Er Kang pharmaceutical big customers a flash of financial data doubtful

Hunan Seoul Kang Pharmaceutical (300267, shares Bar) Co., Ltd. (abbreviation: er kang pharmaceutical) September 2011 Landing SSE Gem listing, the company since 2010 operating income and operating results have made good progress, 2012 company to achieve business income of 834.8586 million yuan, The net profit was 151.9069 million yuan, which reached 37.22% and 28.94% respectively in the same period last year. But according to the company's 2013.5 annual performance forecasts, the company's first half of the net profit attributable to the same period last year, the company's continued profitability seems to have been greatly affected. And the company listed before the big customer flash in the pan, is accused of inflated income. Big customers in the flash before the flash was accused of falsely increasing income according to the pharmaceutical prospectus, the first half of the company in 2011, Guangzhou Yangcheng Food Co., Ltd., Sugar Branch and Guangdong Sugar Trade Development Co., Ltd. for the first time, Sales reached 38.2267 million yuan and 22.2222 million yuan respectively, the two together accounted for the current company's sales of 20%. 2011 Annual report shows that when the annual Guangzhou Yangcheng Food Co., Ltd. Sugar Branch and Guangdong Sugar Trade Development Co., Ltd. still appear in the company's top five customers list, But sales are still 38.2267 million yuan and 22.2222 million yuan, which means the two companies did not purchase products from the company in the second half of 2011. 2012 Annual Report company did not disclose the top five customers detailed list, whether the occurrence of business we do not know. The prospectus shows that the company sells the products to the above two companies as medicinal sucrose, and the main dosage form of medicinal sucrose for finished drugs is granules. Public information indicates that Guangzhou Yangcheng Food Co., Ltd. Sugar Branch main edible white sugar, red sugar, Guangdong Sugar Trade Development Co., Ltd. Main consumption of sugar, and no finished drugs production and operation business. These two companies are supposed to be the supplier of the ER Kang pharmaceutical but how to become the company's customers, and only in the company before the listing, which is confusing. The 2012 annual report shows that The company in December 2012 to Guangzhou Yangcheng Food Co., Ltd. Sugar Branch prepaid 21.3595 million Yuan, before the company before the top five suppliers in Guangzhou Yangcheng Food Co., Ltd. is not the Sugar branch, and Guangzhou Yangcheng Food Co., Ltd. Sugar branch can become the company's larger suppliers, seems to be the company to reciprocate. In this respect, some investors questioned, Seoul Kang Pharmaceutical before listing to improve the issue price or virtual increase in revenue, fake listing. The IPO price of the company is 17.97 yuan per share, corresponding to 49.92 times times, the total amount of funds raised 826.62 million yuan, net amount of 766.92 million yuan, super raise 266.46 million yuan. The company gives the explanation is that China's pharmaceutical accessories industry started late, the relevant laws and regulations, industry policies, product standards are still in the early days of standardization, there are many varieties of medicinal materials can be used for food and medicine, but the industry has different standards of quality, such as sucrose, ethanol and so on. Because the state part of the auxiliary materials did not force the use of medicinal products, nor mandatory implementation of GSP certification, leading most pharmaceutical companies to purchase from the original channels. Because Guangzhou Yangcheng Food Co., Ltd. Sugar Branch (its parent company for the old state-owned enterprises Guangzhou Yangcheng Food Co., Ltd.), Guangdong Sugar Trade Development Co., Ltd. in the food industry has a better sales channels, a more complete warehousing logistics conditions, the company in the pharmaceutical sugar products to promote the initial stage, with the above-mentioned enterprises Beneficial to the promotion of the product, and can reduce the corresponding operating, logistics costs, conducive to the development of enterprises. But Guangzhou Yangcheng Food Co., Ltd. Sugar Branch, Guangdong Sugar Trade Development Co., Ltd. only in Seoul before the listing as a big customer flash, or it seems quite bizarre. The financial data is doubtful. According to the company's annual report, we found that some of the financial data of the pharmaceutical industry is doubtful. Annual report shows that 2012, the company's raw materials sales 72800.00 tons, production 73961.27 tons, Inventory of 2522.19 tons, according to 2012 production minus the sales volume of 1161.27 tons and last year's inventory of 1789.92 tons, the actual inventory should be 2951.19 tons, the data is up to 429 tons. At the same time, the annual report shows that as the company Supervisors Liu Chengcheng, Zhang Yi respectively as marketing manager and Deputy manager, the total remuneration in 2011 were 84,400 yuan, 79,100 yuan, That year's sales costs in the staff compensation of 15.3089 million yuan, sales staff compared to the previous year is increased, even by the end of the 141 people calculate the average salary of 108,600 yuan, even far higher than the Marketing department manager and deputy manager when the annual pay. In 2012, the total remuneration of Liu Chengcheng and Zhang Yi was 101,800 yuan and 103800 yuan respectively, and the salary of the employees was 23.6704 million yuan, and the average salary was 115,500 yuan at the end of sales 205, and also higher than that of the Marketing department manager. Industry insiders believe that under normal circumstances, the company's head of the remuneration is higher than average remuneration, there is such a phenomenon, perhaps the company will not see the cost of sunlight into the costs of the staff pay in the sales. What is more puzzling is that at present, with the increase in oil prices and labor costs, the company's operating income and sales volume increased significantly, and the company's transport costs and handling charges have declined in varying degrees. Reply to this company said: The company Supervisor Liu Chengcheng, Zhang Yi for the company marketing department General Management, Non-core management personnel, its remuneration is based on its position, duties and work content and other related standards for accounting, and statistics of the average salary of sales staff does not exist inevitable link. But it is indisputable that Liu Chengcheng, Zhang Love position for marketing department manager and deputy manager, is the company's marketing department of course in charge. For the company's operating income and sales volume increased significantly, and the company's transport costs and handling charges have declined in varying degrees, er Kang pharmaceutical did not give any explanation.