(The article is synchronized from the personal public account "Xingyan Essay", welcome to pay attention to the exchange)
Not long ago a friend shared an article, a company selling rats with an annual income of up to 260 million, is applying for listing on the science and technology innovation board, it is really interesting to listen, so I simply looked at the company, pickpocketed the prospectus and related information, after the listing will be one of the targets of institutional investors, interested friends can continue to track Oh.
#01公司简介
The rat-keeping company is called Yaocui Jikang, and the rats raised are mainly used for medical research rather than food.
The company relies on gene editing technology to directly knock out or modify mouse genes, so as to provide corresponding varieties of mice for pharmaceutical clinical research and directly provide corresponding technical services.
Yaocui Jikang business model
The company was established in Nanjing in 2017, but the development momentum is very strong, and it has established subsidiaries in Chengdu, Foshan and Daxing in just three or four years.
From the perspective of layout, it basically radiates the national market in various regions, and actively expands overseas markets.
The company sells more than 600,000 mouse models a year, mainly for oncology drug research, diabetes and atherosclerosis and other disease research.
At present, the company mainly serves more than 1,000 customers, concentrated in academic institutions and pharmaceutical research and development enterprises and pharmaceutical service enterprises, etc., and some representative customers are as follows:
Company service customer matrix
Dr. Gao Xiang, the founder and chairman of the company, is a well-known practitioner in the industry.
He is also a Distinguished Professor of the Jiang Scholars Award Program of the Ministry of Education and a recipient of the National Science Foundation for Outstanding Young People.
Winner of the second prize of the National Science and Technology Progress Award and the special prize of the Science and Technology Progress Award of the Ministry of Education.
He has also served as the chairman of the Asian Mouse Mutation and Resource Society and the vice chairman of the Chinese Society of Cell Biology.
He is also the director of the National Genetic Engineering Mouse Resource Bank, a member of the National Expert Committee on Laboratory Animals, and a member of the Steering Committee of the International Union for Phenotyping of Mice.
The company's core technical team is stable, with about 20 years of research experience in the field of laboratory animals, and is one of the earliest teams in China to carry out mouse model research and industrial application.
He has produced the first conditional gene knockout mouse based on embryonic stem cell recombinant technology in China, and has taken the lead in using CRISPR/Cas9 gene editing technology for mouse model production in China, accumulating rich experience in the research and development of experimental animal mouse models.
By the end of 2020, the company has formed more than 16,000 commercialized mouse models with independent intellectual property rights, and the number of strain resources is firmly at the forefront of the industry.
It has the dual barriers of core technology and resource endowment. At the same time, the company launched the "Spotted Mouse Program", which aims to pre-construct a knockout strain library of all protein-coding genes in mice, covering genes in the research directions of tumor, metabolism, immunity, development, DNA and protein modification.
Prospectively provide new tool choices and possible path directions for life science research.
Overall, the company is in a period of rapid development, the company's founder background is professional, the team is stable, while actively expanding the scope of business, this listing is mainly to further expand production capacity, related breeding base construction.
#02行业市场
According to the estimation of the Institute of Medical Laboratory Animals of the Chinese Academy of Medical Sciences, the total output value of the experimental animal industry is currently more than 20 billion yuan (excluding technical services), and the main commonly used laboratory animals are as follows:
Animal species for experimentation
Among them, experimental mice are the most widely used. Mouse model research has a history of more than 100 years, and the regulatory mechanism of physiological biochemistry and growth and development is basically the same as that of humans.
According to Frost & Sullivan, the global animal model market (excluding animal model related services) grew from $10.8 billion in 2015 to $14.6 billion in 2019, representing a CAGR of 7.8%.
The global animal model market is expected to grow to $22.6 billion by 2024, with a CAGR of 9.2%:
Global animal model market size and growth rate
China's animal model market is relatively in the early stage of development and rapid growth.
According to Frost & Sullivan, china's animal model market (excluding animal model related services) grew from $200 million in 2015 to $400 million in 2019, a compound annual growth rate of 16.9%.
By 2024, China's total animal model market is expected to grow to US$1.5 billion, with a COMPOUND annual growth rate of about 28.1%:
The size and growth rate of China's animal model market
With the vigorous development of life science research and new drug development, the total market size of domestic rodent laboratory animal products and services is expected to grow to 9.8 billion yuan by 2024, with a compound annual growth rate of about 24.2%.
It is estimated that by 2030, its total market size is expected to further reach 27.2 billion yuan, with a compound annual growth rate of about 18.5%, and the entire industry is in a period of rapid development:
The scale and growth rate of The rodent experiment market in China
Among the rodent experimental animal models, mouse models account for 85% of the proportion, and their domestic product and service markets are also showing a rapid growth trend.
The market size in 2019 is 2.8 billion yuan, and it is expected that the market size will reach 8.4 billion yuan by 2024, with a compound annual growth rate of about 24.4%; by 2030, the overall market size of domestic laboratory mouse products and services will reach 23.6 billion yuan:
The market size and growth rate of domestic experimental mouse products
The company's main competitors are Victor Lihua China subsidiary, Nanmo Bio (the first in the field of customized breeding services), Saiye Biology, BioSaitu, etc., and the overall competition pattern is as follows:
The competitive landscape of the company's business
The company is involved in all fields, and ranks in the forefront, and the overall strength is relatively balanced.
With the rapid development of the market, the track where the company is located is also one of the so-called good tracks.
At present, Nanmo Bio has submitted an IPO application for the second time, and has now passed the csrcover commission's inquiry, the process is faster than that of Yaocui Jikang, and the valuation level after listing can be used as one of the references.
The industry companies that can be referred to in foreign markets are Jackson Lab.
#03经营财务概况
First, a brief look at the company's overall revenue distribution, mouse sales are the company's largest, accounting for about 60% of the share, and the proportion is relatively stable.
In fact, the custom breeding business and the model customization business are still under pressure, and the growth rate has slowed down significantly, and the old competitor Nanmo Biology may have given some pressure.
Composition of the company's business
Compare the main financial indicators of Nammo Bio and Yaohui Jikang:
Financial comparison of major competitors
The market space for mouse sales is relatively large compared to customization and breeding, and the growth rate of Nammo Bio has slowed down significantly, the development seems to have reached a bottleneck period, and the overall growth and net profit margin of Yaocui Jikang are relatively high.
Judging from the company's official website mouse mall, the main concentrated strains are inbred lines, metabolic lines, tumor lines, and humanization (the relevant genes are integrated into mice).
The added value of the price of a single mouse is to see the inbreeding of humanized > tumor > metabolism >, and the main scientific research is currently concentrated in the field of tumors.
Inbred and metabolic mice quotation
Oncology and humanized mouse quotation
#04需要关注点
The points that need to be continuously paid attention to after the company's listing personally believe that there are the following aspects:
A. Improvement of the company's business results: from the mouse sales as the leading, slowly strengthen the growth of mouse breeding, customization business, functional pharmacodynamic business, expand business growth points, the valuation level of the corresponding services should be higher than the mouse sales, which can be used as a reference in the current CRO\CDMO field.
B. The structure of selling mice, mice with high added value should continue to increase in proportion and be excellent.
C. The company's R & D and sales expenses. Research and development is the basis of the company's rich category, and sales are the guarantee of the company's cash flow.
D. Technical risk: the main business is the use of genetic engineering technology to create mouse animal models and provide related services, some production links need to use CRISPR/ Cas9 gene editing technology, which was first patented by Broad, and is currently widely used in the field of global molecular biology research, and does not belong to the UNITED States export control technology. However, since the technology is still within the patent protection period, from the perspective of business logic and industry practices, the patentee usually obtains commercial benefits in the form of extensive legal authorization. It is uncertain whether it will be affected by the SINO-US relationship, but the probability is low.