[Transfer] Vaccine King, facing another test

[Transfer] Vaccine King, facing another test

Source: Archimedes Biotech

The vaccine queen Gao Junfang has been forgotten.

In February 2019, Gao Junfang, chairman of Changsheng Bio, was transferred to the Changchun Procuratorate for bribery and misappropriation of funds for bribery and misappropriation of funds. He was transferred to the city court with the crime of production and sales before March 9.

No news from then on.

Gao Junfang has the inferiority of the employees of the pit.

On September 17, 2021, Shenzhen was cloudy. If time can go backwards, Gao Junfang's former colleague Du Weimin will definitely take back this proposal issued to employees who are still hot at noon.

The vaccine king who has not fallen out of twists and turns is facing another important test.

Kangtai Bio, President Du, is still a domestic first -line vaccine company.

In 2021, Kangtai Biological Autonomous Products (Non -New Crown) revenue exceeded Zhifei Bio, neatly conventional pipelines, and large varieties were basically available. The reorganization of the hepatitis B vaccine (brewing yeast) of the old -fashioned product to achieve the coverage of all ages. The domestic first four -united vaccine has become a 1 billion+explosion. The second among domestic manufacturers to produce and sell 13 -valent pneumonia vaccines, frozen dried people mad madness Miao (durable cells) is expected to be approved at the end of the year, and it is also the second domestic. The first phase of design capacity is 10 million, which is close to Kanghua's biological capacity. The second phase can be expanded to 20 million.

Many investors are seduced by the fundamentals, but the investment is not as simple as the calculator, so someone is joking: you go to the photo of Du.

My Ge Ge, what did he experience.

The tragedy of value investors is that they focus on pipelines and financial analysis, and ignore living entrepreneurs.

Pipeline and financial analysis are based on standard and basic models. However, these data are not enough to understand the company, and it is useless to identify bad companies. Basic competitive models are only applicable to cyclical stocks such as nonsense, coal, and steel. The products produced by different manufacturers are basically the same, and they are completely replaced with each other. In clinical pipelines and financial statements, there are no non -standard, elastic factors, who is in the management position, and who makes economic decisions is not different.

The modern entrepreneurs we understand should be bigger and stronger, and naturally they will get amazing wealth returns.

Still too kind.

A person who crawled and stepped on the pyramid spire in a cruel social struggle, formed a game thinking and doing the thinking.

Do you think you only have one way to create wealth?

President Du may be one of the entrepreneurs who have been written in the most network. They are always admired while being questioned.

The legend of Mr. Du's 59 years lies in "Every time, it has encountered a large twists and turns, but it can escape safely."

Kangtai's investors were frightened and suspected that everything Du was doing a bureau, and even spent 23.5 billion divorce was no exception.

And President Du's latest trouble may come from the scared employees.

Under the call of President Du's bottom -up holdings, from September 22 to October 29, 2021, 126 employees accumulated 373,700 shares of Kangtai Biological Stocks through concentrated bidding methods through the secondary market, with a total of increased holdings, the total holdings of their holdings It was 420.578 million yuan.

The cost of holding per share is 112.5 yuan. Hou Kangtai Bio has a distribution plan for an increase of 6 shares per 10 shares. According to today's closing price of 35.85 yuan, 126 employees who have been "based on confidence in the company's sustainable development prospects in the future and the long -term investment value of the company's stock" have been deeply set by about 50%.

President Du promised that during the above period of net purchase of Kangtai Biological Stocks and holding employees who held more than 12 months in a row, the losses generated were compensated by himself.

After 3 months, I watched Du withdrawing money?

All the past is the sequence. Kangtai Bio is also known as "Husky in the Medicine".

On May 17, Kangtai Biological once fell more than 15cm. The 5.2411 million shares held by President Du on Taobao were auctioned on Taobao with a 50 % off judicial auction. Everything came quite suddenly. It was in line with the traditional hidden style. Information about frozen and debt disputes.

In the first half of this year, Kangtai's conventional business was developing strongly, achieving operating income of 1.828 billion yuan, an increase of 73.72%year -on -year. The sales revenue of the core products increased by about 60.13%year -on -year, and the sales revenue of hepatitis B vaccine increased by about 20.76%year -on -year. The newly listed sales product 13 -valent pneumococcal polysaccharide combined vaccine was gradually capacity.

However, the matter of pulling the gesture is still coming.

The market is not valued for the new crown business, and it is proven by Kangtai Bio. In fact, this is a negative asset.

In the first half of this year, the net profit of Kangtai Biological has decreased by 70.29-61.37%year-on-year. The main reason is that since the second quarter, the sales of new crown vaccines have fallen rapidly. The new crown vaccine development expenditure is 414.5893 million yuan in asset impairment.

In the early stage, the production capacity was blindly expanded, and a late collection was caught.

Business errors are still continuing, and the new crowns are still in the phase III clinical phase of the Overseas Phase III. Due to the influence of the Russian and Ukraine War, the clinical data of the phase III in Ukraine is revealed. Essence There may be 30,000 to 400 million yuan in the second half of the year. No one is the opponent of Lao Du, except Liu Geh.

GF Fund, who is also in Guangdong, has always been the closest partner of Kangtai Bio.

Liu Gezheng's deep affection for Kangtai Bio, Guangfa Technology Pioneer, Give -Fa's Small Plate, Guangfa Diversity Emerging, Guangfa Innovation Upgrade, and Guangfa Shuangqing upgrades once took turns to settle in the top five.

Liu Gezheng accompanied Kangtai Bio to the peak of 170 billion market value. Among the ten funds that held the most positions in the second quarter of this year, Liu Gehi's management of Guangfa Technology Pioneer, Guangfa Small Disk Growth, and Guangfa Diversity of Emerging are still in the top three. The stock market value of 1.526 billion yuan. In the second quarter, the above three funds were added with Kangtai creatures, with a cumulative increase of 11.674 million shares.

Kangtai Bio has fallen by more than 40%this year, and the above three funds have been retracted between 7%and 17%, winning.

The vaccine industry has front barriers and insufficient competition. As a result, technology has long stayed in the Me-Worse stage. The development stage lags behind innovative medicines. The management of each company is often questioned.

But Biotech is not worrying.

Yifang Biological Listed on the first day of breaking, and continued to fall the next day. This is not innocent.

Zero income, losses, and actual controllers are not the original sin of BIOTECH. Isn't this normal? The problem is that Yifang Biological's R & D expenses from 2019 to 2021 have a cumulative R & D cost of 1.46 billion yuan, of which 870 million yuan in shareholding of executive equity incentives reached 870 million yuan, accounting for 59.5%. From 2019 to 2021, a net loss of 1.51 billion yuan was accumulated, of which the salary expenses for directors, supervisors, and senior management personnel were 890 million yuan, accounting for 59.2%. This is too cruel.

As a small molecular innovative pharmaceutical developer, the pipelines of Yifang creatures will not be stronger than Gakos. Considering that the valuation of the science and technology board can be valued at 50%to 100%, according to the top grid, the reasonable market value is about 6.3 billion yuan. The market value of Yijue Biological issuance was 10.4 billion yuan, and the fundraising was 2.08 billion yuan. This is too cruel.

Biotech fell and was full.

On the first day of listing, it fell 15.62%, which had a bad impact on the confidence of innovative drugs being repaired. Other biotech may say:

I really thank you!

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