growth hormone, as one of the most sought after medical racetracks by capital, once had a high gross profit margin. However, in 2021, “product abuse query” and centralized mining landing two negative factors followed Anhui Anke Biotechnology (Group)Co.Ltd(300009) as the leading company in the industry, the share price has been falling all the way since May last year. In the face of difficulties, Anhui Anke Biotechnology (Group)Co.Ltd(300009) made a cross-border idea…
Recently, Anhui Anke Biotechnology (Group)Co.Ltd(300009) announced that the revenue in the first quarter of 2022 was 533 million, an increase of 10.01% year-on-year; The net profit attributable to shares was 173 million, a year-on-year increase of 37.67%; Deduct non net profit of 158 million, with a year-on-year increase of 33.97%.
On April 27, Anhui Anke Biotechnology (Group)Co.Ltd(300009) shares closed at 7.75 yuan / share, up 3.06%, with a total market value of 12.698 billion yuan.
cross border layout covid-19 Vaccine
With the centralized purchase of drugs, the growth hormone track is no longer calm, and Anhui Anke Biotechnology (Group)Co.Ltd(300009) deeply rooted in this field has also played its own “small abacus”.
On April 13, Anhui Anke Biotechnology (Group)Co.Ltd(300009) announced that in order to actively respond to and meet the current needs of covid-19 epidemic prevention and control, the company plans to cooperate with afana on “covid-19 Omicron and other mutant mRNA vaccine”.
The next day, the cooperation attracted the attention of Shenzhen Stock Exchange. Anhui Anke Biotechnology (Group)Co.Ltd(300009) was asked to explain the specific mode of cooperation and whether the company has relevant qualification and production experience in vaccine industrialization in combination with its main business.
On April 18, Anhui Anke Biotechnology (Group)Co.Ltd(300009) replied to the Shenzhen stock exchange that in terms of cooperation with afana, the company participated in the preparation and verification of some pilot samples in the early stage, and will cooperate to complete the preparation and inspection of clinical samples meeting GMP conditions in the future. The company will cooperate to complete the follow-up production line construction, vaccine product marketing license application, market support and other related work.
It is worth noting that in reply to the letter of concern of Shenzhen Stock Exchange, Anhui Anke Biotechnology (Group)Co.Ltd(300009) said that “the company has not obtained the vaccine production license” and “the company has no vaccine production experience at present”.
Where does Anhui Anke Biotechnology (Group)Co.Ltd(300009) the confidence come from when he dares to plunge into covid-19 vaccine field without experience and permission?
Anhui Anke Biotechnology (Group)Co.Ltd(300009) said that although the company has no vaccine production experience at present, it is feasible for the company to cooperate with afana on mRNA vaccine products because mRNA vaccine and genetic engineering drugs currently produced by the company belong to biological products and have certain similarities in product industrialization.
Statistics show that up to now, five products of covid-19 vaccine in China have been listed. In addition, five enterprises including Suzhou Aibo Biotechnology Co., Ltd., Siwei (Shanghai) Biotechnology Co., Ltd., Zhuhai livanda Biotechnology Co., Ltd., stone Pharmaceutical Group Co., Ltd. Cansino Biologics Inc(688185) Jinyu Bio-Technology Co.Ltd(600201) company have been approved to carry out mRNA vaccine clinical trials. In the research and development stage, Anhui Anke Biotechnology (Group)Co.Ltd(300009) will face fierce competition.
Anhui Anke Biotechnology (Group)Co.Ltd(300009) said in the reply letter that even if the mRNA vaccine of this cooperation is successfully approved for marketing, there are uncertainties in the subsequent commercialization of the product due to the development and changes of the epidemic situation outside China and other factors.
Therefore, some investors believe that Anhui Anke Biotechnology (Group)Co.Ltd(300009) a series of operations of “covid-19 concept of cross-border layout” are “rubbing the heat”
However, in addition to the mRNA vaccine, Anhui Anke Biotechnology (Group)Co.Ltd(300009) there are still two products under development that deserve the expectation of the market.
According to the annual report, the Anhui Anke Biotechnology (Group)Co.Ltd(300009) R & D expenditure in 2021 was 167 million yuan, with a year-on-year increase of 29.34%. The listed R & D projects mainly include “recombinant human HER2 monoclonal antibody for injection” and “recombinant anti VEGF humanized monoclonal antibody injection”. Among them, the former is the second trastuzumab biological similar drug to be declared for listing in China. The application for listing license has been accepted by the State Food and Drug Administration and is expected to be approved for listing within this year; The latter has also completed phase III clinical enrollment and entered the preparation stage of production report.
why increase income but not profit
The bright performance in the first quarter of 2022 can not hide the fact of net loss in 2021.
On March 31, Anhui Anke Biotechnology (Group)Co.Ltd(300009) announced the performance of 2021. During the reporting period, the company achieved a revenue of 2.169 billion yuan, a year-on-year increase of 27.47%; The net profit attributable to shares was 207 million yuan, a year-on-year decrease of 42.44%.
Nearly 30% of the revenue has increased, but there is a net profit loss of more than 40%. What is the reason for Anhui Anke Biotechnology (Group)Co.Ltd(300009) increasing revenue without increasing profit?
In view of the reason why the performance in 2021 will increase income but not profit, Anhui Anke Biotechnology (Group)Co.Ltd(300009) the explanation is that the company has withdrawn about 323 million yuan of goodwill impairment reserves for its subsidiaries Su haoyiming and Sino German Meilian, which reduces the net profit of the company’s consolidated statements in 2021 to about 323 million yuan, resulting in a year-on-year decline in the net profit of the company.
Statistics show that Anhui Anke Biotechnology (Group)Co.Ltd(300009) was listed in October 2009, and its main business covers biological products, nucleic acid detection products, polypeptide drugs, modern Chinese patent medicines, chemical synthetic drugs and other industrial fields. The company’s biological agents include human growth hormone and human interferon, mainly recombinant human growth hormone “ansumeng”.
From the financial data, “biological products” and “Chinese patent medicine” achieved revenue of 1.295 billion yuan and 519 million yuan respectively, contributing more than 80% to the company’s total revenue.
price reduction of centralized purchase of advantageous products
From the perspective of dosage forms of growth hormone, there are three types of powder injection, water injection and long-term dosage forms in the Chinese market. Among them, the price of powder injection is low and has the largest patient group; The price of water injection is higher, but it is better than powder injection in activity, antibody generation and safety; Due to its late entry into the market and high treatment cost, the long-acting dosage form has the lowest market share. Its biggest advantage is that it only needs to be injected once a week and the medication is convenient.
According to the PDB sample hospital sales database, in 2020, Kinsey pharmaceutical accounted for 76.13% of the growth hormone market, followed by manufacturers such as Anhui Anke Biotechnology (Group)Co.Ltd(300009) and unisel, with market shares of 12.48% and 8.81% respectively.
Anhui Anke Biotechnology (Group)Co.Ltd(300009) occupies a dominant position in the field of powder injection. At present, it accounts for about 44% of China’s powder injection Market, while unisell and kinsay pharmaceutical powder injection account for 31% and 16% respectively.
Previously, on March 10, Guangdong Pharmaceutical Trading Center issued a notice on publicizing the proposed winning / alternative results of centralized procurement of diclofenac and other drugs of Guangdong Alliance (the first batch). The proposed winning results of centralized procurement showed that compared with the previously disclosed highest valid application price, the powder injection of the three product specifications of kinsay pharmaceutical industry decreased the most, reaching 52.46%, and the Anhui Anke Biotechnology (Group)Co.Ltd(300009) decreased by 15.79%; In terms of water needle, China’s three major enterprises collectively abandoned the bid and none participated.
Anhui Anke Biotechnology (Group)Co.Ltd(300009) also said in the performance exchange meeting on April 13 that for centralized purchase, the company has taken the initiative to reduce the price to a certain extent in combination with the interests of the market, products, prices, patients and shareholders. Taking into account the factors such as centralized purchase area, volume and price, the company’s sales model and sales structure have not been adjusted at present, but the sales strategy will be continuously optimized.
