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Public company info - SSY Group Ltd. , 02005.HK
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SSY Group Ltd., 02005.HK - Company Profile
Chairman Qu Ji Guang
Share Issued (share) 3,027,000,000
Par Currency Hong Kong Dollar
Par Value 0.02
Industry Medicine
Corporate Profile Business Summary: The Group is principally engaged in the research, development, manufacturing and selling of a wide range of pharmaceutical products, which includes finished medicines of mainly intravenous infusion solution to hospitals and distributors, bulk pharmaceuticals and medical materials. Performance for the year: During the year, the Group achieved a revenue of HK$4,636 million (or approximately Renminbi (“RMB”) 4,079 million), representing an increase of 10.9% (or approximately 15.3% in RMB). The net profit was HK$1,136 million (or approximately RMB1,000 million), representing an increase of 24.6% (or approximately 29.6% in RMB) compared with last year. Business Review: (1) Sales of Products During 2019, the Group focused on the reinforcement of penetration rate in major provincial markets, so as to maintain and consolidate the Group’s competitive advantage. The Group completed the market development for over 170 new hospitals, focused on adjustments to product mix, improved the sales growth of therapeutic infusion solutions, and ensured that both production and sales of the Company’s products were vigorous. The Group continued to be the company with the fastest growth of production and sales volume in the intravenous infusion solutions industry. During the year, the sales volume of the intravenous infusion solutions, being the Group’s major products, reached approximately 1,545 million bottles/bags, representing an increase of approximately 5.6% compared to the corresponding period of last year, of which the proportion of therapeutic infusion solutions increased to 22.3%, representing an increase of 2.6 percentage points compared to the corresponding period of last year. Ampoule products had a fast growth. During the year, the sales of ampoule products amounted to HK$392 million, representing a growth of 208% compared to the corresponding period of last year. In recent years, access to different markets by newly approved products has been gradually completed with sales promotion for new products being facilitated in different provinces. Of those, the market access work of Moxifloxacin Hydrochloride and Sodium Chloride Injection has been completed in 22 provinces and has resulted in sales in 21 provinces, reaching the milestone of over HK$100 million sales in 2019 as its first full year in sales, achieving a sales of approximately HK$165 million. With the progress of market access and development work in hospitals, it will continue to maintain the momentum in fast development. Arbidol capsule was included in the National Medical Insurance Catalogue 2019, the Diagnosis and Treatment Program for Influenza (2019 version) by the National Health Commission and the Diagnosis and Treatment Program for Novel Coronavirus Infected Pneumonia (Trial Version) of China. The product has been admitted to either Catalogues of Products for Epidemic Prevention and Control or Green Channels for Preventive and Control Drugs in 27 provinces and municipalities. As a broad-spectrum antiviral drug, Abidol has played a very good role in this fight against the epidemic, and has been widely recognised by medical institutions. Such factors have laid a good foundation for the Group to expand the market of the product and will provide a new driving force for the growth of the Company’s result. The export sales to foreign countries kept growing steadily with a growth of 19% in sales volume during the year as compared to the corresponding period of last year. The Group completed the export registration procedures and obtained registration certificates for 34 product specifications, including Metronidazole and Sodium Chloride Injection, Ciprofloxacin Lactate Injection, 18AA Amino Acid Injection and Sodium Lactated Ringer’s Injection, in 9 countries including Philippines, Bolivia, Uzbekistan and Jamaica, and increased 5 new countries for export. In respect of medical materials, Jiangsu Best brought its own technological advantages into play in responding to the policy for examination and approval associated with pharmaceutical products: enhancing the communication with the Research & Development department of other major national pharmaceutical enterprise and jointly developing medical materials products in accordance to customers’ needs to seize opportunities in market development. Consistency evaluation for injection was conducted in active concert with the enterprises of pharmaceutical formulation. A total of 16 types of injection were submitted for 12 customers to Centre for Drug Evaluation for related review. (2) Research and Development of New Products The Group’s technological innovation capabilities have been further enhanced, gradually forming a set of comprehensive, scientific and articulate systems for technology innovation. In 2019, preparation works for reaccreditations of National Centre for Enterprise Technology, Model Enterprises for National Technology Innovation, National and Local Joint Laboratory and Workstation for Postdoctoral Scientific Research have been completed. Applications of China’s Patent Award and Dominating Enterprise of National Intellectual Property have been submitted to National Intellectual Property Administration, which was important for the Company to remain at “the forefront of the national team” in terms of technology innovation competence and level. The Company submitted the review of NP-01, a Type 1 new drug, to the China Center for Drug Evaluation of National Medical Products Administration, which marked the first ever submission of innovative drugs by the Company, demonstrating that the Company had advanced from “generic drug R&D” to “combination of generic and innovative drugs” new stage. Achievements from new innovations have been emerging. During the year, the Company has obtained 13 approvals for production of generic drugs and 2 approvals for consistency evaluation. Among which, Tirofiban Hydrochloride and Sodium Chloride Injection, a cardiovascular drug clinically used to treat acute coronary syndrome, was viewed as a therapeutical drug of great potential in promoting for clinical use and thus a key product for the Company’s performance development. Approval for peritoneal dialysis solution series, combining with the Company’s existing hemodialysis product portfolio will bring the Company to the market of dialysis products which has a nice room for market growth. Hydroxyethyl starch 130 sodium chloride injection will win a place in the blood capacity and anaesthetic markets; Ambroxol Hydrochloride ampoule products in 3 specifications will further enrich the Company’s product series in the respiratory field. Fluconazole tablet with 2 specifications (50mg & 150mg) passing consistency evaluation, of which the 150mg specification being the first one passing consistency evaluation in China, will bring better market potential into effect in its future national product tendering. (3) Development of Projects To satisfy the market demand, a production line for large volume and large specification of high-value-added infusion such as hemofiltration solution and peritoneal dialysis solution was recently built. With GMP certification obtained in May and designed capacity of 20 million bags per year, it is now in production and operation. The main building as well as ancillary construction and structures of the Group’s pharmaceutical R&D platform, pilot-testing and industrialized support project, have completed construction and is currently entering latter stages of equipment installation. They will be in service by April 2020. The phase-one bulk pharmaceuticals project, which was invested and constructed in Bohai new district under Hebei Guangxiang Pharmaceutical Co., Ltd., has been completed. It passed the GMP certification in August 2019 and obtained the necessary approval for spot production of caffeine. Mass production began in October 2019. Participation in international market competition and efficiency enhancement has been regarded as the foothold of the project, while advanced technological ideas in bulk pharmaceutical production as well as artifices and new devices have been introduced and applied. Innovations and breakthroughs have been achieved in key areas such as quality risk control, ecological environmental protection and safety energy conservation. It has a national-wide leading level of automation, and continuously creates competitive advantages. Prospects: Looking ahead in 2020, the domestic and international economy will be more complex and dynamic. The outbreak of novel coronavirus epidemic caused disturbances to the whole society and production chains. Pharmaceutical markets, raw materials supply and human resources market all require rebuilding and time order restoration, bringing numerous challenges to the production and operation of the Company. Policies such as Group Purchasing Organisation Programme and control over medical insurance expenditure in China have a long-lasting impact on the operation of pharmaceutical enterprises. Facing numerous uncertain factors, the Group will keep its composure, and do its best in maintaining the momentum in fast development of the Company. 1. The Group will maintain its major products in the leading position of intravenous infusion solution market. Despite the sales of intravenous infusion solution were affected by the epidemic in the first quarter of this year, the Group still strives for a sales volume of intravenous infusion solution products to reach approximately 1,600 million bottles/bags, representing a year-on-year increase of approximately 3.56%. The Group will continue to expand the sales proportion of therapeutic infusion solution products. The Group will strengthen market sales of the major therapeutic infusion products such as Moxifloxacin. On the foundation of Moxifloxacin’s sales record of over HK$100 million made in 2019, the Group will make efforts to reach a new level of sales target in multiples. 2. The Group will continue to enhance the utilisation rate of ampoule production lines, enrich products’ variety, improve the sales growth of dominant ampoule products such as Hydrochloride Betahistine, Hydrochloride Ambroxol, Ropivacaine Hydrochloride and Doxofylline, and maintain a consistent sales growth in ampoule product series. 3. The Group will actively utilise production capacity of bulk pharmaceuticals. The phase-one bulk pharmaceuticals project under Hebei Guangxiang Pharmaceutical will reach maximum efficiency and result in the mass production of bulk pharmaceuticals including caffeine, theophylline, aminophylline, metronidazole and nifedipine. The Group will create sales channel domestically and internationally while establishing quality and cost advantages to foster new growth poles for the Group’s development. 4. The Group will create a new growth pole of the solid preparation products like Arbidol capsules. The Group will seize the market opportunities in fighting against the epidemic and strengthen the market recognition and sales of Arbidol, so as to facilitate the breakthrough in the whole solid preparation products. The sales revenue of Arbidol is expected to reach the milestone of over 100 million this year. 5. Jiangsu Best will continue following up the progress of consistency evaluation for injections, increase the interaction between pharmaceutical enterprises in research and development, and start product market development of packaging according to customers’ special requirements, with market expansion always driven by technology. 6. The Group will continue to carry out new product development and consistency evaluations. The Group will adhere to the new products development idea of “combination of generic and innovative drugs” with injection as the basis, reinforcing the Company’s technological and product advantages in the intravenous infusion solutions industry of China. The Group will make comprehensive progress on the development of new products for therapeutic injections, and focus on various fields including treatment of chronic diseases, respiratory system, circulation systems, emergency anesthesia therapy, antipyretic and analgesic therapy, as well as the new anti-infective therapy. Within this year, the Group will comprehensively complete the research works for consistency evaluation of the major types of intravenous infusion solutions, and ensure that the Company maintains its leading position in development within the intravenous infusion solutions industry. The Group will gradually create a product series of high-end anti-infective intravenous infusion solutions focusing on Moxifloxacin Hydrochloride Sodium Chloride Injection, Levornidazole Sodium Chloride Injection (type 2.1 innovative drug in China awaiting approval) and Linezolid and Glucose Injection, and create a product series in respiratory field including Bromhexine Hydrochloride Injection, Ambroxol Hydrochloride Injection and Doxofylline Injection. The Group will create a product series in anaesthesia field including Ropivaeaine Hydrochloride Injection and Dexmedetomidine Hydrochloride for injection. Hemodialysis and peritoneal product series will form the Company’s product portfolio in the field of kidney disease and dialysis. Through developing new microspheres, Liposomal and Emulsion High-end Injection, Lyophilized Powder Injection, Dual-chamber Bag, Multi-chamber Bag and Aseptic Filling Injection, the Company gradually establishes its leading position in injections in terms of high-end drug delivery system and innovative packaging form. Regarding innovative drugs, the phase I clinical trial of type 1 anti-tumor new drug NP01 is expected to commence in the first half of year 2020. The type 1 new drug AND-9 used for the treatment of liver fibrosis is now under preclinical pharmacology and toxicology studies, and submission for phase I clinical trial registration application is expected during the year. Currently, 3 highly active target compounds selected from the Group’s self-developed series of compounds for treating pulmonary hypertension, are submitted to preclinical investigation in order. A preliminary animal experimentation of new type of anti-epileptic compound QO83 indicates a good potential of drug-formation. Anti-tumor chemical drug Miriplatin, a type 2 innovative drug, has started the pharmacodynamics study and safety assessment work as scheduled, and is expected to apply for clinical trials within this year. The Group is full of confidence on the future development of the Company. Leveraging on the competitive edges on the Group’s scale, quality and lean management in the industry, the Group’s development will be further strengthened despite strong market competition. The Group is committed to bringing satisfactory return to the Group’s investors.

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