Yi Bai Pharmaceutical Mergers and acquisitions chaos: A tired loss report Card Premium 56 times times the "bubble"

has been regarded as the company's development hope of mergers and acquisitions tactics, but become the benefit hundred pharmaceutical (600594. SH) Investors are hard to get rid of the troubles. Shanghai Jing Feng Pharmaceutical Co., Inc. (hereinafter referred to as Heights Pharmaceuticals), has been on the road to market. But once acquired the company but fell into the loss mire (see this newspaper 28th "Ye Yinwu, Sinus Ling sing" capital Double "Yi Bai pharmaceutical subsidiaries peel into Mystery"), Yi Bai pharmaceutical mergers and acquisitions strategy is being questioned. Even so, the profit-Bai pharmaceutical companies are still in the recent big merger plans, the wholly-owned Guizhou Miao Medicine Industrial Co., Ltd. (hereinafter referred to as the Miao pharmaceutical company) has invested 500 million yuan, and the acquisition of Hong Hai Holdings Limited (hereinafter referred to as Hong Hai Holdings) is held by Guizhou Hundred Xiang Pharmaceutical Limited liability company (hereinafter referred to as "Hundred Xiang Pharmaceutical") 100% equity. With the disclosure of the 2013.5 Annual report, the "performance list" of mergers and acquisitions since its listing has also been made public, and it is regrettable that the companies that have benefited from the past mergers and acquisitions of pharmaceuticals are now mostly in a state of loss. Under the control of the Sinus Ling-bai pharmaceutical need to explain whether the previous large-scale mergers and acquisitions, whether for the development of enterprises, or another to seek? More than 80% subsidiaries loss benefit Bai Pharmaceutical 2013.5 Annual report shows that 12 main subsidiaries and equity companies, 10 losses, the loss accounted for more than 80%. Among them, Guilin Yi Bai Li River Pharmaceutical Co., Ltd. (Li River Pharmaceutical), Yunnan Nanzhao Pharmaceutical Co., Ltd. (Nanzhao Pharmaceutical), Guizhou National Pharmaceutical Co., Ltd. (Guizhou Folk medicine), not only net profit is negative, net assets are negative, has long been insolvent. Guizhou Yi Bai Medicine Limited Liability company (Yi Bai medicine), Guizhou Yi Bai Pharmaceutical Research Co., Ltd. (Yi Bai drugs), Beijing and Western Male Medicine Co., Ltd. (Beijing and Western Male division), Miao pharmaceutical company, Hainan Glorious Technology Co., Ltd. (Hainan Glory), Guizhou Jia Fuhuimin Herbal Medicine Plant Co. Guizhou Yi Bai da Health Medicine Co., Ltd. (Benefit Bai Health), etc. also appear to varying degrees of loss. The only two profit subsidiaries, is the Guannan County People's Hospital (Guannan Hospital) and Guizhou Yi Bai Investment Management Co., Ltd. (Yi Bai Investment), the first half of the net profit of 7.6489 million yuan, 6.637 million yuan, net assets of 65.8934 million yuan, 57.2796 million yuan respectively. Shanghai, a fund manager told reporters, Guannan Hospital is a small number of pharmaceutical "mergers and Acquisitions", "since the acquisition in 2006, Guannan Hospital in addition to 2010 years of losses, the rest of the year are profitable, 15.615 million yuan last year, compared to other mergers and acquisitions have been very good results." "Compared to the two profitable companies, other subsidiaries of the company, particularly those from mergers and acquisitions, are" miserable ". The most serious loss of the Nanzhao pharmaceutical industry, is Yi Bai pharmaceutical 2010 from the holding shareholder sinus Enlightenment Ling "family intimate relations members" Xu Xiang and Xu Xian June Hand acquisition, then cost 22 million yuan. In the beginning of the pharmaceutical industry, the Nanzhao medicine is the only one has a peptide raw materials and injection of the enterprise approval. Guotai Securities researcher Isheming 2010 's evaluation of the acquisition of Nanzhao pharmaceutical industry is also "branchBo peptide injection is a potential variety. However, in fact, the Nanzhao pharmaceutical industry lost 3.6574 million yuan in the year, and in 2011 and 2012, it continued to lose 4.7828 million yuan and 3.4776 million yuan. In the same year, the company also acquired the Guizhou People's medicine, Yi Bai Pharmaceutical in the year to bear 55 million-yuan debt, from Shi Hongyi, Wang Yan hands free of Guizhou people medicine 90% of the equity; However, in 2010, Guizhou People's medicine loss of 15.8986 million yuan. 2011 and 2012, Guizhou folk medicine loss of 10.4833 million yuan and 4.7967 million yuan respectively. The first half of this year's loss in the second of the Hainan brilliance, is Yi Bai pharmaceutical December 24, 2010 from Guo and net, Wu Chunming hands to 40 million yuan total price (including equity and bear debt) by the assignee. Hainan Glorious 2011 years loss of 5.3277 million yuan, 2012 loss amounted to 5.3322 million yuan. More serious is that, Yi Bai pharmaceutical in the past few years out of the pharmaceutical industry, once involved in sanitary napkins and coal industries, this diversification strategy not only dispersed the company's limited resources, and acquisition of asset profitability has been poor. 2007, Yi Bai Pharmaceutical holding subsidiary Guizhou Qian de Investment Co., Ltd. (hereinafter referred to as the company) agreed to invest 53.08 million yuan to buy Wang Kwa holding Qianxi County Gold Orchid Coal mine 97% of the equity; in the same year, Yi Bai pharmaceutical and table Guizhou Yi Bai shuting Health Care Supplies Limited liability company (hereinafter called Shuting Company). The same year, the company lost 659300 Yuan, shuting company loss of 1.819 million yuan. 2008, the company loss of 1.5068 million yuan, shuting company loss of 3.5829 million Yuan, 2009, the company losses 860700 Yuan, shuting company loss of 3.7834 million yuan. 2010, Yi Bai Pharmaceutical will invest 113 million yuan to transfer to and letter Jincheng and Longgang coal mine, at the same time to 1 million Yuan Shuting company transfer to natural persons Lin Tianxing. Since then, Yi Bai Pharmaceutical diversification strategy announced failure. A premium of 56 times times the "bubble" in spite of the history of many mergers and acquisitions have not to benefit Bai pharmaceutical to bring rich returns, but Yi Bai pharmaceutical mergers and acquisitions expansion of the road has never stopped. June 15, 2013, Yi Bai Pharmaceutical announced the acquisition of 100% stake in Hundred Cheung Pharmaceutical, after evaluation, as at the end of 2012, Hundred Cheung Pharmaceutical shareholders of all rights and interests value of 508 million yuan, compared to the book net assets of 8.8849 million yuan, the value-added rate of 5612.81%. "As was the case with the Nanzhao pharmacy, it was a profitable business with a 56 times-fold premium, even though the net profit was positive." "The above-mentioned fund manager bluntly, hundred Cheung pharmaceutical industry in the past three years is not a loss is a meager profit, its real operating situation is difficult to match its high value, benefits Bai pharmaceutical costs a very high premium acquisition is only a piece of meager profit assets." The announcement shows that the registered capital of Hundred Cheung Pharmaceutical is 22 million yuan. As at the end of 2012, its total assets amounted to 109 million yuan, total liabilities of 99.7995 million yuan, the ratio of assets and liabilities as high as91%, the book net assets of only 8.8849 million yuan. Why has the asset of the hundred-Xiang pharmaceutical been doubled by 56 times times? In this respect, Yi Bai pharmaceutical only said that hundred Cheung pharmaceutical products can expand the company's pharmaceutical sales and enrich the existing product line; Its main Fu phlogistic capsule has entered the new version of the National Basic Drugs catalogue, with the company in the primary medical market marketing network base and brand advantages, can quickly pretty near the base medicine market. "This is the same as the Nanzhao pharmaceutical industry in the same year, the reality is that the pharmaceutical does not show how good profit level, do not rule out is a bubble." "The fund manager told reporters that the base date of the pharmaceutical evaluation in three cases, but two of them did not provide the state-owned land use certificate, nor did they provide relevant contracts, agreements or related information on the land." The reporter noted that the appellate state land legal ownership, the evaluation agency expressed no opinion, also do not make confirmation and guarantee. In addition, the pharmaceutical companies are not able to provide 14 of the appearance of patent related information and patent certificate or related circumstances. Its legal ownership, the evaluation body also expressed no opinion, nor confirmation and assurance. The announcement showed that the net profit of the pharmaceutical company from 2009 to 2012 was 6.142 million yuan, 25.5532 million yuan, 927,000 yuan and 4.0162 million yuan respectively, while its net profit in 2013 was estimated to 33.9131 million yuan, which increased by 744.4% in value, Even 2018-year net profit increased by 2104.09% in 2012. In this respect, said the fund managers are not optimistic, "Yi Bai pharmaceutical on the future net profit estimates for hundred-Xiang pharmaceutical market is beyond the imagination, but the acquisition did not set performance commitments, if the merger does not set performance commitments, future performance may become empty talk, is likely the next Nanzhao pharmaceutical industry." August 28, Yi Bai Pharmaceutical fell 3.34%, closed at 30.36 Yuan.