Note: The above information is for reference only, and does not constitute your. On February 23rd, West Point Pharmaceutical (30 1 103. SZ), a pharmaceutical industrial company from Northeast China, was listed on the Growth Enterprise Market with an issue price of 22.55 yuan, an increase of 150% on the first day of opening and a closing price of 57 yuan. On Friday 25th, the share price rose to 16% and closed at 7.86%. The market value is 4.933 billion yuan, and the circulating market value accounts for 25%, which is about 65.438+0.2 billion yuan. The characteristics of low circulation ratio and small circulation market value have attracted investors' attention.
Recently, a number of innovative pharmaceutical companies have broken the rules. In contrast, the performance of West Point Pharmaceutical on the first day of its opening can be described as extraordinary. Lepu Bio, which was listed on the same day, is a national investment fund, and mainly studies new anti-tumor drugs such as PD- 1 and ADC. The issue price has been lower than the C round financing price, rising by 0. 14% on the first day and returning to the issue price of 7. 13 yuan on the 25th. The current P/E ratio of West Point Pharmaceutical has far exceeded that of Hengrui Pharma and Fosun Pharma.
However, short-term sentiment and stock market performance can hardly change the company's fundamentals. West Point Pharmaceutical Co., Ltd., as an established pharmaceutical company dealing in compound preparations of Chinese and western medicines, generic drugs and raw materials, began to prepare for IPO in 20 12, submitted its prospectus in 20 14, and was audited for patent problems in 20 16. 10 years later, it took several twists and turns to land on the Shenzhen Stock Exchange.
Harbin Pharmaceutical, Changchun Hi-Tech, Northeast Pharmaceutical and other enterprises were born in this fertile land of Northeast China. They once supported the glory of the pharmaceutical industry in Northeast China, but the inertia of emphasizing sales over R&D made the development of these enterprises extremely limited. West Point Pharmaceutical is facing a similar situation: from 20 18 to 202 1 H 1, the sales expense ratio of West Point accounts for more than 50% of the revenue, reaching 57.46%, which means that 50% to 60% of the revenue is used for marketing.
Through the 20 15 and 202 1 prospectus disclosed by West Point Pharmaceutical Company and the repeated replies to the inquiries of the CSRC, we can see the investment and changes of a pharmaceutical industrial enterprise in marketing, channel maintenance and other sales expenses. Through this enterprise sample, we can also better understand the changes brought by the two-vote system and quantity procurement to drug sales.