Performance comparison in the first three quarters: Harbin Pharmaceutical's revenue exceeds RMB 8 billion and net profit is only RMB 4 million!

Recently, some pharmaceutical enterprises have published the first three quarterly reports of 2019, and this paper makes a total of 39 enterprises' three quarterly reports From the performance of the net profit of revenue, we can find that some people are happy and others are worried About 77% of the enterprises achieved double growth of revenue and profit in the first three quarters, and about 23% of the enterprises experienced a decline in revenue or net profit Table 1 Statistics of sina Pharma, an enterprise with double increase of net profit in the first three quarters of 2019, shows that 24 of the 30 enterprises with double increase of net profit have more than 1 billion yuan of operating revenue, including 7 enterprises of Hengrui Pharma, Changbu Pharma, Changchun hi tech, Kunming Pharma Group, Lepu Pharma, Yixintang and Lizhu Pharma all have more than 5 billion yuan of operating revenue, and the revenue of Hengrui pharma and Changbu Pharma has exceeded 10 billion yuan At the same time, 7 enterprises had a year-on-year growth of over 30% in revenue in the first three quarters, of which Puli pharmaceutical ranked first with a growth rate of 51.31% From the perspective of profit, among the 30 enterprises with double increase of revenue and profit, 8 enterprises have a net profit of more than 500 million yuan, and 6 enterprises, Hengrui medicine, Changbu pharmacy, Lizhu medicine, Lepu medical, pianzehuang and Changchun hi tech, have a profit of more than 1 billion yuan Among them, Hengrui medicine takes the lead with a net profit of 3.735 billion yuan, followed by Lepu medical with a net profit of 1.612 billion yuan and Changbu pharmaceutical with a net profit of 1.349 billion yuan The first three quarters of Hengrui pharmaceutical's performance is eye-catching, which is related to the large volume of heavy drugs and the continuous listing of new varieties since the beginning of this year According to Soochow Securities Research Report, heavy-duty varieties such as 19K, pyrrolidine, ALB paclitaxel and PD-1 have been gradually released this year, of which, PD-1 has achieved an income of about 300 million yuan in Q3, ALB paclitaxel Q3 has a single quarter sales of about 600 million yuan, while 19K and pyrrolidine Q3 have sales of about 200 million yuan respectively In the first half of the year, five heavy-duty varieties of Hengrui medicine were approved to be listed, including class 1 new drug carrizumab for injection, trimetazidine hydrochloride sustained-release tablets, abitron acetate tablets, temozolomide for injection, and Ringer bicarbonate injection At the same time of the results of the first three quarters announced on October 24, Hengrui medicine announced that the phase III clinical study of pirotinib maleate combined with capecitabine in the treatment of advanced breast cancer reached the main end point; apatinib mesylate tablets and shr0302 base ointment were approved for clinical use For Lepu medical and step pharmaceutical, their positions are still stable in the increasingly fierce market competition Zhongtai securities research report pointed out that Lepu medical cardiovascular platform has been built, and innovative devices and drugs have entered the harvest period In the first three quarters, the revenue has increased by 28.25% year on year, which is higher than the average operating revenue growth rate of the three quarterly shares disclosed in the medical device service industry by 16.19%, net profit growth by 40.99% year on year, which is also higher than the average of the three quarterly shares disclosed in the medical device service industry The growth rate of net profit was 15.90% As a leading enterprise in the pharmaceutical industry, the blockbuster products of step pharmaceutical always occupy a certain market share In the first half of 2019, the total sales revenue of Naoxintong capsule, Wenxin Granules, Danhong injection and Guhong injection under step pharmaceutical reached 3.904 billion yuan According to the data of minenet, the three exclusive patent varieties of Naoxintong capsule, Danhong injection and Wenxin Granules ranked in the top 20 in the market share of cardiovascular and cerebrovascular Chinese patent medicines in 2018 However, it can not be ignored that compared with the R & D cost of 350 million yuan in the same period last year, the R & D cost of this year has decreased by 48.43% year on year, only 181 million yuan Table 2 enterprises with declining revenue or net profit in the first three quarters of 2019 At the same time of the double growth of 30 enterprises, it can also be seen that under the influence of a series of policy reforms, competitive environment and reduction of enterprise sales expenses, among the 9 enterprises with declining revenue or net profit, Harbin Pharmaceutical Co., Ltd., Hanyu Pharmaceutical Co., Ltd and Cylon Pharmaceutical Co., Ltd dropped by more than 30% It is worth mentioning that Harbin Pharmaceutical Co., Ltd had a revenue of 8.464 billion yuan and a net profit of only 4.2571 million yuan, down 98.25% year-on-year, In addition, it is expected that the annual revenue of Hanyu Pharmaceutical Co., Ltd will decline significantly compared with the same period; the net profit of Hanyu Pharmaceutical Co., Ltd will also decline 127.26% year on year, with a loss of 80.04 million yuan, making it the only enterprise with a loss As for the reasons for the change of performance in 2019, it has much to do with the "light R & D, heavy marketing" system of Harbin Pharmaceutical Co., Ltd for a long time Harbin Pharmaceutical Co., Ltd said that the company's management will actively take measures to try to reverse the adverse situation Hanyu pharmaceutical said the loss was due to the impact of pharmaceutical policies and increased investment in the promotion of new varieties The company also said that at the end of the year, the accumulated net profit from the beginning of the year to the end of the next reporting period may be a loss due to the impact of impairment of accrued goodwill In the first three quarters, revenues of meinian health, Guanhao biology and taiantang increased year-on-year, but their net profits declined to varying degrees Among them, meinian health recorded a year-on-year decrease of 5.46% to 391 million with a year-on-year increase of 7.89% to 6.278 billion yuan In addition, in addition to the decline in net profit, the net cash flow generated by operating activities of meinian health has declined precipitously As of the end of the third quarter, the net cash flow generated by healthy business activities in the United States was - 659 million yuan, a precipice like decline of 865.47%, of which, the net cash flow generated by the company's business activities in the third quarter was - 559.58 million yuan, a decline of 114.27%.