Tomson Times Health: Financial data cannot withstand scrutiny, no core technology

Executive editor of Financial weekly Rozhou you waiting for me?　　I haven't seen you for three weeks. According to strict classification, Tomson Times Jian (124.780,-0.24,-0.19%) and the Star-species (74.400,1.32,1.81%) is not a biological technology category, at most a little edge. But it is very sensitive and many people are also high on it.　　So, take a moment to study the two companies in advance. The small classification of Tomson times Health is the dietary supplement industry. Over the years it grew very quickly--2007 operating income of 66.85 million, net profit of 12.12 million; 2008 141.85 million and 26.7 million; 2009 205.29 million and 52.17 million, 2010 forecast operating income 318 million-360 million. If you pay more attention to the changes in the amount of its assets, the conclusion is that it is almost exclusively for the listing of companies.　　This is a company that was founded only 6 years ago. I've studied all of the core technologies it claims to be-one is a recipe, the other is a sales network, and in fact it does not have the core technology, at most it can be called the engineering process. Its core team is almost the original group of the Sun God market system, so the company's core competencies are entirely based on the market system.　　But companies without core technology won't fly very high. Although in the information it disclosed, you see the product system has more than 100, but the real sales are also minimal-protein/vitamin/mineral accounted for 29.73%, calcium and bone health accounted for 16.16%, female surname health accounted for 13.52%, baby/Child/ Adolescent health accounted for 10.41%. And the sales figures for the last year were 61.03 million, 33.16 million, 27.74 million and 21.36 million, respectively.　　If you put it on a more segmented product level, its product sales data may be out of hand. Almost all of the competitiveness is concentrated in the sales capacity.　　That's what I'm most worried about about Tomson--you don't have to wonder about similar devices, and the channels it builds are not proprietary channels--more than 9,000 retail terminals, 164 stores--any nutritional product company. This aspect of competitiveness, I hope that investors have their own independent judgment.　　It is best to have a skeptical and conservative view of its sales figures. Tomson Times Health is in the industry is really profiteering industry, but also is the sales of High-cost industries. If you are a researcher, you will find a lot of secrets. From 2007 to 2010 January-June, "11 Square", one of the two core products of Tomson Times Jian, is 1.55 million, 3.62 million, 5.91 million and 4.16 million, and the corresponding import sales are 4.41 million, 7.77 million, 14.18 million and 10.63 million.　　You can easily calculate this gross profit margin, all over 100%. You can also find that these imports are fake imports and actually sell themselves. I am here, it is difficult to evaluate its financial data there is no problem, but IThink of it a lot of data can't afford to go back. One of its four fundraising projects is worth paying attention to--a new project in the production shop, but it's only theoretically expected Tablet production capacity 4 years later in 2009 on the basis of the growth of 3.55 times times, powder filling growth of 1.57 times times, powder bag growth of 4.38 times times, soft capsule growth of 3.04 times times, hard capsule capacity growth of 1.75 times times. Up to the postpartum annual sales of 470 million, net profit of 94.87 million.　　I do not believe that these data can be accurate to single-digit digits. Please remember this data, 4 years later with Tomson and the investment bank to do this project.