November 30, 2016 / 1:50 AM / 10 months ago

惠譽:中國藥品批發商的利潤率壓力與整合

(The following statement was released by the rating agency) Link to Fitch Ratings' Report: China Pharmaceutical Distributors and Retail Pharmacies Blue Book here SHANGHAI, November 29 (Fitch) 本文章英文原文最初於2016年11月23日發布于:<a href="https://www.fitchratings.com/site/pr/1015292">Fitch: Margin Pressure and Consolidation for China's Pharma Distributors 惠譽評級表示,競爭日益激烈、監管更加嚴格和藥品價格降低將會對中國藥品批發商的利潤率帶來壓力,而勞動力和租金成本的不斷上升也將限制零售藥店的盈利能力,促進高度分散 的藥品流通行業進一步整合,而這將有利於大型藥品批發商和藥品零售連鎖企業。 隨著行業增長放緩和藥品集中招標價格(醫院購買藥品的價格)下降,競爭愈加激烈,對藥品批發商的毛利潤率造成下行壓力。可用於抵消利潤率壓縮的成本削減空間有限,因為批發 商仍需要大量銷售費用來與醫院建立關係以擴大其終端銷售能力。 擬推行的“兩票制”在藥品流通過程中只要求開兩次發票,即從製藥商到批發商開一次發票,從批發商到最終消費者再開一次發票,兩票制將有助於消除中間批發商和鞏固具有終端銷 售能力的大型批發商的淨利潤率。 由於不利的監管環境以及地方政府保護主義,藥品零售行業整合進展緩慢。藥品零售企業具有雙位數的毛利潤,但較高的勞動力和租金成本壓縮了淨利潤率。利潤率降低將會逐步淘汰 小型零售連鎖藥店及獨立零售藥店,並使大型藥品零售連鎖企業受益。在部分大型藥品零售連鎖企業完成首次公開發行後,藥品零售行業的整合速度將有可能加快。 大部分公開上市的中國藥品批發商和藥品零售企業均生成穩定的自由現金流。批發商通常具有短期的債務結構,因為其需要大量的運營資金以應對較長的應收賬款回扣周期。依靠債務 融資收購小型批發商和零售藥店會使財務槓桿率暫時升高。外部融資需求總體較低,除了用於併購目的,此類情況下股權融資一直是首選融資途徑。 惠譽的報告《中國藥品批發商與零售藥店藍皮書:規模小和銷售成本高限制盈利能力》是最新一期的中國研究系列報告。該系列研究報告旨在對中國企業部門的關鍵信用狀況展開全面 而深入的研究。完整報告請參見www.fitchratings.com或點擊本文上方的鏈接。 聯繫人: Flora Zhu(朱彧) 聯席董事 +86 10 8517 2110 惠譽(北京)信用評級有限公司 中國北京市朝陽區建國門外大街2號 中國人保財險大廈19層1903 Janet Sun(孫旭) 聯席董事 + 86 21 5097 3091 Ying Wang(王穎) 高級董事 +86 21 5097 3010 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. 詳情參見<a href="https://www.fitchratings.com">www.fitchratings.com 注意:本新聞稿為中文譯本。如有疑問,請以英文版本為準。 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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