On February 6, Nanhua Bio-Medicineco.Ltd(000504) received a letter of concern issued by the Shenzhen Stock Exchange, requesting the company to supplementary disclose the forecast range of operating revenue and operating revenue after deduction in 2021, explain the recognition and recognition basis of operating revenue in each quarter by business, and explain whether there may be a situation of delisting risk warning.
On February 7, Nanhua Bio-Medicineco.Ltd(000504) fell by 5% during the session. As of the closing, the share price closed at 15.73 yuan / share, down 1.87%.
performance has not improved for many years
Nanhua Bio-Medicineco.Ltd(000504) (hereinafter referred to as Nanhua Bio-Medicineco.Ltd(000504) ) was established in October 1991. It is a listed company on the main board of stem cell, immune cell and tissue engineering industry controlled by state-owned assets in China. It has undergone many restructuring and transformation. The former names of stocks include “Hong Kong and Macao industry”, “St Hong Kong and Macao”, “St media”, Nanhua Bio-Medicineco.Ltd(000504) “.
According to the data, at present, it is mainly engaged in the business of “biomedicine” and “energy conservation and environmental protection”. The business of “biomedicine” includes stem cell storage and technical services, stem cell therapy research, medical device procurement and sales, and the business of “energy conservation and environmental protection” includes external EMC contract energy management business BT business, sales of related products and sewage treatment business.
According to the data, the revenue of Nanhua Bio-Medicineco.Ltd(000504) mainly comes from China and is concentrated in the biomedical industry, accounting for 87.08%.
From the perspective of specific products, it mainly focuses on the income from cell storage and detection, and the gross profit margin alone has reached 89.13%. Although the gross profit margin of the product is high, the company’s revenue in recent three years is not ideal. According to the data, from 2018 to 2020, Nanhua Bio-Medicineco.Ltd(000504) had revenue of 95.3817 million yuan, 143 million yuan and 176 million yuan respectively, but its net profit was only -35.1883 million yuan, 18.8064 million yuan and 8.1546 million yuan respectively.
By the third quarter of 2021, although its revenue reached 103 million yuan, its net profit had lost 8.4015 million yuan. In fact, in contrast to the performance of Nanhua Bio-Medicineco.Ltd(000504) in recent 10 years, its revenue and net profit are also mediocre.
In addition, in the third quarter of 2021, the debt asset ratio also increased from 57.35% in 2019 to 78.91%, and the financial expenses surged to 9.995 million yuan, an increase of 849.61% year-on-year, mainly due to the increase of loans and the corresponding increase of loan interest expenses.
Meanwhile, according to the 2021 interim report data, three of the four subsidiaries of Nanhua Bio-Medicineco.Ltd(000504) have suffered losses. According to tianyancha data, the ultimate beneficiary of Nanhua Bio-Medicineco.Ltd(000504) is actually the general office of Hunan Provincial People’s government, with a shareholding ratio of 25.58%.
the “shell preservation war” is still in progress
This time Nanhua Bio-Medicineco.Ltd(000504) received a letter of concern from the Shenzhen Stock Exchange asking it to explain whether it touched the delisting risk, which also made many investors sweat again.
It should be noted that this is not the first time that Nanhua Bio-Medicineco.Ltd(000504) has been subject to delisting risk warning.
According to the public information, because the net profit in 2014 and 2015 was continuously negative, and the audited net assets at the end of the period in 2015 were negative, on April 26, 2016, Nanhua Bio-Medicineco.Ltd(000504) stock abbreviation was changed to “* ST biology”, and delisting risk warning was implemented; Later, because the net profit and net assets at the end of the period in 2016 were positive, on May 10, 2017, * ST biological successfully took off the star and took off its hat and changed its name to ” Nanhua Bio-Medicineco.Ltd(000504) “.
However, the good times did not last long. Due to the negative net profit for two consecutive years, from May 6, 2019, Nanhua Bio-Medicineco.Ltd(000504) was again implemented with “delisting risk warning”, and the stock abbreviation was changed back to “* ST biology”.
In June 2020, Nanhua Bio-Medicineco.Ltd(000504) announced again that it met the conditions for withdrawing the delisting risk warning. However, due to the weak profitability of its main business, the company won’t take off its hat; In April 2021, due to the audit of the 2020 annual report, its business condition was effectively improved, it has the ability of sustainable operation, and meets the conditions for applying for cancellation of other risk warnings. The abbreviation of securities was officially changed from “St biology” to ” Nanhua Bio-Medicineco.Ltd(000504) “.
Today’s Nanhua Bio-Medicineco.Ltd(000504) has been warned of delisting risk again because the company’s profitability has been questioned.
In the first quarter of 2020, Nanhua Bio-Medicineco.Ltd(000504) lost Yuantai biology, and its profitability became more limited. It is reported that on December 12, 2017, Nanhua Bio-Medicineco.Ltd(000504) announced that it planned to purchase 54% equity of Yuantai biology by paying cash, with a transaction amount of 51.3 million yuan. The acquisition report shows that based on genetic engineering and protein engineering, Yuantai biology produces cloned antibodies and recombinant proteins, and carries out the R & D and service of car-t cell immunotherapy through its foreign subsidiaries.
For the acquisition of Yuantai biology, it said at that time that the field of cellular immunotherapy in which Yuantai biology is located has good development prospects and can provide new growth points for the company’s future performance.
After the acquisition of Yuantai biology, Nanhua Bio-Medicineco.Ltd(000504) although the performance of that year was still at a loss, Yuantai biology also contributed a lot of profits. According to the data, in 2018, it realized an operating revenue of 95.3817 million yuan and a net profit attributable to shares of -35.1883 million yuan. Although it is still at a loss, the revenue of Yuantai biology accounted for 51.42% of the total revenue of Nanhua Bio-Medicineco.Ltd(000504) in 2018, contributing nearly 7.5611 million yuan of net profit.
However, the high R & D investment and the poor financial situation at that time have stretched Nanhua Bio-Medicineco.Ltd(000504) . For the high-quality asset of Yuantai biology, we have to let go.
In September 2019, Nanhua Bio-Medicineco.Ltd(000504) announced that it would publicly transfer 54% of the equity of Yuantai biology. For this transfer, the company said that by selling 54% of the shares of Yuantai biology, the company can reduce the R & D investment, alleviate the capital pressure, help the company eliminate the delisting risk warning and realize the sustainable development of the company.
Today’s Nanhua Bio-Medicineco.Ltd(000504) , with the profitability unknown, has ushered in a delisting risk warning again.
It should be noted that while issuing the performance forecast for 2021, Chen Yong, Secretary of the board of directors of Nanhua Bio-Medicineco.Ltd(000504) , resigned as secretary of the board of directors due to work arrangement, but still served as deputy general manager of the company. At present, Yang Yun, chairman of the board of directors, is temporarily performing the duties of secretary of the board of directors.
Although the performance is mediocre, the secondary market has increased significantly since 2021. In March 2021, its share price was still low at 11.50 yuan / share, but it once rose to 24.97 yuan / share in September 2021, with an increase of 53.94%.
At present, the reporter sent an interview letter to the enterprise on the reasons for the company’s performance loss and operating conditions. As of press time, no reply has been received.
