Guangdong taienkang Pharmaceutical Co., Ltd
Initial public offering and listing on GEM
Suggestive announcement of listing announcement
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions.
With the approval of Shenzhen Stock Exchange, the RMB ordinary shares issued by Guangdong taienkang Pharmaceutical Co., Ltd. (hereinafter referred to as "the company" or "the company") will be listed on the gem of Shenzhen Stock Exchange on March 29, 2022, The full text of the listing announcement and the full text of the prospectus for initial public offering and listing on the gem are disclosed on the information disclosure website designated by the China Securities Regulatory Commission (www.cn. Info. Com. CN) China Securities Network (www.cs. Com. CN.) China Securities (www.stock. CN.) Securities Times (www.stcn. Com.) Securities Daily (www.zqrb. CN.), For investors to consult.
QR code of web page: cninfo.com I. listing overview
1. Stock abbreviation: taienkang
2. Stock Code: 301263
3. Total share capital after IPO: 236387500 shares
4. Number of initial public offerings: 59.1 million shares. This public offering is all new shares without transfer of old shares. II. Risk warning
The company's shares will be listed on the growth enterprise market of Shenzhen Stock Exchange, which has high investment risk. GEM companies have the characteristics of unstable performance, high operation risk and high delisting risk, and investors are facing greater market risk. Investors should fully understand the investment risks of the gem and the risk factors disclosed by the company, and make investment decisions prudently.
According to the industry classification guidelines of listed companies (revised in 2012) issued by the China Securities Regulatory Commission, the industry of the issuer is the wholesale industry (F51). As of March 15, 2022 (T-3), the average static P / E ratio of the industry in the latest month released by China Securities Index Co., Ltd. was 18.25 times. The issuance price of 19.93 yuan / share corresponds to the lower of the diluted P / E ratio of the net profit attributable to the parent company before and after deducting the non recurring profit and loss in 2020, which is 30.84 times higher than the average static P / E ratio of the industry in the latest month released by China Securities Index Co., Ltd. on March 15, 2022 (T-3), with an excess range of 68.99%. There are four reasons as follows: 1. According to the guidelines for Industry Classification of listed companies issued by the CSRC, The industry of the issuer is "wholesale industry (F51)"; At the same time, the issuer belongs to a comprehensive pharmaceutical company. The drug R & D, production and sales business of the issuer belongs to "pharmaceutical manufacturing industry (C27)", the agent sales business of drugs and medical devices belongs to "wholesale industry (F51)", and the production and sales business of medical supplies such as masks belongs to "special equipment manufacturing industry (C35)". In 2018, 2019, 2020 and January June 2021, the revenue of the issuer's self-produced products accounted for 23.30%, 21.12%, 54.40% and 47.59% respectively, and the proportion of self-produced products increased significantly. 2. The comprehensive gross profit margin of the issuer was 54.82% in 2020, and the average gross profit margin of 93 companies in the "wholesale industry (F51)" industry was 12.93% in 2020. The profitability of the issuer was significantly higher than that of Listed Companies in the same industry; The issuer's core products, aiting Jiu, Hewei Zhengchang pill and voritin, have high gross profit margin, good market competition pattern and certain potential, which will effectively support the issuer's profitability. 3. With the goal of becoming an innovation driven comprehensive pharmaceutical enterprise, relying on the stable cash flow generated by the agency operation business, the issuer takes the independent research and development of drugs as the key measure to improve its core competitiveness, and establishes three pharmaceutical research and development technology platforms: the key technology platform of functional excipients and nano drug delivery, the key technology platform of biomacromolecule drugs, and the technology platform of generic drug development and consistency evaluation. In 2018, docetaxel polymer micelles for injection (chemical drugs category 2.2) independently developed by the issuer obtained clinical trial approval, which is the first enterprise in China to obtain clinical trial approval for docetaxel polymer micelles for injection. In the same year, the issuer reached cooperation with Shanghai kaimao, a subsidiary of Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) holding company. Shanghai kaimao is responsible for the follow-up clinical development of docetaxel polymer micelles for injection, application of production approval, product production and sales, and bears the expenses of relevant links. The issuer will receive the return of "down payment + milestone payment + future sales commission". In 2020, the "aiting Jiu" dapoxetine hydrochloride tablet independently developed by the issuer was the first similar variety in China to be declared in accordance with category 4 of chemical drugs and approved in accordance with the requirements of quality consistency evaluation with the original research. It was the "first imitation" in China. From August 2020 to June 2021, the sales reached 1309365 million yuan. The company has abundant R & D projects and formed a good echelon. It is expected that self-developed drugs will obtain drug registration approval in the future, enrich the company's product structure and effectively improve the profitability of issuers. 4. The issuer has strong marketing network and commercial promotion advantages. After more than 20 years of promotion practice and innovation, the company has accumulated rich experience in the operation and promotion of pharmaceutical products, established a skilled and experienced professional marketing team, and gradually formed a perfect marketing system from product screening to market planning to continuous maintenance, and accumulated rich marketing experience. The company's pharmaceutical product marketing network has covered 28 provincial regions in China, forming a large-scale sales channel network, which can quickly promote the drugs to the national market, and lay a good foundation for the subsequent market promotion after the drugs under research are put into operation.
As of March 15, 2022 (T-3), the valuation levels of comparable listed companies are as follows:
In 2020, deduct the static corresponding static securities code corresponding to the T-3 day shares in 2020. The securities are referred to as non front EPS and non back EPS. The closing price P / E ratio (before deducting non P / E ratio (before deducting (yuan / share) (yuan / share)) is not after deducting)
01110.hk Jinhuo pharmaceutical 0.0188 0.0063 0.33 17.74 52.99 group
00867.hk kangzhe pharmaceutical 1.0297 1.0857 8.47 8.23 7.80
01345.hk China pioneer 0.0416 0.0372 1.76 42.27 47.25 medicine
837090.nq Fangu pharmaceutical 2.2321 2.051825.00 11.20 12.18
Yipinhong Pharmaceutical Co.Ltd(300723) .SZ Yipinhong Pharmaceutical Co.Ltd(300723) 0.7833 0.5055 28.28 36.10 55.94
Honz Pharmaceutical Co.Ltd(300086) .SZ Honz Pharmaceutical Co.Ltd(300086) 0.0208 0.0461 8.18 394.14 177.35
Mean value --- 36.10 55.94
Data source: wind information, data as of March 15, 2022 (T-3).
Note 1: calculation criteria of EPS before / after deduction of non recurring profit and loss in 2020: net profit attributable to the parent company before / after deduction of non recurring profit and loss in 2020 / total share capital on T-3 (March 15, 2022).
Note 2: the calculation of the average value of static P / E ratio excludes the abnormal value ( Honz Pharmaceutical Co.Ltd(300086) ), the PE value of companies listed on the new third board (Fangu pharmaceutical) and Hong Kong stock listed companies (Jinhuo Pharmaceutical Group, kangzhe pharmaceutical and China Pioneer pharmaceutical).
The issuance price of 19.93 yuan / share corresponds to the lower of the diluted P / E ratio of the net profit attributable to the parent company before and after deducting the non recurring profit and loss in 2020, which is 30.84 times higher than the average static P / E ratio of the industry in the latest month released by China Securities Index Co., Ltd. on March 15, 2022 (T-3), and 55.94 times lower than the average static P / E ratio of comparable companies after deducting the non recurring profit and loss in 2020, There is a risk that the decline of the issuer's share price will bring losses to investors in the future.
There is a risk that the net asset scale will increase significantly due to the acquisition of raised funds, which will have an important impact on the issuer's production and operation mode, operation management and risk control ability, financial status, profitability and long-term interests of shareholders. The issuer and the recommendation institution (lead underwriter) remind investors to pay attention to investment risks, carefully study and judge the rationality of issuance pricing, and make investment decisions rationally. 3、 Contact information
(I) company contact information
Company name: Guangdong taienkang Pharmaceutical Co., Ltd
Legal representative: Zheng Hanjie
Address: building a, No. 8, Wanji south 2nd Street, Taishan North Road, Longhu District, Shantou
Tel: 075488733520
Contact: Li Ting
(II) contact information of recommendation institution and recommendation representative
Sponsor (lead underwriter): Guotai Junan Securities Co.Ltd(601211)
Legal representative: He Qing
Address: No. 618, Shangcheng Road, China (Shanghai) pilot Free Trade Zone
Tel: 02028023333
Sponsor representatives: Liu Xiangmao, Xu Zhenyu
(there is no text on this page, which is the seal page of the suggestive announcement of the listing announcement of Guangdong taienkang Pharmaceutical Co., Ltd. on its initial public offering and listing on the GEM)
Guangdong taienkang Pharmaceutical Co., Ltd
(there is no text on this page, which is the seal page of the suggestive announcement of the listing announcement of Guangdong taienkang Pharmaceutical Co., Ltd. on its initial public offering and listing on the GEM)
Guotai Junan Securities Co.Ltd(601211) mm / DD / yyyy
