金城医药(300233) - 金城医药调研活动信息

Group 1: Investor Relations Activity - A total of 69 investors participated in the investor relations activity, which was conducted as a telephone conference [2] - The meeting took place on December 1, 2021, and was held online [3] Group 2: Regulatory Insights - The National Tobacco Monopoly Administration released a draft national standard for electronic cigarettes on November 30, 2021, which is expected to have minimal differences from the 2017 policy [3] - The formal implementation of the policy is anticipated to take three to five months, with many variables still in play [4] Group 3: Nicotine Market Demand - The global nicotine demand is estimated to exceed 800 tons, with over 90% of this demand coming from overseas markets [4] - The average nicotine consumption per smoker is over 10g annually, leading to a theoretical market demand of at least 4,500 tons, excluding high-value nicotine products [4] Group 4: Production and Licensing - The company’s subsidiary, Jincheng Yihua, obtained a safety production license on November 10, 2021, allowing for the production of 200 tons of nicotine per year [4] - The company expects to produce 25-30 tons of nicotine by the end of 2021, depending on downstream customer processes [4] Group 5: Cost and Pricing Strategies - The cost of extracting nicotine from tobacco is significantly higher than synthetic nicotine, with extraction costs estimated at 1.5% yield leading to a procurement cost of approximately 1.5 million [5] - Overseas synthetic nicotine prices are around 10 million per ton, while domestic extracted nicotine prices can exceed 8 million per ton [5] - The company is leaning towards a consignment sales strategy, aiming to negotiate favorable prices while maintaining a price adjustment mechanism [5] Group 6: Competitive Advantages - The synthetic nicotine project has advantages over extraction methods, including the absence of harmful impurities and stable quality [5] - The company possesses advanced chemical synthesis and enzyme catalysis technologies, leading to a significant cost advantage in synthetic nicotine production [5]