As of the 7th, one-third of pharmaceutical listed companies have announced this year's interim results report. Both raw material prices and product price cuts have hit the dual attack. Most pharmaceutical listed companies’ profit growth in the first half of this year is not ideal, compared with the increase in the same period of last year. The ratio dropped significantly.
Costs continued to rise August 6, China Resources 399 000. SZ) announced the 2011 interim report. Although its main business revenue in the first half of the year increased by 23.98% from the same period of last year to 2.453 billion yuan, the increase in net profit was only 1.9%, with only 397 million yuan.
China Resources Sanjiu said that during the reporting period, the company’s cost control was under great pressure and raw material prices remained high, especially the prices of Chinese herbal medicines and sugar rose by more than 30% year-on-year. The increase in cost caused the gross profit margin of the company to continue to decline. In the first half of the year, the company's overall gross profit margin decreased by nearly 3 percentage points year-on-year.
This situation is more common in pharmaceutical listed companies, especially Chinese listed companies. Jiang's Pharmaceutical (600750.SH), which issued the interim report on August 3, was even worse: the company achieved sales revenue of 884 million yuan in the first half of the year, a year-on-year decrease of 15.16%; and net profit of 99.1 million, a year-on-year decrease of 20.78%.
Industrial Securities [15.50-3.55% shares it] Analyst Wang Hao analysis, Jiangxi's first-half net profit fell sharply caused by two factors: First, the price of Taizishen in the first half of the year continued to rise, the overall gross margin of Jiang medicine industry The year-on-year decrease was 18.77 percentage points. Second, under the pressure of increasing raw materials prices for the flagship product Jianweixiaoshi, Jiang Traditional Chinese Medicine began to reduce the sales of flagship products, which also led to a significant drop in sales revenue in the first half of the year.
The high-end raw material drug company Hai Purui (002399.SZ) also faces the plight of rising raw material prices. Hai Purui realized total operating income of 1.57 billion yuan in the first half of this year, a year-on-year drop of 13%; and a net profit of 362 million yuan, a year-on-year decrease of 39.51%. The reason for the sharp decline in performance was mainly due to the sharp increase in crude heparin raw material prices, which was higher than 90% year-on-year, far higher than the year-on-year growth rate of the corresponding product sales.
Continual price reduction of products Before the pressure of rising costs, there are product pricing powers that guarantee profits, but for most pharmaceutical companies, the pricing power of products is not in their own hands.
Both Chinese medicine companies and chemical medicine companies are faced with an environment of continuous product price cuts this year. On the one hand, the National Development and Reform Commission’s price reduction orders continue to continue. On the other hand, the basic drug procurement tenders in each province “only low prices are takenâ€. Can not change.
From the perspective of the fundamentals of the pharmaceutical industry, sales revenue of the pharmaceutical industry maintained rapid growth in the first half of the year, but profit growth declined rapidly. According to data released by the National Bureau of Statistics, the sales revenue of the pharmaceutical manufacturing industry from January to June increased by 30.03% year-on-year to 656.331 billion yuan, and the total accumulated profits reached 65.668 billion yuan, a year-on-year increase of 21.67%.
Compared with the increase of 37% in the accumulated profits of the pharmaceutical industry in the first half of 2010, the growth rate in the first half of this year has dropped by 15 percentage points. According to Yu Mingde, president of the China Association of Pharmaceutical Enterprise Management, this is mainly due to two major policies: the “lowest price bid†for basic drug purchases and the clinical use restriction of antibiotics of the Ministry of Health.
The sales growth rate and profit growth rate of pharmaceutical listed companies in the period from January to May this year are equal to or below the industry average growth rate: The accumulated sales revenue and accumulated profits in the pharmaceutical industry increased by 28.9% and 18.5% from January to May, respectively, while the pharmaceutical listed companies 1～ The increase in sales revenue and profit in May was 22.9% and 18.5%, respectively.
“The pharmaceutical listed companies are all high-quality enterprises in the industry. The growth of high-quality companies is not as good as the average level of the industry, which indicates that the industrial policy leads to problems.†Yu Mingde pointed out that the basic drug purchase “only low price is taken†policy orientation for the development of the industry in particular It is the unfavorable development of high-quality enterprises.
For the full-year expectation, Yu Mingde analyzed that “The sales growth of the pharmaceutical industry this year is positive, and it is expected that the annual growth rate will reach 23% to 24%, but the slowdown in profit growth will be a foregone conclusion, and the annual growth rate may be less than 20%. "(author: Zhong can be fun)
Costs continued to rise August 6, China Resources 399 000. SZ) announced the 2011 interim report. Although its main business revenue in the first half of the year increased by 23.98% from the same period of last year to 2.453 billion yuan, the increase in net profit was only 1.9%, with only 397 million yuan.
China Resources Sanjiu said that during the reporting period, the company’s cost control was under great pressure and raw material prices remained high, especially the prices of Chinese herbal medicines and sugar rose by more than 30% year-on-year. The increase in cost caused the gross profit margin of the company to continue to decline. In the first half of the year, the company's overall gross profit margin decreased by nearly 3 percentage points year-on-year.
This situation is more common in pharmaceutical listed companies, especially Chinese listed companies. Jiang's Pharmaceutical (600750.SH), which issued the interim report on August 3, was even worse: the company achieved sales revenue of 884 million yuan in the first half of the year, a year-on-year decrease of 15.16%; and net profit of 99.1 million, a year-on-year decrease of 20.78%.
Industrial Securities [15.50-3.55% shares it] Analyst Wang Hao analysis, Jiangxi's first-half net profit fell sharply caused by two factors: First, the price of Taizishen in the first half of the year continued to rise, the overall gross margin of Jiang medicine industry The year-on-year decrease was 18.77 percentage points. Second, under the pressure of increasing raw materials prices for the flagship product Jianweixiaoshi, Jiang Traditional Chinese Medicine began to reduce the sales of flagship products, which also led to a significant drop in sales revenue in the first half of the year.
The high-end raw material drug company Hai Purui (002399.SZ) also faces the plight of rising raw material prices. Hai Purui realized total operating income of 1.57 billion yuan in the first half of this year, a year-on-year drop of 13%; and a net profit of 362 million yuan, a year-on-year decrease of 39.51%. The reason for the sharp decline in performance was mainly due to the sharp increase in crude heparin raw material prices, which was higher than 90% year-on-year, far higher than the year-on-year growth rate of the corresponding product sales.
Continual price reduction of products Before the pressure of rising costs, there are product pricing powers that guarantee profits, but for most pharmaceutical companies, the pricing power of products is not in their own hands.
Both Chinese medicine companies and chemical medicine companies are faced with an environment of continuous product price cuts this year. On the one hand, the National Development and Reform Commission’s price reduction orders continue to continue. On the other hand, the basic drug procurement tenders in each province “only low prices are takenâ€. Can not change.
From the perspective of the fundamentals of the pharmaceutical industry, sales revenue of the pharmaceutical industry maintained rapid growth in the first half of the year, but profit growth declined rapidly. According to data released by the National Bureau of Statistics, the sales revenue of the pharmaceutical manufacturing industry from January to June increased by 30.03% year-on-year to 656.331 billion yuan, and the total accumulated profits reached 65.668 billion yuan, a year-on-year increase of 21.67%.
Compared with the increase of 37% in the accumulated profits of the pharmaceutical industry in the first half of 2010, the growth rate in the first half of this year has dropped by 15 percentage points. According to Yu Mingde, president of the China Association of Pharmaceutical Enterprise Management, this is mainly due to two major policies: the “lowest price bid†for basic drug purchases and the clinical use restriction of antibiotics of the Ministry of Health.
The sales growth rate and profit growth rate of pharmaceutical listed companies in the period from January to May this year are equal to or below the industry average growth rate: The accumulated sales revenue and accumulated profits in the pharmaceutical industry increased by 28.9% and 18.5% from January to May, respectively, while the pharmaceutical listed companies 1～ The increase in sales revenue and profit in May was 22.9% and 18.5%, respectively.
“The pharmaceutical listed companies are all high-quality enterprises in the industry. The growth of high-quality companies is not as good as the average level of the industry, which indicates that the industrial policy leads to problems.†Yu Mingde pointed out that the basic drug purchase “only low price is taken†policy orientation for the development of the industry in particular It is the unfavorable development of high-quality enterprises.
For the full-year expectation, Yu Mingde analyzed that “The sales growth of the pharmaceutical industry this year is positive, and it is expected that the annual growth rate will reach 23% to 24%, but the slowdown in profit growth will be a foregone conclusion, and the annual growth rate may be less than 20%. "(author: Zhong can be fun)
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