It remains to be seen whether Watson's biological collective enrichment can sustain high growth

The status of the capital upstart of Yunnan Watson Biotechnology Co., Inc. (hereinafter called "Watson Biology") is a foregone conclusion. Today, Watson's biology is listed on the Gem, a new record in a-share history of 95 yuan offering price, up to 133.8 times times the sky-high price-earnings ratio.　　According to the 25 million shares of the issue, Watson will raise funds to 2.375 billion yuan.　　This huge wealth, for the no actual control of the Watson life, will direct the myth of the collective wealth.　　Public data show that among the 22 existing shareholders of Watson's organism, except for 3 legal shareholders, the remainder are natural shareholders and many of the natural persons are executives of the company. Watson Biology chairman and general Manager Liyun Chun, holds 15.0458 million shares, the shareholding ratio of 20.06%, for the company's largest shareholder; Watson biological director Liu Junhui for the company's second largest shareholder, currently holds 11.3906 million shares of the company, the proportion of 15.19% shares, Watson biological director and Deputy general Manager Chen Lijia,　　Liu Hongyan, respectively, held 8.2315 million shares, 6.9662 million shares, the proportion of shares of 10.98%, 9.29%.　　In addition, three legal shareholders in Yuxi Real Estate, Hongta Venture, Changan Venture Investment, the shareholding ratio of 12.7%, 10%, 5%, the remaining 15 natural shareholders are 16.78%.　　And the company listed in the year before the two natural persons Yiu Dingbong and Sumin, then issued before the 1.5 million shares and 375,000 shares, respectively, corresponding to the book Wealth of 142.5 million yuan and 35.625 million yuan. "The vaccine industry has been growing fast, plus the industry premium must have been there in the recent super bacteria time."　　Yesterday, Shanghai securities researcher Peng Yun Liang accepted the "First financial daily" reporter interview analysis. Data show that the 2009 domestic vaccine market overall size reached 9 billion yuan.　　China's vaccine industry sales accounted for less than 1% of the total sales of pharmaceutical industry, far below the global 2.5% level, a huge increase in space, the domestic vaccine market in the next few years the overall annual growth rate will be more than 15%. Watson's biological declaration shows that the company is currently engaged in research and development of vaccine products, production, sales, the current sales of products are mainly concentrated in Hib, lyophilized A, C meningococcal polysaccharide combined with vaccines, such as bacterial vaccines, which produced vaccine Hib in September 2007 market sales, and freeze-dried a,　　C Meningococcal polysaccharide combined vaccine was launched in September 2009. In fact, from 2007 to 2009, Hib single sales accounted for 100%, 100% and 82.76% of the revenue from the sales of its own vaccine products, which fell slightly to 81.23%--in the first half of 2010, but no doubt,　　The sales income of Hib remains the main support for Watson's biological performance. "Previously the industry's forecast for its profit growth has reached 97%, is very high growth rate, in the listing is diluted, the key question now is how this growth is maintained." Peng Yun Liang thought, "If every year canIt has been very good to keep 40%~50% growing. "However, the highly profitable vaccine industry has been a high-risk area for state-focused regulation."　　According to the requirements of the State Food and Drug Administration (SFDA), vaccine product research and development includes three stages of preclinical research, clinical research, and production licensing applications, which typically take up to 5 years to complete the full clinical trial phase, and the application of new drug production approvals after clinical trials usually takes nearly a year. At present, Watson Biology has been successfully developed and will gradually implement industrialized products in the coming years including Hib series vaccine, meningitis Series vaccine, hundred white broken series vaccine, 9 price and 23 price pneumonia series vaccine, new adjuvant CPG hepatitis B vaccine and hib+ white hundred broken four vaccine and so on, covered the bacterial vaccine, the viral vaccine,　　Genetically engineered vaccines, new adjuvant vaccines, combined vaccines, and so on, to a certain extent, to ensure the future growth of the company's business. On the other hand, the vaccine is also the transport and use of the specific requirements of the special drugs, due to the physical quality of the vaccinated individual differences, and the timing of vaccination, and other factors, when users in the use of vaccines after the reaction or abnormalities, the general will be attributed to the quality of the vaccine itself,　　The larger business risks are also reflected in this area. The Watson biological fund-raising will be mainly put into the vaccine Research and Development Center expansion project, freeze-dried A, C meningococcal polysaccharide combined with the Vaccine Industrialization Demonstration project (Yuxi phase Two), influenza virus cracking vaccine industrialization construction project (Jiangsu Watson) and other 5 projects, the total investment of about 420 million yuan. "The incidence of meningitis does not have a special fluctuation, generally more stable, compared to the incidence rate, the company wants to maintain a high growth in the next few years must have follow-up product supplement." Peng Yun Liang said.