On January 1st, Yang Keng, the actual controller of Blu-ray Development, published the book “2020: Embrace Change and Be a Friend of Time” on the WeChat Official Account of Blu-ray Development. Yang Keng summarized some of the company’s achievements in 2019 and explained the company’s development plan for 2020. Yang Keng said, “In the new year, Blu-ray will strengthen the implementation and full implementation of the 4.1 strategic goal. Habitat Blu-ray will adhere to the equal emphasis on profit and scale, and promote the optimization of the organizational structure and upstream and downstream of the refined headquarters, strong regions, and reduction of redundancy. The transformation and upgrading of the industrial chain. Life Blu-ray will focus on strengthening and expanding Blu-ray Garbo’s services, adhere to the balance of scale and profit, achieve high-quality growth, and become a first-class modern service with high market value, high growth, and digital technology platform empowerment Enterprise.”
No trace of “Life Blu-ray” in the 2020 book
It is worth mentioning that, unlike the top-level strategic structure of the “Habitat Blu-ray + Life Blu-ray” dual engine that Blu-ray development has been preaching before, the 2020 strategic goal does not have the “Life Blu-ray” figure, but becomes the “Life Blu-ray”. . The securities affairs representative office of Blu-ray Development stated to the financial media, “This is a business adjustment made by the company as it develops. This year the company’s property sector is listed. The company will focus on developing the property business, and the income from the property business is far greater than that of biomedicine. “The blue light acquiesced in the sinking of the life blue light sector in the company’s internal development status. Since Blu-ray Development went public on the backdoor in 2015, it has been taking the “Habitat Blu-ray + Life Blu-ray” two-wheel drive strategy as the company’s development route. Among them, Habitat Blu-ray focuses on the residential industry, including two business segments, real estate finance and property services. Life Blu-ray takes “3D bio-printing + bio-medicine” as its innovative pillar industry. The former is led by the company’s holding subsidiary Blu-ray Inno, while bio-medicine is undertaken by the holding subsidiary Dikang Pharmaceutical. Yang Keng has actually devoted a lot of effort to the development of “Blue Light of Life”. Wind data show that from 2015 to 2018, the R&D expenditures for Blu-ray development were 38 million yuan, 64 million yuan, 56 million yuan, and 105 million yuan, totaling 263 million yuan. In 2016, he publicly expressed his high hopes and expectations for the blue light of life many times. According to Yang Keng, the development plan of Life Blu-ray is to “invest 215 million yuan in technology research and development and scientific research team building to build a stem cell technology as the core, including medical imaging cloud platform, biological ink, 3D bioprinter and post-printing. A series of 3D Printing technology systems for processing systems. In 2016, while continuing to maintain global technology leadership, it will increase the commercialization of products and technologies, and strengthen industrial investment and mergers and acquisitions, and effectively turn Inno into a blue-ray strategic transformation Innovative pillar industry.”
3D bioprinting has been enthusiastically sought after by the market
In the first half of 2019, Life Blu-ray was still one of the dual engines of Blu-ray development. About 5 years after its backdoor listing, the company downgraded the development status of the big health industry. Behind this, the development of the big health business may not be as expected. Biological 3D printing technology, due to its fast, accurate and good at making complex entities, makes it have a very broad application prospect in the medical field. A large number of domestic enterprises entered the 3D printing field around 2008-2012, and investment was very hot. In June 2015, with the convening of the 3D printing technology industry conference, 3D printing concept stocks have received great attention from the market, and individual stocks in the sector have been popular for many consecutive days. And Blu-ray Development also took this opportunity. Out of confidence in the 3D bioprinting industry, the company added the total investment to Blu-ray Inno, a holding subsidiary engaged in 3D bioprinting projects, to 2. 1.5 billion yuan. 3D bio-printing has also become a frontier industry with the core advantage of Blu-ray’s development of the “Blue-ray of Life” strategy. On October 25, 2015, Blu-ray Development, which was still in suspension, announced that the “National High-Tech Research and Development Program (863 Program)” 3D bio-printing blood vessel project achieved a major breakthrough, and the world’s first 3D bio-vascular printer with completely independent intellectual property rights came out . With the help of this technology, organ reconstruction will be possible in the future. This marks an important step in the development of Blu-ray in the field of precision medicine. On October 30, 2015, Blu-ray Development received its daily limit on the first day of trading resumption, and continued its daily limit on November 2 and November 4. 3D bioprinting has greatly boosted the company’s stock price.
On December 2, 2016, Blu-ray Development announced that Blu-ray Inno 3D bioprinted blood vessels were successfully implanted in rhesus monkeys. In vivo experiments have been successful, and this achievement is a milestone for the clinical application of stem cell technology. The industry said that the problem of endothelialization of artificial blood vessels that has plagued the medical community for half a century is expected to be solved. Soon after, Blu-ray Development received an inquiry from the Shanghai Stock Exchange, requesting supplementary explanations, and Blu-ray Development was therefore suspended. After the resumption of trading on the 9th of that month, Blu-ray Development gained three consecutive daily limits. But now that several years have passed, 3D bioprinting, which was once highly anticipated by the market, seems to be “anticlimactic”. After the successful in-vivo experiment in 2016, the company said that Blu-ray Inno will apply to the relevant regulatory agencies for clinical trials. In 2017, Blu-ray Inno launched the FDA clinical trial application for the 3D bioprinting blood vessel project, and held a meeting with the FDA headquarters Pre-IND. Blu-ray Development stated that in accordance with the FDA technical guidance, Blu-ray Inno has completed the standardization of clinical application of 3D bioprinted blood vessels, and on the basis of successful in vivo experiments and continuous observation of 3D bioprinted blood vessels in rhesus monkeys, it will carry out 3D in large animals (pigs). Bioprinted blood vessel transplantation experiment, as of the end of 2017, the experiment is progressing smoothly. In 2018, according to Blu-ray Development, the FDA clinical trial application of the “3D Bioprinting Blood Vessel” project is supplementing relevant research materials such as pharmacy, pharmacology and toxicology based on the review opinions. The work in the first half of 2019 is to continue to supplement relevant research data on pharmacology, pharmacology and toxicology. In other words, since Blu-ray Inno launched the FDA clinical trial application for the 3D bioprinting blood vessel project in 2017, the application has not made further substantive progress in the three years so far.
The FDA clinical trial application is supplementing relevant research data on pharmacy, pharmacology and toxicology based on the review opinions. The work in the first half of 2019 is to continue to supplement relevant research data on pharmacology, pharmacology and toxicology. In other words, since Blu-ray Inno launched the FDA clinical trial application for the 3D bioprinting blood vessel project in 2017, the application has not made further substantive progress in the three years so far. The FDA clinical trial application is supplementing relevant research data on pharmacy, pharmacology and toxicology based on the review opinions. The work in the first half of 2019 is to continue to supplement relevant research data on pharmacology, pharmacology and toxicology. In other words, since Blu-ray Inno launched the FDA clinical trial application for the 3D bioprinting blood vessel project in 2017, the application has not made further substantive progress in the three years so far.In addition to 3D bioprinting, the performance of Life Blu-ray has dropped sharply .
The other sector of Life Blu-ray, “medicine”, has also been high hopes. In August 2018, Blu-ray Development reviewed and approved a proposal for the overseas listing of its holding subsidiary Dikang Pharmaceutical. Dikang Pharmaceutical intends to issue overseas listed foreign shares (H shares) and apply for listing on the main board of the Hong Kong Stock Exchange. On November 16, 2019, the Blu-ray Development Announcement revealed the decision to terminate the overseas listing of its subsidiary Chengdu Dikang Pharmaceutical Co., Ltd.
The company stated that the decision to terminate the overseas listing of Dikang Pharmaceutical is mainly based on the current capital market environment, after company research and a resolution authorized by the shareholders meeting. In the first half of 2019, Blu-ray’s medical and 3D bioprinting operating income was 480 million yuan, a year-on-year decrease of 11.57%, and the gross profit margin was 68.15%, a decrease of 6.98 percentage points from the same period last year. In fact, there are early signs of a decline in the revenue of the Life Blu-ray business, that is, pharmaceuticals and 3D bioprinting. In 2018, the growth rate of this business’s revenue fell sharply compared with 2017.
In addition to the main business of real estate development and medicine and 3D bioprinting, the other main source of income since the development of Blu-ray has been the “modern service industry.” Compared with the gradual bleak status of the big health business in the company, the service industry is gradually becoming more and more prosperous. In October 2019, Blu-ray Garbo Services, a subsidiary of Blu-ray Development, was listed on the main board of the Hong Kong Stock Exchange. Blu-ray Gerber Services adopts the listing model of additional H shares. After the listing, Blu-ray Development will hold 67.5% of its shares, and it will still be a consolidated company of Blu-ray Development.
Data shows that in 2015, the revenue of the pharmaceutical and 3D bioprinting business was higher than that of the service industry, while in 2016, the latter achieved a surpass for the first time. In the first half of 2019, the revenue of the former began to lag significantly. In 2017, the modern service industry developed by Blu-ray declined by 3.24%. In 2016, 2018, and the first half of 2019, its growth rate was much higher than that of the pharmaceutical and 3D bioprinting business, but the growth rate in the first half of 2019 was higher than that of 2018 Decline in the year. But from the perspective of gross profit margin, the gross profit margin of the modern service industry has declined in the past two years, and it is much lower than the gross profit margin of medicine and 3D bioprinting.
Link to this article：Blu-ray develops 3D bio-printing card case? "Life Blu-ray" sinks in 2020
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