Ultra-low purchase and transportation profit gem Fu'an pharmaceutical industry more than 400 million

2008 net profit rose 701.75%, 2009 net profit growth 104.66%. By virtue of the strong growth, has just met the gem to be listed companies Fu'an pharmaceutical industry is becoming the focus of attention.　　On the other hand, investors are increasingly questioning the business of Aztreonam, an API that specializes in ammonia. "Fu'an Pharmaceutical industry's main business income growth rate and net profit growth rate does not match." 2008 main business income is 198 million yuan, compared to 2007 growth of 112.07%, and the same period net profit has increased by 701.75%; 2009 main business revenue grew 59.46%, but net profit rose by 104.66%. Even more incredible is that its raw materials--ammonia aztreonam intermediate outsourcing prices than the market price is lower than 40%, it is difficult to use commonsense to explain.　　"A beijing-based brokerage researcher told the China Business news reporter." Some stocks are expected to soaring years ago! It's confidential! The recent reversal of institutional capital flows has changed dramatically!　　The main funds are plotting a new layout reporter rushed to the Fu'an drug industry location-Chongqing to try to understand the reasons, but there are more doubts ensued. Ammonia Aztreonam raw material price is lower than the market 40% "prospectus" (hereinafter referred to as "prospectus") shows that Fu'an Pharmaceutical is a mainly engaged in ammonia aztreonam, ticarcillin sodium, sulfonic sodium, cefazolin sodium and other antibiotics such as raw materials, injection production enterprises.　　Which ammonia aztreonam raw materials and ammonia aztreonam preparation is the company's two most competitive products, 2010 1 ~ June The product to achieve sales revenue of 88.5685 million yuan and 62.5241 million yuan, respectively accounted for the main business income 37.27% and 26.31%. Fu'an pharmaceutical Industry, because the company has the most basic chemical raw materials to prepare the main raw material ammonia aztreonam intermediates, the price is lower than outsourcing, thus in the production of finished ammonia Aztreonam pure powder sales cost advantage, in the past three years, the company in the ammonia aztreonam raw materials, operating income rapidly growth,　　From 2007 to 52.2603 million Yuan increased to 2009 of 142 million yuan, only the first half of 2010 in the product income will reach 88.5685 million yuan. But it is also the Fu'an's own description of the cost of the "advantage" has become the focus of outside questioning. "The prospectus shows that the company's ammonia-aztreonam intermediates originate in two parts, partly homemade, and partly outsourced by capacity." Self-made part we can not understand its specific costs, but the purchase part of the price is significantly lower than the market price, or even only half of the market price.　　The brokerage researcher said. The prospectus shows that the Fu'an pharmaceutical industry between 2007 and the first half of 2010, the purchase price of ammonia aztreonam intermediates were 4406.30 yuan/kg, 2393.16 Yuan/kg, 2062.52 yuan/kg and 1392.79 yuan/kg.　　This outsourcing price is always lower than the average market price. To be the Leme of the pioneering Board companyMedicine (300006.SZ), for example, 2007 Lai Mei Pharmaceutical outsourcing per kg unit price of 4658.36 yuan, the same period Fu'an pharmaceutical outsourcing price is 4406.30 yuan, the latter purchase price is the former 94.28% thereafter, Fu'an pharmaceutical outsourcing price and market price differences between gradually increase,　　2008 Lai Mei Pharmaceutical Outsourcing Unit price of 3836.59 yuan, Fu'an pharmaceutical industry is only 2392.16 yuan, only 62.35% of the former, 2009 Fu'an pharmaceutical purchase price of 2025.52 yuan, is the price of pharmaceutical outsourcing (1-June data 3183.05 yuan/kg) 63.63%.　　In this respect, Fu'an Pharmaceutical Dong Tang Qin in the interview with the reporter explained that the main Fu'an pharmaceutical industry mastered the ammonia aztreonam intermediate preparation of the core technology, so the supplier has a higher bargaining power. But that does not seem to explain the company's 2008 ultra-low purchase price.　　The prospectus shows that in 2008 the Fu'an pharmaceutical industry made 16.69 tonnes of ammonia aztreonam intermediates, while external sourcing only 1 tons. "In 2008, only 1 tons of outsourcing, there will be such a strong bargaining power?" asked the reporter. But Tang didn't answer the question.　　Reporter in its prospectus to see the data show that 2009 the company's ammonia aztreonam intermediates of the purchase volume and self-made amount of 17.9 tons, then the cost of their purchased raw materials in its total cost of the weight significantly increased, the high and low price of outsourcing, directly affected its profits. The reporter inquires the market's public offer through the list of ammonia aztreonam intermediates provided by China Chemical Network. One of the registered in Zhejiang Pharmaceutical Co., Ltd. sales staff said that the company is Fu'an pharmaceutical industry, one of the ammonia aztreonam intermediates, the external market price is 3100 yuan/kg to 3200 yuan/kg. This price is higher than the Fu'an pharmaceutical industry over the past 2.5 years announced the price of outsourcing. [Page] Three major supplier relationships not disclosed the reporter looked over the prospectus, did not find the Zhejiang pharmaceutical company appeared in the previous 5 major raw materials suppliers list. Is the drug supply too small to enter the top five?　　Or the channel into the Fu'an pharmacy? So who is providing such cheap raw materials? In the first half of the 2010-year list of the first five raw materials suppliers listed in the prospectus, two Chongqing local companies draw attention: Chongqing Siming Chemical Co., Ltd., the first half of the total value of 16.02 million yuan of raw materials, Jian Fuan Pharmaceutical in the period of total purchase amount of 17.43%　　Fourth distributor is Chongqing Jihua Chemical Co., Ltd., the purchase amount of 7.7239 million yuan, accounting for the current procurement ratio of 8.4%. Reporter in Chongqing city Trade and Industry bureau access to register information to understand, Siming chemical registered capital of 500,000 yuan, was founded in July 14, 2006, legal representative and shareholder is Zhao Haiming, Jihua Chemical registered capital of 500,000 yuan, the date of December 23, 2009, legal representative and shareholder is Zhaohai.From the two people's ID card information can be judged, both the domicile site in Jilin Province Jilin Longtan District, Zhao Haiming is now the domicile of Chongqing Jiulongpo District, and Zhaohai current domicile is still Jilin Longtan District. In addition, in 2009, a company named Chongqing Chemical Industry, Fu'an Pharmaceutical Co., Ltd. became the fourth largest supplier, the supply of raw materials 7.8731 million yuan, accounting for 3.34% of the procurement ratio.　　Industry and Commerce registration data show that its legal representative and Siming chemical legal representative, are Zhao Haiming, registered capital of 500,000 yuan, was established in May 26, 2004.　　In addition to the two-person ID card Close, the reporter also found that three companies designated by the company's annual inspection representatives have been the same name--Chongqing Jihua Chemical staff Huangya, ID number shows three Huangya department of the same person. There are indications that there is a correlation between the three suppliers.　　According to the China Securities Regulatory Commission July 20, 2009 issued the "Public Securities Company Information Disclosure content and format guidelines 28th-GEM Company Prospectus," the relevant provisions: suppliers under the control of the same actual control, should be combined to calculate the purchase amount. "From the probability, basically can determine three companies for each of the two brothers, and from the registration time and the role of the operator, Zhaohai set up Jihua chemical more like a Zhao Haiming subsidiary enterprises." Business Registration Agent Huangya 2007 began as Zhao Haiming two companies annual inspection representative, and to the December 23, 2009 Jihua Chemical was established, Huangya suddenly as Jihua chemical Supervisor and responsible for the company set up business representative. If there is no association or dependency relationship, the probability of this series of ' coincidences ' is too low.　　CPA Xingliping Analysis said. It is noteworthy that the Jihua chemical, which was set up at the end of 2009, will provide 7.7239 million yuan worth of raw materials for the Fu'an pharmaceutical industry in the following six months.　　In the first half of 2010, the raw materials supplied by Siming chemical and Jihua chemicals accounted for 17.43% and 8.4% of the total purchase amount of the Fu'an pharmaceutical industry in the current period, representing a total of 25.83%. However, in the prospectus, the Fu'an pharmaceutical industry did not combine the supply of two companies, nor did it point out that there might be a link between the two. "When we were making the report, the intermediaries had done a compliance check and they had a lot of experience and no problems." In addition, even verification is primarily to see if there is a link between our company's shareholders and our executives. I think intermediaries will do so in accordance with the rules of the SFC. Dong Tang explains. [Page] It is understood that Zhao Haiming Siming Chemical Company in the long ago for the Fu'an pharmaceutical industry to provide ethanol and other chemical raw materials.　　At the same time, Zhao Haiming is also the president of the Chongqing Pharmaceutical and Chemical Industry Federation, and at the end of 2009 Fu'an Pharmaceutical employees participated in the league's second "Friendship Cup" basketball game with the company's name. "Siming, auspicious is our long-term partner, has maintained the friendly cooperation relations." "Yucheson, the financial director of the Fu'an pharmaceutical industry, who was interviewed together,Recognized and Zhao Haiming as a legal representative of the two raw materials provider of long-term cooperative relations. Since it is long-term cooperation, should be very familiar with the relationship between the three companies, why did not the first half of 2010 raw material supplier data consolidation?　　But Yucheson said he was not familiar with Zhao Haiming. "I am now puzzled that, since the prior to the listing to do compliance checks, then in the investigation of suppliers, customers and shareholders, the relationship between senior executives, it is definitely to check the business registration data." The names of two major suppliers of legal representatives were only one word short, and they didn't notice?　　Xingliping was puzzled. These people are concerned that the three companies are highly likely to serve as suppliers of low-cost ammonia aztreonam intermediates in the Fu'an pharmaceutical industry.　　In the face of reporters ' inquiries, Tang said: Since the second half of 2009, two companies in the Fu'an pharmaceutical industry in the implementation of ammonia aztreonam intermediates in the production process, as intermediary traders. In the prospectus, a company called "Chengdu New Vader Trade" also attracted the attention of journalists. 2010 medium-term data show that the Fu'an pharmaceutical industry in advance of Chengdu New Vader Trading Co., Ltd. 1.008 million yuan of received accounts. But it is understood that the company has had a bad credit record. The Luzhou Finance Bureau was given an administrative penalty in August of the same year because of the Luzhou of the government's bid for bidding on June 4, 2009. So why does Fu'an pharmaceutical trade with new Vader?　　Tang Qin's explanation is: The new trade is mainly engaged in the sale of other pharmaceutical intermediates, because it does not deal with the long time, so the advance of some accounts.　　"Virtual" cost reduction for financing? Industry insiders pointed out that, as the gem issue pricing and circulation market pricing is usually based on P/E as a reference, and the gem launched by investors Hot, the issuance of P/E is usually more than 50 times times, after the listing of more than 80 times times, some high-growth companies even issued a price-earnings ratio of more than 100 times　　Make some of the listed companies to do high performance, increase the amount of funds and the market value of the impulse.　　In September 2009, the Leme pharmaceutical industry issued a 47 times-fold earnings ratio, and in September 2010, the 66 times-fold price-earnings ratio was issued by the bio-Biotech, and in November 2010, Watson had a 133 times-fold Fu'an Pharmaceutical plans to issue 33.4 million shares, 2009 years before the issuance of 0.91 yuan per share earnings. After the IPO, the dilution of earnings per share was 0.68 yuan. Given its high growth of 16.9 times times net profit over the past three years, it should not be less than 60 times times the issue.　　According to the issue of 60 times times the price, corresponding to the price of 40.8 yuan per share, can raise capital of 1.36 billion yuan. In the case of other raw material cost and operating income unchanged, if the Fu'an Pharmaceutical 2009 Ammonia Aztreonam intermediate outsourcing cost from 2062.52 yuan/kg, increase to the same market average level of 3183.05 yuan/kg, the corresponding procurement costs will increase 20.1 million yuan. The net profit is reduced to 63.96 million yuan, without considering the revenue reduction., corresponding to the earnings of 0.48 yuan per share, the issue price of each share reduced to 28.8 yuan, the funds can be raised to 960 million yuan, reduce 400 million yuan. That is to say, the Fu'an pharmaceutical industry through the unknown "linked transaction", as long as pay 20 million yuan "cost" may get more than hundreds of millions of yuan to raise funds. [Page] The reporter observes the financial fraud frequency is the gem to encounter the trust crisis to venture board destroyer transformation to "creates the rich board". Just the age of the gem, undoubtedly become rich "dream factory". As of December 15, a total of 147 emerging enterprises landing gem, the total market value of 754.6 billion yuan.　　With an average of 82.67 times times the fantastic price-earnings ratio, the entrepreneurial board destroyer "makes" billionaires at a rate of two a day. One side is a night of the lure of the rich to attract countless entrepreneurial enterprises to bow, the other side is the two-tier market investors losses repeatedly. According to Tencent's September 30 survey, 67.19% of investors in the gem shares in the loss or floating losses.　　This data is corroborated by the information: as of December 15, 147 gem listings, 59 of the current stock price lower than the first day of the IPO.　　Industry insiders believe that the growth of the company's lack of expectations and financial problems have been exposed, is leading to the fall in its share prices are important reasons. Inflated profits for the same flush, the early listing of the stock price madness is a mystery.　　The company, which has been courted by investors for its beautiful earnings, has returned to silence. From the beginning of the IPO, the same flush of performance is ready to be questioned. According to the relevant media reports: The company's financial data contradictions, new receivables and income seriously mismatch, 2009 years in the report and the annual report are suspected of inflated profits. As a well-known stock software company engaged in financial advisory and data services, flush's revenue recognition principle is, "in the provision of financial information and data services to customers in advance full payment, and in the service period of the average allocation." Assuming that the company in January to provide customers with a set of 10,000 yuan of stock software one-year use rights, then the corresponding first-half confirmed income of 5000 yuan, the advance accounts for 5000 yuan. In fact, in the first half of 2009 years, with the flower shun stock software business actually recognized revenue as high as 46.85 million yuan.　　In the same period, the new revenue generated by the stock software business is only 22.7 million yuan, thus increasing the amount of new income far more than the new received accounts. According to statistics, from the gem launched so far, a total of 230 companies to apply for IPO audit, of which 37 companies for various reasons have not been passed, involving the reasons usually for corporate governance, patents and other issues.　　However, in a report, Han Ding pointed out clearly: "The performance level fluctuation, the profit mainly from the main business income or the existence of excessive packaging," is listed as the company failed to lead the second place. For example, Suzhou long-lasting, June 2010 has been successful and successfully published online Suzhou permanent IPO stopped short, thus becoming the second after the establishment of electronic companies in the pro-IPO before the gem. Despite the SFC's external publicityThe reason for the failure is that "the patent situation in its filing is not in conformity with the facts", but it is one of the main reasons that the alleged use of government subsidies to increase profits. Suzhou permanent "Prospectus" disclosed, 2006, 2007, 2008 and 2009 1 ~ September, the company enjoyed the total income tax benefits of 546,100 yuan, 5.3047 million yuan, 4.554 million yuan and 3.7529 million yuan, accounting for the current profit ratio of 13.72% , 30.25%, 18.45% and 18.29%.　　In addition, Suzhou Permanent also enjoyed a number of government special funds and research funds, 2006, 2007, 2008 and 2009 1 ~ September, Suzhou Permanent financial subsidy (after-tax) accounted for the current period of net profit of 41.63%, 55.01%, 11.13% and 4.13% respectively. In addition, although the gem has been successfully listed, but in the continued attention of investors, the performance and financial reporting authenticity is also beginning to be questioned. such as Jiffeng farm machinery accounts receivable is 27 times times net profit, is questioned to rely on credit to improve performance. and Netac Technology (300042.SZ) listed as "invented the world's first flash drive, and thus access to the fundamental invention of the flash drive patent" and is highly sought after. But it soon burst into a false capital. The stock price fell to the current $32 from the 60 Yuan high at the beginning of the IPO. [Page] There are signs of growing hallucinations that the early overdraft of profitability was the main reason for the weakness of stock prices after the companies listed.　　From the information data show, in the comparable 105 gem companies, 70 of the 2010 medium-term profit growth rate is lower than the 2008 to 2009 profit growth, accounting for nearly 70% of the total.　　Industry insiders believe that, despite the high growth as a business card enterprise, after the IPO performance and stock performance is not good, there are a variety of reasons, but the listing for the pursuit of high fund-raising and market value needs, there is a deliberate to do high profits and increase the growth rate of the impulse, so that the performance of the Zhang Hongyu, general manager of Beijing Oriental Gao San Investment Consulting Co., Ltd., said in an interview with the China Business newspaper that the benefits of higher performance of gem companies are obvious, and IPO pricing is usually multiplied by the corresponding P/E ratio. High net profit means higher financing for the same equity.　　That would mean more money for many of the light asset gem companies. "Raising funds on the one hand can supplement the day-to-day operation of the need, on the other hand, even if the fund to stay in the account does not move, will also get the corresponding capital gains."　　"Zhang Hongyu said. and Zhejiang Business Securities strategy researcher Wang Weijun pointed out that in the professional institutions to the GEM enterprise pricing process, not only to consider static price-earnings, but also to take into account the growth of enterprises. "In the valuation model of listed companies, the growth rate has a huge impact on valuations." Taking the DDM valuation model as an example, the same P/EOf the two companies, if the performance growth rate is 30% and 20%, the valuation will vary by 23%.　　"he said. At the same time, gem Enterprise common existence of congenitally deficient, but also the performance frequency is an important source of doubt. "Many gem enterprises in the early days of the establishment of the need for less tax, there are often hidden income, virtual increase in costs and low gross profit margin behavior." Since then, in order to go public, but also need to show the enterprise high growth, high profit side, in these two states of the conversion process, there will certainly be a variety of financial reports can not justify the phenomenon. This has also deepened investors ' suspicions about their performance and the authenticity of their reports. "said a consultant engaged in investment banking.