Hongbo Medicine: Frequent changes in the top five customers

The one -stop comprehensive service provider of the new drug research and development and commercial production -Shanghai Hongbo Zhiyuan Pharmaceutical Co., Ltd. (hereinafter referred to as "Hongbo Pharmaceutical"). The total amount of shares plan to be publicly issued will not exceed 19.25 million shares, and the raised funds raised 477.0689 million yuan. It is used for projects such as the construction of new drug research and development bases in the company and supplemented the company's mobile funds.

On April 21 this year, Hongbo Pharmaceutical started applied for a meeting, but reporters reporters of "Public Securities News" Mingjing Financial Studio noticed that the top five customers in the company have changed significantly during the reporting period. The enterprise has not disclosed in the prospectus, and the stability of the company's major customers and whether there are related parties missed disclosure, etc. It is still worth paying attention to.

Suspected associated relationship is not disclosed

As a small molecular drug research and development and commercial production one -stop comprehensive service provider, Hongbo Pharmaceutical's main business covers drug discovery (CRO), process research and development (CRO/CDMO), and commercial production (including CMO).

The prospectus shows that the company has three actual controllers: Ping Chen, An Rongchang and Jiang Shengli. Among them, Ping Chen controls the company's 42.05%of the shares. Jiang Shengli directly holds 7.55%of the company's shares. Three people signed an agreement agreement.

According to the prospectus, an enterprise named Xinzhong Jiwen Materials in Shenyang City, in fact, the controller is Xu Wen, and Xu Wen is one of the younger brother -in -law of Hongbo Pharmaceutical's actual controller. Therefore, Xinzhongji, Shenyang City The stone distribution department is also recognized as the company's affiliated parties.

According to the information of the enterprise, the Shinji Stone Shipping Office of Shenyang City was established on October 10, 2007. The 2019 annual report submitted by the company to the local city supervision agency shows that the contact number is 13504026676 (see Figure 1).

Figure 1: Screenshot of the company's affiliated enterprise information

It is worth mentioning that the same stone distribution company in Shenyang City, Shenyang City, Shenyang City, Yijing Stone Material Distribution Office. The operator is Wu Guangwei, which seems to have no direct relationship with Xu Wen, the actual controller of the Shinji Stone Materials Division in Shenyang. However, the 2019 annual report submitted by the company shows that its contact telephone number and company affiliated party Shenyang Xinzhiji Stone distribution office is also 13504026676 (see Figure 2). For the enterprise of the Yijing Stone Materials Division of Tiexi District, Hongyang City, Hongbo Pharmaceutical did not make any instructions on the prospectus.

Figure 2: The mobile phone number of the two companies is the same

Shenyang New Zhongji Stone Materials Development Office and Shenyang Tiexi District Yijing Stone Materials Distribution Office are similar to the business scope, and the contact telephone number is completely consistent (for the mobile phone number). Is the person holding it on behalf of? Is the Yijing Stone Materials Development Office of Tiexi District, Shenyang City, is also the related parties of Hongbo Pharmaceuticals. If it is a related party, is there any omissions and disclosure of the relationship? How to explain the situation when the contact number of the mobile phone number is exactly consistent?

A reporter from the "Public Securities Daily" Mingjing Financial Studio once wrote a letter and called Hongbo Pharmaceutical. Hongbo Pharmaceutical said through an email response: "According to the parties, Xu Wen and the legal person Wu Guangwei Department of Yijingshi Materials Dealers in Tiexi District, Shenyang City, Shenyang City Friends, because Xu Wen is more familiar with industrial and commercial registration affairs, and has assisted him to prepare the company's industrial and commercial registration information, Wu Guangwei left Xu Wen's phone call to solve the problems that may exist in the follow -up of the industry and commerce. "

In addition, the information of the enterprise also showed that An Rongchang, one of the actual controller An Rongchang, holds 5%of the shares of the Tieling Municipal Enterprise Association Financing Guarantee Co., Ltd. (see Figure 3) in the company (see Figure 3), and the Tieling City Enterprise Xie financing guarantee Co., Ltd. was established on December 30, 2012, with a registered capital of 100 million yuan. An Rongchang subscribed for 5 million yuan in capital. It was the founding shareholder of the enterprise. It completed the actual payment on November 30, 2012.

Figure 3: Screenshot of An Rongchang related shareholding companies

In the company's prospectus, the company did not disclose any disclosure. Enterprise Check also shows that at present, Tieling Municipal Enterprise Association Financing Guarantee Co., Ltd.'s own risk of up to 55 items. Due to the dispute between the borrowing contract, the shareholders' equity has frozen, and the company is limited to high consumption due to its failure to fulfill its legal obligations. Declaim executor.

Hongbo Medicine said in a reply: "An Rongchang, one of the actual controller of the company, only holds 5%of the shares, not the actual controller and legal person of the company, and does not participate in operation. Therefore, the company is not a related party. The risks of the company's prosecution and being identified as the dishonest executor will not affect the actual controller of the company. "

The top five customers have changed frequently

The reporter also noticed that during the reporting period, among the top five customers of Hongbo Pharmaceutical (see Figure 4), the company mostly provided it with R & D technology services. In 2019 and 2020, the company's sales amount to the five major customers accounted for The company's revenue ratio of the year was 40%to 50%, and in 2021, the company's sales amount to the five largest customers accounted for 29.45%of the current revenue, a sharp decrease.

Figure 4: Screenshot of the top five suppliers of the company during the reporting period

In addition to the proportion of sales revenue in the top five customers in 2021, it is more noticeable that the company's top five customers have changed frequently during the reporting period. In addition to the company's largest client Agios Pharmaceuticals, Inc., the second largest customer, Sun Pharmaceutical Indus LTD., is the largest and fifth largest clients in 2019, respectively. In 2019, the company's second largest customer is Shi Medicine Group Zhongcheng Pharmaceutical Logistics Co., Ltd., and the company sells commercial production services to it. In total, it sold for 28.4948 million yuan to them, accounting for 11.62%of the revenue of the year. The third largest customer was MSN ORGANICS PVT LTD., the company's sales value of RMB 25.6454 million in that year, KSQ Therapeutics, Inc., which was sold to its fourth largest customer with a sales amount of 1,826,100 yuan. The above companies did not appear on the list of the five major customers before 2020. In 2019, the company's sales amount to the above three customers exceeded 70 million yuan, accounting for 29.53%of the company's operating income of the year.

而2020年度，泓博医药的前五大客户名单中，除了公司第四大客户Nuvalent, Inc，其余客户Agios Pharmaceuticals, Inc.、Viva Star Biosciences Limited、Sun Pharmaceutical Industries Ltd、Dr.Reddy's Laboratories Limited均未出现In the list of the first five customers in 2021.

Among them, Servier Group completed the tumor business of agios Pharmaceuticals Inc. on April 1, 2021. The group undertakes the business of some original Agios Pharmaceuticals Inc., Viva Star BiosCinences Limited The demand for Luo series products is reduced, VIVA Star Biosciences Limited withdrawn from the list of the first five customers in 2021 due to the end of the project. In 2020, the company sold more than 100 million yuan to the above four customers, accounting for 34.07%of the annual revenue ratio.

There is also Deng Langxing, the director of Viva Star Biosciences Limited, the second largest customer in 2020, at the same time as director of the company's shareholder WealthValue. At the same time, Chen Tanqingfen, an important controller of Viva Star Biosciences Limited, the actual controller of WealthValue, the shareholder of the company's company, the grandmother of Chan Adriel Wenbwo, who had a close relative in 2020; the company realized its sales of 22.638 million yuan in 2020, with revenue ratio of 88,900 yuan. %, A sharp decline in its sales in 2021.

In 2021, among the top five customers of Hongbo Pharmaceuticals, except for NUVALENT, INC, the remaining four customers were newly added in 2021. Mainly due to the client's additional number of FTE people; new customers Oncopia Therapeutics, Inc., for new development of the year, purchasing research and development technical services from the company; new customer Epizyme, Inc. is mainly due to the new signing at the end of last year last year. Orders, the implementation of the project was mainly concentrated in that year, and the client added the project caused by the project that year; the new customer Servier Group was mainly due to the group's accepted client Agios Pharmaceuticals, Inc.'s tumor business. "

During the reporting period, there have been great changes in the structure of the top five customers in the company. What is the reason? Does it mean that the company's customers are not stable and need to extend customers all year round. In 2020 and 2021, the reason and rationality of its sales amount changes to its amount. Is there any interest arrangement to the sales of it?

Regarding frequent questions such as changes in big customers, Hongbo Medical replied: "The reasons for the company and Viva Star Biosciences Limited, the transaction amount, the reasons for the change of gross profit margin, and the reasons for the top five customers during the reporting period are on the prospectus and the previous time. The feedback reply detailed disclosure, please refer to the above public disclosure information. "

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