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Reporter | Jin Miao
Edit | Xie Xin
On April 21, Harbin Pharmaceutical Co.
, Ltd.
announced that the company received an inquiry letter from the Shanghai Stock Exchange regarding the supervision of the 2020 annual report
.
In the inquiry letter, the Shanghai Stock Exchange requested Harbin Pharmaceuticals to explain the reasons for the decline in revenue in various segments, the rationality of the gross profit margin changes, the inventory of products, and the reasons for the sharp decline in revenue in foreign regions
Harbin Pharmaceuticals' previous 2020 annual report showed that in 2020, Harbin Pharmaceuticals achieved revenue of 10.
788 billion yuan and net profit attributable to the parent of 1.
078 billion yuan.
The two were down by 8.
76% and 2030% year-on-year, respectively, and they suffered losses for the first time since listing
.
Relying on branded products such as calcium gluconate oral liquid, "Gaizhonggai", Sanjing Shuanghuanglian oral liquid, and overwhelming bombing of TV advertisements, Harbin Pharmaceutical is well-known to the Chinese in the TV era, and it also relies on TV advertisements for marketing.
For many years, it has occupied the top five positions in China's pharmaceutical industry rankings
.
But now, in 2020, the main revenue of Harbin Pharmaceuticals' pharmaceutical industry segment is 2.
768 billion yuan, and the main revenue of pharmaceutical business segment is 7.
973 billion yuan
.
Among them, the revenue of the industrial sector fell by 19.
Harbin Pharmaceuticals stated that due to the impact of the new crown epidemic and the fluctuations in the pharmaceutical market environment, the sales of some core products in the company’s industrial sector have declined, the business hours of various terminal stores in the commercial sector have decreased, and the sale of drugs in some therapeutic areas is restricted or banned.
Part of the terminal has been closed and restricted, and the operating income of Harbin Pharmaceutical OTC and prescription drugs has been affected
.
Harbin Pharmaceutical President Xu Haiying also said at a recent industry conference that under the pressure of centralized procurement, generic drugs of generic drugs are in a tragic situation and basically have no profits.
Harbin Pharmaceuticals has no profit or even loses money in the bidding of drugs in the recruitment process
.
The annual report shows that in 2020 Harbin Pharmaceutical's stocks of calcium gluconate oral solution (with sugar), zinc gluconate oral solution, Shuanghuanglian oral solution, and pediatric paracetamol Huangnamin granules increased by 218%, 5068%, 271% and 520% year-on-year.
%.
Among them, the inventory of Pediatric Paracetamol Huang Namin Granules is almost the same as the sales volume in 2020
.
Harbin Pharmaceutical explained in the annual report that the high inventory of pediatric paracetamol Huangnamin granules was mainly due to the new crown epidemic at the end of 2019.
All terminals were stocked up, but the ban on cold medicines in various places caused inventory backlogs
.
In 2020, the product is in the stage of reducing channel inventory
The sales and inventory of the above-mentioned key products are also the focus of the SSE.
The SSE requires Harbin Pharmaceuticals to combine the main products in and out of the medical insurance catalog, the restricted medication catalog, and the quantity purchase, as well as whether it has passed the consistency evaluation and whether it has won the bid.
Reasons for the decline in revenue in segmented areas
.
In addition, it is necessary to combine the sales and inventory levels of the main products in the past three years to explain whether the main products are unsalable and whether the relevant impairment provisions are adequately accrued
Financial data shows that in the past five years, Harbin Pharmaceutical's inventory reached a record high in 2019, reaching 2.
026 billion
.
Although it declined in 2020, it also reached 1.
However, although the sales amount has decreased, Harbin Pharmaceutical's sales expenses have maintained substantial growth
.
In 2020, Harbin Pharmaceutical's sales expenses were 1.
The Shanghai Stock Exchange required Harbin Pharmaceuticals to explain the reasons for the mismatch between sales expenses and changes in operating income, and explain the reasons for the sharp increase in advertising expenses and office travel expenses during the epidemic
In addition, the situation of GNC, the US health care product giant acquired by Harbin Pharmaceuticals, is still not optimistic.
The Shanghai Stock Exchange required Harbin Pharmaceuticals to explain the accounting treatment and basis of GNC's convertible preferred shares since its investment, and explain the company's related rights and obligations after GNC's bankruptcy and GNC's operating conditions
