#药康生物# In recent years, a strange phenomenon has almost appeared in the entire capital market, that is, as long as it is a company, it can be listed. This is because China’s capital market is becoming more and more perfect, and the number of listed companies The threshold is cons

1. Yaokang Biotech is about to be listed

According to financial reports, Yaokang Biology will be listed on the Shanghai Stock Exchange Science and Technology Innovation Board on April 25, 2022. The number of shares for this public offering: 50000000 shares.

According to previous reports from the Financial Associated Press, on April 12, Yaokang Biology, one of the three domestic model animal giants, launched an IPO application for the Science and Technology Innovation Board. The net amount of funds obtained is 1.026 billion yuan.

Yaokang Biotech was established in 2017, specializing in the research and development, production, sales and related technical services of experimental animals and mice. It is a model animal CXO enterprise. The company's industrial positioning is in the upstream of the pharmaceutical industry and CRO, and it belongs to the material supply for drug research.

According to the prospectus, the most important business of Yaokang Biotech is the sales of commercialized mouse models. The mouse strains provided by the company mainly include 5 types: basic strain mice, spotted mice, immunodeficiency mouse models, humanized mouse models, and disease mouse models. In the past two years, the sales of commercialized mouse models have provided about 60% of Yaokang Bio's revenue. The

prospectus shows that from 2018 to 2020 and the first half of 2021, the production capacity of Yaokang Biology is 370,000, 1.26 million, 1.8 million and 1.54 million respectively; the output is 269,000, 1.003 million, 1.4645 million and 1.0872 million. Corresponding to

, from 2018 to 2020 and the first half of 2021, the revenue of Yaokang Biology was 53.2906 million yuan, 193 million yuan, 262 million yuan and 178 million yuan respectively; the net profit attributable to the parent was -6.0227 million yuan, 34.7442 million yuan, 76.4335 million yuan and 46.3414 million yuan.

According to reports from Sohu Finance and Economics, among the products of Yaokang Biology, the most expensive product is "spotted mouse", with an average selling price of more than 10,000 yuan. The gross profit rate in 2020 will be as high as 95.65%, exceeding Maotai's 91% gross profit rate. However, not all laboratory mice can be sold for a high price. According to the prospectus, Yaokang Biological has sold about 600,000 mouse models in the past year, of which the average price of the cheapest basic strain mouse is only about 60 yuan; the overall average price of each mouse is about 200 yuan . From 2018 to 2020 and the first half of 2021, the gross profit margins of commercialized mouse models are 76.73%, 79.37%, 85.01% and 81.03% respectively.

A listed company that provides "guinea pigs" can make so much money? What should we think of this company even if it goes public?

Second, can a listed company really be sold by selling mice?

To be honest, it is not surprising to see the listing of Yaokang Biotech. At present, there are actually many companies that provide drug research materials. There are three major giants in the market that are more familiar, namely Yaokang Biology, South Biocytogen, Biocytogen, and Nanmobiology successfully landed on the Science and Technology Innovation Board in December 2021, and Biocytogen submitted a prospectus to the Hong Kong Stock Exchange. Therefore, the listing of Yaokang Biotech this time is not surprising. So, how should we view the listing of Yaokang Biological?

First of all, the small guinea pig is the key to biological research. I believe that friends who are a little familiar with biological research and development know that in the process of drug experiments, mice are indispensable drug research materials for the development of various new drugs. Although mice look small, they are also mammals. From the theory of evolution From a point of view, mice, like humans, evolved from the common ancestor of mammals, the ancestor of beasts. From a genetic point of view, its genome is very similar to that of humans. The chromosomes of mice are very similar to those of humans. Close (40 pairs for mice, 42 pairs for humans), many diseases that are difficult to cure in humans can find similar traits in mice.

Moreover, from an economic point of view, white mice are easy to raise, reproduce quickly, and are cheap. This also makes many animal experiments use white mice as experimental targets to develop new medicinal materials.Taking the United States alone as an example, the number of mice used by various research institutions in the United States is 10 million to 25 million per year, which accounts for 93% to 97% of all research mammals in the United States. According to big data statistics, the number of rodent experimental animals in my country in 2015 The annual market size is only 100 million yuan, and it has reached 330 million yuan in 2019, with a compound annual growth rate of 34.7%, and the market size is expanding rapidly.

Among the rodent experimental animal models, the mouse model accounts for 85%, and its domestic product and service market is also showing a rapid growth trend. With the rapid development of biological research in China in recent years, the demand for mice in China is also increasing day by day, which is the core reason why Yaokang Biotech can achieve rapid development in a short period of time.

Secondly, the profit of mice is really not low, which is the key to making money for Yaokang Biotech. Although compared with other mammals, mice are undoubtedly very cheap, but in fact the profits of mice are very high. We can see from the previous article that the general gross profit rate of Yaokang Biotech is 70% to 100%. It is about 80%, and Moutai's "spotted mouse", which is known as the white mouse, has reached an astonishing 95.65%. Even a company like Moutai can't help but envy such a profit margin. In fact, the core reason why there is such a high profit level is that it is not difficult to raise white mice. Although it may be difficult to develop high-priced white mice, it is actually not difficult to raise white mice. The reproduction ability of mice is particularly strong, and they can reproduce 10-12 times a year. Moreover, due to their small size, the food they eat is relatively simple. This directly leads to the fact that it is not difficult to raise mice as long as they are bred.

Moreover, companies like Yaokang Biotech have already achieved economies of scale through large-scale breeding. Mice can be covered and can be delivered in as little as 7 days. It can be said that Yaokang Biotech has realized the assembly line production of mice, which is actually the reason why Yaokang Biology can make such money.

Thirdly, what is the long-term future of Yaokang Biotechnology? From our analysis, we can find that a company like Yaokang Biotech is actually a very specialized company in a vertical market segment. It is professional and is at the top of the super outlet. In the tide of rapid development of biotechnology in China Among them, Yaokang Biotech can undoubtedly successfully take advantage of the market to obtain more profits, so from the perspective of small and beautiful, Yaokang Biotech is undoubtedly the kind of company that is very suitable for the market. However, from the perspective of long-term development, Yaokang Biotech is not without risks. At present, Yaokang Biology’s main business is mice. Although there are supporting functional pharmaceutical services in development, at present, the business source is single , Market regional characteristics and other phenomena must also be our attention. However, these risks are only potential market risks. From the current point of view, the risks of Yaokang Biotech are still within the controllable range, but once it goes public, how to use the funds obtained from the listing to further develop may be the most critical thing.

selling mice can be listed on the market, and the biopharmaceutical track represented by Yaokang Biotech is undoubtedly becoming an important direction of market development, which deserves our more attention.