Cheng Yi : Achieve a revenue of 655 million yuan in 2022 to support development

On the evening of April 25th, Chengyi Pharmaceutical released its 2022 annual report. During the reporting period, the company achieved a revenue of 655 million yuan, a year-on-year decrease of 5.62%; The net profit attributable to shareholders of the listed company was 162 million yuan, a year-on-year decrease of 5.39%. The basic earnings per share are 0.69 yuan, and it is planned to distribute a cash dividend of 2.5 yuan (including tax) for every 10 shares to all shareholders. At the same time, the capital reserve fund will be used to transfer 4 shares to all shareholders for every 10 shares.

The announcement shows that during the reporting period, Chengyi Pharmaceutical responded to the call of the country to vigorously develop the marine economy and utilized its advantages in raw materials to develop marine biopharmaceutical products. As a leading enterprise in domestic marine biopharmaceuticals, the company relies on the unique location advantage of Dongtou District in Wenzhou, and has obvious competitiveness in marine biopharmaceuticals. Its main product, glucosamine hydrochloride, is prepared by hydrolysis of chitin, which is commonly extracted from crab and shrimp shells. It has become the main raw material drug manufacturer of glucosamine hydrochloride in China. The company vertically acquired Fujian Huakang Pharmaceutical Co., Ltd. in October 2018, connecting its main products with the upstream and downstream industrial chains, which is conducive to reducing production costs and enhancing market competitiveness.

In recent years, foreign fish oil products have entered the Chinese market one after another, and with the strengthening of self health awareness among domestic consumers, the domestic fish oil product industry has ushered in opportunities for vigorous development. Unlike the general recognition in the market that fish oil health products have a low threshold, high-purity EPA, although sourced from fish oil extraction, is the first EPA drug approved by the US FDA with priority review qualifications to reduce cardiovascular risk, triglycerides, and cholesterol. Moreover, it is recommended as a primary and secondary prevention drug for cardiovascular risk by multiple guidelines in medical developed countries such as Europe and America.

Chengyi Pharmaceutical is an early pharmaceutical enterprise in China that involved the production of high-purity fish oil (EPA) using super chromatography technology. It is reported that the Dongtou District of Wenzhou, where Chengyi Pharmaceutical is located, is rich in marine resources. With the support of national policies to strengthen marine resource development, promote marine biotechnology research and industrialization, we are continuously developing marine drugs and health products. At the same time, the company's listed fish oil soft capsule health food has conducted research and development of raw materials and formulations while applying for and registering health products, and has increased the EPA content of fish oil to over 98%.

In order to enhance the company's profitability and sustainable development capabilities, Chengyi Pharmaceutical actively expands the layout of the health industry while stabilizing the market share of traditional OTC drugs. Relying on its geographical advantages, it focuses on the development opportunities of the health product industry. With the increase of policy support and the improvement of national health awareness, the company will assist in the sustained and high-quality development of China's marine biopharmaceutical industry.

Article source: China Securities Journal

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