The market cap has dropped by more than 60% in the first year of listing, and Minh Health still relies on the large single product '21st Century Vitamins'.

lanjinger.com · Sep 9 22:07

蓝鲸新闻9月9日讯（记者邵雨婷）“21金维他”作为国内第一个多维元素类OTC药品，至今已畅销四十年，但其背后的母公司民生健康（301507.SZ）在资本市场上还只是一个“新兵”，9月5日，民生健康在创业板上市满一周年，过去一年，这个“资本新兵”表现如何？

据最新财报显示，2024年上半年，民生健康实现营业收入3.97亿元，同比增长8.06%；归母净利润7726.94万元，同比增长10.30%。

民生健康的前身民生药厂创建于1926年，距今已有近百年的历史，是中国最早的四大西药厂之一，也是商务部认定的第一批“中华老字号”企业，经过公私合营和股份制改造后，目前已成为一家民营企业。

1985年，民生健康推出多维元素片（21）（以下均简称“21金维他”），并依托21金维他推出了多种维生素矿物质片保健食品及食品。

和诸多老字号一样，民生健康也面临着产品结构单一的风险。2021年至2023年，21金维他的销售收入分别4.76亿元、4.39亿元、4.23亿元，占公司当期主营业务收入的比重分别为82.05%，80.46%、86.70%。

为此，2020年，民生健康收购了原公司控股股东民生药业的全资子公司健康科技，获得包括益生菌颗粒、益生菌粉、益生菌固体饮料在内的三款产品。不过，益生菌系列的收入逐渐减少，2020年至2023年，收入从2382.23万元降低至637.74万元，占比从5.49%降至1.10%。

目前，公司搭建了21金维他、普瑞宝、民生健康、民生同春四大核心业务板块。从产品来看，2024年上半年，公司在多种维生素矿物质片保健食品及食品实现了较大增长，但21金维他仍贡献了近八成收入。此外，公司还将益生菌颗粒和益生菌粉产品无偿委托给健康科技进行生产销售，因此在财报中未曾披露相关产品的最新收入情况。

据财报，2024年上半年，21金维他的收入为3.14亿元，仅增长2.02%，收入占比为79.09%，毛利率为67.18%；多种维生素矿物质片保健食品及食品的收入同比增长22.23%至5093.51万元，占比为12.85%，毛利率为42.06%。

为打破产品单一的情况，民生健康大力促进新品研发。2024年6月，民生健康重新启用“民生同春”品牌，为新银发、女性等人群研发产品。8月，民生健康与中科嘉亿（山东）投资控股有限公司合作，计划打造益生菌菌株原料品牌，正式进军益生菌市场。2024年上半年，公司投入研发费用1610.37万元，同比增长1.11%，占公司营业收入的比例为4.05%。

民生健康的销售模式以经销方式为主，公司与经销商的合作模式均为买断式经销，主要客户为全国范围内的大型医药流通商及区域实力较强的医药流通商。2023年，公司以经销模式取得的销售收入占主营业务收入的比例分别为90.71%。

为拓宽线上渠道，上半年，公司打造了一款专门针对成年女性的产品“21金维他桃花瓶”，将该产品通过广告植入热播剧《欢乐颂5》、《玫瑰的故事》。不过，这也让公司营销费用大涨，2024年上半年，民生健康的销售费用为1.15亿元，同比增长12.14%。

2023年9月5日，民生健康正式在深交所创业板挂牌上市，募集资金8.91亿元，发行价格为10元/股，上市当日报收32.78元/股，市值超128亿元。

截至2024年9月9日，民生健康报收11.53元/股，上市以来跌幅达64.85%，总市值为41.11亿元，市值蒸发超80亿元。

Blue Whale News, September 9 (Reporter Shao Yuting) As the first multi-dimensional OTC drug in China, “21 Gold Vita” has been selling well for 40 years, but the parent company behind it, Minsheng Health (301507.SZ), is still only a “new recruit” in the capital market. On September 5, Minsheng Health completed its first year on the GEM. How has this “capital recruit” performed in the past year?

According to the latest financial report, in the first half of 2024, Minsheng Health achieved operating income of 0.397 billion yuan, an increase of 8.06% over the previous year; net profit to mother was 77.2694 million yuan, an increase of 10.30% over the previous year.

Minsheng Pharmaceutical Factory, the predecessor of Minsheng Health, was founded in 1926 and has a history of nearly 100 years. It is one of the first four major Western pharmaceutical companies in China and the first batch of “Chinese Time-honored Brands” certified by the Ministry of Commerce. After public-private partnerships and shareholding system transformation, it has now become a private enterprise.

In 1985, Minsheng Health launched multi-dimensional tablets (21) (hereinafter referred to as “21 Gold Vitamin”), and introduced multi-vitamin and mineral tablets health food and food based on 21 Gold Vitamin.

Like many time-honored brands, Minsheng Health also faces the risk of a single product structure. From 2021 to 2023, 21K Gold Vita's sales revenue was 0.476 billion yuan, 0.439 billion yuan, and 0.423 billion yuan respectively, accounting for 82.05%, 80.46%, and 86.70% of the company's current main business revenue, respectively.

To this end, in 2020, Minsheng Health acquired Health Technology, a wholly-owned subsidiary of Minsheng Pharmaceutical, the controlling shareholder of the company, and obtained three products including probiotic granules, probiotic powder, and probiotic solid drinks. However, revenue from the probiotic series gradually declined. From 2020 to 2023, revenue dropped from 23.8223 million yuan to 6.3774 million yuan, accounting for 5.49% to 1.10%.

Currently, the company has built four core business segments: 21 Golden Vita, Pribao, Minsheng Health, and Minsheng Tongchun. In terms of products, in the first half of 2024, the company achieved significant growth in multivitamin and mineral tablet health food and food, but 21K Vitamin still contributed nearly 80% of revenue. In addition, the company also outsourced the production and sale of probiotic granules and probiotic powder products to Health Technology free of charge, so it did not disclose the latest revenue situation of related products in the financial report.

According to financial reports, in the first half of 2024, 21 Golden Vitamin's revenue was 0.314 billion yuan, an increase of only 2.02%, accounting for 79.09% of revenue, and gross margin of 67.18%; revenue from multivitamin and mineral supplements increased 22.23% year-on-year to 50.9351 million yuan, accounting for 12.85%, and gross margin of 42.06%.

In order to break the single product situation, People's Livelihood and Health is vigorously promoting research and development of new products. In June 2024, Minsheng Health re-launched the “Minsheng Tongchun” brand to develop products for people with new hair and women. In August, Minsheng Health cooperated with Zhongke Jiayi (Shandong) Investment Holdings Co., Ltd. to build a probiotic strain raw material brand and officially enter the probiotic market. In the first half of 2024, the company invested 16.1037 million yuan in R&D, an increase of 1.11% over the previous year, accounting for 4.05% of the company's revenue.

Minsheng Health's sales model is mainly based on distribution methods. The cooperation model between the company and dealers is buy-out distribution. The main customers are large pharmaceutical distributors nationwide and pharmaceutical distributors with strong regional strength. In 2023, the sales revenue obtained by the company through the distribution model accounted for 90.71% of the main business revenue, respectively.

In order to broaden online channels, in the first half of the year, the company created a product “21 Gold Vitas Peach Vase” specifically aimed at adult women, and incorporated the product into the hit dramas “Ode to Joy 5” and “The Story of a Rose” through advertisements. However, this also caused the company's marketing expenses to soar. In the first half of 2024, Minsheng Health's sales expenses were 0.115 billion yuan, an increase of 12.14% over the previous year.

On September 5, 2023, Minsheng Health was officially listed on the Shenzhen Stock Exchange GEM. The capital raised 0.891 billion yuan, the issue price was 10 yuan/share. The closing price was 32.78 yuan/share on the day of listing, and the market value exceeded 12.8 billion yuan.

As of September 9, 2024, Minsheng & Health reported 11.53 yuan/share, a decrease of 64.85% since listing. The total market value was 4.111 billion yuan, and the market value evaporated by more than 8 billion yuan.

The translation is provided by third-party software.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

上市一年市值跌逾六成，民生健康仍依赖大单品“21金维他”

The market cap has dropped by more than 60% in the first year of listing, and Minh Health still relies on the large single product '21st Century Vitamins'.

Risk Disclaimer

Statement