'Stock stocks' | Loss 1.378 billion yuan | Shanghai Lai Shi | 'Blood King' | Status is difficult to protect

Medical Network August 10th Evening on the evening of August 7, Shanghai Lai Shi issued a notice saying that the company's investment business was greatly affected by market fluctuations. The loss in the first half of the year was as high as 1.378 billion yuan, a decrease of 1.769 billion yuan over the same period of the previous year. In the first half of 2018, the net profit loss was 855 million yuan, a year-on-year decrease of 220.64%.

The reason for the huge losses is that Shanghai Lai Shi heavy stocks Wanfeng Aowei and Xingyuan Environment two stocks, not only in block trades, secondary market direct trading, but also borrowed trust to incite hundreds of millions of leverage. But since 2018, the deadline On August 6th, Wanfeng Aowei has fallen by 54.53% since the beginning of this year, while the Xingyuan environment has fallen by 86.19%.

In fact, the secondary market is just one of the venues for the operation of Shanghai Lai Shi Capital, and the Haileys in the primary market is also playing well.

Since 2013, Shanghai Lai has successively acquired Zhengzhou Lai Shi, Banghe Bio, Tonglu Bio, British BPL and Zhejiang Haikang. These acquisitions directly made Shanghai Lai Shi jump from the original industry to the Chinese blood products company. Faucet.

A large number of acquisitions stimulate Shanghai Lai's share price to skyrocket, and the market value has doubled. From 6.7 billion yuan in December 2012, the surge of 120 billion yuan in the peak of May 2015, a surge of more than 15 times, and the goodwill also exceeded 5 billion in the same period. Yuan Daguan. By the end of 2017, the book value of the goodwill of the company has been as high as 5.705 billion yuan, accounting for 42.49% of the total assets.

The market value of Shanghai Lashigao has remained unchanged for many years. Even in the 2015 stock market crash, it has not fallen. It is still around 100 billion yuan. On February 22 this year, Shanghai Lai Shi suspended trading on the grounds of restructuring, and its market value was fixed at 97.1 billion yuan. , still living in A shares medicine The fourth in the industry market value list.

At the same time, the two major shareholders, Kerui Tiancheng and RAAS CHINA LIMITED, chose a large amount of pledge at the high stock price and used for capital expansion. In the past five years, the market value of Shanghai Lai has been less than 10 billion. Soaring 120 billion at the peak of 2015. Even before the reorganization of the suspension on February 22 this year, Shanghai Lai Shi, whose annual revenue is less than 2 billion, is still fixed at 96.1 billion yuan.

At this point, we can analyze the routines of Shanghai Lai Shi's capital operation in the primary market: First, the stock price will be promoted through mergers and acquisitions, then the major shareholders will pledge the financing at the high stock price, and the final financing will be used for mergers and acquisitions.

So in the secondary market, what is the record of Shanghai Lai Shi?

Previously, Shanghai Lai Shi was known as a stock expert, and the securities investment 'business' can be described as a prosperous move. In April 2013, he participated in the “Investment of Hengye Phase 1 Securities Investment Collection Fund” initiated by Xingye International Trust Co., Ltd. Trust Plan; In October 2014, Shanghai Lai Shi terminated the trust plan and realized a profit of approximately 24.71 million yuan, with an investment yield of 17.65%.

According to the Shanghai Lai Shi Financial Report, the investment income in 2015 was 875 million yuan, the net profit was 1.442 billion yuan, accounting for 61%; the investment income in 2016 was 829 million yuan, and the net profit was 1.613 billion yuan, accounting for 51%; 1.43 billion yuan, net profit of 836 million yuan, accounting for 17%. It can be seen that the investment income is the "money bag" of Shanghai Lai.

By the middle of 2018, the former 'money bag' had become the current 'blood knife'. The semi-annual report of 2018 showed that Shanghai Lai's investment income was -13.7 billion yuan and net profit was -8.55 billion yuan.

When a listed company proposes to conduct a securities investment business, it usually indicates that it will use its own idle funds for securities investment without affecting normal operations and effective risk control, so as to improve the company's capital use efficiency and increase capital gains. In view of the proportion of investment income to net profit, Shanghai Lai's securities investment business is likely to affect the normal operation of the company.

So how is the business of Shanghai Lai's main business?

Shanghai Lai Shi's main business is the production and sale of blood products, the main products are human albumin, intravenous immunoglobulin, special immunity, clotting factor products, etc., is the domestic blood products leader enterprise.

A-share blood products listed companies include Shanghai Lai Shi, Hualan Bio, Tiantan Bio, Weiguang Bio, Boya Bio, ST Biochemical 6 companies. From the perspective of net profit, Shanghai Lai Shi is the leader of blood products enterprises.

Looking at Shanghai Lai's annual report in recent years, from 2015 to 2017, its net profit was 1.442 billion yuan, 1.65 billion yuan, 850 million yuan.

According to the data of 2015 and 2016, the investment income of financial assets was 875 million yuan and 829 million yuan respectively, accounting for 60.68% and 51.39% of net profit respectively. From this point of view, the company's net profit has surged, mostly relying on ' Stocks'. In the first half of this year, the amount of the company's stocks' losses also exceeded the net profit for the full year of 2015 and 2016.

In terms of revenue from the main business of the financial report, the income from the main business of Shanghai Lai Shi in 2016 was 2.33 billion yuan; the income from the main business of Shanghai Lai Shi in 2017 was 1.93 billion yuan; the main business of Shanghai Lai's in the first half of this year was 9.61 billion yuan. It can be seen that Shanghai Lai's main business is shrinking.

The huge losses of stocks and the shrinking of the main business, Shanghai Lai's own development path is not smooth. So, compare the competitors of Shanghai Lai Shi? At present, there is only competitive pressure on Shanghai Lai Shi in the industry. Hualan Biological, Tiantan Biological.

View the financial statements of the three companies

As can be seen from the above comparison, as a leading company of blood products, Shanghai Lai's business situation is the worst.

Among the above three companies, only Shanghai Lai's non-net profit growth rate for two consecutive reporting periods (2017 and the first quarter of 2018) was negative, and the accounts receivable increased significantly by 162.91% on the basis of negative operating income growth; From the point of view of blood products revenue, the position of the first blood products of Shanghai Lai Shi listed company in 2017 has been surpassed by Hualan Bio.