Medicine hundreds of billions of clubs: 6 change 4 | Heng Rui ranked first

Pharmaceutical Network January 10 hearing in 2017 the last two months, Hengrui pharmaceutical market value exceeded 200 billion, becoming China's first market capitalization of 200 billion pharmaceutical companies.

In the long-term development of China's pharmaceutical industry in the past, for a long time there was no one-billion-dollar-captive company in the capital market due to the industry and the company itself. Until Dec. 31, 2016, Hengrui Pharmaceutical became the When the two companies exceeded the market value of hundreds of billions of pharmaceutical companies, the Chinese pharmaceutical companies hundreds of billions of the real value of the road officially opened.

When two months ago, the capital sector, the pharmaceutical industry is still analyzing whether it will take three years or five years, Hengrui can break through two hundred billion market value, Hengrui unexpectedly passed the end of 2017 silently Two hundred billion market capitalization.

Until last Friday (January 5) although a slight decline, staying at 1981 billion, but from the capital market, China has the first to break through the 200 billion market capitalization of pharmaceutical companies.

While the market value of Hengrui Medicine has undergone a drastic change, the pharmaceutical enterprises in China with billions of capitals have also been changing and changing constantly.

Fosun Pharma last Thursday ranked the second largest Chinese medicine market at 108.2 billion.

In the capital market, hundreds of billions of pharmaceutical companies from the market value of 6 into 5, and then into 4, this year is almost one of the biggest changes in the pharmaceutical industry, managing director of capital Lu Mingfang that, or that is a landmark Because it is very indicative of the industry.

Ten years ago, the top richest man in the list was real estate. Now it is the Internet. Some predict that the next 10 years may be medicine.

In July 2017, at a pharmaceutical industry forum, pharmaceutical executives talked about Hengrui as the first pharmaceutical company to break through the market cap of 200 billion yuan. The debate over whether "it takes three years or five years" When the reverberation around, Hengrui medicine has exceeded 200 billion.

On December 23, 2017, Zhou Yunshu, the general manager of Hengrui Pharmaceutical, interviewed this reporter. When asked how to view the industry's expectation of market value, Zhou Yu Shu replied: 'Sorry, we once again broke through 200 billion.'

On this day, Hengrui Pharmaceutical's market capitalization of A shares is 2006 billion, down 1981 billion (on the 5th) last Friday, while Hengrui Pharmaceutical first exceeded 200 billion yuan market value on November 3, 2017, which is also the highest market value, Up to 202.7 billion yuan. After the shock period.

Hengrui is a Chinese local pharmaceutical company focusing on R & D and innovation, and the industry is appraised as the first private enterprise in China to focus on and begin to realize independent research and development, ranking first in R & D expenditure every year and forming itself in the field of innovative medicine The strengths, including cancer, metabolic diseases, surgery and so on.

Zhou Ruishu, general manager of Hengrui said the market may be more valued may be Hengrui innovation and its product line, that is, R & D and Hengrui market transformation capabilities, coupled with the recent introduction of a series of countries is conducive to innovative drugs Policy.Zhou Yun Shu personally think that should be formed in both of these two forces.In fact, from the perspective of Hengrui medicine, six months ago, there is no core, that is, the essence of the change.After six months a series of programs to support the rapid market capitalization Yuejin Hengrui, Hengrui medicine market value doubled over the past year.

Although Hengrui is currently the primary location in the pharmaceutical capital market, it is not the first pharmaceutical company that has exceeded the market cap of 100 billion yuan.

The first pharmaceutical company in the Chinese A-share market to break the one-billion-billion-yuan market is Shanghai Lai Shih, a blood products company that owns the core blood resources in China and many people in the pharmaceutical industry envious of Zheng Yuewen, the founder of the literary youth However, regrettable is the follow-up scientific research strength is too weak.

On June 13, 2017, Shanghai Lesch had a market capitalization of 100.7 billion, ranking fourth among four companies with a market capitalization of 100 billion yuan. On January 4, Shanghai Lesch fell out of its market value of 97 billion at a market value of 97.5 billion .

January 5, Yunnan Baiyao regain 100 billion market capitalization.

With respect to the promotion of Yunnanbaiyao, the market has not anticipated such a rapid growth in 2017. Yunnan Baiyao has undergone a mix-up in 2017, and the industry and even the capital community seem to have smelled more hope.

On June 13, the market value of the company was close to 109.9 billion, while the market value of Fosun Pharma was now 113.4 billion at 107.8 billion on Dec. 23, 2017. On June 13, Fosun Pharma's market capitalization is only 79.2 billion, and Fosun Pharma has the highest annual growth rate in the pharmaceutical market, reaching 89%.

Kang Mei Pharmaceutical, is a Chinese medicine Pieces fortune, Chinese medicine as the axis of the whole industry chain enterprises.

About Fosun Pharma rapid growth, Ping An Securities research report that Fosun Pharma integration into the harvest period. Relying on bio-drug platform complex macro Hanlin monoclonal antibody research and development leading to the acquisition of Indian pharmaceutical company GlandPharm will further promote innovation and innovation in research and development Pharmaceutical exports and other aspects of the pace of internationalization; the world's leading supplier of laser medical beauty equipment SISRAMMED successfully listed in Hong Kong to build medical instruments Overseas financing and mergers & acquisitions platform; Fosun Kate was set up with CAR-T giant Kite to start the industrialization journey of CAR-T products in China. In addition, Fosun Pharma has been continuously providing healthcare facilities layout and becoming the leader in medical services ......

After more than 20 years' development, Fosun Pharma has now covered an important part of the whole industrial chain covering medical and health care through its pharmaceutical manufacturing and R & D, medical services, medical diagnostics and medical devices, medical distribution and retailing. Not much of the whole industry chain development model.

Break the 100 billion market capitalization of the fifth medicine enterprise , That is, Huada gene.In November 14, 2017, Huada gene for the first time exceeded 100 billion, reaching 102.8 billion.After entering the shock period, to January 4, Huada gene's market value fell 800 billion range.

Huada Gene's main business is to provide genomics diagnostic and research services to medical institutions, research institutes, enterprises and institutions through genetic testing and other means. The company has become the world's few multi-disciplinary sciences with full industrial chain resources Technical service providers and medical service operators.

In 2017, there are 6 pharmaceutical companies that have a market capitalization of more than one hundred billion yuan, and up to now, there are 4 Shanghai Genes and Huada Gene temporarily. However, due to their core strengths, these two companies are still being capitalized Highly concerned.

People's Medical Group Chairman Wang Xuehai that in recent years more concerned about the international capital markets Entrepreneurship Companies, whether it is Hengrui Medicine, or Huada genetically modified enterprises, these innovations, research and development, production of domestic enterprises, with more and more solid cornerstone, such a purely by their own innovation, research and development as an advantage Of the enterprises deserved great attention.China in the past three decades, this year is the first investor, the industry focused on innovative drugs, innovative enterprises, that China's innovative drugs in the future promising.In return, Chinese companies only have a breakthrough in innovative drugs, it is possible to have a place in the future competition.

Zhou Yun Shu said that the company is more valued within the future of Hengrui.He also believes that the future can be washed hundreds of billions of market value, two hundred billion market value of the pharmaceutical companies, mainly to see the core of the pharmaceutical companies, that innovation plus its own Conversion ability.

At the moment, the capital markets give a market value of the relationship between the stock price and the number of shares of these companies, which is actually the market's vote on a company. Behind the vote, perhaps, you need to calmly think that when a company touches two One hundred billion, one hundred billion is not a sign of the success of a business?

Lu Mingfang, managing director of Fangcun Capital, believes that this may be two things, but it is certain that there is a signification that marks the beginning of the emergence of such a billion-caps pharmaceutical company in the context of the health industry in China. This is, first of all, a good thing, Marked the Chinese pharmaceutical companies began to grow, but also an objective evaluation of what should be more concerned about behind the growth, that is to say the market vote with the feet?

More people in the pharmaceutical industry think it is worth looking at two indicators, the status of the first industry and the second continuing competitive advantage, of which the products and technologies apparently determine the most lasting and sustained value of an enterprise.

An enterprise's product and service capabilities, the sustainability of technology, business self-help capabilities, the three in order to achieve business status in the industry.

Such enterprises as Heng Rui medicine, there is a legend in the industry, the founder of 'fluttering total' (Sun fluttering) the development of ideas is particularly simple, that is, the development of new drug series, not miss a slip of the net to achieve full development .

This interview, or has been confirmed, Zou Jianjun, vice president of Hengrui Pharmaceutical said that drug development has always been the vitality of pharmaceutical companies, Hengrui medicine has nearly 40 innovative drugs in different clinical stages, including the pre-clinical stage. All that is done is to keep investing in innovative medicines to ensure that two or three innovative drugs are available each year.

Areas of disease coverage are rheumatism, obstetrics and gynecology, etc. Research and development will continue to cover the existing high incidence of diseases, including gastric cancer, liver cancer, lung cancer, breast cancer, in addition to chronic diseases such as diabetes, hypertension, etc. In addition, There is already a field of disease where there is currently no ideal treatment and there is already one product that has entered the clinical phase III including autoimmune diseases as well as ulcerative colitis, premature birth and the like, which may all be present There is no particularly ideal treatment, and this is the next step in the development of Hengrui medicine into a very dominant direction.

Hengrui medicine was founded, but also rely on generic drugs to kick the door .And by a dominant position by a private enterprise into a Chinese medical market, a brother, from birth to today only took 21 years.In 21 years, constant Rui medicine is a long time to implement the fluttering total of a goal, innovative drug research and development.

According to a pharmaceutical company executives revealed that the beginning of the founder of Hengrui medicine, fluttering always study abroad realized that we must do their own innovative drugs, they have the right to speak in order to do more business .If relying solely on generic drugs , The acquisition, the cost is too large, and the perseverance advantage does not have the strength after the fact.In fact, Heng Rui medicine is not a financial strength of enterprises.

After returning home to study, fluttering always began to recruit domestic and foreign recruits, gather cutting-edge technical talents, and gradually establish their own research base now Hengrui adhere to the two major international and technological innovation strategy, while the fluttering general idea of ​​development in the subsequent Further refinement in development, research and development of innovative medicine latitude is betting technology frontier, let off a slip through the net, all across the board.

From an enterprise, in fact, its innovation, with the core product advantages, that is, the most stable foundation of self-help laid down in terms of service capabilities, in fact, Hengrui medicine so far to provide a very good clinical treatment programs And solutions.This should be counted as Hengrui's soft power.

Although the current market value of Hengrui Medicine is close to 200 billion yuan, PE is at a high level, reaching over 70 times. However, the capital sector and even the industry are still optimistic that it is of sustained value.

The capitalists classify Fosun Pharma and Shanghai Laishi's market value development model into one category, that is, through the synergy of mergers and acquisitions and capital formation, it is different from the growth pattern of conventional growth. Medicine is promoted to the brotherhood of the pharmaceutical market.

At present, Fosun Pharma mainly has four business segments, drug , Non-pharmaceutical business, medical services and Sinopharm's circulation business.

Lu Ming Fang believes that on the Fosun medicine And Shanghai Lai Shi, through the capital operation, the market gives high valuations, in terms of the global pharmaceutical market in terms of the growth of large companies around the world, including the top 15 pharmaceutical companies in the world top 20, essentially by mergers and acquisitions growth, the key issue is Their M & A logic is clearer than Chinese companies, and second, they are more focused on technology and more focused on the field.

The Fosun Pharma, a common market judgment is the formation of a merger and acquisitions in the portfolio.

Lu Ming-fang believes that Fosun Pharma is constantly optimizing its focus and may in the future focus on product technology, that is, pharmaceutical products and technologies, and will gradually strip away other businesses.

Wu Yifang, president and CEO of Fosun Pharma, also said that market information should be focused on. The pharmaceutical industry's understanding of this signal is that through the power of capital through mergers and acquisitions and finally its core business and core values, this logic can be established , But it takes time to test.

Lu Mingfang believes that Fosun Pharma has also seen the problem itself, so to do subtraction, subtraction while doing a depth and logical right, but it takes time.

As of last Friday, Kangmei Pharmaceutical ranked third with 106.5 billion market cap, Yunnanbaiyao ranked the fourth with 106.3 billion market cap.

The capitalists group these two companies into one category, that is, growing enterprises with different modes of dependence on Chinese characteristics.

Both companies are based on traditional Chinese medicine.Ma Xingtian founder of the United States and the United States started with the pharmaceutical business company, and fortune due to hoarding Panax.In 05 or so, Ma Hing Tin in Yunnan stockpiled a large number of Panax, perhaps God sympathy, In the second and third year after hoarding, the soaring March 37 brought Ma Huan-tian's earnings severalfold. Since then, Ma Xingtian and Kang Mei embarked on affluent Xiaokang Road, and gradually got to the third brother of the Chinese pharmaceutical market with a market capitalization of one hundred billion Bit.

If you just look at the current public information, it may be difficult to understand the true Kangmei.Currently Kangmei is not involved in a Chinese medicine Pieces, reselling Chinese herbal medicines business, but China's largest Chinese Herbal Pieces and Chinese herbal medicine big data enterprise.At the beginning of the development, Ma Xingtian The strategy is to follow the map of China, that is, a wide range of Chinese herbal medicines within the scope of China now, it is cleverly in control of the cost, but also control the upper reaches of the industrial chain.Ma Xingtian another strategy is to In recent years, Ma Xingtian re-layout of the hospital, circulation and other sections.Currently, the United States and the United States is actually a medicine-based traditional Chinese medicine industry chain enterprises.

Shi Dingchen, founder of Beijing Dingchen Management Consulting Co., Ltd. and an expert on strategic planning of medicine, believes that with the implementation of the filing system of the Chinese Medicine Museum on December 1, there will be a large number of Chinese medicine museums in China. In this case, Huge space.

Shi Lichen believes that perhaps the second Chinese company with a market value of more than 200 billion will be the United States and the United States.

Yunnan Baiyao, in mid-2017, brought a lot of imagination to the industrial and capital markets along with the reform.

The market has been happy to ridicule is that the medicine to care for women, Yunnanbaiyao introduced sanitary napkins in 2017. And its highest single product sales Yunnanbaiyao toothpaste, according to industry analysts, 2017 sales will exceed 6 billion , About 5 billion in 2016. This toothpaste almost supports the 95% profit of Yunnanbaiyao.

Yunnan Baiyao as a more than a century old drug companies, has had a strong resource advantage, many drug company executives envy, but also the efficiency of state-owned enterprises have concerns.

June 6, 2017 Announcement Yunnanbaiyao said that Baiyao Holdings intends to introduce a third-party strategic investor Jiangsu Juyou by way of capital increase and Jiangsu Yuyue will increase 56.38% of its shareholding in Baiyao Holding to obtain a 10% stake and finally form a state-owned assets 45% of Xinhua, 45% of Xinhua, Jiangsu 10% equity structure. At this point, Baiyin holdings of ownership structure, already from the private, state-owned shares equal shares, turned to the private capital of state-owned shares formed a catch-up trend, and phase Compared with 50% of the shareholding structure of both parties, the tripartite equity structure is also more stable.

Over the years, Yunnanbaiyao has been 'developing very steadily', and it is almost the only judge given by industry and the capitalists, but in the future, capitalist circles still see more resources and market flexibility due to the mixed reform of Yunnanbaiyao hope.

However, after the mixed mode and strategy, until now, people with keen sense of smell of the capitalists have not yet captured.Therefore, Yunnanbaiyao future market value, but also wait for time to verify.

Currently falling out of hundreds of billions of market value on the fifth Shanghai Lai Shi, is also looking for change.Often one day to re-kill the market value of billions of billion.

The core advantage of Shanghai Lai Shi is the scarce resource of blood products, which is the largest private blood bank operator in China, founder Zheng Yuewen, a literary young person who is familiar with him, believes that his unscrupulous employment is already quite high.

It should be said that Zheng Yuewen's fortune has set foot on the vein of the Chinese pharmaceutical market, and in the late 1980s and early 1990s, when China did not strictly control blood products, China quickly approved the establishment of a blood bank across the country and completed the nationwide layout.

When China strictly controlled the blood products, Shanghai Laishi established the leader in the door.More likely participating competitors were locked in. It is almost a precipitate development of the times.Today, these scarce resources, Still make it difficult for other companies to match.Especially in the acquisition of the same living creature, state and medicine, their own occupation of blood collection station 28. In this year's subsidiary announcement of the acquisition of blood banks, but also found that the RAE has acquired 3 Home blood collection station.At present, Shanghai Lai Shi occupy the vast majority of domestic blood products market.

Blood products, is a long-term market, the industry will not die out because of its special clinical products such as plasma, serum, human serum albumin, immunoglobulin, coagulation factors for the basic needs of many diseases.

But over the years, Shanghai Lai Shi has been lack of research and development, such as foreign blood products, a layer of blood can produce a variety of high-end products and Shanghai Lai Shi's traditional products of blood use to the extent not reached the current stage of disease treatment Demand In the context of a low annual investment in research and development costs, Shanghai Lai Shi years relying on the advantages of the original resources smooth forward.

Zheng Yuewen, the chairman of the Board of Corey Group, has realized the future crisis of the enterprise and realized the largest single merger case in the history of Chinese pharmaceutical companies' mergers and acquisitions overseas, that is, the acquisition of Pan Biotech, a German biotechnology company, by the Cornell Group. The value of 100 billion yuan.

The German biotech company PanBiotech develops, manufactures and distributes cell cultures for a wide range of biotech products. The company has developed a wide range of serum-free media for different cell types, provides a basic medium for serum replacement, and also provides growth Factors as well as the molecular biology of polyclonal and monoclonal antibodies and specific products.

Since then, Shanghai Lai Shi increase in the core business of the original advantages.People in the pharmaceutical industry believe that the Shanghai Lai Shi in the future will continue to have absolute advantages in the blood products can not be ignored.

At present, the Huada gene, which fell out of the market value of billions of billion and the sixth in the pharmaceutical market, is the highest PE in the pharmaceutical market in China, reaching almost 700 times. In a health industry forum in 2017, several pharmaceutical industry sources said , Huada gene will be the first gene in hundreds of billions of businesses, less than six months later, Huada gene to actualize this prediction, rushed to 102.8 billion.

However, due to its peculiar PE, it is called the most dangerous company by the capital industry and even the industry.Although Huada Gene is a genetic testing, genetic sequencing company, but its current earnings are substantially different.Gene Sequencing in this area, the national policy is not yet officially open.Detecting the end of the medical diagnosis of disease inaccurately accurate, as unsuccessful, but also to see.

Lvmingfang and many people in the capital circles think that on the gene of Gene, 700 times PE is obviously a bubble, but this bubble should be seen dialectically because genetic technology is different from other technologies we know.Secondly, As a branch of genetic sequencing seen today, its future growth can not be viewed in a traditional way. Therefore, the technology and progress in this field will be different from the growth of traditional observation. Valuation has its inherent rationality.

A corporate executive approached Wang Jian, founder of Wada Gene, revealed that perhaps the outside world did not see the real gene of GeneActa .At present, Huada gene layout is very wide, is building a Chinese gene pool.If done, it will be the world The largest gene pool From this level of meaning, the person believes that even with the ballot, Huada gene is the most cattle company.

Perhaps the time will give the market an answer, Huada gene will not become the first company with the largest gene pool.

Many pharmacists believe that the gene may be able to win Huada, because there are many Chinese, and currently 40% of the world's top scientists have genes in China. Wang Jian gathered talent has gone crazy, as long as these people are in One of the top global scientists in a field, he did not blink money, and even give dividends and shares.

In the hardware and software power of China Gene, the majority of the people in the medical circles believe that when Huada Genes usher in the opportunity will soon be heavy volume, as 200 billion, or even 300 billion market capitalization companies Another core element is the future of cancer severe disease At present, it all comes down to genes.

Many capitalists believe that it may be hard to understand if more than one hundred billion market capitalization enterprises are put on the global market because the top 50 global prescription drugs have very precise assessment indicators. The first is prescription drugs, while the one hundred billion market value constant Swiss medicine is mainly prescription drugs.

So far, the real pharmaceutical industry with a revenue of more than 20 billion on a - China Resources Pharmaceutical, but China Resources Pharmaceuticals portfolio, including prescription drugs, over-the-counter drugs and Chinese Herbal Pieces.

Lu Ming-fang believes that if the top 30 in the world in strict accordance with the prescription drug standards, prescription drug revenue under the line of about 30 billion yuan in Renminbi, China's enterprises of this size have not yet been born.

In other words, there is no Chinese company in the top 30 global pharmaceutical prescription drugs, which is obviously not in line with China's industrial status.

Fosun Pharma, Shanghai Layshi development model of enterprises, although the capital leverage to enlarge, but promoted the development of core business.Lu Mingfang believes that such enterprises have not yet formed, there are still challenges in the future, the market should give a little space, and Yunnanbaiyao And the United States and the United States medicine, the so-called big health a combination may be out of the characteristics of the development.

Lu Mingfang believes that with the adjustment of the industrial structure of China's large-scale health, there will likely be about 10 billion market-cap pharmaceutical enterprises in the next five years, and the areas that may be born are biopharmaceuticals and real prescription drugs.

Lu Ming-fang believes that this truly represents the level of development of the pharmaceutical industry.

But for today, Lu Mingfang, Zhou Yunshu, Wang Xuehai and even a number of pharmaceutical executives believe that although China's pharmaceutical companies and the world's leading pharmaceutical companies hundreds of billions of dollars compared to the market value, far worse, or to the progress of the industry happy Because when consciousness and strategy are changed, there is a leading day, for example, changing the concept from chasing the world to leading the world.

Many people think that if the return to technology and products, the future competition is technology competition, especially the new technology and new methods of application competition.

Professor Hu Shanlian, a health economist at the Fudan University School of Public Health, believes that China, as a big country of generic drugs, is moving toward a powerful country for innovative drugs. If a local pharmaceutical company wants to lead the world, there are bound to be ups and downs on the road. If this enterprise wants to innovate First of all, the development of medicine depends on how many new drug reserves it has. This is what we call the future development of the future is very strong, and research should be suitable for the development of the whole medicine, the entire pharmaceutical development. of.

Wang Xuehai, chairman of Renford Pharmaceutical Group, believes that if Chinese companies only make breakthroughs in innovative drugs, they will have a place in the future competition .He still have to keep opinions and innovations do have great risks.Many enterprises do not have this Anti-risk ability, do not rush into action.

At present, most Chinese pharmaceutical companies may have tens of millions of net profits a year, millions or struggles on the breakeven line, and the industry concentration is still not high.

As Pfizer, R & D investment is equal to the sum of all Chinese enterprises.American research and development of a new drug may have reached 13.4 billion, more than the output value of most companies in China.So, Wang Xuehai think, still do what one can, combined with their own Features, advantages to do, such as his anesthetic. Human blessing Now the slogan is to be the largest international narcotics market, at least the top three. Human welfare is now ranked sixth, 80% of the innovation resources are centered around the narcotic For example, the narcotics being researched all over the world are following up, some are doing themselves, others are cooperating with foreign enterprises, some are authorized by patents, and some are jointly developed to ensure their absolute expansion and advantages in this field.

Wang Xuehai believes that the next Chinese pharmaceutical companies are facing an impact is to aid the commonly used drugs.According to some statistics show that 40% of the drug medical insurance money can save.Then, China in the next 5 years, accompanied by profound changes , Perhaps more businesses will be hit.The way to win is to become a leader in a segment.

Wang Xuehai also believes that with the changes in the pharmaceutical market structure, changes in the shape of pharmaceutical companies in China over the next five years, there will be world-class pharmaceutical companies such as Hengrui, now a brother, the most famous is actually three lines, Cancer, anesthesia, contrast agents, with seven or eight drugs to make two hundred billion market capitalization, so do fine, special, deep, thorough, thin, made a leader, is the future development of Chinese pharmaceutical companies.