Lu network December 26th news (reporter Lu Shanshan) the young step pharmaceutical Limited by Share Ltd stock once the head of the most expensive shares listed A shares market, become the title of billion club (Buchang pharmaceutical.603858.SH) this winter, it seems a bit cold. Above Friday's closing price, the market value was as high as 106 billion yuan of Buchang pharmaceutical has shrunk to 35 billion 100 million yuan, a year short time about 70000000000 market value evaporated, so many investors marvel.
shares fell to zero, shareholders sigh,
step medicine is a well-known Chinese patent medicine enterprise, and is in the leading position in the cardiovascular field under the pharmaceutical segmentation industry.
2016 in November 18th, Buchang pharmaceutical landing Shanghai Stock Exchange main board, the issue price of 55.88 yuan, open trading board in 7 trading days, the highest price reached 155.41 yuan / share, rose 1.78 times, limitless scenery. If investors have a good fortune to sell a stock, they can earn 100 thousand yuan.
however Buchang pharmaceutical summit in good times don't last long, quickly turned down channel, shares in early 2017 after a slight rebound in the way down until the break, today almost no larger chance. It closed at 50.65 yuan yesterday, and the market value evaporated by about 70000000000 yuan at the highest value. The logic of increasing
's income but not increasing the profits of
's share price is the performance of the step - long pharmaceutical market.
financial data show that the 2013-2015 year long operation revenue is about 8 billion 590 million yuan, 10 billion 300 million yuan and 11 billion 700 million yuan, respectively. The corresponding net profit is 1 billion 170 million yuan, 1 billion 320 million yuan and 3 billion 540 million yuan respectively. No matter the operating income or the net profit to the mother, the company is increasing year by year before the market. In the year of
2015, the profit from the merger of pharmaceutical companies helped to create the peak of the company's performance in the first year of the market. The net profit increased by 1.67 times compared with the same period last year. However, after the listing, the company continued to see the embarrassment of increasing profits and not increasing profits. The first annual report of
step size pharmaceutical in the post - market report showed a slowdown in revenue growth and nearly 50% of the net profit of the return to mother's net profit. 2016 annual report shows that the net profit of step pharmaceutical is about 1 billion 769 million yuan, down nearly 50% compared with the same period last year, and its revenue is 12 billion 321 million yuan, though it keeps increasing, but the increase is only 6%.
and pharmaceutical step this year's performance is not satisfactory, before the three quarter operating income of about 9 billion 446 million yuan, an increase of only 4.92%; and the corresponding net profit of about 1 billion 130 million yuan, down 10.2%.
sales performance after the listing of the face at the same time, the high step pharmaceutical market and academic promotion fee has been controversial.
according to the prospectus disclosure of Buchang pharmaceutical company, 2013-2015 market and academic promotion expenses were approximately 4 billion 466 million yuan, 5 billion 183 million yuan and 5 billion 841 million yuan, accounting for the proportion of the total cost of sales over the same period of up to 89.69%, 86.79%, 88.87%, and the cost of sales accounted for revenues of 57.96%, 57.79%, 56.39%, significantly higher than the level of the same industry. In the prospectus, step size pharmaceutical disclosed the average sales cost of Listed Companies in the same industry for 2013-2015 years, accounting for 47.4%, 43.92 and 44.64% respectively.
in 2016, the step is pharmaceutical market, its market and academic promotion expenses reached a new high of 6 billion 13 million, accounted for the cost of sales 87.78%, while sales expenses accounted for revenue ratio up to 55.6%. By contrast, the development cost in 2016 was only 398 million, accounting for 4.21% of revenue.
step length pharmaceutical 2016 annual report,
step size pharmaceutical, 2017 three quarter financial report, the first three quarters of the sales cost amounted to 5 billion 560 million yuan, accounting for 58.9% of revenue, far beyond the industry level. The disclosure in the first half of R & D investment is only 136 million yuan, accounting for the proportion of revenues for 1.67%
flagship product quality supervision was worrying
step in Chinese medicine pharmaceutical research and development, production and sales, three of its patented products of Naoxintong capsule, Wenxin granule and Danhong injection for its contribution to a considerable proportion of high performance. According to the step size pharmaceutical prospectus in 2016, the risk of ranking first is the relative concentration of the product.
, but the company's flagship product is facing regulatory risk, according to the drug intelligence network auxiliary and key monitoring drug database in December 7th disclosed that Danhong injection, since 2015 in 11 provinces (city) 26 times by the early warning (strict monitoring), restrictions on the use, even stopped at any time to face the risk of.
photograph: China Economic Net
pharmaceutical step response, R & D and production of products to ensure quality and time to accept supervision of the relevant departments, has not yet appeared to stop using, the rumors are not true.
prospectus in accordance with the step size pharmaceutical before the market, in 2013