Xiangxue Pharmaceutical Co.Ltd(300147) , an old traditional Chinese medicine enterprise in Guangzhou, once became a household name with an antiviral oral liquid, but now it has frequently made things to lower the rank.
First, in November last year, after the covid-19 epidemic, Xiangxue biology of the company claimed that its own herbal tea could prevent covid-19 and was recommended to drink by Guangzhou Health Commission. However, it was stopped because it could not produce evidence and fined 300000 yuan for false publicity. But the company obviously didn't learn a lesson and was fined after half a year.
On the evening of May 22, the company announced that its Jiuji biology was required to stop immediately due to false advertising and fined 250000 yuan. What happened this time was a fruit drink. The advertising slogan claimed that it could "nourish the skin, moisturize the hair, plump the chest", and even "prevent osteoporosis, shape muscle function and maintain vascular elasticity", but there was no authenticity and scientific basis at all.
Xiangxue Pharmaceutical Co.Ltd(300147) at present, both listed companies and controlling shareholders are in deep trouble. The company turned from profit to huge loss of 700 million in 2021 and continued to lose more than 50 million in the first quarter of this year. Previously, the company even overdue 8 million business tickets. Nearly 90% of the controlling shareholder Kunlun investment equity of the company was pledged for financing, and the shares have been frozen continuously. At the end of last year, the actual controller Wang Yonghui and others received a warning letter because Kunlun investment occupied the funds of the listed company.
fruit drinks 30 yuan a piece
turned out to be "IQ tax"
According to the announcement, Jiuji biology, a wholly-owned subsidiary of Xiangxue Pharmaceutical Co.Ltd(300147) received the decision on administrative punishment issued by the market supervision and Administration Bureau of Huangpu District, Guangzhou on May 19, 2022.
On November 29, 2021, Guangzhou Huangpu District Municipal Supervision Bureau conducted an investigation on Jiuji biology. It was found that Jiuji biological operated the online mall in the wechat applet named "Jiuji Tong" and advertised the goods on the commodity details page of the online mall. From October 16, 2021 to November 29, 2021, an advertisement with pictures and words was published on the details page of "tianziyun collagen fruit drink", in which the following words were used:
(1) "collagen from German cod" and "type I collagen from German Deep Sea cod" are selected. The content of collagen is 70% - 80%, and the molecular weight is suitable for 10 Shanxi Securities Co.Ltd(002500) daltons. It has strong permeability and high purity, and can be absorbed by the human body in a short time and directly enter the skin and dermal tissue. "; (2) "Imported blueberry juice"; (3) "Promoting collagen synthesis, antioxidation, promoting blood circulation and removing blood stasis"; (4) "Rose fragrance replenishes Qi and blood"; (5)“ γ- Aminobutyric acid can strengthen brain and intelligence, promote sleep, beautify and moisturize skin, and delay brain aging function "; (6) "Beautify and protect skin, moisturize hair, plump chest, prevent disease, prevent osteoporosis, shape muscle function and maintain vascular elasticity", "so as to achieve the purpose of preventing adverse symptoms such as vascular rupture and embolism".
However, Jiuji biology cannot provide the source, authenticity and scientific basis of the above publicity. Jiuji biology designs, produces and publishes the advertisement by itself. The cost of the advertisement cannot be calculated. The above-mentioned acts of Jiuji biology violate the provisions of Article 17 and item 2 of Article 28 of the advertising law of the people's Republic of China. After comprehensive consideration, according to relevant regulations, Guangzhou Huangpu Municipal Supervision Bureau decided to order Jiuji biology to stop publishing illegal advertisements, order it to eliminate the impact within the corresponding scope, and impose a fine of 250000 yuan.
The reporter of China fund daily found that at present, Jiuji biology has disabled the involved applet "Jiuji Tong" and enabled a new applet "Jiuji Kang". The fruit drink is still retained, but there is no advertising slogan mentioned above. From the price of the product, a box of 10 pieces (50ml / piece) sold for 313 yuan, or more than 30 yuan per piece. Afterwards, it properly belongs to the "IQ tax".
was also fined six months ago
said herbal tea can prevent covid-19
After the punishment of Jiuji biology, the company stated that "it will continue to improve the level of internal management and control, and require its subordinate companies to take a warning, organize relevant managers to strengthen the study of advertising related laws and regulations, further improve the awareness of legal compliance of advertising publicity and eliminate similar situations".
But in fact, the company made exactly the same statement six months ago. At present, it is obvious that it has not "put an end to similar situations".
On November 5, 2021 Xiangxue Pharmaceutical Co.Ltd(300147) announced that Xiangxue pharmaceutical was administratively punished by Guangzhou Huangpu Supervision Bureau. It was found that Xiangxue medicine was on the website www.xphcn.com from February 26 to February 28, 2020 com. .
From February to March 2021, Xiangxue pharmaceutical produced 1883 boxes of "yuekang No. 1" bottled herbal tea drinks (330ml / bottle 24 bottles per box), with the above contents marked on the bottle label and carton. From June 7 to June 10, 2021, Xiangxue pharmaceutical published the advertising content of "5 boxes of treatment packs" in the sales title and display diagram on the sales page of "yuekang No. 1" granular special herbal tea (boxed) on the self operated wechat applet "Xiangxue health flagship store".
However, Xiangxue medicine could not provide materials to prove that the Guangzhou Municipal Health Commission and the Guangzhou epidemic prevention and control expert group of traditional Chinese medicine had recommended "yuekang No. 1" bottled herbal tea, could not provide materials to prove that "yuekang No. 1" bottled herbal tea had the effect of preventing the epidemic at home, and could not provide the basis for the expression of "five boxes of treatment packs". The above advertising content is designed, produced and published by Xiangxue pharmaceutical, and the advertising cost cannot be calculated.
The above-mentioned acts violate Articles 4 and 17 of the advertising law of the people's Republic of China and paragraph 1 of Article 73 of the food safety law of the people's Republic of China. According to relevant regulations, Guangzhou Huangpu Municipal Supervision Bureau decided to impose a lighter punishment, ordered Xiangxue pharmaceutical to stop advertising, eliminate the impact within the corresponding scope, and impose a fine of 300000 yuan.
At that time, the company said at the end of the announcement that "it will continue to improve the level of internal management and control, and require subordinate companies to take a warning, organize relevant managers to strengthen the study of advertising related laws and regulations, further improve the awareness of legal compliance of advertising publicity, and put an end to similar situations".
last year, from profit to loss of 700 million
financial data "fight"
These illegal advertisements reflect the cruel reality that Xiangxue Pharmaceutical Co.Ltd(300147) has gradually fallen into trouble.
At present, the company's fundamentals have fallen into a cliff like loss state. In 2020, the company still has 141 million yuan of non net profit deducted, and the net profit is close to 100 million. However, according to the 2021 annual report disclosed by the company on April 23, the company achieved a total operating revenue of 2.97 billion yuan, a year-on-year decrease of 3.3%; The net profit attributable to the parent company was - 690 million yuan, which failed to maintain the profitability. The first quarterly report of 2022 disclosed on April 29 achieved a total operating income of 610 million yuan, a year-on-year decrease of 22.4%, a net profit attributable to the parent company of - 54.38 million yuan, and continued to suffer losses.
The company's cash flow risk is visible to the naked eye.
By the end of 2021, the balance of monetary capital of the company was 196 million yuan. During the reporting period, bank deposits were frozen by 213672 million yuan. The balance of short-term interest bearing debt and long-term loan were 2.917 billion yuan and 529 million yuan respectively. The short-term interest bearing debt was nearly 15 times that of monetary capital.
The company has a corporate bond "17 pharmaceutical 02", with a bond balance of 220 million yuan, which will expire on November 23, 2022. The cashing will face a big test. Previously, after the 2021 annual report came out, in order to protect investors, the exchange has restricted the purchase of natural person investors, and only institutional investors can buy.
On April 18, the reporter of China fund daily reported that as of March this year, 8 million yuan of Xiangxue Pharmaceutical Co.Ltd(300147) commercial tickets had been overdue. At present, the company has reluctantly cashed the above funds, but the cumulative overdue amount has reached more than 30 million yuan.
In addition, the company has many litigation disputes. The annual report shows that the litigation amount caused by contract disputes between the company and Kangxiang Co., Ltd., Shenzhen Nanyue Asset Management Co., Ltd., Huasheng fund management (Shenzhen) Co., Ltd. and Huayuan city operation management (Hengqin) Co., Ltd. is about 689 million yuan. In addition, the company and its subsidiaries, as defendants, failed to meet the disclosure standards of major litigation, involving a total litigation amount of 204 million yuan.
There is also a "fight" in the company's annual report data, which is very strange.
The total book value of the held for sale liabilities at the end of the period disclosed on page 202 of the company's 2021 annual report is not equal to the sum of the details plus the total. Specifically, the book value of Jiuji biology at the end of the period is 27.43 million yuan and that of Xiangxue Asia is 61.37 million yuan. The sum of the two should be 88.8 million yuan, but the total amount given by the company's financial report is 32.7 million yuan, a full difference of more than 56 million yuan.
controlling shareholders are also in trouble
high proportion pledge of equity continues to be frozen
Also on the evening of May 22, Xiangxue Pharmaceutical Co.Ltd(300147) announced that recently, by querying the Shenzhen Branch System of China Securities Depository and Clearing Co., Ltd., it was learned that some shares of the company held by the controlling shareholder Guangzhou Kunlun Investment Co., Ltd. (hereinafter referred to as "Kunlun investment") were frozen by the judicial department. After the freeze, Kunlun investment has frozen a total of 12.56 million shares, accounting for 7.59% of its shares.
The freeze stems from the high proportion of equity pledge financing. At the end of 2021, the shareholding ratio of Kunlun investment to the company was 25.22%, and its share pledge ratio was 99.73%. In March, after Kunlun investment lifted part of the pledge, the pledge proportion was still as high as 87.6%.
The major shareholders who are short of money think of occupying the funds of listed companies. On December 27 last year, the company announced that due to the failure to fulfill the examination and approval procedures and timely disclosure of the occupation of funds by related parties, Xiangxue Pharmaceutical Co.Ltd(300147) actual controller and chairman and general manager of the company Wang Yonghui, chief financial officer Lu Feng and Secretary of the board of directors Xu Li were taken by Guangdong securities regulatory bureau to issue a warning letter.
On April 29, 2021, Xiangxue Pharmaceutical Co.Ltd(300147) published the special explanation and special verification opinions on the occupation of funds by the controlling shareholders and other related parties issued by the accounting firm, and disclosed that Kunlun investment and its related parties controlled by Xiangxue Pharmaceutical Co.Ltd(300147) chairman and general manager Wang Yonghui occupied Xiangxue Pharmaceutical Co.Ltd(300147) funds for non operational purposes, occupying a total of 531 million yuan of funds of the listed company, accounting for 15.22% of the net assets.
Kunlun investment, which is short of money, has been reducing its holdings of shares of listed companies since the beginning of last year. By the end of 2020, Kunlun investment also held Xiangxue Pharmaceutical Co.Ltd(300147) 216 million shares, accounting for 32.63% of the total share capital. As of March 11 this year, Kunlun investment had only 167 million shares, with the shareholding ratio falling to 25.22%. It sold more than 7% of the shares of listed companies for about 400 million yuan in cash.
