Kang Zhi Pharmaceutical Deducts "Breaking Up And Ascending The Sky" Old Medicine And New Foam Geometry.

Fund or participate in the gem to stir up the new Kang Zhi pharmaceutical industry (300086)

Despite the recent controversy, Kang Zhi pharmaceutical not only recovered the lost land, but also rushed to the limit.

Kang Zhi pharmaceutical yesterday's trading momentum has shown signs on the previous day.

After the closing day of the first day of sale (Wednesday), the first five trading seats of Kang Zhi pharmaceutical company showed that two companies had "taken care of" this broken company all day, and the total purchase amount reached 60 million yuan.

It is reported that the "institutional exclusive" is basically the seat of the fund and the seat of insurance information, and the fund seats are the majority.

Kang Chi pharmaceutical is undoubtedly luckily compared with the other two GEM companies that have broken down on the first day.

Because according to media reports on May 18th, the Shenzhen Stock Exchange has issued an oral notice to fund companies that public funds can buy GEM stocks on the first day of gem listing.

Before that, in order to prevent the first day of the gem, the fund company has two restrictions on investing in the gem. One is to prohibit the public fund from buying the first day of the gem, and the two is to prohibit the public fund from buying the company's stock when the GEM listed company rises more than 5% on the same day.

After checking the data of the Shenzhen Stock Exchange's gem, since the beginning of this year, there have been no institutional figures in the top five businesses on the first day of the gem listing.

Third terminal suspected that the "Ruzhi" Kang Zhi pharmaceutical industry was questioned again.

A report on Kang Zhi's "leading product Ni Mei Shug Leigh's side effects" made the 9 pharmaceutical companies, which cover children's professional pharmaceutical manufacturers and the biggest domestic product of children's antipyretic analgesics, Ni Mei Shug Leigh production factory. In their prospectus, the names of their names, including "the production license of Nimesulide Granules's imitation Rui Zhiqing", have recently been countered, claiming that there is no "imitation problem" and expressing dissatisfaction and doubt about Kangzhi pharmaceutical industry.

However, the medical profession has different opinions on this kind of nimesulide, which may lead to liver failure. Its efficacy is fast and its strength is strong, but at the same time, it is also listed by some doctors and even hospitals as "no use for no reason, no use."

With the controversy over its adverse effects, doctors are beginning to worry that if Rui Zhiqing is pushed to the third terminal market in accordance with the idea of Kang Zhi pharmaceutical, it is likely that the medical knowledge of the rural population is relatively weak, which leads to the spread of drug abuse.

"Quick acting, but not the first choice".

"Any drug has the risk of adverse reactions.

Ni Mei Shug Leigh's main risk lies in the possibility of serious liver damage. "

Guo Fanli, a researcher in the pharmaceutical industry of CIC, said that since its listing, Ni Mei Shug Leigh has been withdrawn from the market in three European countries due to adverse reactions to liver damage.

At present, more than 30 cases of severe liver damage caused by Ni Mei Shug Leigh in the world are mostly reported in India.

Although the European Union drug monopoly Commission and the European Medicines Agency have conducted many surveys and assessments of adverse reactions, the conclusion is that "advantages outweigh disadvantages", and the adverse reactions of the drug in China in the past ten years are few.

However, there are still many doctors' opinions: "even if the probability is small, once it happens, it will be 100% for the patient."

"Any medicine has side effects, especially for children. We all suggest that we can not use drugs without taking drugs, and we can not take any medicine with oral administration."

Hong Jiangtao, general manager of Kang Zhi pharmaceutical and general manager of marketing company, said that the drug instructions in Rui Zhi Qing stipulate that it is only for children over 1 years old.

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Cry for mercy: the third terminal is misunderstood.

Hong Jiangtao explained that the so-called third terminal does not refer to "rural" alone, but refers to all retail outlets that sell directly to the consumer except for two or more large and medium-sized hospitals, chain drugstores, and large and medium-sized urban urban areas. The retail terminals mainly include two hospitals, township hospitals, village clinics, private clinics, community health service agencies, rural and large and medium-sized cities, and drugstores in the urban and rural areas.

"Third terminals have a wide range, for example, in many small places, county hospitals also belong to the third terminal.

In those places, the doctor's guidance is needed. "

Hong Jiangtao said that before this month, Kang Zhi pharmaceutical industry held a briefing session for hundreds of hospitals and clinics to explain the use of drugs.

In response to media questions, "the success of the sale of Rui Zhi Qing mainly depends on the clinical rather than the third terminal market," Hong Jiangtao once sighed. "The third terminal also needs to be clinical."

In Hong Jiangtao's view, the relevant queries about Kang Zhi pharmaceutical sales channels mainly come from the misunderstanding of the concept of "third terminal" and "clinical medication".

Although Rui Zhi has entered hundreds of large hospitals such as Shanghai Children's Medical Center and early morning, its sales share is only third of terminal 1/4.

However, Guo Fanli, a researcher at CIC's pharmaceutical industry, said: "the third terminal market competition has just begun. Because the market is not mature, development is also facing certain bottlenecks."

Among them, the hardware aspect is low consumption level and high operation cost, while the software aspect includes drug delivery problem.

So, can Kang Zhi pharmaceutical solve these bottlenecks?

"Kangzhi pharmaceutical industry has formed a" professional cooperation agency mode "according to the characteristics of the third terminal market.

Hong Jiangtao said that at present, Kang Zhi pharmaceutical only set up a dealer to reduce intermediate links, so that dealers can get more profits than other products and increase sales enthusiasm. At the same time, dealers signed "exclusive operation contracts" instead of other brands of similar drugs. In daily management, dealers directly place orders with the company and carry out specific drug sales and logistics distribution according to the needs of local sales terminals, so as to improve distribution efficiency.

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"Old medicine do new" Kang Zhi pharmaceutical bubble geometry?

Where are the core strengths?

The prospectus disclosed that Kang Zhi pharmaceutical's main business is the development, production and sale of children's medicine.

The company produces and sells its own children's medicine products mainly including rezhiqing (Nimesulide Granules), Cefminox Sodium for Injection, Zhike tangerine granules (national two grade Chinese medicine protection varieties), and colds and Qingre granules.

Among them, the treatment of children's antipyretic analgesics western medicine Ruizhi Qing is the company's leading product, is the main source of its main business income and profits.

In fact, the production and sales status of Rui Zhi Qing basically determines the company's income and profitability.

The sales revenue of the product in 2007, 2008 and 2009 accounted for 64.24%, 73.01% and 80.77% of the company's main business income respectively, and the gross profit of sales accounted for 72.89%, 84.67% and 89.54% of the gross profit of the company in the same period.

Kang Zhi pharmaceutical emphasizes that because of its good curative effect and high safety, Rui Zhi Qing enjoys high popularity, reputation and good market base in doctors and patients.

From the prospectus and the company's publicity, Kang Zhi pharmaceutical has been trying to build the company's uniqueness and uniqueness in the scale of Nimesulide Granules production.

In the prospectus and external publicity, the main competitors have been pplanted into Merrill Lynch, Tylenol and Bai Quan, etc.

In the catalogue of China's major child drug manufacturers and major products, it will also directly concealing or producing similar products of Nimesulide Granules.

In addition, in the case of the main competitor of children's medicines listed in the prospectus, although it points out the sun stone (Tangshan) pharmaceutical industry, it only compares with the company's good Doll (Pediatric Paracetamol and Amantadine Hydrochloride Granules), evading the enterprise and producing Nimesulide Granules, which is called saipda.

While listing the situation of Nimesulide Granules's generic drug companies, Kang Zhi pharmaceutical only emphasized that other enterprises have production approval, and Nimesulide Granules is "imitation Rui Zhi Qing".

In fact, the approval number obtained from the above 10 pharmaceutical factories shows that the approved time of Nimesulide Granules (Nimesulide Granules) (Nimesulide Granules) was approved in 1999. The approval time of Anhui Wan Bei Pharmaceutical (Fu Mei Shu) and Jing Fang pharmaceutical industry was in 2001, much earlier than that of Kang Zhi pharmaceutical industry.

How to copy drugs in the early stage or the same period?

Kang Zhi pharmaceutical also stressed that "in these manufacturers, Nimesulide Granules is not a leading product, so its dedicated concentration is limited, production and marketing scale and market share are relatively small, there is a big gap in the Nimesulide Granules market compared with the company."

Some people in the medical profession say that the effect of Nimesulide Granules depends on the main ingredients. The cost of other accessories is very small, and "like the taste and appearance of Rui Zhi Qing", it can be easily done in the domestic technology, such as fruit flavour, which are not the main advantages.

Reporters learned from Anhui Jing Fang pharmaceutical company that the Nimesulide Granules produced by the company has an added taste.

At present, as long as it is Nimesulide Granules, no matter which pharmaceutical factory produces good sales, such as the sharp production of Nanjing ZHENG Ke Pharmaceutical Co., and the Fu Mei Shu produced by Anhui North Anhui pharmaceutical industry, it is very good, sometimes it will be out of stock.

Contract Anhui Jing Fang pharmaceutical Nimesulide Granules sales of a pharmaceutical company also revealed that "six or seven years of this medicine, sales are OK, we are now customers in advance to fight for money, queuing up to get medicine." "Changchun,"

Because of the good sales situation, Anhui Wan Bei pharmaceutical and other two pharmaceutical factories all emphasize the production of the original flavor medicine.

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Capacity constraints

Another notable problem is that the production of Kang Zhi pharmaceutical will be limited by the company's production capacity.

The prospectus showed that in 2009, the production rate of the Kang Zhi pharmaceutical production line reached 99.91%, and the production and marketing rate was 101.12%.

And the price of Rui Zhi Qing fluctuate little. In 2007, the average price of each bag in Rui Zhi Qing was 0.3167 yuan, down to 0.2936 yuan in 2008, and slightly increased to 0.2968 yuan in 2009, or 1.09%.

In the fund-raising investment project of Kang Zhi pharmaceutical, the construction period of children's drug production base is from the end of 2008 to the end of 2010, and the main products are from 2011 to 2013.

This means that in 2010, the output of Ganzhi pharmaceutical will remain at the level of 2009. If the price is stable, its performance level will remain at the 2009 level this year.

Kang Zhi pharmaceutical expects that its sales revenue of the leading product, Rui Zhi Qing, will still maintain an annual growth rate of over 30% in the next 3-5 years. However, according to the current limitation of production capacity, the realization of this goal is still doubtful.

On the other hand, although the production and sales of other five kinds of children's medicine products, such as cephalosporin products, Paracetamol Anantadine Hydrochloride Artificid Cow-bezar and Chlorphenamine Mdeate Granules, Carbocysteine Granules, Jian Le Le, Pediatric Four Vitamins and Calcium Gluconate Granules and so on, have been increasing rapidly in recent years, but due to the limitation of the company's production capacity and the short time of some products being put into the market, the scale has not yet been formed.

In 2009, the market share of cough stopping red granules has increased to 99.91%, and the production and marketing rate has increased to 123.89%.

As a result, the risk of single product structure will continue for a period of time.

In addition to buying up the potential growth of sales drugs, it is unlikely that this year will depend on the growth of other drugs to protect performance.

The lack of strength in Kang Zhi pharmaceutical industry has attracted the attention of some securities researchers. Based on a single product structure, the same drug impact led to a decline in gross profit margin and the risk of drug being discontinued due to side effects, many researchers gave reasonable prices below 60 yuan.