The largest domestic pharmacy acquisition case!Offline chains are getting more and more valuable

On June 29, Jianzhijia issued an announcement that it would acquire 100%equity of Tang people in cash of 2.074 billion yuan, setting the largest amount of domestic pharmacy mergers and acquisitions.

Jianjia is a chain pharmacy brand based on Yunnan. It has a total of more than 3,000 stores and was listed in A shares in 2021. Tangren Medicine is a well -known pharmacy brand in Hebei, with nearly 660 stores.

The chain pharmacy industry is the norm, but this time Jianzhijia's acquisition of Tang people's medicine shows several special points.

The first is the large acquisition amount, exceeding 2 billion yuan; the second is that Jianzhijia has just been launched. The first quarter report shows that the company's book currency funds are only 625 million yuan. In other words, the acquisition of Tang people in cash must use Jianjia to use more than twice the leveraged funds.

"Isn't this hollowing out the funds of listed companies?" Some market participants worried.

From the recent development trend of pharmacy companies, this may become a new trend in the development of pharmacies. In May this year, the "Regulations on the Implementation of the Drug Management Law (Draft for the Draft Consultation)" was released, which is particularly eye -catching that the provisions of "prohibiting third -party platforms from directly participating in drug network sales" are particularly eye -catching.

Jianjia's acquisition of Tang Pharmaceuticals this time has almost reached the average level of the secondary market. Offline pharmacies are getting more and more valuable.

"Halling wallet, broad territory"

Jianjia, which started in Yunnan, has arranged pharmacies to Sichuan, Guangxi, Chongqing and other regions. As of the first quarter of 2022, Jianzhijia's total number of stores reached 3,134.

According to Jian Zhijia, the reason why the Tang Dynasty medicine was acquired is from the company's strategic goal of "based on Yunnan, deep cultivation of southwest, and expanding nationwide". The acquisition of Tang people's medicine can make Jianzhijia enter the Beijing -Tianjin -Hebei region with one foot into the Beijing -Tianjin -Hebei region.

The main operating areas of Tang people are in Hebei Province. The business scale of Tangshan and Qinhuangdao is the first in the local area. In addition, there are also layouts in Huludao, Benxi, Jinzhou, Shenyang and other places in Liaoning.

According to 2020-2021 released by Zhongkang Information, China Chain Pharmaceutical Store has the top 100 power list, and Tang people are ranked 34th.

The acquisition price of 2.74 billion yuan is not low. The company said that the price -earnings ratio of Tang people's acquisition of Tang people was 24.25, which was not excessive compared to the average price -earnings ratio traded in the same industry.

The Jianzhi Bureau compared several recent pharmacy acquisitions listed by Jianzhijia, and found that the purchase of P / E ratio is generally more than 20 times.

However, it is strange that the secondary market chain pharmacy listed companies, the price -earnings ratio is generally low.

Jianjia's own price -earnings ratio is only 15.35; the heart is lower, only 14.63; Dashenlin's price -earnings ratio is 38.16, and the common people are 30.46. Generally speaking, the valuation of the acquisition of chain pharmacies in the first -level market is very high, which is close to the valuation level of the secondary market.

"The price of flour is close to the price of bread", which is the current status of the chain pharmacy industry.

Jianzhijia does not have so many cash in his hands, so the process of acquiring Tang people is divided into two stages.

First of all, Jianjia will purchase 80%of the equity held by 3 shareholders held by Tang people with its own funds and self -raised funds; after this transaction, Tang people will become the holding subsidiary of Jianjia, that is, that is, that is, It means that the two parties will be parallel;

In the second stage, if the Tang people's commitments are promised to complete, the company will purchase the remaining 20%equity for 410 million yuan. The net profit of Tangren Pharmaceuticals promised in 2022 and 2023 to reach 85.763 million yuan and 86.278 million yuan, respectively. At the same time, the number of stores at the end of two years increased by not less than 5%compared with the previous year, and revenue growth reached 3%and 8%, respectively.

From the perspective of Tang people's performance, it is not difficult to complete the performance commitment: 2020 and 2021 Tang people's net profit of Tang people is 101 million yuan and 85.555 million yuan, respectively. This basically means that Jianzhijia's high acquisition of Tang people has become a fixed number.

The pharmacy is getting more and more valuable

The target of chain pharmacies in the first -class market at high prices has become a trend of industry integration.

In May of this year, the "Implementation Regulations of the Drug Management Law (Draft for Revised Draft Consultation)" was announced online; in June, the "Draft Draft" ended, of which "third -party platform providers must not directly participate in drug network sales activities" Rush on the hot search.

"Pharmaceutical e -commerce may not have a way to live." The market was wailing.

The interpretation of collective anxiety is slightly pessimistic. In fact, the state's management of third -party platforms is tightening, but it is constantly emphasizing that the main body of drug sales must be a pharmacy, not a third -party platform.

This also means that: if all pharmaceutical e -commerce companies want to continue to survive, they must rely on offline pharmacies. The pharmacy industry that has been undervalued for a long time will also usher in a transfer. You know, Jingdong Health has cooperated with 20,000 pharmacies; Ali Health acquired Qianjia Pharmacy through investment.

This is also the reason why Jianzhijia's financial resources are weak, and it is also necessary to swallow the Tang medicine. After the acquisition of Tang people's medicine, Jianjia said at investor activities: In 2022, the company plans to add 900 pharmacies.

In terms of new retail, Jianzhijia has clearly stated that since obtaining the Internet qualification certificate in 2011, it has continued to embrace the development of third -party platforms.

In fact, Jianzhi's acquisition is not the first in the industry.In March of this year, the common people of the pharmacy giant announced that they intend to incorporate Hunan Huairen's health exceeding 71%of the equity at a price of 1.637 billion yuan; in June, the 10,000th home stores under the people of the people were officially opened in Taojiang Taiping Road, Hunan.Open the "Wanian era".In the context of the strict standards of pharmaceutical e -commerce, the pharmacy industry that has not been favored before may usher in a period of valuation rising.

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