2021年11月25日星期四

"Invisible giant" Ma Yinglong

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This week, this appointment reading number published the theme of "traditional Chinese medicine". 5 articles through the process of traditional Chinese medicine, welcome to continue to pay attention. The theme of "pig breeding" will be published next week. Please look forward to it. [idiom]

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

Ma Yinglong is well known not only at home, but also abroad. It is said that Ma Yinglong and his old mother have become the hard currency of American prisons. Many gangs order Ma Yinglong on Amazon for prison circulation. The price of suppositories contained in six Ma Yinglong will reach US $15.8 in Amazon and double in prison. The price of one can be comparable to that of six in China.

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The above picture shows the comments of American netizens on Ma Yinglong on Amazon. They are full of gratitude to Ma Yinglong. The main content of the title is: the person who invented this medicine is not limited by the fertility policy, should win the Nobel Prize, should sit in the front row of the Olympic Games, and children should go to Ivy League schools for free.

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

In 2009, Ma Yinglong founded the brands of Ma Yinglong, Babao and eye cream. In 2019, Ma Yinglong issued Ma Yinglong Babao lipstick. Makeup has become an important product in Ma Yinglong's health field.

Well, lipstick and eye cream taste a little familiar, don't they?

What does Yinglong rely on to make money

Ma Yinglong Pharmaceutical Group Co., Ltd. is a pharmaceutical manufacturer classified according to the industry classification guidelines for listed companies (2012 Revision) of the Securities Regulatory Commission. The company's business is divided into three sectors: pharmaceutical industry, medical services and pharmaceutical commerce.

The pharmaceutical industry mainly includes Ma Yinglong Musk Hemorrhoids, Musk Hemorrhoids (mainly internal hemorrhoids with bleeding as the main symptoms), Ma Yinglong babaoan ointment, mainly wind fire, red eyes, itching, tears, red eyelid ulcer), topaz ointment) antipyretic and detoxification, rotten and rooting taproot.

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

The commercial version mainly includes physical pharmacies, online pharmacies and pharmaceutical logistics.

In 2020, Ma Yinglong's most profitable business is the pharmaceutical industry edition, with sales reaching 1.53 billion yuan, followed by the medical commercial edition, with sales of 1.17 billion yuan and the medical service department with sales of 138 million yuan. The gross profit margin is the highest, 66.64% for pharmaceutical industry, 15.47% for medical services and 7.04% for medical business. The total profit of medical contribution is 1.016 billion won, and the total profit of medical services and medical business is about 100 million won, less than one tenth of that of the medical industry.

In the pharmaceutical industry, it is mainly divided into hemorrhoids therapeutic drugs and other products. The total interest rate of hemorrhoids treatment' target='_blank'>hemorrhoids treatment drugs was 72.4%, the contribution financing profit was 840 million won, the total interest rate of other products was 49%, and the contribution financing profit was 179 million won. Other products mainly include artemisinin tablets (for the treatment of various symptoms related to venous lymphatic insufficiency and acute hemorrhoid attack), Longqiu ointment), Casablanca, redness, swelling, fever, pain and mild burn), compound licorice oral solution, etc.

Does Ma Yinglong have core competitiveness?

Ma Yinglong's famous prescription originated in the Ming Dynasty 400 years ago. It was originally babaoan powder for the treatment of eye diseases. Later, it was named "Ma Yinglong Zhengzhou eye drops". In 1980, Ma Huimin of the 13th generation of Marcos developed the so far famous "Ma Yinglong Musk Hemorrhoids Ointment". Ma Yinglong's famous prescription contains 8 kinds of traditional Chinese medicine, such as musk, bezoar, pumpkin, pearl, Bohr, calamine, borax and gravel. It is also known as the eight step famous prescription, which has the effects of antipyretic, promoting blood circulation and expansion and removing rotten roots. In 2011, the production technology of Maying longan potion was listed in the "national intangible cultural heritage list".

Ma Yinglong has strong leadership in anorectal field. Zhongjiang information 01030102018, the mayor / market share of Ma Yinglong hemorrhoids retail terminal was 51.4%, which was far from that of Germany Yida, which ranked second. The share of Ma Yinglong Musk Hemorrhoids Ointment in retail terminal was 80%. According to intranet reports, Ma Yinglong Musk Hemorrhoids Ointment, Musk Hemorrhoids and hemorrhoids are all listed in the top 10 hemorrhoids treatment' target='_blank'>hemorrhoids treatment drugs. By the end of 2020, there were 15 varieties of national essential drugs catalogue (2018 Edition) and 34 varieties of national medical insurance catalogue (2020 Edition).

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In addition to hemorrhoids therapeutic agents, Ma Yinglong also began to make various products centered on the cosmetic process. Ma Yinglong Babao Biotechnology Co., Ltd. is a low-cost subsidiary of Ma Yinglong, mainly engaged in cosmetics in the field of health. According to Babao formula, we have made a series of cosmetics, including Babao lipstick, which was very popular before, mainly the "beautiful pupil story" product of eye care. "Eye pupil" products include subdivided products such as eye oil, eye mask and eye cream, as well as acne and facial care products. The net profit margin of Babao biotechnology in 2020 was 13.23%, higher than 11.3% in 2019, while the sales in 2020 decreased by 24% year-on-year and the net profit decreased by 12.8%.

Ophthalmic products are ma Yinglong's second new direction in addition to cosmetics. Because the profit of ophthalmic drugs is very high. Ma Yinglong acquired Jiangxi huahuameikang Pharmaceutical Co., Ltd. and obtained snowball products and quality. The store's security products are Goma duck products. The gross profit margin of some typical companies in snowball industry is very high. The gross profit margin of Oukang city is 78.54%, that of Jianghong pharmaceutical is 91.90%, and that of Xingzhi eye drops is 73.13%. At present, electronic products are very developed, mobile phones, tablet computers and other equipment are popularized, and the demand for ophthalmic drugs is higher and higher. 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 mayor / market size of Chinese ophthalmic drugs increased from US $2.1 billion (about 19.3 billion yuan) in 2015 to US $2.8 billion (about 19.3 billion yuan) in 2019, with a compound growth rate of 8%, 17.8% in 2019 and US $16.9 billion (about 118.3 billion yuan) in 2030

In 2020, Ma Yinglong will continue to promote the development of new drugs. Citric acid trisulfate tablets (rheumatoid arthritis), compound lidocaine tablets), local anesthetics), tartaric acid, sodium testosterone tablets), vaginal atrophy. Among them, navit citrate and compound lidocaine are the highest R & D expenses invested in 2020, accounting for 0.14% of the revenue of the year, about 3.9 million won.

There is uncertainty in the future

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

The hospital is still the main route 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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