Is it not recognized by the capital market?

The performance has increased greatly, and the stock price has plummeted. Such things also happened in the CXO leader Ming Kangde.

On the evening of July 26, Yaoming Kant released the 2022 interim. In the first half of this year, Yaoming Kant's revenue was 17.756 billion yuan, an increase of 68.52%year -on -year; net profit was 4.636 billion yuan, an increase of 73.29%year -on -year.

Revenue is healthy, and net profit can maintain a growth rate of more than 70%. Putting in any company may usher in the market's optimism. But when Yaoming Kangde, after the performance was released, the company's stock price seemed to participate in the ten -meter -jump final:

On July 27, Yaoming Kangde fell 5.12%, causing the entire CXO sector to fall: Kaile British fell 4.21%, Kang Longhua became 2.1%, Botten shares fell 3.97%, Yaoshi Technology fell 5.39%.

What is this strange phenomenon?

Innovative drugs are cold downstream

Yaoming Kant's business includes CRO and CDMO, which is reasonable to stand on the safe position of innovative medicines. Even if the profit of collecting and price negotiations lowered the profit of pharmaceutical companies, the investment in R & D is still indispensable. The research and development expenses of various pharmaceutical companies are the market that Yaoming Kant is keeping.

Moreover, the main customers of Yin Kant are from overseas. Even if pharmaceutical companies are under pressure in the Chinese market, there is no large -scale control over overseas. It stands to reason that the performance of Yin Ming Kangde is relatively stable.

The number of interim reports is really good. However, there are always reasons for the secondary market.

Beginning in 2021, Yao Ming Kanto independently expands China's new drug research and development business, and is tied with chemistry, testing, biology, cells and gene therapy business, which is obviously attached great importance to the Chinese market. However, from this semi -annual report, the revenue of the domestic new drug R & D service department has fallen by 26.69%.

Photo source: Yao Ming Kangde's half -annual report of 2022

At the same time, among all profitable sectors, the gross profit margin of the domestic new drug R & D service department is also at the bottom of 25.53%. Compared with the gross profit margin of 45.83%in the same period last year, it was almost halved.

In the first half of this year, Yaoming Kang's domestic business revenue was 455 million yuan, accounting for no more than 3%of the company's total revenue. The decline in this business may have a little impact on Yaoming Kant, but it reflects that the domestic innovative drug industry is in a period of deep adjustment.

The new drug research and development service department of Yaoming Kang Germany is mainly for customers to develop new small molecular drugs for customers. Regarding the first half of the year's performance, the company explained that the sector is updated and iterates and the delivery cycle is longer. At present, it is committed to helping customers discover the potential Best-in-Class molecules and new molecules.

Behind this series of rhetoric reveals the same phenomenon: the development of new drugs in domestic small molecules has become more difficult.

New small molecules are not easy to do, and macromolecules are the targets. This is the most embarrassing thing in the current Chinese innovative pharmaceutical industry. A few years ago, a molecule was "innovative medicine"; began last year, the standards of the "innovation" of science and technology boards were up, and the simple ME-TOO and ME-Better were already difficult to convince capital, but they must really make BEST- In-Class, Yin Ming Kant was not sure.

Yaoming Kangde's revenue and gross profit margin declined at the same time, indicating that a large number of pharmaceutical companies who hoped to transform behind it turned into a wait -and -see attitude towards innovation. These companies can attack, retreat, and retreat. Once the innovative medicine market is not good, they can slip first.

In the past 12 months, domestic innovative medicine has been sluggish. During this period, Hengrui Pharmaceutical's stock price fell 49.3%, Junshi creatures fell 28.46%, and Cinda creatures fell 64.45%. Many companies planned innovation have to be temporarily put on hold.

The performance of Yaoming Kang's domestic business proves that the predicament of innovative drugs has been transmitted to the upper reaches of the industry.

New crown business concern

In fact, the core sector of Yin Ming Kant is still very good, but it can still be seen.

According to the semi -annual report, in the first half of 2022, the revenue of Yaoming Kangde's chemistry business was 12.974 billion yuan, a year -on -year increase of 101.91%. The main source of customers of Yin Ming Kant is European and American pharmaceutical companies, and most of the chemical business income also comes from overseas, stable growth, and almost no systemic risk.

Is there a problem too fast?

Yaoming Kant disclosed: A large part of 12.9 billion yuan is the income of the new crown related products. According to the data disclosed by the company, the part of the new crowns in the chemical business accounted for 23.56%, nearly 4.2 billion yuan.

This is the biggest basis for the short market: the development and production of new crown drugs in the future will greatly decrease, and Yaoming Kant cannot maintain high performance.

The concept of the new crown is no longer popular. Kangtai Bio's performance preview in the first half of this year stated that the deduction of non -net profit decreased by nearly 70%. The company's disposable measurement of assets and R & D expenditures invested for the new crown vaccine was obviously not optimistic about the business of the new crown.

Like Yaoling, Boteng, and Bo Teng, they have undertaken a large number of overseas orders and developed new crown drugs. Once the downstream pharmaceutical companies believe that the time for the large -scale medication of the new crown has passed, how can the upstream be safe?

In fact, several CXO companies have not yet collapsed, but the market has begun to adjust.

Institutional investors have begun to do subtraction. In the first half of 2022, Gram's China -Europe Medical Healthy Hybrid Securities Investment Fund was reduced by 4,488,200 shares of Yao Ming Kangde. Trend.

Grand, who prefers the innovative medicine industry, bought Tongrentang and Pianzi in the second quarter. Coincidentally. A week ago, Zhao Bei's ICBC Credit Suisse Fund disclosed positions, reduced the holdings of Yaoming Kangde and Kai Lai Ying, and added China Resources Sanjiu and Tongrentang.

Capital has disappeared between innovative medicines and Chinese medicine, which is the current market status.

Don't let Li Ge "run away"

Whether someone finds that Yao Ming Kangde's encounters have happened 7 years ago.

In December 2015, Yaoming Kangde announced the completion of privatization and delisted from the NYSE. According to the first financial report at the time, the next step of Privatization of Wuhaiti Kant was likely to be split into three pieces of its sectors, which were listed in China. Later, the actual actions of Yao Ming Kant proved this idea.

It is generally believed that the value of Yin Ming Kant is seriously undervalued overseas. At that time, the price -earnings ratio of Yao Ming Kant was about 30 times, and the valuation was about $ 3 billion.

What age is that? At that time, the domestic pharmaceutical industry was inspired by the reform of the pharmaceutical review, and the market was prosperous. Medical stocks with a market value of more than 20 billion yuan abound, Tiger Pharmaceutical peak exceeded 26 billion yuan.

During that period, Yin Ming Kant had prepared to do genetic business such as CAR-T. Because it was too advanced, investors at the time did not pay. In just half a month, Yaoming Kangde's stock price fell more than 15%, and eventually pushed Yaoming Kangde to delist.

Today's Yin Ming Kant is also unable to convince the market.

In May of this year, Shanghai Yaozhang's major shareholder Shanghai Yizheng reduced its holdings of 17.2497 million shares in violation of regulations. At the price at the time, it was cash of 2.894 billion yuan, and then fined 200 million by the Securities Regulatory Commission. This fund is a special fund established in September 2015 to invest in the Pharmaceutical Kangde project. The manager is Huatai, Huatai United Securities of Huaming Kangde, who belongs to Huatai Group.

On June 10, the owner of Yaoming Kangde also launched a reduction plan, which is expected to jointly reduce the total shareholding A shares with more than a dozen shareholders.

Star Fund Manager reduced its holdings and leaving the big shareholders ... After these operations, Yaoming Kant's performance was difficult to support the stock price.

Before the semi -annual report was disclosed, Yaoming Kangfa said that it plans to establish a R & D and production base in Singapore, and it is expected that the cumulative investment in about 1.43 billion U.S. dollars in the next decade will be used for the construction of new bases.

In 2015, China's innovative pharmaceutical industry was prosperous. Yao Ming Kangde was busy returning to A shares and built the world's leading global biopharmaceutical integrated R & D service center in Shanghai. He hopes to provide solutions for global biopharmaceuticals. Today, Southeast Asia is becoming a domestic enterprise In the transfer area, Singapore, the "Asian Biological City", began to attract big white horses to land.

This scene is similar.

Writing ｜ Nicotinamide

Edit | Jiang Yun Jia Ting

Operation ｜ Valley

Illustration | Visual China

###Innovation medicine#

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