Gaochengchang temporary end: Crack Seoul Kang Pharmaceutical four different phases

A report transcript of the Chinese newspaper announced the medicine (market, interrogation) (300267. SZ) years of high growth "myth" temporary end. Er Kang Pharmaceutical recently disclosed in the report, 2013 1 ~ June, the company's main business income and net profit of 390.7131 million yuan and 80.2024 million yuan respectively, year-on-year decline. Annual report data show that 2010 ~2012 three fiscal year, the company's main income year-on-year growth reached 130.58%, 67.18% and 37.22% respectively, the year-on-year increase in net profit of 194.99%, 77.14% and 28.74%. And the industry of the company's main "water injection", the virtual increase in performance repeatedly questioned, before the Yi Qiao financial "spit trough" has caused a high level of media attention. May 6, 2013 evening, Yi Qiao Finance official micro-blog said, Seoul Kang Pharmaceutical since the listing in 2011 malicious delinquent financial PR and media transmission costs nearly 6 million yuan, the matter involves listed companies and sponsors Western securities (market, interrogation), and said there is "no light reasons." Is there a hidden story behind the "reason for not seeing light"? A reporter of the first financial daily survey found that the bright performance and the high speed growth appearance behind, er Kang pharmacy since the IPO and even after the listing main Chen Cang "dark degree", the raw material purchase and the market price deviation, the day quantity medicinal cane sugar goes to the misty heavy, the supplier customer's hand and hand maneuver and so on "the heterogeneous" frequency, cobwebs Main Chen Cang "dark" top of the domestic medicinal accessories leading the halo, er Kang Pharmaceutical in the end of 2011 landed SSE Gem Market, the listing at the beginning of the market by the hot. According to the prospectus, the company has standardized the production of 112 kinds of medicinal excipients, and has obtained the registered approval of medicinal materials, and has become the most registered enterprise with medical accessories. At the same time, the company has nearly 3,000 domestic pharmaceutical factories established a stable business relationship, customers covered more than 70% of the domestic pharmaceutical enterprises. Company in the prospectus of the business introduction and competitive advantage in the introduction of antibiotics products sulfonate sodium is "thick and strong", for the product of the project occupy a considerable length. Changjiang Securities (market, inquiry) for Seoul Pharmaceutical issued by the IPO analysis of the report clearly, "antibiotic products sulfonate sodium has the most domestic dosage form, the market competition is small, in the next few years can also provide support for the rapid growth of corporate performance." "The prospectus is a description of the sodium sulfonate, but the main product" medicinal sucrose ", which makes a real contribution to the Seoul-Hong Pharmaceutical listing, is understated. According to the prospectus, 2008, 2009, 2010 and 2011 1 ~ June Company's sales income of medicinal sucrose is 7.3633 million yuan, 21.4609 million yuan, 104.9209 million yuan and 110.7487 million yuan respectively, accounting for its annual main business income ratio of 5.90 %, 13.64%, 28.86%, 35.67%. This variety of medicinal sucrose, 2011 when the company is listedIt accounts for more than One-third of its main income in the first half of the year, while the prospectus does little to describe the business. Another obvious contrast is the 2011 Annual report after the listing, er Kang pharmaceutical top five customers in the first three major customers occupy the company's sales revenue of 32.89%, while the second and third largest customers clearly for the company's medicinal sugar products customers, because of its business license is the only product and Seoul pharmaceutical products linked to the "sugar". In addition, the company's largest customers in 2011 Canton Pharmaceutical Import and Export Company (hereinafter referred to as "Canton drug Import and export") undoubtedly in the medicinal sugar share also accounted for a considerable proportion. According to the Seoul Pharmaceutical disclosed 2010 sales data, Canton Pharmaceutical import and export of the year to its medicinal sucrose purchase amount of up to 48.1955 million yuan (including the merger of the former Canton Pharmaceutical import and export of 26.0255 million Yuan and Guangzhou pharmaceutical (market, Interrogation) Co., Ltd. Surplus state branch of 22.17 million yuan), Jinlkon Pharmaceutical 2010 of the entire Canton Pharmaceutical group sales of 71.792 million yuan of 67%. It can be seen that the medicinal sucrose business is the 2010 and 2011 years of the pharmaceutical industry, the income scale of the outbreak of an important factor, but also to help push its performance growth of the products, but why the company "silent" response? Raw materials procurement and market deviation data show that the willow sugar price since 2008 has been climbing, sugar prices in early 2008 quoted 3470 Yuan/ton, 2008 to the beginning of 2009 a small decline, the price of a dip to 2780 yuan/ton after the rise, in August 2009 breakthrough 4000 Yuan/ton mark At the end of 2009, the price of sugar was 5000 yuan/ton; 2010 sugar prices topped 7000 yuan/ton, the year in 5600 yuan/ton fluctuation; In 2011 sugar prices reached the highest point in recent years, the annual average price exceeded 7000 yuan/ton. The prospectus shows that 2008, 2009, 2010, 2011 1 ~ June Pharmaceutical Raw material for the purchase price of white sugar is 3.36 yuan/kg, 3.73 Yuan/kg, 4.61 Yuan/kg, 5.85 yuan/kg (are not included in the tax price), Converted into white sugar industry general tax-included quotes are 3931 yuan/ton, 4364 yuan/ton, 5394 yuan/ton, 6845 yuan/ton. According to Nanning Sugar (market, interrogation) (000911. SZ) disclosed the data, the company 2008, 2009, 2010, 2011 's tax-free sugar price is 2.93 yuan/kg, 3.33 Yuan/kg, 4.96 Yuan/kg, 6.05 Yuan/kg, converted into a general tax-included price of 3423 yuan/ton, 3898 yuan/ton, 5804 yuan/ton, 7073 yuan/ton. Industry insiders to reporters that the white sugar on the market is a typical commodity, the price is usually included tax. The reporter uses the tax price comparison to discover, the Seoul Kang Pharmaceutical 2008 year purchase price is higher than the nanning sugar year average price high 508 yuan/ton, 2009 high 466 yuan/ton. However, this situation began a marked reversal in 2010, 2010 er Kang pharmaceutical purchase price than Nanning sugar industry average price is lower than 410 yuan/ton; In 2011, the market of white sugar breakthrough 7000 yuan/ton, Seoul Kang Pharmaceutical 2011 1 ~ June Sugar Purchase price of only 6845 yuan/ton. What does such spreads mean? East China, a well-known sugar distributor in an interview, said, "2011 is the Great bull market of sugar prices, the highest when prices even rushed 8000 yuan/ton, but some buyers still difficult to get the goods." This low price is absolutely impossible. "Under normal circumstances, dealers can earn only 20 yuan/ton of ~30 per ton," he said. Mature dealers in the freight will have a certain degree of control, save the freight also constitute the dealer's profits. Guangxi Qinzhou Port to transport to Shanghai, for example, a ton of more than 200 yuan of freight can be lower more than 10 yuan is already a dealer's trade secrets. "Er Kang pharmaceutical to the purchase price of white sugar and the market is obviously opposite." From the buyer's point of view, it seems that some "clues" can also be found. The reporter combed its prospectus disclosed the main raw material supplier's case discovery, the main supplier of the company in 2008 Guangzhou Overseas Chinese Sugar Factory (hereinafter referred to as "Overseas Chinese Sugar Factory"), the amount of its purchase is 4.6998 million yuan; 2009 major supplier of overseas Chinese sugar factory and nanning Sugar Sea Trade Co., Ltd. (hereinafter referred to as "Nanning Sugar Sea") , the purchase amount is 7.6989 million yuan and 3.1809 million yuan respectively; by 2010 years, the main suppliers for the Overseas Chinese sugar Factory, nanning Sugar Sea and Guangzhou city South Hao Sugar Tobacco Co., Ltd. (hereinafter referred to as "Nanhao Sugar and Tobacco"), the purchase amount of 9.5584 million yuan, 29.2121 million yuan and 47.2912 million yuan, 2011 1 ~ June of the main suppliers for the South Hao Sugar and tobacco wine and nanning Sugar Sea, the purchase amount of 24.8875 million yuan and 21.4955 million yuan respectively. And the Guangxi Red Shield Network and Guangzhou Red Shield network published data show that overseas Chinese sugar factory, nanning sugar Sea and nanhao sugar and tobacco three companies operating range does not involve the main raw materials such as "Industrial and glycerin, industrial propylene glycol, industrial grade ethanol, industrial grade sodium hydroxide", Therefore, the procurement business between them can only be the purchase of white sugar. And its sugar is the main two major suppliers nanning sugar sea and nanhao sugar tobacco wine, nanning Sugar Sea for Guangxi "Ding Hua" Member enterprises (see this newspaper July 30, 2013 published in the "Nanning Sugar" loan "ding Hua tie fat who?" "series of reports), the company's main suppliers for the Nanning sugar industry, and nanhao sugar and tobacco business data show that the company registered capital of 1 million yuan, by Guangzhou Yangcheng Food Co., Ltd. (hereinafter referred to as" Yangcheng food ") 100% holdings. Yangcheng Food web page shows that the company for "Guangzhou Lingnan International Enterprise Group belongs to the state-owned industry and trade enterprises, production and operation of condiments, domestic and foreign food raw materials, ocean shipping supply business and bear the government sugar reserves, as well as the development of sugar, tobacco and wine chain business." According to data, the pharmaceutical industry began to purchase white sugar on a large scale in 2010 for the two traders,The purchase price of the year was lower than the average price of Nanning sugar 410 yuan/ton. Nanning Sugar Sea is a major customer of the sugar industry in Nanning. The 2010 Annual report of Nanning sugar industry, nanning Sugar Sea to 235.88 million yuan sales ranked its third largest customer. In the dealer average of only 20 yuan per ton of white sugar ~30 yuan profit of the industry background, suppliers per ton discount of more than 400 yuan will be sold to the white granulated sugar pharmaceutical, what behind the hidden mystery? The mystery of the fate of the medicinal sucrose in the sky the prospectus shows that 2008, 2009, 2010 and 2011 1 ~ June Pharmaceutical sucrose sales were 1299.34 tons, 4705.42 tons, 20547.59 tons and 17351.23 tons. Taking 2010 years as an example, what kind of concept is the sales of 20547.59 tons of medicinal cane sugar of er kang pharmaceutical? One of the world's top 500 pharmaceutical companies under the procurement Department of a large drug factory told reporters that the company a year of medicinal sucrose dosage of 300~400 tons. and a medical agent in an interview with reporters also said that the largest pharmaceutical factory in China, the annual consumption of medicinal sucrose about 1000 tons. The agency told reporters that there is no authoritative agency for the country's exact use of medicinal sucrose statistics, according to the industry's preliminary estimates, the national consumption of medicinal sucrose per year will not exceed 100,000 tons. The above-mentioned drug enterprise purchasing department personnel said that the company in the domestic medicinal sucrose purchase factory mainly has two, a Fujian sugar factory as well as the overseas Chinese sugar factory. However, since the state Food and Drug Administration issued the "Strengthening of pharmaceutical accessories supervision and management of the relevant provisions" (hereinafter referred to as the "provisions") in February 2013, since the formal implementation of the Chinese sugar factory because at that time has not yet obtained the certificate of medical accessories, it stopped the procurement, the main supplier currently only And the overseas Chinese sugar factory is currently actively applying for the production of pharmaceutical accessories related qualification certificates. In 2012, "poison capsule" incident caused great social repercussions, the beginning of the August National Drug Administration issued this is called "The history of the most strict" pharmaceutical accessories regulations. The purchasing department said that before the release of the regulation, most of the pharmaceutical companies did not actually "medicinal sucrose" and "white sugar" clearly defined, as long as the white sugar to meet the pharmaceutical inspection standards can be purchased. The prospectus shows that the first five major customers of pharmaceutical sucrose in 2010 are the import and export of Canton Medicine, before the merger of the Canton Medicine surplus State Branch, Guangzhou Wang Old Kat Pharmaceutical Co., Ltd. (hereinafter referred to as "Wang Lao Ji"), nine Cheese Hall (market, Interrogation) Co., Ltd. (hereinafter referred to as "Nine Cheese Hall"), Shenzhen Joint Pharmaceutical Co., Ltd. (hereinafter referred to as "new Light Union"). And from the top five customers in 2011, the consumption of their days of medicinal cane sugar customers are: Canton Pharmaceutical Import and export, Yangcheng food and Guangdong Sugar Trade Development Co., Ltd. (hereinafter referred to as "Guangdong Sugar"). These three belong to the trade class enterprise. Prospectus information, "Canton Drug import and export for the canton Pharmaceutical Group bulk raw materials procurement platform, the department 2010 by Canton Pharmaceutical Co., Ltd. surplus State pointsCompany and Guangzhou Pharmaceutical Import and export company merged into the transformation, in addition to the pharmaceutical group in charge of the original auxiliary materials procurement, but also to the group outside the pharmaceutical wholesale sales of raw materials, the demand is large. Canton Pharmaceutical Import and Export is a wholly-owned subsidiary of Canton Pharmaceutical Group, the company's Web page product display column listed in the "medicinal accessories" only include "carboxymethyl starch sodium, medicinal dextrin, borneol, paracetamol, microcrystalline cellulose", does not include "medicinal sucrose." A well-known sugar distributor in east China told reporters that the elimination of the king of Old Kat this factor, the whole pharmaceutical group of drugs throughout the year the dosage of medicinal sucrose is unlikely to exceed 1000 tons. From the current situation, the Canton Medicine import and export to Seoul pharmaceutical to buy the medicinal cane sugar is not only to meet the production needs of the Canton Pharmaceutical group itself. In addition, Yangcheng Food Department of the main pharmaceutical suppliers Nanhao sugar tobacco and wine of the parent company, and Guangdong Red Shield network shows that Guangdong sugar business scope includes "wholesale and retail prepackaged food" and "sales of raw sugar, sugar." Guangdong Sugar is only a business of sugar traders, does not involve the operation of pharmaceutical accessories. Nanning Sugar Official Website Introduction, the domestic many well-known beverages, food production enterprises such as Coca-Cola Company, Pepsi, Wahaha Group, Wang Lao Kat Company are designated the use of Nanning sugar production of sugar. And a nanning sugar industry dealers also confirmed to the reporter that this statement, the king of Old Kat is really used in nanning sugar production of sugar. However, another sugar distributor said that although Wang Old Kat is a large sugar, but belong to the general food and beverage enterprises, do not need to use medicinal sucrose, ordinary white sugar can be. and nine cheese Hall and the new Light Union 2010 years of purchase amount compared to the ER Kang pharmaceutical several other customers are much smaller. A sugar distributor revealed that even if the purchase of medicinal sucrose, downstream customers can also directly from the Nanning sugar procurement. After the promulgation of the "provisions", nanning Sugar's sugar factory is also the first to obtain medical excipients production qualification of one of the enterprises. Also, the prospectus shows that the Seoul pharmaceutical Guangdong Branch was founded in March 2009, for the sake of saving transportation costs and other reasons, the company rented overseas Chinese sugar plant equipment and warehouses for the production of medicinal sucrose, in June 2010 because of the relocation of the overseas Chinese sugar factory, Er Kang Pharmaceutical will be the production of medicinal sucrose relocated to Yiyang City, Hunan Province, the issuer of Hunan Yi Kang Pharmaceutical Co., Ltd. (hereinafter referred to as "Xiang Yi Kang") for production. The company said that Guangdong branch in the Overseas Chinese sugar factory edible sugar production line at the end of the increase in impurity removal, purification of the required refining equipment, and using the company's own selective membrane filtration technology and solvent crystallization method of production of medicinal sucrose. Since the overseas Chinese sugar factory has been supplying sugar to pharmaceutical companies until the provisions of 2013 have been put into operation, why did ER Kang Pharmaceutical have leased its fixed assets to produce medicinal sucrose before? Er Kang Pharmaceutical production of the amount of days of medicinal cane sugar true whereabouts, is still shrouded in fog. "Hand in hand" behind er Kang Pharmaceutical 2011 Annual report showed that the company of the Guangzhou Food Sugar Branch of the 38.2267 million yuan sales revenue makes the latter become the second largest customer, accounting for the annual main business income ratio of 6.28%.The annual report shows that the Guangzhou Food and Sugar Branch has become the supplier of Seoul Kang Pharmaceutical, in 2012, the amount of 21.3595 million yuan sales in the accounts of the prepaid account list in the first place. Yangcheng Food web page shows that the company Sugar branch is Nanhao sugar Tobacco wine. Guangzhou Red Shield Network information shows that Yangcheng food and nanhao sugar alcohol and tobacco two companies of the legal representative are Sun Hong. Yangcheng Food Sugar Branch business scope for the "wholesale: prepackaged food (main: Cooking seasoning)." Storage "and Nanhao sugar tobacco business Scope is" wholesale, Retail: prepackaged food (main: Edible oil, nuts, flour products, baked goods, canned food, cooking seasoning) ". In terms of equity relations, two companies are actually the same company's two trading companies, from the business scope, both are sugar and other prepackaged food distributors, but the business does not seem to include "medicinal sucrose." Here's a case that needs to be highlighted: as Alibaba [micro Bo] good faith through the fourth annual meeting, Yangcheng Food Sugar branch in the "Company Files" column of "Enterprise Certificate", uploaded business license, tax registration certificate, Food Circulation license of the company name are shown as "Nanhao sugar tobacco wine." Data show that Alibaba designated Third-party companies in November 2012 on-site shooting, and independent authority to verify the certification. From the sign of upload photos, the door on the "Yangcheng food" a few characters very eye-catching. From the warehouse image data provided by the company, which is not known as a big customer or a supplier, the storehouse is stacked with exclusively of medicinal sucrose from the Ican of Hunan. The company's major customers "change" suppliers, the current reporter did not grasp the real intention of the relevant transactions, but this "left hand inverted right" of the maneuver has given some doubts to the outside world, what is the case? A commodities trader told reporters some of the "industry is fishy". He said that if companies want to go public or to apply for loans to financial institutions, but the "fundamentals" and substandard, such as insufficient income, low profits, can find relevant commodity traders to do the relevant "transfer ticket" business. First of all, to find some and industry-related commodities, each piece of the main products have differences, such as the South China area of grain and oil products, east China area of Non-ferrous and the North China area of petrochemical and so on. The second step is to link traders to the "transfer" business, if the trader is a, it is intended to be sold to a downstream customer such as b,c in order to "upside down", the original trade by a direct invoice to B, into a first invoiced to C, and then by C invoicing to B. In the process, trader A will charge a certain fee to C, at a rate of three out of 10,000 to four out of 10,000. The trader told reporters that if the company simply went to the bank to apply for loans, "water" can be, if the listed companies to make profits, and traders agreed to make book profit, and then through other channels to the relevant traders "replenishment" can be. "Then you can take these banks and profits to the financial institutions ' storytelling '." "The trade Fishy" described by the trader was not directed at Seoul, but he said, the "transfer" business is bound to be enterprises and "traders" of the bill dealings, of which the majority of trade-type enterprises. He said: "Only trading companies are relatively easy to have larger water and business to do the opponent plate." Because the customers to deal with the first transaction amount of the larger requirements, ordinary entity enterprises can not do such a large amount of trade, and second, the ' transfer ' business generally regardless of the customer to pour a few hands, and eventually have the entity enterprises to take the goods into the physical production link, so there will be no risk, but also easy to calmly respond to the supervision of the Monitoring Department. "Other insiders said that the South China region grain and oil industry" transfer "business more, and the production of medicinal sucrose" volume "has been far beyond the real needs of pharmaceutical enterprise customers, so Seoul Kang Pharmaceutical to participate in the" Transfer ticket "business possibilities can not be ruled out. Seoul Kang Pharmaceutical Performance for several consecutive years of explosive growth, after the listing and continued to be the agency's hot. But there are signs that the truth will gradually emerge as the "fundamentals" of listed companies lose momentum.