" red weekly " author Zhou Yueming
Special treasure organisms is current although be the family that gets attention fully,achieve board " latent capacity " , but its outstanding achievement state is not stable in last few years, not only big client depends on a phenomenon apparent, and receivable Zhang money is occupied than exorbitant also, meanwhile, of the company purchase, merchandise data returns the doubtful point with certain existence.
Recently, the 2nd batch of 8 home divisions achieve board equipment to choose list afterwards the first batch of list are counted in the future fresh also give heat, included the company of biology of Xiamen spy treasure of research and development of main attack medicaments among them.
Special treasure biology is the biology medicine research and development that a major pursues be core with gene project technology and market research and development, production, sale be an organic whole " national innovation enterprise " , " national emphasis is new and high technical company " . Appear on the market at present the product includes a country 1 kind of new biological product -- the guest that send case and 3 former states 2 kinds of new biological product (Teerli, special Er ferry, teerkang) , injection finished product is sold in the 10 many countries such as China, Brazil, India, Russia.
Although the company is the family that gets attention fully at present,achieve board " latent capacity " , but " red weekly " the discovery after the reporter is studying manual of its raise capital by floating shares, in last few years outstanding achievement state does not stabilize this company, not only big client depends on a phenomenon apparent, and receivable Zhang money is occupied than exorbitant also, meanwhile, of the company purchase, merchandise data returns the doubtful point with certain existence.
Outstanding achievement performance is not steady
From the point of circumstance of exposure of book of raise capital by floating shares, in last few years battalion receives treasure live thing and differ completely especially pace. Came 2016 2018, its battalion closes to be 280 million yuan respectively, 323 million yuan mix 448 million yuan, mixed 2017 added 2018 fast it is respectively 15.23% , 38.75% , and its net profit came to realized twenty-nine million three hundred and forteen thousand one hundred yuan respectively 2018 2016, five million one hundred and sixty-eight thousand six hundred yuan mix sixteen million and two thousand nine hundred yuan, glided compared to the same period 2017 among them 82.37% , 2018 although pick up somewhat, but still not as good as the gain level 2016.
To this, the company says in manual of raise capital by floating shares, "2017, company profit level fell somewhat 2018, advocate if the company predicts to be in debt,with intangible assets amortize plan carries scale, cost of sales, charge converts pay of research and development, donate wait for incident be caused by " . Scrutiny its 2017, 2018 each fare state of affairs, can discover cost of sales, overhead expenses is taller. Among them, cost of sales 2017, increased than going up one year respectively 2018 5589, and having in cash of this one share is a flower partly greatly very was in on market learning promotion, academic promotion expended sheet 2018 relatively increased forty-four million and forteen thousand four hundred yuan 2017.
Will special rate of treasure biologic cost of sales and all can be worth than the company after comparing, can discover, 2017, company cost of sales was led 2018 all average of tower above industry is very much, company 2017, rate of cost of sales was 2018 62.95% , 59.45% , and all can be worth than the company have 49% only however, 52.82% , appear this one circumstance is apparently with special treasure biologic medicines and chemical reagents is faced with increasingly intense competition and basically rely on oneself sale network to popularize the element such as new drug to concern. Be in for instance 2017, the company protects catalog to adjust because of cure, subordinate Teerli, special aggravate of competition of market of Er ferry drug, for this the company must spend a large number of charge to undertake popularizing to these two kinds of medicines and chemical reagents. 2018, the company sends the promotion of case guest to increase new product continuously, also must weigh golden investment.
Lead besides cost of sales taller besides, special rate of treasure biologic overhead expenses also can compare tower above of company average level relatively a lot of. The company came 2016 overhead expenses rate was respectively 2018 16.98% , 15.6% , 11.99% , and all can be worth than the company it is only respectively 5.4% , 4.42% with 4.84% . This shows, treasure biology is running a side or exist especially of stated inferior position.
Meanwhile, if from special the unit price of medicines and chemical reagents of 4 big pillar takes treasure live thing in light of situation and prospective competition trend, its also are put in particular risk.
Take already occupied battalion to receive the is used at treating virus sex hepatitis guest sending case of 42% 2018 for, face more intense market competition. Current, batch of lasting effect interferon that treat with liver of second of Yu Man sex are obtained to have collect family name only in our country (Roche) send Sha Dong of Luo Xin, silent (MSD) admire is happy can mix the guest sending case of the company 3 brands. But interferon of lasting effect of before two entrances holds larger market share all the time, say according to book of raise capital by floating shares, sale of these two kinds of medicine mixed 441 million yuan for 1.004 billion yuan respectively 2017, both adds up hold the market 9 into. And the guest that send case is approved at just be being obtained by 2016 appear on the market, the sale made an appointment with 100 million yuan 2017, but how to hold larger market share in short time retrocession, need to throw many manpower material resources, whether compete with these two strong opponent, still show hardship.
If want to gain an advantage in competition further, need a company to make certain concession on the price of medicines and chemical reagents, however this causes performance of net to the company gain negative effect again. 4 kinds of drug that show from inside book of raise capital by floating shares came to sold unit price to look 2018 2016, 2018 relatively reduced somewhat 2016, among them, battalion receives brunt to send case guest to appeared on the market 2016 before long the price is 733.88 yuan / , arrived to already fell 2018 it is 685.14 yuan / . And receive profit performance to look from battalion, apropos report company adds the current situation that receives not to increase profit.
Receivable Zhang money is occupied than tall
Face bigger competition except the product besides, examine special data of treasure biologic finance affairs, in the business income that can discover its maintain growth, of receivable Zhang money occupy battalion to accept scale not low, achieved respectively 43.39% , 46.43% with 24.85% , the battalion that means a company as a result so receives some " outwardly strong and inwardly weak " .
Book of raise capital by floating shares is announced, the company was 122 million yuan respectively to the receivable Zhang money 2018 2016, 150 million yuan mix 111 million yuan, occupy liquid assets scale to be respectively 40.35% , 50.79% , 29.8% . Receivable Zhang money holds circulating fund proportion tall, demonstrative company is available circulating fund is little, can cause difficulty of capital have enough to meet need to cannot run even then phenomenal happening. And special treasure biology when 2018 although drop somewhat, but the paragraph occupies the receivable Zhang before this to also show a company to not be in strong position in industrial catenary than exorbitant circumstance, the client defaults paragraph phenomenon to still may be performed again in future, can increase difficulty of company capital have enough to meet need at the appointed time.
Meanwhile, special treasure biology came 2016 before its 5 big clients occupied business income proportion to all also exceed 60% 2018, in managing, this explained the company is in adequately also is to have to big client bigger depend on a circumstance. Because fair pharmacist tastes phyletic amount to be 4 kinds, do not calculate much, if big client has more the choice of actor, criterion the order of the company can get a series of concussion. Again the share that together with sale gives is more not in one's hand receivable Zhang money, or big client existence manages not to be pooh-poohed or other reason causes debt steam again is not seasonable, bring the risk of a large number of bad Zhang probably.
Purchase do not match with cash outlay
Besides afore-mentioned risk dots, thorough analysis is unusual treasure biology came 2017 2018 purchase data, " red weekly " what the reporter still discovers this also is put on a few amount among them is unusual.
Book of raise capital by floating shares is announced, came 2017 special 2018 before treasure biology 5 big suppliers purchase the forehead to mix ten million one hundred and thirty-seven thousand three hundred yuan for four million nine hundred and ten thousand nine hundred yuan respectively, occupy year to purchase amount scale to be respectively 36.32% with 45.38% , can push cipher out two years this from this purchase amount to be thirteen million five hundred and twenty-one thousand two hundred yuan respectively, twenty-two million three hundred and thirty-eight thousand seven hundred yuan, collect the influence of 3% appreciation tax rate considering the industry,
Came 2017 in the cash flow meter 2018, company " buy the commodity, cash reserve in a bank that accepts a service to pay " it is ten million five hundred and thirty-three thousand three hundred yuan respectively, twenty-eight million and sixty-five thousand seven hundred yuan, eliminate advances money is added newly in those days - nine hundred and fifty-seven thousand one hundred yuan, after 3.207 million yuan of influence, with current purchased relevant cash outlay to achieve eleven million four hundred and ninety thousand four hundred yuan respectively, twenty-four million eight hundred and fifty-eight thousand seven hundred yuan. Will contain duty to purchase amount and cash outlay to draw check, contain duty to purchase part than cash outlay many two million four hundred and thirty-six thousand four hundred yuan are mixed - one million eight hundred and forty-nine thousand eight hundred yuan. Theoretic this will reflect the due in the corresponding period increase on.
But in fact, these two years deal with money to be three million two hundred and six thousand eight hundred yuan respectively, ten million and eighty-nine thousand three hundred yuan, compare respectively period amount increases first - six hundred and seventy-eight thousand five hundred yuan, six million eight hundred and eighty-two thousand five hundred yuan, the result is mixed with two million four hundred and thirty-six thousand four hundred yuan when should increase apparently - one million eight hundred and forty-nine thousand eight hundred yuan not agree with, should add 2017 among them decrease instead, put in three million one hundred and forteen thousand nine hundred yuan data difference,
Merchandise data puts bigger difference
Besides purchase data besides existence doubt, if be purchased according to its,reach use up data business accounting of this one angle, special treasure biology came 2017 the merchandise data 2018 also is existence bigger unusual.
According to its manual of raise capital by floating shares is announced, its were nine million two hundred and eighty-eight thousand one hundred yuan respectively to the raw material 2018 and purchase of the sources of energy 2017, forteen million and twenty-four thousand nine hundred yuan, deduct the sources of energy to purchase three million eight hundred and eighty-nine thousand four hundred yuan to mix four million one hundred and twenty-eight thousand two hundred yuan among them, raw material purchase mixes nine million eight hundred and ninety-six thousand seven hundred yuan for five million three hundred and ninety-eight thousand seven hundred yuan respectively. According to financial and general regulation, purchase amount to arrive besides need carry forward operating costs part,
And announce according to manual of raise capital by floating shares, special treasure biology parted to the direct data amount with medium 2018 operating costs 2017 it is one million and thirteen thousand eight hundred yuan, one million five hundred and twenty-one thousand five hundred yuan, occupy operating costs scale to be respectively 2.59% , 3.11% .
Decrease raw material purchase of these two years and photograph of direct cost of material, can get eight million three hundred and seventy-five thousand two hundred yuan respectively, four million three hundred and eighty-four thousand nine hundred yuan balance, this is meant came 2017 in the goods in stock 2018, should have same add raw material amount newly to reflect. Contrast the company came 2017 the list of goods in stock 2018, raw material is added newly this respectively - one million four hundred and ninety-eight thousand one hundred yuan, one million three hundred and thirty-eight thousand two hundred yuan, other each (include to be mixed in goods of product, inventory give out commodity) add ten million six hundred and forty-three thousand seven hundred yuan newly in all, twelve million one hundred and sixty-four thousand four hundred yuan, if hold operating costs proportion by direct data computative, so mix in goods of product, inventory there are about seven hundred and ninety-seven thousand three hundred yuan in giving out commodity to increase amount newly, one million three hundred and thirty-five thousand six hundred yuan belong to material to be added newly, to it before raw material adds amount addition newly, attainable came 2017 material of Central Plains of goods in stock was added newly respectively 2018 - one million six hundred and nine thousand one hundred yuan mix one million eight hundred and seventy-six thousand six hundred yuan.
But actually, the raw material amount of these amount and theoretic Ying Xinzeng not conform to, should add 2017 decrease instead, existence makes an appointment with 6 million yuan data difference, put in about six million four hundred and ninety-eight thousand six hundred yuan data difference 2018. Very apparent, these difference are to need a company to make further explanation, otherwise these merchandise data also are to be put in very big interrogative, affect the rationality of other data then.
(the article already print hair published on March 30, 2019 " red weekly " )
