Stocks have grown over 400 million main business growth!What is the solution of the net profit of Yunnan Baiyao in the first half of the year?

In the first half of this year, Yunnan Baiyao's net profit revenue declined, and operating income decreased by 5.59%year -on -year to 18.017 billion yuan.

"Investment Times" researcher Lu Gong

Last year, Yunnan Baiyao Group Co., Ltd. (hereinafter referred to as Yunnan Baiyao, 000538.SZ), which was nearly 2 billion yuan, has an investment of more than 400 million yuan in the first half of this year.

Data show that the company's revenue of the company in the first half of this year both declined again, with a year -on -year decrease of 5.59%and 16.72%, respectively. The reason is that in addition to the loss of securities investment, it also includes factors such as the slowdown in the growth rate of the company's main business revenue.

In 2021, the company belongs to the net profit of the listed company's shareholders (hereinafter referred to as the net profit of the mother). The performance in the first half of this year has declined again or also affects the company's secondary market trend.

As of the closing of September 13 this year, Yunnan Baiyao's stock price per share was only 52.6 yuan per share. Compared with the 112.70 yuan/share (calculated at the previous rehabilitation) that had been touched in February last year, it has been cut. "Investment Times" researcher looking at the company's listing of the stock price noticed that before obtaining a high point in February last year, the company's stock price generally showed an upward trend. After that, it fell all the way. But it is far less than before.

At present, Yunnan Baiyao is actively deploying the second curve. In response to the aforementioned situation, the researcher of the "Investment Times" asked the relevant departments of Yunnan Baiyao, and as of press time, the company had not received the company's reply.

Can the second curve take up the heavy responsibility of growth?

In the first half of this year, the net profit revenue of Baiyao in Yunnan fell. Among them, revenue decreased by 5.59%year -on -year to 18.017 billion yuan, and net profit attributable to mothers decreased by 16.27%year -on -year to 1500 billion yuan. Regarding the decline in revenue, the company explained in the financial report that it was mainly affected by the policy factors of the price reduction of pharmaceuticals, and the company's commercial sector revenue decreased.

From the perspective of the specific industries, over 60%of Yunnan Baiyao's revenue for a long time is derived from the commercial sector. In recent years, the growth rate of the revenue of this sector has slowed down year by year. 13.06%of the year, 12.43%in 2021, and even decreased from increase to -9.82%in the first half of this year.

In terms of Yunnan Baiyao, it seems to be aware of the weakness of the main business growth. The second curve, including medical beauty, oral care, new retail health services including medical beauty, oral care, and new retail health services. In the first half of this year, staged results were achieved.

In terms of medical aesthetics, as of the end of the first half of this year, the medical care system and safety quality control specifications of the Yunnan Baiyao Medical Beauty sector were established, and the construction of IT system construction was fully promoted. ; Oral care and new retail health service track, the company has achieved the results of the opening of oral science specialized brands and the opening of the "Yunnan Baiyao City Health Center".

So, when the growth rate of the main business has slowed down, when will the layout of Yunnan Baiyao on the new track of the above track be held up to the company's performance growth? Data disclosed that until the first half of this year, in addition to industrial products (self -made) and wholesale retail, the company comes from the proportion of agricultural products, other and other business income in the current total income of the company, which are still less than 1%, as low as 0.00%, respectively, respectively, respectively, respectively, respectively, as low as 0.00%. 0.07%and 0.18%.

In response to the above situations, some insiders analyzed that the original business and products of Yunnan Baiyao were relatively aging, and there were certain limitations of rising space; as for the new track, it believed that the company's new increase in the current increase has not yet been matured, and the future can be able to in the future. Whether it takes the heavy responsibility of performance growth, it still takes time to verify.

The stock market lost more than 400 million in half a year

The decline in revenue is mainly due to the reduction of the revenue of the commercial sector, and the reason for the net profit of returning home is not explained by Yunnan Baiyao. However, some analysts believe that it is related to the large loss of investing in the company.

Talking about the securities investment of Yunnan Baiyao, from 2019, the company held a total of 4 domestic and foreign stocks and 6 bond funds, and created a total of 227 million yuan in fair value changes in the year, accounting for the total profit of the year. 4.80%. Since then, Yunnan Baiyao has shifted more energy to stocks. In 2020, the annual revenue of 2.240 billion yuan in fair value changes, accounting for 32.94% of the company's total profit of the year.

Unfortunately, the good times did not last long. After entering 2021, the investment in Yunnan Baiyao Securities gradually showed a decline. The profit or loss of the fair value of the year's fair value was -1.929 billion yuan. The biggest is the Xiaomi Group (01810.HK) held, with a floating loss of 1.404 billion yuan. Affected by this, the company's net profit attributable to the mother in the same year decreased by 49.17%year -on -year to 2.804 billion yuan, which was lower than the net cash flow generated by operating activities during the same period.

In this regard, Yunnan Baiyao took timely response measures and had reduced multiple stocks. In the securities investment disclosed by the semi -annual report this year, the number of shares held by the company had been reduced from 9 last year to 4, Tencent, Tencent, Tencent, Tencent. Holdings (00700.HK), Hengrui Medical (600276.SH) and Illi (600887.SH) have not appeared in the company's half -annual report this year.

However, it should be noted that for Xiaomi Group, Yunnan Baiyao only sold 43 million yuan last year. In the first half of this year, it did not sell it again. The stock had nearly 421 million yuan in losses in the first half of this year. In response to this situation, there are some saying that Yunnan Baiyao may take a shot after waiting for the stock market to recover. In the first half of this year, Yunnan Baiyao seemed to have intended to increase the holding of bond funds, from 1 last year to 6, but among the funds currently held in the company, there are also more than half of the losses. The total loss is 149.46 10,000 yuan. It can be seen that how to cope with the impact of the investment of securities on the profit of the company is still one of the issues that Yunnan Baiyao is currently urgently needed.

In addition, compared to large investment in foreign investment, Yunnan Baiyao's investment in internal investment is slightly embarrassing. Taking the data in recent years as an example, the company's R & D investment from 2019 to 2021 was only 174 million yuan, 181 million yuan, and 331 million yuan, respectively. Compared with the sales costs of 3 billion to 4 billion yuan, the gap was compared with the same period. big. In the first half of this year, the company increased its investment in R & D, but it only increased by 21.54%year -on -year to 129 million yuan, accounting for less than 1%of the company's current total revenue, only 0.71%.

In the industry, as a leading health medicine leader, Yunnan Baiyao's operating income in the first half of this year far exceeded the filmmaker (600436.SH), Renhe Pharmaceutical (000650.SZ), Huaxi Bio (688363.SH) and other industry sectors. However, from the perspective of R & D expenses, Yunnan Baiyao is not as good as the above -mentioned peer companies. According to the analysis, as a pharmaceutical company, the investment in R & D costs or the supporting support for the continuous growth of the company's performance, and it is also one of the indispensable thrust in the exploration layout of Yunnan Baiyao in the new track sector in the future.

Yunnan Baiyao's stock income held in the first half of this year (yuan)

Data source: company financial report

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