Under the "hard to find one medicine", it is still unclear when the cosmetics will be split and listed in the new year without raising the price

Growth slows down Pien Tze Huang seeks transformation and development

  A few days ago, Pien Tze Huang (600436), known as "Maotai in the Chinese medicine industry", released its 2021 annual performance report.

The data shows that Pien Tze Huang's operating income in 2021 will achieve 8.026 billion yuan, a year-on-year increase of 23.27%; the net profit attributable to the parent is 2.433 billion yuan, a year-on-year increase of 45.55%; the non-net profit attributable to the mother's deduction is 2.43 billion yuan, a year-on-year increase of 52.93%.

However, the reporter found that Pien Tze Huang's performance growth has slowed down.

Shortly after its performance bulletin was issued, Guosheng Securities issued a research report saying that it maintained the buy rating of Pien Tze Huang, but Pien Tze Huang also has many risks.

  Text/Picture/Table Guangzhou Daily All Media Reporter Zhang Zhongan Tu Duanyu

  Pien Tze Huang stated in its semi-annual report last year that it would "accelerate the spin-off and listing of Pien Tze Huang cosmetics". Just recently, Pien Tze Huang announced a large investment and planned to build a new industrial park in Zhangzhou City. The upper limit of the investment estimate does not exceed 4.48 billion yuan. The source is self-financing of the company.

Pien Tze Huang said, "This investment in new construction does not constitute a connected transaction, nor does it constitute a major asset reorganization."

  Invested nearly 4.5 billion yuan to build a healthy smart manufacturing park and a healthy beauty park

  It is reported that the newly built industrial parks are Pien Tze Huang Great Health and Smart Manufacturing Park and Pien Tze Huang Health and Beauty Park, covering an area of ​​328,000 square meters and 89,000 square meters respectively.

The construction period of the two industrial parks is 3 to 5 years.

In July last year, Fujian Pien Tze Huang Cosmetics Trading Co., Ltd. was established.

The company has a registered capital of 150 million yuan and is 100% owned by Pien Tze Huang Cosmetics. Its business scope includes cosmetics retail, wholesale, Internet sales, and brand management.

  The 2021 Pien Tze Huang semi-annual report shows that the gross profit margin of the cosmetics sector is 69.54%, and the cosmetics company achieved a net profit of 98 million yuan during the reporting period.

Although the performance of Pien Tze Huang Cosmetics has grown rapidly, there is still a big gap compared with domestic listed cosmetics companies.

In terms of performance in 2020, Bloomage Bio-functional skin care products business, which also started as a pharmaceutical company and entered the daily chemical industry, achieved revenue of 1.346 billion yuan, with a gross profit margin of 81.89%.

Zhu Danpeng, an analyst in China's food industry, said that Pien Tze Huang's pursuit of a spin-off and listing of the cosmetics business is to achieve 1 plus 1 greater than 2, but whether it can actually be realized remains to be seen.


  曾经“一药难求” 连续多年发布涨价公告








  Thanks to continuous price increases, Pien Tze Huang's performance has also been on the rise. Among them, operating income has increased from 419 million yuan in 2005 to 8.026 billion yuan in 2021, an increase of 18.16 times; the net profit attributable to shareholders of listed companies has increased from 86 million in the same period. Yuan increased to 2.433 billion yuan, an increase of 27.29 times.

  However, the latest data shows that its performance growth has slowed down.

According to the annual report data disclosed by Pien Tze Huang, the operating income in 2020 is 6.511 billion yuan, an increase of 13.78%, and the operating income in 2021 will increase by 23.27% year-on-year.

However, compared with the increase of 60.85% in 2017 and 28.33% in 2018, it has slowed down significantly.

  In the past ten years, the gross profit margin has declined steadily. After the gross profit margin fell below 50% in 2014, it continued to run below 50%. In 2020, it was 45.16%, a decrease of nearly 10 percentage points compared with 54.57% seven years ago.

  Shortly after the release of last year's performance bulletin, some brokerages pointed out that they should be alert to risks such as the decline in the growth rate of Pien Tze Huang's revenue, the rise in raw material prices, and the decline in gross profit margins.

In addition, changes in the company's executives have also triggered market speculation. In April 2021, Liu Jianshun, chairman of Pien Tze Huang, applied to the board of directors for early retirement due to personal health reasons.

The successor, Pan Jie, only worked in the position of chairman for 8 months before resigning due to work adjustment. The current chairman is Lin Weiqi, former member of the Party Committee and deputy director of the State-owned Assets Supervision and Administration Commission of Zhangzhou City.

  Wearing a multi-top halo, Pien Tze Huang’s stock price has continued to rise since its listing in 2003. It is known as “Moutai in Medicine”. According to the post-restoration calculation, it rose to a maximum of 2,518.72 yuan in July last year, which is 295 times the initial price of 8.5 yuan.

The valuation has increased from the earliest 14.54 times to more than 100 times.

As of the close on January 25, 2022, the dynamic price-earnings ratio is still as high as 91.55 times.

  It is worth noting that, just in the historical high of the stock price in July last year, major shareholders rarely reduced their holdings.

On July 22, 2021, Pien Tze Huang announced that the company's controlling shareholder, Zhangzhou Jiulongjiang Group, plans to reduce its holdings by no more than 6,033,200 shares. If calculated at the closing price at that time, the reduction will be as high as 3 billion yuan.

This is the first time that the company has been reduced by a major shareholder since its listing 18 years ago.

And it brought a continuous sharp drop in the stock price. Among them, after the limit-down on July 22, it continued to fall sharply for three consecutive trading days, with a cumulative drop of nearly 30% in four trading days.

Until now, the stock price has not returned to where it was then.