The reorganization asked Kangmei Pharmaceutical Co.Ltd(600518) (600518. Sh, Kangmei pharmaceutical) to hand over a fairly satisfactory answer.
On the evening of January 27, Kangmei Pharmaceutical Co.Ltd(600518) released a performance forecast, saying that the company expects to realize a net profit of 5.625 billion yuan to 8.438 billion yuan attributable to shareholders of Listed Companies in 2021, turning losses into profits year-on-year.
It is worth noting that the fundamentals of Kangmei Pharmaceutical Co.Ltd(600518) are still poor, and there are still large losses in the main business . The company estimates that the main business income in 2021 will be 3.78 billion yuan to 4.914 billion yuan, and the net profit attributable to shareholders of listed companies after deducting non recurring profits and losses will be -8.64 billion yuan to -5.76 billion yuan.
Kangmei Pharmaceutical Co.Ltd(600518) turnaround is realized by restructuring. Previously, Jieyang intermediate people’s court ruled that the reorganization plan had been implemented, and the company realized a net reorganization income of about 17.5 billion yuan, resulting in a large year-on-year increase in the company’s performance and turning losses into profits.
Kangmei Pharmaceutical Co.Ltd(600518) also made a huge provision for asset impairment and class action compensation. According to the company, the provision for impairment of various assets is about 4.8 billion yuan based on the principle of prudence; According to the results of relevant judgments, the amount of civil litigation claims of investors was increased by about 1.459 billion yuan.
Together with the performance forecast, there is also a statement on the pre audit of the elimination of relevant situations of delisting risk warning in Kangmei Pharmaceutical Co.Ltd(600518) 2021. Tianzhi International Certified Public Accountants believes that according to the audit procedures implemented and the audit evidence obtained, “we have not noticed that Kangmei pharmaceutical has major events that make us believe that the financial data disclosed in its 2021 annual performance forecast has not been prepared in accordance with the accounting standards for business enterprises, it is expected that the relevant situations involving delisting risk warning have been eliminated “.
Although the dawn of reorganization was seen, but Kangmei Pharmaceutical Co.Ltd(600518) still disclosed the risk warning announcement that the company’s shares may be delisted on the same day.
Since December 2018, Kangmei Pharmaceutical Co.Ltd(600518) has successively revealed major problems such as inflated monetary capital, inflated operating income, inflated operating profit and occupation of non operating funds by controlling shareholders. In addition, due to the impact of macroeconomic downturn, financial deleveraging and frequent adjustment of policies in the pharmaceutical industry, the company’s operating risks have accumulated.
At the same time, due to its heavy debt burden and huge pressure on due debt repayment, Kangmei Pharmaceutical Co.Ltd(600518) there is a severe debt crisis. In 2020, the audited ending net assets of listed companies were negative, and the financial and accounting report of 2020 was issued, which could not express an opinion. On April 22, 2020, Kangmei pharmaceutical was applied for reorganization by creditors.
In addition, Kangmei Pharmaceutical Co.Ltd(600518) reorganization has made new progress. Since Guangdong Shennong’s enterprise management partnership (hereinafter referred to as Shennong’s) became the controlling shareholder of the company, the company is facing a change of command recently.
Shennong is a wholly-owned subsidiary of Guangzhou Pharmaceutical Group Co., Ltd. (hereinafter referred to as Guangzhou Pharmaceutical Group), and the actual controller is Guangzhou Municipal People’s government . From the list of the new board of directors, most of the relevant personnel are from Guangzhou Pharmaceutical Group.
According to the announcement on the evening of January 26, Lai Zhijian was appointed chairman of the ninth board of directors of the company . According to his resume, Lai Zhijian once served as deputy director of technology and Quality Department of Guangzhou Pharmaceutical Group Co., Ltd. and manager of science and Technology Department of Guangzhou Pharmaceutical Co., Ltd. he is now deputy director of quality, director of technology and quality department and director of work safety development department of Guangzhou Pharmaceutical Group Co., Ltd.
The chairman of the board of directors of Kangmei Pharmaceutical Co.Ltd(600518) was changed to Gao Yanzhu , who used to be the director of the audit department and the director of the risk control office of Guangzhou Pharmaceutical Group and Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited(600332) . In addition, Mi Qi and Liu Guowei, two non independent directors, are from Guangzhou Pharmaceutical Group .
From the stock price performance, the recent Kangmei Pharmaceutical Co.Ltd(600518) stock price has fluctuated greatly. From December 15 to December 24, 2021, the company’s share price fell by the limit for eight consecutive trading days, and then rose by the limit for five consecutive trading days from December 29, 2021. The latest market value is 42.1 billion yuan.
