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四环医药(00460.HK):医美+医药双轮驱动 战略转型焕新颜

Fourth Ring Medicine (00460.HK): the transformation of the two-wheel drive strategy of Medical Beauty and Medicine brings a new look.

安信證券 ·  May 10, 2021 00:00

Medical beauty + medicine two-wheel drive, innovation to create a leading medical beauty medicine company: founded in 2006, the company mainly focuses on the cardiovascular and cerebrovascular field, listed in Hong Kong in 2010. In 2014, the company signed an exclusive agency agreement with South Korea's Hugel Company, and launched medical and beauty products in 2020.

The company takes medical beauty + medical two-wheel drive, pharmaceutical plate products around cardio-cerebrovascular and other five major areas of layout, medical plate to Botox as the origin, the future will launch hyaluronic acid, children's facial needles and other medical beauty products to form a medical beauty product matrix.

Pharmaceutical industry: actively lay out innovative research and development around the fields of mental nerve, cardio-cerebrovascular, digestion, anti-infection and so on. The new indication (treatment of acute ischemic stroke) of cinepazide maleate injection (Klinao) has been approved clinically; monoammonium cysteine and sodium chloride injection of glycyrrhizic acid entered health insurance in 2019 and is optimistic about its rapid sales volume; powder double-chamber bag products have the advantages of avoiding infusion pollution, convenient dispensing and no risk of misdispensing, and are optimistic about its rapid sales volume. Drug R & D: continue to promote drug R & D with the core concept of "combination of imitation and innovation". Sihuan Medicine comprehensively distributes the research and development of innovative drugs for small molecules and macromolecules through the two major platforms of Xuanzhu Biology and Kangming Baiao. There are 14 research projects of Xuan bamboo biology, covering the fields of oncology, metabolism and anti-infection, and 12 projects of Kangming Baiao, which mainly innovate the research and development of multi-functional antibody drugs such as double anti-ADC and so on. Strengthen product innovation through investment mergers and acquisitions and international cooperation. In recent years, the company has continued to carry out product innovation and international transformation through investment in Jie Shi Life Technology, cooperation with India's Sideron Pharmaceutical Agreement, long-term cooperation with Covance, introduction of Guangdong Guanrun and Nanjing Hui, and capital increase for Beijing Ruiye.

To build the whole industrial chain base of industrial marijuana and modern traditional Chinese medicine. The subsidiary Aokang Pharmaceutical Co., Ltd. distributes industrial marijuana and modern traditional Chinese medicine. Industrial hemp is located in the R & D and industrialization development of high-content CBD pharmaceutical and medical materials, and is committed to creating the first research, production and marketing platform for domestic northern industrial hemp.

Make-up space, the strategy cuts into the medical beauty contest way. In October 20, Sihuan Pharmaceutical's exclusive agent botulinum toxin Letibao was approved by NMPA to be listed, becoming the fourth type A botulinum toxin approved to be listed in China. We believe that the competitive advantage of Letibao is obvious: 1) the authentic market has a high performance-to-price ratio: among Botox products on the market, the product power of imported products is better than that of domestic products, which is mainly reflected in 1) the protein excipient used in imported products is human serum albumin, while domestic products are medical gelatin, and imported products are less allergenic. 2) in terms of dispersion, the dispersion area of imported products is relatively small (Letibao = Botox

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