Imeik Technology Development Co.Ltd(300896) ( Imeik Technology Development Co.Ltd(300896) . SZ) disclosed the 2021 annual report on March 7. During the reporting period, the revenue was 1.448 billion yuan, a year-on-year increase of 104.13%; The net profit attributable to the shareholders of the listed company was 958 million yuan, a year-on-year increase of 117.81%.
The reporter of the economic information daily noted that although Imeik Technology Development Co.Ltd(300896) performance maintained high growth, as soon as the ban on huge shares was lifted, Imeik Technology Development Co.Ltd(300896) many shareholders and directors, supervisors and supervisors frequently reduced their holdings in the fourth quarter of last year, of which 6 shareholders and 2 directors, supervisors and supervisors reduced their holdings of 123286 million shares in total.
revenue and net profit growth decreased quarter by quarter
Benefiting from the rapid growth of China's medical beauty market and the accelerated expansion of compliance product market, Imeik Technology Development Co.Ltd(300896) last year's performance was relatively bright, and many indicators maintained rapid growth.
According to the annual report, Imeik Technology Development Co.Ltd(300896) 2021 achieved a revenue of 1.448 billion yuan, a year-on-year increase of 104.13%; The net profit attributable to the shareholders of the listed company was 958 million yuan, a year-on-year increase of 117.81%; The non net profit deducted was 914 million yuan, a year-on-year increase of 115.55%; In addition, the net cash flow from the company's operating activities reached 943 million yuan, a year-on-year increase of 121.48%.
Figure / Imeik Technology Development Co.Ltd(300896) 2021 main financial data (unit: yuan)
However, there are also hidden worries under the overall high growth.
According to the data, from the first quarter of 2021 to the fourth quarter of 2021, Imeik Technology Development Co.Ltd(300896) revenue was 259 million yuan, 374 million yuan, 390 million yuan and 425 million yuan respectively, with year-on-year growth rates of 227.52%, 129.92%, 75.09% and 73.48% respectively; At the same time, the attributable net profit was 171 million yuan, 255 million yuan, 283 million yuan and 249 million yuan respectively, and the year-on-year growth rate of net profit was 296.5%, 144.38%, 98.01% and 66.69% respectively.
It can be seen that Imeik Technology Development Co.Ltd(300896) last year, the growth rate of revenue and net profit showed a downward trend quarter by quarter, and the growth rate of net profit in the fourth quarter decreased year-on-year (75.24% in the fourth quarter of 2020). The sustainability of the company's performance growth deserves attention.
Figure / Imeik Technology Development Co.Ltd(300896) last year's single quarter performance statistics (unit: 100 million yuan)
Further, the sharp increase in sales expenses and R & D expenses may be an important factor hindering the growth of the company's performance in the fourth quarter.
According to the annual report, Imeik Technology Development Co.Ltd(300896) 2021 R & D expenditure was 102 million yuan, with a year-on-year increase of 65.54%. The company said that its increase was mainly due to the increase of R & D investment during the reporting period; The sales expense was 156 million yuan, with a year-on-year increase of 120.56%. The company said that the increase was mainly due to the increase of sales staff salary and sales promotion related expenses during the reporting period.
Quarter by quarter, from the first quarter to the fourth quarter of last year, Imeik Technology Development Co.Ltd(300896) R & D expenses were 233649 million yuan, 207618 million yuan, 175316 million yuan and 406538 million yuan respectively, of which the R & D expenses in the fourth quarter increased by 41.44% year-on-year and 131.89% month on month; At the same time, from the first quarter to the fourth quarter of last year, Imeik Technology Development Co.Ltd(300896) sales expenses were 277033 million yuan, 338882 million yuan, 387601 million yuan and 561339 million yuan respectively, of which the sales expenses in the fourth quarter increased by 94.02% year-on-year and 44.82% month on month. Both year-on-year and month on month, Imeik Technology Development Co.Ltd(300896) fourth quarter sales expenses and R & D expenses increased rapidly.
Figure / Imeik Technology Development Co.Ltd(300896) statistics of R & D expenses and sales expenses in recent ten quarters (unit: 10000 yuan)
R & D investment decreased year on year
Imeik Technology Development Co.Ltd(300896) was established in June 2004. It is a company specializing in the R & D, production and sales of biomedical materials. It is a leading enterprise in the field of medical soft tissue repair materials in China. The company's main products include a series of skin fillers based on sodium hyaluronate, skin fillers based on polyl-lactic acid and facial implant line products, And the derived "companion" cosmetics brand matrix.
By product, the Imeik Technology Development Co.Ltd(300896) product line will achieve overall growth in 2021.
Among them, the revenue of solution injection products was 1.046 billion yuan, a year-on-year increase of 133.84%; Gel injection products achieved revenue of 385 million yuan, an increase of 52.8% over the same period last year. The revenue of facial implant line was 5.2997 million yuan, a year-on-year increase of 187.68%; Cosmetics achieved a revenue of 110971 million yuan, a year-on-year increase of 40.73%. Benefiting from the growing demand of consumers for anti-aging and skin rejuvenation in recent years, Imeik Technology Development Co.Ltd(300896) solution injection products with hi body as the core have increased significantly.
It is worth mentioning that the company's star product, Rubai angel, a skin filler based on poly-L-lactic acid, was approved to be listed by the State Food and Drug Administration in June last year and was commercially listed in China in the second half of last year. However, Imeik Technology Development Co.Ltd(300896) did not disclose its sales data in the annual report. According to the company's disclosure in the previous three quarterly reports, Rubai angel was approved by medical institutions The wide welcome and good feedback from doctors and consumers have generated a certain income contribution during the reporting period.
In addition to the sales data of main products, the research and development progress of products under research is also the focus of investors.
At present, Imeik Technology Development Co.Ltd(300896) 's various products have been in different clinical stages, including the second-generation facial implant line for soft tissue lifting, botulinum toxin A for removing dynamic wrinkles, phase III clinical trial, liraglutide injection for chronic weight management, phase I clinical trial, etc.
In addition, Imeik Technology Development Co.Ltd(300896) also reserves many preclinical projects, including deoxycholic acid injection, hyaluronidase, lidocaine tetracaine cream, etc. the first two are expected to submit clinical trial applications from 2022 to 2023, and the latter is expected to complete clinical trials from 2022 to 2023.
Imeik Technology Development Co.Ltd(300896) said that there are high barriers to entry in the midstream market of medical beauty non-surgical products, and comprehensive R & D capability is an important part. According to the disclosure of the annual report, as of the end of the reporting period, Imeik Technology Development Co.Ltd(300896) R & D personnel accounted for 23.08% of the total number of the company. The company has accumulated 45 patents, including 25 invention patents.
However, in terms of the proportion of R & D investment, Imeik Technology Development Co.Ltd(300896) in recent years, the investment has weakened.
According to the data, from 2016 to 2021, Imeik Technology Development Co.Ltd(300896) R & D investment accounted for 9.29%, 12.81%, 10.49%, 8.71%, 8.71% and 7.07% respectively. It can be seen that the proportion of R & D investment of the company showed a relatively obvious downward trend in the past five years.
Figure / Imeik Technology Development Co.Ltd(300896) proportion of R & D investment in recent six years
huge shares were reduced as soon as the ban was lifted
By the end of the third quarter, the total number of ordinary shareholders had increased by 11 million, compared with 11 million by the end of the third quarter, which was 35.
Among them, gannettpeaklimited (hereinafter referred to as "Gannett"), Shi Yifeng and Ningbo jumeicheng investment management partnership (limited partnership) withdrew from the ranks of Imeik Technology Development Co.Ltd(300896) top ten circulating shareholders, while Bank Of China Limited(601988) - China Merchants Securities biomedical index graded securities investment fund, Bank Of China Limited(601988) - Huabao China Securities medical trading open-ended index securities investment fund China Merchants Bank Co.Ltd(600036) - Agricultural Bank of China Huili strategy income one-year holding hybrid securities investment fund newly entered Imeik Technology Development Co.Ltd(300896) top ten circulating shareholders.
It is worth noting that since the fourth quarter of last year, Imeik Technology Development Co.Ltd(300896) has been reduced by many original shareholders and directors, supervisors and senior managers.
Among them, Yuanfeng reduced 1434200 shares, Liu Jia reduced 545800 shares, Liu Zhaonian reduced 2043100 shares, Jointown Pharmaceutical Group Co.Ltd(600998) reduced 2230000 shares, gannet reduced 2817200 shares, and the above shareholders were original shareholders before Imeik Technology Development Co.Ltd(300896) listing; In addition, Citic Securities Company Limited(600030) - China Merchants Bank Co.Ltd(600036) - Citic Securities Company Limited(600030) Imeik Technology Development Co.Ltd(300896) employees participated in the gem strategic placement collective asset management plan and also reduced their holdings by 2.67 million shares.
The reporter preliminarily estimated that the cumulative number of shares reduced by the above-mentioned shareholders reached about 117403 million shares. Based on a rough estimate of the closing price of 473.68 yuan / share on Imeik Technology Development Co.Ltd(300896) 3 March 8, the six shareholders have cashed out about 5.561 billion yuan.
In addition, Imeik Technology Development Co.Ltd(300896) two directors and supervisors are also frequently selling shares of the company.
Since the fourth quarter of last year, Wang Lanzhu, the director of the company, has been frequently reducing his shares of the company, including 556500 shares in the fourth quarter of last year and 723800 shares in January of this year. Based on the average transaction price, Wang Lanzhu has cashed out about 582 million yuan; In addition, the company's supervisor Zhang Zhengpu also reduced the company's accumulated 31800 shares in the fourth quarter of last year, and cashed out about 18.174 million yuan based on its average transaction price.
Figure / Imeik Technology Development Co.Ltd(300896) directors, supervisors and senior executives reduction statistics
It is worth mentioning that the aforesaid shareholders and the shares of directors, supervisors and senior executives were frequently reduced in the fourth quarter just after the ban was lifted on September 29, 2021.
It is reported that Imeik Technology Development Co.Ltd(300896) lifted a total of 547298 million shares on September 29. Based on the closing price on the day of lifting the ban, the market value of the shares lifted exceeded 32 billion yuan. Among them, Yuan Feng lifted the ban on 8.8467 million shares, Wang Lanzhu lifted the ban on 7.8638 million shares, Zhang Zhengpu lifted the ban on 2.9489 million shares, Liu Jia lifted the ban on 2.6213 million shares, Liu Zhaonian lifted the ban on 3.6459 million shares, Gannett lifted the ban on 6.5531 million shares, Jointown Pharmaceutical Group Co.Ltd(600998) lifted the ban on 4.9625 million shares, Citic Securities Company Limited(600030) Imeik Technology Development Co.Ltd(300896) employees participated in the strategic placement of collective assets management plan on the venture board and lifted the ban on 4.9813 million shares.
Taking Gannett as an example, in October 2018, Imeik Technology Development Co.Ltd(300896) four shareholders transferred a total of 7.2 million shares to Gannett at the price of US $3.47 per share. Based on this calculation, Gannett's initial investment cost was about US $25 million, equivalent to about 160 million yuan. Subsequently, after increasing the share capital, gannet's holding of Imeik Technology Development Co.Ltd(300896) shares changed to 12.96 million shares, with a shareholding ratio of 5.99%. By the end of the third quarter of last year, gannet was the third largest shareholder of Imeik Technology Development Co.Ltd(300896) shares. According to the rough estimation of the company's closing price of 473.68 yuan / share on March 8, the market value of this part of shares was about 6.139 billion yuan, which was 37 times higher than the investment cost of about 160 million yuan, It took only three years.
On September 29, 2021, Gannett lifted the ban on 6.5531 million shares. Only two working days after the lifting of the ban, Gannett announced the reduction plan. It plans to conduct centralized bidding within 6 months after 15 trading days from the date of announcement, Or within six months after three trading days from the date of disclosure of the announcement, gannet has reduced its holdings of no more than 4.5871 million shares (accounting for 2.12% of the total shares of the company) in block trading, while gannet has reduced its holdings of 2.8172 million shares by the end of last year, which is still a certain distance from the planned reduction limit.
The reduction pressure brought by the huge lifting of the ban, combined with the influence of industrial policies and other factors, also put pressure on the company's share price.
The reporter of the economic information daily noted that since July 2021, Imeik Technology Development Co.Ltd(300896) share price has started to fall precipitously, falling all the way from the high of 844.44 yuan / share on July 1 to the lowest of 405 yuan / share on February 14, 2022, with a cumulative decline of 39.96%, a decline of 19.24% in the market over the same period and a decline of 30.62% in the industry.
On March 8, Imeik Technology Development Co.Ltd(300896) closed at 473.68 yuan / share, up 0.89%, with a total market value of 102.5 billion yuan.
