Changchun Gaoxin threw 5.6 billion restructuring commitments to earn nearly 6 billion in three years

, Changchun Gaoxin disclosed a major asset restructuring plan to purchase a total of 29.50% of Jinsai Pharmaceuticals' 29.50% stake in Jinsai Pharmaceuticals through the issuance of shares and convertible bonds, with a price of 5.637 billion yuan. Data show that Jinsai Pharmaceuticals is mainly engaged in the research and development, production and sales of biopharmaceous products, the main products for injection recombinant human growth hormone, recombinant human growth hormone injection, polyethyl glycol recombinant human growth hormone injection, among which, recombinant human growth hormone injection sales in 2018 more than 2 billion yuan, gross margin of 96.97 percent. In addition, the three-year cumulative net profit after deduction is not less than 5.827 billion yuan performance commitment.According todata showing that the transaction value of all shareholders' equity in Jinsai Pharmaceuticals was 19.108 billion yuan, while the transaction value of 29.50 percent was 56.50 percent. 3.7 billion yuan, Changchun Gaoxin intends to issue shares to pay 92.02 percent of the transaction value, or 5.187 billion yuan, and issue convertible bonds to pay 7.98 percent of the transaction value, or 450 million yuan. Before the deal, Changchun Gaoxin held a 70 per cent stake in Kinsey Pharmaceuticals, a controlling subsidiary of Jinsai Pharmaceuticals, and after the deal was completed, Changchun Gaoxin's stake in Kinsey Pharmaceuticals will increase from 70 per cent to 99.50 per cent.Changchun high-tech equity structure changes (units: shares)before and after the completion of the transaction, Changchun high-tech controlling shareholders are over-investment, the actual control per capita is the Changchun New Area SASAC, the controlling shareholders of listed companies, the actual control per capita has not changed, the transaction will not lead to changes in the control of listed companies.The amount and specific method of payment of the price (unit: 10,000 yuan)gross margin of more than 90%, holding 2 billion varieties ... Three-year commitment: to earn nearly 6 billionJinsai Pharmaceuticals is mainly engaged in the research and development, production and sales of biological pharmaceutical products, the main products for injection recombinant human growth hormone, recombinant human growth hormone injection, polyethyl glycol recombinant human growth hormone injection and other recombinant human growth hormone products. In addition, other products such as recombined human follicle hormone for injection are also produced.Jinsai Pharmaceuticals' performance (units: RMB10,000)2018 Jinsai Pharmaceuticals' operating income was RMB3.195 billion, up 53.39% YoY, and net profit was RMB1.132 billion, up 65.01% YoY, with a gross margin of more than 90%. Kinsey Pharmaceuticals said the increase was mainly in growth hormone products, up nearly 1 billion yuan, or 52.05 percent, from 2017, accounting for more than 90 percent of revenue. At present, the income of recombined human growth hormone used in the field of child growth and development accounts for a larger proportion of operating income, the company will actively research and development of products used in the field of burn treatment, assisted reproduction, digestive treatment.It is worth mentioning that Jin Lei and Lin Tianhai have made commitments to the performance of Jinsai Pharmaceuticals, and the net profit after deduction in 2019-2021 will not be less than 1.558 billion yuan, 1.948 billion yuan and 2.320 billion yuan, respectively. In addition, the future revenue of Jinsai Pharmaceuticals is estimated, which is expected to exceed 4 billion yuan this year and reach 5 billion yuan in 2020.Main business income product composition (units: 10,000 yuan)2017 China's public medical institutions terminal recombinant human growth hormone injection TOP20 brand patternJinsai Pharmaceuticals recombinant human growth hormone injection, injection recombinant human growth hormone and polyethyl glycol recombinant human growth hormone injection is used for children due to endogenous growth hormone deficiency slow growth. According to Minenet data, in 2017 in China's urban public hospitals, county-level public hospitals, urban community centers and township hospitals (referred to as China's public medical institutions) terminal recombinant human growth hormone injection sales of more than 2.5 billion yuan, Jinsai Pharmaceuticals with 80% of the market share in the first place, in addition to Anke Bio, United Searle Bio, undetected Haiji Biopharmaceuticals and other manufacturers.In 2017, China's public medical institutions terminal recombinant person follicle hormone injection TOP20 brand patternJinsai Pharmaceuticals another core product injection recombinant human follicle hormone is the first imitation in China, the product was officially listed in 2015, after nearly three years of market cultivation, sales revenue began to grow rapidly, in 2018 achieved revenue of 135 million yuan, an increase of 197.32 percent year-on-year. In addition, the gross margin of the product has increased significantly in the past two years, from 22.13% to 65.48%. On the one hand, the main reason is to adopt the dealer model, affected by the "two-vote system" full implementation, the product circulation link gradually reduced, sales unit price has increased;Changchun Gaoxin said that the acquisition of a minority stake in subsidiary Jinsai Pharmaceuticals will help to thicken the performance of listed companies and enhance the continued profitability of listed companies. In the future, the company will further strengthen the integration of Jinsai Pharmaceuticals, according to the actual operating situation of Jinsai Pharmaceuticals in the management, technology research and development, business development and other aspects of support to help Jinsai Pharmaceuticals to achieve the expected benefits. (Minenet)