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"
Pharmaceutical Network Corporate News" recently, Tianshili announced that it intends to sell the company's pharmaceutical commercial business model of the distribution and distribution business sector assets, namely, Tianjin Tianshili Pharmaceutical Marketing Group Co., Ltd99.95 percent of the sharesAfter the completion of this transaction, Tianshili will no longer hold a stake in Tinseli MarketingTianshi Marketing is a subsidiary of Tianshili, whose main business includes distribution and distribution, retail chains and slow disease management and pharmaceutical value-added services, which were listed on the new three boards in August 2017In recent years, Tianshili's revenue has increased year by year, with operating income of RMB9,848 million, RMB11.659 billion and RMB6.520 billion, respectively, from 2017 to the first half of 2019, with net profit attributable to RMB50 million, RMB56 million and RMB026 million, respectivelyTianshi marketing business belongs to the business sector of Tianshili, and from 2017 to the first half of 2019, Tianshili's pharmaceutical business sector revenue achieved 9.206 billion yuan, 10.778 billion yuan and 6,070 million yuan, respectively, accounting for 57.46 percent, 60.20 percent and 64.72 percent of revenue, respectivelyit is worth noting that the gross margin of Tianshi Marketing in the pharmaceutical circulation industry is generally low, with gross margin of only 9.62% in the first half of 2019At the same time, there is a high demand for fundsIn the first half of 2019, the net cash flow from Tianshi's marketing activities was RMB620 million, while the amount of accounts receivable amounted to RMB 5,950 million and the end-of-term asset-liability ratio (consolidated) was 85.77 percent, due to the inability to improve the situation of the long repayment cycle of public hospitals, Tianshi Marketing's net profit is also declining, with the 2019 Midreport showing a net profit of RMB026 million, down 6.64 per cent year-on-year695 pharmacies in the retail chain, Skypower Marketing, also had a net loss from 2018 to the first half of 2019Data show that in 2018, the company's retail chain business achieved revenue of 920 million yuan, net profit of -0.36 billion yuan, down 20.95 percent year-on-year, and in the first half of 2019, its net profit was -0.26 billion yuan, down 62.03 percent year-on-yearTianshiLi this sale of Tianshi marketing has long been a signOn February 17, Tianshili announced that it intends to transfer its stake in subsidiary Tianshi Marketing to Chongqing Pharmaceuticals The agreement shows that Chongqing Pharmaceutical intends to acquire Tianshili, Tianshili Holdings and Tianjin Zhili, Tianjin Yulong, Tianjin Sunyu, Tianjin Ruizhang, Tianjin Yanxiang, Tianjin Ruixuan and other 8 counterparts through cash consideration, holding 98.32% of Tianshi Marketing and the subsequent purchase of all shares of Tianshi Marketing by Tianshi Li In addition, Heavy PharmaceuticalS Holdings also intends to acquire 100% of The Company's 100% stake in Tianshili Logistics in Shaanxi Province said at the time that the move was to focus on the pharmaceutical industry as part of the company's strategic development The current transaction has made real progress, Tian Shili said that after the sale, the company can focus on the advantages of resources 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 cluster in fact, in addition to Tse-sly, st.T Tiansheng has also announced the transfer of part of the pharmaceutical commercial company's stake Industry analysts believe that pharmaceutical companies to divest the pharmaceutical circulation sector may be in the two-vote system under the impact of the choice Since the implementation of the two-vote system, the pattern of the pharmaceutical circulation industry has undergone a major adjustment, the capital pressure of enterprises is increasingly prominent Tian Shili also said that in recent years, with the full implementation of the new medical reform policy, the drug distribution industry competition pressure has been increasing The implementation of the "two-vote system" policy forces the end-of-the-term distribution enterprises to purchase directly from pharmaceutical production enterprises in the short term, resulting in a decline in sales of large-scale distribution enterprises to small and medium-sized distribution enterprises; In this context, small-scale, single-channel drug circulation enterprises will be difficult to sustain a securities analyst pointed out that after the divestiture of Tianshili marketing, the cash flow, operational quality, asset-liability ratio of listed companies will be significantly improved.