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    Home > Medical News > Latest Medical News > Gao "borrowed" UBS into stock! Domestic kidney disease leader Jianfan creatures, how much room for imagination in the future?

    Gao "borrowed" UBS into stock! Domestic kidney disease leader Jianfan creatures, how much room for imagination in the future?

    • Last Update: 2020-09-24
    • Source: Internet
    • Author: User
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    Guide: The leader of domestic blood irrigation, Gao Ting has secretly started! Today in the community to see a friend on the Jianfan bio-telephone question minutes, the original as early as the second quarter of Gao Gao has been through UBS seats involved in the domestic kidney disease leader Jianfan biological, the following pictures for the documentary part of the record, if you want to see more high-quality corporate minutes in the field of health care, you can move the planet.
    Jianfan Bio as the leading domestic blood irrigation enterprises, its core technology and main products have been widely recognized by the academic community and the market, especially its blood irrigation technology has been included in the multi-country new coronary treatment technology application guidelines.
    recently, Jianfan Bio released its 2020 half-yearly report, with operating income of 870 million yuan in the first half of the year, up 32% year-on-year.
    net profit was RMB441 million, up 44.11% YoY.
    net profit of 417 million yuan, up 53.17 percent year-on-year.
    in the first half of the domestic epidemic fermentation background, can still show such steady growth, we test together under the high "new love will" color.
    1, the company profile company is an innovative technology of blood purification products providers, mainly engaged in blood irrigation-related products research and development, production and sales, independent research and development of disposable blood perfusion, disposable plasma bilirubin adsorption device, DNA immunosorption column and blood purification equipment and other products are widely used in uremia, poisoning, heavy liver disease, autoimmune diseases, multi-organ failure and other fields of treatment, can effectively save the lives of patients or improve the quality of life of patients.
    company's products have covered more than 5000 secondary and above hospitals.
    1, the company's development course 2, equity structure company equity concentration.
    Chairman Mr. Dong Fan has been engaged in marketing and management work in Zhuhai Lizhu Pharmaceutical Group Co., Ltd. since graduation, in 1999 entered Zhuhai Jianfan Biotech Co., Ltd., currently the company's chairman and general manager, fully responsible for the company's technology, product development, production, management, management work.
    the company's shareholding, Chairman Dong Fan holds 43.90% of the share capital, the company's largest shareholder, much higher than the second largest shareholder 3.28%.
    , business analysis 1, financial position in recent years 2011-2019 basic financial data, as follows: the company's revenue and profit to maintain a high growth rate.
    Before 2016, the company's total operating income and home-to-home net profit growth rate remained at more than 20%, 16-year growth rate declined, total operating income growth of 6.83% YoY, home-to-home net profit growth of 0.84% YoY, the company interpreted this as listing to attract marketing attention, sales are not in place "listing snooze."
    's revenue and profit growth of nearly 40% in 17 to 19 years.
    2, the main composition analysis 2.1 company's main products 2.2 revenue and gross profit split blood perfusion contributed to the main revenue and profit.
    company's products include blood perfusion machine, bililine adsorbent, blood perfusion machine, blood purifier and so on.
    2019, the company's revenue of 1.43 billion yuan, of which blood irrigation contributors the main revenue and gross profit, its revenue and gross profit ratio of 90.7% and 93.0%, respectively.
    2019, HA130, the core product of disposable blood perfusion products, will have revenue of 970 million, up 46.5% YoY and further up from 44% in 2018.
    company's single-use plasma bilirubin adsorption device products sales revenue of 73.2821 million yuan, an increase of 63.6% year-on-year.
    company DX-10 blood purifier products sales revenue of 6.9849 million yuan, blood irrigation machine products sales revenue of 4.6419 million yuan, dialysis powder products sales revenue of 22.2028 million yuan.
    3. Industry development status quo 1, blood purification diversified development, irrigation technology sudden blood purification as the late 20th century in the artificial kidney treatment of chronic renal failure on the basis of the development of a new medical technology, its current adaptive disease has gone beyond the scope of kidney disease, the end-stage kidney disease (uremia), critical illness and poisoning and other patients the main treatment method.
    blood purification techniques include hemodialysis (HD), blood perfusion (HP), blood filtration (HF), plasma replacement (PE), immunosorption (IA) and a variety of treatment models and their combined applications.
    2, hemodialysis and blood irrigation combination proved to be a good blood purification method advantage: hemodialysis can only remove the patient's body of small molecular toxins and a small number of molecular toxins, can not remove the medium toxin molecules, and therefore will produce kidney osteopathy, stubborn skin itching, stubborn hypertension and other complications.
    and blood irrigation can better remove the medium and large toxin molecules, in the treatment of uremia, can make up for the deficiency of hemodialysis, effectively alleviate the production of hemodialysis complications, and achieve more than half the efficacy.
    combination of artificial kidneys (i.e. hemodialysis and blood irrigation) has become the most important way to remove uremia toxins.
    clinical studies in the united States have shown that hemodialysis and blood irrigation have been shown to have the best removal rate of uremia.
    The results of the study by Chen Xiangmei's team in "The removal effect of different blood purification methods on protein-binding toxins" show that the removal rate of uremia toxins by different blood purification methods is: hemodialysis and hemodialysis filtering and hemodialysis, i.e. compared to other blood purification methods, i.e. hemodialysis and blood irrigation are the best removal rate of uremia toxins.
    shanghai multi-center clinical study was led by Professor Jiang Jingru of Xinhua Hospital, clinical trial data show that the irrigation device combined with dialysis to form artificial kidney therapy, can reduce the mortality rate of uremia patients by more than 30 percentage points.
    3, relative to foreign plasma irrigation, blood irrigation advantage is obviously the whole blood irrigation machine is our domestic invention, in the 1970s Nan kai University professors began to study, in 91 when Lizhu and Nan kai University cooperation.
    2000 the company launched a resin whole blood irrigation, overcoming the shortcomings of plasma irrigation and activated carbon irrigation, the company is a world-innovative product.
    first used abroad is the plasma irrigation technology.
    blood drains can be used directly on dialysis machines without the need for proprietary irrigation equipment.
    compared with other blood purification techniques, blood irrigation operation is simple, easy to popularize in hospital training, and its price is low and the effect is good.
    , the competitive landscape and the technical difficulties of the dominant blood perfusion device for dialysis are to identify and remove trace toxins from the blood without damaging the normal composition of the blood.
    1, the competitive landscape of the company ahead of competitors for 10 years, the product accounted for up to 80% in china.
    2000, the company introduced the first whole-blood resin perfusion, before 2010 the company is exclusive.
    2010, there are other manufacturers, now there are six in China.
    2019, the company's domestic waterflower market share has reached about 80%, in an absolute monopoly position, the other 20% is shared by other competitors.
    company is 10 years ahead of its competitors in time, and technology is leading the way.
    general products are precongenitive, not to mention blood irrigation this safety requirements are relatively high products, customer stickiness is very high.
    2, competitive advantage (1) first-in-the-first brand advantage of the market is developed by the company, has established a good brand image, clinically have a strong degree of recognition, doctors will not easily replace.
    (2) Technology Advantage company is original in this field of technology, over the years after a long period of improvement, in terms of performance leading.
    production process technology of these products is more complex, the process control documents reached more than 300 items, of which the core process requires a long time of experience accumulation and process improvement in order to gradually mature.
    (3) high safety company products are not ordinary products, direct contact with human blood for three or four hours, high risk.
    , the company's products are significantly less likely to cause side effects and accidents than competing products, and there are safety advantages.
    (4) sales and channel capabilities highlight the company mainly through the dealer buy-out sales model deep control terminal market, by the end of 2019, the company's sales staff has more than 900 people, products have covered more than 5000 domestic secondary and above hospitals, almost covering the vast majority of hospitals with irrigation qualifications, the terminal channel resources are strong, significantly ahead of major competitors.
    that it will take a long time to catch up with the accumulation of resources, short- and medium-term catch-up is more difficult.
    , the company's products potential market space large company products in kidney disease, liver disease and the development of new business areas of the potential market space.
    1, the field of nephropathy according to the data provided by the Chinese Medical Association Nephrology Branch, at this stage, the number of patients at the end of china is about 3 million, according to Huatai Securities estimates, if the use of frequency calculation once a month, then China's current permeability rate in the field of renal disease irrigation (to the total number of patients with uremia in China) Base measurement) only about 7.7% (VS18 China's hemodialysis industry penetration rate of about 20%, dialysis data from the national blood purification case information registration system);
    long-term space is large, the future for some time in the long-term.
    According to estimates, in 2019 the domestic renal disease field perfusion market size of about 1.2 billion yuan, the market size is expected to reach 91-12.2 billion yuan in 2030 (assuming the penetration rate increased to 7.5%-8.5%, the frequency of use increased to January 2-3 times), the next 3-5 years the industry is still in a rapid growth, long-term space.
    multi-center clinical study showing that the once-a-week blood irrigation is safe, the efficacy is accurate, and the effect of low-volume dialysis is higher than that of high-volume dialysis.
    the original patient is basically once a month, the company is now ready to push once a week.
    2, the field of liver disease is still in its infancy, in 2016 the company's products were incorporated into the artificial liver component, into the expert consensus, 2019 revenue of about 150 million yuan.
    company pioneered the "DPMAS" artificial liver treatment model, the efficacy is significant.
    plasma replacement (PE) is currently the most commonly used artificial liver treatment model, which can effectively supplement coagulation factors and clear protein, improve liver function, but there is a large demand for plasma, adverse reactions, toxic removal lack of selectivity and other issues.
    company's first new artificial liver treatment model can better solve this pain point, it will plasma bilirubin adsorbent BS330 (ion exchange resin) and blood perfusion device HA330-II (neutral large-hole resin) two adsorptors combined applications, synergetic effects to treat liver failure, liver and lung syndrome, multi-organ dysfunction syndrome and so on.
    where BS330 removes bilirubin and bile acid to rapidly improve jaundice symptoms, HA330-II removes inflammatory media such as TNF-alpha, which are combined to form a "DPMAS" system, which can be applied individually or in association with plasma replacement.
    clinical data show good results.
    DPMAS combined half plasma replacement (PE) and simple PE treatment of hepatitis B slow and rapid liver failure, the former bilirubin decline rate and 28-week survival rate are significantly better than the latter, reflecting a better effect.
    first "one city, one center" project, to promote smooth progress.
    Although the application of DPMAS technology for heavy hepatitis, hepatic encephalopathy and liver failure has entered the Chinese Medical Association's three major guidelines for liver disease, but because of the difficulty of DPMAS technology, many doctors are inexperienced, the use of DPMAS is still relatively cautious.
    to solve this problem, the company pioneered the creation of a "one city, one center" project, that is, in each city to set up a liver disease center.
    company's "one city, one center" project since its launch in 2018 has been progressing smoothly, as of the end of 19 years, a total of 138 hospitals in the country participated in the "one city, one center" project, is expected to be licensed this year more than 200 hospitals, basically covering all cities.
    "One City, One Center" project has achieved remarkable results, with BS330 sales revenue of 138 hospitals licensed in 19 years amounting to RMB 337 million (50% of BS330's total revenue), up 114.69 percent year-on-year.
    The potential market size of China's advanced liver failure patients 50-80 million people, in the past generally used blood transfusion therapy, plasma demand is large, can only dilute the blood endotoxin concentration, and the irrigation can absorb the removal of bile acid and bilirubin, for the liver to fight for self-healing time.
    a course of treatment about 3-5 times, one time with two perfusion device selling price of about 2000 yuan, the growth rate is faster, the market size is expected to reach tens or tens of billions of yuan.
    addition to liver failure, the perfusion device also has a good therapeutic effect on liver encephalopathy.
    3, to open up new business, to provide new performance growth point company in the next 5 years will still focus on the field of kidney disease liver disease, one after another to cultivate new business areas.
    Among them, the field of irrigation flow has gradually entered critical illness, poisoning, self-exemption, according to the company's estimates (prospectus data), critical illness, acute poisoning, systemic lupus erythematosus, allergic cyanosis and rheumatoid arthritis irrigation field theoretical market size reached 22.50 billion yuan, 3.69 billion yuan, 16.14 billion yuan, 5.46 billion yuan, the company to open up vast space.
    , the company acquired Tianjin Standard in 2017 and officially entered the field of dialysis powder.
    2019, the company's dialysis powder revenue has reached 22.2 million yuan.
    Expand overseas markets, products into the field of multi-national health insurance in overseas markets, the company continues to pay attention to new profit growth points, and actively expand overseas, the company has completed sales to 50 countries, and the company's products in Vietnam, Iran, Turkey, Germany, Thailand, Latvia and other countries into health insurance.
    2019, the company's overseas market revenue was 118 million yuan, up 21% year-on-year.
    Explore new models of insurance to benefit more patients On July 5, 2019, the company and Crowdfund insurance jointly launched the "Edodor Kidney Care Mutual Assistance Program" to provide insurance products for the chronic kidney patient population through a creative combination of "Health Management and Special Disease Insurance".
    its characteristics are that patients in the stage of chronic nephropathy (stage 1-3) can also be insured with the disease, fully meet the risk protection needs of patients with kidney disease, and will continue to replicate this model to liver disease and other fields in the future. br/
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