The subsidiary was notified, and the performance growth was unstable!How to go in the future of Baiyunshan?

Although the recent storm will not have a significant impact on Baiyunshan's operating performance for the time being, it is difficult to estimate the impact on the production of the company and corporate image.

"Investment Times" researcher Lu Gong

Its pharmaceutical companies were notified that some drugs were withdrawn from the Internet and adjusted the price. Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. (hereinafter referred to as Baiyunshan, 600332.SH) has recently come to a lot of things.

Recently, the National Medical Security Bureau named Guangzhou Baiyunshan Tianxin Pharmaceutical Co., Ltd. (hereinafter referred to as Tianxin Pharmaceutical), Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. Baiyunshan Pharmaceutical General Plant (hereinafter referred to as Baiyunshan Pharmaceutical General Plant) and Guangzhou Baiyunshan Mountain Jingxiu Pharmaceutical Co., Ltd. (hereinafter referred to as Jingxiu Pharmaceutical), including three companies, priced prices and funds, etc.

Bai Yunshan responded to this announcement, "The company attaches great importance to the matter and has adopted a series of rectification measures, such as instructed three companies to stop cooperating with relevant agents and dealers; Essence The company further stated that "it is expected that this event will have a certain impact on the company's future product sales, but it will not have a significant impact on the company’s operating performance."

In fact, this is not the first time that Bai Yunshan's related enterprises have been informed by the Medical Insurance Bureau. It is reported that in the list of dishonesty behavior disclosed by the Gansu Provincial Medical Insurance Bureau in March this year, Tianxin Pharmaceuticals also appeared.

"Investment Times" researcher noticed that before the recent report was notified by the Medical Insurance Bureau, some medicines produced by the affiliated company under Baiyunshan were also implemented in many places to revoke the hanging network and adjust the network price.

In response to the aforementioned situation, the researcher of the "Investment Times" asked the relevant departments of Bai Yunshan, and as of press time, the company had not received the company's reply.

More than once being reported

Recently, relevant companies under Baiyunshan have been investigated by the Medical Insurance Bureau and relevant departments for problems such as virtual high prices and funds. After survey, from May 2017 to May 2021, three pharmaceutical manufacturers including Tianxin Pharmaceuticals were in order to avoid the "two -vote system" policies and supervision, and more than 50 pharmaceutical agents in the lower reaches colluded with each other. Drugs are cash out of virtual high -priced prices, and at the same time, they also transfer funds to downstream drug agents. The incident involved a huge amount. Among them, some funds were used for bribery medical staff or specific relationship persons to carry out drug violations.

According to the report, the main way of cash in the relevant company is to add the designated "dealer" in the procurement session of the raw material drug, which is actually controlled by the drug agent to "dealers". The difference between the difference in the material obtained by the raw medicine is cash to the drug agent.

Bai Yunshan is a listed company controlled by Guangzhou Pharmaceutical Group Co., Ltd.. Since its establishment, it has been focusing on the pharmaceutical and health industry. Four big sections. The notified Tianxin Pharmaceuticals and Jingxiu House Pharmaceuticals are all subsidiaries of Bai Yunshan direct control, while Baiyunshan Pharmaceutical General Plant is Baiyunshan Branch.

And this is not the first time that Bai Yunshan related companies have been notified by the Medical Insurance Bureau this year.

In March of this year, the Gansu Provincial Medical Insurance Bureau issued a process of processing on the dishonesty behavior of China -selected enterprises. According to the requirements, the selected enterprises in each China should establish a distribution relationship covering 103 areas in the province by January 15 this year. As of the date of the announcement, some Chinese selected companies have not fulfilled the maintenance of the delivery relationship, which seriously affects the signing of the procurement agreement. The procurement and use of the selected drugs will be implemented to cancel the selection qualifications and withdrawn from the network.

In the above -mentioned list of dishonesty, the Baiyunshan Direct Holding subsidiary Tianxin Pharmaceutical appeared. The cephalosporin sinks produced did not have a procurement agreement in some areas, and the number of unprecedented areas reached as many as 70 in the number of areas. Including Jiayuguan, Jinchang, Yongchang County, Baiyin City, etc. Tianxin Pharmaceutical was also recorded once.

At the same time, in June of this year, many provinces including Shandong Province, Shanxi Province, Anhui Province, etc. have issued an announcement on their respective public platforms that they will withdraw the net and adjust the drugs produced by the affiliated companies under Baiyunshan. Low price processing. Among them, the company involved is mainly the subsidiary of Bai Yunshan's direct control of Tianxin Pharmaceutical and Jingxiu Pharmaceutical, as well as the branch company Bai Yunshan Pharmaceutical General Plant. As for the reasons for being withdrawn from the net and price adjustment, the announcement in various places mainly includes "application in accordance with enterprise, according to the requirements of the State Medical Insurance Bureau, relevant policies, drugs to discontinue production, repeated products" and so on.

In June this year, the affiliated company under Baiyunshan was notified

Source of information: centralized procurement website of drugs and medical consumables in Gansu Province

In unstable performance growth

"Investment Times" researcher noticed that the pharmaceutical cephalosporin that was directly named in the above notification was one of the main products of Baiyunshan. The top ten in industry products. So will the drug involved will impact Baiyun Mountain's operating performance to a certain extent?

In response, Bai Yunshan responded to the announcement that in 2021, the above -mentioned three companies involved the gross profit of withdrawal products and the gross profit of price reduction products was RMB 13.15 million and 320 million yuan, respectively, and the proportion of the gross profit of the company's annual audited annual annual was 0.12, respectively. %And 2.45%; from January to March of this year, the three companies involved gross profit and price reduction products for the withdrawal of the network products were 122 million yuan and 102 million yuan, respectively, accounting for 0.25%and 2.13%of the current total gross profit. Judging from the gross profit data involved in the product disclosed by the company, this matter will not have a greater impact on Baiyunshan's current overall operating performance. According to the latest financial data, Baiyunshan's net profit in the first quarter of this year increased, with a year -on -year increase of 2.46%and 10.95%, respectively.

However, it should be noted that in recent years, Baiyunshan's performance growth has shown a certain fluctuations. The year -on -year growth rate of operating income has dropped from 101.55%in 2018 to 53.79%in 2019, and in 2020 or even decreased, year -on -year declined 5.05%. By 2021 and the first quarter of this year, the company's revenue growth rates were 11.90%and 2.46%year -on -year, which was far less than 2018 and 2019.

At the same time, the net profit of Bai Yunshan during the above years also has a general decline and fluctuations. The year-on-year growth rates from 2018 to 2021 and the first quarter of this year are 66.90%, -7.33%, and -8.58%, respectively. , 27.60%and 10.95%.

Some analysts believe that although the recent continuous storms will not have a significant impact on Bai Yunshan's operating performance, it is still difficult to estimate the impact on the production of the company and corporate image.

Judging from the changes in industry policies, on May 10, 2021, the State Council issued the relevant implementation opinions of comprehensive strengthening of drug supervision capabilities, which also means that in the future, the requirements for the standardization of drugs produced in the entire industry and the standardization requirements of operations will be more stringent and stricter and stricter comprehensive. Bai Yunshan also said that in the future, the company will actively regulate its own business behavior, consciously maintain the order of drug circulation, and do a good job of production and operation in accordance with laws and regulations.

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