Out of the haze of Compaq Xipu's failure to go to sea, Kanghong Pharmaceutical turned losses on 202 1.

Recently, Kanghong Pharmaceutical released the 202 1 report card. During the period, the company achieved revenue of 3.605 billion yuan, a year-on-year increase of 9.4%; The net profit returned to the mother turned losses into profits, reaching 426,543.8+0 billion yuan, a year-on-year increase of 256.04%.

The reason for the loss is that in 2020, the global phase III clinical trial project (referred to as KH9 16 project) on the efficacy and safety of Kanghong Pharmaceutical Kangbai Xipu Eye Injection in the treatment of neovascular age-related macular degeneration failed, resulting in financial adjustment performance loss.

Specifically, on April 9th, 20021year, the Scientific Steering Committee of KH9 16 Project conducted a mid-term review, and concluded that the test of KH9 16 Project failed to achieve the expected goal, and suggested stopping the test of KH9 16 Project. Subsequently, Kanghong Pharmaceutical announced that the project had stopped and revised its 2020 annual results. According to the company, the accumulated capitalized expenditure of 654.38+39.7 million yuan was transferred to the current profit and loss.

As a result, the total profit and operating profit of Kanghong Pharmaceutical decreased by 65.438+0.397 billion yuan, income tax expense decreased by 382 million yuan, and net profit decreased by 65.438+0.0/kloc-0.50 billion yuan. This is also the first loss since Kanghong Pharmaceutical 20 15 went public. At that time, within a month, the company's share price was close to the waist, and its market value evaporated by over 654.38+0.5 billion yuan.

However, although Kanghong Pharmaceutical's net profit of 202 1 returned to the mother turned losses, the achievement of 42 1 10,000 yuan was also the "profit trough" in the company's performance since its listing. According to historical data, from 20 15 to 2020, the company's net profit attributable to the mother was 394 million yuan, 497 million yuan, 644 million yuan, 695 million yuan, 7180,000 yuan and-270 million yuan respectively. In other words, the net profit of Kanghong Pharmaceutical 202 1 is almost half that of its peak period.

Moreover, in 20021year, Kanghong Pharmaceutical was still affected by impairment. The data shows that the company's performance in the first three quarters is quite different from that in the fourth quarter. From the first quarter to the fourth quarter, the company's revenue was 9 15 million yuan, 985 million yuan, 945 million yuan and 76 10 million yuan respectively; The net profit of returning to the mother was 234 million yuan, 65.438+87 million yuan, 233 million yuan and-232 million yuan respectively.

According to the previous performance forecast of Kanghong Pharmaceutical, IOPtima, an Israeli wholly-owned subsidiary of Kanghong Pharmaceutical, continued to be affected by the COVID-19 epidemic during the reporting period, and the progress of product promotion and new product research and development was lower than expected. It is estimated that the impairment of goodwill is RMB 2,654,380,500. Previously, in order to enter the glaucoma market, Kanghong Pharmaceutical acquired IOPtima.

The above facts show that Kanghong Pharmaceutical has not fully recovered its performance after being frustrated in Compaq Xipu's sea trip. Moreover, after the failure of product line layout, where is the company's future growth point is still a problem.

At present, Compaq Sip is still the most important product of Kanghong Pharmaceutical. The injection is a recombinant fusion protein of VEGF receptor and human immunoglobulin Fc segment gene, which is mainly used to treat wet age-related macular degeneration (wAMD). It was developed by Fang Jianmin, the founder of Rongchang Bio, on the basis of Regeneron/Bayer Abbasip (trade name: Aliya) in his early years, and then the patent was transferred to Kanghong Pharmaceutical.

In 20 13, Compaq was listed. According to the financial data of Kanghong Pharmaceutical, the annual sales of Compaq Xipu from 20 19 to 202 1 were all above 10 billion yuan, accounting for more than 30% of the current operating income. Since listing, the cumulative sales of this product is far above 4 billion yuan.

In recent years, under the attack of two foreign pharmaceutical companies, Aposipo and Rezumab, Kanghong Pharmaceutical began to plan to go to sea on 20 17, and proved the efficacy of the products through international multi-center clinical trials, and then entered the overseas market. Of course, this plan has failed at present, and Kanghong Pharmaceutical's product planning for going to sea has not been updated for the time being.

With the increasing difficulty of the original market, the breakthrough of new indications has not been won. According to Kanghong Pharmaceutical's speech on the public platform in March, 2022, Kangbai Xipu's new indication RVO (retinal vein occlusion) is currently being evaluated by the Drug Evaluation Center of the State Pharmaceutical Products Administration. This instruction was submitted at the beginning of 20021,and it has been more than a year.

It is worth noting that in the annual report of 202 1, the inventory of Kanghong Pharmaceutical suddenly increased by 80%. In this regard, the company explained that the increase in inventory was mainly caused by the impact of sales and stocking. But in recent years, even the flagship product of Compaq Sip has not seen such a degree of sales growth. According to financial data, from 20 19 to 202 1 year, Compaq Xipu's sales were165438+55 million yuan,10.86 million yuan and13190,000 yuan respectively.

Moreover, it is a challenge whether the current epidemic situation can be digested due to the large inventory of Kanghong Pharmaceutical. And if it cannot be digested in time, will there be inventory impairment in the future?

In addition, Kanghong Pharmaceutical recently released the first quarterly report in 2022. In the first quarter of this year, the company achieved revenue of 895 million yuan, down 2.11%year-on-year; The net profit of returning to the mother was 297 million yuan, a year-on-year increase of 27.22%.

In the first quarter of 2022, Compaq Xipu achieved sales revenue of about 340 million yuan, up 13% year-on-year. However, the company's chemical and pharmaceutical sector achieved revenue of 246 million yuan, down 29.45% year-on-year, resulting in a 2% decrease in the company's overall operating income compared with the same period.

The decline in revenue from the chemical sector reflects that Kanghong Pharmaceutical is increasingly affected by centralized mining. According to the company's annual report, the company's chemical drugs include venlafaxine hydrochloride sustained-release tablets, aripiprazole orally disintegrating tablets, aripiprazole oral solution, mosapride citrate tablets, mosapride citrate dispersible tablets and dextrozopiclone tablets, in addition to a series of proprietary Chinese medicines.

In June, 20021,the fifth batch of centralized procurement, Kanghong pharmaceutical chemical venlafaxine sustained-release tablets were included in the centralized procurement. Before centralized procurement, the unit price of each flat panel was about 6.25 yuan, and the bid price in centralized procurement was reduced to 2.54 yuan. According to the announcement of Kanghong Pharmaceutical, in 20 19 and 2020, the company's sales revenue of this product was 354 million yuan and 456 million yuan respectively, both of which were not small.

Among other preparations, in February, 20021,Kanghong Pharmaceutical Mosapride Citrate Ordinary Tablets won the bid for the fourth batch of centralized procurement in China, and dropped to 0.5 yuan per tablet, with a decrease of 58.5%; In August, 2020, the first order of eszopiclone tablets won the bid for the third batch of centralized procurement in China, and it was reduced to 0. 1 yuan per tablet, a decrease of 86%. In fact, in the 20021annual report, the chemical and pharmaceutical sector of Kanghong Pharmaceutical Co., Ltd. experienced a decline of 7%.