Hyaluronic acid printing machine "Huaxi Biological", rolled up without votinum toxin

Is there no worries about Huaxi Biological Skin Skin Care to make money?

Author | Editor of Yong Yule | Yang Wu

Produced | Things of the Internet

Submit WeChat | 813991731

The dragon's dream of Huaxi creatures eventually lost to the Black Swan.

On the evening of August 1st, Huaxi Biological announced that it had issued a lawyer's letter to the Korean company Medytox, demanding that the termination/withdrawal/lifting the cooperation agreement reached between the two of the two.

Further content shows that after the termination of the aforementioned cooperation agreement, Huaxi Bio will lose the exclusive agency rights of botulinum products of MEDYTOX in mainland China.

After the botulinum toxin was frustrated, the secondary market began to have significant shocks.

According to Huaxi Biological Financial Securities Liance, the net financing repayment was 7.2623 million yuan on August 8, 2022; the financing balance was 579 million yuan, a decrease of 1.24%from the previous day.

In terms of financing, 53.5129 million yuan in financing was bought on the day, the financing repayment was 60.775 million yuan, and the net financing repayment was 7.2623 million yuan.

In terms of lending trading, lending trading sells 55,500 shares, borrowing the securities bond repayment of 34,300 shares, 411,500 shares of trading margin, and the balance of securities lending 61.9228 million yuan. The total amount of financing and securities and securities and securities was 641 million yuan.

On the other hand, according to Huaxi Biological Financial Report, the revenue of Huaxi Biological in 2021 was 4.947 billion yuan, an increase of 87.93%year -on -year; net profit was 782 million yuan, an increase of 21.13%year -on -year; Increase 16.74%.

On the surface, both revenue and net profit have both increased. However, the high sales expenses in recent years have also reduced the gross profit margin of Huaxi creatures.

From 2019 to 2021, Huaxi Biological Dental's non -net profit growth has grown even more minimal, respectively, 567 million yuan, 568 million yuan, and 663 million yuan, respectively.

In fact, comprehensively, the agency right of losing botulinum toxin has become difficult for Huaxi creatures.

1

The rushing Huaxi creature began to brake

Judging from Huaxi Bio announced the semi -annual report of 2022, this round of performance is not outstanding.

In the first half of 2022, Huaxi biological revenue was 2.936 billion yuan, an increase of 51.62%over the same period last year; the net profit of home mother was 470 million yuan, an increase of 30.49%over the same period last year. Among them, functional skin care products increased significantly by 75%.

Looking at 2021, Huaxi biological revenue increased by 87.93%year -on -year, and the growth rate of functional skin care products reached 146.57%.

Whether it is revenue or core growth point, Huaxi creatures are slow.

The big logic of the hyaluronic acid industry is the medical beauty penetration rate. According to Ferris Sanderian data, the domestic medical beauty penetration rate is only about 3.6%, South Korea is 21%, and the United States is 16.8%.

Hyaluronic acid medical beauty products have more room for growth.

In recent years, Huaxi Biological has begun to take the TO C -end business. Although the company's popularity is based on the company's popularity, its products have also occupied a place, but the high sales costs are always swallowing profits.

From the perspective of data, the sales costs of Huaxi Biological from 2019-2021 were 521 million yuan, 1.099 billion yuan, and 2.436 billion yuan, respectively. Obviously, sales investment was obviously doubled at a rate of double each year.

The sales expenses in 2021 are equivalent to half of the revenue, and half of the sales costs of 2.436 billion yuan are spent on the online promotion service fee, accounting for 53.91%.

According to data, the size of the domestic formal channels in 2018 was 3.92 billion yuan, and the compound growth rate of 2015-2018 was as high as 30.8%.

The domestic market is expected to reach 13 billion yuan in 2025.

Facing the huge botulinum market, up to 90%of the botulinum business can indeed provide incremental Huaxi creatures, because from another level, only the development of hyaluronic acid products is not realistic for Huaxi creatures.

However, due to the nature of botulinum toxin, if he wants to enter this field, Huaxi creatures inevitably need to start again, and need to re -invest in a lot of time.

The reason is very simple. Botoxin generally takes 3 to 5 years from clinical trials to approval, and botulinum toxin products are stricter than hyaluronic acid products as poisonous products. For more than 8 years, and the agent products also need 3 to 5 years to go public.

According to the drug registration information of the State Drug Administration, there are currently 4 types of botulinum toxin products approved in China.

According to the listing time, the Hengli produced by China Lanzhou Biotechnology Development Co., Ltd., the BOTOX produced by the American pharmaceutical company Allergan (BOTOX), and the French pharmaceutical company Yippson (IPSEN) produced (IPSEN). Letybo, produced by Dysport), produced by Korean pharmaceutical company Hugel.

Among them, Jishi has been represented by Gaodeme, and Leste is proxy by Four Ring Pharmaceuticals.

However, the botulinum toxin of other companies in China is approved for listing, which is a double -sided challenge in Huaxi creatures.

So, whether the time for botulinum toxin products, or agency products, do Huaxi creatures still have a better choice in the field of botulinum toxin?

Huaxi Bio also stated in the announcement that "does not rule out the opportunity to seek other botulinum products." But it can be seen that Huaxi Biological has missed a good time to choose a cooperative brand.

First of all, the exclusive agency right of Type A Botoxylida in China is in the Fourth Ring Road Medicine, and Ji Shi of Gaodemei agents belongs to a strategic cooperation product with Yippson. In the context of market advantages and competition, it is difficult to become the choice of Huaxi creatures.

Secondly, excluding the domestic approval process of medical products in China, it is not easy for Huaxi creatures in terms of botulinum toxin, high R & D, and strict supervision.

In simple terms, there are not many opportunities to leave Huaxi creatures.

2

Double pressure of competition and gross profit margin

Judging from the current development of Huaxi Bio, in fact, it can be clearer that it seems that it is difficult for botulinum toxin to make significant progress in a short period of time.

First of all, Huaxi creatures present a situation of slowing business in hyaluronic acid. If the botulinum toxin business is re -developed in a short period of time, the mobile funds will obviously be compressed to a certain extent.

According to Huaxi Biological Financial Report, from 2019 to 2021, Huaxi Biological revenue was 1.885 billion yuan, 2.632 billion yuan, and 4.947 billion yuan, respectively.

In the same period, net profit was 585 million yuan, 645 million yuan, and 782 million yuan, respectively; non -net profit increased less, with 567 million yuan, 568 million yuan, and 663 million yuan, respectively.

Its gross profit margin also dropped from 81.41%in 2020 to 78.07%last year.

In addition, in the first half of 2022, the company's revenue was 2.936 billion yuan, an increase of 51.62%year -on -year; in the first half of 2021, its revenue growth rate reached 104.44%.

In terms of good aspects, although Huaxi Biological has begun to slow in revenue, it still maintains growth. In addition, if it is found in net profit, it seems that the growth of non -net profit seems very limited.

Secondly, in terms of market competition, competing products have found "positioning" in the field of botulinum toxins.

According to public information, in September 2018, Aimei signed a cooperation agreement between Type A botulinum products in China and South Korean botulinum toxin company Huons Global. Equity, botulinum toxin products are expected to be available in 2024.

In 2020, East China Pharmaceutical signed a strategic contract with Jetema, South Korea, and obtained the exclusive agency right of Type A botulinum products in China. It is expected that the product will be approved to be listed in 2024.

Immediately after that in March 2021, Hao Haishengke and the US Eirion signed an equity investment agreement and product license agreement. From the details of the product, there are also botulinum -related products in Eirion authorized products.

Judging from the launch of botulinum products of major enterprises, 2024 will become a high incidence of botulinum toxin products to the market.

This means that the time for Huaxi Biology is less than two years, and it seems that it seems to be talking on paper.

On the other hand, once brands such as Beauty and Haohai Biological have given priority to launching botulinum products, it is difficult to say that it will not start occupying a certain advantage in revenue.

In addition, on March 14 this year, at the Huaxi Biological Media Communication Meeting in 2021, Zhao Yan, chairman and general manager of Huaxi Biology, said that the market positioning Huaxi Biology as a "medical beauty" enterprise is not accurate because the market is not accurate because the market is not accurate because the market is not accurate because the market is not accurate because the market is "medical beauty" because the market is not accurate because the market is not accurate because the market is not accurate because the market is not accurate because the market is not accurate because the market is not accurate because the market is not accurate because the market is not accurate, The proportion of medical beauty in Huaxi is not high.

In addition, Huaxi Bio has re -sorted out its business in 2021. At present, the main business of Huaxi creatures is to focus on functional skin care products such as functional sugar and amino acids.

However, even though the positioning of Huaxi creatures is more biased towards "synthetic creatures", the achievements of Huaxi creatures in functional skin care brands are not dazzling.

3

There is no way to retreat from Huaxi Bioscving?

In fact, in recent years, with the rise of the hyaluronic acid industry, the hyaluronic acid market has also played a price war.

As a supplier of hyaluronic acid raw materials, Huaxi creatures are inevitably affected by the price war of hyaluronic acid products, and the gross profit margin of hyaluronic acid raw materials has declined.

According to Huaxi Biological Financial Report, in 2021, the revenue of Huaxi Bio's raw material business increased by 28.62%year -on -year to 905 million yuan, but the proportion of total revenue was only 18.29%. The space has been reduced.

What's more noteworthy is that while the proportion of hyaluronic acid raw materials has declined, the proportion of revenue of functional skin care products is constantly increasing.

According to relevant data, functional skin care products in 2021 accounted for the company's revenue ratio to 67.1%, and the revenue growth rate exceeded 100%in nearly 3 years.

However, can relying on functional skin care products and functional foods really support the total revenue of Huaxi creatures?

In fact, the field of functional skin care products is actually more competitive for the botulinum toxin market.

According to iResearch data, in 2021, the domestic number of players in the country accounted for 28.20%, mainly three main: Venona, Huaxi Biological, Xiu Like; the second echelon player market accounted for 15.00%, mainly includes Lichu Spring and Jade Ze, Avene, etc. In the market where the strong is Hengqiang, if you want to maintain the market share, subsequent marketing costs will inevitably be reduced.

It can be said that only by sitting in a stable lead can we increase the revenue and hold the marketing costs or even increase the net profit, otherwise it will vice versa.

According to the financial report, the revenue of functional skin care products from 2019-2021 was 600 million yuan, 1.3 billion yuan, and 3.3 billion yuan, but the overall performance of functional foods contributed less than 1%in 2021.

From another perspective, under the annual marketing costs increased by multiples, we can see that the performance contribution of functional foods at the moment is difficult to reconcile with marketing costs.

From the perspective of which perspective, it is implying that in the next day, the pain of Huaxi creatures will only be more obvious on the existing basis.

What Huaxi Biography can do is only continuous development of functional skin care products, attract more consumers through good products, and at the same time increase the existing users of the existing users

It can also be said that in order to reduce marketing costs "the foundation".

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