[Transfer] Another straw of the corporate enterprise

Source: Archimedes Biotech/Archimede

The G -end business was honey.

Now, high -quality companies involved are as thin ice.

The total revenue of the new championship of Jinshu Medical is 7.1 billion yuan, and the accounts receivable also reached 7.1 billion yuan. In the first half of this year, the large -scale new crown screening revenue was 2.66 billion yuan, and the accounts receivable increased by 2.4 billion yuan.

A nucleic acid testing enterprise receivables receivable

In an era of slow growth, Jinyu Medicine still maintains scarce growth. In the first half of the year, conventional business (total operating income deducts new crowns) revenue of 5.652 billion yuan, an increase of 68.92%year -on -year. DRGS) and the pessimistic emotions brought about by each other, at the same time, the high -quality fundamentals were defeated by an inconspicuous financial data.

In the first half of the year, the special inspection (excluding new crowns) revenue accounted for 51.30%, which was 50.45%last year. Customer production increased by 49.93%, of which the third -level hospital business (excluding new crowns) revenue increased by 21.91%year -on -year, and the proportion of revenue rose to 36.22%(50.45%at the beginning of the year). 43 medical laboratories were opened nationwide, of which 36 were profitable (32 in the same period last year), accounting for 83.72%.

In the first half of the year, R & D expenses were 304 million yuan, an increase of 34.94%year-on-year. It successfully launched an exclusive inspection project of the industry, including MRD cutting-edge projects, subsequent monitoring of blood RNA-SEQ, and blood CAR-T related testing. At this point, the number of national -level disease alliances that the company has deepened has reached 22.

It is sad that the accounts receivable cover all excellence.

At the end of May, the National Medical Insurance Bureau stated that the cost required for normalized nucleic acid testing was borne by local governments. The arrears have become a potential risk of nucleic acid detection companies.

The receivables receivable in Jinyu Medicine were 7.099 billion yuan, an increase of 79.86%year -on -year, exceeding the growth rate of revenue, close to the semi -annual revenue scale, accounting for 51.66%of the total assets.

The account receivable warning line does not have a uniform standard, but generally not exceeds 30%of the company's revenue, and the mainstream nucleic acid testing enterprises are all over the border.

Dian's diagnosis of net profit in the first half of the year had exceeded Jinc domain medicine. Among them, Q2 net profit was 8.46-1.146 billion yuan, an increase of 117.8%-195.0%year-on-year, exceeding market expectations.

It has 38 independent medical laboratories covering the country, of which 34 have achieved profitability and concentrated on the inflection point of turning losses.

The low cost is one of the moats of ICL. Diagnostic product business and inspection business belong to mutual fed relationships. The integrated industrial chain of Dian's diagnosis can better resist the phased fluctuations of medical policies or markets, reduce monopoly business risks, and ensure long -term sustainable development.

At present, Dian's diagnostic product business accounts for less than 10%, and channel products directly lowered the gross profit margin, only 23.94%.

The advantage of this business model is to reduce costs. The disadvantage is to lower the net interest rate and affect valuation. After the proportion of self -production products increases, it is expected to welcomes the double -click of profit and valuation.

However, it is lost to a account receivable.

Di'an diagnosed 8.35 billion yuan in accounts in the first quarter, an increase of 2.062 billion yuan from the beginning of the year. The monetary funds were 1.497 billion yuan, a decrease of 692 million yuan from the beginning of the year.

The Kaipu Biomedical Labs completed over 260 million people in the first half of the year, and the accounts receivable reached 2.28 billion yuan, which was over the beginning of the year. Lanwei Medicine's accounts receivable in the first quarter were 1.25 billion yuan, an increase of 57.31%over the beginning of the year, and monetary funds were 244 million yuan, a decrease of 30.54%from the beginning of the year.

Jinyu Medicine and Lanwei Medicine accounts receivable accounted for more than 50%of total assets. Optimists believe that although the new crown business is a one -time income and cannot bring valuation, it can bring cash flow. In fact, the currency funds of the four nucleic acid testing companies are vulnerable before receiving the payment.

Nucleic acid testing has become a high -risk business. Without this, Jinyu Medicine and Dian diagnosis should live better.

Vaccine enterprise accounts receivable

The new crown test reagent enterprise is also depressed. Mingde Biological receivables reached 1.829 billion yuan in the first quarter, an increase of 147.61%over the beginning of the year. The revenue was 267.41%year -on -year, and monetary funds increased by only 23.11%from the beginning of the year.

However, Oriental creatures and hot -ora -view creatures are not depressed. The new crown test agents are mainly exported. Overseas revenue accounts for 99.22%and 94.31%, respectively. The accounts receivable are only about 1/5 of the currency funds.

The upstream raw materials suppliers were also in the incident. In the first half of the year, Yiliao Shenzhou's new crown business revenue accounted for 36.12%, and the receivables were 146 million yuan, accounting for 2.29%of the total assets, and only 5.17%of monetary funds. Because it is a B -side business, the customer is a new crown test reagent company.

The receivables of the vaccine industry have also been high year by year.

In the end, customers are the district and county disease control centers across the country. There are many characteristics of payment and approval of funds and long payment cycles. As the accounts receivable occupied more funds, if it cannot be recovered in time, it may affect the cash flow of vaccine companies. If a bad debt is formed, it will cause losses.

The procurement of vaccine products at the Centers for Disease Control and Prevention is a government budget. The risk of recovery of accounts receivable is small, but the accounts receivable have accelerated the rise this year. Zhifei Biological Crown Vaccine and Wantai Biological New Champions League test agent business, accounts receivables in a large proportion of total assets. The Watson creature, which has no new crown business income, has received 3.204 billion yuan in accounts in the first half of the year, an increase of 29.14%over the beginning of the year, and the scale exceeds the same period of revenue. The company stated that it took positive measures to strictly control the amount of accounts receivable and the recycling cycle to reduce the risk of receivables.

Standing from a greater perspective, you may see more clearly.

According to data from the Ministry of Finance, the general public budget revenue nationwide in the first half of this year was about 10.5 trillion yuan, a decrease of 10.2%according to the natural caliber.

In addition to the significant increase in the income of resource -based provinces, most provinces have declined, and the income of developed provinces and cities in the east has been significantly impacted by the epidemic.

The economic volume of 5 provinces and cities in the southeast coast (Fujian, Shanghai, Jiangsu, Zhejiang, and Guangdong) accounted for more than one -third of the country, and fiscal revenue accounted for nearly 40 %, contributing nearly 80 % of the local financial payment.

According to the data of the National Bureau of Statistics, the general public budget revenue in Guangdong in the first half of this year was 673 billion yuan, a year -on -year decrease of 11.4%by nature; the general public budget revenue of Zhejiang Province was 498.4 billion yuan, a decrease of 6.2%year -on -year according to the natural diameter; The income was 463.9 billion yuan, a decrease of 17.9%year -on -year by natural caliber; the general public budget revenue in Shandong Province was 395 billion yuan, a year -on -year decrease of 8.2%year -on -year.

It is time to test corporate toughness.

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