Competitiveness Analysis of Clarithromycin API by Sunflower Beder Pharmaceutical

Based on the collected data, this is an in-depth analysis of

.

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Regarding the market share of Beder Pharmaceutical’s clarithromycin API, there are data discrepancies from different sources:

Data Source	Global Market Share	Domestic Market Share	Remarks
Some Research Reports	30%+	30%-40%	Firmly ranks among top 3 in China [0][1]
User-provided Data	9%	-	May be due to different statistical calibers
Public Information	-	Top 3	Competes with Guobang Pharmaceutical and Puluo Pharmaceutical [2]

: As an industry leader, Guobang Pharmaceutical holds a global market share of approximately 45%-50% in clarithromycin [3]. If calculated based on 9%, Beder Pharmaceutical falls into the second tier.

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• Clarithromycin API holds
  top 3 domestic market share
  , with certain economies of scale [2]
• Products have obtained
  FDA, COS and other international certifications
  , and are exported to more than 20 countries including India, South Korea, Spain, and Pakistan [1]
• Successfully included in the
  National Essential Drugs List
  , with policy advantages

• Beder Pharmaceutical has formed an integrated business model of
  pharmaceutical intermediates - API - preparations
  [1]
• This full industrial chain layout is conducive to cost control and quality management

• The gross profit margin of clarithromycin API is only
  24.8%
  , significantly lower than the industry average of
  35%
  [2]
• Mainly affected by price cuts from national centralized procurement, the 2025 interim report shows that the overall gross profit margin of the pharmaceutical sector is only 15.32% [0]

• Guobang Pharmaceutical
  : Global leader in macrolides, exports over 60% of its azithromycin and clarithromycin, with a market share of approximately 45% [3]
• Puluo Pharmaceutical
  : Leading domestic API enterprise with strong competitiveness
• Amid the trend of increasing industry concentration, the survival space of small and medium-sized enterprises is squeezed

• 2024 R&D investment was RMB 19.09 million,
  accounting for 5.78% of revenue
  , lower than the chemical pharmaceutical industry average of 8.2% [0]

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Ranking	Enterprise	Core Advantages
1	Guobang Pharmaceutical	Production capacity of 1,000 tons, stable supply of upstream Erythromycin Thiocyanate, over 60% export [3]
2	Puluo Pharmaceutical	Comprehensive API leader with multi-category layout
3	Beder Pharmaceutical	9%-30% market share, complete international certifications
4	Other Enterprises	Dispersed production capacity, weak economies of scale

: Erythromycin Thiocyanate (core raw material for clarithromycin) presents a , with main suppliers being Yichang Dongguang (4,000 tons/year) and Chuanning Biology (over 3,000 tons/year). Beder Pharmaceutical has a production capacity of approximately 200 tons/year [3], and is in a relatively weak position in upstream bargaining power.

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Based on the overall financial data of Sunflower (300111.SZ) [2]:

Indicator	Value	Evaluation
ROE (Return on Equity)	0.92%	Low
Net Profit Margin	2.10%	Low
P/E (Price-to-Earnings Ratio)	1005.72x	Extremely High Valuation
Gross Profit Margin of Pharmaceutical Sector	15.32%	Significantly Suppressed by Centralized Procurement

: Revenue reached RMB 199 million (YoY -12.09%), with a net loss of RMB 1.306 million (YoY expansion of 53.1%) [0], indicating that the pharmaceutical business continues to face pressure.

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Dimension	Score (5-point Scale)	Explanation
Market Share	3.0	9%-30% market share, top 3 in China
Gross Profit Margin	2.0	24.8%, lower than industry average of 35%
Technical Certifications	3.5	Complete FDA/COS certifications
Cost Control	2.5	Insufficient economies of scale, weak upstream bargaining power
Growth Potential	2.0	Declining performance, transforming to semiconductor sector

1. Competitiveness with 9% Market Share
   : Calculated based on 9% global market share, Beder Pharmaceutical is at the
   mid-tier level
   of the industry, lower than Guobang Pharmaceutical (about 45%), but higher than many small and medium-sized manufacturers. As one of the top 3 domestic suppliers, it still has certain market discourse power.

2. Key Challenges
   :
   • Centralized procurement continues to pressure gross profit margin
   • Insufficient R&D investment restricts long-term competitiveness
   • Upstream raw material supply is constrained by duopoly pattern
   • Facing squeeze from leaders like Guobang Pharmaceutical and Puluo Pharmaceutical

3. Potential Opportunities
   :
   • Mycoplasma pneumoniae epidemic drives growth in clarithromycin demand
   • Clarithromycin price shows an upward trend (2024 average price was about RMB 1,400/kg) [3]
   • Rising Helicobacter pylori infection rate ensures stable rigid demand

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Based on the above analysis, the competitiveness of Beder Pharmaceutical’s clarithromycin business is

, facing the following risks:

• Pharmaceutical business continues to shrink, centralized procurement pressure is difficult to ease
• Sunflower’s cross-border semiconductor strategy may divert investment in the pharmaceutical business
• High valuation (market capitalization of RMB 10 billion, severely overvalued) [0]

For more in-depth

, you can access the professional brokerage database to obtain:

• More detailed production capacity and cost data
• Competitor comparative analysis
• Price trend forecast
• Investment value evaluation

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[0] Caifuhao - Investment Research Analysis Report on Sunflower (300111.SZ) (https://caifuhao.eastmoney.com/news/20251126112745698841910)

[1] Caifuhao - Analysis of Sunflower’s Proposed Acquisition of Xipu Materials and Beder Pharmaceutical Equity (https://caifuhao.eastmoney.com/news/20251028174736593242250)

[2] Jinling AI Financial Analysis API - Sunflower Financial Statement Analysis

[3] Guobang Pharmaceutical (605507) In-depth Company Report - TF Securities (https://pdf.dfcfw.com/pdf/H3_AP202410141640288183_1.pdf)