129784668194428750_324Tiger medicines: lack of core competitiveness of sustainable profitability was questioned
On Tuesday, adjudication will be made by the SFC audit Hangzhou Tiger medical technology company limited (hereinafter referred to as "Tiger medicines") the first application. Reporters, however after reading the draft prospectus disclosure of the company, only to find the Tiger medicine beset by many factors of management performance, and less scientific research funds, foreign barriers to break down, so grim future form. Tax incentivesExpired tag medicine in 2008, by the Zhejiang Provincial Science and Technology Department identified as "high-tech enterprise". According to China's tax rules, high and new technology enterprise of national focal point support will be 15% the preferential enterprise income tax rates. Companies also benefit from the offer, preferential tax total profits during the reporting period, 15.5% and 17.3%, respectively. But enrollmentUnit manual display company that so far has not obtained a patent, can once again access to high-tech qualifications there is a risk in the future. And either the company or the subsidiary preferential policies enjoyed by 2013, shortly after that company's listed are to expire. And companies have yet to lose tax incentives to make the appropriate countermeasures, in other words, the company 2013Annual profit may have fallen sharply. Surge in receivables risks during the reporting period an amount on account of the company accumulated rapidly. In 2009 and 2010 respectively and 147.4% increase in accounts receivable, operating income ratio rose to 24.14% per cent in 2020. Company accounts receivable is widely dispersed, removal of account receivableOutside the top five customers, and 60% distribution in the amount of the customer. Even more serious is that company's balance sheet, accounts receivable total assets reached around 25%. Receivables scheduled payment, or more serious bad happens, is bound to have a large impact on the performance of the company. Super Tiger medicines lower research and development costs to ensure the core competitiveness and financingPreparation of three projects, is estimated to be clinically integrated management platform project investment 78.3282 million Yuan. Software purchase costs of up to $ 12.052 million. Research and development expenses to $ 3.54 million, accounting for only 4.52%. On the data management centre project, research and development costs are only 2.6%, third SMO Management Center or no research and development costs of the project. EnrollmentUnit says in the book, "research and technology innovation is the basis for the company's survival and development, the company will continue to use advanced information technology, accelerate research and development of critical and forward-looking technologies to enhance and improve the industry with core technology solutions, promote business growth and market expansion. "And above lower research and development costs but don't know how to upgrade andPerfect core technology. Foreign barriers to break free is a sustainable company main business scale expansion to pharmaceutical and health-related research and development of products at home and abroad provide specialized clinical research services, scope of business includes phase I through IV clinical trial technology services, data management, statistical analysis, registration, clinical trials, field service
tera power leveling, and analysis of phase I clinical testing services, SMO servicesWorks, and so on.
Main business revenue from the prospectus disclosure, customer categories during the reporting period focused on foreign and domestic foreign clients largely untouched
tera gold, and domestic-funded customers dropped to 47 per cent in 2010 home. Thus, the company mainly focused on research in cooperation with foreign companies. Next reporting period if they want to maintain high speedDevelopment, we need to expand foreign markets. However the industry pointed out that international CRO industry long dominated by large CRO in Europe and institutions, market share of 98%, if the domestic CRO agency wants to expand into the international market, must have a strong technology foundation and first-class service. Only 4% total assets less intangible assets of the company, so far the company has notMaster a patented technology. And in the case of raised funds for research so thin, company competitive on the international market. Show the prospectus, the company consolidated gross margin was little changed in three years
tera gold, but media reports, company 2009-2010 has introduced 12 offices throughout the country, company's employees increased from 241 to 566 people, An increase of more than 1 time. Not on such a large scale expansion of revenue increase. Even in 2011, the company's new contract value fell to $ 14.9334 million. It just means the company expansion is not sustainable. (Shanghai)
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