\u3000\u3 Guocheng Mining Co.Ltd(000688) 363 Bloomage Biotechnology Corporation Limited(688363) )
Event: the company plans to establish a private equity fund “Hainan Haixi equity investment partnership” jointly with the related party Shanghai doctor group and other partners, which mainly invests in the field of Dermatology and Life Sciences, which will help the company expand investment channels, enrich the diversity of investment methods, and jointly explore the brand ecological layout in the field of dermatology with the help of professional investment institutions for long-term sustainable development. The private placement fund aims to raise 123 million yuan, raising 61.65 million yuan in the first phase. The company, as a limited partner, subscribed 40 million yuan in total, and plans to use its own funds to subscribe 20 million yuan in the first phase.
Comments
\u3000\u30001. Cooperate with senior dermatologists + with professional investment institutions to go deep into medical research and jointly create and grasp the prospect opportunity of effective skin care: ① one of the limited partners, the main shareholder of Dr. Shang Hai Group is an expert in the field of skin science, and the sponsors include Professor Zheng Zhizhong, former director of Dermatology of Huashan Hospital Affiliated to Fudan University. They have strong foresight in the technical development trend in the field of skin science and the control of the R & D direction of effective skin care products, This cooperation is expected to open up the industrial layout of the company in the clinical ecology through the advantages of product clinical observation and dermatology medical diagnosis and treatment, and improve the brand incubation ability from the perspective of medical research and co creation. ② The general partner is pandi venture capital, a professional early-stage investment institution founded by Qu Honglin focusing on the research and development of effective skin care products and brand incubation. In the past, he has invested in brands such as plant doctor, chemist advertisement, tianyicui (founded by Shanghai doctor group) and lishudan. The investment philosophy is consistent with that of the company. The supervisor is Ms. Xu Wenjun, the founder of jumeili. ③ In the past, many parties have cooperated with each other for many times. For example, in the past 22 years, Dr. Shanghai group, pandi venture capital and juyanhui jointly launched the “round table on deep innovation in science and technology”, and invited Bloomage Biotechnology Corporation Limited(688363) , Yunnan Botanee Bio-Technology Group Co.Ltd(300957) and other R & D personnel to have in-depth discussions. It is expected that the cooperation will be further deepened in the future, focusing on functional skin care R & D and brand incubation, so as to quickly realize the effective empowerment of industrial resources and professional resources.
\u3000\u30002. We expect that the establishment direction of the private equity fund is closely related to the personal health consumer goods department: Dr. Shanghai group, one of the limited partners of the private equity fund, is a related party of the company. In December 21, Hainan Jiaquan, a wholly-owned subsidiary of the company, increased its capital by 10 million yuan, held 35% of its equity after the capital increase was completed in February 22, and appointed Ms. fan yuan, general manager of Huaxi personal health consumer goods business group, as the director of the doctor group.
Investment advice
The company adheres to the long-term principle, tamps the competitive barrier and moat with its R & D strength, is committed to biotechnology & bioactive materials, based on the leader of hyaluronic acid raw materials, continues to extend functional sugars, amino acids and other bioactive substances, and establishes the whole industry chain business system from raw materials to medical end products, functional skin care products and functional foods by virtue of the two technical platforms of microbial fermentation and cross-linking and six R & D platforms, The “four-wheel drive” model opens up new strategic growth space. It is expected that the net profit of 22 / 23 will be 1.1/14 billion yuan, maintaining the “buy” rating.
Risk warning: new technology substitution risk; Product registration risk; The risk of intensified industry competition; The partnership agreement for the establishment of private equity funds has not been signed, and there are still some uncertainties in the implementation process; The risk that private equity funds fail to achieve expected returns or suffer losses.
