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For pharmaceutical enterprises, collecting rulesSecretsofthephoenixmegawaysThe guiding rules are further moving towards scientific, reasonable, moderate and effective, and pharmaceutical companies as a whole are still encouraged to innovate with high quality. At the same time, thanks to the practice of collection in the past few years, the collection effect of "the positive impact of sales growth on income is greater than the negative impact of falling prices" has also been deeply verified.

Yuandong Biological's key products ibandronate injection and caffeine citrate injection were included in the collection in the fourth quarter of 2022, but according to the company's latest annual report of 2023, the impact of collection is gradually clearing. the company's overall performance remains sound. In the first quarter of this year, the company's revenue, home net profit and other major financial indicators to achieve year-on-year growth.

From the perspective of product structure, Yuandong Bio has also gradually realized kinetic energy shift, and the management quality has been steadily improved. At the same time, Namephene Hydrochloride injection was approved by FDA in November 2023, and the internationalization of the company's preparation was also realized.SecretsofthephoenixmegawaysA breakthrough from 0 to 1.

Debang Securities Research newspaper said that the impact of collection is basically clear, stock products are expected to continue to contribute to performance increment in the follow-up, and the company's performance is expected to stabilize.

In the first quarter of this year, the main performance indicators are all year-on-year growth and the impact of collection has been gradually cleared.

On the evening of April 22, Yuandong Bio released its results for the first quarter of 2023 and 2024.

For the whole of last year, Yuandong Bio realized operating income of 11. 5%.Secretsofthephoenixmegaways1.7 billion yuan, realizing the net profit belonging to the shareholders of listed companies 2Secretsofthephoenixmegaways.27 billion yuan. It is worth mentioning that the net cash flow generated by the company's operating activities improved significantly during the year, an increase of 81.15% to 275 million yuan over the same period last year.

In the first quarter of this year, Yuan Dong's biological performance made another success-- operating income reached 315 million yuan, an increase of 13.37% over the same period last year, and net profit belonging to shareholders of listed companies reached 75.0101 million yuan, an increase of 23.00% over the same period last year. Net cash flow from operating activities increased by 118.29% to 71.8921 million yuan. The substantial and continuous improvement in this data means that Yuandong's cash flow is healthier, providing more financial support for the company's daily operation, expansion and investment plans.

Wind data show that the main financial indicators of Yuandong Biology have maintained an overall steady growth trend in the past five years. Among them, the company's revenue has maintained year-on-year double-digit growth in three years, and non-return net profit has also maintained year-on-year growth of more than 20% for three consecutive years.

From the main financial data, the impact of early stock collection on Yuandong biology has been gradually cleared. In the fourth quarter of 2022, Yuandong's key biological products ibandronate injection and caffeine citrate injection were included in the seventh batch of national centralized volume procurement, and sales fell sharply in the first half of last year, resulting in pressure on the company's overall performance. However, from the annual report data, the collection pressure of the two major products has been reflected in the first three quarters of the report, the follow-up impact is expected to be weakened.

On the other hand, from the perspective of superimposed R & D progress and product structure, Yuandong Bio is gradually realizing kinetic energy shift and the management quality is steadily improving. First of all, this is due to the sustainable high R & D investment of Yuandong Pharmaceutical. In 2023, Yuandong biological R & D investment accounted for more than 22% of total revenue, and R & D investment in the first quarter of this year reached 63.1406 million yuan, an increase of 22.99% over the same period last year.

From the perspective of R & D results, a total of 16 new products have been approved from 2022 to 2023, leading the industry. In terms of low molecular weight new drugs, Yuandong Bio is speeding up the III phase single drug clinical trial of Yuglitin tablets as planned; Class 1 innovative drug EP-0108 capsule has been implicitly approved by CDE clinical trial for the treatment of malignant hematological tumors; and the clinical application of another Class 1 innovative drug EP-0146 tablet has been accepted by CDE and applied to the United States IND for the treatment of advanced solid tumors.

In the field of biological drugs, the company focuses on the fields of anesthesia, analgesia, anti-tumor and immunity, strengthening platform construction and promoting R & D and technological innovation. EP-9001A Monoclonal Antibody injection, a new drug in the field of anesthesia and analgesia, has completed the phase Ia clinical study and entered the phase Ib/II clinical study. At present, the research progress is in the stage of dose climbing into the group in the Ib phase, and the whole process is carried out as planned. The type of technology has been expanded from monoclonal antibody to bispecific antibody, focusing on building antibody technology platform and biological coupling technology platform. The company's new biological research and development laboratory has been put into use, with monoclonal antibody, double antibody and other independent research and development capabilities.

In the aspect of high-end generic drugs, 10 preparation products including neostigmine methanate injection, norepinephrine bitartrate injection and dopamine hydrochloride injection were approved for market, and the first international preparation product, Namephene Hydrochloride injection, was approved by FDA. As of the date of disclosure of the annual report, Yuandong Bio has successfully realized the industrialization of 48 high-end chemicals, including 7 domestic first imitation products, 37 passed the consistency evaluation (11 of which are the first to pass).

According to the data of the national key provincial and municipal public hospitals database in 2023, the company's main product market occupies the top position, and the four products in the field of anesthesia and analgesia rank in the top three. The perfect product structure further cushions the gathering pressure and brings the driving force of subsequent growth. Debang Securities Research News pointed out that the impact of collection is basically clear, the follow-up of stock products is expected to continue to contribute to performance increment, the company's performance is expected to stabilize.

Domestic enterprises are expected to benefit from the policy of collection and acquisition towards mild, healthy, high-quality innovation.

It should be pointed out that for pharmaceutical enterprises, the significance of collection does not lie in the price "guillotine", the impact on enterprises is expected to be more healthy and far-reaching.

Take the continuous purchase of insulin collection carried out on April 23 as an example. When insulin was collected for the first time in November 2021, the prices of the selected products dropped by an average of 48%, with a maximum drop of 73%, and began to be implemented in May 2022. Due to price reduction, price gap and other reasons, Ganli Pharmaceutical, Tonghua Dongbao in the insulin collection landing, the performance was affected to varying degrees. From the latest performance, the impact of collection on these enterprises is gradually clear. At the same time, the enterprises that win the bid benefit greatly in terms of product volume, and the positive impact of sales growth on income is greater than the negative impact of falling prices.

In addition, from the perspective of this continuous procurement, a number of brokerage institutions believe that the contract renewal policy is mild, domestic substitution is expected to continue, domestic leading enterprises will also benefit from it. Among them, Guoxin Securities Research News believes that domestic enterprises are expected to maintain the main stock market through reasonable price cuts, and to strive for the release of new products through collection, taking into account that the rules of this round of successive procurement are relatively mild, and it is expected that the disturbance of price changes to short-term performance will be less than that of the first National Mining.

This also means that pharmaceutical enterprises may no longer have to talk about "collection" color change, and the guiding rules of collection rules for pharmaceutical enterprises are further shifted to scientific, reasonable, moderate and effective, and pharmaceutical enterprises as a whole are still encouraged to innovate with high quality. especially for Yuandong Biology, which insists on taking innovation as the first principle of research and development and focusing on the layout of exclusive high-efficiency products.

In addition to optimizing the policy environment, Yuandong Bio also takes internationalization as the starting point to optimize its own external development environment-- combining its own advantages to build a pipeline of opioid antidotes and first aid products with Yuandong's characteristics, while the layout breaks through the large varieties of the original crystal form and preparation patents, high barrier complex preparations and characteristic 505 (b) (2) products. During the reporting period, the small volume injection production line of Shuode Pharmaceutical Co., Ltd., a wholly-owned subsidiary, successfully passed the FDA on-site inspection in the United States, and Namepfen Hydrochloride injection was approved by FDA in November 2023, and completed the signing of the sales agency cooperation agreement, and the internationalization of the company's preparation achieved a breakthrough from 0 to 1.

New recruits have been added to the internationalization of APIs. Two products of Namephene Hydrochloride and Rotigotin have been internationally registered and 12 international registrations / certifications of APIs have been completed.

With the thinking of specialization, internationalization and differentiation, Yuandong Biopharmaceuticals, Biopharmaceuticals and high-end generic drug product groups are mature, and Yuandong characteristic pipelines and differentiated competitive advantages are being formed.

(this article does not constitute any investment advice, and the information disclosure shall be subject to the company announcement. Investors operate accordingly at their own risk. )