Bo Hao Biological cancellation on the back: performance-dependent policy support

With Lutein as the main business of the Bo-hao Biology by the GEM Board issued the audit Committee canceled, the main reason is that the company's performance depends on policy support, and this is the company's product technology is lack of competitiveness this newspaper reporter Ye Jing with chili red pigment as the main business of the morning of the market after one months, with lutein as the main industry of Bo-Ho also tried to land gem,　　But this time it's not that good luck. November 23, the Securities and Futures Commission issued a notice said, "In view of the Qujing Bio-Tech Co., Ltd. still have related matters need to be further implemented, decided to cancel the 78th Board of the Gem issued a review of the company's issuance of documents." "Lack of competitiveness in product technology" This is not the first time, "said Mr. Yang, the Bo-ho biology," according to its disclosure, the company has been in the preparation for the listing, "but there seems to be a total of what conditions, this year the company strengthened the management of all aspects. According to Dorset Spice James Li, the lutein industry chain is usually divided into lutein granules, lutein extract, lutein crystals and three links.　　Lutein Granules and extract production technology content is not high, the difference between domestic enterprises is not large, lutein crystal technology content is high, and the highest margin. Bo-Hao biological products are the main product of lutein extract.　　2007, 2008, 2009 and 2010 1-June, the sales of lutein extract accounted for the main business income of 66.42%, 87.54%, 98.55% and 98.35% respectively. "Lutein extract is usually divided into feed and food use, feed technology content is low, food technology content is relatively high, in the price, feed with Lutein extract per ton price of about 10.2 million, food with lutein extract is about 20.3 million yuan." "James Li said. Bo-Hao biological prospectus revealed that the current Bo-hao biological lutein extract is still mainly feed, susceptible to downstream feed industry fluctuations.　　There is no lutein extract for food and high-purity lutein crystals for health products, cosmetics and pharmaceuticals.　　For reference, India currently has a listed in Mumbai, lutein extract Enterprise-India AVT Natural Products Co., Ltd. (stock code: 519105), the company mainly produces food grade, health care products grade lutein extract, as the United States Jianming Company's global partners.　　In the industrial chain does not prevail in the Bo-Hao biological, technically known as "Bo-Hao Biological said its production of lutein extract high effective content, less impurities", but did not give a comparable industry parameters and their own advantages. According to its prospectus, in the same cost input, lutein effective content of the more production, the unit lutein cost is lower. The production of lutein was closely related to the yield of Marigold, the content of lutein in the middle of Marigold, and the loss rate of zeaxanthin in processing.　　At the same time, the better quality of lutein, the higher the price of product sales. But in Yunnan marigold leaf yellow content is relatively higher than other places of origin, the Bo Hao biological lutein Price does not show the advantage. 2009, Bo-hao biological total sales of 2000.05 tons of lutein extract,The sales income is 165.8688 million yuan, the unit price is 82.93 yuan; 2009 production of 532.02 tons of lutein extract, sales revenue of 44.5246 million yuan, unit price of 83.69 yuan. Bo Hao living creatures are lower than the dawn.　　As early as 3 years ago, Chenguang Biological is Bo Hao biological lutein particles of important customers, now Bo-ho biological is not sold in the external lutein. "The company wants to collect funds for the further processing of lutein and produce high quality lutein extract." "said Mr. Yang.　　In the prospectus, Bo-ho biology to build food for the production base of lutein extract as one of its investment projects, in addition, will also be to the chili red pigment and other related products to do extension. According to Mr. Yang, Bo-ho's existing 1 ph. D., 2 master's degrees. Bo-Hao Biological prospectus also disclosed that the current undergraduate education 12 people. "The company is also looking for ways to attract and nurture talent, and this year also deliberately added a salary." ”。　　2009 Bo-Hao biological official staff of 102 people, the total salary of 1.89 million, of which 14 senior executives and core staff wages of 770,000, ordinary staff of 1000 yuan monthly. "102 people are regular employees and hundreds of seasonal workers," Mr. Yang said.　　But unlike the morning creatures in the prospectus to make a clear statement of seasonal employment, the Bo-ho biology does not account for this. Performance-dependent policy support is precisely because of the lack of competitiveness of product technology, Bo Hao Biological performance sources of policy support accounted for the excessive proportion. 2007, 2008, 2009 three years of subsidy amount is 6.157 million yuan, 8.871 million yuan, 6.5023 million yuan, and the same period of profit of 13.876 million yuan, 25.8594 million yuan, 28.8101 million yuan, Subsidies accounted for 44.37%, 34.32% and 22.57% of the total profit of the year respectively. The comparable data is that the proportion of the annual government subsidy received by Chenguang (after deducting income tax) is 11.54%, 8.38% and 11.37% of the net profit.　　The first half of 2010 was already 3.89%. In addition, from 2007 to 2009, the income tax of Bo Hao's bio-relief was 6.889 million yuan, 11.1104 million yuan and 6.5078 million yuan respectively, the proportion of net profit in the current period was as high as 49.65%, 42.25% and 22.67% respectively.　　The impact of the morning sun's bio-income tax on net profits can be negligible.　　Comprehensive financial subsidies and income tax relief can be seen, Bo-ho's profits too dependent on the policy, which makes the market for its future development of uncertainty is full of doubt. In this respect, Bo-hao biological also said that if the "Enterprise Income Tax Law" to abolish the initial processing business of agricultural products exemption from income tax preferential policies, or the State administration of taxation adjusted to enjoy preferential policies of agricultural products in the initial processing range, the company's early processing business may not enjoy the enterprise income tax concessions　　will have a certain impact on the company's future operating performance. In technology and industryChain has no obvious advantage of the Bo-ho biological, the biggest bright spot is backed by large raw material base.　　"The demand for the land is not high, and the artificial investment is less than tobacco, the year when the Marigold Price is good, the benefit can catch up with the tobacco," Mr. Yang said. 2007, 2008 and 2009, Bo-Hao Biological Marigold Flowers Acquisition volume of 115,000 tons, 146,000 tons and 95,000 tons. For 2009, the sudden decline in flower acquisition, Bo-Hao biological interpretation is Qujing, such as the impact of frost weather, in addition to the early 2010 drought will also have an impact on local marigold production.　　In order to guarantee the growth of 2009 years, Bo-hao biological from Heilongjiang, Liaoning, Shanxi, Inner Mongolia and other place to buy Lutein granules, commissioned in Henan Anyang Jing Sen Bioengineering Co., Ltd. production, this part of the production accounted for the total amount of the annual extract of 1/4. Therefore, how to maintain the advantage of raw materials is Bo-ho biological must face the problem. According to the Chenguang prospectus revealed that one of its investment projects is to build 120,000 tons of marigold production base. Although the morning light investment project is located in Xinjiang, but with the rise of lutein price, domestic enterprises in Shandong, northeast and other land leaves of yellow raw materials for the competition must be more intense.