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背靠红杉资本加持的力品药业持续亏损三年 能否顺利冲击IPO
Can Lippin Pharmaceutical Industry, which relies on Sequoia Capital's blessing, continue to lose money for three years and have a smooth impact on IPO?

China Investors ·  {{timeTz}}

《投资者网》徐慧

"Investor Network" Xu Hui

编辑  胡珊

Editor Hu Shan

6月15日,上交所官网上,以创新制剂技术为核心的改良型新药研发企业,力品药业(厦门)股份有限公司(下称“力品药业”)向科创板递交招股说明书。不同于一般企业,2019年到2021年(下称“报告期内”),由于力品药业主要核心产品还处于研发阶段,尚未实现上市销售,截至目前,公司处于仍持续亏损状态,三年累计亏损额达7000多万。

On the official website of the Shanghai Stock Exchange, Lippin Pharmaceutical (Xiamen) Co., Ltd. (hereinafter referred to as "Lippin Pharmaceutical"), an improved new drug research and development enterprise with innovative preparation technology as the core, submitted its prospectus to Science and Technology Innovation Board. Different from ordinary enterprises, from 2019 to 2021 (hereinafter referred to as "the reporting period"), as Lippin Pharmaceutical's main core products are still in the stage of research and development and have not yet been put on the market for sale, the company is still in a state of continuous losses so far. the cumulative loss in three years reached more than 70 million.

《投资者网》注意到,今年科创板医药企业,除了6月20日,重庆智翔金泰生物制药股份有限公司申请拟募资39.8亿元外,整个行业的IPO申请都较为冷清,而力品药业的偿债能力流动比率、速动比率、资产负债率(合并)、综合毛利率皆不及可比公司,在背靠知名投资机构融资输血后,公司偿债能力指标显著优化。

"Investor Network" noted that this year, Science and Technology Innovation Board pharmaceutical enterprises, except that Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd. applied to raise 3.98 billion yuan on June 20, the IPO applications of the whole industry were relatively deserted, while Lippin Pharmaceutical's solvency liquidity ratio, quick ratio, asset-liability ratio (merger) and comprehensive gross profit margin were not as good as comparable companies, after relying on well-known investment institutions to finance blood transfusion. The index of the company's solvency has been significantly optimized.

力品药业本次拟募集资金12亿元,投入产业化基地建设项目、改良型新药制剂的研发项目和补充流动资金项目。此次若能募资成功,能否帮助力品药业打破亏损僵局?

Lippin Pharmaceutical Co., Ltd. plans to raise 1.2 billion yuan to invest in industrialization base construction projects, improved new drug preparation research and development projects and supplementary liquidity projects. If the fund-raising is successful this time, can it help Lippin Pharmaceutical Industry to break the loss deadlock?

核心产品尚未实现上市销售

The core products have not been put on the market yet

招股书显示,力品药业成立于2012年,是一家以创新制剂技术为核心的改良型新药研发企业,产品主要为9个在研改良型新药管线,是公司的核心业务,分别针对睡眠维持困难、化疗引起的恶心呕吐、心脏超声造影、甲状腺超声造影等适应症。同时,公司还生产、销售其他不涉及核心技术,不作为未来重点布局方向的仿制药产品,包括盐酸达泊西汀片、氨磺必利片、辛伐他汀胶囊等。

According to the prospectus, Lippin Pharmaceutical, founded in 2012, is an improved new drug research and development enterprise with innovative preparation technology as the core, and its products are mainly 9 new drug pipelines under development, which is the company's core business. respectively for sleep maintenance difficulties, chemotherapy-induced nausea and vomiting, contrast-enhanced heart ultrasound, contrast-enhanced thyroid ultrasound and other indications. At the same time, the company also produces and sells other generic products that do not involve the core technology and do not serve as the key layout direction in the future, including dapoxetine hydrochloride tablets, amsulfamide tablets, simvastatin capsules and so on.

力品药业主要产品管线研发进度

Research and development progress of main product pipelines of Lippin Pharmaceutical Co., Ltd.

招股书显示,2019年度到2021年度,力品药业的营业收入分别为2417.87万元、5679.3万元、5112.51万元;归母净利润分别为-951.29万元、-733.86万元、-5644.62万元,三年内,公司累计亏损额达7329.77万元。

According to the prospectus, from 2019 to 2021, Lippin Pharmaceutical's operating income was 24.1787 million yuan, 56.793 million yuan and 51.1251 million yuan respectively, and its net profit was-9.5129 million yuan,-7.3386 million yuan and-56.446 million yuan respectively. Within three years, the company lost 73.2977 million yuan.

若产品按营收分类,力品药业营收主要来自于非核心技术平台相关收入、核心技术平台相关

If the products are classified by revenue, the revenue of Lippin Pharmaceutical Co., Ltd. mainly comes from the income related to non-core technology platform and core technology platform.

收入。报告期内,非核心技术平台相关的收入分别为1388.25万元、1283.96万元和3122.76万元,占总营收比分别为88.82%、86.31%和77.96%;而同期核心技术平台相关的收入分别为174.79万元、203.64万元、882.95万元,占总营收比分别为11.18%、13.69%、22.04%;就公司目前收入结构来看,公司核心技术产品收入占比虽然持续上升,但相比于非核心技术对应的传统药品占比还是较小。

Income. During the reporting period, the income related to non-core technology platforms was 13.8825 million yuan, 12.8396 million yuan and 31.2276 million yuan respectively, accounting for 88.82%, 86.31% and 77.96% of the total revenue respectively, while those related to core technology platforms in the same period were 1.7479 million yuan, 2.0364 million yuan and 8.8295 million yuan respectively, accounting for 11.18%, 13.69% and 22.04% of the total revenue respectively. According to the company's current revenue structure, although the proportion of revenue from the company's core technology products continues to rise, it is still relatively small compared with the traditional drugs corresponding to non-core technologies.

值得关注的是,力品药业核心技术平台中9个在研主要产品管线里,唯一一个于2020年获得上市,适用于心脏超声造影的“注射用全氟丙烷人血白蛋白微球”,上市后的营收表现并不理想。2020年到2021年,该产品分别为公司带来营收为96.97万元、45.88万元,占总营收比分别为6.52%、1.15%;同期,该产品年产能每年为20万支,但产品两年销量合计还不到2000支,产能利用率分别仅为2.62%、1.17%;产销率分别为22.42%、34.57%。 

It is worth noting that nine of the core technology platforms of Lippin Pharmaceutical are developing major product pipelines, and the only one was listed in 2020, which is suitable for "perfluoropropane human serum albumin microspheres for injection" of cardiac contrast echocardiography. the revenue performance after listing is not satisfactory. From 2020 to 2021, the revenue of this product is 969700 yuan and 458800 yuan respectively, accounting for 6.52% and 1.15% of the total revenue respectively. In the same period, the annual production capacity of the product is 200000, but the total sales volume of the product in two years is less than 2000. The capacity utilization rate is only 2.62% and 1.17% respectively, and the production and sales rate is 22.42% and 34.57% respectively.

注射用全氟丙烷人血白蛋白微球 产能、产量及销量情况

Production, production and sales of perfluoropropane human serum albumin microspheres for injection

根据招股书显示,注射用全氟丙烷人血白蛋白微球这款产品,并非完全是力品药业自主研发,而是由福满药业(力卓药业前身)于2008年从南方医院引进其新药证书及生产技术。引进后至2017年,福满药业始终未能突破产业化技术难题,在力品药业于2017年收购福满药业后,运用气体微球核心技术攻克了产业化技术壁垒,于2019年获得药品生产批件,并在2020年上市该产品。

According to the prospectus, the product of perfluoropropane human serum albumin microspheres for injection is not entirely independently developed by Lippin Pharmaceutical Co., Ltd., but by Fuman Pharmaceutical (the predecessor of Lizhuo Pharmaceutical) introduced its new drug certificate and production technology from Nanfang Hospital in 2008. From its introduction to 2017, Fuman Pharmaceutical has not been able to break through the technical problems of industrialization. After Lipin Pharmaceutical acquired Fuman Pharmaceutical in 2017, it used the core technology of gas microspheres to overcome the technical barriers to industrialization and obtained the approval of drug production in 2019. And the product will be listed in 2020.

力品药业表示,2020年至2021年间,发行人与扬子江药业集团有限公司就该产品进行MAH合作尝试,期间仅为早期推广之目的少量生产和销售该产品,因此导致该产品在报告期内的产量及产销率较低。2021年度公司与扬子江终止合作,并支付了补偿款920.00万元。

Lippin Pharmaceutical said that between 2020 and 2021, the issuer and Yangzijiang Pharmaceutical Group Co., Ltd. conducted a MAH attempt on the product, during which it produced and sold the product in small quantities only for the purpose of early promotion, resulting in a low production and sales rate of the product during the reporting period. In 2021, the company terminated its cooperation with Yangtze River and paid 9.2 million yuan in compensation.

行业面上,注射用全氟丙烷人血白蛋白微球所处的超声造影增强剂市场,根据智研咨询发布的《2020-2026年中国超声造影剂行业市场调查研究及投资前景预测报告》显示,超声造影剂由于市场规模相对较小,技术壁垒极高,全球市场主要被外资企业占据,中国市场也是如此。随着超声技术的进步、高分辨率超声对各类疾病检出率的提高,预计中国超声造影剂市场规模将快速增长,预计到2025年将增长至13.2亿元。

In the industry, the contrast-enhanced ultrasound market where perfluoropropane human serum albumin microspheres for injection is located, according to the "2020-2026 China Ultrasound contrast Agent Industry Market Research and Investment Prospect Forecast report" released by Zhiyan Consulting, due to the relatively small market scale and high technical barriers of ultrasound contrast agents, the global market is mainly occupied by foreign companies, and so is the Chinese market. With the progress of ultrasound technology and the improvement of the detection rate of various diseases by high-resolution ultrasound, the market scale of ultrasound contrast agent in China is expected to grow rapidly, which is expected to increase to 1.32 billion yuan by 2025.

持续盈利能力引关注

Sustainable profitability attracts attention

截至2021年底,力品药业累计亏损额为7329.77万元,公司预计未来一段时间内,仍需持续投入产品研发,并可能继续亏损,公司偿债能力流动比率、速动比率、资产负债率(合并)、综合毛利率相比可比公司皆处于劣势,因此,公司是否具有持续盈利能力,引发投资者们关注。

By the end of 2021, Lipin Pharmaceutical has a cumulative loss of 73.2977 million yuan, and the company expects that it will continue to invest in product research and development in the coming period of time, and may continue to lose money. The company's solvency liquidity ratio, quick ratio, asset-liability ratio (merger) and comprehensive gross profit margin are all at a disadvantage compared with comparable companies. Therefore, investors are concerned about whether the company has sustainable profitability.

根据招股书,力品药业与同行业可比公司数据显示,2021年度,力品药业流动比率、速动比率、资产负债率(合并),与可比三家上市企业上海谊众(688091.SH)、微芯生物(688321.SH)、亚虹医药(688176.SH)平均值相比,公司流动比率、速动比率低于可比公司平均值,资产负债率(合并)则高于可比公司平均值。

According to the prospectus, the data of Lippin Pharmaceutical and comparable companies in the same industry show that in 2021, Lippin Pharmaceutical's current ratio, quick ratio and asset-liability ratio (merger) are lower than the average values of comparable companies such as 688091.SH, 688321.SH and 688176.SH. The asset-liability ratio (merger) is higher than the average of comparable companies.

对此,力品药业称,“报告期内,公司流动比率、速动比率、资产负债率(合并)劣于可比公司,主要是发行人账面流动资金少于可比公司,且尚未完成上市融资。但由于2020 年末、2021 年末,公司在2020年完成了C轮融资,偿债能力指标显著优化。”

In response, Lippin Pharmaceutical said, "during the reporting period, the company's current ratio, quick ratio and asset-liability ratio (merger) were worse than comparable companies, mainly because the issuer's paper liquidity was less than comparable companies, and listing financing had not yet been completed. However, due to the completion of round C financing at the end of 2020 and the end of 2021, the solvency index has been significantly optimized. "

值得一提的是,力品药业曾先后引入红杉资本、兴业银行、德屹资本等十多家知名投资机构,前后进行过四轮融资,后两次融资时间为2017年和2020年,公司分别获得B轮2亿元和C轮5亿元的融资。其中,红杉资本出资3亿元,目前为公司第二大股东,持股达14.55%。

It is worth mentioning that Lipin Pharmaceutical has successively introduced more than a dozen well-known investment institutions, including Sequoia Capital, Industrial Bank and Deyi Capital, and conducted four rounds of financing before and after, and the last two rounds of financing took place in 2017 and 2020. The company received 200 million yuan in round B and 500 million yuan in round C. Among them, Sequoia Capital contributed 300 million yuan and is currently the second largest shareholder of the company, with a stake of 14.55%.

此外,在综合毛利率上,报告期内,力品药业3家可比公司平均综合毛利率分别为95.81%、95%、90.91%,同期,公司综合毛利率分别为35.56%、49.26%、38.33%,远低于同业平均值。

In addition, in terms of the comprehensive gross profit margin, during the reporting period, the average comprehensive gross profit margins of the three comparable companies of Lippin Pharmaceutical were 95.81%, 95% and 90.91% respectively, while in the same period, the company's comprehensive gross profit margins were 35.56%, 49.26% and 38.33% respectively, far lower than the industry average.

力品药业称,这是由于其与可比公司收入结构性差异导致:“报告期内,公司核心在研新药产品尚未形成大规模销售,公司营业收入以非核心品类药品销售、药品研发服务收入为主。而微芯生物等可比公司销售收入以新药销售收入为主,毛利率较高。

Lippin Pharmaceutical said that this was due to the structural difference in revenue between Lippin Pharmaceutical Co., Ltd. and comparable companies: "during the reporting period, the company's core research and development of new drug products have not yet formed large-scale sales. The company's operating income is dominated by non-core drug sales and drug R & D service income. On the other hand, the sales income of comparable companies such as microcore biology is mainly from the sales of new drugs, and the gross profit margin is higher.

政策面,当前,国家以鼓励创新和重视临床价值为导向,在一致性评价、上市许可人制度方面持续出台支持政策。例如,2020年6月CDE发布《化学药品改良型新药临床试验技术指导原则(征求意见稿)》,对改良型新药做出明确的临床试验路径指导,进一步明确临床的定义及优势,鼓励临床开发。

In terms of policy, at present, the state continues to introduce supporting policies in terms of consistency evaluation and listing licensor system under the guidance of encouraging innovation and attaching importance to clinical value. For example, in June 2020, CDE issued the Technical guidelines for Clinical Trials of Chemical modified New drugs (draft for soliciting opinions), which provides clear clinical trial path guidance for improved new drugs, further clarifies clinical definitions and advantages, and encourages clinical development.

对力品药业而言,如何在竞争激烈的市场上分得一杯羹,仍面临挑战。公司在研的盐酸帕洛诺司琼口颊膜属于CINV药物市场,国内目前获批用于预防CINV的药物有125个;治疗精神分裂的阿立哌唑口溶膜在国内已获批竞品超过500个;用于治疗失眠症的盐酸多塞平口颊膜,现也将面对国内超过30种竞品的情况下,力品药业能否借助募资上市,加快研发力度,率先实现区域内的规模效益,拓宽公司客户群体,实现盈利和可持续增长,《投资者网》将持续关注。(思维财经出品)■

For Lippin Pharmaceutical, how to get a piece of the pie in the highly competitive market is still a challenge. The palonosine hydrochloride buccal film being developed by the company belongs to the CINV drug market. At present, 125drugs have been approved to prevent CINV in China, and the aripiprazole oral membrane for the treatment of schizophrenia has been approved more than 500in China. Doxepin hydrochloride buccal film, which is used to treat insomnia, will also face more than 30 kinds of competitive products in China. Whether Lipin Pharmaceutical can take the lead in realizing economies of scale in the region by raising funds and listing, speeding up research and development, broadening the company's customer base, achieving profitability and sustainable growth, "Investor Network" will continue to pay attention. (produced by thinking Finance) ■

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