Yifeng people join IPO sprint "pharmacy first share" change


Release time:

2014-06-03

On the evening of May 29, the China Securities Regulatory Commission released the 29th batch of 4 IPO pre-disclosure lists, including Yifeng Pharmacy Chain Co., Ltd. (hereinafter referred to as "Yifeng Pharmacy"), which was once suspended due to the change of signatories of intermediary agencies.
Not long ago, the common people's pharmacy chain Co., Ltd. (hereinafter referred to as "common people"), which is located in Hunan with Yifeng pharmacy, also made a pre disclosure. At present, there is no special enterprise IPO in the-share market.
Prior to this, Yunnan Hongxiang Yixintang Pharmaceutical (Group) Co., Ltd. (hereinafter referred to as "Yixintang") has passed the meeting and is theoretically expected to obtain the first IPO order in the pharmaceutical retail industry, but its performance has been widely questioned and criticized. And the current listing ranking rules are not clear, so who will become the industry's first IPO company is still full of variables.
Pharmaceutical retail IPO homogenization
As of the signing date of the prospectus, Gao Yi directly holds 23.136 million shares of Yifeng Pharmacy, accounting for 19.28 of the company's total share capital before the issuance, and holds 57.51 of the company's controlling shareholder Yifeng Investment, and holds the company's shareholder Yifeng 43% of the equity and 34.59 of the equity of Yizhitang, which is the actual controller of the company. Prior to this issue, the company's total share capital of 120 million shares, the proposed issue of not more than 40 million shares.
Industry insiders pointed out that judging from the materials disclosed at present, whether it is Yixintang, or the ordinary people and Yifeng Pharmacy that have just been pre-disclosed, they are not only in the same industry, but also show a high degree of homogenization in their business model. Yifeng Pharmacy prospectus shows that the company is mainly engaged in drugs, medical devices.
The chain retail operation of products such as machinery, health care products and health-related daily convenience products. At the same time, Yifeng pharmacy to take a direct store business model. The other two are almost identical. The difference is in the size and financial data of each family.
In the three fiscal years from 2011 to 2013 (the same below), the operating income of Yifeng Pharmacy was 1224.1077 million yuan, 1539.4784 million yuan and 1804.2993 million yuan, and the net profit was 56.8802 million yuan, 69.5359 million yuan and 100.381 million yuan respectively.
As of the end of December 2013, Yifeng Pharmacy has opened a total of 660 directly-operated chain stores in six provinces and cities including Hunan, Hubei, Shanghai, Jiangsu, Zhejiang, and Jiangxi, with a business area of 104248.70 square meters. From 2011 to 2013, the company's number of stores grew at a compound annual rate of 19.39 percent, business area grew at a compound annual rate of 11.13 percent, operating income grew at a compound annual rate of 21.41 percent, and net profit grew at a compound annual rate of 33.23 percent. People are currently in Hunan, Shaanxi, Zhejiang, Jiangxi, Guangxi, Shanghai, North
More than 70 large and medium-sized cities in 15 provinces including Beijing have stores. From 2011 to 2013, the company achieved operating income of 2467.0381 million yuan, 2841.6349 million yuan and 3321.2946 million yuan respectively, and net profit of 126.9274 million yuan, 155.3769 million yuan and 193.6345 million yuan respectively. In addition, Yixintang is currently one of the largest pharmaceutical retail chains in Yunnan Province.
First, according to its prospectus, in 2011, the company had 1505 directly operated chain pharmacies in Yunnan, Guangxi, Sichuan, Guizhou, Shanxi, Chongqing and other provinces. In 2011, Yixintang realized sales revenue of 2.219 billion yuan and net profit of 132.7623 million yuan.
In terms of gross profit margin, the comprehensive gross profit margin of Yifeng Pharmacy from 2011 to 2013 was 35.94, 37.24 and 38.66 respectively. The gross profit margin of ordinary people in the past three years was 33.89, 35.15 and 35.92 respectively. Yixintang's gross profit margin in 2011 was 38.88.
From the above data, the gross profit margin of the three pharmaceutical retail enterprises is increasing year by year. Judging from the historical profitability of major domestic and international pharmaceutical retail companies that have been listed, according to statistics, the weighted average gross profit margin of relevant companies in 2013 was 23.30. The gross margins of these three companies are significantly higher than the industry average.
From the point of view of the scale of fund-raising, the size of the common people and Yifeng pharmacy is larger than one heart. The common people plan to invest in six projects, including the new store construction project, the old store renovation project, and the Changsha Logistics Distribution Center Construction Project (Phase II), with a total investment of 1055.7887 million yuan; Yifeng Pharmacy plans to invest in the marketing network construction project, Supplementary working capital, etc., the planned investment amount of raised funds is 811.8254 million yuan. However, Yixintang plans to issue 65.1 million shares and raise 529.26 million yuan, of which 469.26 million yuan will be invested in the direct chain marketing network construction project and 60 million yuan will be invested in the information e-commerce construction project.
"Pharmacy first share" deposit change?
Yixintang had already passed the meeting before the IPO was suspended in 2012. According to the general understanding, it should be the "first stock of pharmacies. However, some people in the industry pointed out that this may not be the case in the future. One factor is that the current IPO listing is not completely sorted according to the first come and then come. In addition, the main reason is that the financial data previously disclosed by Yixintang has been questioned by the outside world, which may also have a certain impact.
Judging from the number of stores publicly disclosed by the above three stores, Yixintang ranks first.
According to the prospectus of Yifeng Pharmacy, among its competitors, China Neptunus Xingchen Chain Pharmacy Co., Ltd., which has been listed on the New York Stock Exchange, has the largest number of stores, reaching 2066. The second is Guoda Pharmacy Co., Ltd., which is controlled by China National Medicine, with 2000 stores. Followed by Yixintang and Guangdong Dachenlin Chain Pharmacy Co., Ltd.; 783 ordinary people; Yifeng pharmacy has 660. The number of stores in the common people and Yifeng pharmacy is almost half and about 1/3 that of Yixintang.
However, both ordinary people and Yifeng Pharmacy have declared in the prospectus that they have a good ranking in the industry. The people's prospectus stated that since 2008, the company has been ranked second in the retail pharmacy industry in the "Top 100 Chinese Chain Stores" announced by the China Chain Store and Franchise Association. Yifeng Pharmacy also disclosed that according to MDC statistics, the company ranked sixth in the "Top 100 Comprehensive Competitiveness of Chinese Pharmaceutical Retail Enterprises" in 2011 and 2012.
However, the most important thing may not be the rankings that these laymen cannot understand. Since Yixintang disclosed its prospectus, its financial data, fundraising projects, internal control management, future expectations and other aspects have aroused doubts from the outside world. At present, Yixintang has not publicly disclosed the latest financial data, and the reporter is unable to make an accurate judgment on the company's recent development.
Who will become the "first stock of pharmacies", investors can wait and see.