I. Discussion and analysis of operating conditions
In the first half of 2020, faced with the severe test brought by the pneumonia epidemic and the complicated and changeable domestic and international environment, the company promoted the epidemic prevention and control and business development as a whole, and actively played the responsibility of key epidemic prevention and control enterprises. During the epidemic period, all staff actively participated in the front-line epidemic prevention and control work, and provided in-vitro diagnostic products and comprehensive services to hospital customers at all levels in a timely and efficient manner. After the epidemic gradually eased, the company also actively promoted the rapid recovery of various businesses.
During the reporting period, the company achieved a total operating income of 2.943 billion yuan, a decrease of 65,438+00.67% compared with the same period of last year, mainly because the main business of the company was affected by the epidemic situation, and the number of outpatients, surgeries and physical examinations in terminal hospitals dropped sharply, resulting in a phased decline in the demand for routine examinations. In the second quarter, the national epidemic eased and the business volume gradually recovered. However, the epidemic situation rebounded in some parts of the country in the second quarter, which had a great impact on the operation of local subsidiaries and had a certain impact on the overall performance of the company in the second quarter. No one else did.
The performance in the second quarter of the region where the epidemic rebounded has returned to the same period last year. Overall revenue in the second quarter decreased by 6.78% compared with the same period of last year. In June, the company's overall operating income increased by nearly 20% from the previous month, reaching the level of the same period last year.
During the reporting period, the company realized the net profit attributable to shareholders of listed companies 1. 1 1 billion yuan, down 36.28% year-on-year. The main reason is that the company's main business is affected by the epidemic, and the demand for routine examinations such as outpatient service, surgery and physical examination has declined in stages, resulting in a decline in income. At the same time, the depreciation of fixed assets and fixed-term expenses did not decrease, and the company made some donations during the epidemic. In the second quarter, the net profit returned to the mother in a single quarter was 80 million yuan, a decrease of 25.40% compared with the same period of last year, which was better than that in the first quarter, and various businesses were gradually recovering.
(1) business performance analysis
In the first half of 2020, affected by the epidemic, the company's operating income and net profit returned to the mother decreased compared with the same period of 20 19, and the income was higher than that of 20 18, showing a steady upward trend. Among them, in the second quarter of 2020, the single-quarter revenue and net profit returned to the mother decreased by 6.78% and 25.40% year-on-year, which was better than the first quarter, and the business gradually recovered.
1, regional business analysis
Unit: 10,000 Yuan Currency: RMB.
During the reporting period, the operating income of Central China increased by 56.37% compared with the same period of last year, and increased by 65,438+04.94% in the second quarter, mainly due to the increase in the purchase of related testing instruments and equipment in Wuhan and other epidemic areas during the epidemic period; Operating income in Southwest China increased by 65,438+04.04% compared with the same period of last year, and increased by 28.46% in the second quarter. The region was less affected by the epidemic, and its business recovered quickly in the second quarter, maintaining rapid growth. The operating income in East China decreased by 12.55% compared with last year, and decreased by 6.69% in the second quarter. In the second quarter, the business recovery in this region improved month by month. The operating income in North China decreased by 30.45% compared with the same period of last year, including a year-on-year decrease of 65,438+05.90% in the second quarter, which was mainly affected by the epidemic situation in the first quarter and the second rebound of the epidemic situation in Beijing in the second quarter. With the gradual control of the epidemic in Beijing, the performance of the region in the second quarter showed an accelerated recovery trend. The operating income in Northeast China decreased by 365,438+0.95% year-on-year, of which the second quarter decreased by 24.47% year-on-year, mainly due to the repeated rebound of epidemic situation in Northeast China, and the number of outpatients and operations in some hospitals decreased significantly. Nationwide, related business operations in areas where there was no epidemic rebound have returned to normal levels in the second quarter.
2. Analysis by business type
During the reporting period, with the gradual relief of the national epidemic, various businesses of the company gradually began to recover, among which core business, self-produced products business and service business (intensive business/regional inspection center business) recovered quickly.
Self-produced business achieved revenue of15,330,303 yuan in the first half of the year, an increase of 15.39% compared with the same period of last year, of which revenue of 88,369 yuan was achieved in the second quarter, an increase of 17.3% compared with the same period of last year, showing a steady upward trend.
Service-oriented business (intensive business/regional inspection center business) achieved a revenue of 835,586,600 yuan in the first half of the year, a decrease of 65,438+065,438+0.02% compared with the same period of last year, of which the revenue in the second quarter was 496,543.38+0,907,200 yuan, an increase of 43,654.38+03 compared with the first quarter of 2020.
The third-party laboratory testing business achieved RMB 384,964,383+0.3 million in the first half of the year, mainly benefiting from the increase of new crown testing business.
According to the monthly operating data in June, the operating income of self-produced products business increased by 23.77% from the previous month, and the operating income of service business increased by 365,438+0.43% from the previous month.
During the reporting period, the registration certificate of COVID-19 nucleic acid detection kit jointly developed by the company and Beijing Najie Diagnostic Reagent Co., Ltd. was approved in June, which had little impact on the performance during the reporting period. During the reporting period, about 380,000 copies of COVID-19 reagent were sold, of which about half were exported. In the second half of the year, the company will continue to increase the marketing and promotion of COVID-19 reagents to help the detection of epidemic prevention and control at home and abroad in the second half of the year. Up to now, about 360 thousand copies have been sold in July and August.
3. Operational capacity analysis
During the reporting period, due to the epidemic situation, the company's gross profit margin and net interest rate decreased, and the decrease in gross profit margin was mainly due to the epidemic situation: (1) the decrease in revenue was greater than the decrease in fixed depreciation; (2) In the post-epidemic era, the company responded to the call of national policies to provide professional PCR laboratory construction services for medical institutions at or above the county level that have not yet formed nucleic acid detection capabilities. As of August, the company has obtained nearly 65,438+000 customer PCR construction orders. In the early stage, the company increased investment in related PCR laboratories, and the proportion of instrument and equipment sales revenue to total revenue increased. Due to the low gross profit margin related to instrument sales, the overall gross profit margin dropped significantly. With the company's various businesses gradually returning to normal operation level in the second quarter, the overall gross profit margin in the second quarter has reached 26%, returning to the same period last year.
There are two main reasons for the decline in net interest rate: on the one hand, it is affected by the decline in gross profit margin; On the other hand, regular expenditure did not decrease during the reporting period. At the same time, the company continued to increase its investment in R&D during the reporting period. In the first half of the year, R&D completed an investment of 33.82 million yuan, a year-on-year increase of 39.38%. In addition, the company made some donations during the epidemic, resulting in a decline in the overall net profit margin. With the company's businesses gradually returning to normal operation level in the second quarter, the overall net profit margin rebounded to 7.44%.
4. Analysis of three major expense rates
During the reporting period, the company's sales expense ratio increased, mainly because the business volume of some regions and customers was affected by the epidemic during the epidemic period. However, during the epidemic period, the fixed expenses such as the salary of the company's sales staff still exist, and the related variable sales expenses such as transportation fees, handling fees and technical service fees increased during the epidemic period, resulting in an increase in the overall sales expense ratio; The financial expense ratio increased slightly, mainly because during the epidemic period, the company successively obtained 8,654,388+0.2 million yuan of new special loan funds for epidemic prevention and control from several major state-owned banks such as CDB, CCB, ICBC and ABC. Due to the centralized approval and loan period of the national epidemic special loan, it needs to be earmarked and paid in time. At the same time, the interest rate of this special epidemic loan fund is lower than the company's previous loan interest rate. While fully enjoying the preferential policies and optimizing the financing cost during the credit period, suppliers with long delivery time paid the advance payment in advance to cope with the unstable delivery cycle of imported brand products and the increased demand of hospital customers after normal operation, which led to an increase in the financial expense ratio during the reporting period. There is no change in the credit period agreed with suppliers on the prepayments of payables and prepayments. The company still maintains a good cooperative relationship with upstream manufacturers, and the excellent credit period and amount obtained remain stable.
Judging from the overall operation of the company's businesses in the first half of the year, the epidemic situation had a certain impact on the company's businesses in the first half of the year. The company gradually overcame the adverse effects caused by the epidemic, and all business operations showed a recovery growth and steady recovery trend, and its development resilience was further manifested. The great impact of the epidemic on the global economy will continue to develop and evolve, bringing certain uncertainties to the economic development of all walks of life. In the second half of the year, the company will adhere to the development policy of "steady growth, restructuring and promoting innovation", strive to achieve the annual performance growth targets and tasks, and promote the stable and sustainable development of the company.
(B) Management analysis
The Company fully implements the group management strategy for its subsidiaries within the scope of consolidated statements:
1, hour:
Personnel and financial managers of holding subsidiaries are appointed by the Group to determine post responsibilities, salary scheme and performance appraisal, realize matrix reporting mode, and strengthen personnel control in important positions. 2. In terms of funds:
The daily income and expenditure, details of large amounts to be paid, details of bank loans, balance of each account, total accumulated billing income in the current month and net operating cash flow of each bank account are statistically reported by using the reporting mode of capital daily. Ensure the controllability of funds and improve the efficiency of the use of the overall funds of the group. 3. Internal control and regulations:
Holding subsidiaries have switched to ERP management system and OA electronic process office system of listed companies in stages, and exported the internal control system of listed companies to subsidiaries through online information system. Various laws and regulations in daily business are managed by the circulation mode of prior publicity and regular internal audit.
4. Operation management:
The Group implements the management system of "three majors and one big one", requiring all subsidiaries to report major issues to the Group at the first time, which can only be implemented after approval. Every quarter, the general manager meeting of each company will be held. The contents of the meeting include industry policy exchange, group strategic communication, quarterly performance report and analysis of subsidiaries, special business and management exchange, etc. 5. Performance:
Adopt comprehensive budget management, prepare the next annual budget+mid-year revised budget in the fourth quarter of each year, and achieve the monthly benchmark budget; Clarify the annual important financial indicators and assessment plans of each subsidiary, and effectively link them with operating performance.
Second, possible risks
1, the risk of intensified market competition
As a comprehensive service provider of medical laboratories, the company mainly provides comprehensive services and professional technical support for in vitro diagnostic products for various medical laboratories. At present, there are many brands and complex varieties of in-vitro diagnostic products in the domestic market, and the market share of integrated service providers in various regions in the circulation and service fields has not occupied an absolute advantage in the national market. At the same time, the first-class manufacturers in the in-vitro diagnostic products market are relatively concentrated (the top ten manufacturers account for more than 80% of the global market share), and the supply of in-vitro diagnostic products is affected by the production and marketing policies of manufacturers. Therefore, although the company has certain competitive advantages in the circulation and service of in-vitro diagnostic products in some fields, with the enterprises of in-vitro diagnostic circulation and service industries entering the capital market one after another, listed companies have increased their investment in the field of in-vitro diagnostic circulation and service, the market competition has obviously intensified, and the company faces certain operational risks.
2, the risk of rapid growth of accounts receivable
Affected by the overall economic situation and the operating characteristics of the industry, the payment cycle of direct selling customers is generally longer than that of distribution customers. In the future, with the increasing scale of the company's direct selling business, the company will face the possibility of further increasing the pressure of accounts receivable payment. In view of the above risks, on the one hand, the company strengthens the assessment of accounts receivable payment by improving the information construction of accounts receivable; On the other hand, the company will make full use of capital market resources, broaden financing channels, strive for more long-term loans, optimize financing structure, enhance the company's capital strength and improve its ability to resist market fluctuation risks.
3. Management integration risk of subordinate companies
In recent years, the scale of the company has gradually expanded, and the number and scale of subordinate companies have been increasing, which not only enhances the overall competitiveness of the company, but also complicates the organizational structure and management system of the company. Although the company actively participates in the operation and management of its subsidiaries through various measures, if minority shareholders are inconsistent with the company's interests or strategic objectives, and the subsidiaries fail to meet the company's business development objectives to the maximum extent, it may adversely affect the company's strategic implementation and operating performance. How to effectively develop the business development potential of subordinate companies and how to effectively improve the overall resource effect of the company have put forward higher requirements for the company's management model and management ability and management ability.
4. Risks of changes in industry regulatory policies
With the establishment of the National Health and Wellness Committee, the State Administration of Market Supervision and the National Health Insurance Bureau, the relevant industry policies and supervision policies of the medical and health industry in which the company is located are bound to be further adjusted and optimized, and the promotion and implementation of various policies (such as medical device price limit or platform procurement, etc.). ) the risk that the company's gross profit margin may decline in the short term. While expanding its business scale, the company will continuously enhance its bargaining power with upstream suppliers and improve its supply chain system; By improving the comprehensive service ability, the customer viscosity will be further strengthened.
5. The risk that the COVID-19 epidemic has not been lifted.
Up to now, the epidemic situation at home and abroad has not been lifted. Based on the infectious and latent characteristics of COVID-19, the risk of epidemic recurrence in some areas or the whole country cannot be completely ruled out. If the epidemic recurs in 2020, the company will face certain business development risks.
Three. Analysis of core competitiveness during the reporting period
Since its establishment, the company has been focusing on the field of in vitro diagnostic products. In the years of operation, we have always adhered to the development strategy of targeting customers with services. According to the operating characteristics of the inspection system, an all-round service system has been constructed, which fully meets the application and development needs of medical laboratories and forms an outstanding competitive advantage. Through the integration of channel resources, the company has completed the national market layout, with leading platform scale and cost, outstanding service capabilities and strong operational management advantages, and gradually realized the upgrading and transformation of subsidiaries from pure agents to integrated service providers. At the same time, the company's self-produced products have maintained rapid and stable development by virtue of the advantages of channel platform.
(A) Platform scale cost advantage
With multi-brand and all-product high-quality product combination scheme, the company meets the needs of medical institutions at all levels in cost control and product brand selection, and achieves the best comprehensive balance of performance and price. At the same time, the company has a huge channel platform and market scale advantages. Through centralized and unified procurement, the bargaining power with upstream manufacturers has been continuously improved, which not only meets the needs of medical institutions for cost control, but also maintains the company's stable profitability.
(1) The product range is complete and rich, which can meet the individual needs of customers.
On the basis of the original product supply system covering most inspection items in the field of in vitro diagnosis, the company introduced more leading products at home and abroad, and further improved the company's product supply system, covering nearly10.9 million products related to in vitro diagnosis provided by different manufacturers. The company's product supply system has basically covered mainstream suppliers and products in the industry. According to the actual needs of various medical laboratories for product performance, service content and purchase price, professional personalized solutions are provided and effectively implemented.
(2) Strong customer resources and service network channel advantages.
The company is one of the in-vitro diagnostic circulation and service enterprises covering all major regions of the country. Through self-construction and investment cooperation, the company's main service areas have covered East China, Northeast China, North China, Southwest China, South China, Central China and other regions, enabling the company to provide stable, timely and efficient in-vitro diagnostic products and services to customers all over the country. Since 20 10, the company has provided comprehensive services for hospital customers by combining the advantages of complete product range and strong technical service ability, and accumulated a large number of high-quality customer resources: by the end of the reporting period, the company has provided professional in-vitro diagnostic products and technical service support for more than 4,000 medical institutions at all levels in China, and the number of customers served ranks among the top in the same industry.
(2) Rich service experience and strong service ability advantages.
The company has been deeply involved in IVD industry for more than 20 years and has rich experience in supply chain service and technical service of IVD products. Compared with ordinary small and medium-sized dealers in IVD, the company has a complete technical service support team, providing customers with localized services such as equipment installation and debugging, application training, equipment calibration, on-site maintenance and technical support, and a large-scale professional technical service team, including more than 400 professional technical maintenance engineers (including more than 50 factory certified engineers), which can master the after-sales technical services of more than 50 mainstream brands of instruments and equipment. The company's technical service team consists of professionals in the fields of laboratory medicine, experimental statistics, machinery, optics and electronic information. Adhering to the concept of "customer-oriented, comprehensive service as the core", the service has strong execution, wide coverage, initiative, timeliness, professionalism and foresight. Strong technical service team ensures the service value of the company and is in a leading position in the same industry.
At the same time, the company also provides more than 40 customized value-added services for medical institutions at all levels. In order to help reduce the operating cost of the laboratory, realize the optimization of experimental process, rationalization of equipment selection, informationization of reagent management, refinement of operating cost and standardization of testing, we provide quality control management services, laboratory design optimization services, product portfolio selection services, ISO 15 189 quality standard certification services, information services, experimental report interpretation services, SOP file establishment and traceability certification documents. Provide a series of value-added services including clinical education and training, clinical promotion of existing testing items, clinical training services for new products and technologies, academic exchanges and discipline construction support to help laboratories improve their medical level.
By providing the above-mentioned value-added comprehensive services, the company enhances the service value attribute of large-scale IVD channel comprehensive service providers and helps hospitals achieve the purpose of reducing costs and increasing efficiency, which is in line with the national medical reform and industry development trend.
(c) Strong advantages in independent development and implementation of information systems
The company has always attached importance to the development and construction of informatization in the field of medical laboratory, and has always been in the leading position in the same industry in terms of informatization investment and construction. At present, the company has a strong IT technical team of more than 240 people, mainly aiming at the development of information platform in the field of inspection. Based on the information-based invoicing management system, with SIMS, B2B supply chain information management platform and LIMS (Medical Laboratory Information Management System) as the core, the information service support system is constructed to realize the intelligentization, simplification, standardization and refinement of the laboratory, improve the overall management level and work efficiency of the hospital, and improve the service quality and patient satisfaction of the hospital. On the one hand, the company can aim at the new management difficulties and pain points encountered in hospital laboratory management services, upgrade and update related systems, add related functional modules or develop new information systems to provide customers with more detailed and efficient comprehensive services. On the other hand, the powerful information system has also improved the company's internal business management ability and realized the refined management of the group's subsidiaries all over the country.
The functions of the information system independently developed by the company cover procurement inventory management, technology and logistics services, laboratory information management, quality control, POCT quality management, financial management, customer relations and other modules. Advanced management software and hardware are used to track each business module and form a perfect database. At present, the systems independently developed by the company include LIS system (medical information management system), BIS system (clinical blood transfusion quality management system), quality management control system, RBS system (Runda integrated business supply management system), SIMS system (laboratory reagent inventory management system), Mai47 system (medical supply chain collaborative cloud platform), ISP system (instrument service platform), CCLS (cold chain logistics system) and DAP (data fusion).
LIMS system, namely medical laboratory information management system, is a set of information management system specially designed for hospital laboratory departments. The system can form a network of experimental instruments and computers, and realize intelligent, automatic and standardized management of complex operation processes such as patient sample registration, experimental data access, report review, printing and distribution, and statistical analysis of experimental data. The system is helpful to improve the overall management level of the laboratory, reduce loopholes and improve the inspection quality. At present, the company's LIS system has more than 100 functions with 14 modules, and has more than 1500 end customers. At present, the market scale is in a leading position in the domestic LIS software industry.
SIMS system, called laboratory inventory information management system, is an in vitro diagnostic reagent inventory management system specially designed for medical laboratories. At present, it has been used in 127 hospitals in China (half of which are hospitals above Grade III). The main users are hospital clinical departments, and it has the functions of purchasing, supplier management, product management, multi-level inventory management, qualification document control, warehousing, use, cost accounting, ISO 6550 and so on.
B2B system (www.mai47.com) is an order collaborative management platform for the company to provide reagent ordering and supply chain management. B2B system, combined with SIMS system installed on the client, exchanges information with B2B cloud platform through the Internet or offline, and processes information including orders, delivery notes, invoices and so on. , so as to realize the integration and automation of procurement, planned procurement and automatic replenishment. MAI47 platform reduces the manual workload in the supply chain system by creating the direction of data interoperability and online business processing throughout the supply chain. At present, the platform has contracted institutional customers 12238, including 3927 medical customers and 83 1 1.
The company's existing SIMS system has been running for nearly five years. Combined with B2B system, the whole process of QR code management and refined cost analysis have been realized. The combination scheme of SIMS+B2B system has been put into use in nearly 100 hospitals, and good customer feedback has been obtained.
(D) the technological advantages of independent brand product research and development
The company arranges differentiated independent brand products according to the market situation, on the one hand, it meets the needs of different types of customers for product selection; On the other hand, the high gross profit margin of the company's self-produced products helps to improve the company's overall profitability.
Products such as glycosylated hemoglobin analyzer and supporting reagents independently developed by the company were successfully put on the market in 20 1 1 year. After years of market development, its market share in the field of glycosylated hemoglobin analyzer is second only to imported brands occupying high-end market. With the latest generation product MQ-6000 glycosylated hemoglobin analyzer coming on the market, the market position of domestic product leader in this product field has been further consolidated.
The company complies with customers' demand for quality control of experimental results, provides customers with a variety of third-party quality control products with independent brands, and becomes the leading third-party quality control service provider in China by combining with the third-party quality control information management system independently developed.
From 2065438 to 2008, the chemiluminescence detection system independently developed by the company went on the market, and differentiated research and development was carried out in chemiluminescence immune products, striving to seize the market by taking advantage of the differentiated advantages of inspection items in the domestic substitution process.
(5) Advantages of a professional and stable management team and a strong service talent team.
The founder and main management team members of the company have rich experience in the distribution and service of in vitro diagnostic products. The core team members come from well-known multinational companies such as Simson Kangmei, Johnson & Johnson, Delin, Beckman Coulter and Siemens. Over the years, they have accumulated long-term cooperation experience with large multinational manufacturers of in vitro diagnostic products and have a deep understanding of the business model of the industry. The management team of the company is stable, and the service life of the main management personnel of the company is more than 10 years. In 20 19, after the introduction of state-owned controlling shareholders, the company not only provided strong support for the financing needed for the company's business development, but also maintained the original management team of the company, and was able to continue to give full play to the experience advantages of the management team in operational services and lead the company to continue to deepen and expand to the established business main line.
At the same time, the company has an echelon of professionals in various fields, including R&D and production personnel, technical service personnel, engineers, IT technicians, resident managers, quality control personnel, market trainers, sales personnel, procurement personnel and logistics personnel. Among the company's more than 2,400 employees, 1 1,000 employees are responsible for providing a series of value-added services to hospital customers, especially the professional technical service team of more than 400 people and the IT technical team of more than 240 people. The relevant talent pool is at the leading level among companies in the same industry, further consolidating the company's dominant position in the field of comprehensive laboratory services.