Looking back on the decade from 2009 to 2019, the A-share market has risen and fallen. The Shanghai Composite Index has an annualized increase of 4%. Most of the more than 3,000 stocks have underperformed the market, and even one-third of the company's stock prices have fallen. B

Category：hotcomm

2025-05-17

Review of the decade from 2009 to 2019, the A-share market has been up and down, with the Shanghai Composite Index rising by 4% annually. Most of the more than 3,000 stocks underperforming the market, and even one-third of the company's stock prices fell. But at the same time, 1,259 stocks have exceeded the Shanghai Composite Index by annualized returns. Some companies have successfully withstood the test of several crises and become big bull stocks that have traveled through bull and bear markets, including tenbaggers that have risen more than ten times. We sorted out the top 10 bull stocks with the highest annualized yields in the past decade (removed the newly listed companies in the past five years), and found that there are two very ordinary but very significant characteristics: , one is to occupy a good industry track. As Munger said, macros are what you must accept, and the industry is the same. If you choose a good industry track, it is like entering an upward elevator. If you choose a downward elevator, no matter how hard you try, it will be difficult to become a bull stock. The second is to build a solid moat in its own track. can rely on concept hype and capital operation in the short term, but in the long term, it can only rely on internal strength, either core technology, unique model, or brand value. There must always be a strength that others cannot imitate and catch up.

China Fortune Land Development (600340.SH)

Listing time: December 30, 2003, Main Board

Enterprise Nature: Private Enterprise

Current share price: 29.23

Current market value (billion yuan): 877.85

Cumulative yield: 53 42%

annualized yield is: 49%

Lowest point: 2009/1/8: 0.46

Highest point: 2017/4/12: 45.94

China Fortune Land Development was established in 1998. It is known as China's leading industrial new city operation expert, but in fact it is mainly a real estate company. He started to develop real estate since his establishment, and began to focus on undertaking the construction and operation of comprehensive parks in 2002. The company mainly relies on the PPP model of "government-enterprise cooperation" and provides comprehensive solutions for industrial new cities through signing exclusive entrusted agreements, including industrial development services, urban operation services and infrastructure construction. Industrial development services are the core, from early industrial positioning planning to later investment promotion and other one-stop services. In addition, the company also undertakes the development of supporting residential buildings in the industrial park to meet the housing needs of corporate employees in the park and the overflowing needs of core cities to the surrounding areas. Currently, the company's main revenue structure is mainly urban real estate development (54% of the revenue structure in 2018), industrial development services (31%), land consolidation (9.7%) and hotel clubs.

The controlling shareholder of the company is China Fortune Land Development Holdings Co., Ltd., with a controlling stake of 36.22%. The actual controller is Wang Wenxue, who holds 84.5% of the holding platform. Recently, China Fortune Land Development has been increased by Ping An Life Insurance and has become the second largest shareholder, with a shareholding ratio of 19.42%. In addition, the national team is among the top ten circulating shareholders.

The stock price of China Fortune Land Development was in a stable state of rise from 2003 to 2015. It once rose to 32.27 yuan in June 2015. From 2015 to early 2017, after a period of fluctuation in the stock price, it rose significantly again, and the highest trading price in early 2018 was 44.52 yuan. The stock price has been falling since the second quarter of 2018, and it did not rebound slightly until after August. The core reason why

company has become the largest bull stock in the past decade is:

first, focusing on the big Beijing and deeply cultivating in the Beijing-Tianjin-Hebei region. The Beijing area is the hinterland of the company. The company continues to focus on the Beijing economic circle. Currently, land reserves account for 88%, with a total volume of 6.89 million cubic meters. In the first quarter of 2014, it still reflected the focus of regional focus, and 93% of the new volume is still in the Langfang area. In addition, Xianghe's layout is also expanded through equity acquisition. In Beijing and its surrounding areas, land value has increased rapidly in the past decade.

Second, the real estate market has been a golden age in the past decade. The three development stages of China Fortune Land Development are the Greater Beijing stage from 2009 to 2012, the Beijing-Tianjin-Hebei stage from 2013 to 2016, and the national layout stage from 2017 to the present. Among them, the "Greater Beijing stage" has stepped on this wave of urbanization dividends and the development of the capital Beijing. The "Beijing-Tianjin-Hebei stage" coincides with the strategic opportunity of the integrated regional development of Beijing-Tianjin-Hebei region and the inventory destocking cycle of third-tier and fourth-tier cities.The "national layout stage" enjoys the dividends brought by the increase in concentration of the real estate industry and the great development of urban agglomerations.

Third, it conforms to the trend of PPP development and is the leader of PPP. The Gu'an project is a national demonstration model. The PP model developed greatly from 2015 to 2017, with a total project scale of 10 trillion yuan, and it was the world's largest in less than three years. The company is the leader in PPP and replicates and layouts industrial new cities and industrial towns across the country. The most typical representative of the company is Gu'an's industrial new city model. In 2002, Gu'an was a poor county, and its fiscal revenue has increased by 80 times more than a decade later. In 2015, Gu'an Industrial New City became the first 13 demonstration projects of the National Development and Reform Commission. In 2018, it was successfully selected into the 60 sustainable PPP cases in the world selected by the United Nations Economic Commission for Europe PPP International Forum. This is the only selected case of comprehensive urban development in China. With Gu'an Industrial New City as its star product, the company has continuously replicated in other places at home and abroad, setting a benchmark position.

Fourth, adhere to the "industry priority" strategy and focus on core urban agglomerations. company continues to optimize the products of industrial new cities and industrial towns, continuously expands its layout, and focuses on cultivating the core urban agglomerations of the country. my country is currently in the stage of development from a single-core hot city to a metropolitan area. This strategy is in line with the current development laws of the metropolitan area and can develop together with the regional economy, which is conducive to the company's national replication layout.

Currently, the company is under the influence of policies such as regional purchase restrictions around the Beijing area, and is in the stage of actively breaking away from regional constraints and vigorously developing non-Beijing area industrial and urban areas. In addition, Ping An's investment in eases cash flow pressure, as the non-Beijing-environmental industrial new city gradually enters the harvest period, the company's cash flow will continue to improve.

Changchun Hi-Tech (000661.SZ)

Premises time: 1996-12-18, Mainboard

Enterprise nature: Local state-owned enterprise

Current stock price: 285.46

Current market value (billion yuan): 485.6

Cumulative yield: 5342%

Annualized yield: 49%

Low point: 2008/2/31: 7.69

High point: 2019/3/11 :285.46

Changchun Hi-Tech was founded in 1993 and is one of the earliest listed companies in the Northeast region. The company's main business is pharmaceuticals (85% of the revenue structure in 2018), mainly including genetically engineered drugs, vaccines, Chinese patent medicines, etc. There are 24 products entering the medical insurance catalog, and they are also involved in real estate business (14%). The company has 7 holding subsidiaries, including Jinsai Pharmaceutical (biological drugs, main products are recombinant human growth hormone, human follicle-stimulating hormone, etc.), Baike Biologics (main products are chickenpox vaccine and human rabies vaccine), Huakang Pharmaceutical (Chinese patent medicine, main products are thrombus Xinning tablets) and High-tech Real Estate (real estate). The company's flagship product is a recombinant human growth hormone, which is the main source of income, and is realized through its core asset Jinsai Pharmaceutical. Jinsai Pharmaceutical is the largest genetically engineered pharmaceutical company in China and the largest recombinant human growth hormone manufacturer in Asia. It is the first genetically engineered drug quality management demonstration center in China, and the only national pilot incubation base for new genetically engineered drugs.

The largest shareholder of the company is Changchun High-tech Chaoda Investment Co., Ltd., with a shareholding proportion of 22.36%. The actual controller behind it is the State-owned Assets Supervision and Administration Commission of Changchun New District, namely Changchun Municipal People's Government . The second largest shareholder is the national team Central Huijin, which holds 2.53% of the shares. Among the top ten shareholders, there are many national social security funds.

Since 2009, the company's stock price has been in a volatile and rising stage. The growth of the company's pharmaceutical business is the core driving force for its performance growth and stock price increase. Especially in the past three years, the core subsidiary Jinsai Pharmaceutical has achieved rapid growth, achieving a 55-60% performance growth rate in 2018. In the fourth quarter, affected by the vaccine fraud incident and rumors of Jin Lei's resignation, the stock price has fallen significantly. The core reason why

company has become the second largest bull stock is:

first, and the bioproducts industry has developed rapidly in the past decade. In 2012, the market size of China's biopharmaceutical industry was only 177.5 billion yuan, and by 2017 it had doubled to 341.7 billion yuan. The proportion of China's biomedicine in China's overall pharmaceutical market increased from 8.7% in 2013 to 15.3% in 2017. The biological products sector index rose from 1,600 points in early 2009 to 6,500 points in early 2019.

Second, growth hormone (the company's core product) is a drug less affected by medical insurance cost control, and its prosperity has been increasing in the past three years. medical care has been greatly affected by policies. In recent years, the most affected is medical insurance cost control, that is, control medical insurance cost expenditure. In order to maintain profits, hospitals will lower the purchase price of drugs, and domestic pharmaceutical companies are significantly affected. Growth hormone is mainly used at its own expense in cooperative or self-operated clinics, and is less affected by medical insurance cost control.

Third, with Jin Lei, the "founder of China's genetic recombinant human growth hormone technology", as the core of R&D, and has strong R&D capabilities. Jin Lei is the soul of Jinsai Pharmaceutical and the founder of the technology of Chinese genetic recombinant human growth hormone. The "Jinlei E. coli secretion technology" he invented won the Kleven Award, the highest award in the American biology industry that year, and was also the first Chinese to win this honor. After returning to China in 1997, he founded Changchun Jinsai, using this original technology to launch genetically recombinant human growth hormone, focusing on body heightening, ending the history of my country's lack of growth hormones and Chinese medicine.

fourth, with high R&D investment, thickening the company's moat. In 2013, the company's R&D expenses accounted for only 4.77% of its revenue, and it increased to 9% at the end of 2016. In 2017, the R&D expenses rate was 8.5%, with an amount of up to 350 million yuan and a capitalization rate of 17%. Among listed companies in the biotechnology sub-industry, compared with Watson Bio, Andisu, BGI , Hualan Bio , etc., Changchun Hi-Tech's R&D expenses rank 1/25.

Fifth, the company's growth hormone products have an absolute monopoly advantage, and some products are even the only suppliers. Biopharmaceuticals has high technical barriers. Jinsai Pharmaceutical's core product is growth hormone. The company is the only genetic engineering new drug incubation base in my country. It currently controls more than 70% of the domestic growth hormone market, and water needles and long-acting water needles account for 100% of the market share, and there are no competitors in the market.

No. 6, the company is one of the four major manufacturers of hormone production in China, and it is the most complete product line. The low, medium and high product echelon can meet different consumer needs. Currently, there are four main hormone manufacturers in my country's market: Changchun Hi-Tech, Anke Biotechnology, United Sail and Novo Nordisk. Changchun Hi-Tech is the most complete variety line among them. It is currently the only company covering powder (launched in 1998, targeted at low-income people), water agent (launched in 2005, facing relatively low-income people) and long-acting growth hormone (launched in 2014, targeted at middle- and high-income people, and exclusive global varieties). The product echelon with low, medium and high combination can not only meet different needs, but also widen the price difference and seize different market segments.

is seventh, continuing to launch major "hot products" and continuously stimulating a new round of improvement in the company's performance. was launched in 1998 for heavy product, recombinant human growth hormone for injection, and in 2005, the first recombinant human growth hormone water injection in Asia, and in 2014, the long-acting recombinant human growth hormone product injected once a week was included in the "Eleventh Five-Year Plan" national major project. In 2015, it was launched in my country's first recombinant human follicle stimulating hormone (assisted reproductive ovulation stimulating, solving the problem of infertility) to solve the long-term dependence on imports. The company has continuously updated nearly 10 new products on the market over the past 17 years, stimulating the continuous improvement of performance.

No. 8, the vaccine incident broke out, the industry was rectified, and the market structure concentration of survivors benefited increased. The "Shandong Vaccine Incident Outbreak" in 2016, and the entire vaccine industry was greatly affected. The company actively adjusted its strategy, and the Indian market achieved mass exports, and the problem of stable production process of Maifeng Pharmaceutical's rabies vaccine has been solved, and the number of batch issuance has increased. Against the backdrop of the downward trend of major industries, the company's vaccine business has entered a new stage of development after the impact of the vaccine incident weakened. The same is true for the 2018 Changsheng Biotoxic vaccine incident. ST Changsheng withdrew from the market and the company's vaccine sector benefited.

Currently, Jinsai Pharmaceutical can maintain rapid growth under the driving force of factors such as channel sinking and the gradual increase in the proportion of new products, and continue to contribute profits to the company; Baike Bio gradually resumed domestic sales after the "vaccine incident". At the same time, Maifeng Bio's production process has been adjusted, and it is expected to get out of losses and contribute profits to the company. Although the fourth quarter performance growth slowed due to the impact of real estate business, Changchun Hi-Tech achieved expected high growth in 2018.It is expected that growth hormone will continue to drive the company's growth, and the vaccine business is also expected to benefit from Changsheng Bio's exit and achieve rapid growth.

Taiger Pharmaceutical (300347.SZ)

Premises time: 2012-08-17, GEM

Company nature: Private enterprise

Current stock price: 63.36

Current market value (billion yuan): 316.91

Cumulative rate of return: 2175%

Annualized rate of return: 37%

Lowest point: 2012/11/27: 5.89

Highest point: 2018/7/18: 68.8

Teger Pharmaceutical was founded in Hangzhou in 2004. It is a contract research organization (CRO) focusing on providing full-process clinical trial services for the research and development of new drugs, and is also the first comprehensive CRO company listed on the A-share market. The company's main business is clinical research-related consulting services (51.5% of the revenue structure in 2018 years) and clinical trial technical services (48.5%), covering all new drug development processes and providing pharmaceutical companies with one-stop services for new drug development. Clinical consultation includes data management and biostatistics, bioanalysis, CMC, SMO, registration and declaration, etc. Clinical services include BE business, Phase I-IV clinical trial technical services, generic drug consistency evaluation, etc. The company is a localized innovative clinical CRO and has participated in more than 150 clinical trials of domestic innovative drugs.

Company has always been jointly managed by Ye Xiaoping and Cao Xiaochun, and is currently the company's top two shareholders. Ye Xiaoping holds 24.82% of the shares and Cao Xiaochun accounts for 8.75%. The two are joint actors. Ye Xiaoping studied medicine and had the opportunity to get in touch with the management of international multi-center clinical trials in the early stages, and accumulated a lot of experience. Among the top ten shareholders, Hong Kong Central Clearing Company of the Mainland Stock Connect is the third largest shareholder, holding 5.57% of the shares, and a national team also settled in, holding nearly 2% of the shares.

Over the past decade, the overall trend of the company's stock price fluctuates and rises. There were significant increases in the first half of 2015 and from 2017 to 2018. On July 22, 2015, the strongest rectification in the history of the CRO industry was introduced. The CFDA released the strictest data verification requirements in history, and it was in a downward stage from the second half of 2015 to the mid-2017. As the impact of industry verification weakens, and documents encouraging innovation in pharmaceutical and medical devices were issued, the CRO industry has entered a rapid development. In 2017, the company's clinical trial technical services grew by 73%. After 17 years, the stock price rose all the way, reaching the highest price in July 2018, and then fluctuated and fell due to the impact of vaccine fraud. The core reason why

can become a big bull stock is:

first, domestic generic drugs consistency evaluation, growth in investment in innovative drugs R&D, and the transfer of foreign industrial chains to the domestic market, CRO as an upstream industry is developing rapidly. In recent years, China's drug innovation and research and development have entered an unprecedented explosion pattern. The country has opened up the speed of importing new drugs abroad, and drug consistency evaluation has been carried out. Pharmaceutical companies need a large amount of clinical trial technical services. China's drug innovation and research and development has almost started from 0, and the CRO clinical trial industry has strong demand. In addition, China's pharmaceutical review policies are constantly in line with the international market and the review efficiency has improved. In 2017, the CFDA restarted the approval of clinical resources. Under the wave of innovation upgrades in the domestic pharmaceutical industry, the CRO industry maintained a compound annual growth rate of nearly 30%. The medical service industry sector index was only 500 points in 2009, and at the beginning of 2019 it had reached 4400 points, an 8-fold increase.

Second, the characteristics and advantages of the CRO industry itself are a good business. Domestic pharmaceutical research and development is just in an upward period, with strong demand for outsourcing services, the domestic market of CRO is still in its development period, and the market space in the future is large; the industry's gross profit margin and net profit margin are very high, the company's clinical consulting gross profit margin is 48.5%, and the clinical technology gross profit margin is 39%. The industry's debt repayment ability is strong; the industry's technical barriers are high, and the industry's enterprises have moat advantages.

Third, correctly layout clinical research-related consulting services. clinical consulting business has strong profitability and stable growth, and has become one of the company's largest sources of profit, exceeding the contribution of technical services to performance for several consecutive years.

fourth, extending the business chain through self-built + external mergers and acquisitions, forming a closed-loop service and having the most complete industrial chain of clinical CRO .The company initially conducted clinical trial technology services , and then carried out a series of external mergers and acquisitions, such as the acquisition of Messar (in 2009, one of the few CRO companies in China that are capable of participating in the global pharmaceutical R&D industry chain, including the highest standard business process in the industry), Hangzhou Simo (in 2011, SMO, a center management organization that provides clinical trial center management services, is one of the largest SMO companies in China), Fangda Pharmaceutical (in 2014, it has the leading domestic biological sample analysis technology), DreamCIS (in 2015, one of the large local CRO companies in South Korea), Jetton Terry (in 2016, the leading domestic medical device CRO with a market share of 20%), Beijing Medical Renzhi (in 2016, the leading domestic ARO company in the field of cardiovascular diseases in China), etc. Through external mergers and acquisitions, the company can provide data management, statistical analysis, SMO, medical testing, registration and declaration and other integrated clinical research-related consulting services, basically forming a complete closed loop of clinical CRO services. Currently, 12 overseas offices have been established to move towards a global multi-center CRO enterprise.

Fifth, pay attention to human capital, and per capita output continues to increase. The company paid the hospital at the beginning of the period to a high proportion of costs. Later, with the extension of the company's business chain, the company's personnel expanded to nearly 3,000 people, with a compound growth rate of 36% in five years, and the personnel cost was high, but it was still lower than the strong growth of 46% on the income side, indicating that the personnel investment is relatively efficient and the per capita output per unit has expanded. The company's core management team is stable, and most senior executives work in the company before going public.

Sixth, clinical research advantages and technical barriers. company has strong innovative drug research and development capabilities. It is conducting 52 domestic innovative drug clinical trials and has participated in more than 100 international multi-center clinical trials. It is one of the few local CRO companies that can undertake multi-center clinical trials. At the end of 2017, there were 52 domestic innovative drug projects, exceeding the industry average. The actual controller Ye Xiaoping was once the director of the Registration Department of Luoche Pharmaceuticals.

Seventh, customer resource advantages, and service is recognized by customers. At the end of 2017, there were 1,496 customers, including 973 domestic customers and 523 domestic customers. Among them, 16 of the top 20 pharmaceutical manufacturers in the world have cooperative relationships with the company.

, eighth, deeply lay out downstream clinical resources, reduce clinical experiment costs, and accelerate turnover. downstream clinical resources are the cornerstone of CRO company's business development. The company has established service outlets in 50 provinces and cities across the country, and cooperated with more than 1,500 clinical institutions; developed exclusive clinical resources, built clinical bases with 18 hospitals, and increased the number of beds by nearly 1,000, effectively alleviating the shortage of clinical resources of BE projects; vigorously promoted the construction of Phase II-IV clinical centers with domestic third- and fourth-tier urban hospitals, and cultivated a number of Phase II-IV clinical research institutions. With the relaxation of policy restrictions, the company's clinical resource capacity for co-construction and investment has been gradually released, the cost of clinical trials has gradually decreased, and the turnover has accelerated, further improving the company's gross profit margin.

As a large local clinical trial CRO company, the company is currently transforming into a multinational CRO company. Against the backdrop of China's drug review policy constantly in line with international standards, the company's international multi-center layout has gradually improved, bringing incremental clinical trial orders. In addition, due to the booming development of the domestic innovative drug industry and the continuous growth of pharmaceutical R&D investment, it is expected that the domestic CRO industry will continue to maintain a high growth trend in the future, and the company is also expected to maintain rapid growth with its core competitive advantages in clinical CRO.

Pianzihuang (600436.SH)

Premiere time: 2003-06-16, Mainboard

Company nature: Local state-owned enterprise

Current stock price: 103.9

Current market value (billion yuan): 6 26.85

cumulative yield: 1989%

annualized yield: 36%

lowest point: 2009/1/8: 4.02

highest point: 2018/5/28: 129.3

Pianzihuang was established in 1999 and was transformed from the former Zhangzhou Pharmaceutical Factory. It is a time-honored Chinese enterprise with production equipment reaching the world's advanced level. The company's main business is medicine (the revenue structure accounted for 90% in 2018), and it also involves the sales of daily necessities and cosmetics (the proportion is 9%). The core products of the pharmaceutical company are the Pianzihuang series of Chinese patent medicines, including Pianzihuang, Pianzihuang capsules, compound Pianzihuang ointment, etc., which are mainly used to protect the liver.The company's exclusively produced national first-class traditional Chinese medicine protection variety, Pianzihuang, is known as the "national treasure magic medicine". The traditional production skills have been included in the National Intangible Cultural Heritage List and are included in the national first-class traditional Chinese medicine protection variety.

The largest shareholder of the company is Zhangzhou Jiulongjiang Group, and the actual controller behind it is Zhangzhou State-owned Assets Supervision and Administration Commission. Among the top ten shareholders are the national team and Hong Kong Central Clearing Company, which ranks third and fourth largest shareholders.

From 2013 to 2015, the company has seen a significant increase with the impact of the industry prosperity. The increase in 2018 far exceeded the industry index, reaching a high of 129.33 on May 28, 2018. There was a significant decline in the following three months, with a low of nearly 70 yuan, and it began to rise slowly at the end of the month. The current price is 98.23, down 24% from the highest point. The core reason why

company became a big bull stock is: First, the traditional Chinese medicine industry is developing rapidly. The commercial line of pills Zaihuang is pharmaceutical + pharmaceutical business + daily chemical products, so it has the dual attributes of "pharmaceutical + consumption", but the company can develop mainly Chinese medicine. As a traditional Chinese medicine, traditional Chinese medicine has developed rapidly. In 2009, the Chinese medicine sector index in the stock market was only 1,900 points, at the beginning of 2019, it was already 5,900 points, and at the peak of the bull market in the mid-2015, it was even as high as 12,800 points.

Second, the process and prescription are listed in the national "double top secret" (only two in the top secret level in China), and the confidentiality period is permanent. national traditional Chinese medicine protection varieties are divided into three categories, among which the highest level of national top-secret formulas are Pianzihuang and Yunnan traditional Chinese medicine, while the others are confidential. The company has a inheritor system, and only three people in the world know the formula. The company does not announce the inheritor to the public. Each inheritor signs a confidentiality agreement. The state implements careful protection measures for the personal safety of the three inheritors. The double top secrets have created the only Pianzihuang, and competitors cannot imitate its formula.

Third, natural musk raw materials are scarce, and the output is limited, and the country is quantitatively rationed. The main ingredients of pieces of zihuang are natural musk and natural beef husk. The use of musk is approved and distributed by the state. Currently, the national natural musk quota is about 500 kilograms per year. There are currently 16 Chinese patent medicine companies in China that allow natural musk feeding materials. Pianzihuang is the first batch to obtain this quota qualification. company is the only company that has the qualifications to breed muskwood. Due to the sparse sources, the sharp decline in the number of musk trees and the continuous increase in demand have caused the price of natural musk to rise all the way. From 2010 to 2017, the price of natural musk rose from 150 yuan per gram to a maximum of 450 yuan, achieving a three-fold increase. In addition, natural beef yellow is also a valuable raw material that is in short supply. The annual demand for reaches 5,000 kg, but the market supply is limited. my country's annual natural beef yellow production is only 400-700 kg, and the price has steadily increased. From 2016 to 2017, the price was around 200 yuan per gram, and in 2018 it climbed to 310 yuan per gram.

fourth, Pianzihuang products have oligopoly and have pricing power. The price has increased ten times in ten years, but sales have even increased. is the company's unique monopoly and has pricing power due to the product's raw materials and secret recipes. Pianzihuang's main customers are rich people, and they are less sensitive to price increases. Over the past ten years, Pianzihuang has increased its price ten times, the price has increased by 3 times, sales have increased by 2 times, and both volume and price have increased. It is expected that demand will increase in the future, and continuing price increases is also an inevitable trend. From 2016 to 2018, the company's stock price increased significantly, mainly due to the significant increase in performance. The price of the Pianzihuang series was increased by about 8% in 2016, but the sales volume did not decrease. In 2018, the product even increased in volume and price, the gross profit margin of pharmaceutical products was as high as 86.48%. However, due to the gross profit margin of pharmaceutical commercial profit margin of only 10%, the company's gross profit margin was around 44%.

Fifth, a traditional time-honored national treasure enterprise with brand advantages, the most well-known variety of mainland Chinese patent medicine overseas, no doubt about it. There are two traditional time-honored national treasure companies in China, one is the national wine Kweichow Moutai, and the other is the national treasure secret pills Zaihuang. Its inheritance originated from the Ming Dynasty palace 500 years ago, became popular in temples, spread among the people, and developed in the present and was hailed as a "famous national treasure medicine" by the Chinese medicine community at home and abroad. In addition, it has won the National Gold Award for a Rebate, the first place in the export of single-species Chinese patent medicines in mainland China, the first medicine to go abroad, and the overseas market is also better. During the Vietnam War, Pinzihuang was even an important military supplies reserve medicine for the US military.

Sixth, marketing reform in 2014 activates terminal vitality. In 2014, the newly appointed chairman promoted the layout of the experience hall, carried out sales model reforms, and increased publicity. Among them, the "Pianzihuang Experience Hall" is the core, which has promoted the rapid growth of Pianzihuang after 2015. The experience hall has reconstructed the company's marketing system and achieved the transformation from channel pull to terminal-driven. This experience hall direct sales model is superimposed on CCTV, academic and other aspects to further improve its brand publicity. The expansion path of the experience hall is consistent with regional growth, and continues to contribute incremental to efficiency. At present, Pianzihuang has moved from the market in Fujian Province to the whole country, and its penetration rate has increased significantly.

Seventh, derivative products are gradually making efforts to cultivate big health products so that the company has both consumer attributes. company regards daily chemical, cosmetics and health food businesses as the two wings of the "one core and two wings" strategy. Daily chemical products such as Pianzihuang toothpaste can reduce inflammation and reduce fire, and have better ductility in big health. The cosmetics product line is rich, with a total of 90 models, and is positioned as the mid- and low-end one. The more well-known one is the "Queen Brand Pearl Paste". In 2018, daily cosmetics revenue was 200 million yuan, with a gross profit margin of 59%; food revenue was nearly 100 million yuan.

Currently, in the context of consumption upgrading and policies encouraging the leaders of traditional Chinese medicine, the company has deeply explored product value through "secondary development", polished the brand through marketing reform, expanded experience halls and other new channels, and made the "national treasure secret medicine" known to more people and used by more people. It is expected that Pianzihuang's annual sales will grow by more than 35%, and the daily chemical sector will also maintain rapid growth. Commercial circulation and company business complement each other to support the company's sustainable development. In addition, its cosmetics company plans to be listed in Hong Kong by 2020.

Yili shares (600887.SH)

Premiership time: 1996-03-12, Main board

Company nature: Public enterprise

Current stock price: 26.81

Current market value (billion yuan): 1629.55

Cumulative rate of return; 1892%

Annualized rate of return: 35%

Lowest point: 2008/12/31: 1.15

Highest point: 2018/1/23: 34.65

Yili Co., Ltd. was established in 1993 and is one of the two giants in the domestic dairy industry. The company's main businesses are liquid milk (82.6% of the revenue structure in 2018), milk powder and dairy products (10%) and cold drink product series (6%). The company has five major business departments: liquid milk, cold drinks, milk powder, yogurt and raw milk, and produces and sells nearly 1,000 "Yili" brand products. Liquid milk products have brands such as Jindian, Anmuxi , Shuhua Milk, and Yili Ultra-High Temperature Sterilized Milk ranks first in the country for seven consecutive years, and Yili Ice Cream and Ice Cream have ranked first in the country for ten consecutive years. Yili liquid milk market share is around 25%, of which the market share is 35% at room temperature and 18% at low temperature; the market share of milk powder is around 5-6%, and there is a trend of continuous expansion. In terms of status, Yili is ahead of another domestic giant, Mengniu . Among the "Top 20 Global Dairy Industry" released by Rabobank in 2017, Yili ranked first in Asia's dairy industry, ranking among the top 8 in the world's dairy industry, and ranked among the top 10 in the global dairy industry for four consecutive times.

The company's equity is relatively scattered. The largest shareholder is Hong Kong Central Clearing Company of the Mainland Stock Connect, with a shareholding ratio of 13.48%; the second largest shareholder is Hohhot Investment Company, with a shareholding ratio of 8.86%, behind which are Hohhot State-owned Assets Supervision and Administration Commission (81%) and Shanghai Electric Group (19%); the third largest shareholder is Chairman Pan Gang . The top ten shareholders, the Chinese national team, hold nearly 3% of the shares, while the others are executives, and the management holds a total of 8%. The company's major shareholders and management hold less than 17%.

html's lowest stock price at the end of 008 was only 1.15, and it has been rising all the way since 2009, with three significant increases in 2013, 2015 and 2017 respectively. Performance has grown rapidly in 2013, adapting to the bull market in 2013, and jointly driving stock prices to rise. In 2017, it achieved a growth rate far exceeding the industry. The stock price reached its highest point of 34.65 on January 23, 2018, and then began to fluctuate and fall. The core reasons why

company became a big bull stock are: First, Yili's development history is a microcosm of China's dairy industry from small to large and weak to strong, and the dairy industry has been a good track in the past ten years. Dairy products are mass fast-moving consumer goods, with stable demand: milk can be consumed repeatedly, and more and more people have the habit of drinking milk. Habit means that this kind of business is a high-frequency and lifelong consumption.In China, dairy products may be one of the largest beverage categories besides mineral water, and the nutritional value of dairy products is high. As a mass consumer product, the food processing industry sector index where dairy products are located was 2300 points in 2009 and more than 12000 points in 2019. The dairy consumption market has great potential: The per capita dairy consumption in China is less than 1/5 of those in developed countries in Europe and the United States; in terms of milk consumption, rural areas still have a lot of room for improvement compared to cities; China's infant milk powder market continues to rise, especially in third- and fourth-tier cities and rural markets; food consumption upgrades are accelerating. Dairy consumption structure upgrades: China's yogurt sales are growing rapidly. Currently, the share of low-temperature yogurt is relatively large, and the growth rate of room-temperature yogurt is relatively fast. The nutritional value and taste of low-temperature yogurt are better than room-temperature yogurt, and may gradually replace room-temperature yogurt in the future. Currently, rural areas are mainly room temperature, while urban consumption is mainly low temperature.

Second, seized the opportunity of industry reshuffle after melamine and killed most of the opponents through huge advertising expenses. Before 2008, in the golden decade of the dairy industry, room temperature milk rose, the dairy industry quickly increased its volume, and the leader in room temperature milk rose, with the average annual compound growth rate of output remaining above 10%. After the melamine incident in 2008, the country raised the standards of milk source and strengthened production supervision. The barriers to the dairy industry gradually increased, and the dairy industry developed from barbaric to refined development. industry reshuffle barriers + dairy homogeneity + Ili Mengniu's huge advertising investment has gradually become the industry leaders.

Third, the milk source is good, Yili has the largest high-quality milk source base in China and many high-quality overseas ranches. 's main milk source bases are divided into Tianshan, Xinjiang, Xilingol , and Hulunbuir areas, and are golden milk source belts. (Because it is near 45° north latitude, it belongs to the middle temperate zone, which is very suitable for good cows and good milk). In 2014, the company overseas set up its base in the South Island of New Zealand, providing high-end products, expanding the range of milk sources and improving the quality of liquid milk sources. It then launched Jindian milk with a milk protein content of up to 40%. Yili has more than 2,400 self-built, under-construction and cooperative ranches nationwide, and large-scale and intensive farming reaches 100% of the milk source supply ratio, ranking first in the industry. In addition, the company implements embedded unified management of upstream ranches and has strong control over upstream high-quality milk sources.

Fourth, the product quality is good, and the quality control "three lines" are checking for quality. The "three lines" standard for strict quality control: In the inspection procedures of , Yili increased by 50% on the basis of the national standard line, set up enterprise standard line, and increased by 20% on the basis of the enterprise standard line as internal control line, and checked layer by layer to ensure product quality.

Fifth, advertising and sales are strong, building brand penetration. 08 years later, Yili Mengniu completed the market reshuffle through huge advertising investment and established its leading position. When it comes to milk, the first thing I think of Yili and Mengniu. Advertising revenue accounted for 8% in 2012, and it had stabilized at around 12% in 2017. At present, Yili has a complete range of brand lines, such as Jindian, Anmuxi, Qiaolezi , Jinlingguan, etc.

, sixth, sales channel advantages, channel sinking (third and fourth tiers and rural areas) has better results. Yili has its own independent logistics system and has established good cooperation with third-party logistics companies. The products will not exceed 10 days from factory delivery to terminals (towns). The company's sales network covers the whole country, and sales channels can directly reach terminal consumers in townships. At the end of 2017, the company directly controlled nearly 530,000 village-level outlets, the first in the industry. The offline market not only brings ordinary demand, but also promotes the growth of high-end milk due to gifts.

China Fortune Land Development (600340.SH)

Listing time: December 30, 2003, Main Board

Enterprise Nature: Private Enterprise

Current share price: 29.23

Current market value (billion yuan): 877.85

Cumulative yield: 53 42%

annualized yield is: 49%

Lowest point: 2009/1/8: 0.46

Highest point: 2017/4/12: 45.94

company has become the largest bull stock in the past decade is:

Changchun Hi-Tech (000661.SZ)

Premises time: 1996-12-18, Mainboard

Enterprise nature: Local state-owned enterprise

Current stock price: 285.46

Current market value (billion yuan): 485.6

Cumulative yield: 5342%

Annualized yield: 49%

Low point: 2008/2/31: 7.69

High point: 2019/3/11 :285.46

company has become the second largest bull stock is:

Taiger Pharmaceutical (300347.SZ)

Premises time: 2012-08-17, GEM

Company nature: Private enterprise

Current stock price: 63.36

Current market value (billion yuan): 316.91

Cumulative rate of return: 2175%

Annualized rate of return: 37%

Lowest point: 2012/11/27: 5.89

Highest point: 2018/7/18: 68.8

can become a big bull stock is:

Pianzihuang (600436.SH)

Premiere time: 2003-06-16, Mainboard

Company nature: Local state-owned enterprise

Current stock price: 103.9

Current market value (billion yuan): 6 26.85

cumulative yield: 1989%

annualized yield: 36%

lowest point: 2009/1/8: 4.02

highest point: 2018/5/28: 129.3

Yili shares (600887.SH)

Premiership time: 1996-03-12, Main board

Company nature: Public enterprise

Current stock price: 26.81

Current market value (billion yuan): 1629.55

Cumulative rate of return; 1892%

Annualized rate of return: 35%

Lowest point: 2008/12/31: 1.15

Highest point: 2018/1/23: 34.65

Seventh, product structure upgrades, price increase pushes up high-end products. After 2008, the dairy industry gradually entered the stage of refined development, and in 2014 it entered the stage of general category and mergers and acquisitions. The barriers to the dairy industry gradually increased, with an average annual compound growth rate dropping to 3% from 2012 to 2017. Sales growth in the entire industry is gradually becoming saturated, and the increase in unit prices drives rapid growth in sales. The company's stock price performed well from 2016 to 2018, and product structure adjustment was Yili's main line in 2016. In 2016, star products such as Anmuxi, Jindian, Jinling Guanzhenhu, Changqing, etc. have all increased by more than double digits, offsetting the decline in old products such as milk beverages and drive revenue growth.The company's sales growth in recent years has been driven mainly by high-end products, such as the room temperature yogurt Ammoxi. In 2017, Anmuxi's sales exceeded 12 billion yuan, and its market share in room temperature yogurt was 43%, ranking first. In addition, Yili has been continuously expanding its non-milk business in recent years and is committed to optimizing its product structure, such as soy milk launched in 2017.

is the eighth, the competitive landscape is the dual oligopoly in the dairy industry, and the strong will always be strong. Yili and Mengniu are leading the market share of China's dairy products, including 25% of Yili and 15% of Mengniu. At the same time, Yili maintains a faster growth rate than the overall industry, and its market share is still increasing. Monopoly enterprises also have scale advantages, namely low-cost advantages.

is ninth, the company's operating quality is much higher than the peers. 1) Gross profit margin, especially net profit margin, has the highest comparison of peers. 2017 annual report data, gross profit margin Yili 36.8%, Mengniu 35%, Guangming 33%, Sanyuan 29%; net profit margin Yili 8.9%, Mengniu 3.4%, Guangming 3.8%, Sanyuan 1.3%. 2) ROE has remained at 20%+ for many years, a typical cash cow company ; while Mengniu's average ROE in the past five years is only 8.3%, of which it was still a loss in 2016, because of the one-time loss of goodwill impairment of the acquisition of Yashili and the sale of inventory large bags of powder. 3) The funds required for the company to operate are negative. 's revenue in 2017 was 68 billion yuan, and the total accounts receivable and notes receivable were less than 1 billion yuan; the operating capital turnover days are inventory + receivable - the company's payable = -25 days, and the company can occupy a 25-day account period upstream and downstream. Mengniu's accounts receivable and notes receivable are 2.6 billion, and Mengniu's operating capital turnover days are basically 0. 4) The company operates light assets. The company's operating cash flow in the past five years is far greater than the company's operating profit; in the past five years, the company's investment in purchasing fixed assets is 17.6 billion, which is 6% of the company's revenue in the past five years. The capital investment required to maintain operations is not high.

is tenth. Due to its excellent target and high dividends, Lugutong funds prefer to buy it to become the largest shareholder. 's stock price developed rapidly in 2016, which is also the stage when the funds from the Mainland Stock Connect gradually come to A-shares to buy core white horses. The company has accumulated dividends of 14.7 billion in the past five years, accounting for 62% of the company's net profit in the past five years, while Mengniu has only 2.5 billion. The company's equity is relatively scattered, and the largest shareholder is Hong Kong Central Clearing Company of the Mainland Stock Connect, with a shareholding ratio of 13.48%.

11th, globalization, enhance the flavor of milk sources through overseas acquisitions and enter markets in various countries. Yili has built a backbone network covering the global resource system and global market system in developed dairy industries such as Asia, Europe, America, Oceania. In 2015, we cooperated with many Ivy League Ivy League to establish the Sino-US Food Smart Valley in Seattle , and developed healthy milk to enter the US market. In 2017, Yili acquired Australia's largest dairy company, Maigao Group, becoming the dairy company with the largest market share in Australia. In the same year, it acquired Stonyfield, an American organic yogurt manufacturer under Danone for US$850 million, improving the organic grandma source layout and expanding the US market. In 2018, Yili acquired Pakistani dairy company Fauji Foods Limited to deepen its Middle East layout; in the same year, it acquired Chomthana, the largest ice cream company in Thailand, and fully entered the Thai market and radiated to the Southeast Asian market.

At present, the company is actively planning cheese and healthy drinks, seeking new growth points. As a leading dairy product enterprise, the company has tried to enter the field of healthy beverages while consolidating its main business, opening up space for long-term growth, successively launched plant-selected soy milk, awakening meta-functional beverages, and established a new cheese and healthy beverage business department to sort out the operating system of new products and lay the foundation for long-term growth. At the same time, the company vigorously expands its international business and its products are launched in the Indonesian market. The company is full of confidence in its future development and has proposed the goal of achieving operating income of 100 billion yuan by 2020 and entering the top five global dairy industry.

Meinian Health (002044.SZ)

Listing time: 2005-05-18, SME Board

Enterprise nature: Private enterprise

Current share price: 17.02

Current market value (billion yuan): 531.29

Cumulative yield: 1767%

Annualized yield: 34%

lowest point: 2008/12/31: 0.8

highest point: 2015/6/11: 25.35

Company is a private physical examination giant, with health examinations as the core, providing professional physical examinations and medical services.The company's main business is physical examination services (the revenue structure accounted for nearly 99% in 2018). The company has multiple health examination brands such as "Meinian Health" (positioning for public health), "Ciming Physical Examination" (positioning for public health), "Ciming Aoya" (positioning for mid-to-high-end groups and comprehensive medical care), and "Meinzhao Physical Examination" (positioning for high-end personal health). The company is currently the number one leader in non-public professional physical examinations in the country, with China's largest personal health big data platform, and a scarce target in the medical service industry.

The top three shareholders of the company are all legal person platforms, and the actual controllers behind them are all Yu Rong . Behind the third and fourth largest shareholders is Guo Meiling. To some extent, it can be said that it is the company of both of them. Among the top ten shareholders, only the social security fund is in the official institution, with a total shareholding of 4.5%.

Meinian Health was listed through a backdoor listing in Jiangsu Sanyou in 2015. After that, the stock price hit the daily limit, and rose from around 3 yuan to around 25 yuan in just 3 months. In 2016, the company was renamed Meinian Health. The company acquired 100% of the equity of Ciming Physical Examination in June 2017 (nearly 28% of the equity was acquired by the end of 2014), establishing its dominant position in the industry, and the stock price also showed a large increase during the period. In 2018, the company fell due to the impact of the stock market. The core reason why

company became a big bull stock is:

first, my country's health examination industry is in the golden period, the penetration rate continues to increase, and private physical examinations are also constantly developing accordingly. According to data from China Industry Information Network, in 2010, the physical examination market in China was nearly 30 billion yuan, and the third-party physical examination was only 7.4 billion yuan; in 2017, the physical examination market size reached 135 billion yuan, and the third-party physical examination scale was 34 billion yuan. The industry's compliance growth rate is around 26%. In the physical examination industry, public hospitals have a large share, but private physical examination outlets are more densely distributed, relying on prices (private enterprises rely on the average customer price of 300-500, which is more expensive for public institutions) and services.

Second, the industry's characteristics and advantages, doctors will not become a limit on expansion. 's business model is highly standardized and can be continuously expanded and replicated. Business development in other medical service industries is often limited by the lack of doctor resources and needs to compete with public hospitals for doctor resources. However, the health examination industry is different from clinical diagnosis, and the requirements for doctors are relatively low, and most doctors are rehired for retirement, so doctor resources are not scarce and will not be limited when expanding. In 2014, Meinian Health had nearly 2,000 employees, of which more than 75% of them were re-employed.

Third, continuously mergers and acquisitions, expands and integrates high-quality assets, the company (third) acquires the fourth and eldest, becoming a monopoly leader in segmentation. company was established at the end of 2006. In 2011, it was the third place in private professional physical examinations. The top two are Ciming physical examinations and Aikang Guobin . At the end of 2011, the company acquired the fourth largest health technology in the industry, and then acquired the Beijing Green Student Health Examination Center, Xi'an Kangcheng Chain Physical Examination Center and Guangdong's medical examination leader Riger. After going public through a backdoor listing in 2015, it acquired Meizhao Physical Examination and Ciming Physical Examination, which ranked first in the industry. After

acquired Ciming's physical examination, 's market share became the first in the industry. Net profit in the first half of 2018 increased by nearly 100 times year-on-year. According to data from China Industry Information Network, currently has a market share of Meinian Health in the private physical examination industry, 23.9%, Aikang Guobin 12.3%, Ruici physical examination 2.8%, Huaxian physical examination 1.2%, and other small and medium-sized physical examination institutions account for nearly 60%. effectively supplemented the shortcomings of the high-end physical examination market through acquisitions (the company's business mainly covers the mid- and low-end markets). The market value of has increased from 30 billion to 70 billion, which is highly recognized by the capital market.

fourth, self-built + in vitro incubation + merger and acquisition, and the number of branches expanded is large. single-store revenue growth has a ceiling because of venue restrictions and reception of physical examination personnel. How many stores there determine how much performance it has. In 2018, the company achieved the goal of operating 600 professional physical examination centers, covering 32 provinces, cities, autonomous regions and 215 core cities across the country. It is the leading and most widely distributed professional physical examination and medical institution in China. A new physical examination center can generally achieve profit balance in just 1-2 years.

Fifth, the model of first and then control, correctly choosing to log in to A-shares, solving the biggest bottleneck (fund) of branch expansion.

1) The core of determining the expansion speed of physical examination institutions is funds.The expansion of the physical examination center is mainly restricted by funds (low dependence on doctors). A systematic and complete health examination institution initially invested about 20 million yuan. Equipment costs account for 50%, rent accounts for 15%, and the degree of standardization is high.

2) After logging into the A-share market, the company's financing ability is higher than that of Aikang Guobin. Before was launched, Meinian Health and Aikon Guobin's financing capabilities were not much different, but after it was launched, the financing capabilities were significantly different. The number of new branches of company added 5 times that of Aikon Guobin every year. Aikang Guobin Branch has about 50 stores in 2014, and there are still less than 100 stores in 2017; while Meinian Health (excluding Ciming) has less than 100 stores in 2014, and there are nearly 400 stores in 2017. Reason: Aikang was listed on the US stock market, and American investors were restricted in their understanding of the company's business. After four years of listing, they only used 500 million yuan in financial funds for expansion; and after Meinian Health's A-share listing, the financing amount was three times that of Aikang.

3) First and then control mode, save funds, and incubate the branch in vitro. "First Participation" is that every time a new physical examination center is built, the company will first participate in about 10% of the shares, and the remaining shares are held by the M&A fund and other regional small shareholders. "Post-control" means that after the physical examination center reaches a break-even after 1-2 years of development, the company will invest in the acquisition of the target company's equity to more than 50% from the merger and acquisition fund to achieve controlling shares. After the physical examination center reaches a certain profit in 3-5 years, the listed company will invest and hold all the shares.

The sixth is characterized by group inspection customers, strong B-end sales capabilities, and accelerate capital turnover efficiency. has a larger scale private physical examination group customers account for more than 75%. Group inspections are mostly employee benefits and the expenses are settled uniformly, so that customers have relatively low requirements for physical examination services. , Meinian attaches great importance to sales, resulting in a significant increase in customer flow. The number and proportion of sales personnel in are higher than the average level of the peers. In 2016, Meinian's sales staff accounted for 31%, while other private physical examination institutions accounted for only 18%; in 2016, sales expenses were 720 million yuan, accounting for 23% of revenue, while Aikon Guobin was 500 million yuan, accounting for only 17% of revenue.

Seventh, the channel sinks, avoid the red sea (first and second-tier cities), and enter the blue sea (third and fourth-tier cities). The biggest difference between Meinian and Aikang is that Aikang has many layouts in first- and second-tier cities, while Meinian has many layouts in third- and fourth-tier cities. The physical examination industry in first- and second-tier cities is basically a red ocean, while low-tier cities (third- and fourth-tier cities) are the blue ocean of physical examination business. Low-tier cities have a large number of developed customers (large population base and population return, the proportion of middle class has risen rapidly, and the disposable consumption capacity is strong), the competitive environment is loose, the average customer price is high, and the operating costs are low. Meinian released the first, and stores in low-tier cities have exceeded first- and second-tier cities.

The company currently has high-end brands Meizhao and Aoya, with multidimensional service capabilities; the mass brands Meinian and Ciming are replicating and expanding, and the service content is diversified and improved, enhancing value from the perspectives of health management, data management, etc. From a long-term perspective, the company's development logic and growth space have not undergone essential changes, and it has room for long-term growth.

Tongce Medical (600763.SH)

Listing time: 1996-10-30, Mainboard

Enterprise nature: Foreign-funded enterprise

Current share price: 58.26

Current market value (billion yuan): 187.96

Cumulative yield: 1734%

Annualized rate of return: 34%

Lowest point: 2008/12/31: 2.59

Highest point: 2018/7/16: 59.1

Tongce Medical was established in 1995 and is the first listed company in China with oral medical chain operation as its main model. The company's main business is medical services (the revenue structure accounted for 96% in the middle of 2018), and it has three major business segments: oral (providing services such as implantation, orthodontics, and restoration), assisted reproduction and ophthalmology. Oral is the main business, accounting for as much as 79%. The company's main subsidiaries rely on Hangzhou Stomatology Hospital, which radiates to Zhejiang with Hangzhou as the center. In 2017, the revenue in Zhejiang Province accounted for 93%, and the proportion in Hangzhou reached 60%. The company is a leader in oral medical care focusing on Zhejiang Province.

The controlling shareholder of the company is Hangzhou Baoqun Industrial Group, with a shareholding ratio of 33.8%, and is a wholly-owned subsidiary of Tongce Holding Group. The actual controller behind the group is Lu Jianming, who holds 78% of Tongce Group's shares.Lu Jianming is the president of the Hangzhou Zhejiang University Alumni Association and was hired as a director of Zhejiang University at the end of 2017.

Tongce Medical has had two major gains in the past decade, one in 2013-15, with the highest point of the stock price reaching 54.84, and then fluctuated and fell. The second increase has been achieved after the fourth quarter of 2017, reaching a maximum of 59 yuan. Later, when the industry fell sharply, the company still maintained its share price at a high level. The core reason why

company became a big bull stock is:

first, oral medical care is more likely to break through the restrictions of comprehensive hospitals as a specialist, and it also has the attributes of "medical beauty" and has a large market space, and the industry is in a golden period of development. Comprehensive hospitals have a great demand for capital and talents. The oral specialty field is the first breakthrough point for social capital to enter the medical industry after the reform of the medical system. Oral medical services have both "medical" and "beauty" attributes, and the market size is large. People in my country have great demands in terms of caries treatment, periodontal cleansing treatment and denture repair. The prevalence of oral diseases in my country is as high as more than 90%, but the medical treatment rate is only 10%, more than 60% of people who have never seen a dentist, and only 2% of people have the habit of regular oral examinations and cleaning.

Second, with "Hangzhou Dental Hospital" as the core, the business "increased volume and price" supports stable performance growth. Hangzhou Dental Hospital was founded in 1952. In 2006, Hangzhou Baoqun Industrial Company acquired Hangzhou Dental Hospital and listed it in 2016. The revenue of this Dental Hospital accounts for 74% of Tongce Medical's overall revenue, which is the company's most important source of profit. The growth of high-end businesses such as transplantation and orthodontics has led to the company's overall average customer price continuing to rise, from 706 yuan/person in 2015 to 748 yuan/person in the first half of 2018. From 2007 to 2017, revenue achieved a compound growth rate of 33%, and net profit attributable to shareholders increased by 40.6%

Third, the "flagship general hospital + branch hospital" model supports brand influence, and sales expenses are only 1/15 of those of peers. Most private oral chain institutions mainly engaged in outpatient clinics need to acquire customers through multiple stores and advertising, and the sales cost is relatively high. The advantage of the general hospital + branch hospital is that it retains high-level hospitals as the core of business, and the flagship hospital platform forms strong support, forming brand influence in a certain area, and then opening branches in nearby areas based on the flagship hospital to quickly promote brand influence and accumulate customer resources in a short period of time. The company's flagship central hospital is Hangzhou Dental Hospital and Ningbo Dental Hospital, which is its core business oral medical services and assisted reproductive medical care. This model keeps the sales expense rate at around 1%, while its peers tend to be as high as 15-20%.

fourth, the company has the ability to obtain scarce public medical resources . The company has expanded by acquiring a dentistry hospital with a certain size and popularity in the local area, and relied on the hospital's original brand development chain branch to expand the market in Zhejiang Province from Hangzhou, and further expanded to Hebei, Hubei and Yunnan, and successively acquired Cangkou, Ningkou, Huangshi Hyundai and Kunkou Hospitals. The 2018 semi-annual report disclosed that there were 26 dental hospitals included in the consolidated scope of the company. In addition to the external dentistry hospitals, they cover a total of 23 cities.

method is to establish an investment fund for cooperation. 16 established a medical investment fund, targeting investment in six large dental hospitals in Beijing, Wuhan, Chongqing, Chengdu, Guangzhou and Xi'an, and later established a big health industry fund with Entrepreneurship Software and Dian Diagnostics.

is fifth, with the core resources of doctors . Dentists have strong individual combat capabilities, and often doctors with high levels can easily set up their own businesses. This is also the crux of this type of specialized hospital industry and will limit the expansion and growth of non-public hospitals. The company has established its own set of talent training and introduction plans, cooperated with universities or built its own universities, and has established strategic cooperation with six domestic and foreign universities (including University of Chinese Academy of Sciences , Hangzhou Medical College, and Berlin University, Germany). The Cunji Medical College of the University of Science and Technology, established in cooperation with the University of Chinese Academy of Sciences, is the core medical platform for the company's new round of national expansion. It will rely on it to establish a Tongce Doctor Group with famous doctors in various disciplines as the core.

The company has made an advance arrangement in the field of assisted reproduction and has jointly built the Kunming Bonn Reproduction Center with Cambridge Bonn (the In vitro Fertilization In vitro Fertilization In vitro Fertilization Treatment Center founded by Robert Edwards, the Nobel Prize winner,). It has now expanded to three clinics, and the number of patients who visited the hospital increased slightly from 2014 to 2016, with a compound growth rate of 15%. In June 2018, the company officially launched the "Dandel Plan", which plans to lay out 100 branches in Zhejiang Province within three years, of which the first batch of 10 hospitals signed were officially unveiled at the end of last month. In other businesses, the ophthalmology business is in the incubation period, Zhejiang University Ophthalmology Hospital has begun decoration, Tongji University and Sino-German Women and Child Hospital Affiliated to Charlit Medical University have also started, and the company's "big platform" strategy for specialized colleges is about to be implemented.

Longi Green Energy Technology Co., Ltd. (601012.SH)

Listing time: April 11, 2012, Main Board

Enterprise nature: Private enterprise

Current share price: 27.84

Current market value (billion yuan) : 776.96

cumulative yield: 587%

annualized yield is: 33%

lowest point: 2012/12/4: 1.30

highest point: 2017/11/22: 30.52

Longi Green Energy Technology Co., Ltd. was established in 2000 and became the world's largest solar monocrystalline silicon photovoltaic product manufacturer in 2015. The company's main business is solar modules (56% of the revenue structure in 2017), single crystal silicon wafer (35%, mainly used in various solar photovoltaic cells), and also involves electricity (2.7%), battery cells (2.4%), photovoltaic system equipment, single crystal silicon rods, etc. The company is the leader in single crystals in the photovoltaic industry, accounting for 37% of the global single crystal market share in 2017.

The controlling shareholder of the company is Li Zhenguo , with a shareholding ratio of 15%. Li Zhenguo and his current actors Li Chunan and Li Xiyan hold a total of 31.32% of Longi Green Energy Technology Co., Ltd., and the three are the top three shareholders of the company. Li Zhenguo and Li Chunan are alumni of Lanzhou University. The company's chairman and many senior executives have technical backgrounds and pay great attention to technology accumulation and application. Among the top ten shareholders are the national team and the Hong Kong Central Clearing Company of the Mainland Stock Connect.

The company's stock price has risen sharply twice in 2015 and 2017. The first time the photovoltaic industry is in an upward period, the industry is profitable, and the industry's companies have risen across the board. The second time in 2017, the company achieved high growth against the trend during the industry's downturn, and its net profit margin increased significantly by nearly 7%. Starting from 2018, the stock price fell sharply due to the influence of the domestic 531 policy. After that, the policy was corrected and the stock price gradually rose. The core reason why

company became a big bull stock is: First, the photovoltaic industry ushered in crazy growth after 2013. photovoltaics is an industry with strong policy dependence. Before 2010, China's photovoltaic industry had a cumulative installed capacity of less than 1GW, which was almost negligible worldwide. Starting from the second half of 2012, domestic favorable policies have continued, such as planning development scale to increase installation demand, formulating benchmark on-grid electricity prices and photovoltaic power generation subsidies, which has prompted the entire photovoltaic industry to grow wildly, with an average annual compound growth rate of photovoltaic installed capacity exceeding 60%, and has become the world's leader. In 2017, the installed capacity reached 53GW, accounting for more than half of the world's 100GW.

Second, R&D investment + expense control, and gross profit margin increases. From 2013 to 2017, the company's R&D expenditure increased from 150 million yuan to 1.1 billion yuan, accounting for 6% of its revenue. 1) improves through continuous process (continuous pulling rod, increasing pulling rod speed, etc.), so that the non-silicon cost of pulling rod is less than 2.5 cents/W. 2) In 2015, the diamond wire application was successfully (the earliest company to use diamond wire cutting in China), which greatly reduced the cost of single crystal silicon wafers by nearly 20%, and the cutting speed was greatly accelerated. This quickly increased the company's single crystal market share, and became the world's largest single crystal silicon wafer manufacturer in 2015. 3) The company's non-silicon cost decreased by 67% from 2012 to 2016; the total cost of silicon wafers was 3.07 yuan, while the cost of other companies was 3.33 yuan, and was 8% lower than the overall industry. The company's gross profit margin is ahead of its peer , rising from 3.2% in 2014 to 8% in 2015.

Third, continuous investment, expand production capacity, and the world's first product shipment. 's company's fixed assets increased significantly in 2011, 2016 and 2017, and its production capacity expanded, while strong demand prompted the company's revenue to increase rapidly.As of 2018, one-third of the company's assets were production capacity, and silicon wafer production increased by 10 times in five years. In 2013, the silicon wafer production was only 270 million pieces, and in 2017 it increased to 2.2 billion pieces; the module production ten times in four years, 43WM in 2014, and 4531WM in 2017. In 2015, Longi Green Energy Technology Co., Ltd.'s single crystal silicon wafer shipments were the world's largest in the world, Longi Green Energy Technology Co., Ltd.'s module shipments were the world's first in the world, and single crystal module shipments were the world's first. From 2009 to 2018, the company's revenue increased by 19 times from 760 million to 14.67 billion; net profit increased by 16 times from 100 million to 1.68 billion.

Fourth, open up the downstream industrial chain and realize self-production and self-sales. 's initial revenue from single crystal silicon wafers and silicon rods. Starting from 2013, it has begun to expand downstream components and even photovoltaic electric vehicles. In 2015, Leye Photovoltaic was established to lay out the battery and module links. In 2017, module and silicon wafer revenue accounted for more than 90% of the company's revenue, reaching 9.17 billion yuan and 5.75 billion yuan respectively. As the industrial chain continues to extend, the production and sales rate has declined, from 99% in 2013 to 51% in 2017, and the production and sales rate of components has dropped from 92% in 2015 to 77% in 2017. The company has achieved self-produced and sold by continuously expanding downstream. Longi's silicon wafer production capacity can be used as components, and the component production capacity can be turned into a power station, which can directly generate power and access the Internet, or directly sell power stations.

is fifth, continue to expand overseas markets and sign large orders with the United States. In recent years, Longi Green Energy Technology Co., Ltd. has invested in and built a factory in Malaysia and opened branches in the United States, Japan, Europe and other places. In 2017, Longi's overseas market shipments accounted for about 10%. In 2017, the company and the US company signed a sales contract worth US$600 million in high-efficiency single crystal modules in the United States.

No. 6. After the 531 new policy in 2018, the industry reshuffle accelerated. When the industry was sluggish, the company's moat was highlighted. June 531, 2018, announced a significant reduction in photovoltaic subsidies, which saw a significant drop in prices for products to boost demand. Since December 2017, the company's monocrystalline silicon wafer price has been down 10 times, falling from 5.4 yuan to 3.05 yuan in China, and falling from $0.73 to $0.38 overseas. Prices have decreased and subsidies have decreased. Under the fierce price competition in the industry, high-cost enterprises have been eliminated. Long Gene's low-cost advantages and industry leading position have gained more market share, maintained large profits, and had greater defensive capabilities.

Since June 2018, affected by the 531 new policy, domestic photovoltaic installation demand has been sluggish, and the company's monocrystalline silicon wafer price has declined. In the third quarter, the comprehensive gross profit margin fell by 13.5% year-on-year, and the net profit margin fell by 62% year-on-year. 2019 will be the beginning of a new cycle of affordable Internet access, and the industry's growth rate will significantly increase in the second half of 2019. As the leader in high-efficiency products, Longi will benefit significantly. The company plans to continue to expand the production capacity of silicon wafers and modules in the next three years, vertically extend its single crystal advantages, and become the absolute leader in the world's single crystal silicon wafers. The company's silicon wafer prices have been raised recently, and its revenue is expected to grow rapidly.

Weining Health (300253.SZ)

Premiership time: August 18, 2011, Main Board

Company Nature: Private Enterprise

Current Stock Price: 14.79

Current Market Value (Billion Yuan): 239.95

Cumulative Income Rate: 682%

Annualized yield is: 32%

Lowest point: 2011/9/30: 1.05

Highest point: 2015/6/5: 37.66

Weining Health was established in 1994 and is the first listed company in China focusing on medical and health informatization. The current business covers traditional medical information solutions in the fields of smart hospitals, regional health, public health, medical insurance, health services, etc., as well as the Internet medical services represented by the four clouds of clouds such as cloud medicine, cloud medicine, cloud insurance, and Yunkang (integrating doctors, drugs, insurance, and physical examination resources to the C-end through innovative service platforms). The company's main business is software sales (53% of the revenue structure in mid-2018), hardware sales (25% of the proportion) and technical services (22% of the proportion). In the 2017 IDC medical technology company ranking, it ranked 33rd in the world, making it the only company on the list in China.

The actual controller of the company is Zhou Wei and Wang Ying. The controlling shareholder Zhou Wei and his joint actors Wang Ying and Zhou Cheng hold a total of 20.17% of the shares. Shanghai Yunxin Venture Capital (a wholly-owned subsidiary of Ant Financial , an Ant Financial's foreign investment platform) holds 5.05% of the shares and is the fourth largest shareholder. There are also national teams among the top ten shareholders.

's stock price has been in a steady rise since its listing in 2011, especially since the second half of 2013, it soared from 4.3 yuan at that time to 36.3 yuan in June 2015, nearly 9 times. Subsequently, the stock price plummeted due to the stock market crash, with only 6 yuan remaining in August 2017. In June 2018, Ant Financial acquired a stake in Weining Health, and the company achieved growth against the trend. The core reason why

company became a big bull stock is: First, the informatization process of the medical and health industry has accelerated in the past decade. From 2009 to 2017, the market size of my country's medical information industry has increased year by year, and the average annual growth rate remains above 20%. The market size in 2014 was 26.4 billion yuan, and in 2017 it was 44.8 billion yuan. Among them, the annual compound growth rate of HIS system (hospital information system, which is the basis of hospital information) has maintained at 9.4%, and the hospital's core management system, electronic medical records, integrated platform clinical data warehouse, and tiered diagnosis and treatment system have achieved growth of more than 20%.

Second, the company's traditional medical information business is developing rapidly and has strong profitability. More than 90% of the company's revenue comes from medical and health information business, and the Internet medical business contributes less profits. Revenue maintained rapid growth, with the compound annual growth rate of total operating income from 2012 to 2017 being 35.3%, and the compound growth rate of net profit attributable to shareholders excluding non-issues was 33.3%.

Third, cooperate with giants such as Alibaba and UFIDA to deploy Internet medical care + external investment, and complete a closed-loop business. In 2015, the company implemented the "Internet + Health" business dual-wheel drive strategy of traditional medical information service business plus innovative "Internet + Health" business. It has now formed the medical and health ecosystem of cloud medicine, cloud care, cloud insurance, cloud medicine + innovative service platforms, and completed the business closed loop.

has successively established Weining Internet (committed to the professional application of Internet information services in the medical field, UFIDA Software’s only industry strategic partner in Zhejiang Province, and Alipay’s “Future Hospital” plans to be a technical partner in Zhejiang Province.), Nali Health (focused on the development of cloud medicine), Weining Technology and other entities, and participated in Ruyishiquan (third-party platform for chain pharmacies information construction, cooperative development of cloud medicine), Shanghai Haoyitong (China’s leading health examination, health promotion, medical insurance and private health doctors and other health management services integrators, cooperative development of Yunkang), and reached strategic cooperative relationships with giants such as Alibaba (in June 2018, Shanghai Yunxin Venture Capital, a wholly-owned subsidiary of Ant Financial), Sinopharm, and China Life.

fourth, with brand advantages and wide coverage. According to IDC's statistics in 2014, the concentration of the top five in China ( Neusoft Group , Wanda Information , Weining Health, and Huajie Entrepreneurship) accounts for about 38%, of which Weining Health's market share is 7.2%. Weining’s traditional business has covered more than 5,000 hospitals and more than 110 health management institutions.

Fifth, attach importance to R&D and innovation, and pay attention to renewing product reserves. company's R&D personnel increased by hundreds of each year, and the proportion of the company's R&D investment in revenue gradually increased. In 2017, R&D expenses were 242 million yuan, accounting for 20% of the revenue, reaching a high in recent years. The company has begun to develop a new generation of products, creating a series of product solutions such as "Smart Hospital 2.0", "Regional Doctor 3.0", and "Internet +2.0".

is sixth, and the comparison of cost control peers is very advantageous. The proportion of sales expenses of the company in dropped from 15.8% in 2016 to 14.3% in the first half of 2018, the administrative expense ratio dropped from 22.7% to 20.5%, and the financial expense ratio dropped from 1.2% to 0.6%. The expense ratio during the sales period fell from 39.7% to 35.3%, and the cost compression was very obvious. The period expense rate of startup software in the same industry in the first half of 2018 was 36.4%, far higher than that of Weining Health.

At present, the company's traditional business is in a high prosperity cycle, and the industry benefits derived from the rigidity of policies such as electronic medical record construction standards have not been fully released. As the industry leader, the company's growth in the next 1-2 years is highly certain. At the same time, the company's innovative business layout in the field of "Internet + Medical Health" has been initially taken, and there are many giants such as Ant Financial, China Life Insurance, and Sinopharm Group among its partners, and the prospects are worth looking forward to.

Ten

Zhongtian Finance (000540.SZ)

Premises time: 1994-02-02, Mainboard

Company nature: Private enterprise

Current stock price: 4.47

Current market value (billion yuan): 332.05

Cumulative yield: 147 0%

Annualized rate of return: 32%

Lowest point: 2008-12-31: 0.31

Highest point: 2015-6-12: 10.82

Zhongtian Finance was established in 1994 and is the only listed real estate company in Guizhou. It was called Zhongtian Urban Investment before 2013. The company's main business is real estate development, urban infrastructure and supporting project development. Commercial housing accounts for 86.8% of the revenue structure, and the company also involves financial business. The company is a leading real estate company in Guizhou. Land reserves are mainly concentrated in Guiyang area, and the developed projects are mainly concentrated in Guiyang, Zunyi , Nanjing and other places.

The controlling shareholder of the company is Jinshiqi Company, with a 45.95% stake. The actual controller is Luo Yuping , and holds 74.8% of the holding platform. Among the top ten shareholders, there is also the national team.

The company's stock price rose sharply from 2014 to 2015, and then fell sharply due to the stock market crash. In November 2017, the company announced that it plans to acquire 21-25% of China Life Insurance's equity. In order to complete this "elephant swallowing" plan, the company chose to suspend trading since August 2017 to concentrate on restructuring, and wanted to achieve a financing plan of more than 30 billion yuan by divesting non-financial assets, but the progress is not going smoothly and is still actively promoting it. After the resumption of trading on January 2, 2019, the stock price hit the limit one after another. Zhongtian Finance is currently stabilizing its stock price through repurchase + increase in holdings. The core reason why

company became a big bull stock is:

first, and has experienced the golden age of the real estate industry for ten years. With the national loosening in 2014 and the 2015 Central Economic Conference proposing "destocking" of the real estate market in third- and fourth-tier cities, Guiyang has successively introduced various preferential policies such as setting up houses and exempting business tax from buying houses to promote real estate development.

Second, Guiyang's real estate market is booming in both supply and demand. 2009-2013 Guiyang's commercial housing sales CAGR was 38%, of which the sales area CAGR was 25%, and the sales price CAGR was 10%. The growth of sales area is the main reason for the growth of commercial housing sales. Guizhou Province has a low urbanization rate, and demand mainly comes from the office and housing demand brought by Guiyang City's urban renewal with shantytown transformation as the core and the industrial upgrading strategy of introducing silver into Guizhou.

Third, deeply rooted in Guiyang, has strong local resources, owns nearly 99% of the land of Guizhou Province's strategic core projects, and is the biggest beneficiary of the local standardized land market. The Guizhou Financial City developed and built by Company is the core project of Guizhou Province to implement the "introduction of funds into Guizhou" strategy and is a key project for Guizhou Province to build in the "13th Five-Year Plan" of Guizhou Province. The project entered the performance release period in 2014; the company has 11.146 million square meters of land reserves in Guiyang, accounting for 98.6% of the total planned area. In 2014, Guiyang implemented a policy of de-capitalization to regulate the land market, and the company's land acquisition in the future has been basically completed, and it is the biggest beneficiary of Guiyang's de-capitalization.

The fourth is to layout the financial field, complete financial licenses, and combine industry and finance to conduct business collaboration. has been actively planning financial business since 2013. Guiyang Financial Holdings, a wholly-owned subsidiary, is its core operating platform in the field of licensed financial business, and the industry includes "full financial licenses" including banks, insurance, securities, trusts, funds, etc. The company's real estate business has accumulated a large amount of customer resources and partner resources. With the improvement of the financial sector, internal conversion of customer flows and integrated sales channels can be achieved. The subsidiary Guiyang Financial Holdings was included in the 2016 semi-annual report for the first time in 2015, and its net profit was 810 million yuan, accounting for more than 30% of the company's net profit of about 2.6 billion yuan.

In order to acquire 21%-25% of China Life's equity, the company has invested in real estate business, and the company has divested all related real estate businesses such as Zhongtian Urban Investment from listed companies. Due to the unsuccessful restructuring, the real estate business was reclaimed in December 2018. However, the acquisition of equity in China Life is actively promoting, and if it is successfully completed, it will further deepen the company's financial attributes.

Author: Zhu Zhenxin Chief Researcher of Rushi Finance Researcher, Ge Shoujing Researcher of Rushi Finance Researcher

Source: New Middle-class Wealth Guide North

The company's main business is physical examination services (the revenue structure accounted for nearly 99% in 2018). The company has multiple health examination brands such as "Meinian Health" (positioning for public health), "Ciming Physical Examination" (positioning for public health), "Ciming Aoya" (positioning for mid-to-high-end groups and comprehensive medical care), and "Meinzhao Physical Examination" (positioning for high-end personal health). The company is currently the number one leader in non-public professional physical examinations in the country, with China's largest personal health big data platform, and a scarce target in the medical service industry.
The top three shareholders of the company are all legal person platforms, and the actual controllers behind them are all Yu Rong . Behind the third and fourth largest shareholders is Guo Meiling. To some extent, it can be said that it is the company of both of them. Among the top ten shareholders, only the social security fund is in the official institution, with a total shareholding of 4.5%.
Meinian Health was listed through a backdoor listing in Jiangsu Sanyou in 2015. After that, the stock price hit the daily limit, and rose from around 3 yuan to around 25 yuan in just 3 months. In 2016, the company was renamed Meinian Health. The company acquired 100% of the equity of Ciming Physical Examination in June 2017 (nearly 28% of the equity was acquired by the end of 2014), establishing its dominant position in the industry, and the stock price also showed a large increase during the period. In 2018, the company fell due to the impact of the stock market. The core reason why
company became a big bull stock is:
first, my country's health examination industry is in the golden period, the penetration rate continues to increase, and private physical examinations are also constantly developing accordingly. According to data from China Industry Information Network, in 2010, the physical examination market in China was nearly 30 billion yuan, and the third-party physical examination was only 7.4 billion yuan; in 2017, the physical examination market size reached 135 billion yuan, and the third-party physical examination scale was 34 billion yuan. The industry's compliance growth rate is around 26%. In the physical examination industry, public hospitals have a large share, but private physical examination outlets are more densely distributed, relying on prices (private enterprises rely on the average customer price of 300-500, which is more expensive for public institutions) and services.
Second, the industry's characteristics and advantages, doctors will not become a limit on expansion. 's business model is highly standardized and can be continuously expanded and replicated. Business development in other medical service industries is often limited by the lack of doctor resources and needs to compete with public hospitals for doctor resources. However, the health examination industry is different from clinical diagnosis, and the requirements for doctors are relatively low, and most doctors are rehired for retirement, so doctor resources are not scarce and will not be limited when expanding. In 2014, Meinian Health had nearly 2,000 employees, of which more than 75% of them were re-employed.
Third, continuously mergers and acquisitions, expands and integrates high-quality assets, the company (third) acquires the fourth and eldest, becoming a monopoly leader in segmentation. company was established at the end of 2006. In 2011, it was the third place in private professional physical examinations. The top two are Ciming physical examinations and Aikang Guobin . At the end of 2011, the company acquired the fourth largest health technology in the industry, and then acquired the Beijing Green Student Health Examination Center, Xi'an Kangcheng Chain Physical Examination Center and Guangdong's medical examination leader Riger. After going public through a backdoor listing in 2015, it acquired Meizhao Physical Examination and Ciming Physical Examination, which ranked first in the industry. After
acquired Ciming's physical examination, 's market share became the first in the industry. Net profit in the first half of 2018 increased by nearly 100 times year-on-year. According to data from China Industry Information Network, currently has a market share of Meinian Health in the private physical examination industry, 23.9%, Aikang Guobin 12.3%, Ruici physical examination 2.8%, Huaxian physical examination 1.2%, and other small and medium-sized physical examination institutions account for nearly 60%. effectively supplemented the shortcomings of the high-end physical examination market through acquisitions (the company's business mainly covers the mid- and low-end markets). The market value of has increased from 30 billion to 70 billion, which is highly recognized by the capital market.
fourth, self-built + in vitro incubation + merger and acquisition, and the number of branches expanded is large. single-store revenue growth has a ceiling because of venue restrictions and reception of physical examination personnel. How many stores there determine how much performance it has. In 2018, the company achieved the goal of operating 600 professional physical examination centers, covering 32 provinces, cities, autonomous regions and 215 core cities across the country. It is the leading and most widely distributed professional physical examination and medical institution in China. A new physical examination center can generally achieve profit balance in just 1-2 years.
Fifth, the model of first and then control, correctly choosing to log in to A-shares, solving the biggest bottleneck (fund) of branch expansion.
1) The core of determining the expansion speed of physical examination institutions is funds.The expansion of the physical examination center is mainly restricted by funds (low dependence on doctors). A systematic and complete health examination institution initially invested about 20 million yuan. Equipment costs account for 50%, rent accounts for 15%, and the degree of standardization is high.
2) After logging into the A-share market, the company's financing ability is higher than that of Aikang Guobin. Before was launched, Meinian Health and Aikon Guobin's financing capabilities were not much different, but after it was launched, the financing capabilities were significantly different. The number of new branches of company added 5 times that of Aikon Guobin every year. Aikang Guobin Branch has about 50 stores in 2014, and there are still less than 100 stores in 2017; while Meinian Health (excluding Ciming) has less than 100 stores in 2014, and there are nearly 400 stores in 2017. Reason: Aikang was listed on the US stock market, and American investors were restricted in their understanding of the company's business. After four years of listing, they only used 500 million yuan in financial funds for expansion; and after Meinian Health's A-share listing, the financing amount was three times that of Aikang.
3) First and then control mode, save funds, and incubate the branch in vitro. "First Participation" is that every time a new physical examination center is built, the company will first participate in about 10% of the shares, and the remaining shares are held by the M&A fund and other regional small shareholders. "Post-control" means that after the physical examination center reaches a break-even after 1-2 years of development, the company will invest in the acquisition of the target company's equity to more than 50% from the merger and acquisition fund to achieve controlling shares. After the physical examination center reaches a certain profit in 3-5 years, the listed company will invest and hold all the shares.
The sixth is characterized by group inspection customers, strong B-end sales capabilities, and accelerate capital turnover efficiency. has a larger scale private physical examination group customers account for more than 75%. Group inspections are mostly employee benefits and the expenses are settled uniformly, so that customers have relatively low requirements for physical examination services. , Meinian attaches great importance to sales, resulting in a significant increase in customer flow. The number and proportion of sales personnel in are higher than the average level of the peers. In 2016, Meinian's sales staff accounted for 31%, while other private physical examination institutions accounted for only 18%; in 2016, sales expenses were 720 million yuan, accounting for 23% of revenue, while Aikon Guobin was 500 million yuan, accounting for only 17% of revenue.
Seventh, the channel sinks, avoid the red sea (first and second-tier cities), and enter the blue sea (third and fourth-tier cities). The biggest difference between Meinian and Aikang is that Aikang has many layouts in first- and second-tier cities, while Meinian has many layouts in third- and fourth-tier cities. The physical examination industry in first- and second-tier cities is basically a red ocean, while low-tier cities (third- and fourth-tier cities) are the blue ocean of physical examination business. Low-tier cities have a large number of developed customers (large population base and population return, the proportion of middle class has risen rapidly, and the disposable consumption capacity is strong), the competitive environment is loose, the average customer price is high, and the operating costs are low. Meinian released the first, and stores in low-tier cities have exceeded first- and second-tier cities.
The company currently has high-end brands Meizhao and Aoya, with multidimensional service capabilities; the mass brands Meinian and Ciming are replicating and expanding, and the service content is diversified and improved, enhancing value from the perspectives of health management, data management, etc. From a long-term perspective, the company's development logic and growth space have not undergone essential changes, and it has room for long-term growth.
7
Tongce Medical (600763.SH)
Listing time: 1996-10-30, Mainboard
Enterprise nature: Foreign-funded enterprise
Current share price: 58.26
Current market value (billion yuan): 187.96
Cumulative yield: 1734%
Annualized rate of return: 34%
Lowest point: 2008/12/31: 2.59
Highest point: 2018/7/16: 59.1

Tongce Medical was established in 1995 and is the first listed company in China with oral medical chain operation as its main model. The company's main business is medical services (the revenue structure accounted for 96% in the middle of 2018), and it has three major business segments: oral (providing services such as implantation, orthodontics, and restoration), assisted reproduction and ophthalmology. Oral is the main business, accounting for as much as 79%. The company's main subsidiaries rely on Hangzhou Stomatology Hospital, which radiates to Zhejiang with Hangzhou as the center. In 2017, the revenue in Zhejiang Province accounted for 93%, and the proportion in Hangzhou reached 60%. The company is a leader in oral medical care focusing on Zhejiang Province.
The controlling shareholder of the company is Hangzhou Baoqun Industrial Group, with a shareholding ratio of 33.8%, and is a wholly-owned subsidiary of Tongce Holding Group. The actual controller behind the group is Lu Jianming, who holds 78% of Tongce Group's shares.Lu Jianming is the president of the Hangzhou Zhejiang University Alumni Association and was hired as a director of Zhejiang University at the end of 2017.
Tongce Medical has had two major gains in the past decade, one in 2013-15, with the highest point of the stock price reaching 54.84, and then fluctuated and fell. The second increase has been achieved after the fourth quarter of 2017, reaching a maximum of 59 yuan. Later, when the industry fell sharply, the company still maintained its share price at a high level. The core reason why
company became a big bull stock is:
first, oral medical care is more likely to break through the restrictions of comprehensive hospitals as a specialist, and it also has the attributes of "medical beauty" and has a large market space, and the industry is in a golden period of development. Comprehensive hospitals have a great demand for capital and talents. The oral specialty field is the first breakthrough point for social capital to enter the medical industry after the reform of the medical system. Oral medical services have both "medical" and "beauty" attributes, and the market size is large. People in my country have great demands in terms of caries treatment, periodontal cleansing treatment and denture repair. The prevalence of oral diseases in my country is as high as more than 90%, but the medical treatment rate is only 10%, more than 60% of people who have never seen a dentist, and only 2% of people have the habit of regular oral examinations and cleaning.
Second, with "Hangzhou Dental Hospital" as the core, the business "increased volume and price" supports stable performance growth. Hangzhou Dental Hospital was founded in 1952. In 2006, Hangzhou Baoqun Industrial Company acquired Hangzhou Dental Hospital and listed it in 2016. The revenue of this Dental Hospital accounts for 74% of Tongce Medical's overall revenue, which is the company's most important source of profit. The growth of high-end businesses such as transplantation and orthodontics has led to the company's overall average customer price continuing to rise, from 706 yuan/person in 2015 to 748 yuan/person in the first half of 2018. From 2007 to 2017, revenue achieved a compound growth rate of 33%, and net profit attributable to shareholders increased by 40.6%
Third, the "flagship general hospital + branch hospital" model supports brand influence, and sales expenses are only 1/15 of those of peers. Most private oral chain institutions mainly engaged in outpatient clinics need to acquire customers through multiple stores and advertising, and the sales cost is relatively high. The advantage of the general hospital + branch hospital is that it retains high-level hospitals as the core of business, and the flagship hospital platform forms strong support, forming brand influence in a certain area, and then opening branches in nearby areas based on the flagship hospital to quickly promote brand influence and accumulate customer resources in a short period of time. The company's flagship central hospital is Hangzhou Dental Hospital and Ningbo Dental Hospital, which is its core business oral medical services and assisted reproductive medical care. This model keeps the sales expense rate at around 1%, while its peers tend to be as high as 15-20%.
fourth, the company has the ability to obtain scarce public medical resources . The company has expanded by acquiring a dentistry hospital with a certain size and popularity in the local area, and relied on the hospital's original brand development chain branch to expand the market in Zhejiang Province from Hangzhou, and further expanded to Hebei, Hubei and Yunnan, and successively acquired Cangkou, Ningkou, Huangshi Hyundai and Kunkou Hospitals. The 2018 semi-annual report disclosed that there were 26 dental hospitals included in the consolidated scope of the company. In addition to the external dentistry hospitals, they cover a total of 23 cities.
method is to establish an investment fund for cooperation. 16 established a medical investment fund, targeting investment in six large dental hospitals in Beijing, Wuhan, Chongqing, Chengdu, Guangzhou and Xi'an, and later established a big health industry fund with Entrepreneurship Software and Dian Diagnostics.
is fifth, with the core resources of doctors . Dentists have strong individual combat capabilities, and often doctors with high levels can easily set up their own businesses. This is also the crux of this type of specialized hospital industry and will limit the expansion and growth of non-public hospitals. The company has established its own set of talent training and introduction plans, cooperated with universities or built its own universities, and has established strategic cooperation with six domestic and foreign universities (including University of Chinese Academy of Sciences , Hangzhou Medical College, and Berlin University, Germany). The Cunji Medical College of the University of Science and Technology, established in cooperation with the University of Chinese Academy of Sciences, is the core medical platform for the company's new round of national expansion. It will rely on it to establish a Tongce Doctor Group with famous doctors in various disciplines as the core.
The company has made an advance arrangement in the field of assisted reproduction and has jointly built the Kunming Bonn Reproduction Center with Cambridge Bonn (the In vitro Fertilization In vitro Fertilization In vitro Fertilization Treatment Center founded by Robert Edwards, the Nobel Prize winner,). It has now expanded to three clinics, and the number of patients who visited the hospital increased slightly from 2014 to 2016, with a compound growth rate of 15%. In June 2018, the company officially launched the "Dandel Plan", which plans to lay out 100 branches in Zhejiang Province within three years, of which the first batch of 10 hospitals signed were officially unveiled at the end of last month. In other businesses, the ophthalmology business is in the incubation period, Zhejiang University Ophthalmology Hospital has begun decoration, Tongji University and Sino-German Women and Child Hospital Affiliated to Charlit Medical University have also started, and the company's "big platform" strategy for specialized colleges is about to be implemented.
8
Longi Green Energy Technology Co., Ltd. (601012.SH)
Listing time: April 11, 2012, Main Board
Enterprise nature: Private enterprise
Current share price: 27.84
Current market value (billion yuan) : 776.96
cumulative yield: 587%
annualized yield is: 33%
lowest point: 2012/12/4: 1.30
highest point: 2017/11/22: 30.52

Longi Green Energy Technology Co., Ltd. was established in 2000 and became the world's largest solar monocrystalline silicon photovoltaic product manufacturer in 2015. The company's main business is solar modules (56% of the revenue structure in 2017), single crystal silicon wafer (35%, mainly used in various solar photovoltaic cells), and also involves electricity (2.7%), battery cells (2.4%), photovoltaic system equipment, single crystal silicon rods, etc. The company is the leader in single crystals in the photovoltaic industry, accounting for 37% of the global single crystal market share in 2017.
The controlling shareholder of the company is Li Zhenguo , with a shareholding ratio of 15%. Li Zhenguo and his current actors Li Chunan and Li Xiyan hold a total of 31.32% of Longi Green Energy Technology Co., Ltd., and the three are the top three shareholders of the company. Li Zhenguo and Li Chunan are alumni of Lanzhou University. The company's chairman and many senior executives have technical backgrounds and pay great attention to technology accumulation and application. Among the top ten shareholders are the national team and the Hong Kong Central Clearing Company of the Mainland Stock Connect.
The company's stock price has risen sharply twice in 2015 and 2017. The first time the photovoltaic industry is in an upward period, the industry is profitable, and the industry's companies have risen across the board. The second time in 2017, the company achieved high growth against the trend during the industry's downturn, and its net profit margin increased significantly by nearly 7%. Starting from 2018, the stock price fell sharply due to the influence of the domestic 531 policy. After that, the policy was corrected and the stock price gradually rose. The core reason why
company became a big bull stock is: First, the photovoltaic industry ushered in crazy growth after 2013. photovoltaics is an industry with strong policy dependence. Before 2010, China's photovoltaic industry had a cumulative installed capacity of less than 1GW, which was almost negligible worldwide. Starting from the second half of 2012, domestic favorable policies have continued, such as planning development scale to increase installation demand, formulating benchmark on-grid electricity prices and photovoltaic power generation subsidies, which has prompted the entire photovoltaic industry to grow wildly, with an average annual compound growth rate of photovoltaic installed capacity exceeding 60%, and has become the world's leader. In 2017, the installed capacity reached 53GW, accounting for more than half of the world's 100GW.
Second, R&D investment + expense control, and gross profit margin increases. From 2013 to 2017, the company's R&D expenditure increased from 150 million yuan to 1.1 billion yuan, accounting for 6% of its revenue. 1) improves through continuous process (continuous pulling rod, increasing pulling rod speed, etc.), so that the non-silicon cost of pulling rod is less than 2.5 cents/W. 2) In 2015, the diamond wire application was successfully (the earliest company to use diamond wire cutting in China), which greatly reduced the cost of single crystal silicon wafers by nearly 20%, and the cutting speed was greatly accelerated. This quickly increased the company's single crystal market share, and became the world's largest single crystal silicon wafer manufacturer in 2015. 3) The company's non-silicon cost decreased by 67% from 2012 to 2016; the total cost of silicon wafers was 3.07 yuan, while the cost of other companies was 3.33 yuan, and was 8% lower than the overall industry. The company's gross profit margin is ahead of its peer , rising from 3.2% in 2014 to 8% in 2015.
Third, continuous investment, expand production capacity, and the world's first product shipment. 's company's fixed assets increased significantly in 2011, 2016 and 2017, and its production capacity expanded, while strong demand prompted the company's revenue to increase rapidly.As of 2018, one-third of the company's assets were production capacity, and silicon wafer production increased by 10 times in five years. In 2013, the silicon wafer production was only 270 million pieces, and in 2017 it increased to 2.2 billion pieces; the module production ten times in four years, 43WM in 2014, and 4531WM in 2017. In 2015, Longi Green Energy Technology Co., Ltd.'s single crystal silicon wafer shipments were the world's largest in the world, Longi Green Energy Technology Co., Ltd.'s module shipments were the world's first in the world, and single crystal module shipments were the world's first. From 2009 to 2018, the company's revenue increased by 19 times from 760 million to 14.67 billion; net profit increased by 16 times from 100 million to 1.68 billion.
Fourth, open up the downstream industrial chain and realize self-production and self-sales. 's initial revenue from single crystal silicon wafers and silicon rods. Starting from 2013, it has begun to expand downstream components and even photovoltaic electric vehicles. In 2015, Leye Photovoltaic was established to lay out the battery and module links. In 2017, module and silicon wafer revenue accounted for more than 90% of the company's revenue, reaching 9.17 billion yuan and 5.75 billion yuan respectively. As the industrial chain continues to extend, the production and sales rate has declined, from 99% in 2013 to 51% in 2017, and the production and sales rate of components has dropped from 92% in 2015 to 77% in 2017. The company has achieved self-produced and sold by continuously expanding downstream. Longi's silicon wafer production capacity can be used as components, and the component production capacity can be turned into a power station, which can directly generate power and access the Internet, or directly sell power stations.
is fifth, continue to expand overseas markets and sign large orders with the United States. In recent years, Longi Green Energy Technology Co., Ltd. has invested in and built a factory in Malaysia and opened branches in the United States, Japan, Europe and other places. In 2017, Longi's overseas market shipments accounted for about 10%. In 2017, the company and the US company signed a sales contract worth US$600 million in high-efficiency single crystal modules in the United States.
No. 6. After the 531 new policy in 2018, the industry reshuffle accelerated. When the industry was sluggish, the company's moat was highlighted. June 531, 2018, announced a significant reduction in photovoltaic subsidies, which saw a significant drop in prices for products to boost demand. Since December 2017, the company's monocrystalline silicon wafer price has been down 10 times, falling from 5.4 yuan to 3.05 yuan in China, and falling from $0.73 to $0.38 overseas. Prices have decreased and subsidies have decreased. Under the fierce price competition in the industry, high-cost enterprises have been eliminated. Long Gene's low-cost advantages and industry leading position have gained more market share, maintained large profits, and had greater defensive capabilities.
Since June 2018, affected by the 531 new policy, domestic photovoltaic installation demand has been sluggish, and the company's monocrystalline silicon wafer price has declined. In the third quarter, the comprehensive gross profit margin fell by 13.5% year-on-year, and the net profit margin fell by 62% year-on-year. 2019 will be the beginning of a new cycle of affordable Internet access, and the industry's growth rate will significantly increase in the second half of 2019. As the leader in high-efficiency products, Longi will benefit significantly. The company plans to continue to expand the production capacity of silicon wafers and modules in the next three years, vertically extend its single crystal advantages, and become the absolute leader in the world's single crystal silicon wafers. The company's silicon wafer prices have been raised recently, and its revenue is expected to grow rapidly.
9
Weining Health (300253.SZ)
Premiership time: August 18, 2011, Main Board
Company Nature: Private Enterprise
Current Stock Price: 14.79
Current Market Value (Billion Yuan): 239.95
Cumulative Income Rate: 682%
Annualized yield is: 32%
Lowest point: 2011/9/30: 1.05
Highest point: 2015/6/5: 37.66

Weining Health was established in 1994 and is the first listed company in China focusing on medical and health informatization. The current business covers traditional medical information solutions in the fields of smart hospitals, regional health, public health, medical insurance, health services, etc., as well as the Internet medical services represented by the four clouds of clouds such as cloud medicine, cloud medicine, cloud insurance, and Yunkang (integrating doctors, drugs, insurance, and physical examination resources to the C-end through innovative service platforms). The company's main business is software sales (53% of the revenue structure in mid-2018), hardware sales (25% of the proportion) and technical services (22% of the proportion). In the 2017 IDC medical technology company ranking, it ranked 33rd in the world, making it the only company on the list in China.
The actual controller of the company is Zhou Wei and Wang Ying. The controlling shareholder Zhou Wei and his joint actors Wang Ying and Zhou Cheng hold a total of 20.17% of the shares. Shanghai Yunxin Venture Capital (a wholly-owned subsidiary of Ant Financial , an Ant Financial's foreign investment platform) holds 5.05% of the shares and is the fourth largest shareholder. There are also national teams among the top ten shareholders.
's stock price has been in a steady rise since its listing in 2011, especially since the second half of 2013, it soared from 4.3 yuan at that time to 36.3 yuan in June 2015, nearly 9 times. Subsequently, the stock price plummeted due to the stock market crash, with only 6 yuan remaining in August 2017. In June 2018, Ant Financial acquired a stake in Weining Health, and the company achieved growth against the trend. The core reason why
company became a big bull stock is: First, the informatization process of the medical and health industry has accelerated in the past decade. From 2009 to 2017, the market size of my country's medical information industry has increased year by year, and the average annual growth rate remains above 20%. The market size in 2014 was 26.4 billion yuan, and in 2017 it was 44.8 billion yuan. Among them, the annual compound growth rate of HIS system (hospital information system, which is the basis of hospital information) has maintained at 9.4%, and the hospital's core management system, electronic medical records, integrated platform clinical data warehouse, and tiered diagnosis and treatment system have achieved growth of more than 20%.
Second, the company's traditional medical information business is developing rapidly and has strong profitability. More than 90% of the company's revenue comes from medical and health information business, and the Internet medical business contributes less profits. Revenue maintained rapid growth, with the compound annual growth rate of total operating income from 2012 to 2017 being 35.3%, and the compound growth rate of net profit attributable to shareholders excluding non-issues was 33.3%.
Third, cooperate with giants such as Alibaba and UFIDA to deploy Internet medical care + external investment, and complete a closed-loop business. In 2015, the company implemented the "Internet + Health" business dual-wheel drive strategy of traditional medical information service business plus innovative "Internet + Health" business. It has now formed the medical and health ecosystem of cloud medicine, cloud care, cloud insurance, cloud medicine + innovative service platforms, and completed the business closed loop.
has successively established Weining Internet (committed to the professional application of Internet information services in the medical field, UFIDA Software’s only industry strategic partner in Zhejiang Province, and Alipay’s “Future Hospital” plans to be a technical partner in Zhejiang Province.), Nali Health (focused on the development of cloud medicine), Weining Technology and other entities, and participated in Ruyishiquan (third-party platform for chain pharmacies information construction, cooperative development of cloud medicine), Shanghai Haoyitong (China’s leading health examination, health promotion, medical insurance and private health doctors and other health management services integrators, cooperative development of Yunkang), and reached strategic cooperative relationships with giants such as Alibaba (in June 2018, Shanghai Yunxin Venture Capital, a wholly-owned subsidiary of Ant Financial), Sinopharm, and China Life.
fourth, with brand advantages and wide coverage. According to IDC's statistics in 2014, the concentration of the top five in China ( Neusoft Group , Wanda Information , Weining Health, and Huajie Entrepreneurship) accounts for about 38%, of which Weining Health's market share is 7.2%. Weining’s traditional business has covered more than 5,000 hospitals and more than 110 health management institutions.
Fifth, attach importance to R&D and innovation, and pay attention to renewing product reserves. company's R&D personnel increased by hundreds of each year, and the proportion of the company's R&D investment in revenue gradually increased. In 2017, R&D expenses were 242 million yuan, accounting for 20% of the revenue, reaching a high in recent years. The company has begun to develop a new generation of products, creating a series of product solutions such as "Smart Hospital 2.0", "Regional Doctor 3.0", and "Internet +2.0".
is sixth, and the comparison of cost control peers is very advantageous. The proportion of sales expenses of the company in dropped from 15.8% in 2016 to 14.3% in the first half of 2018, the administrative expense ratio dropped from 22.7% to 20.5%, and the financial expense ratio dropped from 1.2% to 0.6%. The expense ratio during the sales period fell from 39.7% to 35.3%, and the cost compression was very obvious. The period expense rate of startup software in the same industry in the first half of 2018 was 36.4%, far higher than that of Weining Health.
At present, the company's traditional business is in a high prosperity cycle, and the industry benefits derived from the rigidity of policies such as electronic medical record construction standards have not been fully released. As the industry leader, the company's growth in the next 1-2 years is highly certain. At the same time, the company's innovative business layout in the field of "Internet + Medical Health" has been initially taken, and there are many giants such as Ant Financial, China Life Insurance, and Sinopharm Group among its partners, and the prospects are worth looking forward to.
Ten
Zhongtian Finance (000540.SZ)
Premises time: 1994-02-02, Mainboard
Company nature: Private enterprise
Current stock price: 4.47
Current market value (billion yuan): 332.05
Cumulative yield: 147 0%
Annualized rate of return: 32%
Lowest point: 2008-12-31: 0.31
Highest point: 2015-6-12: 10.82

Zhongtian Finance was established in 1994 and is the only listed real estate company in Guizhou. It was called Zhongtian Urban Investment before 2013. The company's main business is real estate development, urban infrastructure and supporting project development. Commercial housing accounts for 86.8% of the revenue structure, and the company also involves financial business. The company is a leading real estate company in Guizhou. Land reserves are mainly concentrated in Guiyang area, and the developed projects are mainly concentrated in Guiyang, Zunyi , Nanjing and other places.
The controlling shareholder of the company is Jinshiqi Company, with a 45.95% stake. The actual controller is Luo Yuping , and holds 74.8% of the holding platform. Among the top ten shareholders, there is also the national team.
The company's stock price rose sharply from 2014 to 2015, and then fell sharply due to the stock market crash. In November 2017, the company announced that it plans to acquire 21-25% of China Life Insurance's equity. In order to complete this "elephant swallowing" plan, the company chose to suspend trading since August 2017 to concentrate on restructuring, and wanted to achieve a financing plan of more than 30 billion yuan by divesting non-financial assets, but the progress is not going smoothly and is still actively promoting it. After the resumption of trading on January 2, 2019, the stock price hit the limit one after another. Zhongtian Finance is currently stabilizing its stock price through repurchase + increase in holdings. The core reason why
company became a big bull stock is:
first, and has experienced the golden age of the real estate industry for ten years. With the national loosening in 2014 and the 2015 Central Economic Conference proposing "destocking" of the real estate market in third- and fourth-tier cities, Guiyang has successively introduced various preferential policies such as setting up houses and exempting business tax from buying houses to promote real estate development.
Second, Guiyang's real estate market is booming in both supply and demand. 2009-2013 Guiyang's commercial housing sales CAGR was 38%, of which the sales area CAGR was 25%, and the sales price CAGR was 10%. The growth of sales area is the main reason for the growth of commercial housing sales. Guizhou Province has a low urbanization rate, and demand mainly comes from the office and housing demand brought by Guiyang City's urban renewal with shantytown transformation as the core and the industrial upgrading strategy of introducing silver into Guizhou.
Third, deeply rooted in Guiyang, has strong local resources, owns nearly 99% of the land of Guizhou Province's strategic core projects, and is the biggest beneficiary of the local standardized land market. The Guizhou Financial City developed and built by Company is the core project of Guizhou Province to implement the "introduction of funds into Guizhou" strategy and is a key project for Guizhou Province to build in the "13th Five-Year Plan" of Guizhou Province. The project entered the performance release period in 2014; the company has 11.146 million square meters of land reserves in Guiyang, accounting for 98.6% of the total planned area. In 2014, Guiyang implemented a policy of de-capitalization to regulate the land market, and the company's land acquisition in the future has been basically completed, and it is the biggest beneficiary of Guiyang's de-capitalization.
The fourth is to layout the financial field, complete financial licenses, and combine industry and finance to conduct business collaboration. has been actively planning financial business since 2013. Guiyang Financial Holdings, a wholly-owned subsidiary, is its core operating platform in the field of licensed financial business, and the industry includes "full financial licenses" including banks, insurance, securities, trusts, funds, etc. The company's real estate business has accumulated a large amount of customer resources and partner resources. With the improvement of the financial sector, internal conversion of customer flows and integrated sales channels can be achieved. The subsidiary Guiyang Financial Holdings was included in the 2016 semi-annual report for the first time in 2015, and its net profit was 810 million yuan, accounting for more than 30% of the company's net profit of about 2.6 billion yuan.
In order to acquire 21%-25% of China Life's equity, the company has invested in real estate business, and the company has divested all related real estate businesses such as Zhongtian Urban Investment from listed companies. Due to the unsuccessful restructuring, the real estate business was reclaimed in December 2018. However, the acquisition of equity in China Life is actively promoting, and if it is successfully completed, it will further deepen the company's financial attributes.
Author: Zhu Zhenxin Chief Researcher of Rushi Finance Researcher, Ge Shoujing Researcher of Rushi Finance Researcher
Source: New Middle-class Wealth Guide North

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