No and Nord hand in hand China Resources 39 Changchun high-new status is afraid of change.

Growth hormone, the market to continue to explore the good track Growth hormone is secreted by the frontal leaves of the human pituitary gland a peptide hormone, by stimulating the liver and other tissues to produce insulin-like growth factors to play its physiological function, promote bone growth, promote protein synthesis, regulate fat, sugar, mineral metabolism, etc., in the human body's growth and development process plays an important role.
is mainly used clinically for the slow growth of children due to endogenetic growth hormone deficiency, and also has an important role in the field of reproduction, burns and anti-aging.
At present, the incidence of dwarfism in children in China is about 3%, and of all the dwarf population, about 5.37 million children aged 4-15 need treatment, of which growth hormone deficiency and idiotic dwarfism are applicable to growth hormone therapy account for about 51.6%.
, Guosheng Securities estimates that the overall market penetration rate of growth hormone is less than 4%, far less than the 28% market penetration rate in the United States.
recombination of human growth hormone applicable to large population, penetration rate has a lot of room for improvement, market space to continue to explore.
Chart 1: Growth Hormone Market Space Measurement Source: Guosheng Securities, Zhongkang Industrial Capital Research Center Changchun High-tech, 92.9% gross margin growth hormone leader Changchun High-tech industry concern, its growth and growth and its subsidiary Jinsai Pharmaceutical's core product recombinant human growth hormone is closely related.
's recent five-year performance was outstanding, with revenue growth of 32.4% and non-net profit growth of 47.3%.
net profit growth rate is much higher than the revenue growth rate.
Figure 2: Revenue And Profit Source: Company Earnings, Zhongkang Industrial Capital Research Center, which focuses on growth hormone products, increased its revenue share from 54.9% in 2015 to 79.0% in 2019, and its current gross margin contribution is as high as 86.1%.
figure 3: Revenue and gross margin contribution ratio Source: Company's financial results, Zhongkang Industrial Capital Research Center to growth hormone products as the core of the genetically engineered drugs , biological drugs gross margin of up to 92.9%, significantly better than the overall gross margin performance of Shenwan II biological products, ranked in the top five sub-sectors.
4: Gross margin Source: Company earnings, Zhongkang Industrial Capital Research Center more intense competitive landscape Up to now, 8 enterprises have been approved for recombinant human growth hormone listing.
Among them, Changchun High-new's wholly-owned subsidiary Jinsai Pharmaceuticals the most dosage forms, there are currently powder needles, ordinary water needles and long-lasting water needles approved for listing, and the three dosage forms are the earliest approved in China, it is worth noting that the current long-acting water needle domestic only Jinsai Pharmaceuticals approved for listing.
In addition, Noor and Nord's recombinant human growth hormone injection, developed and produced by Noor and Nord, has been listed in more than 100 countries and regions and was approved for production in China in 2008, but only brought to market in 2018.
another domestic enterprise, Anke Bio, is catching up, last year launched the water needle type, its long-lasting water needle is currently in the clinical stage.
Chart 5. Recombinant Human Growth Hormone Approval Source: NMPA, Zhongkang Industrial Capital Research Center On the current market competition pattern of growth hormone, Changchun Gaoxin has obvious advantages, its market share of up to 74%, forming a typical oligopoly pattern, its market leading position has lasted for more than ten years, sales channel advantages are self-evident.
Chart 6: 2019 Growth Hormone Competition Pattern Source: Western Securities, Zhongkang Industrial Capital Research Center Small Close Recombinant Human Growth Hormone Application Patient Population, Market Space has continued to explore the potential, Changchun high-tech preempted, Anke Bio is catching up, No.
high-new status of Changchun is difficult to shake, but the new addition of mackerel may make the growth hormone market more dynamic, we common development is not beautiful.
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