XinHeCheng: the rising backbone of vitamins

Introduction: In 2004, XinHeCheng (002001), which is mainly engaged in the production and export of pharmaceutical and chemical products such as vitamin A and e raw materials, suffered a series of greater operating pressures, such as the decline of export tax rebate, the rise of raw material prices, and the increase of energy transportation costs However, the company made full use of the international pharmaceutical raw material industry, such as vitamin, to accelerate its transformation to the relatively low-cost Asian emerging industry The industrial development trend transferred by industrialized countries, timely grasp the favorable opportunity of the sharp rise in demand and rapid expansion of the market brought by the transformation of vitamins from traditional medical care to feed additives, rely on its technology and scale advantages accumulated in the development and production of vitamin raw materials products, and rapidly rise as the backbone of China's vitamin industry According to the data, in 2004, the output of new Hecheng's vitamin A and vitamin E products ranked first in the country, and the export volume and amount of vitamin A accounted for 60% or more of the country, and vitamin E has ranked the top 4 in the global market On the whole, XinHeCheng maintained a steady growth trend of about 20% sales growth and more than 10% profit growth this year In terms of product composition, the price of vitamin A is firm, while the cost of vitamin E is rising and the price is falling, which makes the trend of "a" rising and "e" falling more and more obvious In the first quarter of 2005, the proportion of vitamin A has increased from about 25% in 2004 to more than 30%, while vitamin E has fallen by more than 50% The rise of new Hecheng vitamin A products is an important sign of the transformation from import to export of vitamin A in China Facing the developing domestic and international markets, there is still a good growth space in the future More than 60% of the export market of vitamin E products is mainly concentrated in the United States and Germany, with an annual growth of 30-40% The price continues to decline, and is facing increasing anti-dumping risks The rise of vitamin A and the decline of vitamin E will constitute the main development pattern of new Hecheng in the future, and the performance will grow steadily, but the possible change of RMB exchange rate in the future will also affect the profit of export business accounting for about 70% In addition, the new and raised fund project has not been launched as scheduled due to land problems, which may have some impact on the growing vitamin a business and vitamin D3 and other new businesses.