Failed To Catch The "Bait Incident" &Nbsp; Thousand Red Biochemical Difficult To Reach Second.

Although they are all the leading exporters of heparin sodium, the Changzhou thousand red biochemical pharmaceutical Limited by Share Ltd (December 3rd)

In May 6th this year, Hai Pu Rui landed on small and medium sized boards. The issue price was as high as 148 yuan, becoming the king of this year's new issue. It directly put the founder of the company Li Li and Li Tan on the throne of China's richest man.

In December 3rd, Qian Hong biochemical, who also exported heparin sodium as raw material, was successful.

Failure to seize the opportunity of "bait incident" and widening the competitiveness gap

In 2008, the revenue of thousands of red red biochemical 472 million yuan was still more than seabi (435 million yuan), but it was a pity that Qian Hong did not seize the market opportunity after the "bait event" in 2008.

In the first 2 months of 2008, four patients in the United States died after using anticoagulant heparin sodium produced by the American Baxter medical company, and more than 300 others appeared.

In the middle of April 2008, he passed the FDA inspection on the spot "zero defect", and then directly supplied to the APP company, which signed the exclusive supply agreement with the US market in 2003. The APP company was the largest after Baxter company withdrew from the US heparin sodium preparation market.

In 2009, France became the first exporter of heparin sodium raw materials in China. In 2005, he signed a strategic cooperation agreement with the leading company of low molecular heparin, Sanofi Aventis, France.

He sold two major companies in 2009, accounting for 79.57% of his 2009 revenue.

Hai Pu Rui's revenue also surged from 435 million yuan in 2008 to 2 billion 224 million yuan in 2009.

Qian Hong biochemistry has not been sold very much in the US market. According to its prospectus, until July 2009, the company submitted the registration application of heparin sodium to the US FDA through the Sanders Canada Company, providing raw materials for the new liver injection of Sanders Canada Company to be listed in the United States. At present, the update of the DMF document is being carried out according to the new heparin sodium quality standard. It is difficult to predict the time for the application to get the license.

"During the reporting period, the sales composition of the company's products is relatively limited by customers for the production of low molecular weight heparin," which makes it impossible for thousand red bio chemical to enter this relatively profitable market.

Moreover, the heparin product sold by thousand red biochemical products to Europe is not like a direct producer of heparin directly supplied to heparin, but also sold to some heparin products distributors.

This makes 2009 thousand red biochemical (20722 billion units) not only far lower than the sales volume of Hai Pu (63089 billion units), and in the case of heparin crude purchase price (22804.71 yuan / 100 million units) is lower than that of Hai pri (23168.79 yuan / 100 million units), thousand red biochemical 2009 heparin product gross margin (22.80%) is far less than sea Puri (48.26%) high, because the thousand red biochemical heparin sodium material sales unit price (25606.48 yuan / 100 million units) is far lower than the sea Puri (35248 yuan / 100 million units).

Although the industrial chain is more complete, it is difficult to become Hai PRI second.

Of course, when Hai Rui is still preparing heparin preparation line and relevant approval, Qian Hong biochemical has gained some results: in 2009 heparin preparations earned 32 million 700 thousand yuan, gross profit reached 30.63%, and even rose to 46.05% in the first half of 2010.

However, as the business revenue accounts for a small proportion of the total biochemical revenue of thousand red, it makes little contribution.

More than 99% of the business of Qian Hong is not concentrated on heparin sodium, but also Pancreatic Kininogenase Enteric-coated Tablets (2009 revenue of 131 million yuan, accounting for 17.64% of total revenue). The risk of business concentration is much less than that of Hai Rui.

It is noteworthy that the market share of Hebei Changshan biochemistry, which also has the advantage of heparin sodium, has reached 2.29% in 2009, and it has direct competition with thousand biochemical products.

It is commendable that, through the development of the business beyond the heparin sodium raw material export, thousand red biochemistry has established a domestic pharmaceutical sales network with 200 regional sales managers. This is the sharp weapon for the subsequent launch of other new drugs and the development of the domestic pharmaceutical market.

Thousand red biochemistry and Nanjing University professor Hua Zichun research group in 2006 developed a new drug targeting highly effective antithrombotic drugs, in June 2009 has completed 20 thousand production processes, basically completed pre clinical research, will soon declare clinical approval.

If the new drug is successfully listed, according to Wang Yaofang, chairman of thousand red biochemical, "at least tens of billions of market space."

This is probably the company's greatest imagination for investors.

But on the whole, there is a big gap between the main industries of the thousand biochemical industries and the company. It is difficult for the company to become second.