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Medical Network News, June 11 Recently, Shanghai Pharmaceuticals plans to raise 14.
4 billion yuan, of which Yunnan Baiyao plans to subscribe for 11.
2 billion yuan with self-raised funds, accounting for 18.
02% of the total equity of Shanghai Pharmaceuticals after the issuance
.
However, the market's response to the story of this powerful combination was dull, and the stock price of Yunnan Baiyao only rose slightly by 0.
85% that day
.
4 billion yuan, of which Yunnan Baiyao plans to subscribe for 11.
2 billion yuan with self-raised funds, accounting for 18.
02% of the total equity of Shanghai Pharmaceuticals after the issuance
.
However, the market's response to the story of this powerful combination was dull, and the stock price of Yunnan Baiyao only rose slightly by 0.
85% that day
.
A diversified investment strategy that fluctuates with the market
The lack of market response is not unrelated to the profit structure problems exposed in the annual report of Yunnan Baiyao
.
On March 27, Yunnan Baiyao released its 2020 annual report
.
According to the annual report, Yunnan Baiyao realized a total profit of 6.
801 billion yuan in 2020, a net increase of 2.
075 billion yuan over the same period of the previous year, an increase of 43.
90%, of which 2.
24 billion yuan came from floating profits from “stock speculation”
.
Although the company's investment in the fair value of the financial assets of the company ranked first in the A-share listed pharmaceutical company in 2020, its stock price fell as much as 6.
89% after the opening of the market on March 29, and the stock price has since entered a falling range.
, Until the recent low
.
.
On March 27, Yunnan Baiyao released its 2020 annual report
.
According to the annual report, Yunnan Baiyao realized a total profit of 6.
801 billion yuan in 2020, a net increase of 2.
075 billion yuan over the same period of the previous year, an increase of 43.
90%, of which 2.
24 billion yuan came from floating profits from “stock speculation”
.
Although the company's investment in the fair value of the financial assets of the company ranked first in the A-share listed pharmaceutical company in 2020, its stock price fell as much as 6.
89% after the opening of the market on March 29, and the stock price has since entered a falling range.
, Until the recent low
.
According to the securities investment situation disclosed in the 2020 annual report of Yunnan Baiyao, the top five companies invested by Yunnan Baiyao are Xiaomi Group, Yili Co.
, Ltd.
, Tencent Holdings, Guizhou Moutai and Hengrui Pharmaceuticals.
All of them are leading companies with high market attention and involve technology.
, Dairy products, internet, liquor and medicine 5 industries
.
, Ltd.
, Tencent Holdings, Guizhou Moutai and Hengrui Pharmaceuticals.
All of them are leading companies with high market attention and involve technology.
, Dairy products, internet, liquor and medicine 5 industries
.
Observing the investment portfolio of Yunnan Baiyao, it can be seen that only Hengrui Medicine belongs to the medical field
.
Such a diversified investment portfolio targeting leading stocks is likely to increase in value with the rise of the market when the stock market rises, but it will also decrease in value as the market declines when the market goes down
.
It is also difficult for diversified investment to take advantage of its own industry background and to be the "Chunjiang Plumbing Duck Prophet" before changes in various market segments
.
.
Such a diversified investment portfolio targeting leading stocks is likely to increase in value with the rise of the market when the stock market rises, but it will also decrease in value as the market declines when the market goes down
.
It is also difficult for diversified investment to take advantage of its own industry background and to be the "Chunjiang Plumbing Duck Prophet" before changes in various market segments
.
Although Yunnan Baiyao purchased some more stable bond funds in the first quarter of 2021 to avoid risks, at the same time, during the quarter, the total price of its Xiaomi Group shares fell by 690 million yuan, and the total price of Yili shares fell.
110 million yuan, the total price of Hengrui Pharmaceutical's stock fell by 80 million yuan
.
Affected by the decline in these stock prices, Yunnan Baiyao's securities investment in the first quarter of 2021 lost as much as 793 million yuan during the reporting period
.
This alone has eroded nearly 40% of Yunnan Baiyao's net profit in the current period.
Investment failure has caused the company's net profit to fall by 40.
61% compared with the same period in 2020
.
110 million yuan, the total price of Hengrui Pharmaceutical's stock fell by 80 million yuan
.
Affected by the decline in these stock prices, Yunnan Baiyao's securities investment in the first quarter of 2021 lost as much as 793 million yuan during the reporting period
.
This alone has eroded nearly 40% of Yunnan Baiyao's net profit in the current period.
Investment failure has caused the company's net profit to fall by 40.
61% compared with the same period in 2020
.
Don't love the main business, love investment, questioned
Since 2013, the growth rate of Yunnan Baiyao's total operating income has slowed down significantly, and the expansion of new product pipelines has been slow.
Market investors have lowered their expectations for the company's future growth
.
Since 2007, the P/E ratio of Yunnan Baiyao has been declining along with the slowdown in revenue growth.
The revenue growth rate in 2020 is 10.
38%, which is less than one-third of the highest growth rate.
The P/E ratio is 27.
32 times, which is half of the highest point ( See the picture for details)
.
Market investors have lowered their expectations for the company's future growth
.
Since 2007, the P/E ratio of Yunnan Baiyao has been declining along with the slowdown in revenue growth.
The revenue growth rate in 2020 is 10.
38%, which is less than one-third of the highest growth rate.
The P/E ratio is 27.
32 times, which is half of the highest point ( See the picture for details)
.
Many investors put forward suggestions or questioned Yunnan Baiyao through the Shenzhen Stock Exchange, expressing doubts about the company's tens of billions of funds focusing on the stock market and ignoring the main business
.
The concerns of investors are not unreasonable.
In addition to toothpaste, Yunnan Baiyao's main business is sluggish, its R&D and innovation capabilities are weak, and the market expansion of new products is slow
.
.
The concerns of investors are not unreasonable.
In addition to toothpaste, Yunnan Baiyao's main business is sluggish, its R&D and innovation capabilities are weak, and the market expansion of new products is slow
.
In 2020, Yunnan Baiyao’s main business income is 32.
743 billion yuan, with 14.
277 billion yuan in cash, but research and development expenses are only 181 million yuan
.
The biggest change in R&D expenses was in employee compensation, which increased by 47.
44% compared to 2019; material consumption and inspection fees in R&D expenses decreased by 28.
08% compared to 2019
.
According to Juchao Information, the last time Yunnan Baiyao, which has a national top-secret Chinese medicine formula, was approved for clinical trials in 2016.
This innovative ability is obviously difficult to meet the future profit growth needs and the market’s demand for "Yunnan Baiyao" as the golden word of Chinese medicine.
Signboard expectations
.
743 billion yuan, with 14.
277 billion yuan in cash, but research and development expenses are only 181 million yuan
.
The biggest change in R&D expenses was in employee compensation, which increased by 47.
44% compared to 2019; material consumption and inspection fees in R&D expenses decreased by 28.
08% compared to 2019
.
According to Juchao Information, the last time Yunnan Baiyao, which has a national top-secret Chinese medicine formula, was approved for clinical trials in 2016.
This innovative ability is obviously difficult to meet the future profit growth needs and the market’s demand for "Yunnan Baiyao" as the golden word of Chinese medicine.
Signboard expectations
.
Focus on the industry's high-quality targets with the main business as the starting point
Focusing on the main business can better discover high-quality targets in business development
.
The opposite of Yunnan Baiyao's diversified investment strategy is Fosun Pharma
.
In 2020, the income from changes in the fair value of Fosun Pharma's financial assets was 559 million yuan, ranking fourth among A-share listed pharmaceutical companies; investment income was 2.
284 billion yuan, ranking second among A-share listed pharmaceutical companies
.
Not only that, in the first quarter of 2021 when the market is down, Yunnan Baiyao's financial assets have lost a total of 745 million yuan, while Fosun Pharma has increased by 528 million yuan
.
.
The opposite of Yunnan Baiyao's diversified investment strategy is Fosun Pharma
.
In 2020, the income from changes in the fair value of Fosun Pharma's financial assets was 559 million yuan, ranking fourth among A-share listed pharmaceutical companies; investment income was 2.
284 billion yuan, ranking second among A-share listed pharmaceutical companies
.
Not only that, in the first quarter of 2021 when the market is down, Yunnan Baiyao's financial assets have lost a total of 745 million yuan, while Fosun Pharma has increased by 528 million yuan
.
Behind the outstanding investment performance of Fosun Pharma is its investment strategy focusing on the pharmaceutical industry
.
Fosun Pharma's 2020 annual report disclosed that all of its 15 listed company stocks are related to the pharmaceutical industry
.
.
Fosun Pharma's 2020 annual report disclosed that all of its 15 listed company stocks are related to the pharmaceutical industry
.
It is worth noting that at the beginning of 2020, Fosun Pharma will develop its own business and obtain BioNTech's mRNA new coronavirus vaccine authorization
.
At the same time, the company subscribed for 1.
58 million BioNTech shares at a price of $31.
63 per share
.
On May 27, the stock price reached $202.
37
.
In May, Fosun Pharma’s subsidiary also established a joint venture with BioNTech to continue to promote the localized production and commercialization of the new coronavirus vaccine
.
By investing in familiar and reliable underlying assets, Fosun Pharma has also enjoyed the dividends brought by the stock appreciation of its partners while expanding its product pipeline
.
.
At the same time, the company subscribed for 1.
58 million BioNTech shares at a price of $31.
63 per share
.
On May 27, the stock price reached $202.
37
.
In May, Fosun Pharma’s subsidiary also established a joint venture with BioNTech to continue to promote the localized production and commercialization of the new coronavirus vaccine
.
By investing in familiar and reliable underlying assets, Fosun Pharma has also enjoyed the dividends brought by the stock appreciation of its partners while expanding its product pipeline
.
Based on the main business, looking for high-quality targets in the industry chain is Tigermed's investment strategy
.
"Minority investment in innovative biopharmaceutical and medical device start-ups" is included in its 2020 annual report as the company's core competitiveness
.
According to statistics, in 2020, the gains from changes in the fair value of Tigermed's financial assets and investment gains, which are related to the appreciation of financial assets, together accounted for 64.
08% of its total profits
.
.
"Minority investment in innovative biopharmaceutical and medical device start-ups" is included in its 2020 annual report as the company's core competitiveness
.
According to statistics, in 2020, the gains from changes in the fair value of Tigermed's financial assets and investment gains, which are related to the appreciation of financial assets, together accounted for 64.
08% of its total profits
.
Unlike Yunnan Baiyao’s direct investment, Tigermed chose to set up an industrial fund to indirectly invest in start-up companies in the pharmaceutical industry, rather than industry leaders
.
According to incomplete statistics, there are more than 40 investment companies held by Tiger Equity
.
Take the most typical Taifu Huaijin Venture Capital Partnership (Limited Partnership) as an example.
The business partners also include Watson Biological and Kanghua Biological, two listed pharmaceutical companies, and a total of 9 companies have been invested, except for 1 Except for no public data, the other 8 companies are all related to the pharmaceutical industry, involving popular fields such as medical devices , biopharmaceuticals, and Internet healthcare
.
.
According to incomplete statistics, there are more than 40 investment companies held by Tiger Equity
.
Take the most typical Taifu Huaijin Venture Capital Partnership (Limited Partnership) as an example.
The business partners also include Watson Biological and Kanghua Biological, two listed pharmaceutical companies, and a total of 9 companies have been invested, except for 1 Except for no public data, the other 8 companies are all related to the pharmaceutical industry, involving popular fields such as medical devices , biopharmaceuticals, and Internet healthcare
.
In the first quarter of 2021, Tigermed's financial assets once again appreciated 470 million yuan
.
Tigermed uses its main business advantages to provide R&D services to pharmaceutical companies while investing in potential start-ups, which has won huge profit margins for the company.
Such profit margins provide ample buffer for asset price fluctuations.
.
.
Tigermed uses its main business advantages to provide R&D services to pharmaceutical companies while investing in potential start-ups, which has won huge profit margins for the company.
Such profit margins provide ample buffer for asset price fluctuations.
.
The pharmaceutical industry has complex categories, many influencing factors, and high investment thresholds
.
Pharmaceutical companies have the best knowledge of the pharmaceutical industry, and relying on their own advantages, investing in high-quality upstream and downstream targets to improve the efficiency of capital use, and looking for cooperation opportunities to gain first-mover advantage is a good investment strategy
.
.
Pharmaceutical companies have the best knowledge of the pharmaceutical industry, and relying on their own advantages, investing in high-quality upstream and downstream targets to improve the efficiency of capital use, and looking for cooperation opportunities to gain first-mover advantage is a good investment strategy
.
Medical Network News, June 11 Recently, Shanghai Pharmaceuticals plans to raise 14.
4 billion yuan, of which Yunnan Baiyao plans to subscribe for 11.
2 billion yuan with self-raised funds, accounting for 18.
02% of the total equity of Shanghai Pharmaceuticals after the issuance
.
However, the market's response to the story of this powerful combination was dull, and the stock price of Yunnan Baiyao only rose slightly by 0.
85% that day
.
4 billion yuan, of which Yunnan Baiyao plans to subscribe for 11.
2 billion yuan with self-raised funds, accounting for 18.
02% of the total equity of Shanghai Pharmaceuticals after the issuance
.
However, the market's response to the story of this powerful combination was dull, and the stock price of Yunnan Baiyao only rose slightly by 0.
85% that day
.
A diversified investment strategy that fluctuates with the market
The lack of market response is not unrelated to the profit structure problems exposed in the annual report of Yunnan Baiyao
.
On March 27, Yunnan Baiyao released its 2020 annual report
.
According to the annual report, Yunnan Baiyao realized a total profit of 6.
801 billion yuan in 2020, a net increase of 2.
075 billion yuan over the same period of the previous year, an increase of 43.
90%, of which 2.
24 billion yuan came from floating profits from “stock speculation”
.
Although the company's investment in the fair value of the financial assets of the company ranked first in the A-share listed pharmaceutical company in 2020, its stock price fell as much as 6.
89% after the opening of the market on March 29, and the stock price has since entered a falling range.
, Until the recent low
.
.
On March 27, Yunnan Baiyao released its 2020 annual report
.
According to the annual report, Yunnan Baiyao realized a total profit of 6.
801 billion yuan in 2020, a net increase of 2.
075 billion yuan over the same period of the previous year, an increase of 43.
90%, of which 2.
24 billion yuan came from floating profits from “stock speculation”
.
Although the company's investment in the fair value of the financial assets of the company ranked first in the A-share listed pharmaceutical company in 2020, its stock price fell as much as 6.
89% after the opening of the market on March 29, and the stock price has since entered a falling range.
, Until the recent low
.
According to the securities investment situation disclosed in the 2020 annual report of Yunnan Baiyao, the top five companies invested by Yunnan Baiyao are Xiaomi Group, Yili Co.
, Ltd.
, Tencent Holdings, Guizhou Moutai and Hengrui Pharmaceuticals.
All of them are leading companies with high market attention and involve technology.
, Dairy products, internet, liquor and medicine 5 industries
.
, Ltd.
, Tencent Holdings, Guizhou Moutai and Hengrui Pharmaceuticals.
All of them are leading companies with high market attention and involve technology.
, Dairy products, internet, liquor and medicine 5 industries
.
Observing the investment portfolio of Yunnan Baiyao, it can be seen that only Hengrui Medicine belongs to the medical field
.
Such a diversified investment portfolio targeting leading stocks is likely to increase in value with the rise of the market when the stock market rises, but it will also decrease in value as the market declines when the market goes down
.
It is also difficult for diversified investment to take advantage of its own industry background and to be the "Chunjiang Plumbing Duck Prophet" before changes in various market segments
.
.
Such a diversified investment portfolio targeting leading stocks is likely to increase in value with the rise of the market when the stock market rises, but it will also decrease in value as the market declines when the market goes down
.
It is also difficult for diversified investment to take advantage of its own industry background and to be the "Chunjiang Plumbing Duck Prophet" before changes in various market segments
.
Although Yunnan Baiyao purchased some more stable bond funds in the first quarter of 2021 to avoid risks, at the same time, during the quarter, the total price of its Xiaomi Group shares fell by 690 million yuan, and the total price of Yili shares fell.
110 million yuan, the total price of Hengrui Pharmaceutical's stock fell by 80 million yuan
.
Affected by the decline in these stock prices, Yunnan Baiyao's securities investment in the first quarter of 2021 lost as much as 793 million yuan during the reporting period
.
This alone has eroded nearly 40% of Yunnan Baiyao's net profit in the current period.
Investment failure has caused the company's net profit to fall by 40.
61% compared with the same period in 2020
.
110 million yuan, the total price of Hengrui Pharmaceutical's stock fell by 80 million yuan
.
Affected by the decline in these stock prices, Yunnan Baiyao's securities investment in the first quarter of 2021 lost as much as 793 million yuan during the reporting period
.
This alone has eroded nearly 40% of Yunnan Baiyao's net profit in the current period.
Investment failure has caused the company's net profit to fall by 40.
61% compared with the same period in 2020
.
Don't love the main business, love investment, questioned
Since 2013, the growth rate of Yunnan Baiyao's total operating income has slowed down significantly, and the expansion of new product pipelines has been slow.
Market investors have lowered their expectations for the company's future growth
.
Since 2007, the P/E ratio of Yunnan Baiyao has been declining along with the slowdown in revenue growth.
The revenue growth rate in 2020 is 10.
38%, which is less than one-third of the highest growth rate.
The P/E ratio is 27.
32 times, which is half of the highest point ( See the picture for details)
.
Market investors have lowered their expectations for the company's future growth
.
Since 2007, the P/E ratio of Yunnan Baiyao has been declining along with the slowdown in revenue growth.
The revenue growth rate in 2020 is 10.
38%, which is less than one-third of the highest growth rate.
The P/E ratio is 27.
32 times, which is half of the highest point ( See the picture for details)
.
Many investors put forward suggestions or questioned Yunnan Baiyao through the Shenzhen Stock Exchange, expressing doubts about the company's tens of billions of funds focusing on the stock market and ignoring the main business
.
The concerns of investors are not unreasonable.
In addition to toothpaste, Yunnan Baiyao's main business is sluggish, its R&D and innovation capabilities are weak, and the market expansion of new products is slow
.
.
The concerns of investors are not unreasonable.
In addition to toothpaste, Yunnan Baiyao's main business is sluggish, its R&D and innovation capabilities are weak, and the market expansion of new products is slow
.
In 2020, Yunnan Baiyao’s main business income is 32.
743 billion yuan, with 14.
277 billion yuan in cash, but research and development expenses are only 181 million yuan
.
The biggest change in R&D expenses was in employee compensation, which increased by 47.
44% compared to 2019; material consumption and inspection fees in R&D expenses decreased by 28.
08% compared to 2019
.
According to Juchao Information, the last time Yunnan Baiyao, which has a national top-secret Chinese medicine formula, was approved for clinical trials in 2016.
This innovative ability is obviously difficult to meet the future profit growth needs and the market’s demand for "Yunnan Baiyao" as the golden word of Chinese medicine.
Signboard expectations
.
743 billion yuan, with 14.
277 billion yuan in cash, but research and development expenses are only 181 million yuan
.
The biggest change in R&D expenses was in employee compensation, which increased by 47.
44% compared to 2019; material consumption and inspection fees in R&D expenses decreased by 28.
08% compared to 2019
.
According to Juchao Information, the last time Yunnan Baiyao, which has a national top-secret Chinese medicine formula, was approved for clinical trials in 2016.
This innovative ability is obviously difficult to meet the future profit growth needs and the market’s demand for "Yunnan Baiyao" as the golden word of Chinese medicine.
Signboard expectations
.
Focus on the industry's high-quality targets with the main business as the starting point
Focusing on the main business can better discover high-quality targets in business development
.
The opposite of Yunnan Baiyao's diversified investment strategy is Fosun Pharma
.
In 2020, the income from changes in the fair value of Fosun Pharma's financial assets was 559 million yuan, ranking fourth among A-share listed pharmaceutical companies; investment income was 2.
284 billion yuan, ranking second among A-share listed pharmaceutical companies
.
Not only that, in the first quarter of 2021 when the market is down, Yunnan Baiyao's financial assets have lost a total of 745 million yuan, while Fosun Pharma has increased by 528 million yuan
.
.
The opposite of Yunnan Baiyao's diversified investment strategy is Fosun Pharma
.
In 2020, the income from changes in the fair value of Fosun Pharma's financial assets was 559 million yuan, ranking fourth among A-share listed pharmaceutical companies; investment income was 2.
284 billion yuan, ranking second among A-share listed pharmaceutical companies
.
Not only that, in the first quarter of 2021 when the market is down, Yunnan Baiyao's financial assets have lost a total of 745 million yuan, while Fosun Pharma has increased by 528 million yuan
.
Behind the outstanding investment performance of Fosun Pharma is its investment strategy focusing on the pharmaceutical industry
.
Fosun Pharma's 2020 annual report disclosed that all of its 15 listed company stocks are related to the pharmaceutical industry
.
.
Fosun Pharma's 2020 annual report disclosed that all of its 15 listed company stocks are related to the pharmaceutical industry
.
It is worth noting that at the beginning of 2020, Fosun Pharma will develop its own business and obtain BioNTech's mRNA new coronavirus vaccine authorization
.
At the same time, the company subscribed for 1.
58 million BioNTech shares at a price of $31.
63 per share
.
On May 27, the stock price reached $202.
37
.
In May, Fosun Pharma’s subsidiary also established a joint venture with BioNTech to continue to promote the localized production and commercialization of the new coronavirus vaccine
.
By investing in familiar and reliable underlying assets, Fosun Pharma has also enjoyed the dividends brought by the stock appreciation of its partners while expanding its product pipeline
.
.
At the same time, the company subscribed for 1.
58 million BioNTech shares at a price of $31.
63 per share
.
On May 27, the stock price reached $202.
37
.
In May, Fosun Pharma’s subsidiary also established a joint venture with BioNTech to continue to promote the localized production and commercialization of the new coronavirus vaccine
.
By investing in familiar and reliable underlying assets, Fosun Pharma has also enjoyed the dividends brought by the stock appreciation of its partners while expanding its product pipeline
.
Based on the main business, looking for high-quality targets in the industry chain is Tigermed's investment strategy
.
"Minority investment in innovative biopharmaceutical and medical device start-ups" is included in its 2020 annual report as the company's core competitiveness
.
According to statistics, in 2020, the gains from changes in the fair value of Tigermed's financial assets and investment gains, which are related to the appreciation of financial assets, together accounted for 64.
08% of its total profits
.
.
"Minority investment in innovative biopharmaceutical and medical device start-ups" is included in its 2020 annual report as the company's core competitiveness
.
According to statistics, in 2020, the gains from changes in the fair value of Tigermed's financial assets and investment gains, which are related to the appreciation of financial assets, together accounted for 64.
08% of its total profits
.
Unlike Yunnan Baiyao’s direct investment, Tigermed chose to set up an industrial fund to indirectly invest in start-up companies in the pharmaceutical industry, rather than industry leaders
.
According to incomplete statistics, there are more than 40 investment companies held by Tiger Equity
.
Take the most typical Taifu Huaijin Venture Capital Partnership (Limited Partnership) as an example.
The business partners also include Watson Biological and Kanghua Biological, two listed pharmaceutical companies, and a total of 9 companies have been invested, except for 1 Except for no public data, the other 8 companies are all related to the pharmaceutical industry, involving popular fields such as medical devices , biopharmaceuticals, and Internet healthcare
.
.
According to incomplete statistics, there are more than 40 investment companies held by Tiger Equity
.
Take the most typical Taifu Huaijin Venture Capital Partnership (Limited Partnership) as an example.
The business partners also include Watson Biological and Kanghua Biological, two listed pharmaceutical companies, and a total of 9 companies have been invested, except for 1 Except for no public data, the other 8 companies are all related to the pharmaceutical industry, involving popular fields such as medical devices , biopharmaceuticals, and Internet healthcare
.
In the first quarter of 2021, Tigermed's financial assets once again appreciated 470 million yuan
.
Tigermed uses its main business advantages to provide R&D services to pharmaceutical companies while investing in potential start-ups, which has won huge profit margins for the company.
Such profit margins provide ample buffer for asset price fluctuations.
.
.
Tigermed uses its main business advantages to provide R&D services to pharmaceutical companies while investing in potential start-ups, which has won huge profit margins for the company.
Such profit margins provide ample buffer for asset price fluctuations.
.
The pharmaceutical industry has complex categories, many influencing factors, and high investment thresholds
.
Pharmaceutical companies have the best knowledge of the pharmaceutical industry, and relying on their own advantages, investing in high-quality upstream and downstream targets to improve the efficiency of capital use, and looking for cooperation opportunities to gain first-mover advantage is a good investment strategy
.
.
Pharmaceutical companies have the best knowledge of the pharmaceutical industry, and relying on their own advantages, investing in high-quality upstream and downstream targets to improve the efficiency of capital use, and looking for cooperation opportunities to gain first-mover advantage is a good investment strategy
.
Medical Network News, June 11 Recently, Shanghai Pharmaceuticals plans to raise 14.
4 billion yuan, of which Yunnan Baiyao plans to subscribe for 11.
2 billion yuan with self-raised funds, accounting for 18.
02% of the total equity of Shanghai Pharmaceuticals after the issuance
.
However, the market's response to the story of this powerful combination was dull, and the stock price of Yunnan Baiyao only rose slightly by 0.
85% that day
.
4 billion yuan, of which Yunnan Baiyao plans to subscribe for 11.
2 billion yuan with self-raised funds, accounting for 18.
02% of the total equity of Shanghai Pharmaceuticals after the issuance
.
However, the market's response to the story of this powerful combination was dull, and the stock price of Yunnan Baiyao only rose slightly by 0.
85% that day
.
A diversified investment strategy that fluctuates with the market
A diversified investment strategy that fluctuates with the market The lack of market response is not unrelated to the profit structure problems exposed in the annual report of Yunnan Baiyao
.
On March 27, Yunnan Baiyao released its 2020 annual report
.
According to the annual report, Yunnan Baiyao realized a total profit of 6.
801 billion yuan in 2020, a net increase of 2.
075 billion yuan over the same period of the previous year, an increase of 43.
90%, of which 2.
24 billion yuan came from floating profits from “stock speculation”
.
Although the company's investment in the fair value of the financial assets of the company ranked first in the A-share listed pharmaceutical company in 2020, its stock price fell as much as 6.
89% after the opening of the market on March 29, and the stock price has since entered a falling range.
, Until the recent low
.
.
On March 27, Yunnan Baiyao released its 2020 annual report
.
According to the annual report, Yunnan Baiyao realized a total profit of 6.
801 billion yuan in 2020, a net increase of 2.
075 billion yuan over the same period of the previous year, an increase of 43.
90%, of which 2.
24 billion yuan came from floating profits from “stock speculation”
.
Although the company's investment in the fair value of the financial assets of the company ranked first in the A-share listed pharmaceutical company in 2020, its stock price fell as much as 6.
89% after the opening of the market on March 29, and the stock price has since entered a falling range.
, Until the recent low
.
According to the securities investment situation disclosed in the 2020 annual report of Yunnan Baiyao, the top five companies invested by Yunnan Baiyao are Xiaomi Group, Yili Co.
, Ltd.
, Tencent Holdings, Guizhou Moutai and Hengrui Pharmaceuticals.
All of them are leading companies with high market attention and involve technology.
, Dairy products, internet, liquor and medicine 5 industries
.
, Ltd.
, Tencent Holdings, Guizhou Moutai and Hengrui Pharmaceuticals.
All of them are leading companies with high market attention and involve technology.
, Dairy products, internet, liquor and medicine 5 industries
.
Observing the investment portfolio of Yunnan Baiyao, it can be seen that only Hengrui Medicine belongs to the medical field
.
Such a diversified investment portfolio targeting leading stocks is likely to increase in value with the rise of the market when the stock market rises, but it will also decrease in value as the market declines when the market goes down
.
It is also difficult for diversified investment to take advantage of its own industry background and to be the "Chunjiang Plumbing Duck Prophet" before changes in various market segments
.
.
Such a diversified investment portfolio targeting leading stocks is likely to increase in value with the rise of the market when the stock market rises, but it will also decrease in value as the market declines when the market goes down
.
It is also difficult for diversified investment to take advantage of its own industry background and to be the "Chunjiang Plumbing Duck Prophet" before changes in various market segments
.
Although Yunnan Baiyao purchased some more stable bond funds in the first quarter of 2021 to avoid risks, at the same time, during the quarter, the total price of its Xiaomi Group shares fell by 690 million yuan, and the total price of Yili shares fell.
110 million yuan, the total price of Hengrui Pharmaceutical's stock fell by 80 million yuan
.
Affected by the decline in these stock prices, Yunnan Baiyao's securities investment in the first quarter of 2021 lost as much as 793 million yuan during the reporting period
.
This alone has eroded nearly 40% of Yunnan Baiyao's net profit in the current period.
Investment failure has caused the company's net profit to fall by 40.
61% compared with the same period in 2020
.
110 million yuan, the total price of Hengrui Pharmaceutical's stock fell by 80 million yuan
.
Affected by the decline in these stock prices, Yunnan Baiyao's securities investment in the first quarter of 2021 lost as much as 793 million yuan during the reporting period
.
This alone has eroded nearly 40% of Yunnan Baiyao's net profit in the current period.
Investment failure has caused the company's net profit to fall by 40.
61% compared with the same period in 2020
.
Don't love the main business, love investment, questioned
Don't love the main business, love investment, questioned Since 2013, the growth rate of Yunnan Baiyao's total operating income has slowed down significantly, and the expansion of new product pipelines has been slow.
Market investors have lowered their expectations for the company's future growth
.
Since 2007, the P/E ratio of Yunnan Baiyao has been declining along with the slowdown in revenue growth.
The revenue growth rate in 2020 is 10.
38%, which is less than one-third of the highest growth rate.
The P/E ratio is 27.
32 times, which is half of the highest point ( See the picture for details)
.
Market investors have lowered their expectations for the company's future growth
.
Since 2007, the P/E ratio of Yunnan Baiyao has been declining along with the slowdown in revenue growth.
The revenue growth rate in 2020 is 10.
38%, which is less than one-third of the highest growth rate.
The P/E ratio is 27.
32 times, which is half of the highest point ( See the picture for details)
.
Many investors put forward suggestions or questioned Yunnan Baiyao through the Shenzhen Stock Exchange, expressing doubts about the company's tens of billions of funds focusing on the stock market and ignoring the main business
.
The concerns of investors are not unreasonable.
In addition to toothpaste, Yunnan Baiyao's main business is sluggish, its R&D and innovation capabilities are weak, and the market expansion of new products is slow
.
.
The concerns of investors are not unreasonable.
In addition to toothpaste, Yunnan Baiyao's main business is sluggish, its R&D and innovation capabilities are weak, and the market expansion of new products is slow
.
In 2020, Yunnan Baiyao’s main business income is 32.
743 billion yuan, with 14.
277 billion yuan in cash, but research and development expenses are only 181 million yuan
.
The biggest change in R&D expenses was in employee compensation, which increased by 47.
44% compared to 2019; material consumption and inspection fees in R&D expenses decreased by 28.
08% compared to 2019
.
According to Juchao Information, the last time Yunnan Baiyao, which has a national top-secret Chinese medicine formula, was approved for clinical trials in 2016.
This innovative ability is obviously difficult to meet the future profit growth needs and the market’s demand for "Yunnan Baiyao" as the golden word of Chinese medicine.
Signboard expectations
.
Chinese Medicine Chinese Medicine Chinese Medicine743 billion yuan, with 14.
277 billion yuan in cash, but research and development expenses are only 181 million yuan
.
The biggest change in R&D expenses was in employee compensation, which increased by 47.
44% compared to 2019; material consumption and inspection fees in R&D expenses decreased by 28.
08% compared to 2019
.
According to Juchao Information, the last time Yunnan Baiyao, which has a national top-secret Chinese medicine formula, was approved for clinical trials in 2016.
This innovative ability is obviously difficult to meet the future profit growth needs and the market’s demand for "Yunnan Baiyao" as the golden word of Chinese medicine.
Signboard expectations
.
Focus on the industry's high-quality targets with the main business as the starting point
Focus on the industry's high-quality targets with the main business as the starting point Focusing on the main business can better discover high-quality targets in business development
.
The opposite of Yunnan Baiyao's diversified investment strategy is Fosun Pharma
.
In 2020, the income from changes in the fair value of Fosun Pharma's financial assets was 559 million yuan, ranking fourth among A-share listed pharmaceutical companies; investment income was 2.
284 billion yuan, ranking second among A-share listed pharmaceutical companies
.
Not only that, in the first quarter of 2021 when the market is down, Yunnan Baiyao's financial assets have lost a total of 745 million yuan, while Fosun Pharma has increased by 528 million yuan
.
.
The opposite of Yunnan Baiyao's diversified investment strategy is Fosun Pharma
.
In 2020, the income from changes in the fair value of Fosun Pharma's financial assets was 559 million yuan, ranking fourth among A-share listed pharmaceutical companies; investment income was 2.
284 billion yuan, ranking second among A-share listed pharmaceutical companies
.
Not only that, in the first quarter of 2021 when the market is down, Yunnan Baiyao's financial assets have lost a total of 745 million yuan, while Fosun Pharma has increased by 528 million yuan
.
Behind the outstanding investment performance of Fosun Pharma is its investment strategy focusing on the pharmaceutical industry
.
Fosun Pharma's 2020 annual report disclosed that all of its 15 listed company stocks are related to the pharmaceutical industry
.
.
Fosun Pharma's 2020 annual report disclosed that all of its 15 listed company stocks are related to the pharmaceutical industry
.
It is worth noting that at the beginning of 2020, Fosun Pharma will develop its own business and obtain BioNTech's mRNA new coronavirus vaccine authorization
.
At the same time, the company subscribed for 1.
58 million BioNTech shares at a price of $31.
63 per share
.
On May 27, the stock price reached $202.
37
.
In May, Fosun Pharma’s subsidiary also established a joint venture with BioNTech to continue to promote the localized production and commercialization of the new coronavirus vaccine
.
By investing in familiar and reliable underlying assets, Fosun Pharma has also enjoyed the dividends brought by the stock appreciation of its partners while expanding its product pipeline
.
.
At the same time, the company subscribed for 1.
58 million BioNTech shares at a price of $31.
63 per share
.
On May 27, the stock price reached $202.
37
.
In May, Fosun Pharma’s subsidiary also established a joint venture with BioNTech to continue to promote the localized production and commercialization of the new coronavirus vaccine
.
By investing in familiar and reliable underlying assets, Fosun Pharma has also enjoyed the dividends brought by the stock appreciation of its partners while expanding its product pipeline
.
Based on the main business, looking for high-quality targets in the industry chain is Tigermed's investment strategy
.
"Minority investment in innovative biopharmaceutical and medical device start-ups" is included in its 2020 annual report as the company's core competitiveness
.
According to statistics, in 2020, the gains from changes in the fair value of Tigermed's financial assets and investment gains, which are related to the appreciation of financial assets, together accounted for 64.
08% of its total profits
.
.
"Minority investment in innovative biopharmaceutical and medical device start-ups" is included in its 2020 annual report as the company's core competitiveness
.
According to statistics, in 2020, the gains from changes in the fair value of Tigermed's financial assets and investment gains, which are related to the appreciation of financial assets, together accounted for 64.
08% of its total profits
.
Unlike Yunnan Baiyao’s direct investment, Tigermed chose to set up an industrial fund to indirectly invest in start-up companies in the pharmaceutical industry, rather than industry leaders
.
According to incomplete statistics, there are more than 40 investment companies held by Tiger Equity
.
Take the most typical Taifu Huaijin Venture Capital Partnership (Limited Partnership) as an example.
The business partners also include Watson Biological and Kanghua Biological, two listed pharmaceutical companies, and a total of 9 companies have been invested, except for 1 Except for no public data, the other 8 companies are all related to the pharmaceutical industry, involving popular fields such as medical devices , biopharmaceuticals, and Internet healthcare
.
Venture Venture Venture medicine medicine medicine medical equipment medical equipment medical equipment.
According to incomplete statistics, there are more than 40 investment companies held by Tiger Equity
.
Take the most typical Taifu Huaijin Venture Capital Partnership (Limited Partnership) as an example.
The business partners also include Watson Biological and Kanghua Biological, two listed pharmaceutical companies, and a total of 9 companies have been invested, except for 1 Except for no public data, the other 8 companies are all related to the pharmaceutical industry, involving popular fields such as medical devices , biopharmaceuticals, and Internet healthcare
.
In the first quarter of 2021, Tigermed's financial assets once again appreciated 470 million yuan
.
Tigermed uses its main business advantages to provide R&D services to pharmaceutical companies while investing in potential start-ups, which has won huge profit margins for the company.
Such profit margins provide ample buffer for asset price fluctuations.
.
Enterprise business enterprise.
Tigermed uses its main business advantages to provide R&D services to pharmaceutical companies while investing in potential start-ups, which has won huge profit margins for the company.
Such profit margins provide ample buffer for asset price fluctuations.
.
The pharmaceutical industry has complex categories, many influencing factors, and high investment thresholds
.
Pharmaceutical companies have the best knowledge of the pharmaceutical industry, and relying on their own advantages, investing in high-quality upstream and downstream targets to improve the efficiency of capital use, and looking for cooperation opportunities to gain first-mover advantage is a good investment strategy
.
.
Pharmaceutical companies have the best knowledge of the pharmaceutical industry, and relying on their own advantages, investing in high-quality upstream and downstream targets to improve the efficiency of capital use, and looking for cooperation opportunities to gain first-mover advantage is a good investment strategy
.
