2021年11月25日星期四

"Invisible boss" Ma Yinglong

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[reading tips: this week's subscription number will launch the special topic of "traditional Chinese medicine". Five articles will explain the track of traditional Chinese medicine. Welcome to continue to pay attention. Next week, we will launch the special topic of "pig breeding". Please look forward to it.]

Ma Yinglong is a well deserved champion in the field of anorectal medicine.

Ma Yinglong is not only well-known at home, but also well-known abroad. It is said that Ma Yinglong and Lao Ganma have become the hard currency of American prisons. Many gangs order Ma Yinglong from Amazon for circulation in prison. The price of Ma Yinglong's six suppositories on Amazon is $15.80, which can be doubled in prison. The price of one suppository is higher than that of six in China.

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The picture above is an American netizen's evaluation of Ma Yinglong on Amazon, which is filled with gratitude to Ma Yinglong. The title is thank you. The main content is that the person who invented this medicine should not be restricted by the fertility policy, win the Nobel Prize, sit in the front seat of the Olympic Games, and the children go to Ivy League schools for free.

Ma Yinglong, not only cares about your ass, but also begins to care about your eyes, face and lips.

In 2009, Ma Yinglong established the brand of Ma Yinglong Babao eye cream; In 2019, Ma Yinglong launched Ma Yinglong Babao lipstick. Beauty makeup has become an important product in Ma Yinglong's great health field.

Well, is the taste of lipstick and eye cream a little familiar?

What does Ma Yinglong rely on to make money

Ma Yinglong Pharmaceutical Group Co., Ltd. is a pharmaceutical manufacturing enterprise according to the industry classification guidelines for listed companies (2012 Revision) of the CSRC. The company's business is divided into three sections: pharmaceutical industry, medical services and pharmaceutical business.

The pharmaceutical industry mainly includes Ma Yinglong Musk Hemorrhoids Ointment, Musk Hemorrhoids Suppository (mainly for internal hemorrhoids with bleeding as the main symptom), Ma Yinglong Babao eye ointment (mainly for eye redness, swelling, itching, tears and red and rotten eyelids caused by disturbance of wind and fire), Longzhu ointment (clearing heat and detoxification, removing decay and generating muscle), etc.

The medical service sector is mainly the anorectal medical service terminal network, including Ma Yinglong anorectal chain hospital, anorectal diagnosis and treatment center jointly built with the hospital, and online health cloud platform "pony medical".

The medical business sector mainly includes physical pharmacies, online pharmacies and pharmaceutical logistics.

In 2020, Ma Yinglong's most profitable business is the pharmaceutical industry sector, with a revenue of 1.53 billion yuan, followed by the medical business sector, with a revenue of 1.17 billion yuan, and the medical service sector, with the lowest revenue of 138 million yuan. In terms of gross profit margin, the pharmaceutical industry has the highest, up to 66.64%, the gross profit margin of medical services is 15.47%, and the gross profit margin of medical business is the lowest, 7.04%. The gross profit contributed by the medical industry is 1.016 billion yuan, and the gross profit of medical services and medical business is about 100 million yuan, less than one tenth of that of the medical industry.

The pharmaceutical industry is mainly divided into hemorrhoid drugs and other products. The gross profit margin of hemorrhoid drugs is the highest, up to 72.4%, contributing 840 million yuan. The gross profit margin of other products is also as high as 49%, contributing 179 million yuan. Other products mainly include three kinds of drugs, Diosmin tablets (for the treatment of various symptoms related to venous lymphatic insufficiency and the treatment of various symptoms related to the attack of acute hemorrhoids), Longzhu ointment (sores, boils, redness, swelling, heat, pain and mild scald), and compound licorice oral solution (for cough and expectoration caused by upper respiratory tract infection, bronchitis and cold) 。 Although the sales of these three drugs decreased significantly due to the epidemic situation in 2020 and the company's location in the epidemic center, the "other products" can still contribute a gross profit of 179 million yuan, which is commendable.

Does Ma Yinglong have core competitiveness?

Ma Yinglong's famous prescription originated from the Ming Dynasty 400 years ago. At the beginning, it was Babao eye powder for the treatment of eye diseases. Later, it was named "Ma Yinglong Dingzhou eye medicine". In 1980, Ma Huimin, the 13th generation successor of Mahalanobis, developed the "Ma Yinglong Musk Hemorrhoids Ointment" which is well-known so far. Ma Yinglong's famous prescription includes eight traditional Chinese medicines, such as musk, bezoar, amber, pearl, borneol, calamine, borax and cassia. It is also known as the eight treasure famous prescription. It has outstanding effects of clearing heat and detoxification, promoting blood circulation and detumescence, removing decay and generating muscle. In 2011, Ma Yinglong's eye medicine making skills were selected into the "national intangible cultural heritage list".

Ma Yinglong has strong leadership in the anorectal field. According to the research on the market competition situation of hemorrhoids drugs by Zhongkang information, in 2018, Ma Yinglong's market share in the retail terminal of hemorrhoids drugs was 51.4%, which is far from the second German Lida, and Ma Yinglong Musk Hemorrhoids Ointment's market share in the retail terminal reached 80%. According to MI Nei net data, Ma Yinglong's Musk Hemorrhoids Ointment, Musk Hemorrhoids Suppository and Zhiyanxiao tablets have all entered the top ten of hemorrhoids drugs. By the end of 2020, 15 varieties of the company had been included in the national catalogue of essential drugs (2018 version) and 34 varieties had been included in the national catalogue of medical insurance (2020 version).

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In addition to hemorrhoids, Ma Yinglong began to build a series of products around the cosmetics track. Ma Yinglong Babao Biotechnology Co., Ltd. is a very low-key subsidiary of Ma Yinglong. It is mainly engaged in cosmetics in the field of great health. It has created a series of cosmetic products based on Babao formula, including Babao lipstick, which was very popular some time ago, and "Tonghua" products focusing on eye care. "Tonghua" products include eye essential oil, eye mask, eye cream and other subdivided products, as well as acne removal and facial care products. The net profit margin of Babao biotechnology in 2020 was 13.23%, higher than 11.3% in 2019. However, the revenue in 2020 decreased by 24% compared with that in 2019, and the net profit decreased by 12.8%.

Ophthalmic products are ma Yinglong's second new direction outside cosmetics, because the gross profit of ophthalmic drugs is very high. Ma Yinglong acquired Jiangxi Heshi Meikang Pharmaceutical Co., Ltd. and obtained the product and qualification of eye drops. Eye drops are high margin products. The gross profit margin of some typical companies in the eye drops industry is very high, including 78.54% of OPEC, 91.90% of Kanghong pharmaceutical and 73.13% of Xingqi eye medicine. Now the electronic products are very developed, and the popularity of mobile phones, tablets, computers and other equipment makes people's demand for ophthalmic drugs greater and greater. According to the data of the National Bureau of statistics in 2021, the number of mobile Internet users in China reached 986 million.

According to Frost & Sullivan's statistics, the scale of China's ophthalmic drug market has increased from US $2.1 billion in 2015 to US $2.8 billion (about 19.3 billion yuan) in 2019, with a compound growth rate of 8%. It is expected to grow at a compound growth rate of 17.8% in 2019 to US $16.9 billion (about 118.3 billion yuan) in 2030.

Ma Yinglong will continue to promote the research and development of new drugs in 2020, including tofatib citrate tablets (rheumatoid arthritis), compound lidocaine suppository (local anesthetic), zolpidem tartrate sustained-release tablets (insomnia) and Prasterone sodium sulfate tablets (vaginal atrophy). Among them, tofatib citrate tablets and compound lidocaine suppository are the drugs with the highest R & D investment in 2020, and the R & D expenses account for 0.14% of the revenue of that year, about 3.9 million yuan.

There is uncertainty in the future

Although it is competitive, Ma Yinglong's uncertainty is also prominent.

The hospital is still the main channel for drug sales, but Ma Yinglong's sales foundation in the hospital field is very weak. According to the data of Intranet, the domestic drug sales in 2019 were 1795.5 billion yuan, of which the terminal market share of public hospitals accounted for 66.6%, of which the terminal market share of retail pharmacies accounted for only 23.4%. The overall market share of Ma Yinglong's hemorrhoids drugs is only 26%. The fundamental reason is that Ma Yinglong's hemorrhoids drugs account for a very low proportion in the sales terminal hospitals.

In addition, the detailed grouping scheme of chs-drg (version 1.0) initiated by the national medical insurance administration in 2020 and the pilot work scheme of regional point method total budget and payment by disease score will promote the double reduction of hospital drug consumption and drug amount, which is more unfavorable to the sales of Ma Yinglong drugs in hospital channels.

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Ma Yinglong's two key patents for the treatment of hemorrhoids will expire in 2022. At that time, the company's formula for more than 400 years will no longer be protected by patents, which may have a certain impact on listed companies, but it will not be too great, because the production process is also very critical. Some pharmaceutical companies have obtained the formula of Ma Yinglong Hemorrhoid Ointment, but they have been unable to copy it.

Ma Yinglong has investment value

In October 2019, the CPC Central Committee and the State Council issued the opinions on promoting the inheritance, innovation and development of traditional Chinese medicine. At the end of 2019, the State Food and Drug Administration issued the implementation opinions on promoting the inheritance, innovation and development of traditional Chinese medicine (hereinafter referred to as the Implementation Opinions). On February 9, 2020, the State Council issued several policies and measures on accelerating the characteristic development of traditional Chinese medicine.

The above policies are very helpful for the R & D and innovation of traditional Chinese medicine enterprises, strengthening product quality control, and better realizing the inheritance and innovation of traditional Chinese medicine, which is conducive to the development of traditional Chinese medicine industry. Ma Yinglong's leading product hemorrhoids treatment' target='_blank'>hemorrhoids treatment medicine has a prominent market position and will be positively affected.

In terms of operational indicators, Ma Yinglong's total asset turnover rate and inventory growth rate are significantly higher than the industry average, and the industry rankings of the two indicators are 8 / 130 and 3 / 130 respectively.

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In terms of growth capacity, Ma Yinglong's year-on-year growth rate of revenue ranks 2 / 130 in the industry, and Ma Yinglong's year-on-year growth rate of net profit ranks 52 / 130 in the industry. The current indicators reflect the reality. The growth rate of net profit is far from catching up with the growth rate of revenue, because Ma Yinglong's low gross profit businesses, such as medical services and medical business, still account for a large proportion, These two businesses contribute nearly 45% of revenue, but less gross profit.

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Among the 49 constituent stocks of the CSI Chinese medicine index, Ma Yinglong performed very steadily, with an increase of 45.30% since the beginning of the year, ranking 10th; The rise and fall on the 60th was 56.49%, ranking No. 2, surpassing the stars such as pianzi Huang, Yunnan Baiyao and Tongrentang. In terms of turnover rate, Ma Yinglong ranked 8th with 4.09%, in a relatively safe range.

In terms of the production and marketing rate of Ma Yinglong's products in 2020, the main products of revenue are performing well, including 98.6% of hemorrhoids ointment' target='_blank'>hemorrhoids ointment, 106.9% of Hemorrhoids Suppository and 100.5% of Zhiyanxiao tablets. In addition to the 5.49% year-on-year decrease in the production of Hemorrhoids Suppository in 2019, the production and sales of hemorrhoids in 2020 have a good growth.

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Offline medical services are declining. According to the statistical bulletin of national economic and social development in 2020, the total number of diagnosis and treatment in 2020 was 7.82 billion, a year-on-year decrease of 8.2%, and the number of discharge was 230 million, a year-on-year decrease of 14.8%. With the declining gross profit of offline hospitals and retail pharmacies, Ma Yinglong began to speed up the adjustment and contraction of offline services. He has transferred the "Tonghua" beauty self-service vending machine on idle fish, transferred the equity of Ma Yinglong Ningbo hospital, and contracted to the business strategy with drugs (products) as the core. This will reduce the proportion of Ma Yinglong's low gross profit business.

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[Note: there are risks in the market and investment should be cautious. In any case, the information or opinions contained in this subscription number are only exchange of views and do not constitute investment suggestions to anyone.]

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