"Investor Network" Jordan
Editor Wu Yue
The third quarter has just passed, which can be said to be an "eventful time" for 600332.SH.
On the one hand, the company's three subordinate companies were informed by National Healthcare Security Administration of the existence of inflated pricing, the situation of taking funds. In the past spot checks conducted by the Guangzhou Market Regulatory Administration, the three companies also had situations in varying degrees, such as "problems have been found that they have been ordered to correct" and "problems have been found to be dealt with later."
On the other hand, the company's star brand "Wang Laoji" was "cheated" by a dealer rights storm triggered by "false investment". Shortly afterwards, Guangzhou Pharmaceutical Group issued a statement saying that a number of companies attracting investment in the name of "Wang Laoji Operation Center" had no subordinate relationship with it. "conducting business in the name of our group or its subsidiaries misleads merchants into thinking that such enterprises are related to Guangzhou Pharmaceutical Group. The above actions not only cause economic losses to the relevant merchants, but also seriously affect the brand image of our group."
The three companies notified by National Healthcare Security Administration, and the "Wang Laoji" brand, respectively belong to Baiyunshan's pharmaceutical manufacturing and big health sectors, which are also the company's two businesses with the highest gross profit margin, but in the first half of this year, the operating income ratio of both businesses has declined.
The problem was "found" many times in the spot check.
The three companies notified by National Healthcare Security Administration are Guangzhou Baiyunshan Tianxin Pharmaceutical Co., Ltd. (hereinafter referred to as "Tianxin Pharmaceutical"), Baiyunshan Pharmaceutical General Factory of Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. (hereinafter referred to as "Baiyunshan Pharmaceutical General Factory"). Guangzhou Baiyunshan Jingxiutang Pharmaceutical Co., Ltd. (hereinafter referred to as Jingxiutang).
According to the circular, from 2017 to May 2021, three drug manufacturers, including Tianxin Pharmaceutical, colluded with more than 50 downstream drug dealers to evade the "two-vote system" policy and supervision. for 87 kinds of drugs, such as cefathiamidine for injection, they adopted the way of purchasing raw materials at falsely high prices, and transferred funds to downstream drug agents. The amount of money involved is huge, and part of the money is used to bribe medical personnel or specific related parties to carry out illegal drug promotion.
Baiyunshan also quickly issued an explanatory announcement, saying that this matter will have a certain impact on the company's future product sales, but will not have a significant impact on business performance, and has taken a series of rectification measures.
According to media reports, in June this year, a number of provincial pharmaceutical procurement platforms, including Anhui Pharmaceutical centralized Purchasing Service Center, Guizhou Pharmaceutical centralized Purchasing platform, and Shanxi Pharmaceutical equipment centralized bidding Purchasing Network, have issued announcements one after another to remove or reduce the prices of the related drugs of the above three companies to varying degrees.
According to the official website of Guangzhou Pharmaceutical Group, Tianxin Pharmaceutical is a pharmaceutical preparation manufacturer integrating drug research and development, production and sales, and is the first cephalosporin powder injection manufacturer in Guangzhou. Baiyunshan Pharmaceutical General Factory is the largest pharmaceutical industry enterprise under Guangzhou Pharmaceutical Group. It has independent intellectual property rights of cefthiamidine and independently developed sildenafil citrate and tablets (Baiyunshan "Viagra"). Jingxiutang is one of the major proprietary Chinese medicine manufacturers under Guangzhou Pharmaceutical Group.
These three enterprises are all pharmaceutical companies under Baiyunshan, and in the past year, the Guangzhou Market Regulatory Bureau conducted a number of spot checks on these three companies, and the results were "found problems" many times.
According to the enterprise investigation, from June 2021 to June 2022, the Guangzhou Market Regulatory Administration conducted seven spot checks on Tianxin Pharmaceutical, of which 6 times "found problems" and two results showed that "problems were found to be dealt with later." the results of four times showed that "the problem was found and ordered to be corrected".
Baiyunshan Pharmaceutical General Factory was "ordered to correct" by Guangzhou Market Regulatory Bureau on July 27, 2021, June 21, 2022 and July 8, 2022 respectively. Jingxiutang was checked out on July 22 this year that "problems have been found to be dealt with later."
"Wang Laoji" encounters a false investment storm.
In addition to the pharmaceutical manufacturing sector, Baiyunshan's big health brand "Wang Laoji" has also encountered a storm in the past three months.
According to the Securities Market Red Weekly, a number of agents said that the China Merchants Company used the name of Wang Laoji Corporation to attract investment and various support policies as the bait, and failed to perform its obligations after the contract was signed and payment. as a result, the first batch of goods could not be sold normally, and when a large number of agents went to protect the rights of the company, they cancelled the company, or changed the name and address of the company, leaving only some personnel to maintain the operation. As a result, there is no way for many dealers to complain. What is more, after getting a large amount of money, the company was cancelled to "run away", resulting in the agents running out of money and goods.
A dealer surnamed Zheng also told Investor Network that after signing a distribution contract for Wang Laoji's series of products with relevant agents, the other party neither delivered the goods nor gave a refund. Mr. Zheng also took various measures to recover the payment, but to no avail.
For the above situation, "Investor Network" has sought confirmation from the relevant people of Guangzhou Pharmaceutical Group, but the other party has not replied yet.
According to the Red Star Capital Bureau, Guangzhou Pharmaceutical Group issued a "statement on illegal elements impersonating our group or subsidiaries to attract investment" in July this year. A number of companies attracting investment in the name of "Wang Laoji Operation Center" have no affiliation with them, the statement said.
The statement shows: "since 2021, a number of companies have appeared in the market in the name of 'Wang Laoji Operation Center' through the illegal use of our group trademark and even falsifying our group's relevant authorization documents." imitate our group decoration, publicity materials, tooling and other ways to attract investment, carry out business in the name of our group or subsidiaries, misleading merchants into thinking that this kind of enterprises are related to Guangzhou Pharmaceutical Group. The above behavior has not only caused economic losses to the relevant merchants, but also seriously affected the brand image of our group. "
Ding Mengdan, a lawyer at Beijing Pacific Century (Hangzhou) Law firm, told Investor Network that for those agents who have been deceived by "false investment", they can sue the shareholders of the contract parties and take the liquidation liability dispute; for the cancelled company, if the debt has already been incurred before the cancellation, the other party can still forcibly write off, shareholders can be sued for liquidation liability dispute. At least from the available evidence, "trapped" dealers want to recover losses, the target really should not be Wang Laoji.
Wang Laoji brand plays an important role in Baiyunshan.
Pharmaceutical manufacturing and big health business is Baiyunshan's relatively small proportion of revenue, but the highest gross profit margin.
In the first half of 2022, the revenue ratios of pharmaceutical manufacturing, health and business were 16%, 18% and 65%, respectively, and the corresponding gross profit margins were 48%, 46% and 7%, respectively. Among them, the revenue of pharmaceutical manufacturing and big health decreased by 1.7% and 1.25% respectively compared with the same period last year; the gross profit margin of big health business decreased by 2.68% compared with the same period last year. As for the decline in revenue in the large health sector, the company said in the record sheet of investor relations activities that it was caused by the weather and epidemic situation during the Spring Festival.
In terms of overall performance, in the first half of 2022, Baiyunshan had a total revenue of 37.2 billion yuan and a net profit of 2.6 billion yuan, an increase of 3.5% respectively over the same period last year. Although the performance has maintained the growth, it has slowed down a lot in the first half of this year compared with the growth rate of 19% and 42% in the same period last year. In addition, in terms of net profit, the company also has a certain dependence on "Wang Laoji".
"Wang Laoji" is the brand of Baiyunshan subsidiary Guangzhou Wang Laoji Da Health Industry Co., Ltd. (hereinafter referred to as "Wang Laoji Da Health Co., Ltd."). In the first half of 2022, the revenue from Wang Laojida Health Company was 5.9 billion yuan, and the net profit was 1.2 billion yuan, accounting for 16% and 46% of the total revenue and net profit respectively. Nearly half of Baiyunshan's net profit came from Wang Laojida Health Company.
Not only in the first half of 2022, from the financial results over the years, the revenue and net profit of Wang Laojida Health Company accounted for a certain proportion in the overall performance of Baiyunshan, especially the net profit.
From 2019 to 2021, Baiyunshan's revenue was 65 billion yuan, 61.7 billion yuan and 69 billion yuan respectively, and the net profit was 3.2 billion yuan, 2.9 billion yuan and 3.7 billion yuan respectively. Among them, the revenue from Wang Laojida Health Company was 10.3 billion yuan, 6.9 billion yuan and 9.7 billion yuan respectively.
From the financial results, "Wang Laoji" in addition to the actual performance of product sales contribution, its own brand value is also contributing certain benefits. According to the financial report, in the first half of 2022, the company should charge Baiyunshan and Huang a total of 600000 yuan in trademark license fees for the "Wang Laoji" series, compared with 420000 yuan in the same period last year.
In fact, in addition to "Jiyou" and "Jizhi", Wang Laoji also has other authorized products. According to Baiyunshan's reply on the Shanghai E interactive platform, the products on the market, such as "Wang Laoji year's Beer", "Wang Lao Ji Beer" and "Beer Hi Beer", are all produced and sold by other enterprises authorized by the company's subordinate enterprises. at present, the sales scale is small.
In the big health plate, in addition to Wang Laoji herbal tea, Baiyunshan has also launched other "auspicious series" products in recent years, such as "Caragana Ji", "Li Xiaoji" and so on, creating an auspicious combination of three treasures to enhance the market recognition of new products. But at present, there is no corresponding sales data disclosure of related products. With regard to the market feedback on the product, Bai Yunshan only said in the record sheet of investor relations activities, "the successful development of a new product requires a lot of time and energy, and it takes a long time to develop into a large variety after listing." (produced by thinking Finance) ■