China's network finance and economics on January 20 (reporter Ye Qian Xing Nan) following yesterday's flash crash stop, Changchun High-tech (000661.SZ) today continued to fall to a stop, the closing price of 204.84 yuan, the company's market value evaporated 19.447 billion yuan in two days.
It is reported that changchun high-tech sudden flash crash, or mainly affected by the "Guangdong Alliance Diclofenac and other drugs centralized procurement documents" (hereinafter referred to as "collection documents") released on the website of the Guangdong Provincial Drug Exchange Center. The list of 276 drug purchases in the collection documents includes recombinant human growth hormone from Kinsey Pharmaceutical, a subsidiary of Changchun High-tech Holdings.
It is understood that Kinsey Pharmaceutical includes water needles, long-acting water needles and powder needles in the growth and development of children, of which water needles account for the highest proportion of income in Kinsey Pharmaceuticals. In an institutional survey in May last year, Changchun Gaoxin once said, "At present, the proportion of powder needles in Kinsey Pharmaceutical's revenue is about 8%-9%, more than 70% of water needles, and the proportion of long-acting water needles has increased to about 12%-13%, and the proportion of long-term needles has increased."
Earlier, the financial reporter of China Network interviewed Kinsey Pharmaceutical Growth Hormone Consultant, who provided the instructions for the recombinant human growth hormone injection called SaiZeng, which is the water needle mentioned above. According to the manual, the specifications of Saizen include "15IU/5mg/3ml/bottle" and "30IU/10mg/3ml/bottle".
Source: Kinsey Pharmaceuticals Growth Hormone Consultant
Regarding the market price of growth hormone, the consultant said: "The short-acting water needle called Saizen contains two specifications, the price of '15IU/5mg/3ml' is 567 yuan per stick, and the price of '30IU/10mg/3ml' is 1031 yuan per bottle."
According to Appendix 2 of the "Guangdong Alliance Diclofenac and Other Drugs Centralized Procurement Document", the highest effective declared prices of recombinant human growth hormone of "15IU/5mg/3ml" and "30IU/10mg/3ml" were 173.58 yuan and 295.08 yuan, respectively. The highest effective declared price of the above two specifications of recombinant human growth hormone decreased by 69.39% and 71.38% respectively from the market price.
Data source: Guangdong Alliance diclofenac and other drugs centralized with quantity procurement documents attached
For the highest effective declaration price of growth hormone water injections, Dongguan Securities pointed out in the research report, "According to the collection documents, the average of the highest effective declaration price of the 9 kinds of water injection specifications in the procurement of the Growth Hormone Alliance is 12.69 yuan / IU, which is more than 60% different from the price of water needles hanging nets in Kinsey Pharmaceutical in recent years." In terms of growth hormone powder needles, the average of the highest effective declaration price of the 11 specifications is 14.77 yuan / IU, which is less different from the current market price. Overall, the difference between the highest effective declared price of the same specifications of HGH powder needles and water needles is minimal. The guangdong growth hormone alliance procurement will not be group bidding for powder injection dosage forms and water injection dosage forms, and the price limit rules are more stringent, resulting in a large expected price reduction of water injections, exceeding market expectations."
At the same time, Dongguan Securities said, "The detailed list of reports of public medical institutions in the alliance area that collects documents involves 3 water needle suppliers, of which the pre-purchase volume of water injections in the first year of kinsey pharmaceutical procurement period accounts for 98.24%. Taking Kinsey Pharmaceutical as an example, combined with the pre-purchase volume of the first year of the procurement period of public medical institutions in the alliance area, the corresponding sales amount is 114 million yuan, and after winning the bid for the alliance procurement at the maximum limit price, the corresponding revenue side is reduced by about 71%."
Some investments on the interactive platform questioned, "There were rumors about the collection half a year ago, and last month the Guangdong medical insurance trading platform notified enterprises to log in to view the price announcement." With such sufficient time, the company's countermeasures should have a plan, please announce the countermeasures as soon as possible and communicate with investors publicly."
Changchun Gaoxin said, "the company continues to pay attention to the policy changes, the current centralized procurement of drugs has not yet officially started the bidding process, and the specific impact will also depend on the actual participation in the bidding situation, the results of the selection, the selection price, etc., the follow-up matters and the degree of impact on the company is still uncertain, there is no expectation of a serious impact on the company's operating performance, the company will actively pay attention to the follow-up progress, carefully study the relevant documents and regulations, and reasonably formulate the implementation plan."
(Editor-in-Charge: Chu Dye Xi)