Yipin Pharmaceutical is intended to be the GEM IPO, and the gross profit margin during the period is more than 70 % at a high level.

On June 30, Capital State learned that A -share company Hebei Yipin Pharmaceutical Co., Ltd. (hereinafter referred to as "Yipin Pharmaceutical") IPO has been accepted by the Shenzhen Stock Exchange.

The company focuses on the research and development, production and sales of chemical preparations and raw drugs. The company's core products are Uladier injection liquid hydrochloride, inhalation for inhalation, natinoholinholin inhalation, and compound alpha-ketone acid materials, etc. It also deployed preparations and raw medicines with faults with permine, pyrumine injections, fluoropraprofen ester and other materials.

From 2019 to 2021, Yipin Pharmaceutical's operating income was 223 million yuan, 308 million yuan, and 352 million yuan, respectively. The net profit attributable to the owner of the parent company during the same period was 32.61 million yuan, 42.6 million yuan, and 65.93 million yuan.

The controlling shareholder of the company is Harfu's investment, holding a total of 23.065 million shares of the company, accounting for 33.58%of the company's total share capital. The company's actual controller is Liang Jinghui and Dai Xuguang, and is the actual controller. Liang Jinghui and Dai Xuguang indirectly controlled 33.58%of the equity of the company through Harvin, and indirectly controlled 2.18%of the equity of the company through Hengqin Panzan, and controlled the company's 35.77%equity.

Yipin Pharmaceutical's proposed funds to be raised this time are 500 million yuan. The net amount after deducting the issue cost will be used: Hubei Yibi AMS, liquid agent, inhalation solution, injection production projects, pharmaceutical research and development projects, and supplementary funds.

This time I chose to log in to the GEM, and Yipin Pharmaceutical said that there are still the following risks:

1. The risk of concentration of the main products

The company's core products cover a variety of fields such as anesthesia, hypertension and other fields, as well as raw medicine drugs in the field of renal dialysis. The main source of income is Uradier hydrochloride injections, Luobaocarin hydrochloride injections, inhalation for inhalation, and compound alpha -Onoic acid raw medicine, during the reporting period, the main business income of the above varieties accounted for 81.46%, 88.11%, and 91.27%, respectively. There are relatively concentrated risks of major products.

Although the company is constantly developing rich products and strengthening sales and promotion of new products, there are uncertainty in product development and new product sales and promotion. The adverse change will have a greater impact on the company's performance.

Second, the risk of reduced gross profit margin

The company is mainly engaged in the research and development, production and sales of chemicals and drugs and preparations. During the reporting period, the issuer's main business gross profit margin was 74.74%, 75.55%, and 77.18%, respectively, and the gross profit margin was at a high level.

The pharmaceutical industry is an important part of the national economy. At present, the state has formulated a series of support policies for the pharmaceutical industry, optimized the market competitive environment, promoted the development of the industry, attracted more domestic and foreign companies to enter the pharmaceutical industry, exacerbated the industry's internal internal internal internal compete. In the future, domestic and foreign pharmaceutical companies may have a company's related fields and increase investment in the company's core products or similar varieties, thereby competing for the company's existing core products. In addition, as the state's standardized system for the pharmaceutical industry is becoming more and more improved, and further strengthening the implementation of medical insurance costs, the reduction of drug prices will be a long -term trend, and the company's product prices will face the risk of decline. At the same time, increasing market competition may lead to company products The price is reduced, and the cost, labor cost, and various costs are also risky. Therefore, the issuer has the risk of decline in gross profit margin.

Third, inventory price risk risk

At the end of each period of the reporting period, the company's book value of the company's inventory was 33.2483 million yuan, 42,458,100 yuan, and 518,900 yuan, respectively, accounting for 12.23%, 10.83%, and 11.16%of the total assets at the end of each period. Yuan, 2.2564 million yuan and 2.419 million yuan. If market demand changes significantly, it may cause the realization of the realization of inventory to be lower than the book value, causing the company to face the loss of inventory price loss.

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