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On November 1, the stock price decline caused by the sudden announcement of the delisting of Golden Voice continued
.
It closed at 2.
68 Hong Kong dollars, down 0.
37%.
Golden Voice, which has a market value of less than 2 billion Hong Kong dollars, also entered the hot search list today, and the capital market is still expressing sentiment
.
In the 6 years since its listing, the stock price of Golden Throat has fallen from a maximum of 6 yuan per share to more than 1 yuan, and its market value has shrunk by up to 90%
.
Judging from the current stock price, it is very close to its announced privatization price.
This well-known brand pharmaceutical company finally chose to face reality by delisting
.
.
It closed at 2.
68 Hong Kong dollars, down 0.
37%.
Golden Voice, which has a market value of less than 2 billion Hong Kong dollars, also entered the hot search list today, and the capital market is still expressing sentiment
.
In the 6 years since its listing, the stock price of Golden Throat has fallen from a maximum of 6 yuan per share to more than 1 yuan, and its market value has shrunk by up to 90%
.
Judging from the current stock price, it is very close to its announced privatization price.
This well-known brand pharmaceutical company finally chose to face reality by delisting
.
Last Friday (October 29), before the deadline given by the Hong Kong Stock Exchange, Golden Voice came up with a privatization plan
.
According to the description of its announcement: "The offeror (a company indirectly wholly-owned by the founder holding company and Yafu Holding Company) and the company privatized the company through an agreement arrangement, and the plan is based on each share The shares
will be cancelled at HK$2.
80 .
” The announcement also stated that Golden Throat will withdraw its listing status on the Stock Exchange at 9:00 am on December 15, 2021, when Golden Throat will be officially delisted
.
.
According to the description of its announcement: "The offeror (a company indirectly wholly-owned by the founder holding company and Yafu Holding Company) and the company privatized the company through an agreement arrangement, and the plan is based on each share The shares
will be cancelled at HK$2.
80 .
” The announcement also stated that Golden Throat will withdraw its listing status on the Stock Exchange at 9:00 am on December 15, 2021, when Golden Throat will be officially delisted
.
The hidden worries behind the three causes
Privatization and delisting are just appearances
.
.
If you look at the 2021 semi-annual report released by Golden Voice in September, you may be able to see more deeply
.
The financial report shows that Golden Throat’s revenue totaled approximately 370 million yuan in the first half of this year, a year-on-year increase of 83.
1%; net profit was 81.
5 million yuan, a year-on-year increase of 415.
8%
.
It seems to be incompatible with this sudden delisting decision
.
.
The financial report shows that Golden Throat’s revenue totaled approximately 370 million yuan in the first half of this year, a year-on-year increase of 83.
1%; net profit was 81.
5 million yuan, a year-on-year increase of 415.
8%
.
It seems to be incompatible with this sudden delisting decision
.
However, this semi-annual report also uses a small amount of space to disclose another reality: "Since 1994, the group has successfully developed 31 new products, of which 8 items such as Jinyin Sanqi Capsules are medicines and 21 items are foods.
, 1 item is a health food and 1 item is a medical device product
.
” However, it is worth noting that until the first half of 2021, Golden Throat Lozenges are still the main force in sales and performance, and sales still account for nearly 90% of total revenue
.
, 1 item is a health food and 1 item is a medical device product
.
” However, it is worth noting that until the first half of 2021, Golden Throat Lozenges are still the main force in sales and performance, and sales still account for nearly 90% of total revenue
.
There are new products in hand, but the profits are highly concentrated.
What is the reason?
What is the reason?
Obviously, the single product structure is still the biggest constraint
.
Its financial report shows that Golden Throat Lozenges and Golden Throat Lozenges are still its main sources of income, none of them
.
In order to improve performance, Golden Throat adopted a strategy of increasing prices in a disguised form and actually reducing volume, changing from 20 pieces/box to 12 pieces/box.
Although Golden Throat’s net profit has increased, its overall sales have shown a downward trend
.
In the final analysis, it is caused by the imbalance of the product echelon
.
.
Its financial report shows that Golden Throat Lozenges and Golden Throat Lozenges are still its main sources of income, none of them
.
In order to improve performance, Golden Throat adopted a strategy of increasing prices in a disguised form and actually reducing volume, changing from 20 pieces/box to 12 pieces/box.
Although Golden Throat’s net profit has increased, its overall sales have shown a downward trend
.
In the final analysis, it is caused by the imbalance of the product echelon
.
And companies that lack product gradients often choose diversified exploration
.
It's just that Golden Voice didn't step on the point
.
Similar to the Guizhou Braun in those days, the golden voice after the listing has also entered the field of excessive fast-moving consumer goods
.
In 2016, the launch of herbal beverages, following the strategy of advertising bombing, directly led to a significant increase in marketing costs, and failed to find a fulcrum
.
In 2019, Golden Throat also launched Golden Throat Intestine Bao, which ended in failure
.
.
It's just that Golden Voice didn't step on the point
.
Similar to the Guizhou Braun in those days, the golden voice after the listing has also entered the field of excessive fast-moving consumer goods
.
In 2016, the launch of herbal beverages, following the strategy of advertising bombing, directly led to a significant increase in marketing costs, and failed to find a fulcrum
.
In 2019, Golden Throat also launched Golden Throat Intestine Bao, which ended in failure
.
Another factor is caused by irregular management
.
Like many family businesses, Golden Voice is also facing corporate management problems, resulting in a decline in overall competitiveness
.
In addition, due to the lack of corporate integrity, several times have been caught in credibility storms
.
For example, in the early stages of development, Golden Voice gained fame through Ronaldo's advertisements, but as a result, it fell into disputes over corporate integrity
.
Subsequently, different lawsuits damaged Golden Voice's reputation, and the company gradually began to decline
.
.
Like many family businesses, Golden Voice is also facing corporate management problems, resulting in a decline in overall competitiveness
.
In addition, due to the lack of corporate integrity, several times have been caught in credibility storms
.
For example, in the early stages of development, Golden Voice gained fame through Ronaldo's advertisements, but as a result, it fell into disputes over corporate integrity
.
Subsequently, different lawsuits damaged Golden Voice's reputation, and the company gradually began to decline
.
These factors are the root causes of Golden Voice's delisting and are worth pondering
.
Not long ago, Tongjitang received a penalty notice from the China Securities Regulatory Commission that Hubei Tongjitang, which was backdoor listed, may be forced to delist
.
In April 2020, Tongjitang was investigated by the Securities Regulatory Commission for alleged violations of information disclosure
.
Analyzing this case, Tongjitang is also a diversified layout of industrial clusters such as health industrial parks, health travel, and real estate purchases
.
After receiving huge losses from the 10 billion battalion, Tongjitang suddenly exploded
.
It can be seen that going public is not the end, how to build sustained profitability is the key to how far we go
.
.
Not long ago, Tongjitang received a penalty notice from the China Securities Regulatory Commission that Hubei Tongjitang, which was backdoor listed, may be forced to delist
.
In April 2020, Tongjitang was investigated by the Securities Regulatory Commission for alleged violations of information disclosure
.
Analyzing this case, Tongjitang is also a diversified layout of industrial clusters such as health industrial parks, health travel, and real estate purchases
.
After receiving huge losses from the 10 billion battalion, Tongjitang suddenly exploded
.
It can be seen that going public is not the end, how to build sustained profitability is the key to how far we go
.
Innovative layout has shown the track differentiation
So, how to obtain sustainable profitability building ability? A different angle may be more convincing
.
In 2020, the Center for Drug Evaluation approved 1,435 IND applications, an increase of 54.
97% over 2019; a total of 208 NDAs were approved, an increase of 26.
83% over 2019
.
Among them, there are 20 varieties of innovative drugs NDA
.
Innovation can accumulate energy for listed companies whose main business is medicine
.
.
In 2020, the Center for Drug Evaluation approved 1,435 IND applications, an increase of 54.
97% over 2019; a total of 208 NDAs were approved, an increase of 26.
83% over 2019
.
Among them, there are 20 varieties of innovative drugs NDA
.
Innovation can accumulate energy for listed companies whose main business is medicine
.
Of course, innovation is also divided into tracks
.
Combing the new drugs approved by CDE in recent years, we can see the clues
.
For example, as of October 20, the number of drugs included in the priority review and approval process for drug marketing authorization this year reached 83 (counted by acceptance number), including 52 products (under generic drug names)
.
Through analysis, out of 52 products, 49 new drug applications have been listed, accounting for 94%
.
As Stockhausen medicine on May imatinib mesylate tablets for the treatment of non-small cell lung cancer line application, injection Baekje Divine Division rituximab on the application of monoclonal antibodies for the treatment of HIV and the like
.
Secondly, the number of drugs included due to "new varieties, dosage forms and specifications of children's drugs that meet the physiological characteristics of children" has reached nine
.
Such as the recombinant human growth hormone injection developed by Changchun Jinsai Pharmaceutical
.
According to data released by the State Food and Drug Administration, in 2020, a total of 26 special medicines for children and increased medicines for children were approved, a year-on-year increase of 36.
8%
.
More popular is the oncology field.
There are as many as 35 tumor-related drugs, accounting for 68%
.
New drugs with urgent clinical needs and high innovative value are highly sought after
.
.
Combing the new drugs approved by CDE in recent years, we can see the clues
.
For example, as of October 20, the number of drugs included in the priority review and approval process for drug marketing authorization this year reached 83 (counted by acceptance number), including 52 products (under generic drug names)
.
Through analysis, out of 52 products, 49 new drug applications have been listed, accounting for 94%
.
As Stockhausen medicine on May imatinib mesylate tablets for the treatment of non-small cell lung cancer line application, injection Baekje Divine Division rituximab on the application of monoclonal antibodies for the treatment of HIV and the like
.
Secondly, the number of drugs included due to "new varieties, dosage forms and specifications of children's drugs that meet the physiological characteristics of children" has reached nine
.
Such as the recombinant human growth hormone injection developed by Changchun Jinsai Pharmaceutical
.
According to data released by the State Food and Drug Administration, in 2020, a total of 26 special medicines for children and increased medicines for children were approved, a year-on-year increase of 36.
8%
.
More popular is the oncology field.
There are as many as 35 tumor-related drugs, accounting for 68%
.
New drugs with urgent clinical needs and high innovative value are highly sought after
.
Many innovative companies have invested more than 20% to 30% of their revenue in R&D, reaching a scale of 1 billion to 3 billion
.
In sharp contrast, traditional pharmaceutical companies that grow bigger by sales rely on advertising to bombard their products, but they often pay little attention to innovation.
The general state is that the product structure is single, the core products are highly dependent, and the research and development is lacking.
The ability to innovate, like a golden voice, lacks the stamina for development
.
There are not a few companies facing the same situation.
For example, the listed company Shapu Aisi named after its main product is also in trouble.
The single products of Sanli Pharmaceutical’s open-throat sword spray account for more than 90% of the main revenue, but its research and development The investment is almost negligible, and the annual R&D expenditure is only at the level of one million
.
In the new stage where centralized procurement has become normal and high-quality industrial development, with the gradual improvement of the R&D level of competing companies, pharmaceutical companies that rely on a single product driven by sales are facing challenges
.
In contrast, on the new track, companies such as Hausen and Livzon Group have developed rapidly
.
.
In sharp contrast, traditional pharmaceutical companies that grow bigger by sales rely on advertising to bombard their products, but they often pay little attention to innovation.
The general state is that the product structure is single, the core products are highly dependent, and the research and development is lacking.
The ability to innovate, like a golden voice, lacks the stamina for development
.
There are not a few companies facing the same situation.
For example, the listed company Shapu Aisi named after its main product is also in trouble.
The single products of Sanli Pharmaceutical’s open-throat sword spray account for more than 90% of the main revenue, but its research and development The investment is almost negligible, and the annual R&D expenditure is only at the level of one million
.
In the new stage where centralized procurement has become normal and high-quality industrial development, with the gradual improvement of the R&D level of competing companies, pharmaceutical companies that rely on a single product driven by sales are facing challenges
.
In contrast, on the new track, companies such as Hausen and Livzon Group have developed rapidly
.
On November 1, the stock price decline caused by the sudden announcement of the delisting of Golden Voice continued
.
It closed at 2.
68 Hong Kong dollars, down 0.
37%.
Golden Voice, which has a market value of less than 2 billion Hong Kong dollars, also entered the hot search list today, and the capital market is still expressing sentiment
.
In the 6 years since its listing, the stock price of Golden Throat has fallen from a maximum of 6 yuan per share to more than 1 yuan, and its market value has shrunk by up to 90%
.
Judging from the current stock price, it is very close to its announced privatization price.
This well-known brand pharmaceutical company finally chose to face reality by delisting
.
.
It closed at 2.
68 Hong Kong dollars, down 0.
37%.
Golden Voice, which has a market value of less than 2 billion Hong Kong dollars, also entered the hot search list today, and the capital market is still expressing sentiment
.
In the 6 years since its listing, the stock price of Golden Throat has fallen from a maximum of 6 yuan per share to more than 1 yuan, and its market value has shrunk by up to 90%
.
Judging from the current stock price, it is very close to its announced privatization price.
This well-known brand pharmaceutical company finally chose to face reality by delisting
.
Last Friday (October 29), before the deadline given by the Hong Kong Stock Exchange, Golden Voice came up with a privatization plan
.
According to the description of its announcement: "The offeror (a company indirectly wholly-owned by the founder holding company and Yafu Holding Company) and the company privatized the company through an agreement arrangement, and the plan is based on each share The shares
will be cancelled at HK$2.
80 .
” The announcement also stated that Golden Throat will withdraw its listing status on the Stock Exchange at 9:00 am on December 15, 2021, when Golden Throat will be officially delisted
.
.
According to the description of its announcement: "The offeror (a company indirectly wholly-owned by the founder holding company and Yafu Holding Company) and the company privatized the company through an agreement arrangement, and the plan is based on each share The shares
will be cancelled at HK$2.
80 .
” The announcement also stated that Golden Throat will withdraw its listing status on the Stock Exchange at 9:00 am on December 15, 2021, when Golden Throat will be officially delisted
.
The hidden worries behind the three causes
Privatization and delisting are just appearances
.
.
If you look at the 2021 semi-annual report released by Golden Voice in September, you may be able to see more deeply
.
The financial report shows that Golden Throat’s revenue totaled approximately 370 million yuan in the first half of this year, a year-on-year increase of 83.
1%; net profit was 81.
5 million yuan, a year-on-year increase of 415.
8%
.
It seems to be incompatible with this sudden delisting decision
.
.
The financial report shows that Golden Throat’s revenue totaled approximately 370 million yuan in the first half of this year, a year-on-year increase of 83.
1%; net profit was 81.
5 million yuan, a year-on-year increase of 415.
8%
.
It seems to be incompatible with this sudden delisting decision
.
However, this semi-annual report also uses a small amount of space to disclose another reality: "Since 1994, the group has successfully developed 31 new products, of which 8 items such as Jinyin Sanqi Capsules are medicines and 21 items are foods.
, 1 item is a health food and 1 item is a medical device product
.
” However, it is worth noting that until the first half of 2021, Golden Throat Lozenges are still the main force in sales and performance, and sales still account for nearly 90% of total revenue
.
, 1 item is a health food and 1 item is a medical device product
.
” However, it is worth noting that until the first half of 2021, Golden Throat Lozenges are still the main force in sales and performance, and sales still account for nearly 90% of total revenue
.
There are new products in hand, but the profits are highly concentrated.
What is the reason?
What is the reason?
Obviously, the single product structure is still the biggest constraint
.
Its financial report shows that Golden Throat Lozenges and Golden Throat Lozenges are still its main sources of income, none of them
.
In order to improve performance, Golden Throat adopted a strategy of increasing prices in a disguised form and actually reducing volume, changing from 20 pieces/box to 12 pieces/box.
Although Golden Throat’s net profit has increased, its overall sales have shown a downward trend
.
In the final analysis, it is caused by the imbalance of the product echelon
.
.
Its financial report shows that Golden Throat Lozenges and Golden Throat Lozenges are still its main sources of income, none of them
.
In order to improve performance, Golden Throat adopted a strategy of increasing prices in a disguised form and actually reducing volume, changing from 20 pieces/box to 12 pieces/box.
Although Golden Throat’s net profit has increased, its overall sales have shown a downward trend
.
In the final analysis, it is caused by the imbalance of the product echelon
.
And companies that lack product gradients often choose diversified exploration
.
It's just that Golden Voice didn't step on the point
.
Similar to the Guizhou Braun in those days, the golden voice after the listing has also entered the field of excessive fast-moving consumer goods
.
In 2016, the launch of herbal beverages, following the strategy of advertising bombing, directly led to a significant increase in marketing costs, and failed to find a fulcrum
.
In 2019, Golden Throat also launched Golden Throat Intestine Bao, which ended in failure
.
.
It's just that Golden Voice didn't step on the point
.
Similar to the Guizhou Braun in those days, the golden voice after the listing has also entered the field of excessive fast-moving consumer goods
.
In 2016, the launch of herbal beverages, following the strategy of advertising bombing, directly led to a significant increase in marketing costs, and failed to find a fulcrum
.
In 2019, Golden Throat also launched Golden Throat Intestine Bao, which ended in failure
.
Another factor is caused by irregular management
.
Like many family businesses, Golden Voice is also facing corporate management problems, resulting in a decline in overall competitiveness
.
In addition, due to the lack of corporate integrity, several times have been caught in credibility storms
.
For example, in the early stages of development, Golden Voice gained fame through Ronaldo's advertisements, but as a result, it fell into disputes over corporate integrity
.
Subsequently, different lawsuits damaged Golden Voice's reputation, and the company gradually began to decline
.
.
Like many family businesses, Golden Voice is also facing corporate management problems, resulting in a decline in overall competitiveness
.
In addition, due to the lack of corporate integrity, several times have been caught in credibility storms
.
For example, in the early stages of development, Golden Voice gained fame through Ronaldo's advertisements, but as a result, it fell into disputes over corporate integrity
.
Subsequently, different lawsuits damaged Golden Voice's reputation, and the company gradually began to decline
.
These factors are the root causes of Golden Voice's delisting and are worth pondering
.
Not long ago, Tongjitang received a penalty notice from the China Securities Regulatory Commission that Hubei Tongjitang, which was backdoor listed, may be forced to delist
.
In April 2020, Tongjitang was investigated by the Securities Regulatory Commission for alleged violations of information disclosure
.
Analyzing this case, Tongjitang is also a diversified layout of industrial clusters such as health industrial parks, health travel, and real estate purchases
.
After receiving huge losses from the 10 billion battalion, Tongjitang suddenly exploded
.
It can be seen that going public is not the end, how to build sustained profitability is the key to how far we go
.
.
Not long ago, Tongjitang received a penalty notice from the China Securities Regulatory Commission that Hubei Tongjitang, which was backdoor listed, may be forced to delist
.
In April 2020, Tongjitang was investigated by the Securities Regulatory Commission for alleged violations of information disclosure
.
Analyzing this case, Tongjitang is also a diversified layout of industrial clusters such as health industrial parks, health travel, and real estate purchases
.
After receiving huge losses from the 10 billion battalion, Tongjitang suddenly exploded
.
It can be seen that going public is not the end, how to build sustained profitability is the key to how far we go
.
Innovative layout has shown the track differentiation
So, how to obtain sustainable profitability building ability? A different angle may be more convincing
.
In 2020, the Center for Drug Evaluation approved 1,435 IND applications, an increase of 54.
97% over 2019; a total of 208 NDAs were approved, an increase of 26.
83% over 2019
.
Among them, there are 20 varieties of innovative drugs NDA
.
Innovation can accumulate energy for listed companies whose main business is medicine
.
.
In 2020, the Center for Drug Evaluation approved 1,435 IND applications, an increase of 54.
97% over 2019; a total of 208 NDAs were approved, an increase of 26.
83% over 2019
.
Among them, there are 20 varieties of innovative drugs NDA
.
Innovation can accumulate energy for listed companies whose main business is medicine
.
Of course, innovation is also divided into tracks
.
Combing the new drugs approved by CDE in recent years, we can see the clues
.
For example, as of October 20, the number of drugs included in the priority review and approval process for drug marketing authorization this year reached 83 (counted by acceptance number), including 52 products (under generic drug names)
.
Through analysis, out of 52 products, 49 new drug applications have been listed, accounting for 94%
.
As Stockhausen medicine on May imatinib mesylate tablets for the treatment of non-small cell lung cancer line application, injection Baekje Divine Division rituximab on the application of monoclonal antibodies for the treatment of HIV and the like
.
Secondly, the number of drugs included due to "new varieties, dosage forms and specifications of children's drugs that meet the physiological characteristics of children" has reached nine
.
Such as the recombinant human growth hormone injection developed by Changchun Jinsai Pharmaceutical
.
According to data released by the State Food and Drug Administration, in 2020, a total of 26 special medicines for children and increased medicines for children were approved, a year-on-year increase of 36.
8%
.
More popular is the oncology field.
There are as many as 35 tumor-related drugs, accounting for 68%
.
New drugs with urgent clinical needs and high innovative value are highly sought after
.
.
Combing the new drugs approved by CDE in recent years, we can see the clues
.
For example, as of October 20, the number of drugs included in the priority review and approval process for drug marketing authorization this year reached 83 (counted by acceptance number), including 52 products (under generic drug names)
.
Through analysis, out of 52 products, 49 new drug applications have been listed, accounting for 94%
.
As Stockhausen medicine on May imatinib mesylate tablets for the treatment of non-small cell lung cancer line application, injection Baekje Divine Division rituximab on the application of monoclonal antibodies for the treatment of HIV and the like
.
Secondly, the number of drugs included due to "new varieties, dosage forms and specifications of children's drugs that meet the physiological characteristics of children" has reached nine
.
Such as the recombinant human growth hormone injection developed by Changchun Jinsai Pharmaceutical
.
According to data released by the State Food and Drug Administration, in 2020, a total of 26 special medicines for children and increased medicines for children were approved, a year-on-year increase of 36.
8%
.
More popular is the oncology field.
There are as many as 35 tumor-related drugs, accounting for 68%
.
New drugs with urgent clinical needs and high innovative value are highly sought after
.
Many innovative companies have invested more than 20% to 30% of their revenue in R&D, reaching a scale of 1 billion to 3 billion
.
In sharp contrast, traditional pharmaceutical companies that grow bigger by sales rely on advertising to bombard their products, but they often pay little attention to innovation.
The general state is that the product structure is single, the core products are highly dependent, and the research and development is lacking.
The ability to innovate, like a golden voice, lacks the stamina for development
.
There are not a few companies facing the same situation.
For example, the listed company Shapu Aisi named after its main product is also in trouble.
The single products of Sanli Pharmaceutical’s open-throat sword spray account for more than 90% of the main revenue, but its research and development The investment is almost negligible, and the annual R&D expenditure is only at the level of one million
.
In the new stage where centralized procurement has become normal and high-quality industrial development, with the gradual improvement of the R&D level of competing companies, pharmaceutical companies that rely on a single product driven by sales are facing challenges
.
In contrast, on the new track, companies such as Hausen and Livzon Group have developed rapidly
.
.
In sharp contrast, traditional pharmaceutical companies that grow bigger by sales rely on advertising to bombard their products, but they often pay little attention to innovation.
The general state is that the product structure is single, the core products are highly dependent, and the research and development is lacking.
The ability to innovate, like a golden voice, lacks the stamina for development
.
There are not a few companies facing the same situation.
For example, the listed company Shapu Aisi named after its main product is also in trouble.
The single products of Sanli Pharmaceutical’s open-throat sword spray account for more than 90% of the main revenue, but its research and development The investment is almost negligible, and the annual R&D expenditure is only at the level of one million
.
In the new stage where centralized procurement has become normal and high-quality industrial development, with the gradual improvement of the R&D level of competing companies, pharmaceutical companies that rely on a single product driven by sales are facing challenges
.
In contrast, on the new track, companies such as Hausen and Livzon Group have developed rapidly
.
On November 1, the stock price decline caused by the sudden announcement of the delisting of Golden Voice continued
.
It closed at 2.
68 Hong Kong dollars, down 0.
37%.
Golden Voice, which has a market value of less than 2 billion Hong Kong dollars, also entered the hot search list today, and the capital market is still expressing sentiment
.
In the 6 years since its listing, the stock price of Golden Throat has fallen from a maximum of 6 yuan per share to more than 1 yuan, and its market value has shrunk by up to 90%
.
Judging from the current stock price, it is very close to its announced privatization price.
This well-known brand pharmaceutical company finally chose to face reality by delisting
.
.
It closed at 2.
68 Hong Kong dollars, down 0.
37%.
Golden Voice, which has a market value of less than 2 billion Hong Kong dollars, also entered the hot search list today, and the capital market is still expressing sentiment
.
In the 6 years since its listing, the stock price of Golden Throat has fallen from a maximum of 6 yuan per share to more than 1 yuan, and its market value has shrunk by up to 90%
.
Judging from the current stock price, it is very close to its announced privatization price.
This well-known brand pharmaceutical company finally chose to face reality by delisting
.
Last Friday (October 29), before the deadline given by the Hong Kong Stock Exchange, Golden Voice came up with a privatization plan
.
According to the description of its announcement: "The offeror (a company indirectly wholly-owned by the founder holding company and Yafu Holding Company) and the company privatized the company through an agreement arrangement, and the plan is based on each share The shares
will be cancelled at HK$2.
80 .
” The announcement also stated that Golden Throat will withdraw its listing status on the Stock Exchange at 9:00 am on December 15, 2021, when Golden Throat will be officially delisted
.
.
According to the description of its announcement: "The offeror (a company indirectly wholly-owned by the founder holding company and Yafu Holding Company) and the company privatized the company through an agreement arrangement, and the plan is based on each share The shares
will be cancelled at HK$2.
80 .
” The announcement also stated that Golden Throat will withdraw its listing status on the Stock Exchange at 9:00 am on December 15, 2021, when Golden Throat will be officially delisted
.
The hidden worries behind the three causes
The hidden worries behind the three causes Privatization and delisting are just appearances
.
.
If you look at the 2021 semi-annual report released by Golden Voice in September, you may be able to see more deeply
.
The financial report shows that Golden Throat’s revenue totaled approximately 370 million yuan in the first half of this year, a year-on-year increase of 83.
1%; net profit was 81.
5 million yuan, a year-on-year increase of 415.
8%
.
It seems to be incompatible with this sudden delisting decision
.
.
The financial report shows that Golden Throat’s revenue totaled approximately 370 million yuan in the first half of this year, a year-on-year increase of 83.
1%; net profit was 81.
5 million yuan, a year-on-year increase of 415.
8%
.
It seems to be incompatible with this sudden delisting decision
.
However, this semi-annual report also uses a small amount of space to disclose another reality: "Since 1994, the group has successfully developed 31 new products, of which 8 items such as Jinyin Sanqi Capsules are medicines and 21 items are foods.
, 1 item is a health food and 1 item is a medical device product
.
” However, it is worth noting that until the first half of 2021, Golden Throat Lozenges are still the main force in sales and performance, and sales still account for nearly 90% of total revenue
.
Health food, health food, medical equipment, medical equipment, 1 item is a health food and 1 item is a medical device product
.
” However, it is worth noting that until the first half of 2021, Golden Throat Lozenges are still the main force in sales and performance, and sales still account for nearly 90% of total revenue
.
There are new products in hand, but the profits are highly concentrated.
What is the reason?
What is the reason?
Obviously, the single product structure is still the biggest constraint
.
Its financial report shows that Golden Throat Lozenges and Golden Throat Lozenges are still its main sources of income, none of them
.
In order to improve performance, Golden Throat adopted a strategy of increasing prices in a disguised form and actually reducing volume, changing from 20 pieces/box to 12 pieces/box.
Although Golden Throat’s net profit has increased, its overall sales have shown a downward trend
.
In the final analysis, it is caused by the imbalance of the product echelon
.
.
Its financial report shows that Golden Throat Lozenges and Golden Throat Lozenges are still its main sources of income, none of them
.
In order to improve performance, Golden Throat adopted a strategy of increasing prices in a disguised form and actually reducing volume, changing from 20 pieces/box to 12 pieces/box.
Although Golden Throat’s net profit has increased, its overall sales have shown a downward trend
.
In the final analysis, it is caused by the imbalance of the product echelon
.
And companies that lack product gradients often choose diversified exploration
.
It's just that Golden Voice didn't step on the point
.
Similar to the Guizhou Braun in those days, the golden voice after the listing has also entered the field of excessive fast-moving consumer goods
.
In 2016, the launch of herbal beverages, following the strategy of advertising bombing, directly led to a significant increase in marketing costs, and failed to find a fulcrum
.
In 2019, Golden Throat also launched Golden Throat Intestine Bao, which ended in failure
.
Business enterprise.
It's just that Golden Voice didn't step on the point
.
Similar to the Guizhou Braun in those days, the golden voice after the listing has also entered the field of excessive fast-moving consumer goods
.
In 2016, the launch of herbal beverages, following the strategy of advertising bombing, directly led to a significant increase in marketing costs, and failed to find a fulcrum
.
In 2019, Golden Throat also launched Golden Throat Intestine Bao, which ended in failure
.
Another factor is caused by irregular management
.
Like many family businesses, Golden Voice is also facing corporate management problems, resulting in a decline in overall competitiveness
.
In addition, due to the lack of corporate integrity, several times have been caught in credibility storms
.
For example, in the early stages of development, Golden Voice gained fame through Ronaldo's advertisements, but as a result, it fell into disputes over corporate integrity
.
Subsequently, different lawsuits damaged Golden Voice's reputation, and the company gradually began to decline
.
.
Like many family businesses, Golden Voice is also facing corporate management problems, resulting in a decline in overall competitiveness
.
In addition, due to the lack of corporate integrity, several times have been caught in credibility storms
.
For example, in the early stages of development, Golden Voice gained fame through Ronaldo's advertisements, but as a result, it fell into disputes over corporate integrity
.
Subsequently, different lawsuits damaged Golden Voice's reputation, and the company gradually began to decline
.
These factors are the root causes of Golden Voice's delisting and are worth pondering
.
Not long ago, Tongjitang received a penalty notice from the China Securities Regulatory Commission that Hubei Tongjitang, which was backdoor listed, may be forced to delist
.
In April 2020, Tongjitang was investigated by the Securities Regulatory Commission for alleged violations of information disclosure
.
Analyzing this case, Tongjitang is also a diversified layout of industrial clusters such as health industrial parks, health travel, and real estate purchases
.
After receiving huge losses from the 10 billion battalion, Tongjitang suddenly exploded
.
It can be seen that going public is not the end, how to build sustained profitability is the key to how far we go
.
.
Not long ago, Tongjitang received a penalty notice from the China Securities Regulatory Commission that Hubei Tongjitang, which was backdoor listed, may be forced to delist
.
In April 2020, Tongjitang was investigated by the Securities Regulatory Commission for alleged violations of information disclosure
.
Analyzing this case, Tongjitang is also a diversified layout of industrial clusters such as health industrial parks, health travel, and real estate purchases
.
After receiving huge losses from the 10 billion battalion, Tongjitang suddenly exploded
.
It can be seen that going public is not the end, how to build sustained profitability is the key to how far we go
.
Innovative layout has shown the track differentiation
Innovative layout has shown the track differentiation So, how to obtain sustainable profitability building ability? A different angle may be more convincing
.
In 2020, the Center for Drug Evaluation approved 1,435 IND applications, an increase of 54.
97% over 2019; a total of 208 NDAs were approved, an increase of 26.
83% over 2019
.
Among them, there are 20 varieties of innovative drugs NDA
.
Innovation can accumulate energy for listed companies whose main business is medicine
.
Medicine Medicine.
In 2020, the Center for Drug Evaluation approved 1,435 IND applications, an increase of 54.
97% over 2019; a total of 208 NDAs were approved, an increase of 26.
83% over 2019
.
Among them, there are 20 varieties of innovative drugs NDA
.
Innovation can accumulate energy for listed companies whose main business is medicine
.
Of course, innovation is also divided into tracks
.
Combing the new drugs approved by CDE in recent years, we can see the clues
.
For example, as of October 20, the number of drugs included in the priority review and approval process for drug marketing authorization this year reached 83 (counted by acceptance number), including 52 products (under generic drug names)
.
Through analysis, out of 52 products, 49 new drug applications have been listed, accounting for 94%
.
As Stockhausen medicine on May imatinib mesylate tablets for the treatment of non-small cell lung cancer line application, injection Baekje Divine Division rituximab on the application of monoclonal antibodies for the treatment of HIV and the like
.
Secondly, the number of drugs included due to "new varieties, dosage forms and specifications of children's drugs that meet the physiological characteristics of children" has reached nine
.
Such as the recombinant human growth hormone injection developed by Changchun Jinsai Pharmaceutical
.
According to data released by the State Food and Drug Administration, in 2020, a total of 26 special medicines for children and increased medicines for children were approved, a year-on-year increase of 36.
8%
.
More popular is the oncology field.
There are as many as 35 tumor-related drugs, accounting for 68%
.
New drugs with urgent clinical needs and high innovative value are highly sought after
.
Medicine medicine.
Combing the new drugs approved by CDE in recent years, we can see the clues
.
For example, as of October 20, the number of drugs included in the priority review and approval process for drug marketing authorization this year reached 83 (counted by acceptance number), including 52 products (under generic drug names)
.
Through analysis, out of 52 products, 49 new drug applications have been listed, accounting for 94%
.
As Stockhausen medicine on May imatinib mesylate tablets for the treatment of non-small cell lung cancer line application, injection Baekje Divine Division rituximab on the application of monoclonal antibodies for the treatment of HIV and the like
.
Secondly, the number of drugs included due to "new varieties, dosage forms and specifications of children's drugs that meet the physiological characteristics of children" has reached nine
.
Such as the recombinant human growth hormone injection developed by Changchun Jinsai Pharmaceutical
.
According to data released by the State Food and Drug Administration, in 2020, a total of 26 special medicines for children and increased medicines for children were approved, a year-on-year increase of 36.
8%
.
More popular is the oncology field.
There are as many as 35 tumor-related drugs, accounting for 68%
.
New drugs with urgent clinical needs and high innovative value are highly sought after
.
Many innovative companies have invested more than 20% to 30% of their revenue in R&D, reaching a scale of 1 billion to 3 billion
.
In sharp contrast, traditional pharmaceutical companies that grow bigger by sales rely on advertising to bombard their products, but they often pay little attention to innovation.
The general state is that the product structure is single, the core products are highly dependent, and the research and development is lacking.
The ability to innovate, like a golden voice, lacks the stamina for development
.
There are not a few companies facing the same situation.
For example, the listed company Shapu Aisi named after its main product is also in trouble.
The single products of Sanli Pharmaceutical’s open-throat sword spray account for more than 90% of the main revenue, but its research and development The investment is almost negligible, and the annual R&D expenditure is only at the level of one million
.
In the new stage where centralized procurement has become normal and high-quality industrial development, with the gradual improvement of the R&D level of competing companies, pharmaceutical companies that rely on a single product driven by sales are facing challenges
.
In contrast, on the new track, companies such as Hausen and Livzon Group have developed rapidly
.
.
In sharp contrast, traditional pharmaceutical companies that grow bigger by sales rely on advertising to bombard their products, but they often pay little attention to innovation.
The general state is that the product structure is single, the core products are highly dependent, and the research and development is lacking.
The ability to innovate, like a golden voice, lacks the stamina for development
.
There are not a few companies facing the same situation.
For example, the listed company Shapu Aisi named after its main product is also in trouble.
The single products of Sanli Pharmaceutical’s open-throat sword spray account for more than 90% of the main revenue, but its research and development The investment is almost negligible, and the annual R&D expenditure is only at the level of one million
.
In the new stage where centralized procurement has become normal and high-quality industrial development, with the gradual improvement of the R&D level of competing companies, pharmaceutical companies that rely on a single product driven by sales are facing challenges
.
In contrast, on the new track, companies such as Hausen and Livzon Group have developed rapidly
.
