2016-10-10 16:00
The decline in the performance of Hu Conba epitaxial acquisitions Yuzuo quarter strong big cake
After the listing, Conba frequently staged acquisition drama. It is in this way under the guidance of the chairman Hu Jiqiang, Conba continues to expand.
In 2014, Conba with 995 million yuan from the hands of Zhu Lin bought a 51% stake in the Guizhou bight, secretaries Yang Junde said publicly that the pharmaceutical industry mergers and acquisitions under the support of national policy, the company will continue the acquisition of pharmaceutical companies and related industry.
The end of the year, Conba Zhen Cheng pharmaceutical 30.81% stake in my arms. Then, in 2015, Guizhou Beit Conba again to buy the remaining shares, the latter wholly owned.
The acquisition of a series of extension, and did not improve the profitability of kangenbei. The report shows that, in 2015, Conba net profit of 440 million, down 20.34%; the first half of this year, Conba net profit of 307 million, down 30.2%.
Spread out a lot of money, in exchange for income does not increase the profit of the outcome. Therefore, the media began to focus on the extension Conba acquisition strategy.
"Securities market weekly" in the report pointed out that comparing the first half of the company's profitability and molecular data found that the acquisition of the company has become the main revenue in addition, Conba; part of the acquisition of the underlying assets also mention the quality. Therefore, reported that Conba relies heavily on epitaxial acquisitions, endogenous growth.
Then, according to reports, Conba responded one by one. In the announcement, Conba also admitted that, due to the company's marketing team construction schedule is not ideal, some key species such as QianLieKang, Zhenshiming marketing mode, failed to break through the bottleneck and other reasons, resulting in the company endogenous growth is not ideal.
Conba how to reverse this situation? Still bet to "foreign monks" body? In this regard, China economic network reporter linked to Conba dongmi Yang Junde, the other said, the company notice to respond to the content.
Hu quarter strong fluctuations in qualifying as a warning for the future
In 2013, the 20 anniversary of the establishment of Kangenbei, "medical managers" magazine published an internal speech Conba chairman Hu Jiqiang.
In this internal speech, according to the data of top 100 pharmaceutical industry, Hu pointed out that the status of the industry quarter strong, Conba is declining, and predicted that "the strong stronger and the advantage of enterprise, industry concentration and integration of efforts to further increase our actual position in the industry is likely to retreat."
From the following two Conba ranking in the industry situation, Hu Jiqiang's prediction is not very accurate.
In 2012, China pharmaceutical industry top 100 list, Conba ranked 39 in 2013; the top 100 pharmaceutical industry top 100 enterprises, Conba has slipped to 72 place; in 2014, ranking rose to 54 Conba; 2015, Conba again rose three ranking, ranking 51 in the industry.
In addition, Hu Jiqiang also said that although the company has been committed to the development of new drugs, but the existing products did not do enough.
When talking about, why not Conba the rapid development of Hu Jiqiang said, brand management level is not high, the lack of big brands, a large variety of real size. "We have not yet fully solved the transformation from product management to brand management, do not fully understand the connotation of the brand, not really grasp the brand management skills, there is no formation of brand core competitiveness, did not realize the transition from" business opportunity "to the operational capacity, our operating capacity has not been real ascension."
However, although the industry rankings fluctuate, but overall, Conba results are based on a steady rise. From the data, 2011 to 2014, Conba revenues were 2 billion 123 million and 2 billion 734 million, 2 billion 924 million and 3 billion 582 million, net profit was 280 million, 293 million, 417 million and 552 million.
Epitaxial acquisition of big cake
In 2015, Conba revenue scale directly exceeded 5 billion mark, reaching 5 billion 202 million. However, Conba "management ability" promotion, and the acquisition of secret inseparable relationship.
As everyone knows, 2014, Conba first 995 million yuan in cash to buy 51% stake in Guizhou bight. At that time, Beit Guizhou promised in 2014 net profit forecast to 2016 the number of approximately RMB 243 million, 273 million, 300 million.
In addition, the two sides in the agreement on gambling also said that if Guizhou Beit 2014 2016 to the year three fiscal year cumulative net profit after deduction of non realization amounted to about 900 million yuan, and 2016 annual net profit after deducting non recurring gains and losses after not less than 330 million yuan, will pay an additional 200 million Conba yuan of price.
At that time, in an interview, secretaries Yang Junde said publicly that the pharmaceutical industry mergers and acquisitions under the support of national policy, the company will continue the acquisition of pharmaceutical companies and business related, but the specific timetable has not been decided. It depends on the timing".
In December of the same year, Conba Zhencheng medicine to 271 million acquisition of 49 million 300 thousand shares, which accounted for 30.81% of the total share capital.
At the beginning of last May, Conba also took 956 million from Zhu Lin to buy a 49% stake in Guizhou Beit, the Beit Guizhou wholly owned.
At the end of May, Conba shot again Zhencheng medicine for $233 million, to buy 42 million 300 thousand shares of Zhencheng medicine. After the completion of the acquisition, with a 57.25% stake, Conba achieved absolute control of Zhencheng medicine.
Who is the main revenue Kangenbei?
In fact, no major varieties in the product structure of a piece of heart disease has been conba.
Public data shows, modern plant medicine Conba main. In 2014, the acquisition of Guizhou bight, market analysts believe that the acquisition of Guizhou in the main products for Salviae Miltiorrhizae and Ligustrazine Hydrochloride Injection, the main component of herbal extracts of Danshensu and ligustrazine hydrochloride injection, the market after years of development and application in the domestic treatment of cardiovascular diseases has been ranked among the forefront of the market, mergers and acquisitions to make up for the heavy Conba currently no a large variety of defects.
After the acquisition, Guizhou Beit performance has been steadily. Analysts have pointed out that, at present, the product structure is mainly Conba, 600 million varieties of 300 million varieties: Salviae Miltiorrhizae and Ligustrazine Hydrochloride Injection, Changyanning, Jin Aokang, Le Xin, 200 million varieties: Taponin, QianLieKang, 100 million varieties: tetrandrine, Niuhuangshangqing capsules, treasure Ming, dragon Tonglin capsule, acetyl cysteine amino acid.
There is no doubt that Salviae Miltiorrhizae and Ligustrazine Hydrochloride Injection has become the Guizhou Beit Conba main products.
In addition, this year's semi annual report data show that in the published Conba 10 subsidiaries, Guizhou Beit data is very eye-catching. The first half of the year, Guizhou Beit revenues 313 million, net profit of 203 million, net interest rate as high as 64.86%.
In addition, the acquisition of the current Zhen Cheng pharmaceutical revenues of 1 billion 121 million, accounting for 36.75% of the total revenue of the first half of Kangenbei; net profit is only 2 million 800 thousand yuan, two data completion rates were 32.82%, 3.40%.
This calculation, the acquisition of the Guizhou and the special become Conba main money; Zhencheng medicine is one of the main contributions of the revenue.
In response to reports, Conba also admitted that endogenous growth is not ideal. Conba company also said that in addition to the above measures the stability of implementation, to further promote the integration of marketing and management, improve operational efficiency, reduce costs; and continue to pay attention to the pharmaceutical industry policy changes, from the "crisis", to find a breakthrough in the development of new opportunities.
So, if you want to get rid of dependence on the acquisition of Kangenbei, is not easy. "New drug research and development and promotion, the need for a certain period of. In the short term to enhance the performance of the company, the acquisition is certainly the most convenient way. However, the sequelae of this approach is also very difficult to eradicate." An industry analyst said. 3
(original title: Hu Conba performance decline of endogenous growth quarter strong extension to acquire puffiness calcium)
Editor: Xiao Shen
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