关联方“突击入股”葫芦娃药业率“亲友团”冲击创业板

新世纪娱乐乐城

《投资者网》Zhang Wei

In June of this year, the National Health Insurance Administration issued《2019新版药品目录》, and pediatric medicines were prioritized as drugs. Some experts believe that the implementation of this policy will enhance the enthusiasm of pediatric drug research and development enterprises, and understand the long-standing predicament of "small varieties, less suitable dosage forms, and fewer manufacturers" in the pediatric drug market.

On the other hand, due to factors such as long development cycle and few clinical subjects, pediatric new drugs are more difficult to develop than ordinary new drugs, and the cost is higher. There is a certain threshold for the development of pediatric drugs.

《投资者网》The survey found that only China Resources Sanjiu (000999.SZ), Sunflower Pharmaceutical (002737.SZ), Renhe Pharmaceutical (000650.SZ), Harbin Pharmaceutical (600664.SH) and other listed pharmaceutical companies own Marketing of pediatric drug brands nationwide. Perhaps soon, a new listed company will be added to this segment.

Recently, Hainan Huluwa Pharmaceutical Group Co. Ltd. (hereinafter referred to as “Huluwa Pharmaceutical”) submitted a prospectus to the CSRC, intending to publicly issue no more than 40.1 million shares, and plans to raise 400 million yuan for the R&D center upgrade. Production workshop renovation, pediatric drug research and development projects, etc. listed at the Shanghai Stock Exchange.

In addition to the similar situation of most pharmaceutical companies “heavy sales, light research and development”, Huluwa Pharmaceutical also has sudden assault shares, related transactions, etc. which has also caused widespread concern in the market.

Why is the promotion cost far higher than the profit?

According to its official website, Huluwa Pharmaceutical is mainly engaged in research and development, production and sales of proprietary Chinese medicines and chemicals. Among them, pediatric medicine is the focus of its business, and the representative product is Xiaoerfeixu Kechuan Granule.

According to the statistics of retail terminals, the market share of Xiaoerfeikekekechuan products (granules and oral liquid) produced by Huluwa Pharmaceutical is more than 25%, second only to sunflower medicine, ranking second in the industry.

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xxHuluwa Pharmaceutical产品的强大市场份额也受益于高昂的营销费用。根据财务数据,2016年至2018年的营业收入分别为4.87亿元,6.55亿元和9.84亿元。同期净利润为3400万元,4.09亿元和1.01亿元,同期销售费用为9100万元。1.46亿元和3.88亿元。

可以看出,Huluwa Pharmaceutical在过去几年的销售费用仍然保持在营业收入的20%以上,尤其是在2018年,甚至接近40%。与此同时,Huluwa Pharmaceutical在过去三年的销售成本是母公司净利润的数倍。这也证明了公司的核心产品技术门槛不高。在市场上有更多类似药物的情况下,只依靠高水平的促销投资就可以获得更高的市场份额。一旦这种投资放缓,市场份额可能会同时放缓,大规模推动投资的刺激效应将在后期逐渐下降。哈尔滨制药集团是这方面的典型案例之一。

然而,这种情况是上市制药公司的普遍现象。以制药领先步骤药物(603858.SH)为例。年报显示,公司2018年的市场学术费用达到74.86亿元。作为儿科医药行业的领导者,向日葵制药在2018年也花费了近10亿元的促销费用。

在招股说明书中,Huluwa Pharmaceutical特别提到“营销费用的增加可能导致盈利能力下降的风险”。葫芦瓦制药认为,“随着公司业务规模的扩大和新产品的上市,公司的专业推广成本将进一步提高。如果销售增长规模无法消化推广成本的增加,公司的盈利能力和未来发展将会如何有一定的负面影响。“

《投资者网》我写信给Huluwa Pharmaceutical,问题是为什么两票制下的营销费用仍然很高,以及如何降低促销费用在营业收入中的比例。我从未收到对方的回复。

在首次公开募股前一年,关联公司纷纷涌入股市

葫芦医药行业曾经是典型的家族企业。股票渗透率图表显示,Huluwa Pharmaceutical的实际控制人是刘景平和唐旭东。两家公司通过其全资拥有的海南葫芦瓦投资发展有限公司持有Huluwa Pharmaceutical 46.41%的股份。此外,刘景平,唐旭东及其亲属也通过宁波中嘉瑞间接持有Huluwa Pharmaceutical的股份。投资合伙企业(有限合伙企业),包括唐旭东和陆金华直接持有葫芦瓦制药5.43%,唐旭东晏子唐杰直接持有葫芦瓦制药5.22%,两者还通过杭州富旺德持有葫芦瓦制药15.98%的股份。唐旭东的儿子唐启波通过宁波中家瑞间接持有葫芦瓦药业0.15%的股权。唐旭东的堂兄吴惠莲的股权通过宁波中嘉瑞间接持有葫芦瓦制药0.04%的股权。

根据招股说明书,2017年后,葫芦瓦药业先后进行了三轮增资扩股,并开始引入外部股东。每次增资和股权扩张的认购价格从2元到10元不等。

当葫芦瓦制药公司于2018年6月增加资本和股份时,祁鸿贤斥资586万元认购5,776万股,高毅花费4150万元认购380万股。认购完成后,祁鸿贤和高毅分别持有葫芦瓦制药4.09%和2.90%的股份,成为葫芦瓦制药的第七和第九大股东。根据这一计算,增资价格低于11元/股。如果葫芦瓦制药行业成功上市,上述两位股东的股票市值可能会大幅上升。

值得一提的是,祁红贤是益心堂(002727.SZ)的实际控制人,高毅是益丰药业(603939.SH)的实际控制人。在披露招股说明书之前,董事会主席均购买Huluwa Pharmaceutical的股份。似乎怀疑是突然袭击。

与此同时,两家公司与Huluwa Pharmaceutical有着深厚的业务联系。根据销售数据,2017年,益心堂和益丰药业从葫芦瓦制药中购买了1653万元和4799万元药品,占同期葫芦瓦药业收入的2.52%和7.33%; 2018年,益新堂和益丰药业从葫芦瓦制药中购买了2618万元和2969万元药品,占葫芦瓦药业收入的2.66%和3.02%。 Yixintang和Yifeng Pharmacy连续两年跻身Huluwa Pharmaceutical的五大客户之列。

根据招股说明书,2017年葫芦瓦制药的五大客户之一,广西南宁红树林中药有限公司(以下简称“红树林公司”)的实际控制人吴银林是唐旭东的堂兄。在过去三年中,葫芦瓦制药从红树林购买了23万元,2466万元和421万元的中草药原料。

《投资者网》就Huluwa制药有限公司关于该关联方意外持股是否会影响公司创业板冲刺的问题致函。截至发稿时,尚未收到任何回复。《投资者网》也将继续关注Huluwa Pharmaceutical的上市趋势。 (思考财务产出)■