Abandoning the southwest mature market, Wuhan Kin-min is accused of "strategic unclear"

In the "Terminal for the King" of the pharmaceutical market, have a complete sales network of their own is almost all listed companies strategic goals.　　But as the domestic medical field of the veteran Wuhan Kin (600976, closing price of 14.80 Yuan) recently took a step to let the outside world can not understand the chess. Wuhan Health People announced May 27, the holding subsidiary of Wuhan Jianye Venture Capital (hereinafter referred to as health-people investment) to 5.4 million yuan Price, the Chengdu Rong Kam Pharmaceutical Trading Company (hereinafter referred to as Rong Kam Medicine) 51% transfer to Chengdu Rong Pharmaceutical Industrial Group (hereinafter referred to as Rong Pharmaceutical industry). However, the daily economic news reporter looked up the information found that Yung Kam Medicine is Wuhan Health in the southwest of the main channels of medicine sales, the company over the years to contribute a large income.　　Before this, the Wuhan health people had announced the purchase of a strength far inferior to Rong Jin medicine Guangdong Enterprises.　　Industry analysts said they did not understand the company's behavior, saying the company's "investment strategy is unclear". Strange to give up the southwest market May 27, Wuhan Health people issued a notice, the holding subsidiary of Health Investment will hold the Rong Jin Medicine 51% Equity transfer to Yung Pharmaceutical industry, the transaction price of 5.4 million yuan, compared to March 31 net assets value of 49%.　　The company said that the purpose of this transaction is to improve the company's pharmaceutical business layout, the completion of the transfer of equity will be conducive to the company to actively respond to the new policy of medical reform to pharmaceutical circulation enterprises, to circumvent the regional pharmaceutical circulation enterprises management risk.　　For a long time, the merger and reorganization between enterprises is the normal, the new medical reform for the pharmaceutical business sector mergers and acquisitions of the catalytic role of the market consensus, but the problem is that Rong pharmaceutical industry for the Wuhan Health people, has an extraordinary significance. A longtime analyst of Wuhan Kin-min told the Daily economic news Reporter: "Wuhan health people in the southwest of the pharmaceutical sales mainly rely on Rong Jin medicine channel." "The analyst, in the 2009 Annual report of the Wuhan Health people can find evidence: 2009 Wuhan Health people All operating income is 1.53 billion yuan, of which the southwest contribution of 620 million yuan, turnover growth rate of 54.25%." According to its annual report data, the value contribution and growth rate of southwest China in 2009 is very good.　　At the same time, the Wuhan Health people in its published annual report also said that the Southwest's income is mainly effective in Rong Jin medicine. Rong Kam Pharmaceutical website from the introduction, "Daily economic news" reporter also saw the company in the southwest of the pharmaceutical field of the status of the unusual: The company was founded in February 1996, the sales of 1.2 billion yuan, has become the western region, a handful of pharmaceutical industry, a large pharmaceutical logistics enterprises.　　Company to Chengdu as the headquarters, sales network covering all Sichuan, radiation Yunnan, Guizhou, Chongqing, Qinghai, Anhui and other regions, downstream customers up to more than 5,000, and the country more than 2000 manufacturers set up a direct purchase and sale relationship. "In general, it is only when certain assets contribute little to the company as a whole. Chengdu, the Business enterprise in the book Income performance is good. ”Southwest Securities medical analyst Hu waves to the daily economic news reporter said.　　Since it contributes a lot to the income of listed companies, why should the people of Wuhan be "abandoning" it? Even more puzzling is that, in April this year, Wuhan Health people also contributed 8 million yuan acquisition of Guangdong Connaught Pharmaceutical Industry 51% stake, and announced a high-profile march into the pharmaceutical market in South China.　　The company gives the reason is, along with the national health reform New Deal's continuous promotion and the related supporting policy's succession, will have the far-reaching influence to the medicine profession, the medicine profession business pattern and the competition pattern will change. Wuhan Health people in the OTC sales channels have been the industry consensus, why should the company give up a mature market has been nurtured for many years, into a more unfamiliar market?　　From the scale, Connaught Kang Pharmaceutical industry only with more than 1000 manufacturers to establish contact, 2009 sales of 460 million yuan, is expected to reach 550 million yuan in 2010, far less than Yung Kam Medicine. Analyst: Investment strategy is not clear to Wuhan Jian people this "South buy West Sell", Hu Waves Analysis Way, "may be Yung Kam Medicine profit is not good." Because the cost of many pharmaceutical companies is very high, which will lead to the actual profit is not high, or even loss.　　"But the Wuhan health people did not in the annual report of the regional net profit status, also did not disclose the performance of Yung Kam Medicine, so outsiders can not know whether this speculation is tenable."　　Hu Waves also said that the Southwest medicine field of Monopoly is very strong, foreign enterprises are difficult to enter, and east and South China relatively more space for development, so the Wuhan health people may also be the strategic layout of East and South China region. But another analyst, who declined to be named, expressed no understanding of the move by the people of Wuhan. "I had a conversation with their company before," he told the Daily economic news reporter. Personally feel that their company's overall strategy is not very clear, some investment behavior does make the outside feel a bit baffling.　　He cited, for example, the most important aspect of Wuhan's health care--in vitro Bezoar project should be very market, but has not been done before, because the company has no actual control of the Bezoar market, its biggest profit point Bezoar raw material sales channel by a joint venture of private enterprises control. In addition, Wuhan Kin-min has also invested in Fujian Shun Wah Real estate. Last January was the trough of the national Real estate industry, the company at the beginning of the month to 45.3 million dollars will be held by the 8.46% equity transfer to the partners, late in the month and at 83.91 million yuan cost to the remaining 30% equity cleared. From the second quarter of last year, the real estate market began a round of small spring, housing prices continued to rise. "If the company sells later, it might be more expensive," he said. "As for the new health care policy, the unnamed analyst said the impact is not yet apparent." "The trend of the pharmaceutical circulation enterprises is positive, but in a short period of time will not appear at the national level of circulation enterprises, at most only at the provincial level to form a circulation of pharmaceutical enterprises." "And the Wuhan Health people at this time to abandon the southwest region of large distributors, he felt too early."　　On the question of the market, the daily economic news reporter yesterday sent a fax asking Wuhan Kin-min Dong office. A staff member said, Dong Dumind outside the office, next Monday can reply reporter.