Health care products that can't be understood: none of the 10 companies has sold more than 10 billion yuan, and the weathervane, Tomson, has been reduced

"The whole health care industry, not only nutrients, but also Cordyceps, a tonic, is falling in price for a complex reason." Financial weekly reporter Wu aizhuang / Shenzhen report still remember the passing sun god or three? The health care industry is changing rapidly With the end of 2013 and the implementation of new policies on health care products from January 1, 2014, many people in the industry look forward to 2014 and expect more profound changes in the health care industry In fact, before the great changes in the industry, the relevant enterprises have appeared the trend of adjustment, differentiation and transformation "The key of health products industry is to see the company First, the product itself is good; second, the marketing is good These two things can be done well, and Chinese people can accept them Now more and more health-related companies are attached importance to them " A long-term follow-up of the pharmaceutical industry private told financial weekly reporter As for how to judge, the private placement said, "the key is to see growth, not how high the profits are." Less than 1 / 3 of trillion output value has been completed in 2013 With the new policy on health care products introduced in the near future, which will carry out more strict management on the OEM market and non approved products on January 1, 2014, the health care product industry may face a change Before the new situation, the health care industry seems to be undergoing a phased adjustment Chinese health food has been developing for more than 30 years since 1980s In the view of many people in the pharmaceutical industry contacted by the reporter, "in the long run, the health care industry is promising With the aging problem highlighted, people pay more and more attention to health care " The 12th Five year development plan of food industry issued in January 2012 also listed "nutrition and health food manufacturing industry" as the key development industry for the first time According to the plan, by 2015, the output value of nutrition and health food in China will reach 1 trillion yuan, with an average annual growth of 20%, and more than 10 enterprises with sales revenue of more than 10 billion yuan will be formed Now nearly half of the original planning period has passed According to the 2013 China health food industry research report, by the end of 2012, there were 2006 health food manufacturers in China, with an output value of only 280 billion yuan, which is still far behind the trillion target In addition, although the sales scale of health food industry in 2012 exceeded 100 billion yuan (110 billion yuan), the year-on-year growth rate was only 4.8% To this end, a private placement in Guangzhou, who has been tracking the pharmaceutical industry for a long time, thinks, "every industry or enterprise will face such a situation: in the initial stage, there is a large amount of capital investment, and the capital return is very slow; in the rapid growth stage, the store opening speed is faster and faster, while the capital return is investment, and the growth is very fast; finally, in the mature stage, the speed will slow down Drugs or health care products are especially obvious Although it is an industry with a long-term trend of bullish, it also has periodicity, which depends on the pace of its market development, the pace of investment, and the pace of market cultivation Now that it's slowing down, it's time to wait for the next round " When the reporter counted the performance of 10 health care products related companies in a share, he also found that up to now, no one company's sales volume has exceeded 10 billion yuan Among them, dong'ejiao (41.16, 0.05, 0.12%) (000423 SZ) sold the most health products, but only had 2.825 billion yuan of revenue; Harbin Pharmaceutical Co., Ltd (6.08, - 0.05, - 0.82%) (600664 SH) ranked the second with sales of 1.546 billion yuan; Tang chenbeijian [Weibo] (70.200, 2.30, 3.39%) (300146 SZ) ranked the third, with a total revenue of 1.062 billion yuan in 2012 In response, a private equity analyst in Shenzhen said, "the whole health care industry, not only nutrients, but also Cordyceps, a tonic, is falling in price for a complex reason." In the view of most institutions, the growth rate of leading company is slowing down In fact, only A-share listed companies with healthcare products as their main business in China are Thomson Beijian "It's an industry vane." Research shows that China's health care industry can be divided into dietary supplements, weight-loss food, traditional tonic health care products and other categories, of which 62.2% of the total retail sales of dietary supplements account for 62.5 billion This is the home court of Watson According to the data, Mr Tang has 44 approval documents for nutrient supplements and health food in his hand, and more than 50 are in the process of research and development and registration tests, once regarded as the medium and long-term beneficiaries of the new deal Since its listing at the end of December 2010, betaine Thomson has started to grow explosively In 2011, the quarterly net profit growth of the parent company owned by Mr Tang was 25.32%, 64.24%, 103.19% and 102.41% respectively, with a strong momentum At the end of the first quarter of 2012, the growth rate reached a record high of 161.1% The turning point occurred in the second quarter of 2012 Affected by the spirulina event in March and the poison capsule event in April, the profit growth of Mr Thomson's Bijian began to slow down, and only increased by 50% in the current quarter Soon, with the first negative net profit growth since IPO coming in the fourth quarter, institutions began to question the end of their high growth myth In this year, his revenue was 1.067 billion yuan, an increase of 62.12%; his profit was 280 million yuan, an increase of 50.38% Similar growth challenges have been faced by other healthcare industry peers ANGLI (8.05, -0.06, -0.74%) (600530 SH), which is also the main nutritional supplement, saw a growth of only 9.7% in its health care products business in 2012, an increase of 8.29% in its Harbin Pharmaceutical shares, and 7.05% in Haiwang Biology (7.52, 0.14, 1.90%) (000078 SZ) 2013 is coming with greater uncertainty In the first half of 2013, the operating revenue of health products business of ANGLI of Jiaotong University fell by 13.93%; the performance of health products of Harbin Pharmaceutical Co., Ltd fell by 38.17% As a leader, Mr Thomson's growth rate is still slowing down even though its performance is still at the top Revenue and net profit growth in the first three quarters of this year was only about 40% To this end, Shenzhen private equity said: "in the past, the high growth of health care products mainly depended on the rapid expansion of terminal outlets, and slowly, such a model as that in which Mr Thomson Bijian used to increase performance by suppressing goods from channels has gradually become impracticable In the past two years, the competition in the field of nutritional supplements has become more and more fierce If you go to the shopping malls or drugstores, there are countless unknown health care products, let alone the world-famous health care products companies like natural treasure of the United States, how strong the competition is for betaine Thompson and other enterprises " But Mr Tomson seems confident in the future According to the 2011-2015 business plan outline, the short-term target of terminal sales is 20 billion yuan (mainly domestic), which is converted into sales report sales of about 6 billion yuan In 2012, however, Mr Thomson's reported sales were only about 1 billion yuan Jiankangyuan (5.15, 0.01, 0.19%) abandoned "insurance" and invested in "medicine" If the time was transferred back to the 1980s-1990s, no one would have thought about it Nowadays, the leader of health care products is bi Jian Tang At that time, Zhu Baoguo founded his wife's pharmaceutical industry, the predecessor of jiankangyuan (600380 SZ) The health care product "Madam oral liquid" created by her first hand was popular all over the country In 2001, Zhu Baoguo also entered the capital market, and became the largest private enterprise with 1.7 billion raised funds A year later, Zhu Baoguo raised the "big flag" to recruit another Lizhu group (36.70, 0.00, 0.00%) whose sales volume was twice that of himself Although "Madam oral liquid" has been selling well for more than ten years, in Zhu Baoguo's idea, health care products are not a long-term solution His eyes are on a wider range of biological medicine In his future plan, medicine is the focus "Now in the area of health products, we can't hear the news of jiankangyuan." "I don't know whether it's management or product reasons," laments a fund company official in China Opening the financial report, we can see that the health care product business accounts for only a small proportion in the blueprint of jiankangyuan In 2012, jiankangyuan achieved an annual operating revenue of 5.85 billion yuan, of which the performance contribution from the health care products business was only 240 million yuan (down 31.16%), accounting for 4.1%; the contribution gross profit of health care products accounted for only 5.89% of the total gross profit of the main business, In the middle of 2013, the proportion of health care product revenue contribution is only 5.34% - the total revenue is 2.918 billion yuan, and the sales of health care product is 156 million yuan However, even in the medical field, jiankangyuan's performance does not seem to be ideal According to this year's three quarter report, jiankangyuan achieved revenue of 4.371 billion yuan, a year-on-year decrease of 0.68%; and net profit of 258 million yuan, a year-on-year increase of 16.47% This growth rate has declined significantly compared with previous years Different from jiankangyuan's transition to medicine, more "Bosu" companies with a keen sense of smell came to us because of the "12th Five Year Plan" for the development of food industry In the context of the slowdown in the growth of profits in the pharmaceutical industry in the past two years, they have turned part of their efforts to nutrition and health products Therefore, in the listed companies of A-share tonics, in addition to the common "figures" of dong'ejiao, Tongrentang (19.46, - 0.21, - 1.07%) (600085 SH), Hainan Coconut Island (8.03, - 0.04, - 0.50%) (600238 SH), Tianshi (39.19, - 0.41, - 1.04%) (600535 SH), Jiangzhong Pharmaceutical (16.87, - 0.10), -0.59%) (600750 SH) and other new entrants have "test water" of donkey hide gelatin, Cordyceps, ginseng and so on However, affected by industry competition and restrictions on "three public" consumption, the performance of these enterprises in recent years is not optimistic In the field of donkey hide gelatin, dong'a donkey hide gelatin is almost equivalent to the industry synonym - more than 90% of its performance comes from the sales of donkey hide gelatin and its series products In recent years, many pharmaceutical enterprises have entered the field of donkey hide gelatin In addition to the original competitors Shandong Fujiao, there are also the latecomers Tongrentang, Kangenbei (13.65, 0.01, 0.07%) (600572 SH), Taiji Group (8.37, - 0.05, - 0.59%) (600129 SH) and foci Pharmaceutical (26.56, - 0.27, - 1.01%) (002644 SZ) A lot of donkey hide gelatin products have been successfully launched, the low-end products are blessed, the high-end products are Tongrentang, which will greatly erode the market of East donkey hide gelatin The reporter noted that the growth rate of revenue of dong'a-ejiao from 2010 to 2012 has been slowing down gradually, from 17.88% to 10.77% Its profit growth rate dropped from 48.72% in 2010 to 21.5% in 2012 The company blamed it on "the increased cost of raw donkey hide" The third quarter report of 2013 further shows that the growth rate of net profit of dong'a Ejiao from January to September this year is only 16.47% "Unlike the individual consumption of nutrients, ginseng, velvet antler, donkey hide gelatin and polar grass will be part of the high-end consumption The restriction on the consumption of the three public sectors has hit gift giving, so the growth rate of enterprises will come down." The aforementioned long-term tracking of the pharmaceutical industry's private placement In order to protect profits, in the past few years, dong'a-jiao has repeatedly raised product prices to protect profits Since 2010, the price of dong'a-jiao has been raised eight times In 2010, the price was raised by more than 50%, while in 2011, the price was raised by 60% In 2013, the factory price of donkey hide gelatin paste was increased by 10% "The price increase will make dong'a gum more high-end, but it will also become more and more niche, making sales difficult to smooth," said the private equity analyst According to the financial data, dong'a