Tai'antang's 9-year first-time profit fell in the fourth quarter.

1comment 2019-04-15 15:38:00 source:China Net Finance Just do it next week! Steady!

China Net Finance April 15th (ReporterZhang RunQi) old-fashioned Chinese medicine companyTaiantang(Quotes002433,Medical stockIn the past 9 years since its listing, for the first time, its performance has shown that “increasing revenue will not increase profits”, its announced 2018annual reportIt shows that the revenue of the year was 3.315 billion yuan, an increase of 2.36% year-on-year; the net profit was 271 million yuan, a year-on-year decrease of 6.72%. If the “non-recurring gains and losses” are deducted, the net profit of Taiantang in 2018 is only 39.159 million yuan, a year-on-year drop of 84.23%.

The source of the “non-recurring gains and losses” that keeps the old name of Tai’antang is “selling income” – “returning the investment income of 75% equity of Guangzhou Jinpibao Real Estate Co., Ltd.”, bringing a total income of 269,195,400 yuan, accounting for 2018 The net profit is over 99% of the 271 million yuan.

It is worth noting that the decline in the performance of Taiantang in 2018 was mainly due to the huge loss of over 100 million yuan in the fourth quarter. The annual report shows that the net profit after deducting non-recurring gains and losses in the four quarters of 2018 is 55.557 million yuan in the first quarter; 125.212 million yuan in the second quarter; 84.807 million yuan in the third quarter; -11371.80 million yuan in the fourth quarter. A huge loss in the fourth quarter almost eroded all year-round profits.

In addition, Tai’an’s 2019 first-quarter performance forecast shows that it was attributed to January-March 2019.Listed companyThe net profit of shareholders is expected to be 27,835,100 yuan - 36,186,600 yuan, a decrease of 35%-50% over the same period of the previous year. The reason for the change in forecast disclosure is:MacroeconomicsThe impact of the sales revenue of the health industry in Ganzhou decreased; the sales revenue of Chinese herbal medicines declined significantly; the financial expenses increased.

For the first time since the listing, net profit fell for the first time. Tai Yetang’s secretary-general Zhang Yeping said in response to China Net Finance, mainly due to the increase in financial expenses; the depreciation of fixed assets was large; the ginseng and Chinese herbal medicine market was sluggish, resulting in a decline in sales. “In addition, the income from the health industry is sold in the Taizhoutang Chinese Medicine Trading Market in Wuzhou, Anhui Province. Most of the property in this segment is sold in 2016-2017 and a few properties are sold in 2018.”

According to the information, Guangdong Taiantang Pharmaceutical Co., Ltd. ("Tai'antang") was founded in 1995 and listed on the Shenzhen Stock Exchange on June 18, 2010. At present, he is mainly engaged in research and development, production and sales of pharmaceuticals, planting, processing and sales of Chinese herbal medicines.medicineE-commerceAnd other business.

From 2010 to 2017, Tai'antang's revenue and net profit were both in a double growth trend, and the net profit in 2018 fell for the first time. Although Taiantang mentioned that one of the reasons for the decline in net profit was due to the increase in financial expenses, the China Net Finance reporter found that the growth rate of financial expenses in Taiantang in the past two years is slowing down year by year. The data shows that the financial expenses of Tai'antang from 2016 to 2018 were respectively 56 million yuan, 92 million yuan and 132 million yuan, up 639.82%, 63.17% and 43.76% respectively.

However, the composition of Taiantang’s operating income in 2018 confirms its claim that “the ginseng and Chinese herbal medicine market is sluggish and leads to a decline in sales”. The 2018 annual report shows that 4 of the 6 products operated by Tai’antang in 2018 decrease greatly.

Source: Taiantang 2018 Annual Report Tabulation: China Net Finance

The reporter found that Tai'antang's operating income consists of two parts: medicine and other business income. Among them, the main business of the pharmaceutical industry, such as proprietary Chinese medicine manufacturing, Chinese herbal medicine processing, health industry development products and medical services, declined. For the -18.31%, -44.86%, -60.71% and -73.43%, only the wholesale and retail sales of pharmaceuticals increased by 47.09%. While the revenue of the wholesale and retail of pharmaceuticals increased, the gross profit margin still showed a year-on-year decline of 4.07%.

In this regard, Tai Antang’s secretary-general Zhang Yeping said that the decrease in revenue is one of the reasons for the decline in profits. "Chinese medicine plateThe decrease in revenue was due to the decrease in the use of skin medicine and maternity and children, the price adjustment of cardiovascular and cerebrovascular drugs, and the reduction of purchases by some dealers. Zhang Yeping said that the initial processing of traditional Chinese medicine involves the participation of people in the processing of Chinese and traditional Chinese medicine decoction pieces. The market is in a downturn in 2018, and the sales of the company will be affected. At the same time, the comprehensive gross profit margin of the sector is low, the company invests relatively little resources, and the main resources are used for Kirin. Pills and medical e-commerce."

In the face of the continued decline in the performance of Tai’antang, it seems that “voting with the feet” is more than a small investor. On the eve of the disclosure of the annual report, Taiantang issued an announcement on the evening of March 11. The controlling shareholder Taiantang Group plans to reduce its holdings by no more than 38.34 million shares in the six months after 15 trading days, accounting for 5% of the company's total share capital.

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