Every reporter: Shu Dongni Every editor: Chen Junjie
Harbin Pharmaceuticals (600664, SH) has suffered losses in its main business for two consecutive years, and its net profit has continued to decline, but the company’s directors, supervisors and senior executives’ compensation has increased significantly for three consecutive years , This contrast between the next and the top has aroused the attention of the regulatory authorities. On the evening of April 20, the Shanghai Stock Exchange issued a letter of inquiry to Harbin Pharmaceutical.
In 2020, Harbin Pharmaceuticals achieved revenue of 10.788 billion yuan, a year-on-year decrease of 8.76%, and a net profit loss of 1.078 billion yuan attributable to the parent. This is the first net profit loss since listing, and it exceeds the total net profit from 2017 to 2019.
The sharp increase in management compensation attracted attention
On the evening of April 20, the Shanghai Stock Exchange issued an inquiry letter to Harbin Pharmaceuticals. The reporter of the "Daily Economic News" combed and found that the Shanghai Stock Exchange issued 9 consecutive questions mainly on the company's operations and financial problem.
When the company's net profit continued to decline and its main business suffered losses for two consecutive years, the company’s management salary increased sharply, arousing the focus of the Shanghai Stock Exchange, requiring the company to supplement the disclosure of the management salary and evaluation system, and compare it with comparable listed companies in the same industry , Explain whether the salary level is reasonable and whether it matches the company's operating conditions.
According to the annual report, from 2017 to 2019, Harbin Pharmaceutical's net profit attributable to its parent was 407 million yuan, 346 million yuan, and 55.8121 million yuan, respectively. In 2020, the net profit attributable to its parent will lose 1.078 billion yuan, which is the first loss since listing. It directly exceeds the total net profit from 2017 to 2019.
The Shanghai Stock Exchange pointed out that from 2018 to 2020, the total pre-tax remuneration received by the management of Harbin Pharmaceuticals was 9.87 million yuan, 19.22 million yuan and 22.11 million yuan, showing a substantial growth trend. In the context of the continued decline in the company's net profit, why did the management compensation continue to increase sharply?
In response to the above situation, the Shanghai Stock Exchange requires companies to state whether they have established fair and transparent selection, performance evaluation standards and procedures, as well as effective incentive and restraint mechanisms, in accordance with the requirements of the "Listed Company Governance Guidelines".
In addition, the industrial sector of Harbin Pharmaceuticals has been declining for many years. In 2020, the revenue of anti-infective and antiviral drugs will drop by 31.5%, and the revenue of cardiovascular and cerebrovascular and anti-tumor drugs will drop by 24.49% and 41.83% respectively.The Shanghai Stock Exchange requires the company to explain the reasons for the decline in revenue in each segment, its revenue changes, the level of gross profit margin and the rationality of the changes.
In 2020, the company's sales staff decreased by 142 persons year-on-year, but sales expenses increased by 24.83% year-on-year, and advertising expenses, office travel expenses and business entertainment expenses increased by 85%, 20% and 50% year-on-year respectively. The Shanghai Stock Exchange also requested Harbin Pharmaceuticals to explain the reasons for the substantial increase in the above expenses.
Harbin Pharmaceutical's continuously rising asset-liability ratio has also attracted attention from the Shanghai Stock Exchange. In the past three years, the company's asset-liability ratio has been 47.22%, 52.47% and 66.33%, and short-term borrowings at the end of the period are 1.634 billion yuan, a year-on-year increase of 206%. The Shanghai Stock Exchange requires the company to explain the reasons for the increase in debt scale, repayment arrangements and whether there is debt risk.
huge net profit loss of 1.078 billion
2020 annual report shows that Harbin Pharmaceuticals achieved revenue of 10.788 billion yuan, a year-on-year decrease of 8.76%, and a net profit loss of 1.078 billion yuan attributable to the parent, a year-on-year decrease of 2030.94%.
According to the financial report, Harbin Pharmaceutical’s main business is divided into industrial and commercial categories according to the industry. According to the category, it can be divided into health care products, anti-viral and anti-infection, cold medicine, cardiovascular and cerebrovascular, digestive system, anti-tumor, There are many other seven categories.
Why is there a sudden huge loss? Harbin Pharmaceutical Co., Ltd. blamed the centralized procurement and the impact of the epidemic in the 2020 annual report.
's annual report mentioned that with the deepening of volume procurement, the types of varieties included in the volume procurement catalog have increased, and the expansion of volume procurement in some regions has led to a significant reduction in the prices of some commonly used oncology drugs.
At the same time, due to the impact of the epidemic, some cold products have been blindly obeyed, causing the prices of some products to skyrocket. These effects have reduced the average profit margin of the pharmaceutical industry. The control and adjustment of drug prices by the relevant departments will put certain pressure on the company's products, which will result in a reduction in the margins of some products.
It is worth noting that in 2018, GNC (Jiananxi), which was invested by Harbin Pharmaceuticals with a US$300 million investment, went into bankruptcy and reorganization, which also directly affected the company’s performance. Harbin Pharmaceuticals’ receivables for GNC’s convertible preferred shares Dividends accrued an impairment provision of 171 million yuan, and at the same time, the remaining book balance of GNC's convertible preferred shares was fully recognized as a loss from changes in fair value.
The company will purchase goods from related parties GNC for a total of 24.6 million yuan in 2020, and it is expected that the total amount of goods purchased and royalties paid from GNC will not exceed 200 million yuan in 2021, and the sales revenue of health care products will decline by 58.06%. Aroused the attention of the Shanghai Stock Exchange.
Daily economic news
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