Pharmaceutical industry upgrade: Let the main business speak practically!

October 09, 2019

Release date: 2007-07-18

Pharmaceutical industry upgrade: Let the main business speak practically! The lucrative return of investment income has made some pharmaceutical companies achieve good results, but it is not a rising model worthy of promotion and emulation. It even makes a negative demonstration for the non-focus of pharmaceutical companies. The occupation of resources and funds will also drag down R&D and innovation. upgrade.
Now is the best time for pharmaceutical companies to make a profit in the investment market.
No one can deny that many pharmaceutical companies have obtained lucrative profits in order to reduce the risk of their main business operations and expand other investment businesses. On the other hand, when the investment has become the most bright short-term for pharmaceutical companies in the first half of 2007. When the income comes, the industry began to remind: the huge risk of investment income will have a large uncertainty in the medium-term return.
The author's worries are: When the return on investment is amplified in a certain period of time, the profitability of capital will be exposed, then who else will be willing to continue to do practical medical projects? Continue to do process improvement, market development, new drug research and development? One of the simplest conclusions is that return on investment has become a very important profit supplement for pharmaceutical companies, but the industrial upgrading of Chinese medicine cannot rely on the support of several sideline businesses.
Recently, Health Yuan revealed at the Corporate Governance Investor Exchange Conference: Health Yuan expects net profit realized in the first half of 2007 to increase by about 250% compared with the same period of last year. However, compared with Zhu Baoguo's talk about the prospects of his three main pharmaceutical businesses, the author believes that the growth of investment income of Health Yuan is obviously more convincing. Health Yuan is not an isolated case, including Jilin Jidong, Fosun Pharma, Jinling Pharmaceutical, etc. In 2007, compared with the overall sustained lower profit margin in the Chinese pharmaceutical industry, these companies have surrendered their investment income. It’s much more dazzling.
First of all, the main income and investment income are often not proportional to the input, making the financial technology of pharmaceutical companies more concerned than the main capacity. Jilin Jidong achieved a net profit of 388 million yuan in 2006, a year-on-year increase of 250.99%; but its operating profit increased by only 13.20%, while investment income increased by 890.65% to 333 million yuan, and investment income almost entirely came from holding GF Securities 27.14%. Equity.
Then, pharmaceutical projects often face multiple dilemmas, and the investment income is fast and rich, which has become a trade-off for pharmaceutical companies. Zhu Baoguo saw the 7-ACA project of Jiaoyuan in Jiaozuo as one of the main growth points in the future at the investor meeting, but the industry is generally not optimistic about this. The reason is that even if this project can solve the problems of environmental protection and cost, once the production capacity of 1,000 tons is put into production, the domestic 7-ACA will soon face a situation of oversupply, and the price has fallen. Therefore, the profit contribution rate of 7-ACA to health yuan will not be great. Similarly, Health Yuan holds 140.58 million shares of Livzon Group. The revenue of Livzon is close to the performance of 2006 in the first quarter. The substantial increase in performance is almost inevitable. In addition, Health Yuan also holds 7.37 million shares of Shandong Haihua. It has also surged four times in the near future, resulting in huge investment returns.
Finally, if the short-term gains of pharmaceutical companies in the investment field are considerable, it is clear that the medium-term has begun to be full of uncertainty, so how can the long-term goals of pharmaceutical companies be achieved? The author believes that the rich returns of investment income make some pharmaceutical companies achieve good results, but it is not a rising model worthy of promotion and emulation, and even a negative demonstration for the non-focus of pharmaceutical companies. The occupation of resources and funds will also drag down research and development. Innovation, industrial upgrading.
In terms of the type of investment income, these pharmaceutical companies are roughly divided into three types:
The first type, a pharmaceutical company that invests in brokerages, is a typical case of Jilin Jidong Investment GF Securities. Although Jilin Jidong was affected by the listing fraud of GF Securities in 2007, due to the long-term optimism about China's capital trading market, the public is still full of confidence in the continued growth of Jilin Jidong's investment income. At the moment when the concept of brokerage is not reduced, the health yuan’s equity of 289.8 million shares of Galaxy Securities, which was obtained at a price of 14.491 million yuan, immediately appeared to be worth a hundred times.
Second, the typical case of a pharmaceutical company with a stock price increase is Fosun Pharma. On April 20, 2007, Zhonghuan was officially listed, with the opening price of RMB 16.80 and the afternoon closing at RMB 17.25, up by 197%. Fosun Pharma shared a total of 376 million yuan in value-added income because it indirectly holds shares in Zhonghuan. This is the second time that Fosun Pharma has publicly shown its value-added investment of more than 10 times in the past six months. At the end of December 2006, Haixiang Pharmaceutical was listed, and the value-added of Fosun Pharma's investment equity exceeded 10 times.
Third, pharmaceutical companies that directly invest in the equity fund market, such as Jinling Pharmaceutical. The amount of Jinling Pharmaceutical's investment in equity funds is 100 million yuan. In 2006, the investment income reached 88 million yuan, and the investment income accounted for 48% of the annual net profit. The amount of stocks arranged by Jinling is nearly 40, mainly related to telecommunications, banking, electric power, aviation, commercial real estate, etc. If the Chinese stock market can triumph all the way, its investment income can naturally increase significantly, but for now, it is uncertain. Very sexual.
As for the overall listed companies in the pharmaceutical industry, the impact factors of the 52.45% increase in the net profit of the pharmaceutical sector in the first quarter of 2007 can be divided into 22% contribution from securities investment income, and 15% contribution from the impact of accounting and amortization accounting policies. The factor contributed approximately 10.6%. (Sohu)

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