Tibet Duorui Pharmaceutical Co., Ltd. (hereinafter referred to as Tibet Duorui) submitted a prospectus to the Shenzhen Stock Exchange and will officially start the prospectus process, with CITIC Securities Co., Ltd. as the lead underwriter.
<h2>Core products independent research and development</h2>
On June 12, CDE issued the "Guiding Principles for the Development of Pharmacy for Children's Drugs (Chemical Drugs) (Draft for Comment)", which provides research and development ideas and technical guidance for the pharmaceutical development of children's drugs and promotes the development of pediatric drugs, which is good news for Tibet Duorui.
Tibet Duorui is mainly engaged in the research and development, production and sales of chemical preparations and their APIs. The company carries out product pipeline layout around the surgical period and emergency rescue field, and the new product research and development mainly revolves around the plasma substitute industry, and is expanding to the characteristic areas of emergency rescue drugs, children's drugs and psychotropic drugs.
As of the date of signing of this prospectus, Tibet Duorui has a total of 7 drug varieties and 16 drug registration approvals.
In each period of the reporting period, the company's R&D investment was 16.1962 million yuan, 26.6488 million yuan and 23.3518 million yuan respectively, and the cumulative R&D investment during the reporting period exceeded 65 million yuan.
Core products rely on independent research and development, and there are high barriers to entry during the patent protection period.
<h2>Bet on sodium acetate Ringer injection</h2>
Tibet Duorui core product is the first imitation of sodium acetate Ringer injection in China, the product in the domestic market share of more than 90%.
From 2018 to 2020, the sales revenue of the company's sodium acetate Ringer injection was 348 million yuan, 449 million yuan and 458 million yuan, respectively, maintaining a steady growth trend, accounting for 99.85%, 99.91% and 93.57% of the company's main business income in the current period, respectively, which was the main source of income.
Among the gross profit composition of the main business, the gross profit of the sales of sodium ringer acetate injection was 435 million yuan, accounting for 97.50%,
According to the comparative analysis of the same industry, Tibet Duorui has a higher gross profit margin in the industry, which is 90.94%.
As of the date of signing of this prospectus, Deng Yong is the actual controller of the Company, holding 64.00% of the shares of Tibet Jiakang Times Technology and indirectly controlling 77.80% of the shares of Tibet Duorui; at the same time, Deng Yong holds 65.25% of the property share of Tibet Qingchang and indirectly controls 9.83% of the shares of Tibet Duorui. Deng Yong controls a total of 87.63% of the shares of Tibet Duorui.
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