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hitherto unknown, one disaster after another, novel coronavirus pneumonia in the first half of this year has been exacerbated by the new pharmaceutical industry in Dali. The situation is blocked by logistics, medical institutions are suffering from sharp decline in the number of patients, the consumption of terminal drugs has declined and sales have declined. After the disclosure of semi annual results, Dali pharmaceutical’s stock price fell for two consecutive days. On August 19, Dali Pharmaceutical Co., Ltd. closed at 9.12 yuan, down 2.36%; yesterday, it closed at 9.09 yuan, down 0.33%. After more than 20 years of development, Dali pharmaceutical industry has developed into a pharmaceutical enterprise integrating R & D, production and sales. The company has formed a number of main varieties in the treatment fields of cardio cerebrovascular and digestive system, with prescription drug products such as Xingnaojing injection, Shenmai injection and leucine a injection. It is understood that Dali pharmaceutical was restructured and established in October 1996 and changed into a foreign-invested joint stock company in January 2008. It was listed on the main board of Shanghai Stock Exchange on September 22, 2017. The sponsor is CITIC Securities, and the sponsor representatives are Yang Jiajia and Wang Mingxi. < p > < p > looking through its annual reports, the reporter of China economic network found that the performance of Dali pharmaceutical industry declined in the year of listing, and the decline of net profit in 2018 intensified. Although the net profit increased in 2019, it showed a downward trend on the whole. In the first year of listing, Dali pharmaceutical industry’s performance declined. According to the annual report, in 2017, the company realized operating income of 273 million yuan, a year-on-year decrease of 1.10%; the net profit attributable to the shareholders of the listed company was 44.4525 million yuan, a year-on-year decrease of 28.49%; the net profit of deducting non recurring profit and loss attributable to the shareholders of the listed company was 37.0147 million yuan, a decrease of 39.11% on the same period; the net cash flow generated from operating activities was 26.9167 million yuan, a year-on-year decrease of 69.65% 。 < p > < p > in the second year of listing, Dali Pharmaceutical Co., Ltd. increased income but not profit, and the deduction of non net profit decreased by more than 90%. According to the annual report of 2018, the company realized operating revenue of 401 million yuan, with a year-on-year increase of 47.20%; the net profit attributable to shareholders of listed companies was RMB 10.7005 million, with a year-on-year decrease of 75.93%; the net profit of deducting non recurring profit and loss attributable to shareholders of listed company was 2.232 million yuan, with a year-on-year decrease of 93.73%; the net cash flow generated from operating activities was 78.115500 yuan, with a year-on-year increase of 190.21% 。 In terms of the reasons for the sharp decline in net profit, Dali pharmaceutical explained in its annual report that, firstly, due to the influence of medical insurance cost control measures and medication restriction policies, the company’s sales volume in the reporting period decreased significantly year on year; secondly, in order to timely digest inventory during the reporting period (mainly in the first half of the year), the company reduced production plan, resulting in large production reduction and shutdown losses, which were caused by double effects. < p > < p > in the third year of listing, Dali pharmaceutical industry’s revenue declined and its operating cash flow decreased by 90%. According to the annual report of 2019, the company realized operating revenue of 294 million yuan, a year-on-year decrease of 26.69%; the net profit attributable to shareholders of listed companies was 13.5055 million yuan, with a year-on-year increase of 26.21%; the net profit of deducting non recurring profit and loss attributable to shareholders of listed company was 4.3726 million yuan, with a year-on-year increase of 88.30%; the net cash flow generated from operating activities was 7.3288 million yuan, a year-on-year decrease of 90.62%. In terms of the reasons for the decline of net cash flow from operating activities, Dali Pharmaceutical Co., Ltd. said that the decrease was mainly due to the payment of promotion expenses in the previous year, refund of some customer deposits and increase in payment for raw material purchase. < p > < p > according to the announcement released during the listing of Dali pharmaceutical, the company issued 25 million shares of shares and raised a total of 315 million yuan. After deducting the issuance expenses, the net amount of raised funds was 262 million yuan, which were respectively used for the modernization development project of traditional Chinese medicine injection, the construction project of drug R & D technology center, the construction project of marketing network, and the supplementary working capital Business related working capital. The total issuance expenses of Dali pharmaceutical were 52.008 million yuan, including 40.0537 million yuan of underwriting and recommendation fees paid to the sponsor CITIC Securities Co., Ltd., 3.245 million yuan for Shanghai Tongli law firm, and 2.7635 million yuan for audit and capital verification of ShineWing Certified Public Accountants (special general partnership). CITIC Securities said in the issuance recommendation letter of Dali Pharmaceutical Co., Ltd., through the public offering of shares and listing, the corporate governance of the issuer will be further improved, which can not only expand the business scale and improve the market share, but also broaden the financing channels of the issuer, laying a solid financial foundation for the sustainable development of the issuer. The use of the raised funds will play an important role in maintaining and improving the status of the industry, and will further enhance the comprehensive competitiveness and profitability of the issuer. On August 19, Dali pharmaceutical released the special report on the storage and use of raised funds in the half year of 2020. As of June 30, 2020, the balance of raised funds was 14.1415 million yuan.