Benefit Bai Pharmaceutical Sale coal return main business

August 24, Yi Bai Pharmaceutical (600594, closing price of 21.10 Yuan) announced that Guizhou Guizhou-Germany Investment Co., Ltd. (hereinafter referred to as investment in Guizhou and Germany) 100% equity transfer, the price of 113 million yuan.　　Qian-de investment mainly in coal mine investment, Yi Bai Pharmaceutical said that the sale of the asset is to return to the main business, and recover the investment costs.　　"Coal boss" in people's eyes is usually rich flow of oil, but Yi Bai pharmaceutical in the coal mine investment for three years but nothing, the incident reflects the management of the year blindly carry out diversification, strategic positioning is not clear failure of investment strategy. Sitting in the coal mine for three years. Guizhou and Germany investment in the second half of 2007 by Yi Bai Pharmaceutical and Hebei Stone Industry and Trade Co., Ltd. (hereinafter referred to as Hebei Stone) jointly financed the formation. Among them, Yi Bai pharmaceutical investment 38 million yuan, accounting for 51.01% of registered capital, Hebei Stone investment 36.5 million yuan, accounting for 48.99% of registered capital.　　So far, the paid-in capital of Qian-de investment is only 15 million yuan. Qian-de investment itself does not carry out specific production and operation activities. December 2007, the company invested 53.08 million yuan to acquire the Qianxi County Gold Mine (hereinafter referred to as Gold Orchid coal mine) 97% of the equity, the remaining 3% of the shares by natural persons Wang Kwa hold. Gold Orchid Coal Mine in August 2006 to obtain a 10-year mining certificate, production scale of 300,000 tons/year, total reserves of 20.596 million tons, recoverable reserves of 15.7561 million tons.　　In addition, the company also owns the Guizhou province Dafang County Maanshan coal mine exploration and prospecting rights. According to the original plan, the Gold Orchid coal mine should be accepted and put into production in May 2008, but today the mine has not yet secured production license. When the "Daily economic news" reporter in the identity of the investor call Yick Bai Pharmaceutical, asked the reasons for the delay in production, the company's securities representative Zeng Xianyi said, this is because the company initially to the construction process of the mine is not expected.　　And a pharmaceutical industry analyst revealed that the company and all aspects of the "relationship" did not straighten out, is the real reason for the construction delay. On the one hand, gold orchid coal mine delayed "Zhongsheng", on the other hand, the partner lost patience.　　January 2009, Hebei Stone decided to withdraw, will be held by the transfer of 48.99% of its shares to benefit Bai Pharmaceutical wholly-owned subsidiary of Guizhou Yi Bai Investment Management company, so that the investment by the Yi Bai pharmaceutical 100% shareholding. Fully take over the investment in Qian, Yi Bai Pharmaceutical also sprouted a retreat. Zeng Xianyi said that the company re-established its development strategy in 2009, decided to withdraw from the non-main business, and began to look for the investment of Qian-de.　　After more than a year to find Guiyang two private enterprises to buy. From 2007 to 2009, Qian-de investment did not have a penny operating income, but spent 667100 yuan, 1.4287 million yuan and 832100 yuan management costs, three years respectively loss 659300 yuan, 1.5069 million yuan and 902,400 yuan. The company's debt has been rising from 15.0007 million yuan at the end of 2007 to 7886.47 at the end of 2009.Million Yuan. As of August 20 this year, Yi Bai pharmaceutical investment in Guizhou and Germany amounted to 93.607 million yuan, but also enjoy the Gold Orchid coal mine 19.409 million yuan of debt, a total of 113.016 million yuan, just equal to the amount of the transfer. Such a price looks very cheap, because the Wesheng (Beijing) Asset Appraisal Company has given a 14.8094 million yuan evaluation of the value of investment, and according to the market on the general coal transfer price per ton of recoverable reserves 5~20 yuan to calculate, gold Orchid coal mine 97% equity price should be more than 76 million yuan, The purchase price exceeded 53.08 million yuan.　　To this Zeng Xianyi explanation, 2007 is the coal mine price peak, can keep the cost is not easy.　　Ye Yinwu continuously reduce the company's stock there are analysts believe that Yi Bai pharmaceutical diversification of the obstruction and its family business internal disputes constantly. March 2007, the listing only 3 years of Yi Bai Pharmaceutical suddenly announced a loss of 130 million yuan in 2006. At the end of 2006, Ye Yinwu once replaced the sinus to become the company's new chairman, general Manager, Sinus Enlightened Ling retired as vice chairman.　　Outsiders know that the "entrepreneurial couple" has been divorced, and busy "separation." December 2008, Ye Yinwu began to reduce the company's shares. In the month of 10th, 11th, the transfer of 3.5 million shares through bulk transactions, accounting for 1.48% of the total equity at that time, 26.72 million yuan. December 18, it again reduced its holdings of 15 million shares, set now 15 million yuan.　　December 19, 22nd, and its reduction of 810,000 shares, the average price of 8.16 yuan/share. In February 2009, Ye Yinwu 4.5 million shares to 40 million yuan to the big shareholder sinus, and withdrew from the board. October, Ye Yinwu again reduce 4 million shares, the same year November the last declaration to reduce 600,000 shares, so that the proportion of shares down to 4.99%. Outsiders believe that the Ye Yinwu is now in order to pay the end of October 2009 to benefit Bai Pharmaceutical acquisition of Shanghai Bai Plus one Pharmaceutical Co., Ltd. At the end of March this year, Ye Yinwu last appeared in the top ten circulating shareholder list of Yi Bai Pharmacy, at that time still held 8.21 million shares.　　But by the end of June this year, the list of shareholders had not seen Ye Yinwu's name, and its shareholding had fallen below 2.55% per cent (tenth largest shareholder holdings). So it seems that Ye Yinwu and Yi Bai pharmaceutical seem to have completely cleared the relationship.　　And Yi Bai Pharmaceutical has already introduced a new professional managers to build management team, the company's main business in the retreat of the increasingly clear posture. In addition to the investment failure in the coal mine, Yi Bai Pharmaceutical's "shuting" brand sanitary napkins is also a major business failures. The brand flagship two or three-line city market, in the fierce competition in the industry also have to prepare to be.　　Zeng Xianyi said, sanitary napkins is the last non-main business of pharmaceutical, accounting for less than 1% of the total profit, at present only with the intention to contact the buyer, there is no specific timetable for the transfer of the asset. In the main business, the first half of the pharmaceutical prescription drug revenue growth of 13.58%, and OTC revenues fell 25.37% sharply. Zeng Xianyi says the company will focus on prescription drugs in the future, while the goal for OTC is no longer to fall.