It seems to be the best in five years, but in fact, the main business is a cliff, and the concept of Medical beauty of Harbin Sanlian encounters setbacks

2022-04-27 0 By

Fukai Abstract: In 2021, the net profit is between 349 million yuan and 379 million yuan, and the net profit loss after deduction is between 151 million yuan and 121 million yuan.The author | transcribing lent to review the whole year of the ox, is the joint with the medical beauty concept of homeless for a year.In the first half of the year, Harbin Sanlian took advantage of the concept of medical beauty for three months, and its share price soared three times to 36.91 yuan per share.At the end of June, medical beauty concept stocks plunged, Harbin Sanlian entered a long period of decline, the share price from the peak halved.Whether Harbin Sanlian can usher in a new turning point this year, there are still huge uncertainties: the main business has suffered losses for two consecutive years, and the losses are gradually expanding;Fuerjia, which holds 5% of the shares, went public with many twists and turns and the concept of medical beauty faded.On the last trading day of the year of the Ox, Harbin Sanlian released the annual performance forecast of 2021. It is expected that the net profit attributable to shareholders of listed companies in 2021 will be between 349 million yuan and 379 million yuan, with year-on-year growth of 1090.12% to 1192.42%;However, net profit loss after non-deduction was between 151 million yuan and 121 million yuan, further widening from a loss of 21.1563 million yuan in the same period last year.From the perspective of single quarter, in the first three quarters of this year, Harbin Sanlian deducted non-net profit loss of 41.525,900 yuan, by the end of the year, the loss expanded to between 151 million yuan and 121 million yuan, the fourth quarter loss of nearly 100 million yuan.If you look at the net profit data, this will be the best performance since The listing of Harbin Sanlian;If the non-net profit is deducted, it is the worst performance since Harbin Sanlian went public, even in the past 10 years, and the main business losses for two consecutive years.The main reason for this situation is that Ha Sanlian has disposed of a wholly-owned subsidiary and obtained rich investment income.In February 2021, Harbin Sanlian increased the capital of Harbin Fuerjia Technology Development Co., LTD. (” Fuerjia “) with 100% equity of Harbin Beixing Pharmaceutical Co., LTD. (” Beixing Pharmaceutical “) held by Harbin Sanlian.The 100% equity value of Beixing Pharmaceutical is 570 million yuan, while Harbin Sanlian’s initial investment cost of Harbin Beixing Pharmaceutical is only 3.51 million yuan, resulting in investment income of about 566 million yuan. The net profit of 2021 consolidated statement level is about 482 million yuan.It is this high investment returns, pull up the net profit.Meanwhile, the gains came at the expense of spinning off the company’s medical device and cosmetics businesses.At the same time, affected by the national policy on the list of key monitoring rational drug use and the COVID-19 epidemic, Harbin Sanlian’s most important pharmaceutical sector has been greatly impacted, and sales of some products have declined. It is estimated that the two factors will result in a year-on-year decline of about 30% in operating revenue.Revenues fell, but expenses fell proportionately.In 2021, Harbin Sanlian’s fixed costs such as wages, depreciation and amortization are relatively stable, while expenses during sales, management and RESEARCH and development only drop by about 10% year-on-year.Operating income cannot cover operating cost and period expense completely, cause deduction non – net profit is negative.In addition, in 2021, Harbin Sanlian also withdrew asset impairment of 13.44551 million yuan for various assets.Among them, the annual accumulative reserve for inventory depreciation is RMB 3,014,400 yuan, and the long-term equity investment impairment reserve is RMB 10,4307 yuan for heilongjiang Weikai ‘er Biotechnology Co., LTD., which belongs to the regular profit and loss.High – quality assets stripping stripping out of the business after all how?What did 100% equity capital increase fuerjia return?According to relevant information, It can be seen that North Star Pharmaceutical is a subsidiary newly established by Harbin Sanlian at the end of 2020, mainly to inherit the assets, business and personnel of Harbin Sanlian’s original second category of medical devices and cosmetics production.After putting the cosmetics related business into Beixing Pharmaceutical, Harbin Sanlian increased the capital of Fuerjia With 100% equity of Beixing Pharmaceutical.The equity is valued at 570 million yuan. After the completion of the capital increase, Harbin Sanlian will hold 5% of The equity in Fuerjia.That is to say, when the capital increase, Fuerjia valuation has reached 11.4 billion yuan.When did Harbin Sanlian set foot in medical equipment and cosmetics business?Why spin-off?It is understood that Harbin Sanlian has been involved in the medical device business since 2016. In that year, Harbin Sanlian obtained the medical device registration of “Medical aluronic acid repair patch” and the production of class II medical devices.At that time, huaxin Pharmaceutical co., LTD., the predecessor of Fuerjia, and Harbin Sanlian had a drug agent sales relationship for many years.On the basis of years of cooperation, since September 2016, Harbin Sanlian is responsible for the exclusive production of the above products, while Huaxin Pharmaceutical is responsible for the exclusive sales, promotion and brand operation and maintenance of the products.In other words, Harbin Sanlian has full control of the production source of Fuerjia, and Fuerjia is just a marketing company.According to the annual report, the revenue of Medical device business of Harbin Sanlian was less than 10 million yuan in 2017, only accounting for 0.86% of the total revenue.In 2018, Harbin Sanlian added second class medical instruments, medical sodium hyaluronate repair solution and 15 cosmetics.Medical device business is developing rapidly, from a single variety of medical devices at the beginning to the development of diversified medical devices.In 2018, the revenue of medical devices reached 80.15 million yuan, accounting for 3.69% of the total revenue.Cosmetics revenue is 14.02 million yuan, accounting for 0.65% of the total revenue.Although the scale of medical device business accounts for a small proportion, the year-on-year growth of operating revenue is significant, which is considered to be an important growth point for future performance.In 2019, Harbin Sanlian’s medical device and cosmetics sector has developed in scale, with 14 medical device products and 23 cosmetics varieties.Revenue from medical devices and cosmetics reached 203 million yuan and 127 million yuan, accounting for 9.66 percent and 6.05 percent of the total revenue, respectively.By 2020, the revenue of medical devices and cosmetics of Harbin Sanlian will be 173 million yuan and 187 million yuan respectively, accounting for 12.93% and 14% of the total revenue, and the two together account for nearly 27% of the total revenue.The nearly 50 per cent growth in the cosmetics business stands out, especially in the context of plunging revenues in the pharmaceutical sector.According to the relevant materials disclosed by Qierjia’s listing, the simulated revenue of Beixing Pharmaceutical from 2018 to 2020 is 93 million yuan, 329 million yuan and 360 million yuan respectively.The simulated net profit is 12 million yuan, 79 million yuan and 76 million yuan respectively.In view of the above situation, North Star Pharmaceutical has stable sales and profitability, which is a very promising business. Why should it be spun out?The reason given by Ha Sanlian is “to broaden the development path of medical devices and cosmetics plate and better play the aggregation effect of industrial resources”.In a short period of time, the exchange of 100% equity of Beixing Pharmaceutical for 5% equity of Guerjia brings a large investment income to Harbin Sanlian, but actually damages the growth of the business to some extent.But there is no doubt that, despite its long involvement in the cosmetics market, Ha Sanlian has not made waves in the capital markets and its share price has fallen since its listing.After this operation, the concept of medical beauty of Harbin Sanlian is more obvious, which also attracts the pursuit of capital and increases sharply in the first half of 2021.So, what can a 5% stake in The company bring to Harbin Sanlian?Founded at the end of 2017, Fuerjia is now able to become the leading enterprise of Yimei Mask, because it is not a start-up company, its business is mainly inherited from Huaxin Pharmaceutical.The company is in the process of filing for an ipo, and according to its prospectus, It has strong growth and cash flow.From 2018 to the first three quarters of 2021, the revenue of Medical devices of Guerjia was 335 million yuan, 918 million yuan, 880 million yuan and 679 million yuan, respectively.During the same period, the income of cosmetic products was 37.68 million yuan, 424 million yuan, 705 million yuan and 499 million yuan respectively, and more than 80% of the income of cosmetic products came from facial masks.Combining the above two businesses, from 2018 to the first three quarters of 2021, The operating revenue of Fuerjia is 373 million yuan, 1.342 billion yuan, 1.585 billion yuan and 1.178 billion yuan, respectively.The net profit from 2018 to 2020 was 200 million yuan, 661 million yuan and 648 million yuan respectively.For Fuerjia, the greatest significance of the acquisition of Beixing Pharmaceutical is to change the production mode from commission sales to independent production, improve the combination of production and research capacity, and make up for the most criticized shortcomings of Fuerjia, which is focusing on marketing and neglecting RESEARCH and development.For Ha Sanlian, lost control of the cosmetics business segment, more expected to share a slice of the market after The listing of Fuerjia.At the beginning of the acquisition, February 9, 2021, apply good, li-guo zhang and the triple signed the agreement, if apply good qualified IPO before each fiscal year audited consolidated net income less than 700 million yuan, then apply good and/or the actual controllers shall compensate for the joint, that is to say, the triple net profit of at least can get 035 million yuan a year.On June 29, 2021, the three parties made a supplement to the agreement, and the provisions on the pre-emptive right and pre-emptive right will terminate automatically and become invalid from the beginning on the date when Fuljia submits its IPO to shenzhen Stock Exchange, and will automatically resume to take effect when the IPO fails.However, the corresponding subject of responsibility no longer includes Fu Erjia, only zhang Liguo bear.In addition, as for the terms of buyback right, performance commitment and compensation, On the date when Fuerjia submits its IPO to shenzhen Stock Exchange, Fuerjia no longer undertakes relevant obligations, but Ha Sanlian has the right to claim corresponding rights to Zhang Liguo.However, as the regulation of the medical beauty industry is becoming stricter, the road for Fuerjia to seek listing is not smooth.On January 27, 2021, The IPO was terminated due to financial information issues. However, the audit status is now changed to “inquired”.Disclaimer The information released by Fukai Finance does not constitute investment advice, therefore the investment risk is borne by fukai Finance original, reproduced contact background, infringement will be investigated!