Stock Code: 002728 stock abbreviation: Teyi Pharmaceutical Group Co.Ltd(002728) bond Code: 128025 bond abbreviation: Teyi convertible bond Teyi Pharmaceutical Group Co.Ltd(002728) investor relations activity record
No.: 2021-008
Investor relations activities ☑ Specific object research □ analyst meeting
Category □ media interview □ performance briefing
□ press conference □ Roadshow
□ site visit
☑ Other Teyi Pharmaceutical Group Co.Ltd(002728) online exchange meetings
Name of participant and Zhang Jinyang of Guosheng pharmaceutical
Personnel name: Yang Chunyu of Guosheng pharmaceutical
Beijing tongkanghui network technology (little apple Pediatrics) Lubo
China Post Fund Wang man
Zhongtai self operated Zhang Chongjiu
AVIC fund Xu Wen
China Merchants Fund Ren shaocong
Changsheng fund Zhou Sicong
Huabao fund Zhang Jintao
Great Wall Fund Management Co., Ltd. Tan Xiaobing
Yu Yi asset Zhang Yahui
YONGYING fund Lu Haiyan
Yimi fund Liu Mengyang
Xunyuan assets Jia Ting
Industrial Fund Ying Jinshuai
Xing Quan fund Zhai Xiuhua
Xingquan fund Deng Quanwen
Xing Quan, Xie Changyan
Cinda Aoyin Fund Management Co., Ltd. Li Chaowei
Cinda Aoyin fund Li Diandian invested in Peng Xinyue Wanjia fund Lang bin Wanjia fund Wang Xiaoyin Taixin fund Liu Mingchao Shengyao capital segment Ziwei Shenzhen Xinran Investment Management Co., Ltd. Zhang Kaiqi Ruiyang fund Luo Huili PICC pension Wang Xiaoqi Qianhai United pan Zhixiang Puyin AXA fund Hu You Qiao Puyin AXA Xu Bo Ping An assets LV Zenan Ping An pension sun danpenghua Fund Management Co., Ltd Zhou Yawen, Wang Lijing, Huaxi Securities Co.Ltd(002926) , Hui Tianfu, Xie Jie, Huaxia Jiayi, Huaxia Jiayi, Huaxia Jiayi, ginger and micro Chinese summer fund, Xin Yue, Huaxi Securities Co.Ltd(002926) , self entertainment, Huatai self management, sun Jiaxia Huatai management, Li Yong Jian, Chinese businessman, Ma Bu Yun, red earth innovation fund, Liao Xing Hao Hua Fu fund, Liao Qingyang Huabao Qi Zhen.
Harmony Huiyi asset Zhu Chen
Guolian'an Zhao Ziqi
Guohai Franklin Liu Mu
Ruan Shuai of Guangzhou financial holding
Ge Fei assets Chen Dong
Wells Fargo fund Zeng Xinjie
Fu Anda fund Wu Zhanfeng
Fengyan investment Wang Haoyu
Dongzheng asset management Liu Zhongqun
Chengshi investment Zhao Zhihai
Beilaide Qinyao letter
Anxin fund Huang wanting
APS Li Yun
Time: December 26, 2021
Location: conference room on the second floor of the company
Receptionist, board secretary and chief financial officer of listed company: Chen Xiliang
Name of general manager assistant: Xu ronghuang
Assistant to Chief Financial Officer: Mao Xiaofen
Securities affairs representative: Xu Shaohua
1、 The latest sales scale and growth rate of zhikebao tablets? (as mentioned earlier, it increased from 158 million to 333 million in 17 to 19 years, with an increase of 24.65% in the first three quarters of 21 years compared with the whole year of 20 years). Is the decline in 20 years affected by the epidemic and whether it has returned to the pre epidemic level in 21 years?
Reply to investor relations activities: in the first three quarters of 2021, the company sold 322.56 million zhikebao tablets. The main content is that the sales revenue was 147.4169 million yuan. Compared with the whole year of 2020, the sales volume and sales revenue increased by 14.11% and 24.65% respectively.
In 2020, due to the impact of covid-19 epidemic, the company's OTC product sales activities were limited, coupled with the implementation of restrictive measures such as information registration and reporting system for personnel purchasing fever and cough drugs in retail pharmacies, the customer's product demand decreased, resulting in a significant decline in the company's sales revenue of zhikebao tablets.
In 2021, with the effective control of covid-19 pneumonia in China and the popularization of vaccination personnel, the sales of zhikebao tablets of the company basically returned to the normal level; Due to the complexity of the global covid-19 epidemic, it is expected to continue and repeat in a certain period of time in the future. The company expects that it will take some time for the sales of zhikebao tablets to return to the pre epidemic level, depending on the continuous impact of the epidemic. The management of the company will work harder, further improve the marketing network construction, strengthen the direct sales and business promotion of the top 100 pharmacies in China, and strive to reduce the impact of the epidemic and achieve better development.
2、 Proportion of income and gross profit of zhikebao tablets? Can the net profit of a single product be pulled out? Reply: in the company's revenue composition, zhikebao tablets account for about 35%. Zhikebao tablet is the core variety of the company, and its gross profit margin has been maintained at more than 80%. The company carries out marketing by product portfolio without separate profit split.
3、 The price increase of zhikebao tablets? (price increase in 2020 and the price increase in the previous five years) reply: zhikebao tablet is currently the key variety of the company and the core variety of the company. The company completed the acquisition of Haili pharmaceutical in June 2015 and began to sell the original zhikebao tablet Market in the same year (before being acquired by the company, Haili pharmaceutical always produced zhikebao tablets) for integration and optimization. After the acquisition of Haili pharmaceutical, zhikebao tablets became the exclusive variety of the company. According to the changes of traditional Chinese medicine prices, inflation and market demand, the company moderately increased the product sales prices in 2017, 2018 and 2019 (the price excluding tax increased from 0.23 yuan / piece in 2016 to 0.24 yuan / piece in 2017, 0.44 yuan / piece in 2018 and 0.47 yuan / piece in 2019), especially in 2018. Under the condition of price increase, the sales of this variety maintained a continuous growth from 2016 to 2019, and the sales revenue reached 333 million yuan in 2019 Reached 711 million pieces (about 29.6 million boxes), in line with the company's sales expectations.
4、 Can the production capacity of zhikebao tablets support the large-scale production of products? When is the new production capacity expected to be released?
Reply: at present, there is a special workshop for zhikebao tablets. The current production capacity is 1 billion tablets (about 40 million boxes). In the later stage, the production can be increased in the existing places according to the market needs
Equipment and production capacity can reach 2.4 billion tablets (about 100 million boxes). It is estimated that the annual sales volume of zhikebao tablets will reach 2.4 billion tablets in 5-8 years. This performance forecast does not constitute the company's performance commitment to investors. Please pay attention to investment risks.
Under the background that the national industrial policy strongly supports the development of traditional Chinese medicine industry, the company will closely follow the general trend of national reform and development and focus on the development of proprietary Chinese medicine. At present, the core competitive advantages of zhikebao tablets are mainly reflected in: remarkable curative effect and quick effect. Zhikebao tablet has a long history of one hundred years, has a certain consumer group, and the repurchase rate is relatively high. In the later stage, based on the existing advantages, the company strives to strengthen the construction of marketing team, improve marketing ability, further deepen and refine the market, consolidate the stock market, expand the incremental market, and expand the sales share of core variety zhikebao tablets, so as to further release the production capacity of zhikebao tablets.
5、 Market space and competitive products of zhikebao tablets? How to judge the long-term scale of future products?
Reply: in the long run, zhikebao tablets have a large market space. Under the continuous development of industrialization and urbanization, the population of respiratory diseases, especially influenza and cough, has been increasing due to the great changes in the ecological environment and climate. The accelerated aging of China's population has led to respiratory diseases, In particular, the demand for drugs for relieving cough and asthma has further increased (according to the data of the seventh national census, the aging degree of China's population has further improved. By 2020, China's population aged 60 and over accounted for 18.7% of the national population, an increase of 5.44 percentage points over the results of the sixth national census, reaching 264 million). According to the data of Intranet hospital terminals and retail terminals, respiratory diseases are a medium percentage point The dominant field of antitussive drugs, and antitussive drugs rank second.
Zhikebao tablet is a Chinese patent medicine for relieving cough and resolving phlegm. Its main competitive products include honey refining Chuanbei loquat ointment, bailing capsule, Feilike, Suhuang Zhike capsule, etc. except that the market share of honey refining Chuanbei loquat ointment in nianci'an, Kyoto is about 20%, the market share of other products is relatively low, the difference is not too large, and there are great competition opportunities. In recent years, the market share of zhikebao tablets of the company has steadily increased among Chinese patent medicine cough relieving and phlegm resolving products. According to the statistical data of MI intranet database of Southern Institute of pharmaceutical economics, zhikebao tablets of the company have ranked among the top five brands of cough relieving oral drugs for many consecutive years.
The company's zhikebao tablet still has a blank market to be developed. Zhikebao tablet products are currently regional agents in prefecture level cities and provincial capital cities. In 2019, the company conducted a comprehensive survey on the market coverage of zhikebao tablets. According to the survey results, the areas with good market coverage are mainly in Guangdong, Zhejiang, Jiangsu, Shandong, Heilongjiang, Jilin and other provinces and urban areas of Beijing, and there are still blank markets in some areas in other regions; Moreover, there are some areas with low market coverage in Zhejiang, Jiangsu, Shandong and Northeast China with good market coverage. The development of these blank areas will further increase the long-term market space of zhikebao tablets.
Compared with other competitive products, zhikebao tablet has the advantages of remarkable curative effect and quick effect. The clinical efficacy of zhikebao tablet summarized by Guangdong Hospital of traditional Chinese medicine and the Affiliated Hospital of Guangzhou University of traditional Chinese medicine has three characteristics: first, it has a significant effect on various types of chronic cough, and has a very obvious effect on relieving cough, resolving phlegm and relieving asthma. The clinical control + significant efficiency is 73%, and the total effective rate is 93%; Second, the toxic and side effects are very low, the course of treatment is short, the effect is fast, and the medication is convenient; Third, the treatment effect of deficiency cold type and phlegm dampness type cough and asthma is the best, and the total effective rates are 100% and 95% respectively. Zhikebao tablet has a long history of nearly 100 years. The secret recipe of the product has been selected into the Lingnan traditional Chinese medicine cultural protection heritage. Zhikebao tablet was once a national second-class traditional Chinese medicine protection variety. Zhikebao tablet is clinically used to treat chronic bronchitis, especially cold cough and phlegm wet cough. Therefore, zhikebao tablet is not only effective in relieving cough, but also used in the treatment of chronic bronchitis. Especially with the further improvement of the current aging population, the applicable population has been further increased.
6、 What is the current sales and promotion of dermatosis Xuedu pill and jiangtangshu pill? What is the judgment based on the expectation of more than 300 million in the next 3-5 years?
Reply: under the background that the national industrial policy strongly supports the development of traditional Chinese medicine industry, the company will closely follow the general trend of national reform and development and focus on the development of proprietary Chinese medicine. The company has cultivated dermatosis Xuedu pill and jiangtangshu pill as major varieties after zhikebao tablet. At present, the company has started the clinical trial of dermatosis Xuedu pill. The company will promote the growth of the company's characteristic traditional Chinese medicine varieties into large traditional Chinese medicine varieties and improve the company's business performance through the clinical research and real-world research of core varieties. Skin disease Xuedu pill is suitable for a wide range of people. It can treat external diseases and internal diseases for freckles, acne, rubella, eczema, etc; Jiangtang Shu pill is suitable for diabetes and diabetes caused by systemic syndrome, the two varieties are currently only two countries have drug approval, have a larger market capacity, sales prospects are more
