"Jieyin" is also going on?It is difficult

"It's hard to say, I washed it."

This slogan may be a question of many people in childhood, and it can be seen on mainstream media such as CCTV and Hunan Satellite TV. A number of female stars such as Guan Zhilin, Lin Jiaxin, Cecilia Cheung, and Zhao Wei have spoke for it. This is one of the three mysterious advertisements with Women Yanjie and kidney treasures: Jieyin.

In May of this year, the GEM Municipal Party Committee issued an announcement that the IPO application of "Jieer Yin" Enwei Pharmaceutical Co., Ltd. was approved. This means that since the end of September 2020, after three rounds of inquiries, after repeatedly modified the prospectus, Chengdu Enwei has finally been listed.

The downward and listing of the biological innovation pharmaceutical industry have become the norm, but the traditional Chinese medicine industry is the advantageous industry for the national key support. At present, in addition to Chengdu, there are many Chinese patent medicine companies such as Tianji Cottage and Hanwang Pharmaceutical. However, compared to the innovative pharmaceutical industry, Chinese medicine companies are more mature and there is small room for outbreak.

The prospectus shows that from 2017 to 2019, the proportion of R & D in Chengdu Enwei Group does not exceed 0.8%. As of now, there are no other explosive products except for the "Jieyin" washing solution.

Moreover, data shows that the gross profit margins such as "Jieyin" are declining.

To be recognized by the capital market in Chengdu, other more added products must be developed. At present, the company is under the research of Chinese medicine products such as Danzhen Granules, Pediatric Cough Cough Granules, and Anti -Cold Viruses. The company also plans to use the cooperative development model to obtain more heavy varieties. But whether it can be recognized by investors is obviously a problem that the company must face.

With the development of the "magic medicine" by the ancient side

More than 30 years rely on a medicine

The slogan with mysterious sense actually covers the light of "Jeyin".

Chengdu Enwei Group was established in 1986. The actual controller of the company is the "Xue family": Xue Yongxin, Xue Yongjiang, Xue Gang, Xue Weihong, is a company that uncle brothers and nephews joined forces.

It is said that in 1988, the priest of Li Zhenguo gave Xue Yongxin a hand -copied Chinese medicine classics, and one of the ancient prescriptions recorded the "magic medicine" of specialty and skin diseases. Based on this, Xue Yongxin asked dozens of domestic experts and experienced hundreds of formula experiments, and finally developed successfully. Xue Yongxin took a appropriate and implicit name for this "magic medicine" liquid: "Jieyin".

The production approval of Sichuan Province, which was obtained in Sichuan Province in 1989, immediately organized listing and sales. At that time, the advertisements that bombed in turns were the most effective means to drive sales. Xue Yongxin chose to hold high beating and let the slogan of "Jieryin" washing the liquid "unspoken, washed it" is well -known, selling the country and even marketing overseas.

The topic of women's health has always made people feel taboos, which gives Chengdu Enwei's room for operation. For a long time, the selected gynecological disease treatment drugs on the retail market are very limited. In addition to some antibacterial and anti -inflammatory suppositors, thousands of gold tablets, etc. Representative products.

Chengdu Enwei succeeded with this "magic medicine" and became a well -known enterprise in the country at that time. In 2006, the Chongqing Daily reported that the annual sales of "Jeerin" had exceeded 500 million yuan.

However, it is not easy to maintain a sense of existence such as "Jieyin". The prospectus shows that from 2019 to 2021, the revenue of "Jeelin washing liquid" was 314 million yuan, 321 million yuan, and 323 million yuan, respectively. Due to many factors such as rising raw material costs, the gross profit margin of "Jieyin" continued to decline. From 2019-202, the gross profit margin was 76.47%, 75.14%, and 73%, respectively.

If the Chengdu Enwei Group wants to raise its performance, it must get rid of the dependence on the single product of "Jieyin" and develop other new products. But the current R & D is still not the focus of the company's investment.

The prospectus shows that from 2017 to 2019, R & D expenses were only 3.531 million yuan, 3.8814 million yuan and 4.4026 million yuan, respectively, accounting for 0.63%, 0.66%and 0.71%of their revenue. This is still lower than the R & D investment ratio of the four companies in the traditional Chinese medicine industry, Qianjin Pharmaceutical, China Resources Sanjiu and Huluwa.

Chengdu Enwei plans to raise 701 billion yuan, mainly used to optimize production technology and strictly control the quality of product production. It can be seen that, except for Jieyin, Chengdu Enwei does not have a good direction.

Although the sales volume of "Jieer Yin" was ranked first in the retail pharmacy market for many years, the competition of this track is becoming increasingly fierce. With the red nuclear women's cleaning liquid washing liquid, compound yellow pine washing solution and other competing markets, " The market growth of Jieyin's "washing liquid was difficult to maintain high speed.

Not getting rid of the advertising mode

Did not keep up with the popularity of Chinese medicine

Like many OTC drugs, the "Jieyin" income model mainly comes from advertising.

Chengdu Enwei's long -term advertising. From 2017 to 2019, the proportion of advertising expenses was 22.71%, 17.9%, and 18.81%, respectively. But in recent years, the advertising model is no longer the primary communication mode of OTC. Whether it can get rid of advertising in the future is the key to whether Chengdu can be successfully transformed.

In fact, the traditional Chinese medicine industry is obtaining policy support, especially in the R & D side of TCM. With the development of evidence -based Chinese medicine, the support of clinical data of Chinese medicine is very important. The industry generally believes that the high and low clinical value is directly related to the reimbursement of medical insurance. Presumably in the future, Chinese medicine companies will definitely increase R & D investment. Since the reform of the drug review in 2015, the pharmaceutical industry has developed rapidly, and it has occupied the living space of Sino -Academy. Many companies such as Buildings, Tasses, and Green Leaf have used capital for the power of capital to develop and develop innovative drugs. However, Chengdu Enwei's conservation innovation can not only be seen, nor can it see a breakthrough in other fields.

Moreover, Chengdu Enwei has been carrying a historical issue for more than 30 years.

At that time, when the Chengdu Enwei Group was established, Xue Yongxin introduced a joint venture in Shihengyang, which was introduced to Hong Kong in 1990. The two parties agreed to invest 3 million yuan by Enway, accounting for 75%of the shares. %. However, the Hong Kong Shihengyang Xingxing immediately took away the company's 1.4 million Hong Kong dollars after seven days of remittance.

The introduction of Hong Kong capital was very popular at the time, so that they could have a "Chinese -foreign joint venture" identity, and they could get a lot of convenience in the local area. However, because the funds at the time did not have legal effect, the roots of the disputes between the two companies were buried.

In August 1998, Chengdu Enwei and Hong Kong Shihengyangxing had serious differences in trademarks, profit division and other aspects. Hong Kong Shiheng Yangxing believes that: without the permission of its executive Gu Renyi, the joint venture company has transferred the traditional "Jieyin" and icons to Chengdu Enwei Group, which is illegal. Compensation is given.

On the surface, this is a common dispute. However, no one expected that the lawsuit lasted for more than 30 years. Until the death of Gu Renyi in August 2017, the lawsuit was not finished.

Gu Renyi entrusted his wife to the end in his will. In 2020, Chengdu Enwei "brought the case" submitted the prospectus and encountered supervision inquiries. In the end, he had to pay 7 million yuan to Gu Renyi's widow to end all disputes.

Today, the market performance has shown a declining "Jieyin", can it be recognized by investors?

Writing | Xiaomi

Edit ｜ Jiang Yun Jia Ting

Operation | Valley

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