Just a day ago, the handover ceremony of China's aid to Pakistan of 1,000 ventilators was successfully held at Islamabad International Airport. This means that China is playing an indispensable role in supporting the global fight against the epidemic.
In Jiangsu, Yuyue Medical, which was born in the small fishing village of Danyang in Zhenjiang, has to be mentioned as the enterprise with the largest production of ventilators.
At present, there are about 992 ventilator manufacturers in China, and only 90 of them really have import and export business. There are less than 10 companies that have achieved the EU CE certification, and only 2 companies that have achieved the US FDA's EDA emergency approval, of which Yuyue Medical is one.
From the New Year after the opening of the market, fish leap medical in the capital market by the hot, from 20 billion rose to 40 billion, the market value has soared about double. According to the current trend, Yuyue medical boss Wu Guangming may be expected to exceed 50 billion this year.
However, just like the crazy hype of the mask a while ago, the "raging" epidemic, although he made the respirator become a hot commodity, but the research and development of the new crown vaccine in various countries is also in full swing.
2019 performance growth is worrying fish leap medical this year, obviously benefited from the sudden outbreak of the epidemic "skyrocketed". The question is, after the epidemic, fish leap medical ventilator and other medical equipment this "business" where the future?
In the new crown of the epidemic "assist", medical equipment concept stocks continue to fire, Yueyue medical handed over a beautiful eye of the report "report card".
On the evening of August 14, Fish Leap Medical released its 2020 semi-annual performance report. The announcement shows that during the reporting period, the company realized revenue of 3.421 billion yuan, net profit of 1.119 billion yuan, non-net profit of 1.023 billion yuan.
It is worth mentioning that this year is also the first time that Yuyue Medical realized a net profit growth rate of more than 100% in the semi-annual report since its listing in 2008.
Spread out the financial report, it is not difficult to find that the growth of overseas business is the main reason for the increase in revenue and profit of Yuyue Medical. In the first half of the year, Yuyue medical foreign sales revenue for the first time more than 1 billion yuan, this data is nearly three times the data of the same period last year.
And in terms of categories, domestic nebulizers, wheelchair carts and other products due to the impact of the epidemic, the volume of business has declined, while the respiratory category, oxygen concentrator, infrared forehead temperature gun, oximeter and other products, as well as disinfection, infection control class of preventive and control products shipments increased by a large amount, but not much growth in sales in the domestic region, an increase of 12.56%. ①
Benefiting from the epidemic, the oxygen concentrator and respirator business, which dragged down the company's performance due to de-stocking in 2019, became a sought-after product in the 2020 epidemic - medical respiratory and oxygenation products realized 1.16 billion in sales revenue.
In addition, Yuyue Medical recorded a net operating cash inflow of 2.37 billion yuan in the first half of 2020, which is the sum of the four-year net operating cash flow from 2016 to 2019. This data is also illustrating a problem, the company's capacity is tighter, the second half of the year, the performance of the fish leap medical may also have a large increase.
Of note, Bill Gates' private investment firm, Cascade LLC, was new to the company's top 10 shareholders list in the second quarter, coming in as the 10th largest shareholder.
Another two brokerage firms, CITIC Capital and CITIC Securities, entered the list of top ten shareholders at the end of June 2020, ranking the fifth and seventh largest shareholders. ②
Soaring number of orders, the world's richest man and institutions continue to look good, stimulated by good news, 17 fish medical stock price up, as of the 20th closing 36.83 yuan.
Wu Guangming family, the actual controller of Yuyue Medical, also ranked 28th in the 2020 Forbes China Healthcare Rich List with a fortune of $2.75 billion.
Fish Leap Medical is a company that provides medical devices for home use, medical clinical products and related medical services, with R&D, manufacturing and sales of medical devices and related solutions as the company's core business.
Half a year of wild earnings of 1.1 billion behind is actually anti-epidemic on the performance of the boost, however, the epidemic will eventually pass, this unexpected event brought about by the short-term performance of the dramatic increase in although the fish jump medical a strong needle, but in the end how long it can continue to be, or perhaps still a number of uncertainty.
With the evolution of the epidemic abroad as well as the outbreak, from mask stocks to respiratory concept stocks, with the help of speculation on the wind most companies have created a capital myth.
On March 2, CCTV news reported, "to accelerate the patch China's high-end medical equipment short board, accelerate the key core technology research and development, to achieve high-end medical equipment independent and controllable. "
The next day, nine Ann medical, open medical, Anto medical and a host of other medical equipment stocks closed up at the end of the day, Myriad Medical also performed well, while the home medical equipment known as the fish leap medical, the day in the high open four points all the way down, and ultimately the end of the day to close in the green.
Why is the fish leap medical? Some industry insiders speculate that it is because of the low-end manufacturing status of Yuyue Medical.
Compared to the high-end medical devices of Merry Medical, fish leap medical product lines are not high technology content, mainly low-end, especially home medical equipment usually belongs to the routine supplies, lower technology content, more intense competition. Even in 2019 medical equipment out of a lot of bull stocks market, fish leap medical stock price is still no ripple.
In the first half of 2020, due to domestic and international epidemic prevention and control as well as the extensive needs of patient treatment, the company's non-invasive ventilator and other respiratory, infrared forehead temperature gun, oximeter and other detection and disinfection and sensory control of epidemic prevention and control products shipments increased significantly.
In the field of medical equipment ventilators, there are "non-invasive ventilators" and "invasive ventilators". Simply put, non-invasive ventilators are mask-type, while invasive ventilators require tracheotomy, tracheal intubation and other operations.
In clinical practice, non-invasive ventilators are generally used for patients with mild to moderate illnesses who can still breathe on their own, while invasive ventilators are mainly used for critically ill patients. From the application scenario, you can see the technical content of the two products.
As the largest domestic medical device producer, manufacturer and seller of Myriad Medical, as of the end of March, China's exports of invasive ventilators 1,700 units, Myriad accounted for 60% (according to the Ministry of Industry and Information Technology data).
In fact, the fish in the field of medical equipment, "sense of existence" is not strong, has been in the low-end home medical equipment products this barrier is not strong industry "red sea" in the struggle.
According to Fish Leap Medical financial report shows that in 2015-2018, the company's revenue year-on-year growth rate of 25.09%, 25.14%, 34.14%, 18.12%, net profit year-on-year growth rate of 22.67%, 37.3%, 18.45%, 22.82%. In other words, the growth rate of Yuyue Medical has slowed down significantly and is lower than expected.
Turning back to the data from a year ago, in 2019, Yuyue Medical reported revenue of 4.638 billion, an increase of 10.8% year-on-year, and net profit of 747 million, an increase of 2.79% year-on-year. Compared with the first half of this year, fish leap medical although obtained "unexpected" development opportunities, but also let it lack of long-term imagination. ④
At the same time, the weak R & D expenses may also confirm the fish leap medical in the lack of professional strength.
According to the financial report, from its first disclosure of R&D expenses in 2018, its total R&D costs of 152 million yuan were lower than its sales expenses of 537 million yuan in that year. This corporate development strategy of heavy sales and light R&D makes it difficult for it to have a long term industry advantage.
It can be seen, fish leap medical high-speed growth trend and it in the eyes of the public "red" is actually a special product of a special environment, medical-related conceptual stocks, "wind mouth" under the "hit the big luck! "Fish leap medical in the end is this take off or" flash in the pan "? No one can give an accurate answer.
Back to a company itself, look at the research and development is undoubtedly the most important standard to determine the strength of the professional, but for the fish leap medical company, just look at the research and development may not be enough.
On April 18, 2019, Wu Guangming resigned as general manager and nominated the company's vice chairman and his son Wu Qun as general manager. Although Wu Guangming's sudden resignation caught the market off guard, but as he lives deep behind the scenes, the clouds of suspicion that shrouded Fish Leap Medical's product shortcomings, sloppy mergers and acquisitions, lack of performance growth, the actual controller's violation of the penalty, pledges and so on did not dissipate.
In contrast, these uncertainties are also backfiring on the investment value of the fish leap medical.
Starting from scratch, step by step to make their own business stronger and bigger, the leader of the fish leap Wu Guangming is also a master of the operation of the capital market.
In the media reports, Wu Guangming is to fish leap medical chairman of the identity of the show people, but in fact, he is still a number of listed companies and the founder of the actual controller.
According to incomplete statistics, "Yuyue system" involved in at least six A-share listed companies, in addition to holding Yuyue Medical, Wandong Medical, and Kao shares, Baolite, Zheng Coal Machine and Yunnan Baiyao.
July 16, 2017, Wu Guangming suspected of insider trading "Kao shares" shares, as well as the use of control of other people's accounts short-term trading their own company "Yueyue Medical", "Wandong Medical" shares, and was arrested by the Securities and Exchange Commission. "
These are the first time I've ever seen a company like this one, and I've never seen one like it.
Suspected of insider trading was filed for investigation, the company's stock price also fell once, so far the shadow of the investor's heart has not been smoothed out. However, this is not all.
From 2016 onwards, Wu Guangming hopes and through mergers and acquisitions of pharmaceutical companies with core technology, to realize the rapid growth of the enterprise, and constantly expand the map of the fish leap medical.
However, the logic of high premium mergers and acquisitions has brought the company a large amount of goodwill, goodwill from the previous less than 20 million yuan to hundreds of millions of dollars, let people call out that they can not understand.
From November 2016 to June 2018, Yuyue Medical completed the 100% holding of Shanghai Zhongyou in two stages. The performance commitment of Shanghai Zhongyou in the two years of 2017 and 2018 are all accurate and up to standard, only 220,000 yuan and 3 million yuan more than the commitment value, it is difficult to say that it is excellent.
Since 2019, the fish leap medical and the implementation of two consecutive investments. It is proposed to use its own funds 37.42 million yuan to acquire 95.95% of the shares of Suzhou Six Six Visual Technology Co. and 42 million yuan to subscribe to 20.96% of the shares of Jiangsu Vision Accurate Medical Devices Co.
And the performance of these two companies is really not complimentary, an insolvency, a net profit perennial hovering around $ 0. In other words, the fish leap medical high premium to buy the poor profitability, insolvency, financial authenticity of the subject assets there are significant doubts.
Even more embarrassing is that Yuyue Medical, which has always boasted China's largest and most diverse product range of medical device manufacturers, was exploded on December 4, 2019 on the regulatory blacklist.
The State Drug Administration Food and Drug Audit and Inspection Center released a fly-by-night inspection notification showing that there are 9 general defects in the ultrasonic nebulizer of Yuyue Medical.
And the degree of defects level is generally divided into four, fish leap medical 9 defects all reflect the production of sloppy, chaotic management, lack of standards and other loopholes. What's even more frightening is that this is not the first time that Yuyue Medical has been penalized. The company's main goal is to provide the best quality products and services to the public, and to provide the best quality products and services to the public. As we all know, food safety is no small matter, and medical safety is no small matter.
In the fierce red sea competition in the market, it is not easy for Yuyue Medical to become a national brand from a small town enterprise to be equal to the imported big brands. However, if you want to leap the dragon door and soar to the sky, you don't just need to rely on the wind and borrow power, but also need to have several years of day-to-day, not a little bit of sloppy carving of the product's work.
*Photo source network, source note:
①: the first financial, "Yuyue medical" epidemic examination: operating cash flow six months more than four years, the Gates company "sneak in", August 16, 2020.
②: Forbes China, "Yuyue Medical first-half net profit growth of more than 100% Bill Gates' QFII buy," August 17, 2020.
③: Blue Whale Finance and Economics, "Flying on the wind mouth of the fish leap medical, heavy sales light R & D hidden danger can not be ignored", May 11, 2020.
④: Ring Tiger Finance, "Frying Chicken under the Epidemic: Can Fish Leap Medical Survive a 50x Valuation?
⑤: Blue Whale Finance, "The six unintelligible fish leap medical, Wu Qun cold thought: shorting injustice VS self-inflicted", December 11, 2019.