After the completion of destocking, the share price of the welcome management Dong-E-E-Jiao Co.Ltd(000423) stopped falling and rose slightly

After two consecutive days of sharp decline, Dong-E-E-Jiao Co.Ltd(000423) (000423) shares rebounded slightly on the 14th, closing at 41.06 yuan / share, up 0.15%.

former president promoted to Chairman

On January 10, Dong-E-E-Jiao Co.Ltd(000423) disclosed that Chairman Han Yuewei resigned, former President Gao Dengfeng took over the post of chairman, and Cheng Jie from China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) became the new president.

Statistics show that Gao Dengfeng, who was promoted to Chairman of the board in 1973, has a bachelor's degree in management from Renmin University of China, a master's degree in Business Administration from National University of Singapore and a title of senior engineer. He joined Dong-E-E-Jiao Co.Ltd(000423) in September 1995 and successively served as Dong-E-E-Jiao Co.Ltd(000423) sales representative, sales director, office manager, marketing manager and director, director of southwest and northwest region, director of high-end products division, general manager of Jiangsu sales branch, general manager of Jiangsu Anhui sales branch, general supervisor of human resources department, general manager of health products company, general manager, assistant president and vice president of e-commerce company, He has served as president of Dong-E-E-Jiao Co.Ltd(000423) since January 19, 2020, and is now Secretary of the Party committee and director of Dong-E-E-Jiao Co.Ltd(000423) .

Cheng Jie was born in 1979 and graduated from Shenyang Pharmaceutical University with a bachelor's degree in traditional Chinese medicine. He joined China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) in September 2003 and successively served as China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) OTC terminal representative, prescription drug management specialist, product assistant, product specialist, assistant manager, 999 Ganmaoling product manager, product director, director of OTC sales and marketing department, deputy general manager of marketing center, director and general manager of Sanjiu Sanofi.

After the disclosure of personnel adjustment information, on January 11, the company's share price rose by the limit to close at 49.54 yuan / share.

destocking plan successfully completed

In March 2020, Dong-E-E-Jiao Co.Ltd(000423) disclosed the 2019 annual performance report. During the reporting period, the company's revenue performance both fell, and the net profit loss was 444 million yuan, which was the first loss of the company since it was listed for 24 years. In this regard, Dong-E-E-Jiao Co.Ltd(000423) explained that the decline in performance was mainly due to "the overall macro environment and the gradual reduction of market expectations for value return and other factors. In 2019, the company comprehensively reduced the number of channel inventory, thus increasing the impact on operating performance." According to the financial data, as of December 31, 2019, the company's inventory reached 3.522 billion yuan, nearly 1 billion yuan higher than the annual revenue, accounting for 30.22% of the total assets.

After large-scale "de Stocking", as of September 30, 2021, the company's inventory was RMB 1.758 billion, half lower than RMB 3.522 billion at the end of 2019. In the first three quarters of 2021, the company achieved a revenue of 2.826 billion yuan, a year-on-year increase of 38.49%, and a net profit of 301 million yuan. Among them, the revenue in the third quarter was 1.139 billion yuan, a year-on-year increase of 20.5%; The net profit was 152 million yuan, a year-on-year increase of 140.55%.

According to the interim report of 2021, as of the first half of the year, the company's inventory was mainly raw materials, products in process and goods in stock, including 793 million yuan of raw material inventory, 506 million yuan of products in process inventory and 235 million yuan of falling price reserves.

"The company has completed the de inventory plan. At present, most of the inventory is raw materials, not excess products." In an interview with the reporter of Dazhong securities news, the staff of the Securities Department said, "the company has no price adjustment plan this year."

In terms of share price, on January 12 and 13, Dong-E-E-Jiao Co.Ltd(000423) fell sharply for two consecutive days, with a cumulative decline of 17.24%, and the total market value evaporated by more than 5.5 billion yuan. On the 14th, Dong-E-E-Jiao Co.Ltd(000423) stopped falling and recovered to close at 41.06 yuan / share, up slightly by 0.15%.

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