On the morning of April 6, the Listing Committee of Beijing stock exchange held the 13th review meeting in 2022 to review Tianji thatched cottage, and the review result was to suspend the review.
It is worth noting that Tianji thatched cottage is the second enterprise that has been suspended from consideration by the Beijing stock exchange after Sanwei Holding Group Co.Ltd(603033) announcement. Up to now, the Listing Committee of Beijing stock exchange has reviewed 16 companies in 2022, and all the other companies have passed the meeting smoothly except Sanwei Holding Group Co.Ltd(603033) and Tianji thatched cottage.
At this review meeting, the Beijing stock exchange mainly raised questions about the authenticity of Tianji thatched cottage's income and the high cost of market promotion.
In 2021, the year-on-year sales revenue and net profit of Tianji thatched cottage increased significantly, and the growth rates of operating revenue and net profit were 14.64% and 48.52% respectively. Beijing stock exchange requires Tianji thatched cottage to explain whether the profit growth matches the growth of operating revenue; The reasons and rationality of the substantial increase in performance in the second half of 2021 without the introduction of new products.
From 2018 to June 2021, the sales expenses of Tianji thatched cottage were 223 million yuan, 208 million yuan, 178 million yuan and 99 million yuan respectively, accounting for 62.14%, 65.04%, 61.18% and 64.02% of the revenue of each period respectively. The proportion of marketing expenses of the company is at a high level in the same industry.
Moreover, in each period of the reporting period, 7 of the 15 promotion service institutions that provide promotion services for Tianji thatched cottage, accounting for a high proportion of their respective similar businesses, have been cancelled, and most of the promotion service institutions are small and micro enterprises such as individual industrial and commercial households, with small scale and large changes in market promotion service institutions; In 2021, the meeting frequency of small and medium-sized clinical departments in Tianji thatched cottage increased significantly, and the frequency and number of market promotion activities were high and changed greatly.
Beijing stock exchange requires Tianji thatched cottage to explain the reason and rationality of the significant increase in the frequency of small and medium-sized clinical departments in 2021, whether academic promotion meetings and other activities are actually carried out, and whether the high-frequency promotion activities are in line with the development of the industry; Whether medical personnel, medical representatives or customers have been given rebates, off account rebates and gifts in marketing activities, whether there are unfair competition behaviors such as commercial bribery and disguised commercial bribery, whether there is a situation of directly remitting marketing fees into a third-party account without commercial transactions, and whether the form and content of bills to obtain marketing fees are legal and compliant.
