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Yuanhe Pharmaceutical Co., Ltd. (833379)-the first stock of fine-quality new three-board traditional Chinese medicine decoction pieces _ China Pharmaceutical University

Release Time:2021-04-28 Topic:National Chinese Medicine Leading Stocks Ranking Reading:287 Navigation:Stock Liao information > Health regimen > traditional Chinese medicine > Yuanhe Pharmaceutical Co., Ltd. (833379)-the first stock of fine-quality new three-board traditional Chinese medicine decoction pieces _ China Pharmaceutical University phone-reading

Chinese patent medicines are Chinese medicinal products made from Chinese herbal medicines and processed into different dosage forms, including various dosage forms of pills, powders, ointments, and pills. After accumulating years of experience in the production of decoction pieces, the company began to integrate the resources of the downstream pharmaceutical manufacturing industry, and invested manpower and material resources to develop several proprietary Chinese medicine products.

The company has complete operating qualifications, and has obtained all qualifications for the production, processing and sales of Chinese medicinal materials trade, brewing tea, formula scented tea, and extract preparations, and has more than 30 various patents.

1.1 The company’s shareholders have a strong background and the actual controller is consistent.

The company’s shareholders have a strong background, and shareholders with a background in the pharmaceutical industry and industrial funds can bring market resources to the company, which is conducive to promoting the upgrading of the company’s product structure. The top ten shareholders of the company: Yuan Xuecai, Shanghai Sinopharm Equity Investment Fund Partnership (Limited Partnership), Shanghai Zhenghai Guoxinyuan Investment Center (Limited Partnership), Jilin Province National Bio-Industry Venture Capital Co., Ltd., Guangzhou Yuexiu Emerging Industry Venture Capital Partnership Enterprise (Limited Partnership), Tibet Shanzhen Investment Management Co., Ltd., Chongqing Yuexiu Excellence Equity Investment Fund Partnership (Limited Partnership), Foshan Oriental Zen Control Venture Capital Enterprise (Limited Partnership), Foshan Nanhai District Oriental High-tech Venture Capital Partnership ( Limited partnership), Dai Haifeng.

Since the establishment of Yuanhe Pharmaceutical, the company's controlling shareholder and actual controller have not changed, and both the controlling shareholder and actual controller are Yuan Xuecai. Yuan Xuecai, born in 1969, college degree, invested in the establishment of Guoyang County Yuanhe Pharmaceutical Traditional Chinese Medicine Decoction Pieces Co., Ltd. in February 2003, and served as the general manager. Since July 2010, he has served as the legal representative, chairman and general manager of Anhui Yuanhe Pharmaceutical Co., Ltd. He is currently a representative of the 14th People's Congress of Guoyang County and a representative of Bozhou City People's Congress. In 2003, he was rated as an advanced worker in Bozhou private enterprises; in 2004, he was rated as a model worker in Bozhou; in 2005, he was rated as an outstanding representative of the Guoyang County People’s Congress and a leader of the top ten leading enterprises in Guoyang County; in 2010, he was awarded the title of Bozhou The city's second "China Pharmaceutical Capital Entrepreneur Star" title. Chairman Yuan Xuecai has been engaged in the traditional Chinese medicine decoction pieces industry for nearly 20 years, and has a deep understanding of the industry and a strong ability to control it.

1.2 The company has outstanding location advantages and high-quality customer relationships

At present, my country has basically formed a pattern of 17 Chinese medicinal materials trading centers covering the country around the four major medicines in history. The circulation of Chinese medicinal materials in the 17 Chinese medicinal materials trading markets has accounted for about 70% of the total Chinese medicinal material transactions in the country. The establishment and layout of Chinese herbal medicine decoction pieces enterprises centered on the national trading market of Chinese herbal medicines, forming an industrial cluster of prices of Chinese herbal medicines and decoction pieces.

Bozhou, Anhui is the country’s largest Chinese medicinal material trading market. There are 88 Chinese herbal medicine processing enterprises in the city, with a production capacity of 350,000 to 400,000 tons, accounting for about 30% of the country and 70% of Anhui Province. It is currently listed or waiting to be listed. More than half of the large and medium-sized Chinese medicine decoction pieces companies are from Bozhou, Anhui.

Yuanhe Pharmaceutical was established in 2003. After more than 10 years of accumulation and development, it has become one of the iconic companies in the traditional Chinese medicine beverage industry in Bozhou. The company's Chinese herbal medicine planting and decoction pieces production scale are both located in the forefront of Bozhou City. The traditional Chinese medicine decoction piece industry in Bozhou occupies a relatively high market share.

The company's products are mainly used in the medical and health care fields. The company's main customers are hospitals, large-scale well-known pharmaceutical companies, circulation wholesale companies, chain pharmacies, etc. across the country. After more than 10 years of development, the company hasWe have accumulated a large number of stable and high-quality customers, and established a good long-term cooperative relationship with them.

1.3 The company performed well in various business indicators

The business of Yuanhe Medicine is outstanding, and the company's income and profit sources are mainly from the sales of traditional Chinese medicine decoction pieces. The company's total operating income for the three years from 2015 to 2017 was 727.6444 million yuan, 1102.7982 million yuan, and 132,0536.4 million yuan; among them, the income from traditional Chinese medicine decoction pieces was 688.26 million yuan, 1044.2262 million yuan, and 1074.1439 million yuan, respectively, accounting for 94.59% and 94.69% respectively. , 81.35%.

The company's three-year total profits were 89.48 million yuan, 11.4.3 million yuan, and 114.54 million yuan. In the first quarter of 2018, total operating income, total profit and net profit were 313.99 million yuan, 28.67 million yuan and 28.48 million yuan respectively.

From the perspective of the classification of the Chinese medicine III sector, Yuanhe Pharmaceutical ranks first in the net profit of the NEEQ companies.

From the perspective of the classification of traditional Chinese medicine decoction pieces, as of August 5, 2018, according to the type of main business and its proportion, there are a total of 31 NEEQ listed companies in the sub-industry of Yuanhe Medicine: Yuanhe Medicine Industry (833379.OC), Shengshi Baicao (834831.OC), Shaohuatang (832265.OC), Qianhe Pharmaceutical (839989.OC), Letaotao (839638.OC), Yiyuan Pharmaceutical (835996.OC) ), Hongguanzhuang (831833.OC), Chunsheng Chinese Medicine (831983.OC), Yunnan Chinese Medicine (839782.OC), Jingquan Chinese Medicine (838294.OC), Bo Medicine Qiancao (870472.OC), Guangmei Pharmaceutical (837540.OC), Minjiangyuan (839793.OC), Borui Biology (872404.OC), Ningbo Chinese Medicine (833528.OC), Huakang Biology (870480.OC), Fuzheng Pharmaceutical (836450.OC), Lvvine Biological (831319.OC), Qidan Pharmaceutical (832955.OC), Shengjixin (837456.OC), Haiyao (834631.OC), Kanglong Biological (872213.OC), Kanghua Pharmaceutical (870523) .OC), Diancao Liuwei (872185.OC), Langlin Biology (872543.OC), Huiqun Chinese Medicine (832513.OC), Baomingtang (835684.OC), Kunqi Pharmaceutical (832952.OC), Kai Compared with other Chinese medicine decoction pieces companies on the New Third Board, Yuanhe Pharmaceutical (871984.OC), Yuanhe Fangyuan (837678.OC), and Nuoket (835877.OC) ranked No. 1 in terms of operating income and net profit in 2017. One.

Compared with the forefront companies of Chinese medicine decoction pieces on the New Third Board, Yuanhe Pharmaceutical has a higher gross profit margin, lower net sales margin, weighted average return on net assets, and return on total assets.

2. Industry overview: Policies have spawned an inflection point in the traditional Chinese medicine decoction pieces industry, strictly supervising and eliminating enterprises with poor quality

2.1 The market prospects of Chinese herbal medicine decoction pieces are promising

2.1.1 Chinese herbal medicine pieces are the essence of Chinese medicine and an important part of the Chinese medicine industry chain

As my country's national pharmaceutical industry, traditional Chinese medicine has long been an important field supported by domestic pharmaceutical policies. In recent years, the traditional Chinese medicine industry has maintained a good momentum of development. Although the growth rate has slowed down in 2017, it has remained at a relatively high level. It has become a strategic industry with strong advantages and broad prospects in the development of the national economy and society. It has an important position in the pharmaceutical market.

Chinese medicine is mainly composed of three parts: Chinese medicinal materials, Chinese medicinal pieces and Chinese patent medicines. Among them, Chinese medicinal materials are the raw materials of Chinese medicinal pieces and Chinese patent medicines. As it is closely related to the health of the Chinese people, traditional Chinese medicine is still a sunrise industry in the medium and long term. According to the "Outline of Chinese Medicine Development Strategy" promulgated by the State Council, the total industrial output value of the domestic Chinese medicine industry in 2016 has exceeded800 billion yuan, of which Chinese patent medicines account for about 75%, and Chinese medicine decoction pieces account for nearly 20%.

2.1.2 Decoction of traditional Chinese medicine is the key to realize clinical diagnosis and treatment of traditional Chinese medicine

TCM decoction pieces are the essence of Chinese medicine. TCM clinical diagnosis and treatment, symptomatic application must be realized through TCM decoction pieces. Chinese medicine decoction pieces refer to the finished products after special processing of Chinese medicinal materials under the guidance of Chinese medicine theory, which can be directly used in clinical Chinese medicine. Chinese herbal medicine decoction pieces can comply with the "one person, one party" principle in Chinese medicine, that is, according to the different physique and pathological characteristics of each patient, the prescription is targeted, and the prescription is very flexible. For different patients with the same disease, the prescription may be different. .

2.1.3 Traditional Chinese medicine decoction pieces are at the core of the industry chain

Chinese medicine decoction pieces are in the middle reaches of the Chinese medicine industry chain, and are the most important link in the Chinese medicine industry chain. Chinese medicine decoction pieces are processed from upstream Chinese medicinal materials and can be directly sold to downstream medical institutions for clinical use; they can also be processed into Chinese patent medicines and then sold to medical institutions.

Different from other pharmaceutical industries, the quality and grade of medicinal materials in the traditional Chinese medicine industry is directly related to the efficacy and quality of the products, and has the characteristics of light processing and heavy medicinal materials. The value of the product mainly depends on the availability of high-quality medicinal materials, especially valuable medicinal materials. Most Chinese medicinal materials are plant-based products, which essentially have the attributes of agricultural products. Therefore, their prices fluctuate greatly due to factors such as the natural environment. For enterprises, if they can extend the industrial chain to the upstream and then master the resources of precious Chinese medicinal materials, they may have greater room for development.

Chinese patent medicines and Chinese herbal decoction pieces are mainly sold to hospitals, pharmacies and supermarkets. Among them, the new-type drug formula particles of Chinese herbal medicine decoction pieces have developed rapidly in recent years. As the country has successively proposed a series of protective measures such as not being included in centralized procurement, not canceling the addition, and not including the proportion of medicines, the supply of traditional Chinese medicine in the market has become more and more sufficient. There are a large number of domestic Chinese medicine decoction pieces production enterprises, and the market concentration is expected to continue to increase in the short term. As an important foundation of proprietary Chinese medicines, the theory of Chinese herbal medicines is constantly improving and maturing, and herbal medicines have gradually become the main method of clinical diagnosis and treatment of Chinese medicine. From the demand side, my country’s total population continues to grow, the aging process will accelerate in the future, the residents’ health awareness will continue to increase, and the consumption capacity will steadily increase. The Chinese herbal medicine market may show a steady growth trend.

2.2 Enjoy the policy super-welfare benefits and rejuvenate the road

China's pharmaceutical industry has developed rapidly in the past ten years. As the most innovative and dynamic sector, Chinese herbal decoction pieces are unique among various pharmaceutical sub-sectors. In recent years, with the country's support for the "big health" industry and the increasing demand of domestic consumers, there is still a lot of room for development in the use of decoctions. The requirements of decoctions on the quality of medicinal materials are gradually increasing, the quality of medicinal materials may be further monitored, and the development of the traditional Chinese medicine industry is gradually being standardized.

In recent years, the state has issued relevant laws, regulations and policies to support the development of Chinese medicine. The "Chinese Medicine Health Service Development Plan (2015-2020)" issued in 2015 pointed out that "giving full play to the unique advantages of Chinese medicine and accelerating the development of Chinese medicine health services is an inevitable requirement for the overall development of Chinese medicine and promoting the development of the health service industry. The important figures of the People’s Republic of China are of great significance to deepening the reform of the medical and health system, improving the health of the whole people, and transforming the economic development mode."

The National Health and Family Planning Commission once required that after September 2017, the overall proportion of drugs in public hospitals in pilot cities must be reduced to about 30%. Chinese herbal medicines are excluded, and the policy guidance is extremely obvious. As the pharmaceutical industry is generally affected by the reform of the two-invoice system for drugs and the strict control of the proportion of drugs in public hospitals, Chinese herbal medicine is the only sub-industry that is not under pressure from pharmaceutical policies, and is expected to continue to maintain its comparative advantage and maintain high growth.

The party and the government have always attached great importance to the development of the Chinese medicine industry, and promulgated a number of laws and regulations, white papers, and development strategies to promote the continuous development and progress of the Chinese medicine industry. With the great attention of the party and the government, the whole society's attention and enthusiasm for Chinese medicine is increasing day by day. The international "Chinese medicine fever" is in the ascendant, and the development of Chinese medicine has ushered in a historic opportunity for the right time, place, and people.

2.3 Chinese herbal medicine decoction pieces industry develops rapidly

In 2017, the development trend of the pharmaceutical industryThe overall trend is improving. The main business income, total foreign trade, and total profit have maintained rapid growth, and the main business income has returned to double-digit growth. It has played an important role in ensuring supply, stabilizing growth, and adjusting structure.

The main business income of pharmaceutical companies above designated size was 298.260 billion yuan, an increase of 12.2% year-on-year, and the growth rate was 2.3 percentage points higher than that in 2016, returning to double-digit growth. The income growth of the main business of the eight sub-sectors is shown in the following table. Among them, the fastest growing is the processing industry of Chinese herbal medicine and the manufacturing of chemical raw materials.

As the structural adjustment of the pharmaceutical industry continues to deepen, in 2017, the total profit of enterprises above designated size was 351.97 billion yuan, a year-on-year increase of 16.6%, and the growth rate increased by 1.0 percentage point. The profit growth rate is higher than the main business revenue growth rate, and the overall profitability of the industry has been improved. The profit growth of the eight sub-sectors is shown in the table below. The fastest growing is the biopharmaceutical manufacturing industry and the chemical pharmaceutical preparation manufacturing industry, and the industrial development momentum is constantly shifting to high value-added products.

2.4 A large number of traditional Chinese medicine decoction pieces companies actively or passively withdraw from the market, increasing industry concentration

Due to the large number of small and medium-sized enterprises in the traditional Chinese medicine decoction piece industry, the concentration of the industry is obviously low, and 70% of enterprises have sales of less than 100 million yuan. There are a large number of Chinese medicine decoction pieces enterprises in my country. In 2015, there were 1006 Chinese medicine enterprises. However, the industry concentration is very low. The industry leader Kangmei Pharmaceutical has a market share of only 3% (2017), and companies with annual sales of less than 100 million yuan account for 70% of the market. With the improvement of the industry standard of traditional Chinese medicine decoction pieces, a large number of enterprises actively or passively withdraw from the traditional Chinese medicine decoction pieces market, and the industry concentration needs to be improved.

On the one hand, small businesses have historical issues. Since many small-scale Chinese medicine decoction pieces industries are transformed from hand-crafted workshops left over from historical reasons, compared with the fact that chemical medicine companies are seriously behind in standardization, standardization, and transparency, the production quality of TCM decoction pieces is worrying. Many pharmaceutical companies with poor management and limited financial resources are reluctant to carry out high-investment reforms, and instead voluntarily withdraw from the market through sales and other methods.

On the other hand, according to the "Statistics of National Drug GMP Certificate Revocation in 2015" issued by CFDA, a total of 144 GMP certificates of 140 pharmaceutical companies nationwide were withdrawn in 2015. Among them, traditional Chinese medicine is the "severe disaster area" with the certificate of withdrawal, and the decoction pieces enterprises whose GMP certificates were cancelled in 2015 have become the "mainstream". In terms of traditional Chinese medicine decoction pieces, 82 certificates were recovered in 2015, accounting for 56.9% of the total number of certificates recovered; 20 certificates were recovered in 2014, accounting for 40% of the total number of certificates recovered. Those whose certificates have been withdrawn may face market loss and dealer cancellations.

The concentration of the traditional Chinese medicine decoction pieces industry will gradually increase in the future. Enterprises with larger production scale, good management practices, and strict product quality control will stand out, which will help leading enterprises to become bigger and stronger.

2.5 The tightening of supervision and the elimination of non-compliant companies

The new version of GMP certification and unannounced inspections have strict requirements on the production quality of pharmaceutical companies, and only qualified companies can carry out production activities. The new version of GMP certification issued in 2011 has strict requirements in all aspects of the production activities (production, quality, control, storage, distribution, and transportation) of Chinese medicine decoction pieces. The regulations state that companies that have not passed GMP certification before the end of 2015 shall not continue to produce drugs. For companies that have passed GMP certification, they will also face unannounced inspections at any time. Once problems are found, the issued GMP certificates will be withdrawn.

Small companies cannot meet the new GMP requirements, and 161 companies have been eliminated in two years. The production quality of small enterprises is far from the requirements, and they cannot afford the huge expenses required to transform the production line. According to experts in pharmaceutical strategic planning, traditional Chinese medicine companies generally have to produce hundreds of varieties, with more batch numbers and less production each time, with at least 2-3 production lines. If you want to transform the original production line into a regular assembly line, you need to invest at least 12 million yuan, which is a huge expense for small businesses. Chinese herbal medicine decoction pieces companies that cannot meet GMP requirements will face the risk of bankruptcy or mergers, and the industry is tending to be integrated

3. Enterprise highlights: scale advantages benefit from industry reshuffle, expecting new channels and new products to bring increments

3.1 The leading Chinese medicine decoction pieces on the New Third Board, the scale advantage is superior to the industry reshuffleBenefit from it

The company is the leader of Chinese herbal medicine decoction pieces in the New Third Board. In 2017, the market share of Chinese medicine decoction pieces on the New Third Board was 0.53%, which was much larger than similar companies on the New Third Board, and was also in a leading position compared with similar companies on the Main Board.

The advantage of scale helps the company benefit from the industry reshuffle. In recent years, under the promotion of policies, small Chinese medicine decoction pieces enterprises are facing elimination, and the industry tends to be integrated. With its advantages in scale, the company can withstand the test of a strict regulatory system and stand out in the industry reshuffle.

The company will continue to expand in the future. In addition, the company has plans to increase its efforts to lay out the upstream of the industrial chain, and completed the expansion of production capacity in the middle of last year.

3.2 The company develops the entire industrial chain of Chinese herbal medicine decoction pieces

From the company’s own business perspective, Yuanhe Pharmaceutical focuses on the production of Chinese herbal decoction pieces. As the population structure of major Asian countries continues to age, especially China is about to enter an aging society, the proportion of the population aged 65 and over in 2015 has reached 10.5%, the market demand for medicines will show a rapid growth trend. In addition, as the income level of domestic residents continues to increase, residents' attention to health continues to increase, and the proportion of health consumption in income is increasing. With the continuous expansion of consumer groups and consumption scale, the front-end cultivation of Chinese medicine and the end of Chinese medicine terminal market Great potential.

3.2.1 Actively promote the development of formula particles project

In 2015, Yuanhe Pharmaceuticals cooperated with Anhui University of Traditional Chinese Medicine and Hefei Tianyuan Pharmaceutical Research Institute. The construction of the cooperative formula granule project has been completed. The project has 550 Chinese medicine varieties and has been declared and certified to the Anhui Food and Drug Administration , It is expected to realize the trial production of pellet formulations in the second half of 2018. The production of the formula granule project will bring huge competitive advantages and profit margins to Yuanhe Pharmaceutical.

3.2.2 The company is actively developing new products, and the saffron series is expected to become another hit product

In early 2016, Yuanhe Pharmaceutical Co., Ltd. cooperated with the School of Pharmacy of Zhejiang University and did a lot of work in the in-depth research and development of saffron. The company cooperates with China Pharmaceutical University and plans to spend 5-10 years on saffron planting and saffron medicinal direction to do in-depth research: relying on the saffron planted in the base, rejuvenation in the saffron ball diameter, increase production technology, saffron flower picking, ultra-low temperature freezing Drying, storage, application of saffron to food, functional food, as well as saffron indoor soilless cultivation and saffron pharmacology, etc. to do in-depth research. Saffron has obvious therapeutic and auxiliary therapeutic effects on heart disease, angina pectoris, coronary heart disease and other diseases, and will become a leading product in the company's general health products in the future. At present, Yuanhe Pharmaceutical has successfully completed the experiment of soilless cultivation and planting technology of saffron.

Saffron is a strategic product for the company’s future development. Yuanhe Pharmaceutical is ready to fight a protracted battle and battle in the cultivation and research and development of saffron. For this reason, the company and China Pharmaceutical University Zhou Jinxiang (researcher, won the second prize of National Science and Technology Progress Award) ), Zhou Sudi (doctoral tutor, holds a number of patents on saffron extraction technology) cooperated to make a fuss about the cultivation of saffron and the direction of saffron medicinal use.

3.2.3 The new park is put into production to increase the scale effect

Anhui Yuanhe Pharmaceutical New Park covers an area of ​​about 400 acres, with a total construction area of ​​220,000 square meters and a total investment of 650 million yuan. The construction project includes: formula granule production workshop, scientific research building, office building and other supporting facilities.

The company's new park, covering an area of ​​182 mu, with an investment of 350 million yuan and a construction area of ​​100,000 square meters, was fully put into use at the beginning of May 2016. The operation of the new park will further improve production efficiency and form a certain scale benefit. Yuanhe Pharmaceutical's new park is large in scale, with a high starting point and many bright spots. It has three digital production lines (in cooperation with the School of Pharmacy of Zhejiang University) with a leading position in China. This production line has both automated production and near-infrared online monitoring technology. It is the first in China ; The new park also has 15,000 square meters of high-standard GSP storage. Automated production of Chinese medicine decoction pieces, industrial production is the future direction, and provides an important guarantee for the production of high-standard products. In terms of automated production, the new park has set a benchmark for the traditional Chinese medicine decoction pieces industry and will become an important foundation for the future development of Yuanhetang Pharmaceutical. Other projects include two GSP pharmaceutical companies, four GMP warehouses, a comprehensive boutique processing workshop, a traditional processing workshop, 10,000 square meters of staff living area and sewage treatment center.

3.2.4 Continue to expand foreign trade and actively implement the strategy of going global

In 2017, the Ministry of Health of Vietnam led a delegation to investigate Yuanhe Pharmaceutical. The company has established a good cooperative relationship with the Vietnamese government and enterprises. The quality index of Yuanhe Pharmaceutical Company's traditional Chinese medicine decoction pieces has become the quality standard for Vietnam's imports of Chinese medicine decoction pieces, and the company's products have also become relevant quality standard samples. The company will continue to maintain a cooperative relationship with Vietnam and seek other international cooperation.

3.2.5 Strengthen the leading position of Chinese herbal medicine decoction pieces and expand sales channels

In 2017, Yuanhe Pharmaceutical’s sales of decoction pieces of traditional Chinese medicine will still maintain a dominant position. The sales of decoction pieces of traditional Chinese medicine are related to the survival and development of the company. The company will continue to invest a lot of manpower and energy to sort out the major customers in 2017. Excluding some customers with declining purchases and delays in payment, develop potential customers, and tilt toward these high-quality customers in terms of prices and services.

In addition, the company is actively deploying market heights. At present, the company has established a South China branch (formerly Shenzhen branch) to radiate the national market through its huge influence in South China. At the same time, the company plans to set up an e-commerce team in Hangzhou to take advantage of the talents in Shenzhen and Hangzhou to introduce the company's traditional Chinese medicine and saffron series products to the country in a relatively short period of time.

Important notice

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Label group:[drug] [pharmaceutical] [traditional Chinese medicine] [Chinese Herbal Medicine] [China Pharmaceutical University

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