"Chinese medicine a brother" status changes? Sales of hepatitis drug kingpy market have skyrocketed again

Recently, the "Chinese medicine stocks a brother" controversy again appeared tension: as of the close of noon on the 28th, thewith a market value of 177.8 billion in the first place, while the old rival Yunnan white medicine reached 170.2 billion yuan, the market value gap between the two pharmaceutical companies further narrowed, causing investors to discuss: Yunnan white medicine to make a move, tabletscan withstand the pressure? The companyits 2020 earnings report, with full-year revenue of 6.507 billion yuan and net profit of 1.667 billion yuan, with double-digit growth in revenue and net profit for the fifth consecutive year.
"Chinese medicine one brother" controversy white heat, the net profit of the tablets to rush 2 billion figure 1: currently in the protection period of the first level of Chinese medicine protection varieties source: Mi net Chinese medicine protection varieties catalog database also has a permanent confidential period of top secret Chinese medicine formula, over the years on the industry status between the tabletand Yunnan white medicine and the future prospects of the comparison has never stopped.
Yunnan white medicine" big business, is the operating income in the 10 billion level of Chinese medicine leader, and in recent years, the chip revenue, net profit soared, the market value continues to brush a new high, "Chinese medicine brother" competition intensified.
Tablets: Drug "Luxury" Figure 2: Net profit situation of TabletsUnits: RMB billion) Source: Annual report, individual stock research report from the performance growth rate, Tabletsin recent years significantly stronger than Yunnan White Medicine: Tablets 2016-2020 net profit growth rate of 14.88 percent, respectively 50.53 percent, 41.62 percent, 20.25 percent, 21.27 percent, and Yunnan White Pharmaceuticals' net profit growth in 2016-2019 was 5.38 percent, 7.71 percent, 5.14 percent and 19.75 percent, respectively (no relevant data available for 2020).
brokerage analysis that the competitiveness ofmainly from the brand's high-end image, as well as the resulting product premium capacity.
First of all, the alternative of the film is not high, in the field of liver protection has a higher market position
, the price of a piece ofto 590 yuan does not affect its sales, the real realization of the "price increase."
present, most brokerages are optimistic that the film can maintain a good pace, achieve steady growth in performance, the company's 2021 operating income is expected to hit 8 billion yuan, home net profit of more than 2 billion yuan.
Yunnan white medicine: the national level "God medicine" Yunnan white medicine advantages mainly from its brand and channels, Yunnan white medicine is known as the treatment of bruising injury, hemorrhage treatment of the national level of god medicine, well-known in China, sales network everywhere, its good channel coverage in the industry has been widely recognized.
years, the filmalso into the field of Japanese, channel coverage is a key link, if you can get through this link, the company's performance is expected to go to a higher level.
recently, Yunnan White Medicine publicly said that in the continuous increase in the research and development of skin products, but also to strengthen online marketing efforts.
January 20, Yunnan White Pharmaceuticals said on its investor interaction platform that it had launched a partnership with live streamers such as Via in 2019 to continuously enhance the diversity of the company's product audience.
e-commerce shopping, drug purchase has become the current hottest sales model, Yunnan white medicine to take the "nationalization" road to enhance the brand, but also is expected to drive sales of other products increment.
the hepatitis drug king market, northwards accounted for 60% of China's liver patients remain high, maintained at about 450 million people.
meters of intranet data show that in 2020 is expected to be in key cities in the physical pharmacies of Chinese medicine hepatitis drug market size remained at about 600 million yuan, affected by the epidemic growth slowed down, but still higher than the overall growth rate of Chinese medicine horizontal line.
Figure 3: Hepatitis drug TOP3 enterprise share of the source: Mi Net key city physical pharmacy terminal competition pattern TOP1 pharmaceutical enterprises have beenfirmly stabilized, market share increased year by year, the leading position has no one can shake.
tablets in the field of hepatitis drug use of the main products include tablets , tabletscapsules, ing bilipin liver capsules 3 exclusive products and liver protection tablets.
Table 1: Hepatitis drug TOP10 product situation source: Mi Net key city physical pharmacy terminal competition pattern hepatitis drug TOP10 products 7 for exclusive, tabletsaccounted for two seats.
sales growththe past three years has remained at double-digit levels, with market share expected to rise to 40.32 per cent in 2020.
From the city point of view, Shanghai, Guangzhou, Beijing sales are the hottest, large cities drink more people, liver care demand is also larger, 2020 is expected to account for 60% of total sales, and TOP6 city Hefei although the sales volume is not too large, but the last two years of growth rate of more than 200%, the potential can be expected.
tablet capsules100% growth rate in 2019 and is expected to decline slightly by about 5% in 2020.
2020, the product is expected to have the highest sales in Beijing, accounting for 63%, Shanghai, Xi'an, Hangzhou, three cities in the last two years have double-digit growth rate, enterprises can increase the market layout in the future.
brand, research and development, product line, three arrows are worth mentioning, the filmfrom 2015 to open an experience museum, to achieve the national channel layout and brand cross-regional promotion, with the help of channel expansion advantages, price increases are obvious, by the end of 2020, the number ofexperience hall has reached 260, experience tube to achieve the "channel expansion and brand promotion" dual role.
Figure 4: The brand value situation of the film (unit: billion yuan) Source: Hurun brand list, only for reference film take the high-end brand route, driving the product premium capacity all the way up.
company in recent years from the historical and cultural heritage, brand promotion, overseas promotion and academic promotion to expand the influence: the preparation of the film treatment of liver cancer clinical research results published" and other academic publicity articles, with clinical data to explain the efficacy of the filmefficacy, with the "Belt and Road" wind, expand the brand influence abroad.
in its latest "2020 Hurun Brand List", the brand value of the brand has risen 159% from last year, replacing Yunnan White Medicine as the industry champion in the field of medical and health care.
figure 5: Angong cattle yellow pill sales (unit: 10,000 yuan) Source: Mi Net key city physical pharmacy terminal competition pattern as the external publicity of the "small hands" of the film , in the rich product line is also spare no effort.
In July 2020, the investment in longyu pharmaceutical industry, including Angong cattle yellow pills (double natural product rules), West Yellow Pills (double natural products rules) and other traditional classic Traditional Chinese medicine revenue bag, with the expansion of the product line, will be expected to rely on the brand advantages, form a strong traditional famous camp, strengthen the "one core" strategy.
in key cities physical drugstore terminal Angong cattle yellow pill is a billion varieties, currently has 121 approved enterprises, double natural product rules are very consistent with the company's high-end route style.
Table 2: New Drug Declarations for Tablets 2018-present Source: MED2.0 China Drug Review Database in Research and Development, Chippies Declared 5 New Classes of Chinese Medicines in 2018 Ma Qianzi total alkali vesicle gel has been approved clinically, intended for use in knee osteoarthritis cold block pulse evidence caused by pain swelling and other diseases, the product uses new technology of preparation of local mesothyl administration to make the drug in the lesions to form a reservoir and slow release, the effect of arthritis quickly lasting.
project was developed by Beijing Yingrui, and in 2016 the company provided research costs of about 12 million yuan and agreed to jointly study the two sides.
At present, the external preparations for knee osteoarthritis are mainly pyridine gel, sodium bichlorophenolate cream, Qingpeng ointment, Chishan live blood cream and other drugs, there is no same adaptive disorders and the same dosage form of Chinese medicine products on the market, the market potential is considerable.
2020 entered the field of chemical drugs, a total of 3 new class 1 drugs, currently used to treat intra-hepatic bile tube cell carcinoma, urethra cell carcinoma and other advanced solid tumors PZH2111 tablets and PZH2108 tablets for the treatment of cancerous pain have been approved clinically, while PZH2109 capsules for the treatment of non-alcoholic fatty hepatitis voluntarily withdrew their applications in November and are expected to be re-declared after further improvement of relevant preclinical research data.
Conclusion In October 2020, the news broke that the film cosmetics spin-off listed, at first investors mostly do not buy, think that cosmetics although high profits but peer competition, cross-border brand competition is relatively fierce, to be successful is not easy.
now, the chip skin care terminal sales are good, after the spin-off can effectively reduce the company's expense rate, the parent company's performance boost can also play a corresponding role.
of cross-border success and failure of pharmaceutical companies are many, and ultimately wang lost, pending market verification.
data sources: Mi Net database, company annual report, individual stock research report and other review data statistics as of January 28, 2021, if there are errors, please point out.