Tianmu Pharmaceuticals' illegal loan guarantee is regulated Net profit 10 years cumulative loss of 163 million debt ratio rose to 82%

Recently, a paper administrative supervision measures of the Zhejiang Securities Regulatory Bureau decided, the Tianmu Pharmaceutical Sansie's internal control crisis once again thrust into the public eyeAccording to the disclosure, Tianmu Pharmaceuticals, without the consideration and disclosure of the board of directors, borrowed 24.6 million yuan for the controlling shareholder and illegally guaranteed 100 million yuanin addition,, Tianmu Pharmaceuticals' major engineering contracts and major asset restructuring were voted "no" by three directors and one supervisor for "not helping to improve the debt service pressure and continuing operating pressure" facing the companyBehind this is tianmu Pharmaceuticals can not avoid the operating crisis, according to the previous three-quarter report, the first three quarters of the company's revenue, net profit fell 24.58 percent, 77.86 percentreview the development of Tianmu Pharmaceuticals in the past 10 years, Changjiang Business Journal reporter found that the company after 7 reorganization, control after several changes of ownership, senior management frequent departure, 10 years of net profit loss of 163 million yuan, the company's asset-liability ratio from 42.81 percent in 2009 to 80.27 percent in 2018, nearly doubled, at the end of the third quarter of this year, this value rose again to 82.07 percentthe first three quarters of the net revenueNovember 5, Tianmu Pharmaceuticals announced that it received the Zhejiang Securities Regulatory Commission administrative supervision measures decision, after investigation, Tianmu Pharmaceuticals to the Great Wall Group loan edgto 4.6 million yuan, for the Great Wall Group to the Tunxi Cooperative loan 20 million yuan outstandingIn addition, the violation of the relevant party Great Wall Film and Television loans to provide a maximum guarantee of 100 million yuan, these cases have not been considered and disclosed by the board of directorsZhejiang Securities Regulatory Bureau believes that Tianmu Pharmaceuticals 2017 three-quarter report, 2017 annual report, 2018 semi-annual report, 2018 annual report, 2019 semi-annual report and other major omissions, ordered Tianmu Pharmaceuticals to correct, and submit rectification reportdata show that Tianmu Pharmaceutical son-in-the-day pharmaceutical company was founded in 1989 by Hangzhou Tianmushan Pharmaceutical Co., ChinaIn 1993, listed on the Shanghai Stock Exchange, became the first listed company in Hangzhou City, but also the country's first Chinese medicine preparation listed enterprisesChangjiang Business Daily combed its performance over the past decade and found that from 2009 to 2018, Tianmu Pharmaceuticals' net profit was -7531.72 million yuan, -882.69 million yuan, 26.4392 million yuan, -88.8424 million yuan, 21 RMB0.84 million, RMB271.34 million, -21.5437 million yuan, 121.72 million yuan, 8.1416 million yuan, -888.17 million yuan, of which the decline in 2009 and 2012 was significantNet profit in 10 years was 163 million yuanIn addition, in the 10 years, except for 2014 to obtain 2.5245 million yuan of non-net profit, the remaining nine years are lossAt the same time, the company's balance sheet ratio nearly doubled from 42.81 per cent in 2009 to 80.27 per cent in 2018In fact, in the first three quarters of 2019, the company's revenue and net profit fell by 24.58 percent and 77.86 percent, respectively
asset restructuring was opposed by the board of directors
In fact, since 2009, Tianmu Pharmaceuticals has undergone seven reorganizations, control has changed hands, and senior management has frequently left The most recent change of control, dating back to 2016, when Great Wall Group acquired the controlling interest of Tianmu Pharmaceuticals, has proposed not to engage in short-term behavior, re-establish the image of the real controller, clear enterprise development objectives and at any cost to lay a good foundation for the development of Tianmu Pharmaceutical Sei However, with the Great Wall in jeopardy in 2018, the four main principles have been left behind According to the disclosure, as of September 26, the number of shares in Great Wall Group in a state of judicial freeze was 30,181,800 shares, accounting for 90.96 percent of the total number of shares directly held by the company at the same time, Tianmu Pharmaceutical's self-help operations have also been questioned Recently, according to the announcement issued by Tianmu Pharmaceuticals, the company's major engineering contracts and major asset restructuring by three directors and one supervisor voted "no." Tianmu Pharmaceuticals announced that Yinchuan Tianmu signed a major project contract with Lanzhou on June 20, 2018 for a total price of 60 million yuan for the hot spring well-being project, and has paid 27 million yuan in advance At the same time, Yinchuan Tianming signed an agreement with Wenxuan Investment and Wulio Investment on December 30, 2018 to purchase 100% of Yinchuan Xixia's shares held by the other party, the transaction price is tentatively set at 55 million yuan, constituting related transactions and major asset restructuring, the company has paid 54.14 million yuan in advance, the relevant equity has not yet been transferred In both of the above transactions, the Company has failed to fulfill the consideration procedures and information disclosure obligations of the Board of Directors and the General Meeting of Shareholders in a timely manner October 30, Tianmu Pharmaceuticals disclosed that the Board of Directors would consider the adoption of the holding subsidiary Yinchuan Tianmu to sign a major engineering contract and a major asset restructuring intention agreement is of concern, among them, directors Miya Pingqiang, Yu Yue, Song Zhengjun and supervisor Fu Bin believe that the main assets of the mysterious Xixia company under the target of this major asset restructuring is land, poor liquidity capacity, and the target company has no operating income, sustained losses, this major asset restructuring program is not conducive to improving the operating conditions of listed companies at the same time, Tianmu Pharmaceuticals at the end of the third quarter of the asset-liability ratio has reached 82.07 percent, interest-bearing liabilities of 88 million yuan, GMP transformation and Amoxelin Clawi potassium plate consistency evaluation of the funds required for gaps, in addition, the company's main business continued losses, the company's solvency and sustainable operating capacity is facing great pressure Yinchuan Hot Springs kangkang project construction cycle is long, the return of funds is slow, not conducive to improving the company's debt-servicing pressure and continued operating pressure in response to this situation, on October 30, the Shanghai Stock Exchange "lightning" issued "on the signing of major engineering contracts and restructuring matters of Hangzhou Tianmushan Pharmaceutical Co., Ltd.", asked whether before signing a major engineering contract, whether to carefully consider the economics of the project and its impact on the company's future operations and cash flow, continue to promote the hot spring well-being project will affect normal production and operation November 7, Tianmu Pharmaceuticals disclosed the inquiry letter extension response notice, said that it will be extended until November 12 to submit the "inquiry letter" reply and disclosure announcement At present, there is still great uncertainty about engineering contracts and restructuring matters.