Source: Taishan Finance

Taishan financial reporter Hu Mingzheng

A few days ago, among the A-share listed companies, except for First Pharma Holdings-U (688197.SH), Yifang Bio-U (688382.SH), Kangle Guardian (833575. BJ) three companies did not disclose sales expenses, and the remaining 489 pharmaceutical and biological companies have been disclosed.

The reporter learned that the pharmaceutical company with the highest sales expenses is Shanghai Pharmaceutical (601607. SH), in the first half of the year, Shanghai Pharmaceutical's sales expenses were 6.565 billion, accounting for 4.71% of operating income; About half of the pharmaceutical companies saw an increase in their selling expenses, while half of the pharmaceutical companies saw a year-on-year decline in their selling expenses.

The total sales expenses are 160 billion

According to the statistics of Taishan Finance and Economics, the total sales expenses of the 489 pharmaceutical companies that disclosed sales expenses in the first half of the year were 162.814 billion, of which Shanghai Pharmaceutical had the highest sales expenses. In the first half of the year, the sales expenses incurred by Shanghai Pharmaceutical were 6.565 billion, a year-on-year decrease of 15.10%, accounting for 4.71% of operating income.

In the first half of the year, Fosun Pharma (600196. SH) sales expenses of 4.266 billion, BeiGene (688235.SH) sales expenses of 4.170 billion, Hengrui Pharmaceutical (600276.SH) sales expenses of 3.938 billion, sales expenses of more than 3 billion companies also China Resources Sanjiu (000999.SZ), Huadong Medicine (000963. SZ), Baiyun Mountain (600332. SH), Dashenlin (603233. SH), Yifeng Pharmacy (603939. SH）。

Pharmaceutical companies with sales expenses of 2 billion to 3 billion yuan include Mindray Medical (300760.HK). SZ), Sinopharm Accord (000028. SZ), Taiji Group (600129. SH), the common people (603883. SH), Humanwell Pharma (6000079. SH), Yunnan Baiyao (000538. SZ), Yixintang (002727. SZ), Jointown (600998. SH), Jianxingyuan (600380. SH), Buchang Pharmaceutical (603858. SH）。

A total of 63 pharmaceutical companies have sales expenses between 1 billion and 2 billion, and Changchun High-tech (000661. SZ), Tong Ren Tang (600085. SH), China Resources Shuanghe (600062. SH), Tasly (600535. SH), Aier Ophthalmology (300015. SZ), Zhifei Biotech (300122. SZ), Yiling Pharmaceutical (002603. SZ), Dong'e Ejiao (000423. SZ) and other pharmaceutical companies in this sequence range.

Most pharmaceutical companies have sales expenses of less than 1 billion, of which 39 are between 500 million and 1 billion, 182 are between 100 million and 500 million, and 228 are less than 100 million.

There are a total of 31 A-share listed companies involved in biomedicine in Shandong. Among the sales expenses, Buchang Pharmaceutical had the highest sales expenses of 2.068 billion yuan, Dong'e Ejiao sales expenses were 1 billion yuan, Chenxin Pharmaceutical was 599 million yuan, Luoxin Pharmaceutical was 443 million yuan, Remegen Biotechnology was 390 million yuan, and Kexing Biotechnology was 335 million yuan.

230 pharmaceutical companies have a sales expense ratio of more than 20%.

In terms of the proportion of sales expenses in operating income, there are 230 listed pharmaceutical companies accounting for more than 20%. Among them, there are 26 companies with more than 50%, Tonghua Dongbao (600867. SH) sales expense ratio was 60.69%, and Tibet Pharmaceutical (600211. SH) sales expense ratio was 56.19%.

Among the listed companies in Shandong, Weiming Pharmaceutical (002581. SZ) sales expense ratio was 60.80%, and Wohua Pharmaceutical (002107. SZ) sales expense ratio was 52.59%, and Remegen (688331. SH) sales expense ratio was 52.53%.

There are 36 companies with sales expense ratios between 40% and 50%, and Yibai Pharmaceutical (600594. SH) sales expense ratio was 49.79%, and Lingrui Pharmaceutical (600285. SH) sales expense ratio of 44.85%, Guangyuyuan (600771. SH) sales expense ratio was 44.78%, Sinovac Pharmaceutical (688136. SH) sales expense ratio was 44.07%, and Guizhou Sanli (603439. SH) sales expense ratio was 41.57%.

There are 71 companies with a sales expense ratio of 30%-40%, and Jiudian Pharmaceutical (300705. SZ) sales expense ratio was 39.98%, and Jichuan Pharmaceutical (600566. SH) sales expense ratio was 39.91%, Buchang Pharmaceutical (603858. SH) sales expense ratio was 38.08%, and it is worth noting that Buchang Pharmaceutical's sales expenses decreased by 38.78%, which was a significant decline.

In addition, Gan & Lee Pharmaceutical (603087. SH), Xingji Ophthalmic Medicine (300573. SZ), Wego Orthopedics (688161. SH), CanSino (688185. SH), Dong'e Ejiao (000423. SZ), Salubris (002294. SZ), Luoxin Pharmaceutical (002793. SZ), Walvax Biotech (300142. SZ), Kangtai Biotechnology (300601. SZ), Huluwa (605199. SH), Taiji Group (600129. SH), Jianmin Group (600976. SH) and other companies, the sales expense ratio is more than 30%.

There are 45 companies with a sales expense ratio of 25%-30%, 106 companies with a sales expense ratio of 15%-25%, 108 companies with a sales expense ratio of 5% to 15%, and 97 companies with a sales expense ratio of less than 5%.

Analysts told reporters that compared with other manufacturing industries, the sales expense rate of the pharmaceutical industry is significantly higher, which also reflects the dependence of the biomedical industry on sales, and the subjects that generate sales expenses are mainly marketing expenses and academic seminar expenses.

Half of the pharmaceutical companies' revenues rose year-on-year

In the first half of the year, the operating income of about 248 biomedical enterprises increased year-on-year, and the operating income of another 239 declined.

Specifically, Baili Tianheng-U (688506.SH), CanSino (688185. SH), Remegen Biotech (688331. SH), BeiGene-U (688235.SH) and other companies led the way in terms of operating income, with an increase of more than 60% in the first half of the year.

Disposable glove head company INTCO Medical (300677. SZ), Bluesail Medical (002382. SZ) performance showed a trend of stabilization and rebound, and the operating income of the two companies increased by 36.94% and 32.88% year-on-year respectively in the first half of the year. Ejiao leading enterprise Dong'e Ejiao (000423. SZ) operating income also increased by 26.80% year-on-year.

In addition, Hengrui Pharmaceutical (600276. SH), Kanghong Pharmaceutical (002773. SZ) operating income increased by 21.78% and 19.46% year-on-year respectively, and Wandong Medical (600055. SH), Ma Yinglong (600993. SH) and Junshi Biosciences-U (688180.SH) revenue increased by 17.79%, 17.52% and 17.37% year-on-year respectively.

From the perspective of decline, the revenue of vaccine-related enterprises has declined significantly. Wantai Biotech (603392. SH) achieved operating income of 1.366 billion, a year-on-year decrease of 67.19%; Kangtai Biotech (300601. SZ) achieved operating income of 1.202 billion yuan, a year-on-year decrease of 30.54%; Walvax Biotech (300142. SZ) achieved operating income of 1.433 billion yuan, a year-on-year decrease of 33.88%; Hualan Vaccine (301207. SZ) operating income decreased by 76.25% year-on-year.

Industry insiders told reporters that from the first half of the year, the performance of listed pharmaceutical companies has been differentiated, and the performance resilience of pharmaceutical companies with strong R&D capabilities is relatively strong, while companies that are overly dependent on sales have shown signs of declining performance after the reduction of sales expenses.

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