Laimei Pharmaceuticals has a maximum of 125 million in 2018, but nearly half of it comes from non-recurring gains and losses.
Laimei Pharmaceuticals disclosed its 2018 annual results forecast. It is expected to make a profit of 110 million to 125 million yuan in 2018, up 98% to 125% year-on-year. However, the Financial Association noticed that nearly half of the net profits of listed companies came from non-recurring profit and loss.
[Caiqing News Agency] (researcher Zhu Jiechi) On the evening of January 9, Laimei Pharmaceutical disclosed the 2018 annual performance forecast. It is expected to make a profit of 110 million to 125 million yuan in 2018, an increase of 98% to 125% over the same period of the previous year. However, the Financial Association noticed that nearly half of the listed company’s net profit came from non-recurring gains and losses.
Laimei Pharmaceutical said that the main reason for the sharp increase in its performance last year was the sales growth of the company's specialty specialty products, the continuous optimization of its product structure, and the increase in the company's operating income and overall gross profit margin. However, according to the announcement, the company's profit structure has 53.37 million yuan of non-recurring gains and losses, of which 44.458 million yuan is derived from the sale of part of Athenex shares, the rest from government subsidies. After the deduction, the net profit growth rate is in the range of 20%-52%.
Perhaps because of the high proportion of non-recurring gains and losses, the profitability of Laimei Pharmaceuticals is not stable.
Unstable performance, the stock price fell 80% in three years
Laimei Pharmaceuticals is a pharmaceutical company specializing in anti-infectives and specialty medicines (anti-tumor drugs, digestive system drugs, parenteral nutrition drugs). The financial data of the past five years shows that the company's operating income has been growing, breaking through the 1 billion yuan mark in 2017, but the net profit has suddenly gone up and down.
From 2014 to 2016, the company's net profit doubled from 9.28 million yuan to 20.61 million yuan, and then fell to less than 7 million yuan. In 2016, after deducting non-recurring gains and losses, Laimei's net profit also recorded a loss for the first time, with a loss of 13.22 million yuan. In 2017, the company's net profit surged 698% year-on-year to 55.56 million yuan.
Figure | Laimei Pharmaceuticals 2014-2018 revenue and net profit, source: wind
The performance is in the "roller coaster", the stock is sitting on the "sliding slide." As of January 10, Laimei Pharmaceutical's share price closed at 3.82 yuan / share, with a total market value of 3.103 billion yuan. Compared with the stock price of 21.53 yuan/share in 2015, the company's share price has fallen by 82.26% in less than three years, and the market value has evaporated by more than 14.3 billion yuan.
Figure | Price movements since the listing of Laimei Pharmaceuticals, Source: Wind
Judging from the actions of the company's management and brokerages, the company's share price has not been optimistic since 2017.
In June 2018, Qiu Wei, the shareholder and former vice chairman of Laimei Pharmaceuticals, received a letter of supervision from the Shenzhen Stock Exchange. Qiu Yu is the brother of Qiu Yu, the chairman of the listed company. The two are acting in concert. As shareholders holding more than 5% of the shares of Laimei Pharmaceutical, when the shareholding reduction reaches 5% of the company's total share capital, Failure to submit a written report to the China Securities Regulatory Commission and the Shenzhen Stock Exchange in a timely manner and disclose the equity change report.
According to the supervision letter, from December 22, 2016 to May 29, 2018, Qiu Yi through the Shenzhen Stock Exchange trading system, in the form of centralized bidding and block trading, the cumulative reduction of shares of Laimei Pharmaceutical Co., Ltd. was 485.263 million shares, accounting for Laimei. 5.97% of the total share capital of the pharmaceutical industry. From the point of view of the reduction, the company's share price is falling after each reduction of Qiu Yi.
In addition, the latest research report of the brokerage company on Laimei Pharmaceuticals was released on November 1, 2016, and from 2015 to 2016, a number of brokerage institutions issued a rating report on the purchase or overweight of listed companies, but After 2017, Laimei Pharmaceuticals will no longer have brokers.
Prospects for new drugs are not optimistic, health care products are not ideal
Unstable performance and falling stock prices have never been for no reason. First, Laimei's lack of fist products to boost performance; second, the company's new drug listing prospects are not optimistic. The semi-annual report of 2018 shows that there are four types of products that Laimei Pharmaceuticals is clinically declared. There are six types of products that have been registered for clinical research, and four types of products that have obtained registration approvals. Even if it is the product with the fastest progress in obtaining the registration approval, it will need to apply for the production approval later, and there will still be a period of time from the listing.
The company's management is not unaware of the problem. In order to develop new profit growth points, Laimei has tried to sell high-end health care products such as American ginseng pieces and Canadian honey.
In 2016, Laimei Pharmaceuticals signed a strategic cooperation agreement with Hong Kong Hengfa Yangshen to launch Lai Mei Yangshen Pieces. Chairman Qiu Yu also publicly stated that in order to create a better acquisition cost price, the profit of each batch of goods from 60 tons can reach 25%. In addition, the company also inspected a number of places in Canada, found a honey with a sucrose content of 0, the quality is far better than domestic honey.
However, in 2017, Qiu Yu admitted in an interview that the health care products of Laimei Pharmaceuticals were not satisfactory. Most of the domestic health foods were made out of money, and the company did not dominate.
Affected by the significant increase in 2018 annual results, Laimei Pharmaceuticals opened nearly 4% higher today. The intraday market was affected by the overall decline in the pharmaceutical sector, and the gains narrowed to 1.6%.
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