Kangtai Biology, also known as the "husky in medicine", looks at the recent two shocking events

Vaccine queen Gao Junfang has been forgotten

Many investors are tempted by fundamentals, but investing is not as simple as a calculator, so some people joke: you go to see the photo
of Mr.
Du.

Social me Dugo, what
the hell did he go through.

The tragedy of value investors is that too much emphasis is placed on pipelines and financial analysis and neglects the living entrepreneurs
.

Pipeline and financial analysis are based on standard, basic models, however, this data is not enough to understand a good company, it is useless
to identify poor companies.
The basic competition model is only applicable to cyclical stocks such as nonferrous metals, coal, and steel, and the products produced by different manufacturers are basically the same, and they are completely replaceable with
each other.
In the clinical pipeline and financial statements, all non-standard and flexible factors are not considered, and there is no difference between who is in a management position and who makes economic decisions
.

The modern entrepreneur we understand should be to make the company bigger and stronger, and naturally get amazing returns on
wealth.

Still too kind
.

A human spirit who crawls, steps on, and climbs to the top of the pyramid in the cruel social struggle forms a game thinking and a game thinking
.

Do you think that there is only one way to create wealth and run a good business?

Du Zong may be one of the entrepreneurs who have been written the most on the whole network, always being questioned and admired, "back and forth, seven or eight times the amount of money made out of thin air, which can be called the level
of the stock god.
" ”

The legend of Mr.
Du's 59 years of life is that "every time, he encountered major twists and turns, but he was able to get out safely
.
" ”

Kangtai Bio's investors were overly frightened, suspecting that Du Zong was doing everything, even spending 23.
5 billion yuan on divorce
.

Du's latest trouble may come from employees who are frightened by him
.

Under the call of Mr.
Du's bottom-up shareholding initiative, from September 22 to October 29, 2021, 126 employees increased their holdings of Kangtai Bio's shares by 373,700 shares through the secondary market in a centralized bidding manner, with a total increase of 42.
0578 million yuan
.

The cost of holding each share is 112.
5 yuan, and after Kangtai Biotech carried out a distribution plan of 6 shares for every 10 shares, the previous compound price was about
70 yuan / share.
At today's closing price of 35.
85 yuan, 126 employees "based on confidence in the company's future sustainable development prospects and recognition of the long-term investment value of the company's stocks" have been deeply covered by about
50%.

Mr.
Du promised that during the above period, employees who bought the shares of Kangtai Bio and held them continuously for more than 12 consecutive months and were in service would be compensated
by themselves.

After 3 months, see if Mr.
Du can pay money?

All this past is the prologue
.
Kangtai Biology, also known as the "husky in medicine", looks at the recent two shocking events
.

On May 17, Kangtai Bio once fell more than 15cm
.
Du's 5.
2411 million shares in the company were auctioned at a 30% discount on Taobao, and everything came quite suddenly, in line with the traditional secret style, involving a case that entered enforcement in 2020, after the company did not disclose any information
about the judicial freezing of its shares and the debt dispute.

In the first half of this year, Kangtai Bio's conventional business developed strongly, achieving operating income of 1.
828 billion yuan, an increase of 73.
72%
year-on-year.
The sales revenue of the core product quadrant vaccine increased by about 60.
13% year-on-year, the sales revenue of hepatitis B vaccine increased by about 20.
76% year-on-year, and the newly listed product 13-valent pneumococcal polysaccharide conjugate vaccine was gradually released
.

However, the crotch pulling thing still came
.

The market is right to disregard the valuation of the new crown business, which has been proved by Kangtai Bio that it is actually a negative asset
.

In the first half of this year, the net profit of Kangtai Bio fell by 70.
29-61.
37% year-on-year, mainly due to the rapid decline in sales of new crown vaccines since the second quarter, and the asset impairment provision of 414.
5893 million yuan
was made for the inventory commodities, raw materials and auxiliary materials, homemade semi-finished products related to the new crown vaccine and the development expenditure of the new crown vaccine as of the end of March 2022.

Blindly expanded production capacity in the early stage and caught up with a late set
.

Business errors are still continuing, the new crown inactivated vaccine is still in the overseas phase III clinical stage, due to the impact of the Russian-Ukrainian war led to the delay in the blindness of the phase III clinical data in Ukraine, Q2 new crown inactivated vaccine research and development expenditure of 140 million yuan, people cry
and laugh.
In the second half of the year, there may be 300-400 million yuan of expenses to be accrued
.

No one was Lao Du's opponent, except Liu Gesong
.

Guangfa Fund, which is also in Guangdong, has always been the closest partner
of Kangtai Bio.

Liu Gesong has a deep affection for Kangtai Biologics, and GF Technology Pioneer, GF Small Cap Growth, GF Diversified Emerging, GF Innovation Upgrade, and GF Dual Engine Upgrade once took turns to rank in the top five of
heavy fund funds.

Liu Gesong accompanied Kangtai Bio to the peak of 170 billion market value, and among the ten funds with the largest number of positions in the second quarter of this year, GF Technology Pioneer, GF Small Cap Growth and GF Diversified Emerging managed by Liu Gesong are still in the top three, with a cumulative holding of 33.
7974 million shares and a stock market value of 1.
526 billion yuan
.
In the second quarter, the above three funds all increased their positions in Kangtai Biotech, and the cumulative increase in positions reached 11.
674 million shares
.

Kangtai Bio has fallen by more than 40% this year, and the above three funds have drawn back between 7% and 17%, winning
.

The vaccine industry has pre-barriers and insufficient competition, so that the technology has stayed in the me-worse stage for a long time, and the development stage lags behind the innovative drug, and the management of various companies is often questioned
.

But Biotech isn't too worried
.

Yifang Bio broke on the first day of listing and continued to fall
the next day.
This is not innocent
.

Zero income, loss, and actual controller American citizenship are not Biotech's original sins, isn't that normal? The problem is that Yifang Biotech's research and development expenses from 2019 to 2021 will total 1.
46 billion yuan, of which the share payment mainly for senior executive equity incentives will reach 870 million yuan, accounting for 59.
5%.

From 2019 to 2021, the net loss accumulated 1.
51 billion yuan, of which the compensation expense for directors, supervisors and senior management personnel was 890 million yuan, accounting for 59.
2%.

That's pretty tough, too
.

As a small molecule innovative drug developer, Yifang Bio's pipeline will not be stronger than Jiakesi, considering that the sci-tech board can be valued at a premium of 50% to 100%, according to the top grid, the reasonable market value is about
6.
3 billion yuan.
The market value of Yifang Bio was 10.
4 billion yuan, and the capital raised was 2.
08 billion yuan
.
That's pretty tough, too
.

Biotech fell, and Yifang was full
.

The first day of listing fell by 15.
62%, which had a bad impact on the confidence of innovative drugs that are being repaired
.
Other Biotech might say:

I would really appreciate it!