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On April 24, Tianxin Pharmaceutical disclosed its 2023 annual report. In the past year, Tianxin Pharmaceutical's revenue and net profit both declined, down 18.34% and 23.51% year-on-year respectively.
Tianxin Pharmaceutical will be listed in 2022, and in the two annual reports handed over one after another, both revenue and net profit have declined. Tianxin Pharmaceutical said that the vitamin industry will continue to be challenging in 2023, with the supply and demand pattern deteriorating and product prices sluggish.
In the two years after listing, net profit fell by nearly 40%.
In 2023, Tianxin Pharmaceutical will achieve revenue of 1.882 billion yuan and net profit of 476 million yuan, down 18.34% and 23.51% year-on-year, respectively.
This is the second annual report handed over by Tianxin Pharmaceutical since its listing, and it is also an annual report with continuous decline in revenue and net profit.
In 2021, Tianxin Pharmaceutical's revenue will be 2.522 billion yuan and its net profit will be 744 million yuan. In just two years, Tianxin Pharmaceutical's revenue and net profit have decreased by 25.38% and 36.02% respectively compared with two years ago.
Source: Wind Information
Source: Wind Information
Tianxin Pharmaceutical said that 2023 will continue to be a challenging year for the vitamin industry, with competition intensifying and the market continuing to be sluggish. The shift of the vitamin industry to a buyer's market is more obvious, and the market price of vitamin products has declined to varying degrees.
In fact, this is related to the single product of Tianxin Pharmaceutical. Founded in 2004, Tianxin Pharmaceutical Co., Ltd. is an enterprise mainly engaged in the research and development, production and sales of monomer vitamin products, including vitamin B6, vitamin B1, biotin, folic acid, vitamin D3, etc. However, it mainly relies on B vitamins, and the revenue of B vitamins in 2023 will be 1.65 billion yuan, accounting for 89.27%, a year-on-year decrease of 16.67%, which will also have a certain impact on its revenue in 2023.
Historical data shows that from 2018 to 2020, the total revenue of vitamin B6 and vitamin B1 accounted for 92.66%, 89.08%, and 75.02% respectively.
However, in recent years, the scale of the company's B vitamins revenue has continued to decline. In 2022, the revenue of B vitamins will be 1.98 billion yuan, a decrease of 10.16% over the same period of the previous year, and a year-on-year decrease of 16.67% in 2023.
In the latest investor exchanges, Tianxin Pharmaceutical said that among the main products, the market prices of vitamin B6 and vitamin B1 have stabilized and rebounded from the bottom, but they are still at a historically low position. The price of vitamins is determined by market supply and demand, and prices will continue to fluctuate in the future.
earned 1.1 billion in two years, but lost nearly 3 billion before listing
After listing, the performance continued to deteriorate, with a total net profit of 1.098 billion yuan in two years. However, before the listing, Tianxin Pharmaceutical paid a cumulative dividend of 2.853 billion yuan.
According to the prospectus, from 2018 to 2020, Tianxin Pharmaceutical paid dividends of 1.001 billion yuan, 788 million yuan, and 1.064 billion yuan respectively, with a cumulative dividend amount of 2.853 billion yuan.
Source: Tianxin Pharmaceutical prospectus
Based on the proportion of shareholdings, about 2.1 billion yuan of the above-mentioned dividends of Tianxin Pharmaceutical fell into the hands of Xu Jiangnan and Xu Jing, the father and daughter.
And this is also deeply criticized by investors, "large-scale dividends before listing, and the performance after listing is getting worse and worse", and the stock price has already broken.
On July 12, 2022, Tianxin Pharmaceutical was listed at an issue price of 36.88 yuan, and its share price rose to 53.11 yuan on the first day of listing. On July 26 of that year, Tianxin Pharmaceutical fell below the issue price, as low as 36.3 yuan. Since September 2022, Tianxin Pharmaceutical's share price has fluctuated below 35 yuan.
On April 24, Tianxin Pharmaceutical closed at 25.78, down 30.1% from the issue price.