TianshiLi "lightly loaded on the line" to break through the science and technology board

Pharmaceutical Network, June 16th, the evening of June 14th, Tianshili Pharmaceutical Group Co., Ltd(SH.600535, hereinafter referred to as "Tianshili") issued the "Major Asset Sale Report (Draft)", to be priced at 1.489 billion yuan, the subsidiary of Tianjin The 99.9448% of the shares of TianshiLi Pharmaceutical Marketing Group Co., Ltd("Tianshi Marketing") were transferred to Chongqing Pharmaceuticals (Group) Co., Ltd., a subsidiary of Heavy PharmaceuticalS Holdings Co., Ltd(SZ.000950)Tianshili said that the sale of Tianshili marketing is to focus on the pharmaceutical industry, continue to promote the coordinated development of modern Chinese medicine, biological drugs and chemical drugs, and build an innovative pharmaceutical research and development clusterPrior to this, Tianshili announced the separation of its Tianshili Biopharmaceutical Co., Ltd(hereinafter referred to as "Tianshili Biological") to the company's listing board, is currently in the pre-ipo counseling stageOn June 15, the reporter called Tianshili about the marketing sale and the progress of Tianshi Li Bio IPO, but did not receive a reply as of the draftShares of Tianshi Li and Heavy Pharmaceuticals Holdings both rose on June 15 on news of the acquisitionTianshili rose as high as 4.03 percent at one point, but ended the day with a "big dive" and ended up at 14.34 yuan/share, down 0.28 percentSnowball investors believe this is affected by the passive reduction of positions in index fundsHeavy Drug Holdings performed more smoothly, closing up 3.03 per cent at 5.10 yuan a share as of the afternoon's closeIn an interview with reporters on June 15, Yu Tao, chairman of Shenzhen Zhongjinhua Venture Scentre Fund, said that Tianshili Marketing and Chongqing Pharmaceutical's business layout are highly complementary, and the deal is good news for both sidesHowever, the reporter noted that, according to the disclosure of heavy drugs holdings, director Cheng Fei on the acquisition of Tianshili marketing objection, that "the underlying asset profitability is weak, high asset-liability ratio, large scale of external financing, after the acquisition will increase the company and the holding subsidiary asset-liability ratio on its own financial situation negatively affect." "
June 15, the reporter tried to ask Heavy PharmaceuticalS Holdings to learn more about the acquisition of information, but as of the release, could not get in touch with heavy drug holdingsThe sale of Tianshi marketing is the best choice
Tianshi Li's main products include modern Chinese medicine, chemical drugs, biopharmaceuticals, health care products
, functional food, business is divided into the pharmaceutical industry and pharmaceutical business two major sectors The sale of Tianshi marketing belongs to the Tianshi pharmaceutical business sector 　　If the deal goes through, it also means that Tserley will completely withdraw from the pharmaceutical circulation and focus instead on the pharmaceutical industry 　　Beijing ZhongweiKang Pharmaceutical Co , Ltd medical BD director Hua Yuzhong June 15 in an interview with reporters, said that the characteristics of the pharmaceutical circulation industry is the low level of gross margin, relying on large-scale operation Influenced by industry policy, china's pharmaceutical circulation industry concentration will be further improved in the future, small-scale enterprises may be eliminated "Pharmaceutical business would not have been Tianshili's main business, Tianshili sold related assets, conducive to the focus of resources on drug research and development." Mr Shi said 　　According to Tianshili's 2019 annual report, the gross margin of pharmaceutical businesses is only 10.02 percent, far less than the 74.63 percent of the pharmaceutical industry 　　Registered international investment analyst Jia Yizhen June 15 to reporters analysis pointed out that Tianshili pharmaceutical business sector profits only accounted for about 20% of the company's overall profits, but spent nearly 90% of the cost, can be said to be laborious In addition, there is no strong synergy between pharmaceutical commerce and pharmaceutical manufacturing, and selling the asset may be the best option 　　According to Tianfeng Securities' assessment, the gross margin of Tianshi Pharmaceutical's commercial business is low and the impact on the company's profits is relatively limited After the successful transaction, the net profit attributable to shareholders of listed companies fell from 1 billion yuan to 900 million yuan in 2019 In 2019, Tianshili's total accounts receivable amounted to 8.43 billion yuan, of which Tianshi marketing accounts receivable reached 5.87 billion yuan, accounting for the main part After the divestiture of Tianshi Marketing, the company's cash flow, operational quality, asset-liability ratio, etc will be significantly improved 　　The acquisition is a win-win Yan Tao also believes that the acquisition is a win-win for both sides, "Tianshi Marketing was originally a mainly for TianshiLi pharmaceutical sales system and logistics distribution system, and Chongqing Pharmaceuticals focused on the country-wide pharmaceutical distribution." Chongqing Pharmaceuticals can use this acquisition to strengthen its pharmaceutical circulation layout Tianshili through this cooperation, can also open up other sales channels In addition, , Yu Tao pointed out that the main circulation areas of Chongqing medicine are concentrated in Chongqing, Hunan and other places, and the circulation of Tianshili can complement Chongqing medicine 　　According to the heavy drug holding announcement, after the completion of the transaction, Heavy PharmaceuticalS Holdings will add five additional blank areas, including the larger market share in Beijing, Guangdong and Shandong 　　Public information shows that Tianshi Marketing in 2019 the national pharmaceutical wholesale main business income ranked 20th, after the completion of the acquisition, heavy drug holding in the national pharmaceutical wholesale enterprises ranked in the top 6 　　But there are also directors of Heavy Pharmaceuticals Holdings who have disputed the deal 　　Cheng Fei, director of Heavy Pharmaceuticals Holdings, believes that Tianshi Marketing's high debt ratio and weak profitability will have a negative impact on the financial position of Heavy Pharmaceuticals Holdings and its controlling subsidiaries 　　According to the audit report disclosed by Tianshili, as of December 31, 2019, Tianshi Marketing's total assets amounted to RMB9.192 billion, with total liabilities of RMB7.548 billion and liabilities of RMB82.11 billion, while the assets and liabilities ratios of The Pharmaceutical stake of the Pharmaceuticals Circulation Industry, Shanghai Pharmaceuticals and Kyushu Tong were 47.62%, 63.63% and 69.94%, respectively 　　Yan Tao to reporters further analysis pointed out that Tianshi marketing debt ratio is a legacy of the company's development "In order to help the main products to seize market share, Tianshili set up a separate distribution system, that is, for Tianshili this is only a functional business, whether the profit does not have much meaning, and the circulation of the company is generally more flowing water and less assets." "
in The opinion of Yan Tao, there are directors in the heavy medicine objection may be a relatively conservative attitude towards the strategic layout of listed companies 　　Jia Yizhen pointed out to reporters that the pharmaceutical circulation industry has entered the shuffling stage, the head of the most profitable enterprises, so heavy drug holdings hope to improve the national layout through acquisitions 　　"For Heavy Pharma Holdings, the premium acquisition of Tianshi Marketing is worth it because it presents a significant opportunity for Heavy Pharma Holdings to advance the head In fact, in addition to Tianshi marketing, heavy drug holdings are also actively promoting the merger and acquisition of Tiansheng Pharmaceutical commercial sector Jia also said 　　Can the switch to the Science board be desired? 　　Senior industry researcher Yuan Linhua told reporters on June 15 that Tianshili's sale of Tianshi marketing may be to pave the way for TianshiLi Bio to list in the company board 　　"The company has always been encouraging the pharmaceutical manufacturing and research and development, but if the company's pharmaceutical circulation business is too cumbersome, it may affect the company's understanding of the company's positioning "
as early as the end of 2017, Tianshili began to restructure its biopharmaceutical business into TianshiLi Bio, and plans to list in Hong Kong 　　In the pre-IPO round, Tianshireli Bio received more than $84.5 million in investments, valuing it at 13 billion yuan, compared with a market capitalisation of 25.307 billion yuan for Its a-share-listed parent company, Tianshili, over the same period 　　According to the prospectus disclosed by the Hong Kong Stock Exchange, Tianshili Bio has not yet made a profit In 2017 and 2018, TianshiLi Bio's operating income was RMB116 million and RMB 240 million, respectively, while the corresponding losses for the same period were RMB91.35 million and RMB1.67 million, respectively 　　It is worth noting that at present, TianshiLi Biologicals only has one drug on sale In 2017, Puyouk's sales were 100 million yuan At the end of 2017, Puyuk was included in the national health insurance catalog, with sales of 240 million yuan in 2018, an increase of 205 percent Skylife Bio's revenue depends heavily on TheU.S sales 　　Public information shows that Puyouk (recombinant human urinary kinase in injection) is mainly used for acute ST-section elevated myocardial infarction thrombolytic treatment, is an exclusive patent edify inglis variety of Tianshili According to the prospectus, 2018 Puyouk is China's third best-selling cardiovascular thrombosis, including Bollinger, Wanbang Pharmaceuticals, Shanghai Fenghua, Mingkang Biology, Ed Pharmaceuticals and many other thrombosis 　　Puyouk invested in research and development in 2001 and was only approved for listing in 2011 In its prospectus, Tinres Bio issued nine risk warnings, including uncertainties such as drug development, clinical trials and approvals 　　However, after the hearing through the Hong Kong Stock Exchange, TianshiLi Bio abandoned its listing in Hong Kong on the grounds that the valuation had not been as expected and switched to the board 　　This time, "one-wood" Puyouk can support the ten billion valuation of Tianshili biological, and smoothly break into the board? 　　Jia also believes that at present, Puyouk is carrying out a clinical phase III trial for acute ischemic stroke and a clinical phase II trial for acute pulmonary embolism, if the late trial goes well, Puyouk has the opportunity to become a heavy thrombosis drug However, the pharmaceutical manufacturing industry has a long research and development cycle and high research and development risks, so the future of Tinseli Biology needs to continue to observe its research progress 　　Yan Tao expressed optimism that Tianshili Bio will be listed on the company's board, "In addition to the main product, Puyouk, Tianshili Biology has a number of new drugs have entered the clinical trial stage." "