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A few days ago, the results of A-share pharmaceutical listed companies (hereinafter referred to as pharmaceutical listed companies) in the third quarter of 2022 were released
.
According to the Wind database, as of October 31, excluding unprofitable biopharmaceutical companies on the Science and Technology Innovation Board, a total of 449 listed pharmaceutical companies disclosed their third-quarter results, of which 302 listed pharmaceutical companies increased their operating income over the same period last year
.
The average revenue and net profit of pharmaceutical listed companies in the third quarter increased from RMB1.
226 billion and RMB125 million in the same period of 2021 to RMB1.
335 billion and RMB129 million
, respectively 。
From the perspective of revenue and profit, Shanghai Pharmaceutical, Jointown, Sinopharm, Heavy Medicine Holdings, Baiyunshan, Nanjing Pharmaceutical, Sinopharm, Neptune Biologics, WuXi AppTec and Fosun Pharma ranked among the top 10 listed pharmaceutical companies in terms of revenue (see Table 1 for details); Mindray Medical, WuXi AppTec, Zhifei Biologics, BGI Intelligent Manufacturing, Shanghai Pharmaceutical, Changchun High-tech, Daan Genetics, Wantai Biologics, Mentor Biologics, and Aier Ophthalmology are among the top 10 listed pharmaceutical companies in terms of net profit (see Table 2 for details), becoming the 10 most profitable listed pharmaceutical companies
.
From the perspective of subdivisions, the medical device sector showed a high prosperity; The trend of micro-profit in the pharmaceutical business sector continued; The differentiation between the revenue capacity and R&D strength of the traditional Chinese medicine sector is obvious
.
Medical device sector: showing high prosperity
The third quarterly report shows that the performance of listed medical device companies continues to maintain an upward momentum
.
From the revenue side, the revenue of the medical device sector in the third quarter increased from 57.
153 billion yuan in 2021 to 63.
172 billion yuan this year, with an overall growth rate of 10.
53%.
Among them, Jiuan Medical achieved revenue of 1.
323 billion yuan in a single quarter, 6 times that of the same period of the previous year, becoming the fastest growing pharmaceutical listed company
.
According to the third quarterly report of Jiuan Medical, the company's revenue growth has been driven by a significant increase in overseas sales of new coronavirus test
kits.
According to public information, on August 1 this year, Jiuan Medical received payment for 1.
775 billion US dollars of new coronavirus antigen test kits, supporting the company's substantial growth in revenue
.
In addition, Mindray Medical, a leader in the medical device industry, continued to lead the medical device sector with revenue of 7.
94 billion yuan in the third quarter, and maintained a year-on-year growth rate of more than 20%, far exceeding the overall growth rate
of the medical device sector.
From the profit side, medical device manufacturers performed better, with a median net profit margin of 20.
22%, ranking first
in chemical preparations, biological products, medical services and other segments.
Among them, affected by the repeated global new crown pneumonia epidemic and other factors, the net profit of listed companies in vitro diagnostic reagents continued to maintain rapid growth, taking Daan Gene and Mentor Biotechnology as an example, their net profits increased by 40.
5% and 161.
5% respectively over the same period of the previous year, ranking 7th and 9th in the net profit list of pharmaceutical listed companies
.
There are certain fortuitous factors
that Huada Intelligent Manufacturing, which was just listed in September this year, ranked 4th on the net profit list.
In July, the company and its subsidiaries settled all pending litigation with Illumina in the United States, and the subsidiary received $325 million in net damages from Illumina, supporting the company's soaring net profit in the third quarter
.
Pharmaceutical business sector: the trend of micro-profit continues
Relying on the middleman model of wholesale and retail, pharmaceutical commercial listed companies occupied 7 of the top 10 pharmaceutical listed companies in terms of revenue in the third quarter of this year
.
However, affected by the trend of small profits in the industry, only Shanghai Pharmaceutical successfully ranked 5th in the net profit list of pharmaceutical listed companies in the third quarter, becoming the only pharmaceutical commercial listed company to enter the top 30 net profit of pharmaceutical listed
companies.
From the profit side, affected by factors such as medical reform policies, intensified market competition and rising operating costs, the overall profit margin of the pharmaceutical commercial sector has further declined, and the trend of micro-profit is obvious
.
The median quarterly gross profit margin of pharmaceutical commercial listed companies has decreased from 17.
43% in the third quarter of 2020 to 15.
89% in the third quarter of this year, and the profitability of pharmaceutical commercial listed companies has generally declined
.
Taking Nanjing Pharmaceutical as an example, the gross profit margin in the third quarter of this year was as low as 5.
96%, and the net profit margin was only 1.
23%.
The reason is that Nanjing Pharmaceutical issued an announcement that there are many domestic pharmaceutical commercial enterprises and geographical dispersion, and third-party logistics companies outside the industry are also involved in the competition for pharmaceutical logistics warehousing and distribution business, and the market competition is becoming increasingly fierce
.
In addition, under the guidance of medical reform policies, the compression and concentration of circulation links have also intensified the fierce competition in the industry
.
Not only Nanjing Pharmaceutical, but also the net profit margin of pharmaceutical commercial listed companies such as YaoTesco, Neptune Biologics, and Ruikang Pharmaceutical has also dropped to less than
1%.
Traditional Chinese medicine sector: obvious differentiation
Benefiting from the national macro policy, the traditional Chinese medicine sector has received great attention
from the capital market in recent years.
Judging from the third quarterly report, the revenue capacity and R&D strength advantages of leading traditional Chinese medicine enterprises such as Baiyunshan, Buchang Pharmaceutical, and Kangyuan Pharmaceutical are prominent, and the gap with other listed traditional Chinese medicine companies has gradually widened
.
From the revenue side, the ratio of the first to last place in the revenue of the traditional Chinese medicine sector in the third quarter has gradually expanded from about 372 times in 2020 to about 713 times
this year.
Specific to the third quarter of this year, the revenue of Buchang Pharmaceutical and China Resources Sanjiu increased by 5% and 11% respectively over the same period of the previous year, achieving revenue of 4.
007 billion yuan and 3.
71 billion yuan respectively, with steady revenue growth; Zixin Pharmaceutical, Longjin Pharmaceutical, etc.
experienced a sharp decline in revenue, of which Zixin Pharmaceutical's revenue continued to decline by 26.
16% on the basis of a year-on-year decrease of 57.
79% in 2021, and finally achieved revenue of 24.
7753 million yuan
.
Of course, not all leading Chinese medicine companies achieved year-on-year growth in the third quarter of this year
.
The company's quarterly revenue and net profit fell for the first time in nearly five years compared with the same period of the previous year
.
The company's announcement showed that the slowdown in the third quarter was related
to the abnormal performance of the same period in 2021.
In 2021, affected by market speculation, the demand for tablets was strong, and the company increased supply, resulting in an abnormally high
performance of the company.
From the perspective of R&D investment, affected by the policy, the overall R&D investment of listed Chinese medicine companies increased, and the average R&D expenditure in the third quarter increased from 22.
9866 million yuan in 2020 to 30.
0802 million yuan this year, an increase of more than 30% in two years, but it also showed a differentiation situation
。 The R&D investment of leading enterprises such as Baiyunshan, Buchang Pharmaceutical, and Kangyuan Pharmaceutical grew rapidly, with R&D expenses exceeding 100 million yuan in the third quarter, an increase of more than 60% over the same period in 2020, while the R&D expenses of Zixin Pharmaceutical and Longjin Pharmaceutical in the third quarter of this year shrank compared with the same period in 2020, decreasing by 550,600 yuan and 2,818,400 yuan
respectively.
The R&D advantages of leading Chinese medicine enterprises are further highlighted
in the sector.
Taking Kangyuan Pharmaceutical as an example, in the third quarter of this year alone, the company invested 170 million yuan in R&D expenses, with revenue increasing by 26.
25% over the same period of the previous year and net profit increasing by 48.
86%
over the same period of the previous year.
Overall, in the third quarter, the operating indicators of China's pharmaceutical listed companies maintained stable growth under the influence of the high base of continuous growth in recent years and the epidemic, in addition to the aforementioned medical devices, pharmaceutical business and traditional Chinese medicine fields, chemical preparations, R&D outsourcing, vaccines and other sectors also showed a good growth trend
.
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