Securities code: 688202 securities abbreviation: Shanghai Medicilon Inc(688202) Shanghai Medicilon Inc(688202) (Building 5, Lane 67, libing Road, China (Shanghai) pilot Free Trade Zone)
Issue A-Shares to specific objects in 2022
Feasibility analysis report on the use of raised funds
February, 2002
1、 Use plan of raised funds
The total amount of funds to be raised from the issuance of A-Shares to specific objects shall not exceed 2160 million yuan (including this amount). The net amount of the actual funds raised after deducting the issuance expenses is intended to be used for the following items and supplementary working capital, as follows:
Unit: 10000 yuan
Project Name: total investment amount proposed to use raised capital investment amount
1 Shanghai Medicilon Inc(688202) North Shanghai biomedical R & D and innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) base project 157744.16 157000.00
2 laboratory expansion project of drug discovery and pharmaceutical research and application platform 19870.49 19000.00
3. Supplementary working capital 40000.00 40000.00
Total 217614.65 216000.00
Before the funds raised in this offering are in place, the company can invest in advance with self raised funds according to the actual progress of the projects to be invested by the raised funds, and replace them in accordance with the procedures specified in relevant laws and regulations after the raised funds are in place. After the funds raised in this offering are in place, if the actual raised funds after deducting the issuance expenses are less than the total amount of the funds raised in the above projects, the board of directors or the authorized person of the board of directors will, within the scope of the above-mentioned investment projects with raised funds, according to the actual situation such as the progress of the investment projects with raised funds and the demand for funds, Adjust the priority of the investment of the raised funds and the specific investment amount of each project. The insufficient part of the raised funds shall be solved by the company with its own funds or self raised funds. 2、 Basic information and feasibility study of investment projects with raised funds
(I) project overview
1. Shanghai Medicilon Inc(688202) North Shanghai biomedical R & D innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) base project
(1) Project implementation subject and investment
The implementation subject of the project is a wholly-owned subsidiary to be newly established by the company, and the implementation location is Luodian Industrial Park, North Shanghai biomedical industrial park, Baoshan District, Shanghai.
The total planned investment of the project is 1577441600 yuan, of which 1570 million yuan is proposed to be used. The raised funds of the project will be mainly used to add laboratories and machinery equipment related to drug discovery business and improve the company's drug discovery service capacity. The specific investment composition is as follows:
Unit: 10000 yuan
No. investment category investment amount proportion
1. Land purchase 7000.00 4.44%
2. Construction cost 69007.25 43.75%
3. Equipment and software purchase cost 50529.12 32.03%
4. Installation cost 2663.85 1.69%
5. Other construction expenses 6842.44 4.34%
6 reserve fund 3871.28 2.45%
7. Initial working capital 17830.22 11.30%
Total 157744.16 100%
(2) Progress of project land use, filing and EIA procedures
As of the announcement date of this plan, the company has signed an intention agreement on the land for the project of " Shanghai Medicilon Inc(688202) North Shanghai biomedical R & D and innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) " base project, and will formally obtain the land use right after performing the bidding, auction and listing procedures. As of the announcement date of the plan, the filing and EIA procedures of the project are in the process of preparation.
2. Laboratory expansion project of drug discovery and pharmaceutical research and application platform
(1) Project implementation subject and investment
The implementation subject of the project is Shanghai Medicilon Inc(688202) and its wholly-owned subsidiary Shanghai Medicilon Inc(688202) Puhui Pharmaceutical Technology (Shanghai) Co., Ltd., and the implementation location is 2300 xuanhuang Road, Pudong New Area, Shanghai. The total planned investment of the project is 198704900 yuan, of which 190 million yuan will be raised. The project is a laboratory expansion project of the existing drug discovery and pharmaceutical research and application platform. The raised funds will be mainly used to add laboratories and machinery equipment related to drug discovery business and improve the company's drug discovery service capacity. The specific investment composition is as follows:
Unit: 10000 yuan
No. investment category investment amount proportion
1 construction cost 10351.91 52.10%
2. Purchase cost of equipment and software 5405.20 27.20%
3. Installation fee 298.61 1.50%
4. Other expenses of engineering construction 956.64 4.81%
5 reserve fund 510.37 2.57%
6. Initial working capital 2347.76 11.82%
Total 19870.49 100%
(2) Progress of project land use, filing and EIA procedures
As of the announcement date of this plan, the project has obtained the real property right certificate of the project land (Hu (2021) Pu Zi real property right No. 002296).
As of the announcement date of the plan, the filing and EIA procedures of the project are in the process of preparation.
3. Replenish working capital
The company plans to use the raised capital of 400 million yuan to supplement the working capital.
(II) necessity and feasibility of project implementation
1. Drug discovery business service capability improvement project
The Shanghai Medicilon Inc(688202) North Shanghai biomedical R & D innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) base project and the laboratory expansion project of drug discovery and pharmaceutical research and application platform are all projects to improve the service capacity of drug discovery business. The necessity and feasibility analysis of the above project construction are as follows:
(1) Necessity of project construction
① The drug discovery cro market is broad, and China's drug discovery cro market is in the stage of rapid development. Globally, the drug discovery cro market is broad and in the stage of stable development. According to Frost & Sullivan's statistics, the global drug discovery cro market in 2020 was US $14.2 billion, which is expected to reach US $20.4 billion by 2024, with an average annual compound growth rate of 9.5% from 2020 to 2024. The growth rate of China's drug discovery cro market is significantly higher than that of the world and is in the stage of rapid development. According to Frost & Sullivan statistics, in 2020, China's drug discovery cro market was US $1.6 billion, which is expected to reach US $4.3 billion by 2024, and the average annual compound growth rate from 2020 to 2024 is as high as 28.0%. At present, the proportion of drug discovery expenditure in China is significantly lower than the global average, mainly because China's current drug R & D strategy is still based on the fast follow strategy, and develops me too, me better or biological similar drugs based on more mature targets and mechanisms. In the future, with the improvement of local independent innovation ability, the expenditure in the drug discovery stage will maintain a high growth rate. China's drug discovery cro is in a vigorous development stage, and large cro companies with strong drug discovery service capabilities will continue to benefit.
② Continuously strengthen the construction of the company's drug discovery service capacity, improve the company's project undertaking capacity, and actively meet the business needs of key customers
Under the dual pressure of rapidly increasing R & D costs and increasing R & D difficulties, pharmaceutical enterprises are more and more inclined to reduce the cost of new drug R & D through R & D outsourcing, and the penetration of cro in new drug R & D is increasing. With the increasing global and China Meheco Group Co.Ltd(600056) R & D expenditure and the wave of new drug innovation, the drug discovery business will usher in greater demand in the future. Drug discovery business generally comes from large pharmaceutical enterprises or innovative biomedical companies outside China. These companies have high requirements for laboratory conditions, experimental equipment and personnel quality of drug discovery. Through the implementation of this fund-raising and investment project, the company will build a comprehensive and efficient drug discovery service capability, It can effectively improve the company's ability to undertake drug discovery projects.
The implementation of the above-mentioned fund-raising investment projects will significantly increase the area of the company's drug discovery laboratory, improve the conditions of experimental equipment and expand the scale of R & D service personnel, which can well meet the needs of large-scale, standardized and sustainable drug discovery services of large pharmaceutical enterprises at home and abroad.
③ The company's drug discovery business is developing rapidly and needs to improve its service capacity to meet the growing market demand. The company's drug discovery business is in a rapid development stage. From 2018 to 2020, the company's drug discovery business revenue increased from 105.7082 million yuan to 227.8613 million yuan, with an average annual compound growth rate of 46.82%, higher than the growth rate of the company's overall business. The rapid development of the company's drug discovery business has accumulated rich experience in drug discovery project service for the company, which is conducive to the company to undertake new drug discovery service orders; Moreover, drug discovery services are generally long-term services, and the company's existing drug discovery business customers will contribute stable business income to the company. The construction of the above-mentioned fund-raising investment projects will further improve the company's service capacity in drug discovery business to meet the growing market demand.
④ Narrow the gap with competitors and enhance the company's market position
At present, Wuxi Apptec Co.Ltd(603259) , Pharmaron Beijing Co.Ltd(300759) among Chinese drug discovery cro enterprises have grown into a world-famous drug discovery cro company and stepped into the first echelon of global drug discovery cro enterprises. However, from the perspective of China as a whole, except for the leading enterprises, the overall scale of other drug discovery cro companies is relatively small, the overall concentration of China's drug discovery cro is low, and the gap between the second tier drug discovery cro companies and the leading enterprises is large. Benefiting from the wave of innovative drug research and development, the demand for drug discovery in China will continue to increase in the future. While leading enterprises continue to develop, other drug discovery cro enterprises will also usher in development opportunities. Through the implementation of fund-raising projects, the company seizes the growth opportunities brought by the rapid development of the industry, seizes market share, narrows the gap with competitors and enhances the company's market position.
(2) Feasibility of project construction
① The favorable policy environment of the pharmaceutical industry provides strong support for the implementation of the company's fund-raising investment projects
In recent years, a series of policies issued at the national level will promote the research and development of innovative drugs in China and promote the upgrading of the pharmaceutical industry from imitation to independent innovation. Opinions on reforming the review and approval system of drugs and medical devices
