Shenzhen Weiguang Biological Products Co.Ltd(002880)
Feasibility analysis report on the use of funds raised by non-public offering of shares
In order to enhance the company's core competitiveness and enhance the company's profitability, Shenzhen Weiguang Biological Products Co.Ltd(002880) (hereinafter referred to as "the company" and " Shenzhen Weiguang Biological Products Co.Ltd(002880) ") plans to issue shares in a non-public manner, and the total amount of funds to be raised shall not exceed 1150 million yuan. The feasibility analysis of the use of the funds raised by the company's non-public offering of shares is as follows: I. overview of the use of the funds raised by the non-public offering of shares
The total amount of funds raised from this non-public offering of shares shall not exceed 1150 million yuan (including this amount). The net amount of funds raised after deducting the issuance expenses will be invested in the following projects:
Unit: 10000 yuan
No. project name total project investment proposed to use raised funds
1. Blood products intelligent factory construction project 91034637680000
2 Zhongshan plasma collection station project 869148430000
3. Supplementary working capital 33900003390000
Total 1336261111500000
After the funds raised from this non-public offering are in place, the company will invest the raised funds into the above projects according to the actual needs and priorities of the project; The total investment of the project is higher than the investment of the raised funds to be used this time, and the part will be raised by the company itself; If the actual raised capital after deducting the issuance expenses is lower than the actual total capital demand of the proposed investment project, the insufficient part shall be raised by the company itself. On the premise of not changing the project invested by raising funds, the board of directors of the company can appropriately adjust the investment sequence and amount of the raised funds of the above projects according to the actual needs of the project
Before the funds raised from this non-public offering of shares are in place, the company will make early investment by self raised funds in the form of bank loans and self owned funds according to the needs of the project, and replace the early investment funds in accordance with the requirements and procedures of relevant laws and regulations after the raised funds are in place.
2、 Feasibility analysis of the project invested by the raised funds
(I) blood products intelligent factory construction project
The project is implemented by Shenzhen Weiguang Biological Products Co.Ltd(002880) of the company, with a total investment of 910346300 yuan, of which 768 million yuan is planned to be invested with raised funds, and the construction period of the project is three years.
The construction site of the project is located in Weiguang Life Science Park on the west side of Beizhen road and the south side of gongchang Road, Xinhu street, Guangming District, Shenzhen. The construction of the project mainly includes the decoration of the standard GMP production plant, the introduction of advanced process equipment and intelligent software, and the construction of sewage treatment station, ethanol tank, boiler, fire protection and environmental protection and other supporting facilities, so as to build a modern intelligent factory for blood products to meet the needs of the company's production and operation. The total investment of the project is 910346300 yuan, including 768267900 yuan of construction investment, 23.048 million yuan of reserve fund and 1190304 million yuan of initial working capital. 2. Necessity of project construction
(1) Need for intelligent upgrading of production base
China's blood products industry has been in a situation of imbalance between supply and demand for a long time. According to the data approved and issued by the Central Inspection Institute and local authorities, the import proportion of China's human albumin has increased from 47.98% in 2012 to 64.88% in 2020. Expanding production scale and alleviating the contradiction between supply and demand is a major problem that China's blood products industry has been facing. To this end, the state has always encouraged blood products enterprises to become bigger and stronger to meet the people's growing demand for blood products.
Through the implementation of this project, the company has built an 800 t / a intelligent factory for blood products. After the project is completed, it can produce 2.24 million bottles of human albumin, 3.175 million bottles of human immunoglobulin, 3.7 million bottles of specific immunoglobulin and 700000 bottles of coagulation factors every year. The implementation of the project will help the company grasp market opportunities, further alleviate the contradiction between supply and demand in the industry, expand production scale and enhance market share.
(2) The company's capacity growth is conducive to breaking through the bottleneck and meeting the company's business demand
The company's existing pulp collection capacity maintained a rapid growth trend. From 2016 to 2020, the pulp collection capacity of the company's pulp collection station increased from 319 tons to 382 tons, with an annual compound growth rate of 4.61%. At present, the company is vigorously expanding the pulp station and deeply tapping the potential of the old pulp station. It is expected that the pulp collection volume of the company will further increase.
The company's existing blood products production line was built in 2013, with a designed theoretical capacity and an annual slurry dosage of about 400 tons. In addition, drug manufacturing enterprises must carry out GMP certification for specific production facilities and production environment according to the code for the quality management of drug production. Only after passing the certification can they carry out production, and the certification time is long. Combined with the increasing trend of plasma collection and the progress of new product research and development, the company must plan the construction of blood products intelligent factory project in advance.
Through the implementation of the project, it can be effectively connected with the original production workshop and adapt to the growth trend of slurry collection, which is conducive to the company to break through the bottleneck of existing production capacity, meet the demand of slurry input in the future and realize sustainable development.
3. Feasibility of project construction
(1) Good plasma source
At present, the core competitiveness of enterprises depends on the plasma collection capacity, and the expansion of plasma products is mainly determined by the plasma input capacity of enterprises. According to the relevant national regulations on the setting of plasma collection stations, China has set strict access standards for new plasma stations. The company has the rare qualification for new plasma stations in the industry, and has certain regional plasma source advantages in Guangdong Province, Guangxi Province and Hainan Province. In recent years, the company has made good progress in the expansion of new pulp stations and existing pulp stations, which has laid a good foundation for sustainable and rapid development in the future.
(2) Rich product line advantages
The more product lines of blood products manufacturers, the lower the plasma cost shared by each type of blood products, and the products have stronger cost advantages. At the same time, it also represents that the products of enterprises have stronger differences. Therefore, whether the product lines are rich or not largely determines whether the enterprise can establish a competitive advantage when the supply of raw plasma is gradually sufficient.
The company is one of the enterprises with complete products of albumin, immunoglobulin and coagulation factor in China.
At the same time, the product structure is reasonable, the sales proportion of human albumin is decreasing year by year, and intravenous human immunoglobulin products have gradually become the leading products. In terms of new product research and development, the company's products mainly include five varieties, including human prothrombin complex and human coagulation factor VIII. Among them, human prothrombin complex has passed clinical verification and is planned to be approved for listing in 2022; Human coagulation factor VIII has completed phase III clinical research, and it is planned to apply for NDA and complete registration on-site verification in 2022; New intravenous human immunoglobulin (10%) has completed preclinical pharmacy, pharmacology and toxicology research, and it is planned to start clinical research in 2022; Human fibrin adhesive is carrying out preclinical research and plans to apply for pre ind communication in 2022; The freeze-dried rabies vaccine for human use is under pre ind communication, and the clinical research is planned to start in 2022.
4. Project investment estimation
No. project or cost name investment amount (10000 yuan)
1. Construction investment: 7682679
1.1 cost of civil engineering and decoration works 1261510
1.2 equipment purchase and installation cost 6321169
1.3 software purchase cost 100000
2. Reserve fund 230480
3. Initial working capital 1190304
The total investment of the project is 9103463 yuan
5. Project initiation and filing, environmental protection assessment, etc
The filing of the project has obtained the Filing Certificate of social investment projects in Shenzhen (Shen Guang Ming FA Gai filing [2019] No. 0225); The project has obtained the approval of the environmental impact review of the construction project from Guangming Administration Bureau of Shenzhen Ecological Environment Bureau (szghp [2020] No. 200037).
6. Economic benefits of the project
The construction period of the project is about 36 months, and the time from production to full production is 10 years. According to the preliminary calculation of the company, the after tax internal rate of return of the investment project is 25.42%, and the after tax static investment payback period is 6.98 years.
(II) Zhongshan plasma collection station project
1. Basic information of the project
The project is implemented by Zhongshan Guangming apheresis plasma Co., Ltd., a wholly-owned subsidiary of the company. The total investment of the project is 869148 million yuan, of which 43 million yuan is planned to be invested with raised funds. The construction period of the project is 12 months.
The project is located in the East and west of Huancheng Avenue, Zhongshan County, Hezhou City, Guangxi Zhuang Autonomous Region. The project is a new site after the relocation of Zhongshan pulp station. The pulp station will be equipped with advanced pulp collection and testing equipment, improve the pulp collection environment, introduce professional medical talents, improve the pulp collection management system, establish a single plasma collection station suitable for the company's development strategy, and improve the efficiency and quantity of the company's pulp collection. The main construction contents of the project include site construction Purchase of software and hardware facilities and personnel recruitment, etc. The total investment of the project is 869148 million yuan, including construction investment of 843833 million yuan and reserve fund of 2.5315 million yuan.
2. Necessity of project construction
In order to realize the continuous growth of the company's plasma collection volume and meet the demand of the company's blood product capacity expansion, the company raised funds through IPO to reconstruct and expand the existing six plasma stations in Pingguo, Long'an, Tianyang, Debao, Zhongshan and Luoding. The location of Zhongshan pulp station, the original raised and invested project "reconstruction and expansion project of plasma collection station", is within the scope of Hedong new area planned and constructed in the 13th five year plan of Zhongshan County. According to the requirements of the master plan of Zhongshan County (20112030), during the 13th five year plan period, Zhongshan County will build Hedong new area into a comprehensive urban new area integrating public administration, light industry, education and scientific research services, The location of Zhongshan pulp station is within the red line of construction land in Hedong new area. Therefore, the original location of Zhongshan pulp station is requisitioned by Zhongshan County Government. The company urgently needs to rebuild a new pulp station in Zhongshan County to ensure the stability of pulp source.
3. Feasibility of project construction
(1) Zhongshan has a superior pulp mining environment and great pulp mining potential
Based on the consideration of ensuring the safety of blood products, China's competent authorities implement a strict examination and approval system for the newly established plasma stations. In order to ensure the stability and sustainability of plasma supply, blood product manufacturers tap the potential of existing plasma stations as one of the main ways to increase the plasma collection volume.
Zhongshan County, where the project is located, has a permanent resident population of 351100 according to the seventh census in 2020. Meanwhile, the slurry station of Zijin Mountain slurry station covers Fuchuan, Zhaoping, Pingle and Gongcheng counties, and the total registered residence population in all areas is over 2 million. The pulp production environment is superior and the pulp potential is huge. After the completion of the project, the company will take a series of measures to actively make use of the superior slurry mining environment of Zhongshan slurry station, deeply tap the slurry mining potential, further improve the slurry mining volume and meet the business needs of the company.
(2) Improve the slurry extraction environment and enhance the slurry extraction capacity
The company's Zhongshan plasma collection station was transformed in 2007. With the continuous improvement of the management level of the company's plasma station, the number of plasma donors and plasma collection volume of Zhongshan plasma station are increasing, and has a good quality control system, which provides good support for the development of the company. In recent years, the company has taken a series of measures to deeply tap the pulp mining potential of each pulp station. It is expected that the number and times of pulp donation in Zhongshan pulp station will maintain a rapid growth trend.
After the reconstruction of Zhongshan pulp station, the pulp collection environment of Zhongshan pulp station will be further improved in the following aspects: A. in terms of business building, further increase the area of the business building of Zhongshan pulp station, so as to further improve the pulp collection environment of Zhongshan pulp station; B. In terms of equipment, increase the number of pulp collection and testing equipment, and further increase the pulp collection volume of Zhongshan pulp station under the condition of the rising number of pulp contributors; C. In terms of sewage treatment, a new sewage treatment system is introduced to meet the need to further improve the sewage treatment capacity of Zhongshan pulp station under the condition of increasing sewage volume and increasingly strict national environmental protection policies.
For the construction of this project, the company will relocate and rebuild Zhongshan pulp station. By expanding the business building area, introducing advanced pulp collection and testing equipment, increasing sewage treatment system and other measures, the company will actively improve the pulp collection environment of Zhongshan pulp station, enhance the pulp collection capacity, and further ensure the safety of raw plasma of the company.
4. Project investment estimation
No. project or cost name investment amount (10000 yuan)
1. Construction investment
