controlling shareholder.
KPC's "KPC 1381" brand has a history of 642 years, has won the Guinness Book of World Records "oldest operating pharmaceutical business" (the world's oldest pharmaceutical company), and is one of the five time-honored brands of Chinese medicine in China, according to KPC's 2022 annual report, 6 of its 8 main products are traditional Chinese medicines.
The growth of CR Sanjiu's performance in 2023 largely depends on KPC's promotion of its profitability, and the two parties are cooperating to build an innovation platform for the Sanqi industry chain to achieve new strategic goals.
It is worth mentioning that China Resources will become the owner of Boya Biotech in 2021, which involves another protagonist of the story.
The "rivers and lakes" of blood products have resurfaced
The "Boss" ushered in a new owner
Shanghai RAAS is 18The net profit (median) of 3.5 billion yuan squeezed into the top 10 pharmaceutical companies, but it fell by 2 year-on-year50%, according to the statistics of China Merchants ** According to the performance statistics of the first half of 2023, whether it is net profit or total revenue, Shanghai RAAS is the "boss" of the blood products industry, but in 2023, the net profit will begin to stagnate, while other "people" in the industry are constantly revolutionizing themselves and want to compete with the "boss".
Ranking of revenue and net profit of the blood products industry
Investment**.
As of now, 75% of the equity of Fuda Pharmaceutical, a subsidiary of Boya Biotech, has been transferred to China Resources Medical, Tianan Pharmaceutical 8968% of the equity has been transferred to China Resources Shuanghe, and other non-blood products businesses will be divested one after another.
From the perspective of the proportion of revenue from the blood product business, it has continued to increase significantly since 2021, and in the first half of 2023, the revenue of the blood products business of Boyaa Biotech will be 76.2 billion yuan, net profit of 55.2 billion yuan (including dividends of subsidiaries 2.)5.2 billion yuan), a year-on-year increase of 1003% and 12450%。
2018-2023H1 Boyaa Biotech revenue composition
East China Sea**.
Tiantan Biology and Weiguang Biology are both under Sinopharm Group, among them, Weiguang Biology is a joint venture company established by China Biologics, a subsidiary of Sinopharm Group, through the establishment of a joint venture with Guangming State-owned Assets Supervision and Administration Bureau in 2023.
Sinopharm Group, which has already relied on Tiantan Biology to set foot in the field of blood products, why bother to include Weiguang Biology into its subsidiaries, and from the performance point of view, Weiguang Biology is not worth mentioning in front of Tiantan Biology, in addition, the products of the two companies are also highly overlapping, the main products are human serum albumin, immunoglobulin and coagulation factors, the acquisition of Weiguang Biology has also obviously appeared in the same industry competition, which is inevitably questioned by the regulatory authorities.
It is worth mentioning that there is another "shadow" of Sinopharm Group behind Weiguang Biotech, according to its 2023 Q3 quarterly report, Wuhan Research Institute holds 725% shares, and the Wuhan Research Institute is also affiliated with China Biotech.
In addition, there are enterovirus 71 inactivated vaccine (Vero cell), Japanese encephalitis live attenuated vaccine, adsorbed acellular diphtheria, quadrivalent influenza virus split vaccine, typhoid VI polysaccharide vaccine, adsorbed tetanus vaccine, group A meningococcal polysaccharide vaccine, leptospira vaccine, adsorbed diphtheria tetanus combined vaccine and other vaccine products.
Sinopharm has made great achievements in the IPO, but it is a little regrettable in the field of vaccines, and human vaccines are absent from A-shares. The author boldly analyzes whether it is possible for Sinopharm Group to inject the vaccine business into Weiguang Biology when it solves the problem of peer competition arising from the acquisition of Weiguang Biology in the future, and then integrate the blood products business of Weiguang Biology into Tiantan Biology, which seems to explain the question that Sinopharm Group has spent a lot of time to become the owner of Weiguang Biology, not only Tiantan Biology has the strength of not being willing to be the "second in the millennium", but the vaccine business can be successfully IPO.
In November 2023, Shanghai RAAS launched the acquisition of 95% of the shares of Guangxi Guanfeng, with an acquisition amount of 48.1 billion, what is even more unexpected is that Haier Group's Haiyingkang will acquire Shanghai RAAS shares for 12.5 billion, according to Shanghai RAAS's announcement on January 23, 2024, after the transaction is completed, Haier Group will control Shanghai RAAS 2658% of the shares, becoming its actual controller.
Haier Group, which seems to focus on the field of home appliances, is actually involved in the blood product industry chain with Haier Biotechnology and Yingkang Life, and the layout of China Resources, Sinopharm and Haier will set off a "Jianghu" dispute in the field of blood products.
The burden of "new crown" has landed
Vaccine companies have mixed feelings
As the only vaccine company in the top 10 of the temporary net profit (median), Wantai Biotech will forecast a net profit (median) of 12 in 20237.5 billion, down 7307%, such a degree of performance reduction, for any company, is sad.
According to Wantai Bio's 2023 performance forecast, the revenue related to the new crown diagnosis decreased by about 1.2 billion year-on-year, and the impairment of assets such as R&D investment, special raw materials and finished products, and special production equipment related to the new crown vaccine affected its profit decline by more than 400 million.
In fact, the removal of the "burden" of the new crown is not necessarily a bad thing for vaccine companies. What really worries it is that the revenue of the 2-valent HPV vaccine has decreased by about 4.2 billion yuan year-on-year due to the expansion of the 9-valent HPV vaccine and market competition, resulting in a significant decline in revenue and profit in the vaccine sector.
Wantai Bio's bivalent HPV vaccine is the first domestic and the world's fourth HPV vaccine approved for marketing, in May 2020, it was officially marketed in China, only in the past three years, with a product that breaks the halo of import monopoly, there is a decline in the market, which has to be regretted.
According to its 2023 semi-annual report, the 9-valent HPV vaccine is in the phase 3 clinical stage, according to the head-to-head clinical trial with Jiadaxiu 9, the immunogenicity is comparable to Jiadaxiu 9, and it has good tolerance, and it is also developing a more market-competitive third-generation HPV vaccine, and it is still very interesting to see whether the follow-up products can maintain its technical advantages and product advantages in the field of HPV vaccines.
Creating blockbuster products is the last word, and Kangtai Biology, which landed earlier than Wantai Biology, will reduce its net profit by 8 percent in 2022 due to new crown products1.6 billion, which directly led to a loss of 1 that year3.3 billion, and by 2023, Kangtai Biology will be "resurrected with full blood", and the forecast net profit (median) will be 9000 million, mainly due to the year-on-year growth of conventional vaccine revenue of no less than 16%.
It is worth mentioning that in 2022, when the new crown products dragged down the performance, the revenue of Kangtai Bio's conventional vaccines also increased significantly, with a revenue of 294.6 billion, a year-on-year increase of 8539%。
In addition to HPV vaccines, Wantai Bio's pipeline also includes 20-valent pneumococcal vaccine, recombinant herpes zoster vaccine, recombinant 3-valent rota-shaped vaccine, freeze-dried live attenuated varicella vaccine, new lyophilized live attenuated varicella vaccine (VZV7D) and 4-valent enterovirus inactivated vaccine.
Summary
On January 26, it was rumored in the industry that the United States intends to introduce the "Biosecurity Act", resulting in the collective stock price of the CXO sector, and WuXi AppTec is a flash crash, and Pharmaron's share price has fallen by 1653%。
Although the domestic pharmaceutical industry has gained a firm foothold in the world, the "opponent" will not let it develop, and the future road is still tortuous, but I believe that it must be moving forward!
Reference**:
East China Sea**. Semi-annual reports, annual reports and announcements of relevant pharmaceutical companies.
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