On December 25, Jingfeng Pharmaceutical announced that it plans to transfer 100% of the wholly-owned subsidiary Chengdu Jinsha Hospital Co., Ltd. to Deyang Fifth Hospital for 150 million yuan. The parties to the transaction agreed that Jinsha Hospital will assess the accumulated undistributed profit of 15 million yuan in the year before the base date. Jingfeng Pharmaceutical can implement profit distribution, and the post-distribution transaction price adjustment is 135 million yuan. After the completion of the transaction, Jingfeng Pharmaceutical is expected to increase the total profit of the consolidated statement by more than 60 million yuan.
Jingfeng Pharmaceutical was established in 1998 and listed on the Shenzhen Stock Exchange on February 3, 1999. In 2014, after completing the asset reorganization through the purchase of 100% shares of Jingfeng Pharmaceutical, the business successfully realized the transformation from pump business and electrical products business to R&D, manufacturing and sales of pharmaceutical products. However, in recent years, due to the influence of many policies such as bidding price reduction, medical insurance control fees, and lowering the proportion of medicines, Jingfeng Pharmaceutical has also begun to participate in the medical services in the field of health in the core business of medicine . project.
In 2015, Jingfeng Pharmaceutical completed a 10% acquisition of Jinsha Hospital, which was wholly-owned by Jinsha Hospital. In 2016, the company established Yunnan Union Medical Orthopaedic Hospital; in 2017, in the case of the national “two-child policyâ€, Yunnan Unicom Maternity Hospital was established. In addition, Jingfeng Pharmaceutical has also established two hospital management companies, Shanghai Huayu Medical and Guizhou Renjing Medical.
With such a strong deployment of the medical service industry, what is the purpose of this transfer to the Sands Hospital? In the past two years, Sands Hospital has had stable revenue and profits. According to the disclosed data, in 2017, Sands Hospital realized a revenue of 82.55 million yuan and realized a net profit of 9,314,200 yuan; in the first three quarters of 2018, it realized a revenue of 62.395 million yuan and realized a net profit of 8,125,400 yuan.
According to the announcement, the reason for the transfer of Sands Hospital is to optimize the asset structure of Jingfeng Pharmaceutical, increase its working capital, and better focus on the development strategy of international high-end features and generic drug-making roads.
It is also this kind of strategy. Even after the introduction of the 4+7 quantity procurement policy, many generic drug companies have complained that the pharmaceutical stocks have experienced continuous decline for several days, but Jingfeng Medicine has not been greatly affected. Recently, Jingfeng Pharmaceutical Holdings' subsidiary, US Shangjin, two generic amphetamine mixed salt tablets and prednisone tablets have been approved by the FDA. These two drugs have exceeded US$100 million in sales in the United States in 2017, amphetamine blend. Salt oral tablets are about $410 million, while prednisone tablets are about $139 million.
"Jingfeng Pharmaceutical's focus last year was on transformation, and the strategic direction was set at high-end generic drugs. Many facts prove that this road is correct. At present, the company continues to increase investment in research and development of research drugs, with emphasis on the anti-tumor field." Ye Xiangwu, chairman of Jingfeng Pharmaceutical, said at the 2017 Annual General Meeting.
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