This company sent by 21 Jinwei to go public!Still rely on a single product for Minsheng Health IPO?

During the reporting period, Minsheng's health performance increased, but the proportion of income from core products 21 Golden Weiqi ® multi -vitamin tablets continued to decline in operating income, and the growth rate of sales slowed down.

"Investment Times" researcher Li Muyang

"21 Jinwei, 21 years of refinement, seeking refinement, healthy families, this is a responsibility." In the era when the "health" began to be popular, this endorsement word brought a wave of heat to the 21st Jinwei, and it also gradually became well known. Today, 21st Jinwei's parent company has embarked on the road of capital break.

"Investment Times" researcher noticed that Hangzhou Minsheng Health Pharmaceutical Co., Ltd. (hereinafter referred to as Minsheng Health) recently updated the prospectus and intends to log in to the GEM.

In this IPO, Minsheng Health plans to disclose the issuance of RMB ordinary shares (A shares) of not more than 89.1386 million shares, and 465 million yuan is planned to raise funds. 329 million yuan will be used for "technical reform projects for health food intelligent production line" and 41.6143 million yuan will be used for "Minsheng Health R & D Center Technical Reform Project".

Looking for the prospectus of Minsheng Health, the Researcher of the Investment Times noticed that in 2019, 2020, and 2021 (hereinafter referred to as the reporting period), the operating income and net profit of Minsheng's health have continued The proportion of income of element tablets (21) (hereinafter referred to as multi -dimensional elements) has continued to decline in operating income, and the growth of sales has slowed down. It is worth noting that Minsheng Health has acquired subsidiaries that have been losing money for many years, causing market attention.

In response to the relevant situation, the "Investment Times" researcher's email communication outline to the relevant departments of Minsheng and Health. The relevant person in charge of the company said that the relevant information is subject to the content of the prospectus.

Dependence on a single product

Founded in 2009, Minsheng Health is currently focused on the field of vitamins and mineral supplements. It is a high -tech enterprise that integrates vitamins and minerals and health foods and health foods.

During the reporting period, the company realized operating income of 350 million yuan, 439 million yuan, and 490 million yuan, respectively, an increase of 25.43%and 11.62%year -on -year in 2020 and 2021. At the same time, the company's net profit was 43.691 million yuan, 50.7186 million yuan, 70.2243 million yuan, a relatively stable growth.

From the perspective of product structure, the operating income of Minsheng Health relies on a single series of products. During the reporting period, the company's sales of products were mainly vitamins and mineral supplements series products, and operating income was 331 million yuan, 409 million yuan and 470 million yuan, respectively, and the proportion of operating income was 94.57%and 93.17%, respectively. And 95.92%, fluctuations rose.

Among them, multi -dimensional elements, as the core products of people's livelihood, have a greater impact on the company's performance. During the reporting period, the sales revenue of multi -dimensional elements was 325 million yuan, 396 million yuan, and 423 million yuan, respectively, accounting for 92.86%, 90.21%, and 86.33%of the company's current operating income, and the proportion remained high. However, in 2020 and 2021, the growth rates of multi -dimensional elements were 27.13%and 4.54%, respectively, and the growth rate slowed down.

Relying on a single product can lead to a decline in the company's anti -risk capacity. Once the product sales are reduced, profit decreases or quality problems, they will directly or indirectly affect the company's profits.

In 2020, Minsheng Health acquired Zhejiang Minsheng Health Technology Co., Ltd. (hereinafter referred to as health technology) to expand the company's product system to the probiotic series. However, the current product revenue of this series is relatively low, and only 3.72%by 2021.

The main business income of Minsheng Health is divided by product variety (10,000 yuan,%)

Data source: company prospectus instructions

Once acquired a loss company

"Investment Times" researcher noticed that Health Technology is a wholly -owned subsidiary established by Minsheng Pharmaceutical in December 2012. In November 2015, Minsheng Pharmaceuticals derived to separate Hangzhou Minsheng Tongze Health Investment Management Co., Ltd. (hereinafter referred to as Minsheng Tongze), and transferred health technology equity to Minsheng Tongze. In July 2020, Minsheng Pharmaceutical and Minsheng Tongze signed the "Intraged Agreement", which was changed by Minsheng Pharmaceutical and Minsheng Tongze, and the health technology shareholders were changed to Minsheng Pharmaceutical. In December 2020, Minsheng Health acquired 100%of the equity of Health Technology, and this acquisition received a lot of attention.

It is worth noting that health technology is in a state of losses all year round. In 2019 and 2020, net profit lost 7.8138 million yuan and 1.308 million yuan, respectively.

However, during the equity acquisition process, the price of the target company still increased significantly. In November 2020, Minsheng Health agreed to acquire all equity of health technology with a transaction consideration of 28 million yuan. In December, the registration procedures for the change of industrial and commercial changes will be completed in December. However, in March 2022, the two parties increased the trading consideration to 46.5 million yuan by friendly negotiation, an increase of 66.07%.

The high -priced acquisition of companies that have suffered losses all year round also caused the Shenzhen Stock Exchange to inquire. In the first round of inquiries of the Shenzhen Communications Institute, Minsheng Health "For the acquisition of 100%of the equity of health technology, it shows that the pricing basis, assessment method and fairness are complete. Whether the decision -making approval procedure of this transaction is complete. Combined with financial data, the above transactions have explained the above transactions The influence. At the same time, Minsheng Health -controlled shareholders Minsheng Pharmaceuticals have been punished many times.

According to the prospectus, in 2019, due to Minsheng Pharmaceutical Pharmaceutical Pharmaceutical Driberin eye drops, the product was tested by the Ganzhou Food and Drug Inspection and Testing Center. It can be seen that the foreign body does not meet the regulations. The confiscation of 88,400 yuan of violations and the value of 1.2 times the value of the product involved in the case. At the end of 2020, after the testing of Hainan Pharmaceutical Inspection Institute, Minsheng Pharmaceutical Portrakine Potassium Magnesium injection products "related material" projects did not meet the standards of Minsheng Pharmaceutical's implementation. It was punished for 793,200 yuan.

According to the explanatory data, as of the end of 2021, the company's parent company's report was not distributed for 33.7821 million yuan, and the uniplied profit of the merger statement was -21.605 million yuan, and there was no loss of losses at the level of the merger statement. In this case, people's livelihood health still carried out a large cash dividend of 150 million yuan in 2021.

During the reporting period, the net profit of people's livelihood health deductions was 45.7342 million yuan, 43.9262 million yuan, and 61.378 million yuan, respectively, with a cumulative three years of 151 million yuan, which is equivalent to the dividend quota.

The prospectus shows that people's livelihood health controlled people are Zhu Fujiang and Zhu Yuqi father and son, and Zhu Fujiang serves as chairman of the company. Through Minsheng Pharmaceutical, Jingniu Management, Jingyi Management, Ruimin Management indirect control of the company's equity of 92.00%. Zhu Yuqi served as the company's director and the management partnership of Jingniu Management, Jingyi Management, and Ruimin Management. It can be seen that most of the dividends flow into the pockets of the father and son.

The main financial data and financial indicators of people's livelihood health

Data source: company prospectus instructions

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