2024年中国药用辅料行业企业洞析报告

Investment Rating - The report does not explicitly state an investment rating for the pharmaceutical excipients industry. Core Insights - The pharmaceutical excipients industry in China has seen a significant increase in the number of enterprises, with 1,955 companies established by the end of 2023, reflecting a growing market driven by policy changes and regulatory advancements [4][6]. - The industry is characterized by a fragmented competitive landscape, with approximately 470 domestic excipient manufacturers, of which only 23% are specialized in excipients, while the majority are from chemical and food sectors [10][14]. - The demand for pharmaceutical excipients is expected to grow steadily due to increasing drug requirements driven by population growth and advancements in medical technology [18]. Summary by Sections Industry Concentration - The pharmaceutical excipients market includes international giants like BASF and Merck, as well as local players such as Shanhua Pharmaceutical and Weier Pharmaceutical, with varying levels of competitiveness [10]. - The concentration of the industry remains low, with a significant number of non-specialized manufacturers contributing to a diverse competitive environment [10]. Patent Situation - As of the end of 2023, a total of 581 patents were filed in the pharmaceutical excipients sector, with a peak of 654 patents in 2015. The number of applications has seen a slight decline of 2.4% year-on-year in 2023 [14]. - The leading companies in patent applications include Qufu Pharmaceutical Excipients Co., Ltd. and Jiangsu Xidian Pharmaceutical Excipients Co., Ltd., each with 10 patents [14]. SWOT Analysis - Strengths: The pharmaceutical excipients play a crucial role in drug formulation, impacting quality and efficacy, with a stable market demand due to healthcare advancements [18]. - Weaknesses: The lack of unified industry standards leads to inconsistent product quality, and the industry's heavy reliance on raw material supply makes it vulnerable to price fluctuations [18]. - Opportunities: Globalization presents new market opportunities, allowing companies to expand internationally and enhance competitiveness [18]. - Threats: The industry faces challenges from fluctuating raw material prices and the need for higher quality standards [18]. Company Profiles - Jiudian Pharmaceutical: Established in 2001, focuses on drug formulation, raw materials, and excipients, with a strong emphasis on R&D and a market presence in over 60 countries [24][28]. - Weier Pharmaceutical: Founded in 2000, specializes in excipients and synthetic lubricants, with a commitment to high-end materials and a robust R&D framework [24][28]. Financial Performance - Jiudian Pharmaceutical reported total assets of 2.871 billion yuan and a net asset increase of 27.1% year-on-year in 2023, with revenues of 2.693 billion yuan, reflecting a growth of 15.8% [35][37]. - Weier Pharmaceutical achieved total assets of 2.279 billion yuan, with a net asset growth of 7% and revenues of 1.156 billion yuan, marking a 4% increase [35][37]. R&D Investment - Jiudian Pharmaceutical invested 267 million yuan in R&D in 2023, accounting for 9.9% of its revenue, while Weier Pharmaceutical's R&D expenditure was 56 million yuan, representing 4.8% of its revenue [41][43]. Product Revenue - Jiudian Pharmaceutical's excipient revenue reached 176 million yuan in 2023, while Weier Pharmaceutical's excipient revenue was 291 million yuan, down 7.8% due to declining raw material prices [44][48]. Market Trends - The report highlights a growing trend towards high-end excipients, with Jiudian Pharmaceutical leading in the production of injection-grade excipients for biological vaccines, while Weier Pharmaceutical focuses on injectable excipients [44][48].