Gone against the weather! The net profit of humanwell medicine soared 148.5%, and the three drugs led the 10 billion market

Wonderful content yesterday, humanwell pharmaceutical released its 2017 annual report The group's operating revenue was 15.446 billion yuan, an increase of 25.26% year-on-year; the net profit attributable to shareholders of listed companies was 2.069 billion yuan, an increase of 148.52% year-on-year In 2017, humanwell pharmaceutical has more than 12 billion products, three of which are heavyweight products of the group, leading the 10 billion market of anesthetics With the approval of a number of class 1 new drugs, we expect humanwell pharmaceutical to deliver a better "report card" in 2018!   none="shifuMouseDownStyle('shifu_bus_002')" style="margin: 1em auto; padding: 0px; max-width: 100%; color: rgb(62, 62, 62); font-family: "Hiragino Sans GB", "Microsoft YaHei", Arial, sans-serif; font-size: 16px; line-height: 25.6px; widows: 1; border-style: none none solid; text-align: center; border-bottom-width: 1px; border-bottom-color: rgb(0, 0, 0); box-sizing: border-box !im portant; word-wrap: break-word !im portant; "> the upgrading of marketing system, overseas business development and other promotion of performance growth figure 1: performance growth of humanwell pharmaceutical in 2014-2017 (unit: 100 million yuan) (source: annual report of listed companies) According to the annual report data of humanwell pharmaceutical, in recent years, the group's operating revenue has gradually increased, breaking the 10 billion mark for the first time in 2015, reaching 15.446 billion yuan in 2017 The net interest rate attributable to the parent also increased year by year, from 452 million yuan in 2014 to 2069 million yuan in 2017   In 2017, the net profit of humanwell Pharmaceutical Co., Ltd as the parent company broke the 2 billion yuan mark for the first time, with a year-on-year growth rate of 148.52% The main factors driving the steady growth of the group's performance include: 1 Transformation and upgrading of the marketing system, laying the foundation for the steady improvement of the group's business scale and profit; 2 Rapid development of international strategy, comprehensive improvement of production, sales scale and business channels; 3 Capital Divestiture + M & A, optimize the asset structure Transformation and upgrading of marketing system figure 2: marketing mode of humanwell Pharmaceutical (source: annual report of listed companies) Humanwell insists on building its own marketing team and a marketing system with group characteristics Its marketing mode mainly adopts the Trinity Mode of professional academic promotion, investment promotion agency and general medicine sales assistance, among which professional academic promotion is the main feature of the company's pharmaceutical marketing In addition, according to the changes of industrial policies, the group makes full use of the policy opportunities of "two vote system" and "zero plus", timely adjusts the marketing system, promotes the transformation and upgrading of the marketing system, and strengthens the work of market access, channel expansion, terminal promotion, etc., which greatly promotes the expansion of the scale of the pharmaceutical manufacturing industry In recent years, the sales expense of humanwell medicine has increased year by year, mainly due to the acceleration of the transformation and upgrading of the marketing system In 2017, the group's sales expense was 2.606 billion yuan, an increase of 40.47% over the previous year, accounting for 16.87% of the operating revenue Rapid expansion of overseas business figure 3: overseas revenue of humanwell Pharmaceutical (unit: 100 million yuan) (source: annual report of listed companies) in 2014-2017 In recent years, the group's overseas revenue has increased year by year, and the proportion of overseas revenue in total operating revenue has also increased year by year Overseas business has become one of the main growth points of humanwell pharmaceutical's performance According to the 2017 annual report, the group's overseas business has covered mature markets in Europe and the United States as well as emerging markets in South America, Southeast Asia, West Africa, etc., with total sales of pharmaceutical preparations in the United States of America of puke, epic pharma and other companies exceeding 1 billion yuan In addition, the group has successively launched joint acquisition and holding of Ansell's global gender health business From September to December 2017, the group achieved an operating revenue of 522 million yuan In conclusion, the group's overseas business is expected to reach 2-3 billion yuan by 2018 Asset divestiture + M & A to optimize asset structure Humanwell medicine optimizes the asset structure On the basis of realizing the advantageous subdivisions, humanwell medicine chooses the opportunity to withdraw from the subdivisions where the competitive advantage is not obvious or the synergy effect is weak It successively sells the equity of Wuhan Zhongyuan Ruide Biological Products Co., Ltd., Yichang Sanxia prenodin Biological Pharmaceutical Co., Ltd and other companies, achieving a net profit of about 1.5 billion yuan attributable to the shareholders of the listed company During the reporting period, the group successively acquired American epic pharma and its affiliated enterprises, Ansell Ltd., ritedose and other enterprises, expanded its overseas business product line, and further enhanced its international advantages   none="shifuMouseDownStyle('shifu_bus_002')" style="margin: 1em auto; padding: 0px; max-width: 100%; color: rgb(62, 62, 62); font-family: "Hiragino Sans GB", "Microsoft YaHei", Arial, sans-serif; font-size: 16px; line-height: 25.6px; widows: 1; border-style: none none solid; text-align: center; border-bottom-width: 1px; border-bottom-color: rgb(0, 0, 0); box-sizing: border-box !im portant; word-wrap: break-word !im portant; "> 12 products are over 100 million, striving to be the market leader of anesthetics Table 1: in 2016, humanwell pharmaceutical and its subsidiaries sold over 100 million products (source: minenet database) According to the 2017 annual report of humanwell pharmaceutical, the group adheres to the development strategy of "being the market leader of pharmaceutical industry segmentation", its business covers multiple pharmaceutical segmentation fields such as chemical pharmaceutical preparations, chemical APIs, traditional Chinese medicine, biological preparations, etc., and forms a leading position in such segmentation fields as central nervous system medicine, fertility regulation medicine, biological products, Uyghur ethnic medicine, in vitro diagnostic reagents, etc   According to the data of mienei.com, in 2016, at the terminals of China's urban public hospitals, county-level public hospitals, urban community centers and township health centers (referred to as China's public medical institutions), humanwell pharmaceutical and its subsidiaries sold over 100 million products, including 4 nervous system drugs, 2 respiratory system disease drugs, chemical system and metabolic drugs, and systemic anti infection drugs See nervous system medicine is the most focused area of humanwell medicine   The R & D, production and sales of nervous system drugs by humanwell are mainly undertaken by subsidiaries such as Yichang humanwell and Wuhan humanwell The main products include fentanyl citrate injection, sufentanil citrate injection, remifentanil hydrochloride for injection, midazolam injection, hydromorphone hydrochloride injection, etc., including fentanyl citrate injection, sufentanil citrate injection, etc Nifedipine injection and remifentanil hydrochloride for injection are the three heavy-duty anesthetics of the group The market of anesthetics is in the top position Figure 4: Top 5 brand of terminal anesthetics in public medical institutions in China (source: minernet China public medical institutions competition terminal) The production and circulation of anesthetics are strictly controlled by the government, with high policy barriers and high professional requirements for production enterprises According to the data of mienei.com, in 2016, the total market of terminal anesthetics in public medical institutions in China was 11.178 billion yuan, an increase of 8.17% over the previous year, with a high market concentration Top 5 brand products have accounted for half of the total market, among which fentanyl citrate injection of Yichang humanwell, a subsidiary of humanwell, ranked second with a proportion of 13% Table 2: domestic competition of terminal anesthetics of public medical institutions in China (source: minenet competitive terminal of public medical institutions in China) The domestic market of anesthetics is mainly divided by Shanghai Hengrui Pharmaceutical Co., Ltd., Yichang humanwell Pharmaceutical Co., Ltd and Jiangsu Enhua Pharmaceutical Co., Ltd., among which two products of sufentanil citrate injection and remifentanil hydrochloride for injection of Yichang humanwell are among the top 20 anesthetics brands, accounting for 16.73% of the market share, and they are in the leading position in the whole anesthetics market Sufentanil citrate injection is a billion varieties of Yichang humanwell Pharmaceutical Co., Ltd., which is a national class B medical insurance product In 2016, there were only two manufacturers of sufentanil in China's public medical institutions, of which Yichang humanwell accounted for 95% of the market share; remifentanil hydrochloride for injection is also the core product of Yichang humanwell, a national class B medical insurance product In the 2017 new version of the medical insurance catalog, the product cancelled the remark of "limited surgery anesthesia", and the applicable market space is expected to further improve Xinjiang Uygur Medicine, a subsidiary of humanwell medicine, is one of the few pharmaceutical enterprises that mainly focus on ethnic medicine in China It is also the largest Uygur medicine manufacturer in China It has benefited from the support of national policies and the expansion of market scale In recent years, the company's business income and total profits have maintained rapid growth The main products of Uighur pharmaceutical industry include Zukamu granules, compound muziqi granules, hanchuanzupa granules, pomegranate blood tonic syrup, etc., among which Zukamu granules and compound muziqi granules have sold more than 100 million in the terminals of public medical institutions in China in 2016 Compound magnizi is the exclusive product of Uighur pharmaceutical industry The competition manufacturers of Zukamu granules include Xinjiang qikang habovi medicine, Xinjiang yinduolan Uighur medicine, etc Uighur pharmaceutical industry is far ahead of other manufacturers by 70.84% New health insurance benefits a lot In the adjustment of the new version of medical insurance catalogue in 2017, seven major or exclusive products of humanwell medicine, including hydromorphone hydrochloride injection, nabufine hydrochloride injection, pomegranate blood syrup, compound high Ziban tablets, Hugan buzure granules, mamran antidiarrheal capsule, are newly added to the national medical insurance catalogue Both hydromorphone hydrochloride and nabufine hydrochloride are the heavyweight and exclusive varieties with sales space of more than 500 million, but none To increase the availability   none="shifuMouseDownStyle('shifu_bus_002')" style="margin: 1em auto; padding: 0px; max-width: 100%; color: rgb(62, 62, 62); font-family: "Hiragino Sans GB", "Microsoft YaHei", Arial, sans-serif; font-size: 16px; line-height: 25.6px; widows: 1; border-style: none none solid; text-align: center; border-bottom-width: 1px; border-bottom-color: rgb(0, 0, 0); box-sizing: border-box !im portant; word-wrap: break-word !im portant; "> we will steadily promote R & D and innovation With the development strategy of" innovation, integration and internationalization "and R & D innovation as the guide, humanwell pharmaceutical will actively expand its market at home and abroad and take the development path of emphasizing both internal growth and external expansion In terms of R & D innovation, the group has maintained a high intensity of R & D investment In 2017, the R & D expenditure was 630 million yuan, an increase of 19.99% over the previous year, accounting for 3.90% of the total operating revenue Table 3: Top 5 products invested in R & D of humanwell pharmaceutical and its subsidiaries in 2017 (source: annual report of listed companies) In 2017, the Group invested more than 10 million yuan in R & D projects, including tapentadol hydrochloride tablets / sustained-release tablets, propofol sodium for injection and recombinant plasmids hepatocyte growth factor injection (pudk-hgf), among which tapentadol hydrochloride tablets / sustained-release tablets are three kinds of generic drugs, which are currently in the application stage of production; tapentadol sodium for injection is a new drug, and recombinant plasmids hepatocyte growth factor injection (pudk-hgf) Cell growth factor injection (pudk-hgf) is a class 1 biological drug, both of which have entered clinical stage III Table 4: in 2017, humanwell pharmaceutical and its subsidiaries were approved for clinical trials of some new drugs (source: annual report of listed companies, minenet database) According to the company's annual report and minenet data, humanwell pharmaceutical has a large number of research projects In 2017, humanwell pharmaceutical received clinical trial approval documents of 3 new drugs of category 1, 1 biological product of category 1, 1 biological product of category 2, 2 chemical drugs of Category 3 and 3 generic drugs of the United States Anda number Morphine-6-glucosinolate injection, wxfl10230486 capsule and wxfl10040340 capsule have all been tested in phase I clinical trials, with a total R & D investment of 47 million yuan and 26 million yuan respectively