Northeast Pharmaceutical cash wall and screen! The results of the mixed reform show that the annual revenue of 15 billion is just around the corner?

On January 8, wechat circle of friends circulated a picture with the words "2020 Northeast Pharmaceutical employees and retirees bonus payment ceremony" written on it In front of the subtitle board, there was also a pile of red envelope cash hills Pictures from the Internet In fact, this is not the first year of Dongbei pharmaceutical As early as the same period last year, a group of photos of Dongbei pharmaceutical's cash wall sending red envelopes were painted on the screen The man standing behind Dongbei pharmaceutical is Fang Wei, chairman of the board of directors of Fangda group Since the mixed reform of Northeast Pharmaceutical was launched in 2018, Fangda group has invested 1.2 billion yuan to become the company's largest shareholder, and Fangwei has correspondingly become the new actual controller of the company Fangwei not only brings forward the excellent performance of Fangda group in rewarding employees for the cash at the end of the year, but also gives a new opportunity to the once faltering Northeast Pharmaceutical within two years As an old brand pharmaceutical enterprise in China, due to the unfavorable transformation, the days of Northeast Pharmaceutical have been deteriorating in recent years From 2011 to 2016, Northeast Pharmaceutical made a continuous loss of non net profit, which were 469 million yuan, 354 million yuan, 208 million yuan, 0876 million yuan, 377 million yuan and 11 million yuan, respectively In 2018, Northeast Pharmaceutical started mixed reform In May of that year, Fangda Group invested 673 million yuan to subscribe for the non-public offering shares of Northeast Pharmaceutical and became the second largest shareholder of the company Later, it increased its holding twice in half a month, leaping to become the largest shareholder of the company, with a total cost of nearly 1.2 billion yuan In July of that year, Northeast Pharmaceutical released its first financial report after its new owner, which showed that in 2018, it achieved revenue of 7.466 billion yuan, an increase of 31.54% year on year, and net profit of 195 million yuan, an increase of 64.04% year on year According to the third quarter report of 2019 released by Northeast Pharmaceutical last year, the operating revenue in the first three quarters of last year was 6.048 billion yuan, up 7.67% year on year, and the net profit attributable to shareholders of listed companies was 175 million yuan, up 11.89% year on year It can be said that as a mixed reform, Northeast Pharmaceutical has set an example for other old pharmaceutical enterprises that are not in favor of transformation However, there are two sides to talk about Whether Northeast Pharmaceutical will cause the loss of state-owned assets is also a controversial topic when it changes from traditional state-owned enterprises to private capital control There have been public concerns before: will state-owned assets flow into the pockets of a few people in the process of mixed ownership reform of state-owned enterprises? In fact, one of the highlights of the mixed reform of Northeast Pharmaceutical industry is that the management of state-owned assets has changed from managing assets and enterprises to managing capital in the past, which can not only realize effective supervision, but also realize the flow layout of state-owned capital With the help of private capital, the regulators intend to realize the value-added of state-owned assets After all, mixed reform is only a means After the mixed reform of Northeast Pharmaceutical, the modern professional manager system was introduced in an all-round way Before the mixed reform, Northeast Pharmaceutical was known as the "Iron Rooster" in the industry After Fangda group took over, it successively launched a series of measures such as executive equity incentive plan, key employee stock ownership plan and the implementation of a 50% increase in the fixed salary of all employees At the same time, Fang Da also greatly reduced the cost control of Northeast Pharmaceutical During more than five months after taking over, the purchase cost of Northeast Pharmaceutical decreased by as much as 80 million yuan And this is also the same strategy adopted by Nissan's car Savior, Ghosn, when he took over Nissan in the first place Although Northeast Pharmaceutical has improved its performance after the introduction of private capital, as a well-known enterprise, some of its problems are not easy to be solved by accumulating over time According to its half year report last year, in terms of its business revenue structure, Northeast Pharmaceutical's vitamin C sales volume is not listed separately as in the previous annual report The reason may be that Northeast Pharmaceutical relies too much on the performance of vitamin C, which may have a negative impact on the overall revenue structure of the company In fact, there are precedents to follow In 2016, thanks to the soaring vitamin C market, Northeast Pharmaceutical finally stepped out of the vicious circle of continuous profit and loss cycle, achieving two consecutive years of positive performance growth However, at present, the cycle of vitamin C price rise is long over, and its price has continued to fall since 2018 The latest domestic vitamin C quotation basically returned to the level before the price rise at the end of 2016 It can be expected that this will affect the performance of Northeast Pharmaceutical throughout the year In the 2018 annual report of Northeast Pharmaceutical, the target of operating revenue in 2019 is determined to be 15 billion yuan, and the net profit is expected to increase by no less than 50% compared with that in 2018 However, at present, the price of vitamin drugs, the main product, has dropped, especially when the operating revenue in the first three quarters of last year is only 6.048 billion yuan, so it is not easy to achieve the annual revenue of 15 billion yuan Northeast Pharmaceutical is not the only pharmaceutical enterprise in Northeast China that attempts to obtain a life span through mixed reform Harbin Pharmaceutical Group has also recorded mixed reform twice before, but it is worth mentioning that compared with Northeast Pharmaceutical, the mixed reform of Harbin Pharmaceutical is not smooth Harbin Pharmaceutical once introduced CITIC Capital in 2017 On June 6 of that year, CITIC Capital received 45% of Harbin Pharmaceutical Group shares held by Warburg Pincus investment, which is comparable to the shares held by Harbin SASAC.