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泰凌医药(1011.HK):成功转型 将进入快速发展期

Tai Ling Medicine (1011.HK): successful transformation will enter a period of rapid development

國元(香港) ·  Aug 21, 2016 00:00  · Researches

1. Steady growth in medium-term results:

The company's revenue increased 1.3% to 385.8 million yuan. The profit attributable to the equity shareholders of the company increased by 37.0%, from RMB 36.5 million to RMB 50 million. Basic earnings per share were 3.21 cents, compared with 2.84 cents per share in the same period in 2015. After actively abandoning Fudaxin and other low gross margin antibiotics, the company achieved steady revenue growth through the rapid growth of its own products, and if Fudaxin was excluded, revenue grew by 31.9%.

2. Li Baoduo:

The income of Libaodou, a tumor drug made in Zhangjiang, Fudan, increased by 35.1% to 262.1 million yuan, with sales of 52000 units in the first half of the year and a target of 95000 for the whole year.

3. Shu Si:

Shusi, commonly known as quetiapine fumarate tablets, is the first independently produced product in Suzhou. Shusi's income increased by 61.6 per cent to 86.6 million yuan, compared with 53.6 million yuan in the same period in 2015.

Sales in the first half of the year were 3.22 million boxes, with a target of 7.5 million boxes for the whole year. The increase in Shuth sales is due to the increasingly favorable market environment and improved inventory management in distribution channels. It was approved in May 2003 and officially launched for listing in July 2003. Shusi is suitable for the treatment of schizophrenia and manic episodes of bipolar disorder. The incidence of mental illness in China is high and on the rise, so the growth space of this product is worth looking forward to. At present, there are only three manufacturers in China, and Shusi accounts for 35%.

4. Xidi Ke

Xidi Ke is commonly known as uric acid peptide injection, which is independently produced by Jiangsu Biopharmaceutical. Xidi Ke combined with chemotherapy is used in the treatment of advanced breast cancer and non-small cell lung cancer. The product has obtained 1.1 new drug certificates, and the new plant is currently subject to GMP inspection. It is expected to be on the market in the fourth quarter of this year, with a target of selling 5000 bottles this year. Xidi Ke in the treatment of myelodysplastic syndrome (MDS) is the only drug in China.

5. Zhuo ao:

Zhuo's revenue fell 39.7% to 18.4 million yuan, compared with 30.5 million yuan in the same period in 2015. The decrease in Zhuo's sales is mainly due to the restructuring of its single distributor Sihuan Pharmaceutical during the period, thus affecting product sales performance. After the completion of the adjustment, sales will improve significantly in the second half of the year.

6. Secret cover information:

On May 18, 2016, the company entered into a number of agreements with Novartis to acquire secret interest-capping drugs, mainly for the treatment of osteoporosis. The price is about 900 million yuan, including 200 million and 500 million loans with its own capital, and the financial cost is about 40 million a year. It has obtained sales and craftsmanship from China, Southeast Asia, Egypt and other 20 countries. At present, sales in China account for 80%, with sales of more than 200 million. The gross profit margin of the product is 80%, and the profit margin can reach 30-40%. Through Tailing's channels, sales are expected to grow rapidly.

7. Summary and suggestions:

The company has completed the gorgeous transformation, its own varieties Shu Si, Xidi Ke are seriously ill varieties, the growth space can be expected, close cover interest is a high gross margin, market-based products, the company is expected to achieve rapid growth in performance next year, can actively pay attention to.

The translation is provided by third-party software.


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