Thousand red Pharmacy relies on export overweight prospectus whitewash

Will be on December 3, Changzhou thousand Red Biochemical Pharmaceutical Co., Ltd. (hereinafter referred to as "thousand Red Pharmacy"), its main products heparin sodium raw material drug gross profit margin began to decline. In addition, the company's dependence on exports, but also caused the market concern.　　Although export revenues account for most of the total revenue, but the red pharmaceutical in the prospectus is "deliberately" hidden export average price. Thousand red pharmaceutical customer structure difference influence gross profit margin is only hepalink one thousand-thirds Red Pharmaceutical prospectus shows that the company's main products include heparin sodium raw materials and preparations, pancreatic kallikrein and portal amide enzyme raw materials and preparations.　　In 2009 and the first half of 2010, the total sales of heparin sodium were 71.91% and 82.72% respectively. 2008, 2009 and the first half of 2010, the company's overall gross profit margin of 40.24%, 35.07% and 23.97%, continued to decline within 2.5, the company said "to maintain at a higher level." At the same time, the gross profit margin of heparin sodium was 28.83%, 22.8% and 14.93% respectively.　　In 2009 and the first half of 2010, the comprehensive gross profit margin of hepalink heparin sodium is 48.26% and 44.4%, respectively, the first half of this year's red pharmaceutical products gross margin of the product is only one-third of Hepalink, in the prospectus in red Pharmaceutical explained, said the main reason is customer structure differences. Thousand red Pharmaceutical main profit index thousand red pharmaceutical main product market share raw material price eats up the gross profit margin thousand red Pharmaceutical said, the company main products heparin sodium raw materials and the main raw materials of pancreatic kallikrein are heparin coarse and porcine pancreas powder.　　The average annual purchase price of heparin has risen sharply, from 2007 to 6159.52 Yuan/billion units rose to 2009 of 22804.71 yuan/billion units, the first half of 2010, the average purchase prices have risen to 36865.76 yuan/billion units.　　During the reporting period, the company's Heparin Sodium API products average annual sales price also rose, from 2007 7477.37 Yuan/billion units rose to 2009 25606.48 yuan/billion units, the first half of 2010 rose to 45857.20 yuan/billion units, but this still can not prevent the decline in gross margin.　　December 2006-June 2010 Heparin Coarse goods purchase price thousand red pharmaceutical dependence export overweight?　　The company's reliance on exports deepened, and in 2008, 2009 and the first half of 2010, the company's exports accounted for 57.35%, 62.2% and 68.52% of sales revenue, representing a year-on-year increase.　　The gold mantis why in the positive before the announcement of the stock price began to appear, especially trading coincided with the announcement of the day before the big good, this has to let the market have doubts. In the prospectus, the company only disclosed the first half of the 2010 financial data, and in the second half of the year continued to appreciate the situation, gross margin will continue to decline, but also attracted the attention of all parties. and Thousand RedPharmaceutical said that the company's export earnings are mainly in U.S. dollars, the exchange gains and losses caused by the change of currency will have a certain impact on the company's operating performance. In addition, the company also has a split share structure of worry. Thousand Red Pharmaceutical Total equity is 120 million shares, all 174 shareholders are natural persons. The company holding shareholder and the actual control person Chairman Wang Yaofang holds 36.486 million shares, the shareholding ratio is 30.41%, the general Manager Zhao holds 15.2%.　　In accordance with this issue 40 million shares calculation, if issued, Wang Yaofang's shareholding will further decline to 22.8%, if the company was a hostile takeover, will likely lead to changes in corporate control. Thousand Red pharmaceutical products export Changzhou thousand red Biochemical Pharmaceutical Co., Ltd. is located in Changzhou National Hi-tech Development zone, is a national High-tech enterprises, Jiangsu Province, technology-intensive knowledge-intensive enterprises, the state "new biochemical enzyme High-tech Product industrialization Demonstration Project" and the national "three drug base" key backbone enterprises. The main production of frozen powder injection (including antitumor drugs), small volume injections, tablets, capsules, raw materials. On behalf of the products are pancreatic kallikrein, pancreatic elastase, L-aspartate enzyme, heparin sodium and so on.　　Thousand red pharmaceutical products are all through GMP certification. The main financial data of thousand red pharmaceutical major financial data thousand red pharmaceutical fund-raising use suspected false disclosure of the red biochemical prospectus not before before, thousand red biochemical Silence Nameless, December 3, 2010 after the first application, because of suspected false information disclosure, gross margin with the same industry than too low,　　Many problems, such as excessive export dependence, have been repeatedly questioned and newspapers have been repeatedly sent to the public, but companies have refused to respond with a strong attitude, making more questioning more questionable. Thousand red pharmaceutical first through the existence of suspected false disclosure of the three major diseases December 3 Changzhou thousand Red Biochemical Pharmaceutical Co., Ltd. started the application was approved, Red Biochemical Chairman Wang Yaofang led the 174 natural shareholders will be collectively rich. But its suspicion of false disclosure, the main product of heparin sodium raw materials, the gross profit margin has started to fall sharply, the company's serious dependence on exports and other issues also caused the market concern.