Editor | Yang Jie
Pien Tze Huang's bubble is coming to an end.
Not long ago, Pien Tze Huang, a "magic medicine", also sold the momentum of "grabbing Maotai". A small 3g tablet was fired for several thousand yuan on the e-commerce platform; The offline store also played a "restricted purchase", and it was snapped up in 10 minutes. In the capital market, this "Maotai in Medicine" has been listed on 18, and its share price has increased by 300 times. On July 2 1 day, the intraday share price of Pien Tze Huang hit a record high of 49 1.88 yuan. In the face of its illogical "skyrocketing" trend, the major shareholders of Pien Tze Huang could not sit still.
On the evening of July 2 1, Pien Tze Huang announced that its major shareholder, Jiulong River Group, planned to reduce its shareholding by no more than 1% of the company's total share capital. But don't underestimate this 1%, because it is worth 3 billion yuan according to the closing price on the day of the reduction.
Affected by this, Pien Tze Huang plunged by 7.93% at noon on July 22, and its market value evaporated by 23.4 billion yuan in half a day. In the afternoon, the stock price continued to decline and finally closed down.
"The reduction of Pien Tze Huang's major shareholder is definitely bad news for the market," Fu Yifu, a senior researcher at Suning Financial Research Institute, told AI Finance. "Generally speaking, this action may send two signals, one is to cash out, and the other is not optimistic about the company's future prospects. Therefore, Pien Tze Huang's share price will have downward pressure in the short term, but in the long run, it will ultimately depend on the company's performance and market sentiment, and the possibility of returning to the original track will not be ruled out. "
Some market analysts also said that there was a big bubble in Chinese medicine stocks after the early speculation of traditional Chinese medicine with old brand and exclusive formula, and the reduction of shareholders of Pien Tze Huang was probably a fuse for the bubble to burst. However, there are still many retail investors who firmly believe that the next "Moutai in Medicine" is on the way.
It is worth noting that Guang Yuyuan, a time-honored brand of traditional Chinese medicine with Pien Tze Huang, has seen its share price soar by 1.5 times in the last month, and has also experienced the reduction of controlling shareholders and the change of ownership of state-owned assets. However, on July 22nd, Guang Yuyuan also fell.
On the evening of July 2 1, Pien Tze Huang announced that the controlling shareholder of the company, Jiulongjiang Group, planned to reduce its holdings by centralized bidding within three months after 15 trading days, that is, no more than 6,033,200 shares.
Before the reduction, as of July 2 1 day, Jiulong River Group held 349 million shares of Pien Tze Huang, accounting for 57.92% of the company's total share capital. The announcement also shows that Zhangzhou State-owned Assets Investment Management Co., Ltd., the parent company and concerted action of Jiulong River Group, ranks the fifth largest shareholder, holding 0.5% of the shares of Pien Tze Huang. However, since the listing of Pien Tze Huang, the two companies have never reduced their shares before.
"Something unusual happened", which triggered many discussions in the market. In fact, since Pien Tze Huang went public in 2003, its share price has been on the rise. These two years have been exaggerated. Since 2020, its share price has increased by more than 348.9%. In more than half a year of 202 1, the cumulative increase has reached 83.47%. On the day of the announcement on July 2 1 day, the share price of Pien Tze Huang still rose as high as 4.87% to close at 489.76 yuan/share, setting a record closing price, and the total market value climbed to 295.5 billion yuan.
In contrast, the issue price of Pien Tze Huang was only 8.55 yuan/share when it went public that year. Now, in 18 years after the restoration of power, the share price has risen nearly 300 times.
The shares of Pien Tze Huang held by Jiulong River Group mainly come from pre-IPO and other channels. According to the closing price of July 2 1, the major shareholders can cash in nearly 3 billion this time. After the reduction, Jiulong River Group remains the controlling shareholder.
But it is worth noting that Pien Tze Huang has other "star" shareholders. There are both in-and-out institutions and "sticky" super cows.
Among Pien Tze Huang's top ten shareholders, a name named Wang Fuji is impressively ranked second.
Wang Fuji, an individual shareholder, made a decisive move as early as 2009 when the average share price of Pien Tze Huang was only 5.5 yuan. In 2009, Wang Fuji bought 6.2 million shares of Pien Tze Huang, which increased to 6.3 million shares in the first half of 20 10. Since then, it has been the second largest shareholder for many years. Since then, he has increased his holdings through allocation and transfer. Up to now, it holds 27,037,500 shares of Pien Tze Huang, with a shareholding ratio of 4.48%. According to the stock price of Pien Tze Huang on July 2 1, the market value of Wang Fuji's shares at that time was as high as132.4 billion yuan, and the total cost of his continuous buying was only about 250 million yuan.
During the 12 years since Wang Fuji's shareholding, there was basically no lightening. The only time was in the third quarter of 2065, with 438+065,438+00,000 shares, but he bought them back in time in the fourth quarter. This also makes him nicknamed "Pien Tze Huang sweeping monk" by the outside world, and known as "the best A-share retail investor".
In April this year, Wang Fuji was listed on the Forbes global rich list of 202 1 with a net worth of1200 million dollars. He was accompanied by Ren, president of Huawei, and Chen Tianqiao, former richest man in China.
However, it seems that Wang Fuji has not "fished enough" from Pien Tze Huang. In 20 14, he proposed to the extraordinary shareholders' meeting that the cash dividend ratio of the company should be increased to 60% from 20 13, while the annual dividend ratio of Pien Tze Huang in the past was not less than 30%. However, the proposal was not adopted.
Compared with Wang Fuji, the private placement of Daxie Forest Park is "something goes in and something goes out". There are as many as three private offerings of Linyuan No.21,No.29,1KLOC-0/founded by individuals, which appear among the top ten shareholders of Pien Tze Huang's 2020 interim report. However, there is only one fund left in the third quarterly report, Linyuan Investment No.29. When Pien Tze Huang's 2020 annual report was disclosed, the figure of Linyuan investment products completely disappeared.
There is a video circulating on the Internet, in which Lin Yuan said, "I don't have to work. I dance with black light every day without making a mistake. I'll buy medicine now. " The private equity tycoon has been standing for Pien Tze Huang in public. In an interview on 20 17, he said that "the share price of Pien Tze Huang may surpass that of Kweichow Moutai in the future". In June, 20021,a personal letter from Lin Yuan at the shareholders' meeting of Pien Tze Huang spread all over the network, which wrote: "Lin Yuan and Lin Yuan invested in it, and since they bought Pien Tze Huang in 2005, none of them have been sold." Lin Yuan also said, "Pien Tze Huang is a great company, Pien Tze Huang is a unique enterprise, and it will eventually sell for the price of two bottles of Maotai."
Although it is beautiful, Lin Yuan has "broken his word" and withdrawn from the top ten tradable shareholders of Pien Tze Huang. In this regard, Yuan Lin once explained that the position was split to other small funds.
With the reduction of Jiulong River Group, only Wang Fuji, as an individual investor, has been "holding on".
"Pien Tze Huang, this stock, I began to pay attention to it a few years ago, but I never took it seriously. I didn't expect to be fired as a' god'. Let's see if it fell. I still decided not to start in the short term. After all, floating wealth is to be returned. " A stockholder told Ai Caijing.
Pien Tze Huang was fried into a "magic medicine". Where is its moat?
A Fujian consumer told Ai Caijing that when the Pien Tze Huang in Zhangzhou was only a few tens of dollars, many people disdained to buy it. Now it has been "fried" to 1600 yuan, but it has been snapped up. "If these people are not hoarding, what can they be?" He said that the price of this medicine has risen rapidly. "Not long ago, it was obviously five or six hundred yuan."
In June of 20021year, Pien Tze Huang was suddenly exposed as "out of stock in a large area". Ai Caijing visited the Pien Tze Huang Experience Store in Yinhe SOHO, Chaoyang District, Beijing, and found that Pien Tze Huang, which sells for one pill in 590 yuan, is limited to two pills per person in the store. After one night, the number of pills per person dropped to 1 pill. Now users want to buy Pien Tze Huang, and the offline store directly tells them that they are out of stock. Call and wait for the notice if you want to buy it. Online channels and scalpers also take this opportunity to increase prices and make profits.
Some consumers who snapped up Pien Tze Huang told AI Finance and Economics that such a small pill was "sought after" by them because they believed in the "miraculous effect" of Pien Tze Huang. The public ingredients of this medicine are bezoar, musk, snake gall and Tianqi, which is recognized by doctors as "promoting blood circulation, removing blood stasis, diminishing inflammation and relieving pain". However, in the folk rumors, the curative effect of Pien Tze Huang has become somewhat outrageous, and there have been many statements, such as "Pien Tze Huang cures cancer in Huang Can", "relieves the pain of cancer patients before death" and "taking Pien Tze Huang for a long time can prolong life for five years".
Liu Chunsheng, an associate professor at the Central University of Finance and Economics, told Ai Finance that "the hype value of Pien Tze Huang may have exceeded its medicinal value". He analyzed that the state's strong support for Chinese medicine, coupled with the improvement of modern people's consumption level, began to pay attention to health, which also became the basis of Pien Tze Huang's disguised hype.
Some media reported that some Pien Tze Huang experience halls on the market are mainly Maotai dealers. Under their impetus, "drinking Maotai" and "buying Pien Tze Huang" became a "status symbol".
What can support Pien Tze Huang's drug price and high stock price is largely due to the "top secret" and "scarcity" of its raw materials. It is understood that the formula of Pien Tze Huang is classified as top secret by the state, and the confidentiality period is permanent. 90% of the raw materials are bezoar and natural musk, which are extremely rare and the price is rising. According to the investigation report of CCTV on June 5438+065438+ 10, 2020, some merchants only received a handful of bezoar in a few months, and the price of 0.5 kg was as high as more than 200,000 yuan.
Through "scarcity" marketing, the constant price increase has also become the secret of Pien Tze Huang's revenue growth. Ai Caijing found that in recent 15 years, the price of Pien Tze Huang's core product * * * increased by 15 times. It is understood that the price of Pien Tze Huang was 130 yuan/capsule in 2005, and it was raised to the present 590 yuan/capsule around 20 17. Therefore, in 20 17, the revenue growth rate of Pien Tze Huang once reached 60.85%.
However, it is worth noting that after 20 17, the revenue growth rate of Pien Tze Huang began to decline year by year, and by 2020, it hit a new low in the past five years, only 13.78%. At the same time, according to the gross profit rate data of 20 14-20 18 of several Chinese medicine companies, the average gross profit rate of Pien Tze Huang in five years is only 45%, which is far lower than 70%-80% of Tongrentang and Renhe Pharmaceutical.
Pien Tze Huang, whose income mainly depends on a single explosion, is also developing other businesses. Since 2006, Pien Tze Huang has included daily chemical products in the company's income. In 2020, Pien Tze Huang's cosmetics sales reached 61100000 yuan, contributing a net profit of11400000 yuan. In June 5438 +2020 10, Pien Tze Huang announced to start the preparation for the listing of Pien Tze Huang cosmetics, a spin-off holding subsidiary.
In addition to Pien Tze Huang, there is also a Chinese medicine stock Guangyuyuan with a secret recipe in the A-share market. Its share price stepped out of the "devil's pace" like "big brother" Pien Tze Huang a month ago. Also on July 22nd, when the whole Chinese medicine sector was crushed by Pien Tze Huang, Guangyu was the first to stop.
This Chinese medicine company, which is also an old brand, has another feature-making money depends on Chinese medicine and "sipping" depends on liquor. On July 22, the liquor sector also weakened.
From June of 16 to July of 2 1 day, the share price of Guangyuyuan rose by nearly 156%, and once rose to a high of 5.404 yuan from around 20 yuan, and its market value rose from1000 billion yuan to 23.626 billion yuan, which became a new popular "fried chicken" in the A-share market, with no momentum.
During this period, Guangyuyuan's shareholders also moved to cash out. On June 30th, Guang Yuyuan announced that Huaneng Trust, the concerted action person of Dongsheng Group, the controlling shareholder, planned to reduce its holdings by 5618,000 shares from June 7th to June 29th, accounting for 1. 14% of the tradable share capital. Since June, the trust plan has been reduced several times, and Xu Zhilin, a natural person shareholder, began to reduce his holdings in early March.
According to the reduction plan announced by Guangyuyuan on July 5, Dongsheng Group and Huaneng Trust plan to reduce their holdings by no more than 65,438+0%. So far, Dongsheng Group has passively reduced its shares in listed companies for many times. The reason for this reduction is that the pledged shares triggered the passive transfer of the agreed default clause.
In the past 12 months, Dongsheng Group and Huaneng Trust plan to reduce their shares in Guangyuyuan10.99% and 2.52% respectively through the secondary market, and cash in about10.50 billion yuan and 370 million yuan respectively.
Guo Jiaxue is behind Dongsheng Group, but now the financial pressure of this Shaanxi capital crocodile has affected Guangyuyuan's controlling stake. By the end of the first quarter of this year, Dongsheng Group still held 1 1.82% of the shares of listed companies, but nearly 97% of these more than 58 million shares were pledged. On April 22nd, its 654.38+04.5 million shares pledged in open source securities were just "reluctantly" transferred to natural person Zhong Xuezhi. On June 7th, Dongsheng Group directly transferred 365,438+0,509,000 shares mortgaged in Jinchuang Investment to the latter in order to pay off its debts.
On July 16, the equity transfer procedure was completed, and Guangyuyuan officially changed the ownership of Shanxi state-owned assets, and the company's share price immediately reached its peak. In this context, the low opening and down limit on July 22 made it even more difficult for investors to accept-I thought it was the next Pien Tze Huang, how did it collapse together so soon?
In the domestic Chinese medicine market, the time-honored brands with the highest "appearance rate" of A shares are Pien Tze Huang, Yunnan Baiyao, Guangyuyuan, Tongrentang and Jiuzhitang. Jiuzhitang, which has the lowest market value, is also seeking a new controlling shareholder with a state-owned background. In contrast, although Guangyuyuan also has a so-called "secret recipe", its status is far from other "big names" in the field of Chinese medicine.
In 2020, Guangyuyuan realized operating income of11090,000 yuan; The net profit is 32.003 million yuan, which is less than Pien Tze Huang's 1/50. Guangyuyuan's performance has experienced continuous negative growth since the second quarter of 20 19. In the first quarter of this year, the company's net profit decreased by 865,438+0% year-on-year to only 5,654,380+0,699,900 yuan; Its net operating cash flow has been negative for 45 quarters 1 1 year.
Judging from the composition of performance, its main source of income is Chinese medicine. The business income accounts for more than 70%, and the gross profit margin is over 70% all the year round, which is more than 20 percentage points higher than that of Pien Tze Huang. Followed by Mao Lijiao high-quality traditional Chinese medicine and health wine.
Similar to Pien Tze Huang, Guangyuyuan also has the so-called "exclusive formula" drugs favored by the market. This traditional Chinese medicine brand with a history of more than 480 years claims to have four core varieties, namely Guilingji, Dingkundan, Angong Niuhuang Pill and Niuhuang Qingxin Pill, and the approval numbers of more than 100 other traditional Chinese medicines. Guilingji is the most complete living specimen of compound upgrading technology in China, and it is known as "the living fossil of traditional Chinese medicine". Dingkundan two varieties are state secrets.
But it is such an old brand that occupies the dual advantages of track and earning power. Why has its performance declined year after year? In this regard, Guangyuyuan mainly mentioned two reasons: the change of product sales structure led to a decline in gross profit margin and an increase in terminal sales expenses.
In recent years, Guangyuyuan has gradually increased the distribution of fine traditional Chinese medicines, and its business proportion has climbed from 20 19 years to 22.42%. The gross profit margin of this business is 4-6 percentage points higher than that of traditional Chinese medicine, but both of them are decreasing year by year at the speed visible to the naked eye. Even the "concept artifact" in the liquor market-health wine business, which only accounts for about 3%, has reduced its gross profit margin from 68% to less than 54% within one year.
According to Guang Yuyuan's explanation, the company's main energy is really focused on adjusting the structure and expanding the market, but it has not been effective for a long time. From 20 19 to 2020, the company's sales expenses are 54 10 million yuan and 584 million yuan respectively, which means that half of its income will be spent on marketing every year. On the other hand, the company's R&D expenses decreased from 62.7098 million yuan to 43.44438+0.5 million yuan.
In the recent dragon and tiger list, Zhao Laoge, Shen Bang, Fang and other hot money figures began to appear frequently in the top five trading seats of Guangyuyuan. There is a common sense in the capital market that the smaller the market "plate", the more easily the company's share price is affected by funds and becomes the object of speculation. But it turns out that the speculative capital bubble blows up quickly, but it will burst faster.
This article was originally produced by Caijing Tianxia Weekly. Please do not reprint in any channel or platform without permission. Offenders will be prosecuted.