#以书之名#
To sum up, this case at that time constituted four major financial risk points in terms of accounts receivable:
1) High accounts receivable VS high gross profit margin;
2) Decline in operating income vs. increase in accounts receivable;
3) The proportion of accounts receivable in revenue fluctuates significantly before and after the IPO window;
4) During the IPO reporting period, there were new abnormally large customers, and the recovery rate of accounts receivable was greatly improved;
After all, the above is several years ago, and even if the regulator intervenes, I am afraid it will not be traced back that long.
Let's turn the page of the previous stage and continue to read the story after that.
From 2014 to 2016, the growth rate of fixed asset investment in this industry remained low, and in 2015, the new version of GMP certification was basically completed
As a result, the year-on-year growth rate of fixed asset investment in the pharmaceutical industry slowed down to the lowest point in nearly eight years, at 10%.
As the demander of pharmaceutical equipment, the amount of investment in fixed assets by pharmaceutical companies will directly affect pharmaceutical equipment manufacturers. During this period, the performance of Qianshan Yao Machine, which had previously been stable, began to loosen.
Let's take a look at the performance of this period of time. Overall, the growth of revenue and net profit fluctuated greatly, with a slight decline in gross profit margin and an increase in net profit margin
Note that there are two important milestones: 2015 and 2016.
Let's take a look at 2015 - its revenue showed a negative growth of -8.8%, a new low, and secondly, during the whole period, under the premise that the gross profit margin remained basically stable, the net profit margin of sales fell sharply, from 22.5% (2014) to 6.9% (2015)
Net profit plummeted because the pharmaceutical industry ushered in strict regulations in 2015.
2015 is the deadline for the new GMP certification, and the 2015 version of the Chinese Pharmacopoeia was implemented in the same year, and unannounced inspections were normalized
According to public reports, as of September 2, a total of 64 pharmaceutical companies have had their GMP certificates withdrawn
In addition, the implementation of drug review is the "four strictest", and the four strictest are standards, supervision, punishment and accountability.
By the end of the year, pharmaceutical companies had applied to the competent authorities to withdraw a total of 727 products, and 34 were rejected by the CFDA
The GMP certification of Qianshan Yaoji's subsidiary was greatly discounted due to the failure to meet expectations, and the revenue growth rate of medical machinery fell sharply, with revenue falling from 562 million yuan to 258 million yuan, a decrease of 54%.
While revenue declined, expenses also increased. Due to the establishment of subsidiaries in the early stage to expand the field of pharmaceutical packaging and medical devices, its R&D investment increased, resulting in a 23% increase in management expenses over the same period
At the same time, the external borrowing and financing increased, and the financial expenses increased, accounting for 10% of the year's revenue, an increase of 238%.
Then look at 2016, where revenue growth reached 41.7% and net profit margin rebounded from 6.9% to 26%.
This is mainly due to a new R&D business.
Predict the follow-up and listen to the next breakdown
It does not constitute any investment advice, the stock market is risky, and you need to be cautious when entering the market