Port communicationOperational Guidelines for Pharmaceutical Financial Leasing Business! (Dry information recommendation) Overall goals and principles The pharmaceutical manufacturing industry is an industry in a weak economic period，Affected by the rigidity of drug consumption and the expansion of medical reform，It is expected that the sales profits of the pharmaceutical industry will continue to maintain a rapid growth rate in the future.。but at the same time，Industry structure adjustment is accelerating，Increased barriers to entry、Industrial concentration has increased，Sub-industry and business differentiation，Its overall high investment、High efficiency、High risk and high technology intensive characteristics are obvious。
At the same time, the overall quality of existing credit in the pharmaceutical manufacturing industry has improved.、RAROC is better than the bank average。Combined with industry operating characteristics and development trends，and risk-benefit analysis results，The overall principles of the investment guidelines for the pharmaceutical manufacturing industry are as follows:：increase
Advantages
Field and high-quality enterprise support，Further seize industry development opportunities，Appropriately increase industry share；Increase risk investigation on existing customers，Further increase the mortgage rate，Stabilize asset quality。
Sub-industry：Mainly supports the more mature fields of chemical preparations and proprietary Chinese medicines；Chemical raw materials and pharmaceutical sub-sectors with obvious overcapacity，Access standards should be improved，Strictly control the financing needs of enterprises to expand production capacity；Only support competition in the traditional Chinese medicine decoction sub-sector
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Obvious leading company；For the biopharmaceutical sub-industry, one of the strategic emerging industries，Financial cooperation should be carried out on the premise of grasping the maturity of subdivided industries。
Targeting industry operating and financial characteristics，Pharmaceutical manufacturing companies should focus on various types of short-term financing，Support the technological transformation investment of leading enterprises on a selective basis，At the same time, all banks need to pay close attention to the development trend of industry financial conditions.，Timely grasp corporate profitability and debt repayment ability。Continue to revitalize inventory、structural adjustment，Effectively prevent existing customers from increasing risks and further increase profits。
Entry standards and classification strategies Sub-industry credit strategies (1)The chemical raw material drug sub-sector should gradually improve access standards for this industry，Focus on supporting two types of enterprises：First, the high level of process technology、scale and cost
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obvious、A common API manufacturer with complete environmental protection facilities；Second, product demand has benefited from the peak period of global patent drug lifting.、A specialty API manufacturer with a stable sales market。
This industry should focus on various types of short-term financing business cooperation，Strictly control financing for expanding production capacity。Be particularly cautious about vitamin C、interleukin-2、Interferon and other API manufacturers with overcapacity，Not participating in new、Expansion Project Financing。
(2) The chemical preparation sub-industry focuses on supporting strong professionalism and scale in segmented diseases or product fields.
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、Possessing room for substitution of imported drugs and large product line reserves、Strong competition has formed in R&D, innovation and brand marketing.
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of enterprises。
At the same time, customer access should pay attention to subdivided industry policies and market environment changes.，For the antibiotic industry whose demand has declined under the background of the country's strict implementation of antibiotic restriction policies，Should be able to support scale、technology、Brand and other comprehensive
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Mainly leading companies；For the obviously saturated re-generic drug industry，Be careful when getting involved in single products、Enterprises that mainly copy foreign new specialty pharmaceutical products that are still under patent protection period。
(3) The Chinese patent medicine sub-industry and the traditional Chinese medicine beverage sub-industry mainly support the ownership of traditional brands and products
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、Possess industrial chain resources such as medicinal material production bases、A large-scale traditional Chinese medicine manufacturing enterprise with a stable sales market，To connect the upstream and downstream "Chinese medicinal material cultivation-Chinese medicinal material trade-Chinese medicine manufacturing-hospital"、OTC、Integrated consumer goods industry chain
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Enterprises can increase support。Prudent intervention without scale、technology
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and small and medium-sized traditional Chinese medicine companies that mainly focus on traditional Chinese medicine injections。
(4) Biopharmaceutical sub-industry This sub-industry is an important part of the bio-industry among strategic emerging industries.，Still in the early stages of development，There are obvious differences in business operations。Can select the best to support shareholders with strong strength、Outstanding independent research and development capabilities、High-quality enterprises that already have mature products or whose products are subject to national procurement and storage，Avoid choosing a fund with a long payback period、New entry into cross-industry or weak own R&D capabilities、Biopharmaceutical companies with immature markets。
Customer classification management strategy (1) First-level customers This level of customers mainly includes three categories：First, the industrial chain is relatively complete、Wide product coverage、A key enterprise within a large pharmaceutical group with strong operating strength and market competitiveness，The group should generally achieve annual sales revenue of more than 2 billion yuan、Total profit exceeds 200 million yuan；The second is large pharmaceutical companies that rank among the top ten domestically in each major sub-sector.，Among them, the annual sales revenue of bulk chemical raw material pharmaceutical companies is not less than 1 billion yuan.；The third is Bayer、Roche、Investment companies in China controlled by world-renowned pharmaceutical giants such as Eli Lilly。
For this level of customers，First, actively strive to become the sponsoring bank for its settlement business，Increase settlement flow and deposit accumulation；The second is to select the best and support the industrialization of innovative drugs.、Basic medicine level、Pharmaceutical production quality assurance system upgrade、Technical transformation projects such as modernization of traditional Chinese medicine，At the same time, give full play to comprehensive management
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，Through domestic and overseas linkage、finance lease、Trust, etc.，Solve corporate capital needs through multiple channels，Deepen bank-enterprise cooperation；The third is to target national industry leading enterprises and regional
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Corporate mergers and acquisitions projects，The merger and acquisition entity’s own comprehensive repayment ability is sufficient、Anticipating strong synergies from mergers and acquisitions，M&A loan support can be provided on a selected basis；Fourth, in view of the characteristics that most enterprises at this level already have direct financing channels，Give full play to investment banking business
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，Underwriting debt issuance、Strengthen business cooperation in IPO listing financial advisory and other aspects，and managed through raised funds、Subsequent derivative services such as financial management effectively increase comprehensive income；The fifth is to encourage key leading enterprises to actively carry out trade financing or supply chain financing business.。
Such as applying medicine、A large pharmaceutical distribution enterprise downstream of Sinopharm Group carries out factoring of accounts receivable、Bill guarantee and other services。(2) The second level of customers mainly refers to customers who have not reached the first level of scale mentioned above.，But there is strong competition in regional or market segments
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、Products and processes comply with national policies
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、The product is mature and the market is stable、Companies with good growth potential，Generally, annual sales revenue should reach 200 million yuan、Total profit exceeds 20 million yuan。
For this level of customers，Credit cooperation should focus on short-term financing products，Prudently intervene in medium and long-term financing。
The first is to meet the demand for revitalization of accounts receivable of such customers.，Actively carry out domestic factoring where the buyer is a high-quality tertiary hospital or a large distributor、Accounts receivable financing and other industrial chain financing services，Supplemented by bill financing and other products to support enterprise production and sales，Taking core enterprises as the entry point to drive the internal circulation of upstream and downstream funds, key support can be given to enterprises that win provincial drug tenders and have large sales of winning drugs.；The second is to combine the development needs of medium-sized growth customers.，Give full play to comprehensive management
Advantages
，With BOCOM International、Linkage with Bank of Communications Guosen and other subsidiaries，Providing clients with access to private equity、Industrial Investment Fund、Strategic investors, etc.、As well as subsequent domestic and overseas listing and other financial advisory and investment banking services，Enhance customers’ own financial strength and risk resistance capabilities，Effectively reduce risks and enhance long-term returns；The third is to further promote personal financial management of corporate executives and other、credit card、Development of personal loans and other retail businesses。
(3) Other small and medium-sized customers are eligible for admission、However, customers who do not meet the above two levels of conditions，It will only be considered under the premise of implementing effective mortgages or strong third-party guarantees.，Among them, the operating and financial stability is relatively stable、Small and medium-sized customers with great potential for development should appropriately engage in short-term financing and other businesses corresponding to specific trade backgrounds (for example, only if the buyer is a large downstream pharmaceutical company)、Domestic factoring for large pharmaceutical distribution companies)。
at the same time
Require
It is expected that customers’ credit risk-adjusted return on capital should be significantly higher than the bank average，And should actively strive for intermediary business、Settlement and Liability Business。
The new customer admission standards are in line with the investment directions of the above sub-sectors.
Require
on the basis of，New customers in the pharmaceutical manufacturing industry must meet the following access standards：(1) According to the relevant country
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Passed GMP (Good Manufacturing Practice)、GAP (Good Manufacturing Practice for Traditional Chinese Medicine) and other related certifications，New drug research and development enterprises comply with the Good Clinical Practice for Non-Clinical Drugs (GLP) and Good Clinical Practice for Drugs (GCP)；(2) Environmental protection standards，"Three wastes" emissions comply with industry emission standards
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；(3) Products comply with national industrial policies
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and market demand is stable，Not included in the eliminated and restricted categories in the national "Guidance Catalog for Industrial Structural Adjustment (2011 Edition)"、As well as the prohibited and restricted categories in the "Current Catalog for Prohibiting Low-Level Duplicate Construction in Certain Industries" or the "Catalogue of Foreign Investment Industries (Revised in 2011)"；(4) Normal operating and financial status，In principle, the asset-liability ratio should not be higher than the following levels：Chinese patent medicine sub-industry、Traditional Chinese medicine beverage sub-industry and biopharmaceutical sub-industry 60%、70% of the chemical preparation drug sub-industry and the chemical raw material drug sub-industry。
(5) For customers in the biopharmaceutical sub-industry，must also satisfy：Average sales revenue in the past three years ≥ 50 million yuan；Profitable for three consecutive years，And the profit rate is not less than 10%；The main products have won the national first-class、Category II、Class III new drug certificate。
Project access standards (1) The project investor or loanee meets the first-level customer access standards；(2) Project approval (recording)、environmental impact assessment、land、Drug production license and other legality approvals are complete and valid；(3) New projects must comply with the new version of GMP standards；(4) The project capital ratio is not less than 30%；(5) In principle, the term of fixed asset loan business should be controlled within 5 years.。
Non-credit business strategy The pharmaceutical manufacturing industry can carry out non-credit business appropriately，Target customers first、Mainly second-tier customers，Among them, the non-credit business carried out by second-tier customers should be limited to business transformation、Accounts Receivable Pool Financing(The accounts receivable object should be the local second-class or above hospital、Large pharmaceutical wholesale companies and large pharmaceutical distributors)、Bill pool financing and other short-term varieties，In principle, we do not involve in fixed asset construction financing and equity financing.。
Regional Strategy The distribution of the top 100 pharmaceutical manufacturing companies has obvious regional characteristics.，For Shandong, which has many shortlisted companies,、Jiangsu、Beijing、Key provinces such as Shenzhen and Zhejiang，Relevant branches should increase cooperation with the top 100 companies within their jurisdiction，Actively increase market share；In addition, branches in Guangdong, Guangxi and Southwest China，Can preferably own medicinal material production base or industrial chain resources、Have pricing capabilities and policies
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of modern traditional Chinese medicine manufacturing companies，Reasonably arrange credit plans based on business needs，Resources should be tilted toward low-capital-consuming businesses such as trade finance。
Risk management and structural adjustment
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Risk warning and control
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(1) Product risk。First, the risk of product price reduction。Within the framework of the essential medicine system，The centralized drug procurement model led by each province will drive down the winning price of drugs.，Lower drug prices will remain the main theme in the future，The leading products in the industry are general medicines and high-priced medicines.、Weak cost control ability、Companies with low product gross profit margins will face the risk of declining profits or even losing money.；Second, product substitution risk。
With the advancement of pharmaceutical research and development technology and the implementation of national policies to increase support for pharmaceutical innovation,，Better efficacy、Innovative drugs with lower side effects will enter the market，Upgrading similar old drugs，Companies that cannot complete product transformation or upgrade will be eliminated；Third, the risk of a single product line。Some pharmaceutical companies have a single product line，And does not have the ability to develop new drugs，Difficulty responding to changes in market demand and fierce competition among peers。
(2) National measures to curb overcapacity have a certain impact on the operations of enterprises in the field。at present，The country has begun to use price mechanisms to curb resource waste and duplication of construction，For example, the National Development and Reform Commission's "Measures for the Administration of Drug Prices (Draft for Comments)" sets limits on the price of generic drugs.，The method is expected to be finalized and released soon，This move will have a certain impact on the revenue and profitability of generic drug companies。(3) Group-related mutual insurance and frequent capital operations、Diversified business risks。
The phenomenon of related mutual insurance among enterprises within some pharmaceutical groups is prominent.，Guarantee conditions are weak；Some enterprises have frequent capital operations，Cross-domain、Rapid expansion across regions、Diversification，There is some uncertainty in the business prospects。(4) Frequent drug quality and safety incidents。2012Numerous drug quality and safety incidents have attracted great attention from the whole society.，The impact on the pharmaceutical industry and related companies will continue for a period of fermentation.，All branches should pay close attention to。
With the introduction of relevant national regulations，The production process is not up to standard、Pharmaceutical manufacturing companies that produce substandard raw materials，Especially the field of traditional Chinese medicine manufacturing that has attracted much public attention，Will face the risk of being eliminated。(5) Risks of business closure during the process of industrial integration and environmental protection upgrading。
At present, the concentration of my country's pharmaceutical manufacturing industry is at a low level.，With the endogenous demand of the industry and the implementation of the new version of GMP、The joint effect of external policies such as the "Twelfth Five-Year Plan" on the traditional Chinese medicine industry，Industrial concentration will increase significantly。
In the process of industrial integration and upgrading，The environmental department has also stepped up its efforts in environmental protection
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intensity，For example, in May 2013, eight ministries and commissions including the Ministry of Environmental Protection jointly launched a special environmental protection action，Focus on rectifying pollution in the pharmaceutical industry，It is necessary to pay close attention to the risk of enterprise closure due to sub-industry environmental protection failure in the chemical preparations sub-industry and mergers and acquisitions in the traditional Chinese medicine preparation sub-industry。(6) Risks in the process of corporate mergers and reorganizations。
The Ministry of Industry and Information Technology jointly issued a document with 11 ministries and commissions to promote mergers and acquisitions of enterprises in key industries.、Increase industry concentration
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Down，Pay attention to relevant corporate risks：on the one hand，The market share of companies ranking 20th and below in terms of sales volume of major essential drugs will be reduced to less than 20%，This means that the living space of marginal enterprises with such products is further squeezed.。
Therefore, for general enterprises that are not expected to enter the top 20 in the essential medicine market、Enterprises with uncertain business prospects should increase efforts to reduce and strengthen，Effectively prevent risks。on the other hand，The main merger target of the merger and acquisition entity is the core assets of the acquired entity，Its non-core assets and debt may be left hanging，Therefore, for potential acquisition targets，Credit should be secured by pledging core assets to ensure an active position in future mergers and acquisitions。
structural adjustment
Require
(1) Reasonably determine the credit limit based on the operating and financial characteristics of different sub-sectors，and in accordance with industry policies、Regulatory measures to dynamically adjust credit strategies。
Targeting the operating and financial characteristics of different sub-sectors，Pay special attention to the credit review：Customers in the chemical raw material pharmaceutical sub-sector should pay attention to their gross profit margins、Cash flow and external investment, etc.，In response to the current situation of overcapacity of some APIs，Should only intervene if the market share is high、Subsequent business prospects are stable
Advantages
enterprise；Focus on the cash flow performance of customers in the chemical preparation sub-industry；Customers in the two sub-industries of Chinese patent medicines and traditional Chinese medicine beverages should pay attention to their brands.
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and confidential、Exclusive or state-protected prescription possession, etc.；For customers in the biopharmaceutical sub-industry，The key is to see whether the product is of type、Whether it is accepted by the market，Grasp access carefully。
Targeting the characteristics of industry policies and regulatory measures that are introduced more frequently and have a greater impact on relevant companies，Branches should keep abreast of industry policies and information，Including new medical reform supporting plan、Drug price cuts、Environmental information, etc.；Track market trends，Including raw material price fluctuations、Government centralized procurement winning bid status, etc.，In particular, rapid response is required to sudden drug safety incidents，Analyze and determine the impact and extent on credit customers、Have the risks of credit business increased?，Timely adjust credit strategies according to risk management and control needs，Keep assets safe。
(2) Strengthen the management and adjustment of existing customers，Continue to adjust the existing credit structure。First, strengthen post-award management。Fund flow to credit customers、Process technology、The quality of investors and management, as well as the status of affiliated enterprises, should be highly valued.，Pay close attention to customers’ diversified operations、Rapid expansion and off-book operating risks，Strengthen asset scale、Matching management of sales scale and credit scale，Strictly control credit extension to non-main businesses。
The second is to address the current situation that small and medium-sized enterprises account for a large proportion of customers in this industry.，Combined with comprehensive risk investigation and "stock inventory" work
Require
，All banks should further enhance industry risk awareness，Focus on improving risk identification capabilities，For existing customers who do not meet the access standards and customers with greater risks，should be controlled by total、Exposure pressure drop、Business and term structure adjustments and reductions to strengthen degradation risks。
Third, guarantees account for a relatively high proportion of existing business guarantee methods.、The situation where some guarantors are weak，When various banks conduct credit business，We should continue to actively strive for customers to provide effective asset pledges for，Further increase the mortgage and pledge guarantee ratio，Continue to strengthen mortgage and pledge guarantee management。
Fourth, for customers with the following problems，We should speed up the reduction of：① Products or projects are included in the elimination category in the national "Guidance Catalog for Industrial Structural Adjustment (2011 Edition)"，Or enterprises listed in the prohibited and restricted categories in the "Current Catalog for Prohibiting Low-Level Duplicate Construction in Certain Industries" or the "Catalogue of Foreign Investment Industries (Revised in 2011)"；② Large amounts of “three wastes” are emitted during the production process，Not meeting green standards，Environmental risks are higher，Environmental protection failure has occurred and has not been rectified.，Or companies that have had major drug safety incidents in the past three years；③The product has no features、Not very competitive、Single variety、Overreliance on marketing、poor financial condition、The profit structure is unstable、Profit levels fluctuate greatly、Enterprises with uncertain development prospects and higher operating financial risks；④ Frequent capital operations，Scale expansion mainly relies on mergers and acquisitions while main business growth and profitability are poor.，Rapid expansion of cross-regional diversified operations，Companies that use restructuring to escape bank debt；⑤Main production line、There is a big gap between drug varieties or production workshops and the new version of GMP certification standards、Enterprises that are not strong enough to complete technological upgrades。
Increased revenue
Require
First, continue to maintain relatively high risk-adjusted capital gains for customers in this industry.。We should focus on mid-sized customer business with high comprehensive income levels.，Focus on improving the RAROC’ performance of some customers with larger credit scales (V134-170-46218)。The second is to increase the proportion of trade finance business。
deepen cooperation，According to the operating and financial characteristics of the industry，Actively expand trade finance business，Promote the circulation of funds in the body，Continue to develop credit business to deposits、The driving role of intermediary business，Improve comprehensive benefits。
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