In the first half of the year, International Medicine lost 350 million yuan in the first half of the year, and the institution that once loved it ran away?

  On July 10, International Medicine (000516.SZ), a medical beauty concept stock, released a performance bulletin. It is expected that the operating income in the first half of 2021 will be 1.3 billion to 1.31 billion yuan; the net profit attributable to shareholders of the listed company will be a loss of 362 million to 352 million yuan. , The loss expanded year-on-year.

  After a weekend of fermentation, in the first two trading days of this week, International Medical’s stock price plunged 9.7% and 8.39%, respectively, and rose 6.52% on July 14 to close at 14.53 yuan per share, with a total market value of 33.069 billion yuan.

  The Red Star Capital Board noticed that since the listing of International Medicine, the main business has been continuously changed and the name has been changed frequently.

In 2020, it relied on the sale of assets to achieve a turnaround, avoiding the embarrassment of being issued a risk warning.

  However, in the last year, the share price of International Medicine has risen from 4.05 yuan per share on July 2, 2020 to a maximum of 21.66 yuan per share in June this year, the largest increase of about 4.35 times.

  Pre-loss over 350 million institutions in the first half of the year, hot money selling

  According to the performance bulletin disclosed by International Medicine, the operating income in the first half of 2021 is expected to be 1.3 billion to 1.31 billion yuan; the net profit attributable to shareholders of listed companies will be a loss of 362 million to 352 million yuan; the basic earnings per share will be a loss of 0.166 yuan- 0.161 yuan/share.

  Regarding the reasons for the loss, Xi’an International Medical said that in the first half of 2021, the company’s three comprehensive medical hospitals, Xi’an High-tech Hospital, Xi’an International Medical Center Hospital, and Shangluo International Medical Center Hospital, were fully commissioned, and the overall scale of medical service business was effectively expanded. , The number of outpatients, hospitalizations, and operating income increased significantly year-on-year.

However, with the successive commissioning of new medical projects, operating costs and period expenses are still at a relatively high level compared to operating income.

  In addition, in the first half of 2021, the gains from changes in the fair value of trading financial assets held by International Medicine reduced the company's net profit by approximately 71.24 million yuan, and the expenses incurred by the restricted stock incentive plan also reduced the company's net profit by approximately 31.27 million yuan.

  In the first two trading days of this week, the share price of International Medicine dropped by more than 8%, with a cumulative decline of 17.28%.

On July 12, the Dragon and Tiger rankings showed that buying a seat on Shenzhen Stock Connect bought a net purchase of 56.172 million yuan, and the seller’s seat 4 institutions sold a total of 292 million yuan; the selling position was Guotai Junan Securities’ Ningbo Caihong North Road Securities Business Department, net Sold 296 million yuan, the business department is considered by the market to be a common seat for suspected hot money "chapter leader".

  Selling popular medical beauty items to turn losses

  Avoid risk warning tips

  The Red Star Capital Board noted that, in fact, International Medicine has been losing money for three consecutive years.

From 2018 to 2020, the international medical operating income was 2.039 billion yuan, 991 million yuan, and 1.607 billion yuan; the net profit attributable to shareholders of listed companies during the same period was 2.184 billion yuan, -404 million yuan, and 45.36 million yuan. Net profits were -34 million yuan, -469 million yuan, and -649 million yuan respectively.

  In fact, before 2018, the company's main business was department store retailing, supplemented by medical care.

In 2018, International Medicine sold 100% of its wholly-owned subsidiary Kaiyuan Commercial Co., Ltd. to Intime Department Store. This move allowed International Medicine to completely divest the department store retail business assets, achieve a qualitative change in the overall business, and focus on hospital operations.

However, since then, International Medicine has faced the dilemma of a sharp drop in revenue and worsening profitability.

  The reason why its performance in 2020 turned around was due to the company's sale of assets under its name, otherwise the company will be issued a risk warning and fall into an even more embarrassing situation.

  On November 17, 2020, Xi’an International Medical Center Co., Ltd., a wholly-owned subsidiary of International Medicine, will hold all 34 million shares of Beijing Hans United Biotechnology Co., Ltd. (hereinafter referred to as “Han United”) at a price of 7.8 100 million yuan sold to Jinan Yinfeng.

With the help of this investment income, International Medicine will finally realize a net profit of 45.36 million yuan attributable to its mother in 2020.

  Public information shows that Hans United is a company mainly engaged in the research and development and application of stem cell technology. It has the world's first "stem cell bank" under its umbrella. Its business includes placental stem cell collection and storage services, stem cell beauty and anti-aging, and stem cell drug development.

  From the perspective of main business, Hans United is a full-fledged medical aesthetics enterprise with mature and popular medical projects.

International Medicine sold all the shares of Han's United. Although it avoided being prompted by risk warnings, it also attracted doubts-after selling its medical beauty assets, is International Medicine still a medical beauty concept stock?

  Comprehensive transformation of a general hospital

  Can International Medicine stand up?

  Public information shows that the company has undergone a total of 5 name changes since its listing.

In March 2006, the company’s name was changed from "Shaanxi Jiefang A" to "G Jiefang", and in October 2006 it was renamed from "G Jiefang" to "Shaanxi Jiefang A"; in July 2007, the company was renamed "Kaiyuan Holdings" ; In June 2011, it was renamed "Kaiyuan Investment"; in January 2015, the company name was changed to the current "Xi'an International Medical Investment Co., Ltd.", and the stock abbreviation was "International Medicine".

  In the early stage of listing, department store retailing has always been the company's main business.

In 2011, its wholly-owned acquisition of Xi'an High-tech Hospital Co., Ltd. changed its main business to medical services and department store retailing.

On December 5, 2014, the then Kaiyuan Investment Group acquired 34% of Han's shares and officially entered the stem cell industry.

  In 2018, International Medicine sold 100% of its wholly-owned subsidiary Kaiyuan Commercial Co., Ltd., divested the retail business assets of department stores, and successfully realized the overall business strategic transformation, focusing on the development of the main business of medical services.

  In 2020, International Medicine will reap a lot from the sale of assets, but in essence, this is to make up for the shortfall in the main business, not a long-term solution.

Is the general hospital track where International Medicine is now really good business?

  According to the financial report, International Medical has lost non-net profits for three consecutive years, but its stock price has soared more than four times in the past year.

In June 2020, the stock price of International Medicine is still floating around 4.13 yuan; in June 2021, its stock price is as high as 21.66 yuan per share.

  On the evening of March 24 this year, according to the record sheet of investor relations activities released by International Medicine on March 23, Zhang Kun, the star fund manager of E Fund Fund, also participated in this institutional research activity conducted in the form of a conference call.

Subsequently, the international medical stock price ushered in a wave of rise.

  It is worth noting that in the past year, both funds and foreign capital have been the main force holding international medicine.

Starting from mid-2020, large funds have continued to enter and exit the list of top ten international medical shareholders with tradable shares.

  Nowadays, with increasing losses in international medicine, the divestiture of popular medical beauty businesses, and the sell-off of institutions and hot money, investors seem to choose to vote with their feet. Since reaching the highest price in early June to the close on July 13, International Medicine has fallen 37% in the past month or so. .

  Chengdu Commercial Daily-Red Star News Correspondent Xu Yuan

  Trainee reporter Fei Chenghong