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Public company info - Fusen Pharmaceutical Company Limited , 01652.HK
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Fusen Pharmaceutical Company Limited, 01652.HK - Company Profile
Chairman Cao Changcheng
Share Issued (share) 770,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Medicine
Corporate Profile Business Summary: The group is principally engaged in manufacturing and sale of pharmaceutical products. Performance for the year: Revenue was approximately RMB486.9 million for the year ended 31 December 2020, representing an increase of approximately 19.5% as compared to approximately RMB407.4 million for the year ended 31 December 2019. Profit attributable to the equity shareholders of the Company was approximately RMB70.1 million for the year ended 31 December 2020 as compared to profit of approximately RMB53.4 million for the year ended 31 December 2019. Business Review The revenue and gross profit were approximately RMB486.9 million and RMB266.1 million for the year ended 31 December 2020, representing an increase of approximately 19.5% and 25.2% respectively as compared with the year ended 31 December 2019. The increase in revenue was mainly attributable to the increase in sales volume in the product named Shuanghuanglian Oral Solutions. The average gross profit margin slightly increases to approximately 54.7% for the year ended 31 December 2020 from approximately 52.2% for the year ended 31 December 2019 which was mainly attributable to the increase in proportion of the sales of Shuanghuanlian Oral Solutions with higher gross profit margin to the overall sales. The Group restructured the sales regime and optimised the distribution channels since 2019, thus the outcome of the reform has been showing positive improvement gradually. The selling and distribution expenses were approximately RMB107.4 million for the 2020, which was similar to approximately RMB112.8 million for that o f 2019. The general and administrative expenses increased from approximately RMB58.7 million for the year ended 31 December 2019 to approximately RMB78.9 million for the year ended 31 December 2020, representing an increase of approximately 34.4%. The significant increase in the general and administrative expenses was mainly due to the financial impact arising from an extension of the granted option to grantees. The profit of a joint venture was attributable to the share of profit of a joint venture, Jiangxi Yongfeng Kangde Pharmaceutical Company Limited* (江西 永豐康德醫藥有限公司). The Group has obtained the equity interest of the joint venture since July 2019 and financial results of approximately five months were included in the Group in the year ended 31 December 2019, while the operation results of the whole year were accounted for in the year ended 31 December 2020. Prospects: The development of COVID-19 pandemic has brought far-reaching effects and changes to the pharmaceutical industry and there are not only crises and difficulties, but also potential opportunities. In early 2021, the Group obtained the GSP qualification through the acquisition of Jiangxi Ruiyuan Pharmaceutical Co., Ltd.* (江西瑞源藥業有限公司) (“Ruiyuan”). The Group will leverage on the platform of Ruiyuan to expand its sales team, while focusing on filling the gaps in the market, and it will also seek to be the sales agent of products with market potential. In terms of external acquisitions, the Group entered into the investment framework agreement on 31 December 2020, planning to invest in Weihai Rensheng Pharmaceutical Group Company Limited* (威海人生藥業集團股份有限公司). In the event that such transaction completes as agreed in the framework agreement in 2021, the Group will indirectly obtained approval numbers of nearly 20 national exclusive traditional Chinese medicines. This will enrich the Group’s product categories, lay a solid foundation for the Group’s long-term development and expand its product categories from respiratory disease treatment to orthopedic disease and skin disease treatment. Looking forward, the Group will continue to increase investment in product R&D as well as merger and acquisition and diversify the product categories through various channels. It will also continue to enhance market expansion and improve the sales revenue of existing products.

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