China Resources Sanjiu announced on November 29 that the company will plan to acquire KunYao Group for 2.
902 billion yuan, and the draft says that after the completion of this major asset restructuring, KunYao Group will become a holding subsidiary
of CR Sanjiu.
Before this transaction, CR Sanjiu was mainly engaged in the research and development, production, sales and related health services of pharmaceutical products, and its main core business was located in the field of
CHC health consumer goods and prescription drugs.
Among them, CHC's health consumer goods business covers nearly 10 categories such as cold, skin, gastrointestinal, cough, orthopedics, and pediatrics; The prescription drug business focuses on the core areas of
digestion, orthopedics, cardio-cerebral severe disease, and oncology.
KunYao Group is a domestic natural plant medicine manufacturing enterprise, whose business areas cover pharmaceutical manufacturing and circulation links in the pharmaceutical industry chain
.
In recent years, the phenomenon of "A and A" in the capital market has been active
.
According to the newly released report "2021 A-share M&A Market Summary and 2022 Forecast" released by the Federal Reserve Securities M&A Business Department, in 2021, there were 13 new disclosure cases of A-share listed companies acquiring listed companies, a record high
.
Industry analysts pointed out that from the cases of "A and A" of some listed companies, some are to enter more promising industries, some are complementary industrial chains, and most of them are leading enterprises seeking diversified layout
.
It is reported that after the completion of this transaction, CR Sanjiu will further broaden its main product matrix on the basis of its original business and supplement traditional Chinese medicine brands, especially natural plant medicine products
using Panax notoginseng and Artemisia annua as raw materials.
In the future, KunYao Group will explore the construction of "Kun Traditional Chinese Medicine 1381" and "Kun Traditional Chinese Medicine" into high-quality Chinese medicine brands on the basis of CR Sanjiu's good brand operation capabilities, so as to carry more products with historical precipitation and help promote the high-quality development
of the traditional Chinese medicine industry chain represented by Sanqi.
CR 39 also released an investor relations activity record on November 28, in which the company said that the anti-infection business in the prescription drug business (excluding Sinopharm business) was greatly affected by centralized procurement, but the impact has been basically digested
in the past two years.
In the future, the impact of centralized procurement of proprietary Chinese medicines may gradually be reflected, but considering the scale of the business, the overall impact is expected to be controllable
.
Other prescription drug businesses are expected to achieve better growth
through initiatives such as continuous business and product mixing.
In terms of formula granule business, the filing of new national standard varieties in various places has basically been completed
.
Due to the differences in policies of various provinces, there are currently more than 10 provinces with good provincial standard filing, and it is hoped that there will be about
20 provinces by the end of the year.
The company is also continuing to promote the filing process of formula granule business, and the performance of formula granule business this year is lower than expected, but the growth of Sinopharm business (including drinking tablets) is still very promising
.
Next year's formula granule business is generally relatively optimistic, although the sales area will be affected to a certain extent, but considering the increase in filing varieties and the current price adjustment, it is expected that next year's business will achieve recovery growth
under the low base of this year.
At the same time, it is expected that formulated granules may face the risk
of centralized procurement after 2 years.
Looking forward to the future, CR Sanjiu said that the company's strategy is clear, the CHC business is fully distributed, and the categories are constantly enriched, and the subdivision business will be richer, and at the same time, it will further expand new channels, and there is room for further improvement in product structure and marketing capabilities
.
In terms of prescription drug business, we continue to increase R&D investment, and the R&D direction matches the company's business structure, mainly focusing on key therapeutic areas to establish products, first, innovative drugs, including traditional Chinese medicine and chemical medicine, traditional Chinese medicine mainly focuses on the development of in-hospital preparations, classic prescriptions (more than 20 projects under research), etc
.
The second is generic drugs, which mainly focus on generic drugs with technical barriers and products
with brand operation space in retail channels.
The third is the improvement of product strength, such as the standard research of formula granules, the standard improvement of existing products, etc
.
As of the close on November 29, China Resources Sanjiu quoted 58.
34 yuan, up 5.
69%, the turnover was 842 million, the turnover rate was 1.
50%, and the price-to-earnings (TTM) was 25.
71, and the stock has risen by 35.
45%
this year.
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