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Sanqi price reduction, Zhongheng Group's performance is expected to recover!

 Last Update: 2022-12-30
 Source: Internet
 Author: User

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On October 29, Guangxi Wuzhou Zhongheng Group Co.
, Ltd.
(Zhongheng Group, 600252) released the third quarter report of 2022, showing that the operating income in the first three quarters of 2022 was 1.
89 billion yuan, a decrease of 29.
17% over the same period of the previous year; The net profit attributable to shareholders of the listed company was 146 million yuan, a year-on-year decrease of 72.
01%.

However, due to the decline in the cost of core raw materials such as Sanqi, Zhongheng Group's future performance is expected to recover
.

Figure 1: Zhongheng Group's core operating data

from 2016 to 2022 1.
Sales of thrombotong products declined, and sales of auxiliary categories increased

Wuzhou Pharmaceutical, a subsidiary of Zhongheng Group, is mainly engaged in the production and manufacturing of proprietary Chinese medicine, its main products are thrombosis for injection (freeze-dried), Chinese bonesetting pills, gynecology jing capsules, stone tablets, Yanjianning tablets, Angong Niuhuang pills, snake bile Chuanbei liquid, fluorescein sodium injection, etc.
, the product treatment scope includes cardiovascular and cerebrovascular, neurology, endocrinology, orthopedics, ophthalmology, gynecology, pediatrics, respiratory, urinary system and other fields
.

Among them, thrombosis (lyophilization) for injection of cardiovascular and cerebrovascular diseases is the core pharmaceutical variety of Wuzhou Pharmaceutical, and Chinese bonesetting pills are originally produced by Wuzhou Pharmaceutical, national invention patent products and national pharmacopoeia varieties
.

From January to June 2022, the cumulative output of China's time-honored Chinese bonesetting pills was 4.
8158 million boxes, an increase of 2.
26% year-on-year; The cumulative output of Chinese bonesetter wine was 105,400 boxes, a year-on-year increase of 45.
58%.

In this issue, the big data platform of Tiandi Cloud Map Traditional Chinese Medicine Industry analyzes the cost pressure of traditional Chinese medicine raw materials faced by enterprises from the perspective of raw materials involved in Chinese bonesetter pills
.

2.
Table of core ingredients of Chinese bone-setting pills 1: The core ingredients

of Chinese bone-setting pills

Table 1: Core ingredients of Chinese bonesetter

Chinese bonesetter
Ox white vine	False konjac	Ground ear grass	Oxtail	Geese do not eat grass	Over Longgang	Mountain fragrance
Hairy two-sided needle	Ox knee	Black medicine	Incense	clove	Red Eucommia	Ghost Draw
Orange leaves	Ep's ear	Piercing stones	Chicken blood vine	Liu Zhinu	Chuanwu	Lost the stick
Cangshu	Gang Megan	Wooden turtles	Live alone	Black Tiger Root	Most of the lotus	Tomato root
camphor	impatient	gardenia	Laurel branches

The drug can clear swelling and relieve pain, relax muscles and activate the body, stop bleeding and build muscles, activate blood and remove stasis, the main treatment is for contusion of muscles and bones, new and old stasis, trauma bleeding, rheumatic bruising
.

Third, some core raw materials of Chinese bonesetting pills rose and fell

Table 2: The rise and fall table of some core raw materials of Chinese bonesetting pills (: yuan/kg)

serial number	name of article	specification	Base Price(2022. 1. 01)	Compare prices(2022. 12. 07)	Price
1	clove	Unified imports	45. 0	65. 0	44. 44%
2	Wooden turtles	Unified Guangxi	22. 0	29. 0	31. 82%
3	Piercing stones	Unified Anhui	4. 0	5. 0	25. 00%
4	Live alone	Meat system Hubei	14. 0	17. 0	21. 43%
5	Ox white vine	command	5. 0	5. 5	10. 00%
6	impatient	The system is relatively broad	38. 0	40. 0	5. 26%
7	Geese do not eat grass	Whole grass Henan	16. 0	16. 0	0. 00%
8	Two-sided needle	Double-sided Yangzhi Guangxi	5. 7	5. 7	0. 00%
9	Black medicine	Unified film Hunan	16. 0	16. 0	0. 00%
10	Liu Zhinu	command	11. 0	11. 0	0. 00%
11	Black Tiger	Unified Vietnam	20. 0	20. 0	0. 00%
12	Half lotus	Family breeds are wider	20. 0	20. 0	0. 00%
13	Incense	Guangtong Guangdong	11. 0	10. 0	-9. 09%
14	gardenia	Hongtong Jiangxi	22. 0	20	-9. 09%
15	Laurel branches	Large grain Guangxi	5. 0	4. 5	-10. 00%
16	Ground ear grass	The system is relatively broad	19. 0	17. 0	-10. 53%
17	Gang Megan	Yangzhi small unified film is wider	6. 0	5. 3	-11. 67%
18	Cangshu	Guangtong Inner Mongolia	190. 0	160. 0	-15. 79%
19	Chicken blood vine	Unified film imported	11. 0	9. 0	-18. 18%
20	Pregnant with ox knee	Datong Hebei	32. 0	23. 0	-28. 13%
21	camphor	The system is relatively broad	73. 0	50. 0	-31. 51%

From January 2022 to December 2022, some core raw materials of Chinese bonesetter pills included 6 rising varieties, accounting for 28.
5%, 9 declining varieties, accounting for 43%, and 6 flat varieties, accounting for 28.
5%.

4.
Analysis of the price of some raw materials of Chinese bonesetting pills

Niu white vine, Guangxi Yulin City is one of the production areas of cattle white vine, according to the origin of merchants, cow white vine for cold back varieties, the local supply of cattle white vine is richer, the recent source of goods is general, the market is higher than the previous period, the price of the goods is around 5 yuan, the variety of market attention is not high, the rise in the market is mainly caused by
the increase in labor value.

Ground ear grass, the market operation of more merchants, but this year's incoming goods and inventory are slightly less than in previous years, the market is gradually rising, the price of spot goods is between 15.
5-16 yuan, the price of cut goods is about 17 yuan, the market supply and demand is basically balanced, the market is not easy to rise
.

Goose does not eat grass, although the output has decreased this year, but because the sales of this variety is not large, the market remains stable, the current market price is about 12 yuan, the selection market is around 16 yuan
.
Due to the limited actual trading volume, the market is stable in the
short term.

Two-sided needle, the market demand is not large, there are goods from time to time in the production area, the market supply is stable, the market continues to flatten, the price of single-sided yang branch unified goods is between 4-5 yuan, the price of double-sided yin root is between 18-20 yuan, the market inventory is sufficient, and the market fluctuations are not large
in the short term.

Ox knee, the production of the news of the reduction, recently more merchants, in the demand pull, the market rebounded up, now the market Inner Mongolia beef knee 0.
4-0 .
6cm shouting price at 35 yuan, 0.
6-0 .
8cm shouting price at 45 yuan, the market is in a state of
adjustment.

Xiangfu, this year's new goods output has volume, affected by weak demand, the actual source of goods is not fast, the market is stable and tired, the current market Guangdong Zhanjiang Xiangfu unified goods price between 9-10 yuan, continue to pay attention to the later market changes
.

Lilacs, the recent merchant purchase volume is small, the market is not optimistic, the market is weaker than the previous period, the spot price is between 64-66 yuan, and the market still has some low-price inventory
.

Breaking through the stone, the market is stable, the recent movement is general, the market is hovering at a low level, the spot general price is between 4-5 yuan, the quality is better in the range of 10-12 yuan, and the merchant buys and sells
.

Liu Zhinu, the demand is not large, there are goods from time to time in the production area, the market operators have sufficient goods in hand, the recent market has stabilized, the spot price is between 11-12 yuan, and the overall market has not changed much
compared with the previous period.

Cangshu, after the domestic seed source was listed, it had an impact on the market, and the recent source of goods was purchased and sold normally, and the price of wild light in the current market was 160 yuan, and the price of domestic seed goods was 110 yuan; The price of Guan Cangshu wild goods is around 68 yuan, and the price of domestic seeded goods is around 48 yuan
.

5.
Comprehensive comments

1.
The procurement cost pressure of raw materials such as cloves and wood turtles is relatively large The raw material pressure test shows that the current raw materials of Chinese bonesetter pills mainly come from cloves, wooden turtles, piercing stones, solitary living, acute seeds, etc.
from the perspective of supply pressure, and the price of core raw materials has almost increased across the board; From the perspective of quality pressure, it mainly comes from solitary living, acute seed, goose does not eat grass, two-sided needle, black medicine, incense, gardenia, cangshu and so on
.

2.
The reduction of solitary production attracts the attention of merchants In 2022, due to the dual impact of the reduction of planting area and the decrease in mu yield caused by drought, there are more merchants who pay attention to the new one-live birth, and the market has risen
.
However, as an easily recoverable variety, unattended state can grow in situ, low planting costs, coupled with the high price for a long time in 2019-2020, farmers have greatly increased their enthusiasm for planting, and now a large amount of inventory has accumulated in normal temperature storage and cold storage, and there is a surplus in the market and production area, which has become the biggest obstacle
to the continued rise of the market after this variety.

To sum up, from 2020 to 2022, on the one hand, the epidemic has been repeated, the number of hospital hospitalizations in some regional medical institutions has decreased, the amount of prescription drugs has declined, and the sales of major varieties such as thrombotong have declined; On the other hand, in December 2021, the injection thrombosis (freeze-dried) produced by the company was confirmed to be selected in the Hubei Nineteen Provinces Alliance Centralized Procurement, and the main risk brought by this move was that the sales, price and profit of the product did not meet the original expectations, which in turn affected the company's profitability
.

However, with the decline in the market of raw materials such as Sanqi and the increase in sales of auxiliary products, the future performance of Zhongheng Group is still expected to rebound and warm up
.

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