The black swan continues, and the market value has evaporated nearly 300 billion yuan!Pharmaceutical outsourcing giants reach the edge of danger?

Before the stock price is firm, and the last round of lumps has not been completely digested, the new "black swan" appears again.

On September 12, with the formal signing of the administrative order with the US President Biden, the US "National Biotechnology and Biological Manufacturing Plan" began, which also means that many pharmaceutical companies in the domestic CXO field are facing the "big test".

Judging from the results, in the face of the "black swan" that suddenly appeared on the other side of the Pacific Ocean, these CXO pharmaceutical companies obviously failed to successfully resist this time.

On September 13, many listed CXO pharmaceutical companies ushered in a sharp decline in the stock price after the opening. Among them, Yao Ming Kant, the largest market value, did not make too many resistance. It was blocked by a large single, and the decline of its H shares reached 16.58%.

However, although the stock price has encountered a "severe frustration", in fact, this is no longer the first time that Hao Ming Kangde has plummeted the stock price.

As one of the leaders in the industry, Yao Ming Kangde has risen by more than 16 times in just 4 years with its strong performance, which can be described as the "undefeated myth" in the pharmaceutical industry; Lyong, Yaoming Kant's stock price began to fall sharply. As of the close of September 15th, Yaoming Kant's stock price closed at 76.81 yuan/share. Compared with the highest point on July 16 last year, it fell more than 50 %. It evaporated nearly 300 billion yuan.

In the face of the continuous external sharpness, what will Yin Kant, the leader of the industry? Will the undefeated myths created in the future be staged again in the future?

The "undefeated myth" in the pharmaceutical industry in the past

If you want to understand the company of Yin Kant, then you must first know what CXO is.

In the pharmaceutical industry, there is a well -known "double ten law", that is, the average cost of new drugs from R & D to listing, with an average cost of more than 1 billion, and the R & D cycle is greater than 10 years.

Due to the high cost of research and development and long cycle, in order to improve efficiency and reduce the pressure on the company's capital, many pharmaceutical companies will outsourcing this most important R & D steps and handed over to professional institutions for research and development. CXO is in this big background. Born.

The so -called CXO is simply a pharmaceutical outsourcing service, providing research and development services for pharmaceutical companies; Among them, CXO is divided into many types such as CRO, CMO, CDMO; The sales effect is responsible, and CXO is regarded as the role of "selling watermen".

In the entire CXO field, the most well -known company is the industry leader Yao Kangde; this pharmaceutical company established in 2000 and from the 650 -square -meter laboratory, with its unremitting efforts and the opportunities brought by the times, In just 20 years, he has grown from a small laboratory to an industry leader.

According to the data, as of the first half of last year, Yao Kangde's three segmented markets of the clinical, clinical outsourcing market, and the Chinese small molecular CDMO market in China were ranked first in the country; Segment market, market share ranks fourth in the world.

Judging from the development history of Yin Kant, this CXO giant is not smooth sailing.

As early as 2007, = Yaoming Kant was successfully listed in the United States, but after listing, it encountered a global financial turmoil. The stock price fell from the highest $ 45.65 to the lowest 3.67 US dollars. I had to delist from the NYSE in 2015.

However, bad luck will end. Although the delisting from the New York Stock Exchange, with the continuous advancement of the domestic pharmaceutical collection, the policies such as the consistency evaluation of generic drugs, and the accelerated approval of innovative drugs have been implemented, pharmaceutical companies have begun to increase their investment in innovative drugs. The demand has ushered in a big explosion, and Yin Kangde, the leader of the industry, is the biggest beneficiary.

According to data, from 2015 to 2018, the proportion of Yaoming Kant's domestic business revenue increased from 17.16%to 25.43%, and its performance has also been greatly improved. In 2019 After that, Yaoming Kant landed in the A -share market again, but this time the treatment was obviously very different from the previous -Yao Ming Kanto, which was a halo on the top of the head, received 15 daily limit boards after listing. It quickly exceeded 100 billion.

Later, although a large number of pharmaceutical stocks have plummeted under the influence of collection, the performance of Yao Ming Kant, as the leader of CXO, is still strong. Become the "undefeated myth" in the pharmaceutical industry, which has aroused many funds.

However, the moment mythology was dusted, accompanied by the sharp empty abroad, this industry leader that once rushed all the way also fell into the altar quickly.

The market value has evaporated nearly 300 billion, and the CXO giant fell down the altar

On December 15, 2021, Yaoming Kant dived and dived at the end of the end, and ended the sideways of the previous five months with a large yin line.

The reason for the plunge of Yin Ming Kant is the sharpness of the United States -the market rumors that the US Department of Commerce intends to include some companies involved in biotechnology involved in biotechnology in the "entity list". Although Yao Ming Kant was not included in the "physical list" in the end, its stock price did not recover the land, but continued to fall. From now on, December 15th may be an important moment of "turning the trend" in Yaoming Kant, because that day, Yao Ming Kant began to encounter sharpness frequently.

Although it was not included in the "entity list" last year, on February 8 this year, the Industrial and Safety Administration of the US Department of Commerce announced that the entity of 33 headquarters including Yaoming Biological and Yaoming creatures in China was included in China. Affected by the news, on February 8th, Yaoming Kant's stock price opened sharply, and then quickly blocked the daily limit. The stock price of Yaoming Bio, which was listed in Hong Kong stocks, fell more than 30%on the day.

On September 12, 7 months later, Yaoming Kant, who had not yet established the stock price, once again encountered a black swan -US President Biden signed an administrative order, and the US "National Biotechnology and Biological Manufacturing Plan" began officially. On the first trading day after the Mid -Autumn Festival holiday, the stock price of Yaoming Kant opened a significant low again, and then blocked the daily limit, and its H -share decline reached 16.58%.

As of the closing of September 15, Yaoming Kant's stock price closed at 76.81 yuan/share, compared with the highest point on July 16 last year, which fell more than 50 %, and the market value evaporated nearly 300 billion yuan.

In fact, the reason why Yaoming Kant will frequently encounter foreign countries abroad has a lot to do with its business model.

From the financial report, a considerable part of Yaoming Kant's revenue comes from overseas markets. According to the financial report data in the first half of the year, the overseas revenue of Yao Ming Kant in the first half of this year was 14.582 billion, and the revenue accounted for 82.12%. Relying on the foreign market model, once there is any uncertainties in the external external, the stock price is prone to fluctuating significantly.

Yaoming Kant, to the edge of danger?

In fact, in addition to external litage, Yin Ming Kant also has a lot of hidden dangers.

The first is the continuous rise in labor costs.

Looking back at history, the reason why Yao Ming Kant can get a large number of markets around the world is that a large part of the reason is that the cheap labor in China was in the past -the salary of Chinese engineers in the past was only about one -tenth of foreign engineers; however, with in recent years The continuous rise in the labor cost, the salary of Chinese engineers has increased significantly, and the former labor advantage has gradually disappeared.

Then the proportion of domestic income declined sharply.

Affected by the domestic collection, the profits of many domestic pharmaceutical companies have declined significantly, which has also led to the beginning of the investment in pharmaceutical companies to reduce investment in innovative drugs, and eventually led to the significant domestic income proportion of Yaoming Kant. Decline. According to the latest financial report data, as of the first half of this year, Yaoming Kant's domestic revenue was 3.175 billion, and the proportion of income was 17.88%. Compared with 2.501 billion domestic revenue and 23.74 revenue in the same period last year, although the revenue was available in revenue Increased, but the proportion of domestic income has fallen significantly significantly.

In addition, there are large funds holding aspects. According to the latest data, as of the first half of this year, the number of shares held by Yaoming Kangde was 1,642, which was reduced by 182 compared with the 1,824 in the same period last year. High interest.

However, from the perspective of the number of shareholders, as of the first half of this year, the number of shareholders of Yaoming Kangde was 216,400, compared with the 154,600 households in the same period last year, a significant increase of 61,800 households, which also showed that retail investors were actively copying.

Judging from various signs, in the face of the black swans that are constantly appearing outside and various hidden dangers facing inside, Yaoming Kant obviously does not have much solution. There is the risk of falling into the cliff.

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