In the view of song Qinghui, a well-known economist, due to the impact of the epidemic, consumers' demand for social networking and gifts has decreased, and some beverages represented by herbal tea, which occupy a place in the market, have suffered a negative impact. However, behind the decline in the performance of Wang Laoji herbal tea, the growth rate of the entire herbal tea market has long since slowed down.
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Herbal tea can not rely on Jinge competition Guangdong Medicine Baiyun Mountain in ten years for the first time in terms of revenue and net profit fell twice
On March 21, in response to the reasons for the decline in the company's performance and other issues, the relevant person in charge of Guangzhou Pharmaceutical told the Beijing Business Daily reporter that the content of the announcement shall prevail. A few days ago, Guangzhou Pharmaceutical Baiyun mountain disclosed the 2020 performance report, the company's revenue and net profit fell by 5.05% and 8.58% year-on-year, respectively, which is the company's first revenue decline since 2008, and the net profit has fallen for two consecutive years. From the perspective of specific business, the revenue of the big health sector with the highest gross profit margin in Baiyun Mountain of Guangzhou Pharmaceutical Fell by 25% year-on-year to 7.8 billion yuan, and the decrease in wang laoji herbal tea revenue was the main reason for the decline in revenue of the plate. In the view of industry insiders, the overall market growth rate of herbal tea has slowed down, and the competition in Jinge, another high-margin product of Guangyao Baiyun Mountain, has been continuously competing, and the company's performance has been under pressure. In the future, Guangzhou Pharmaceutical Baiyun Mountain needs to strengthen the market expansion of potential products and the development of channel markets.
Revenue fell for the first time in a decade
Guangzhou Pharmaceutical Baiyun Mountain's revenue and net profit in 2020 both declined. According to its disclosed financial report, the company achieved revenue of 61.673 billion yuan, down 5.05% year-on-year; achieved net profit of 2.915 billion yuan, down 8.58% year-on-year.
Since 2008, this is the first time that the revenue of Baiyun Mountain of Guangzhou Pharmaceutical Has declined. From 2008 to 2019, the scale of Baiyun Mountain of Guangzhou Medicine continued to expand, with revenue reaching 3.527 billion yuan, 3.882 billion yuan, 4.486 billion yuan, 5.44 billion yuan, 8.229 billion yuan, 17.608 billion yuan, 18.799 billion yuan, 19.125 billion yuan, 20.036 billion yuan, 20.954 billion yuan, 42.234 billion yuan and 64.952 billion yuan, respectively.
In addition to the first decline in revenue in ten years, the net profit of Guangzhou Pharmaceutical Baiyun Mountain has declined for two consecutive years. In 2019, Guangzhou Pharmaceutical Baiyun Mountain achieved a net profit of 3.189 billion yuan, down 7.33% year-on-year. Since its inception, Guangzhou Pharmaceutical Baiyunshan focused on the pharmaceutical and health industry, after years of development, the company is mainly engaged in the research and development, manufacturing and sales of Chinese and Western proprietary medicines, chemical APIs, natural medicines, biomedicine, chemical API intermediates; wholesale, retail and import and export business of Western medicine, Traditional Chinese medicine and medical devices, as well as the research and development, production and sales of big health products, etc., the main business sectors are divided into Great Southern Medicine, Great Health and Large Commercial.
In response to the reasons for the decline in the company's performance and other issues, the relevant person in charge of Guangzhou Pharmaceutical told the Beijing Business Daily reporter that "information disclosure is involved, in accordance with relevant regulations, please refer to the announcement". According to the financial report, due to the impact of the new crown epidemic, raw materials and transportation have been affected to a certain extent, the outpatient volume of medical institutions and the demand for drug terminals in the country have dropped sharply, the FMCG industry market has been seriously impacted, and the related business sectors of Guangzhou Pharmaceutical Baiyun Mountain have been affected to varying degrees, resulting in a year-on-year decline in the company's operating performance.
Wang Laoji herbal tea drags down performance
As a large health sector that accounts for 40% of the net profit of Baiyun Mountain of Guangzhou Medicine, Wang Laoji Herbal Tea, which has been advertised as "the leading sales in the country", is the main product of the plate. The big health sector is mainly for the production, research and development and sales of beverages, food, health care products and other products, and the main enterprises include Wang Laoji Health Company and Wang Laoji Pharmaceutical, a subsidiary of Guangzhou Pharmaceutical Baiyun Mountain.
"The income of the big health sector mainly comes from Wang Laoji herbal tea." Guangyao Baiyunshan said bluntly in its earnings report. In 2020, the revenue of The Baiyun Mountain Health Segment of Guangzhou Pharmaceutical Co., Ltd. fell by 25% year-on-year to 7.8 billion yuan. Among them, the revenue of WangLaojiDa Health Company decreased from 10.297 billion yuan in 2019 to 6.862 billion yuan in 2020. In this regard, Guangzhou Pharmaceutical Baiyunshan explained in the financial report that due to the impact of the new crown epidemic, the market of Wang Laojida Health Company in the Spring Festival slot in 2020 was seriously affected, making the main business income of the whole year decline compared with the same period last year.
The performance fluctuations of the big health sector are closely related to the overall performance of Baiyun Mountain of Guangzhou Pharmaceutical. In 2020, the net profit of Wang LaojiDa Health Company reached 1.194 billion yuan, accounting for 40% of the net profit of Baiyun Mountain of Guangzhou Pharmaceutical. The Big Health business segment had the highest gross profit margin among the three major business segments of Guangzhou Pharmaceutical Baiyun Mountain, reaching 47.87%, much higher than the gross profit margin of 36.17% in the pharmaceutical manufacturing Da Nan Pharmaceutical sector.
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Famous economist Song Qinghui
In the view of song Qinghui, a well-known economist, due to the impact of the epidemic, consumers' demand for social networking and gifts has decreased, and some beverages represented by herbal tea, which occupy a place in the market, have suffered a negative impact. However, behind the decline in the performance of Wang Laoji herbal tea, the growth rate of the entire herbal tea market has long since slowed down. According to data from the China Investment Industry Research Center, from 2009 to 2012, the herbal tea category has maintained a growth of 16% to 18%; in 2017, the market size of the herbal tea industry was about 57.8 billion yuan, an increase of 9.1% year-on-year, and in 2018, it was 47 billion yuan, down 18% from the previous year.
Jingo sold 70 million pieces to reverse the decline in performance
Sildenafil citrate generic drug "Jingo" is another product that has an important impact on performance in addition to herbal tea in Baiyun Mountain. As the second largest drug in the Da Nan pharmaceutical sector in terms of revenue, Jingo has maintained a high gross profit margin since its listing in 2014. In 2020, Jingo sold 78.3452 million pieces, with sales volume increasing by 26.86% year-on-year and gross profit margin of 85.93%. Revenue increased 10.6% year-on-year to RMB833 million.
However, the first domestic Viagra Jingo is facing increasingly fierce market competition. In August 2020, the third batch of national drug centralized procurement opened bids. In this round of collection, four companies, including Pfizer, the original pharmaceutical company of sildenafil citrate, and Baiyunshan, the first generic drug in China, participated in the bidding. In the end, Qilu Pharmaceutical became the only winning bidder with a winning bid price of 24.98 yuan (25mg * 12 tablets) per box.
Qilu Pharmaceutical's exclusive selection and Guangzhou Pharmaceutical Baiyunshan's failure to bid mean that Jinge has lost most of the retail channels of pharmacies in Guangdong. In the third batch of national centralized procurement of drugs, Guangdong for the first time included retail pharmacies in the national collection, becoming the province with the highest proportion of national procurement. Guangdong Three Medical Statistics show that the largest amount reported by retail pharmacies is sildenafil citrate tablets, and more than 28,000 retail pharmacies in Guangdong have participated in this report, accounting for 50% of the total number of pharmacies in Guangdong. "Overnight, Jinge of Baiyun Mountain disappeared from the retail channel of Guangdong pharmacies." An investor described this to the Beijing Business Daily reporter.
At present, qilu pharmaceutical's sildenafil citrate generic drugs average about 2 yuan per tablet, and the average selling price of Jingo in 2020 is about 10.63 yuan / tablet. Industry insiders believe that in the face of low-price competitors, Jingo's gross profit margin may be further affected. In addition, the Beijing Business Daily reporter searched for "sildenafil citrate" on the official website of the State Drug Administration and found that in addition to Jiangsu Yabang Epson Pharmaceutical Co., Ltd., Chengdu Diao Pharmaceutical Group Co., Ltd., Changshan Pharmaceutical and Guangzhou Pharmaceutical Baiyunshan and other enterprises to obtain "Viagra" generic drug approvals, there are also Guangdong East Sunshine Pharmaceutical Co., Ltd., Guangzhou Langsheng Pharmaceutical Co., Ltd., Shenzhen Haiwang Pharmaceutical Co., Ltd. and Guizhou Shengjitang Pharmaceutical Co., Ltd. Imitation applications have been accepted. Original title: Herbal tea can not rely on Jinge competition Guangdong Medicine Baiyun Mountain in ten years revenue fell for the first time in two consecutive declines in net profit
Beijing Business Daily reporter Yao Qian