CNDSN February 15th news  (China Economic Net) February 7th, Hayao shares released annual report last year, the company realize attributable to shareholders of the listing Corporation's net profit of 247000000 yuan, an increase of 46.50% over the same period last year.

虽然，哈药股份的净利润喜获增长，但投资者却难在短期内与上市公司分享这一喜悦了。根据哈药股份七届五次董事会决议，2014 年度利润分配的预案获得通过。其中高达22亿元的可供分配利润将不予分配。

Although, Hayao shares net profit was awarded the growth, but investors are difficult in the short term and the listing Corporation to share this joy. According to the five session of the seven board of directors Hayao shares resolution, 2014 annual profit distribution plan is obtained by. Which reaches as high as 2200000000 yuan profit available for dividend will not be assigned.

哈药股份将此次决定归因于“医药行业市场竞争日趋激烈，公司运营的市场风险和经营压力不断加大，公司将继续加大市场的投入和终端的开发力度”等原因。实际上，近年来哈药股份已向市场终端的营销变革发力，意在改变过去依靠巨额广告拉动营销的僵化模式。

Hayao shares will this decision attributed to "the pharmaceutical industry increasingly fierce market competition, the company operating the market risk and operating pressure increasing, the reason the company will continue to increase investment and terminal market development efforts". In fact, in recent years has been to force Hayao shares of marketing reform in terminal market, is to change the past relied on the rigid pattern of huge advertising pull marketing.

北京鼎臣医药咨询负责人史立臣对中国经济网记者表示，营销模式的变革是一项系统工程，公司发展战略、产品结构都需要下功夫，并非只是建设几支营销队伍便能解决。“22亿利润不分红，可以看出哈药股份很缺钱；同时，营销模式的变革也需要时间，很难一蹴而就。未来的路还很长，但市场留给一个企业的时间却并不多”。

Beijing Dingchen medical consultation head Shi Lichen told reporters China economy, marketing mode reform is a systematic project, the company's development strategy, product structure need to work hard, not only the construction of several teams of marketing team can solve. "The 2200000000 Profit Dividend, can see Hayao shares very short of money; at the same time, marketing mode change will take time, it is difficult to accomplish at one stroke. The road ahead will be long, but the market for an enterprise's time is not more than".

22亿元可分配利润仍是大饼？

2200000000 yuan of profit distribution is still a pie?

根据哈药股份发布的年度报告，公司去年实现归属于上市公司股东的净利润2.47亿元，较上年同期增加46.50%；每股收益0.13元。实现营业收入165.09亿元，同比下降8.75%。

According to the annual report of Harbin Pharmaceutical shares issued, the company last year to realize attributable to shareholders of the listing Corporation's net profit of 247000000 yuan, an increase of 46.50% over the same period last year; earnings per share 0.13 yuan. To achieve operating income 16509000000 yuan, 8.75% year-on-year drop.

对此，哈药股份解释称，由于公司控股子公司三精制药的外埠商业子公司不再纳入其合并范围；同时受医保控费、各地基药使用政策、招标政策等行业政策影响，公司部分产品销售收入下降；受新版GSP认证影响，公司部分商业客户业务量下降，影响公司销量；此外，公司所属工业企业实施新版GMP认证，造成公司个别产品产能不足。

In this regard, Hayao shares explanation says, because the company owned subsidiary of Sanjing pharmaceutical outside commercial subsidiary, no longer included in the consolidation scope; and affected by the Medicare fee based drug use, control over policy, industry policy bidding policy, part of the company's products sales revenue decline; the version of the GSP certification effect, part of the company's business customers decline in business effect of the company, sales; in addition, the company belongs to the implementation of the new version of GMP certification of industrial enterprises, resulting in the company of individual products lack of capacity.

与年报同时发布的还有哈药股份七届五次董事会决议的公告，该公告显示，2014 年度利润分配的预案获得通过。其中高达22亿元的可供分配利润将不予分配。

The resolution issued with the annual report of the seven session of five and Hayao shares the board of directors of the announcement, the announcement shows, 2014 annual profit distribution plan is obtained by. Which reaches as high as 2200000000 yuan profit available for dividend will not be assigned.

哈药股份表示，在公司 2014 年度母公司实现净利润 2.76亿元，依照《公司法》和《公司章程》规定，按母公司净利润的 10%提取法定盈余公积 2760.38万元，加上年初未分配利润 21.12亿元，扣除2014 年已分配现金股利1.27亿元，2014 年可供分配利润为 22.34亿元。

Hayao shares said, to achieve a net profit of 276000000 yuan in the year 2014 the company parent company, in accordance with the "company law" and "articles of incorporation" provisions, according to the net profit of the parent company of the 10% statutory surplus reserve 27603800 yuan, coupled with the beginning of undistributed profits of 2112000000 yuan, after deducting the cash dividend distribution of 127000000 yuan 2014, 2014 available for distribution profit is 2234000000 yuan.

对于此次不分配利润的原因，哈药股份则解释称，近年来，医药行业市场竞争日趋激烈，公司运营的市场风险和经营压力不断加大。为保持公司持续稳定发展，公司将继续加大市场的投入和终端的开发力度，同时，为了提升产品质量和实施技改项目，公司仍需投入较多的改造资金。鉴于公司利润实现情况及公司未来发展需要，为保证公司生产运营所需的现金流充裕，降低公司因外部融资产生的成本，经公司董事会研究，本年度拟不进行利润分配，也不进行资本公积转增股本。未分配的利润将继续留存公司用于再发展，未来以更好的发展来给股东更大的回报。

The reason for the no distribution of profits, Hayao shares are explained, in recent years, the pharmaceutical industry increasingly fierce market competition, the company operating the market risk and operating pressure increasing. In order to maintain the sustained and stable development of the company, the company will continue to increase investment and terminal market development efforts, at the same time, in order to improve product quality and implementation of the technological transformation project, the transformation funds companies still need to invest more. In view of corporate profits and the company's future development needs, for the needs of production and operation of the Surety Company, ample cash flow, the company generated by reducing the cost of external financing, will study the company's board, this year to be no distribution of profits, nor capital reserve into shares of the. Undistributed profit will continue to retain the company for further development, the future to develop to give shareholders a bigger return.

中国经济网记者查阅哈药股份历年公告发现，哈药股份自上市以来的11年累计分红 14 次，累计分红金额为 27.81 亿元。

Chinese Economic Net reporters access to Hayao shares over the years that announcement, Hayao shares since listing the 11 year cumulative dividend cumulative dividends of 14 times, the amount of 2781000000 yuan.

去年4月，哈药股份曾发布了《哈药集团股份有限公司未来三年股东回报规划(2014 年-2016 年)》（下称《股东回报规划》），提到“在符合利润分配的条件、保证公司正常经营和长远发展的前提下，公司原则上每年度进行一次利润分配。在有条件的情况下，公司可以进行中期现金分红”。

Last April, Harbin Pharmaceutical shares have been issued "Harbin Pharmaceutical Group Limited by Share Ltd in the future three years the returns to shareholders plan (2014 -2016 years)" (hereinafter referred to as the "shareholder returns," planning ") referred to in compliance with the conditions of normal operation of distribution of profits, Surety Company and the long-term development of the company under the principle of each year, a profit distribution. In the case of conditions, the company can conduct an Interim Cash dividend".

显然，以目前的预案来看，哈药股份2014年并不存在现金分红。因此，有股民在股吧里抱怨“哈药无诚信，没有兑现每年分红的承诺”、“这一利润分配的预案应该叫做利润不分配预案”。

Obviously, to the current plan, Hayao shares did not exist in 2014 cash dividend. Therefore, some investors in shares that "Hayao without integrity, no cash annual dividend commitment", "the profit distribution plan should be called profit distribution plan".

不过，在《股东回报规划》中，关于现金分红的条件共有四项，分别为（1）审计机构对公司该年度财务报告出具标准无保留意见的审计报告；（2）公司年度实现的可供分配利润（即公司弥补亏损、提取公积金后所余的税后利润）为正值；（3）公司无重大投资计划或无重大现金支出等事项发生（募集资金项目除外）；（4）公司盈利水平和现金流量能够满足公司的持续经营和长远发展。

However, in the "planning" returns to shareholders in cash dividends, on the condition of a total of four, respectively (1) audit report audit institutions without reservations to companies in the annual financial report issued standard; (2) the company annual distributable profit (namely the company for making up losses, for the remainder of the extraction of provident fund after the profit after tax) to be positive; (3) the company did not have any significant investment plan or no significant cash payments (except for matters such as the occurrence of fund-raising projects); (4) the company profitability and cash flow to meet the sustainable operation and long-term development of the company.

对于此次（2014年）无法实现现金分红的具体原因，中国经济网记者致电哈药股份证券部，对方表示：“一切以《2014 年度利润分配的预案》中的原因为准”。

For this (2014) the specific reasons can not realize the cash dividend, Chinese Economic Net reporters call Hayao shares securities department, the other said: "all in" reason 2014 annual profit distribution plan "as the standard".

No dividend behind: institutional holdings, marketing short board to fill

哈药股份12月16日晚间公告，公司于2014年12月16日收到公司持股5%以上股东中国建银投资有限责任公司通知，获悉建银投资于2008年2月19日至2014年12月16日期间，通过集中竞价系统累计减持公司股份9188.21万股，占公司总股本的5%。本次减持后建银投资持有公司股份降至7.07%。

Hayao shares in December 16th evening bulletin, the company in December 16, 2014 received the company holding 5% or more shareholders China Jianyin Investment Limited liability company notice informed Jianyin Investment from February 19, 2008 to December 16, 2014 period, through the centralized bidding system accumulated to reduce shares 91882100 shares, the total share capital of 5%. After this reduction Jianyin Investment holding shares of the company to 7.07%.

同花顺数据显示，2014年二季度时，有71家机构共持有哈药股份38.55%的流通股，2014年9月30日统计的数据显示，此季度持有公司股票的机构虽然只有11家，但持股比例却增长到了39.23%。然而，到了2014年第四季度，仅剩三家机构持有1.14%的股票。

Flush the data display, the two quarter of 2014, there are 71 institutions hold Hayao shares 38.55% shares in circulation, September 30, 2014 statistics, this quarter holding company stock agencies although only 11, but the proportion of shareholding was increased to 39.23%. However, in the 2014 fourth quarter, only three institutions to hold 1.14% of the shares.

实际上，在机构纷纷减持避走的背后，是哈药股份差强人意的业绩。虽然，公司去年实现归属于上市公司股东的净利润2.47亿元，较2013年度净利润增加46.50%。但不得不提的是，2013年的净利润仅为1.69亿元，与2012年度的净利润相比已下降了66.24%。

In fact, in the institutions have to reduce the obstacle to walk behind, is Hayao shares unsatisfactory performance. Although the company last year, realize attributable to shareholders of the listing Corporation's net profit of 247000000 yuan, an increase of 46.50% over the 2013 annual net profit. But had to mention that in 2013 net profit of only 169000000 yuan, net profit of 2012 year has dropped by 66.24% compared with the.

值得注意的是，2014年度财报披露，包括哈药集团三精制药股份有限公司、哈药集团医药有限公司、哈药集团生物工程有限公司在内的三家公司共为哈药股份贡献了共计4.05亿元的净利润，但哈药股份最后的净利润仅2.47亿元。

It is worth noting that the 2014 annual report disclosure, three companies including Sanjing pharmaceutical Limited by Share Ltd, Harbin Pharmaceutical Group Pharmaceutical Co., Ltd., Harbin Pharmaceutical Group Biological Engineering Co Ltd, a total of Hayao shares contributed a total net profit of 405000000 yuan, but net profit Hayao shares last only 247000000 yuan.

而在现金流方面，公司2014年度投资活动产生的现金流量净额为-3.85亿元。筹资活动产生的现金流为-1.53亿元。在如此紧张的现金流下，哈药股份选择不分红便不难理解。

In the cash flow, net cash flow of the company 2014 annual investment activities billion for -3.85. Cash flow from financing activities billion for -1.53. In such a tight cash flow, Hayao shares choose not to share out bonus is not difficult to understand.

在哈药股份往年的财报中，广告费用支出一直备受关注。在公司的2014年财报中，其广告费用为5.40亿元，占据营业收入的3.27%，与往年高昂的广告投入比例相比，已明显下降。史立臣认为，广告费用的大幅下降，也在一定程度上增厚了公司业绩。

In Hayao shares the earnings in the previous years, the cost of advertising expenditures has been the concern of. In the company's 2014 earnings, its advertising cost is 540000000 yuan, occupy the 3.27% of revenue, compared with the previous high advertising investment proportion has decreased significantly. Shi Lichen think, a substantial decline in advertising costs, also to a certain extent, thickening of the performance of the company.

实际上，哈药股份以广告拉动营销的模式一直深受业内诟病。相关资料显示，从1999年开始，哈药在国内各大卫视投放广告，每位电视观众打开电视机，十分钟之内，无论哪个卫视台还是地方电视台都可以看到三精制药和哈药六厂的广告。

In fact, Hayao shares by pulling ads marketing model has been criticized by the industry. Relevant data show that from the beginning of 1999, Harbin pharmaceutical advertising in the domestic each big TV, every TV audiences turn on the TV, in ten minutes, no matter what the TV station or local TV station can see Sanjing pharmaceutical and medicine six factory ads.

据哈药股份相关财报显示，2010年，广告费用为3.66亿元，2011年增长为4.14亿元，增幅超过其营业收入的增长速度。而三精的OTC品种更多，因此广告投放力度也更大，2010年广告费用占其营业收入的21.9%，2011年这一比例也高达14.1%。

According to Hayao shares related reports show that in 2010, the advertising expenses is 366000000 yuan, in 2011 increased to 414000000 yuan, an increase of more than its operating income growth rate. The Sanjing OTC more varieties, so advertising more forceful, in 2010 the advertising expenses of its operating income of 21.9%, in 2011, this proportion is as high as 14.1%.

在一定时期里，“哈药模式”给哈药集团创造了销售奇迹，但随着市场竞争的加剧，以强势广告制造市场需求并实现盈利剧增的“哈药模式”，遭遇了前所未有的危机。哈药股份2013年净利润的大幅下滑便是印证。

In a certain period, "Harbin mode" to create sales miracle to Harbin Pharmaceutical Group, but with the aggravation of the market competition, with a strong advertising production market demand and to achieve profit increase "Hayao mode", an unprecedented crisis. Harbin Pharmaceutical shares fell sharply in 2013 net profit is confirmed.

史立臣认为“在‘哈药模式’成功的背后，忽略了企业的终端布局，真正缺少的是终端拉动力，市场划分粗放，缺乏立体精细化的市场布局规划。

Shi Lichen believes that "in the 'behind Hayao mode' success, ignoring the terminal layout of the enterprise, the real is the lack of terminal pulling force, extensive market division, the lack of market layout planning three-dimensional refinement.

“为了弥补过去的营销短板，哈药集团从2013年便开始营销变革，加强终端布局，但这是一个系统的工程，公司发展战略、产品结构都需下功夫，并非只是建设几支营销队伍就能一蹴而就”，史立臣表示，“营销模式的变革需要大量资金，更需要时间。2015年是中国医药的招标大年，这也正好是考验其营销变革成绩的时候”。

"In order to make up for past marketing short board, Harbin Pharmaceutical Group began marketing change from 2013, to strengthen the terminal layout, but this is a systematic project, the company's development strategy, product structure need efforts, not only the construction of several teams of marketing team can accomplish at one stroke," the history of Li Chen said, "marketing model needs change a lot of money, need more time. 2015 is the China pharmaceutical bidding Danian, it also happens when the transformation of marketing performance test".

据悉，截至今年年初目前已有近半省份开启了新一轮的药品招标，而卫计委文件要求各省在2015年6月前完成新一轮的药品招标，预计在接下来的时间里各省将加快招标进程。

It is reported that as of the beginning of this year now has nearly half provinces has opened a new round of drug bidding, while the guardian Committee of planning documents requiring the completion of a new round of medicine public bidding in 2015 June, is expected in the next time the provinces will speed up the bidding process.

“药品招标很考验药企的营销能力、政府事务能力，哈药短期内营销模式变革很难见到成效”，史立臣认为，作为老牌国企，哈药在营销模式的变革还要依托国企改革，从根本上改变老国企思维，而这些都不是短期内能完成的。“哈药股份与三精制药之间一直存在同业竞争的问题，这反映出公司整体战略布局、产品结构上的诸多不足，所以单纯变革营销模式也是远远不够的。未来的路还很长，但市场留给一个企业的时间却并不多”。

"The marketing ability, the ability of government affairs of drug bidding is the test of pharmaceutical companies, Hayao short-term change of marketing mode is very difficult to see effect", Shi Lichen thinks, as a veteran of state-owned enterprises, Hayao in marketing model changes but also depend on the reform of state-owned enterprises, state-owned enterprises to change the old thinking fundamentally, these are not complete the short term. "There have been competition between Hayao shares and Sanjing pharmaceutical problems, it reflects many problems the company's overall strategic layout, product structure, so simply to change the marketing mode is not enough. The road ahead will be long, but the market for an enterprise's time is not more than".

中国经济网记者注意到，目前哈药股份与三精制药均已停牌。相关公告显示，公司正在筹划解决与控股子公司三精制药同业竞争有关的重大事项。▲

China economic network reporter noticed, at present Hayao shares and Sanjing pharmaceutical have been suspended. The related announcement, the company is planning to solve and holding subsidiaries Sanjing pharmaceutical industry competition important matters relating to the. *

（原标题：手握22亿元利润不分红 哈药股份缺钱更缺时间？）

(original title: hand of 2200000000 yuan of profits nonparticipating Hayao shares money more lack of time?)

责任编辑：小申

Editor: small Shen