Zhao Yixin is not in line with Xinhua Medical’s acquisition of the three current performance promises.

Xinhua Medical recently released the “Announcement on Receiving Partial Performance Commitment Compensation”, showing that Chengdu Yingde Biomedical Equipment Technology Co., Ltd. (hereinafter referred to as “Chengdu Yingde”) acquired by Xinhua Medical in 2014 did not reach 2015. Commitment amount.

It is worth mentioning that Chengdu Yingde's performance in 2014 did not meet the commitment target. In addition, Xinyang Medical's previously acquired Shanghai Yuanyue Pharmaceutical Machinery Co., Ltd. (hereinafter referred to as “Yuanyue Pharmaceutical Machine”) failed to meet its 2015 annual performance commitments, achieving only 87.52% of the annual performance commitment amount. In other words, within two years, the performance promise of Xinhua Medical Institute’s purchase target has failed.

China Economic Net reporter noted that in 2011, Xinhua Medical identified three major strategies: innovation strategy based on technological innovation, brand strategy based on increasing market share, and expansion strategy with both intensive development and mergers and acquisitions. Since then, Xinhua Medical has embarked on the road of expansion, and Changchun Boxun, Visa, Yuanyue Medicine, and Chengdu Yingde have all been included in their pockets. Zhao Yixin, chairman of Xinhua Medical, once said to the media: "The reason why Xinhua Medical has developed so rapidly is that it has benefited from the efficient promotion of capital operation. We insist on grasping the physical operation and grasping the capital operation with one hand; Standardized management."

In fact, the most direct effect of Xinhua Medical's large-scale acquisition is the growth of performance. According to financial data, the large-scale mergers and acquisitions of Xinhua Medical in recent years have led to the company's performance increasing year by year. From 2011 to 2014, Xinhua Medical achieved a year-on-year growth in net profit attributable to shareholders of listed companies of 77.72%, 52.26%, 41.86%, and 40.9%, respectively.

However, this growth has not continued until 2015. The financial report shows that the company's net profit attributable to shareholders of listed companies fell for the first time in the same period last year, a decline of 13.97%; even this year, Xinhua Medical's performance is not optimistic. According to the first quarter of this year, Xinhua Medical's net profit fell 46.38% year-on-year.

Some insiders believe that Xinhua Medical is being plagued by the integration problem after the acquisition. "The biggest problem facing the acquisition is 'complete and inconsistent'. Integration is a slow effort, not only requires a good management team, but also the integration of corporate culture. It takes time. Xinhua Medical should coordinate the relationship between acquisition and integration and slow down the pace of acquisition."

For many questions, on June 7, the reporter called the Xinhua Medical Securities Office. The relevant person in charge said: In the past few years, the company's acquisition of Changchun Boxun and Visa has exceeded the standard. Chengdu Yingde's performance is not up to standard is mainly affected by the national GMP policy. The performance of Chengdu Yingde will improve this year.

Controversy continues Xinhua Medical's high premium to win Chengdu Yingde

Xinhua Medical acquired Chengdu Yingde, and the acquisition dates back two years. In the public opinion at the time, this was a controversial acquisition.

On April 19, 2014, Xinhua Medical announced that the company will purchase 85% equity of Yingde Bio with a combination of issuing shares and cash, and the price will be about 370 million yuan. At the same time, the matching fundraising amount does not exceed RMB 123 million, which is used to pay the cash consideration for the above acquisition.

The evaluation rate of this acquisition is 263%. The seller promised that Yingde Bio's net profit after deduction in 2014-2017 was not less than 38 million yuan, 42.8 million yuan, 45.8 million yuan and 46.8 million yuan.

For this highly expensive acquisition, Xinhua Medical's share price did not soar, but its share price suffered from Waterloo. On April 21, 2014, Xinhua Medical resumed trading, and its share price fell. In the following few trading days, the company's share price fell successively.

In the industry, investors believe that the reason why investors vote with their feet is because they are not optimistic about Xinhua Medical's high-value mergers and acquisitions. According to public information, from 2011 to 2013, Yingde Bio-sales revenue was RMB 61 million, RMB 197 million, and RMB 319 million, respectively. The year-on-year growth rates of 2012 and 2013 were 225.59% and 61.53%, respectively.

According to the China Times, Changjiang Securities analyst Zhang Yuefeng believes that “this high-speed growth is no longer sustainable, and that Yingde’s predictions for the future are also true.” According to Yingde Biotechnology, its revenue growth from 2014 to 2018. The rates are 1.72%, 2.70%, 7.69%, 5.25% and 2.94%, respectively, and will be in a low-speed development.

According to the above report, on January 17, 2011, the Ministry of Health issued the "Good Manufacturing Practices for Pharmaceutical Production (Revised in 2010)". According to the regulations, new pharmaceutical production enterprises and pharmaceutical production enterprises will be newly built from the date of implementation of the new version of the pharmaceutical GMP ( The workshop should be in accordance with the requirements of the new version of the drug GMP. The existing drug manufacturer will have a transition period of no more than five years, and according to the degree of product risk, the new version of the drug GMP will be reached in stages according to the category, including blood, vaccine, etc. Sterile preparations should be completed by GMP certification by December 31, 2013. This directly caused some blood product manufacturers and human vaccine manufacturers to take into account the urgency of the new version of GMP certification, equipment and engineering transformation work, signed a related equipment and engineering service contract with Yingde Bio in advance, resulting in 2012 British The outbreak of German bio-performance has also overdrafted the company's future earnings growth. Without the "Golden Wind" of the new GPM, the myth of the rapid growth of Yingde will no longer exist.

Up to now, Chengdu Yingde has not passed the performance commitments in 2014 and 2015. In addition to Chengdu Yingde, Shanghai Yuanyue Pharmaceutical Machinery Co., Ltd. (hereinafter referred to as “Yuanyue Pharmaceutical Machine”) previously acquired by Xinhua Medical has a net profit of RMB 46.974 million from the owner of the parent company, after deducting non-recurring gains and losses. The net profit attributable to the owner of the parent company was RMB 43.58 million. The amount of performance commitment for the year was RMB 50 million, the realized amount was lower than the promised amount of RMB 62.4200 million, and the proportion of the performance commitment amount for the current year was 87.52%.

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