1. Overview of the company's history:
Tailing Pharmaceutical was founded in 1995, introduced TPG, a world-famous private equity firm, as its strategic investor in 1998, and listed on the main board of the Hong Kong Stock Exchange in 2011 as the largest third-party vaccine sales service provider in China. The company signed a bet agreement with TPG in 1998, and the core content is the company's profit growth. Therefore, the decision-makers of the company adopted a very radical business strategy at that time, and did not make timely adjustments to the major policy changes in the domestic vaccine market at that time, resulting in a shortage of cash flow, a surge in accounts receivable and excessive inventory pressure. In 2012, the company began to review and review its strategy at that time, and made a decision to completely shut down the imported vaccine distribution business, which accounted for an absolute share of the business at that time, and made a large provision for bad debts. As a result, the company began a difficult business transformation.
2. The main products sold by the company at present:
The company's main product is first of all, the agent sales of GSK injection antibiotic Fudaxin, the gross profit margin of this variety is low, only about 35%, the second half of 13 years began to be affected by GSK commercial bribery, this year is expected to be 50-600000 per month, can only maintain the state of natural sales, the cost of single sales has dropped accordingly
The second is to act as an agent to sell Fudan Zhangjiang's antineoplastic drug Libaoduo, which has a gross profit margin of 72%. It is expected that there will be room for further expansion in the future market. The company's 14-year sales target is 60,000 units.
The third is to act as an agent to sell Pfizer Inc's three products: Pioneer must: cefoperazone sodium injection (anti-infective), Youlixin (common name: ampicillin / sulbactam for injection, anti-infective) and Silmin (used in the field of central nervous system). It is estimated that there will be a total sales revenue of 100 million yuan in 14 years.
The company's own products mainly include atypical antipsychotic Su Si and other products, which are produced by the wholly-owned subsidiary Suzhou first Pharmaceutical Factory (which has been certified by the new version of GMP). The gross profit margin can reach 70%, and sales are expected to reach 70-80 million yuan in 14 years. In addition, the company also produces the respiratory drug ambroxol for Sihuan Pharmaceutical, with an estimated sales revenue of about 60 million in 14 years, with a gross profit margin of 50% without any sales expenses.
In June 2013, the company bought out all intellectual property rights related to Siddick (the trade name of uric acid peptide injection), which is an exclusive national first-class new drug approved by the State Drug Administration for the treatment of lung and breast cancer. Hefei Yongsheng Pharmaceutical Co., Ltd. It is expected to sell 20-300000 units in 14 years, with a sales revenue of more than 10 million and a gross profit margin of more than 70%. It is expected to become the growth point of the company's sales revenue in the future.
3. The company's capital expenditure plan:
The company's capital expenditure this year and next year is mainly focused on the construction of the new factory in Taizhou, Jiangsu Province, with a total investment of 100 million yuan and 50 million of the expenditure in 14 and 15 years respectively.
4. The company's future equity incentive plan:
With the clarity of the company's strategic objectives and the stability of the company's senior management structure, the company is actively exploring the introduction of equity incentive schemes to seek the long-term development of the company.
5. Future financing plans:
At present, the company is under great financial pressure and needs to pay a huge amount of financial expenses, so the company's board of directors is actively considering the introduction of domestic and foreign strategic financial investors.
6. The company's sales network:
The company has two sales models: one is to rely on its own sales team of more than 300 people, and the other is to rely on sales contractors in the target market.
7. Our suggestion: although there are still some difficulties in the operation of the company at present, the decision-makers of the company have profoundly reflected on the major mistakes made at the strategic decision-making level and corporate management level in previous years, cleaned up the problems left over from the company's development history, and covered almost all the bad and bad debts. Considering that the growth space of the pharmaceutical industry in which the company is located is huge, the strategic positioning has been clear, the business thinking has been clear, and the management team has been stable, we are more willing to believe that the company can reverse its difficulties in the future. Investors are advised to actively pay attention to and track the development and changes of the company.