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On April 20, Harbin Pharmaceuticals received an inquiry letter from the Shanghai Stock Exchange for its annual report.
The company needed to explain the problems of consecutive years of decline in the operating income of the industrial sector, the GNC bankruptcy and reorganization of investment, the significant increase in the company's management salary, and the increase in sales expenses
.
In 2020, Harbin Pharmaceutical's operating income was 10.
788 billion yuan, a year-on-year decrease of 8.
76%; the net profit loss attributable to the parent company was 1.
078 billion yuan, which turned into a loss year-on-year, with a profit of 55.
812 million yuan in 2019
.
This means that Harbin Pharmaceutical's net profit attributable to its parent has suffered its first loss since its listing in 1993
The 2020 annual report shows that Harbin Pharmaceutical's industrial sector achieved operating income of 2.
768 billion yuan, a year-on-year decrease of 19.
9%, which has been in a downward trend for many years
.
Among them, the income of anti-infective and antiviral drugs decreased by 31.
The Shanghai Stock Exchange requires Harbin Pharmaceuticals to explain the reasons for the decline in revenue in each segment, whether the main products are unsalable, whether the relevant impairment provisions are adequately provided, and the reasons for the sharp decline in revenue in foreign regions based on specific conditions, and compare with comparable companies in the same industry , Explain the rationality of changes in revenue, gross profit margin level and changes in each segment, distinguish between industrial and commercial sectors, and analyze the rationality of inventory turnover rate compared with companies in the same industry
.
It is worth noting that the "failure" of Harbin Pharmaceutical's overseas investment has aroused concern
.
In February 2018, Harbin Pharmaceutical acquired a 40.
The 2020 annual report of Harbin Pharmaceuticals disclosed that as GNC entered the bankruptcy and reorganization process, Harbin Pharmaceuticals made an impairment provision of 171 million yuan for the dividends receivable of GNC's convertible preferred shares, and at the same time made the full remaining book balance of GNC's convertible preferred shares Confirm the loss from changes in fair value
.
In this regard, the Shanghai Stock Exchange required Harbin Pharmaceuticals to explain the accounting treatment and basis for GNC convertible preferred shares since the investment, GNC's operating conditions, and the progress of GNC bankruptcy and reorganization, plans, etc.
In addition, the Shanghai Stock Exchange also asked about the remuneration of Harbin Pharmaceutical's management
.
During the period from 2018 to 2020, the total pre-tax remuneration received by the company’s directors, supervisors and senior executives from the company was 8.
The Shanghai Stock Exchange requires Harbin Pharmaceuticals to supplement the disclosure of the main content of the selection, salary determination and evaluation system for directors, supervisors and senior executives, the formulation and implementation of the remuneration plan, and the professional background and work of each director, supervisor and senior executive.
Responsibilities, areas of responsibility, etc.
, explain the corresponding salary structure and performance appraisal targets, combined with the company's operation and performance in the past two years, the actual achievement of the performance appraisal targets, and the impact on the salary results
.
At the same time, compare comparable listed companies in the same industry to show whether the remuneration levels of directors, supervisors and senior executives are reasonable and whether they match the company’s operating conditions
What is puzzling is that Harbin Pharmaceutical's performance will decline in 2020, but sales expenses are increasing
.
The annual report shows that Harbin Pharmaceutical's sales expenses in 2020 will be 1.
The Shanghai Stock Exchange requires Harbin Pharmaceuticals to supplement the disclosure of the reasons for the collection and adjustment of expenses and the amount of impact, explaining the reasons for the mismatch between sales expenses and changes in operating income, the reasons for the decrease in sales staff but the corresponding increase in wages and surcharges, combined with advertising expenses and office travel expenses And the specific content of business entertainment expenses explain the reasons for the substantial increase in expenses during the epidemic
.
While sales expenses are rising, Harbin Pharmaceutical's research and development expenses in 2020 have dropped by 26.
06% year-on-year
.
In addition, the Shanghai Stock Exchange also made provision for impairment of fixed assets of Harbin Pharmaceutical Co.
According to the requirements of the Shanghai Stock Exchange, Harbin Pharmaceuticals needs to disclose the annual report inquiry letter immediately after receiving it, and disclose its response to the annual report inquiry letter within 5 trading days.
At the same time, the periodic report shall be revised and disclosed accordingly
.
(China Net Finance reporter Ye Qian Hu Jingling and trainee reporter Shan Shengqun)
