Image source: Visual China
Recently, New Third Board company Ziyun Co., Ltd. (871413) and Tencent signed the "National Pharmaceutical Industry Blockchain Alliance Chain Co-construction Cooperation Agreement." According to the agreement, Tencent will join the "National Pharmaceutical Industry Blockchain Alliance" and the "China Pharmaceutical Business Association" and jointly promote the construction of the national pharmaceutical industry blockchain alliance chain with Ziyun Co., Ltd., and the alliance will be able to integrate Tencent Blockchain and other related services to provide services to alliance members.
Through this cooperation, Tencent has achieved blockchain business binding with Ziyun Co., Ltd. and a number of pharmaceutical companies. Tencent will provide blockchain underlying technology services to alliance members. The alliance will be based on the safe, reliable, and high-performance Tencent blockchain. Technology creates pharmaceutical traceability applications.
This is also due to the in-depth cooperation reached between Ziyun Shares and Tencent at the end of September. Ziyun announced that at the end of September they signed a strategic cooperation agreement with Tencent on "Integrated Drug Traceability and Anti-Counterfeiting Service Business".
Ziyun Co., Ltd. will build a national pharmaceutical industry blockchain alliance chain based on the underlying technology of Tencent blockchain - based on the Tencent blockchain BaaS open platform. Based on the underlying technology provided by Tencent blockchain, it will build a "national pharmaceutical industry Traceability and Anti-Counterfeiting Service Platform" and related applications provide the public with a WeChat applet - "Ziyun Micro Traceability" that is used to identify the authenticity of drugs when purchasing medicines on a daily basis, and create a "drug traceability and anti-counterfeiting integrated cloud service platform for the world" ” to solve drug safety issues to the greatest extent possible. The signing of the
agreement marks Ziyun's cooperation with Tencent to enter the drug traceability third-party service market. ChainDD learned that the "National Pharmaceutical Industry Blockchain Alliance" was formerly the "National Pharmaceutical Distribution Industry Blockchain Alliance". In May 2017, it was formed by "Ziyun Shares", "Sinopharm Logistics" and "Shanghai Pharmaceutical" Dozens of companies in the pharmaceutical industry, including China Resources Pharmaceuticals, China Resources Pharmaceuticals and Jiuzhoutong Co., Ltd., were established with the support of the China Pharmaceutical Business Association. The chairman unit of the alliance is Ziyun Co., Ltd.
Therefore, while Ziyun is completing the establishment of the pharmaceutical alliance, it is also promoting in-depth binding with Tencent’s blockchain BaaS open platform. The cooperation between the three parties can be summarized as follows: the integration of industry resource information and the traceability of pharmaceutical products are promoted simultaneously. In addition, trust among financial institutions can be gained through transparent transaction data and credit data to help pharmaceutical companies achieve rapid Unsecured credit financing can greatly alleviate the financial tension in the pharmaceutical distribution industry.
Ziyun Shares: A New Third Board company that has suffered losses year after year.
Ziyun Shares has been on the New Third Board since May 2017, and its financial reports have become uglier year by year. The annual loss in 2017 was 5.927 million yuan. According to the 2018 semi-annual report of Ziyun Co., Ltd., the company achieved revenue of 2.3663 million yuan in the first half of the year, a year-on-year decrease of 4.66%; the net profit attributable to shareholders of the listed company was -4.8717 million yuan, a significant year-on-year decrease of 105.59%, and the room for losses was further enlarged.
At the same time, as of June 30, the cumulative amount of Ziyun Co., Ltd.’s undistributed profits (unaudited) was -8.9767 million yuan, while the company’s paid-in share capital was 10.455 million yuan. Since the company has not made up for losses, it has reached the total paid-in share capital. 1/3 of the securities companies issued a risk warning announcement.
In the first half of 2017, Ziyun Co., Ltd. reduced its operating efforts and R&D investment in system integration and software customization development business, gradually integrated into the blockchain business, and made it clear that the application of blockchain technology will be the company’s focus in the next five years. One of the directions. The company wants to charge corresponding service fees by providing blockchain technology support to enterprises.
As for the reasons for the enlarged losses in the first half of the year, Ziyun Co., Ltd. said that it was mainly due to the fact that new businesses such as food and drug traceability and anti-counterfeiting have not yet formed large-scale revenue, and investment in R&D and marketing in new directions has increased operating costs. , the combined effect of the two factors led to a significant decline in profits.
In the capital market of the New OTC Market, Ziyun Co., Ltd. only completed a fundraising of 2.73 million yuan in the second half of 2017 to supplement working capital. During the reporting period, Ziyun Co., Ltd.’s net operating cash outflow continued to expand. It has been at a high level since its net performance in 2016 was -11.6618 million yuan.As of the end of 2017, the company's operating activities had a net outflow of 12.1485 million yuan.
’s tight cash situation was alleviated in the first half of this year. The unaudited report for the first half of 2018 showed that the net cash flow generated by Ziyun Co., Ltd.’s operating activities was only a net outflow of 116,600, an increase of 98.13 million compared with the same period last year. %, mainly due to the increase in current sales income and the recovery of cash from previous years' income in the current period.
As the company's business scale expands, the company's closing balance of accounts receivable is larger. At the end of 2016, the end of 2017, and the end of June 2018, the company's accounts receivable balances were 15.8806 million yuan, 18.26 million yuan, and 16.72 million yuan respectively, accounting for 41.88%, 48.94%, and 48.67% of the current assets at the end of the period.
Liandd found that among the 16.7195 million yuan of accounts receivable still in the first half of the year, only 118,400 were aged within 1 year, and there were 4-5 years of accounts receivable and accounts receivable of more than 5 years of aging. It exceeded 5 million yuan, and the company made 50% and 100% provision provisions on schedule.
Ziyun Co., Ltd. previously focused on system integration and software customization development, but behind the ugly reports was the weakness of the business. Therefore, in such a situation, Ziyun Co., Ltd. quickly turned to the field of pharmaceutical food traceability and used Tencent's underlying platform to export blockchain products and services, hoping that the blockchain would bring good growth expectations.
"Ziyun Micro Traceability" applet-centered traceability and anti-counterfeiting platform
As mentioned earlier, Ziyun has built a "Ziyun Micro Traceability" drug traceability and anti-counterfeiting applet that "one code for one item, coded items are traced together" .
According to previous information, Ziyun officially launched a drug traceability cloud service platform in 2016 and signed cooperation agreements with pharmaceutical companies such as Henan China Resources Pharmaceutical, Minsheng Pharmaceutical and Meibang Pharmaceutical. All traceability data of Zhengzhou Olint Pharmaceutical are stored on the blockchain platform of Ziyun Co., Ltd. All traceability data cannot be tampered with, ensuring that the quality control of Olint Pharmaceutical products during the circulation process is fully compliant.
ChainDD scanned the compound garlic oil capsules produced by Zhengzhou Olint Pharmaceutical through the "Ziyun Micro Traceability" applet, but no information was displayed. ChainDD has tried to contact Ziyun through public means, but has not received a reply as of press time. Judging from the current situation, the database of this traceability platform is still in the early stages of construction. At this time, more member units need to participate and jointly transmit data in this alliance chain to support the effective operation of this platform.
In addition, it is still unclear whether this small program launched by Ziyun in its early days used blockchain technologies such as asymmetric encryption and distributed storage. However, in the recent cooperation with Tencent Blockchain, Tencent serves as the provider of the underlying technology platform. Tencent supports "Ziyun Shares" in upgrading its pharmaceutical logistics shared trust and distribution service platform based on Tencent's blockchain BaaS open platform, helping Ziyun Shares promote the implementation of this application scenario. The small program
may be gradually iteratively upgraded with the help of Tencent, which remains to be seen in the future.
The "source" that is difficult to solve in "traceability"
Recently, The State Food and Drug Administration issued the "Guiding Opinions on the Construction of a Drug Information Traceability System (Draft for Comment)", which means that the national drug regulatory authorities are building a drug information traceability system. The construction will fully replace the previous electronic drug supervision platform. It clearly requires drug traceability to achieve "one code for one item, and trace the same code for each item". Pharmaceutical companies are encouraged to use drug traceability services provided by third-party companies. Pharmaceutical companies that do not have a drug traceability system Severe penalties will be imposed.
How can the traceability information of third-party organizations be trusted? Therefore, the block and chain of third-party organizations try to become the most preferred. ChainDD has previously written an article "[Da Wen Guan Chain] Blockchain cannot eradicate the stubborn problem of "vaccine traceability," but the change is of great significance" and wrote that in the blockchain drug supervision and traceability system, the production and circulation information of drugs Will be recorded as blocks of data, added to the chain, and each block has a unique cryptographic hash that is used to track that block and other blocks in the associated chain. The data in the block is not allowed to be modified, completely eliminating the possibility of fraud in the production and supply chain.
Companies with similar ideas to Ziyun include IBM, , JD.com, , Baidu and Ant Financial. They have all bet on the field of medical and food traceability. However, how does the blockchain solve the problem of the authenticity of data before it is uploaded to the chain? "How do I prove 'I am me'" and many other issues such as the accurate correspondence between the data being transmitted and the physical objects are problems faced by Ziyun Holdings and many pioneers. And if these root problems cannot be solved well, the blockchain will only bring more costs and reduced efficiency, and everything will become meaningless. (This article is exclusively published on ChainDD App)
