Guan Hao'S Biological Performance "Self Cultivation" And Then Enter The Growth Enterprise Market

Today (May 10th), Guan Hao biology again.

Last March 31st, Guan Hao's bio business board IPO failed.

The company originally planned to issue 14 million shares and raise 198 million yuan to invest in 5 projects, including the National Engineering Laboratory for regenerative medical implantable devices, the demonstration project of regenerative biological membrane high technology industrialization, the research and development of cosmetic products, the research and development of pelvic floor materials, and the expansion of marketing network.

Despite the "bad luck", the high growth and high gross profit margin of this high-tech company impressed people. Its leading product biotype rigid brain (patch) patch accounted for more than 90% of the revenue and gross profit margin was more than 93%.

In contrast, Guan Hao's two degree clearance was ready.

According to the new prospectus materials, Guan Hao bio is planning to issue 15 million 300 thousand shares, invest in the National Engineering Laboratory for regenerative medical implants, 3 projects of high tech industrialization of aseptic biological protection, and 3 expansion projects of marketing network. The total amount is about $108 million, and the scale of financing is reduced by nearly half.

The elimination of cosmetic products research and development, pelvic floor products research and development 2 projects, belong to the new product development projects, whether it can be achieved on schedule, whether the product registration certificate can be obtained as scheduled, there is uncertainty, the profit outlook is unknown, as a recruitment project is obviously not appropriate.

Looking at the previous prospectus materials, the company's first risk factor is small scale and single source of sales revenue.

By the end of 2009, the total assets of Guan Hao were 156 million yuan and the net assets were less than 100 million yuan.

From 2007 to 2009, the proportion of biological hard brain patch was 99.94%, 99.87% and 92.35% respectively.

The new version of the prospectus shows that in June 2010, the company issued 4 million shares to 8 shareholders, while gaining development funds, it also expanded its own scale.

Today, the total assets and net assets of the company at the end of 2010 are about two times that of the end of 2009; in 2010, the proportion of biological hard core (ridge) patch was reduced to 86.95%.

The most amazing thing is that the two financial data before and after Guan Hao are very different, and the sponsors, law firms and audit institutions have not changed.

According to the most concerned net profit index, the net profit from 2007 to 2009 was 2 million 810 thousand yuan, 14 million 328 thousand and 900 yuan and 26 million 930 thousand and 800 yuan respectively.

The new prospectus shows that net profit from 2008 to 2010 is 7 million 94 thousand and 800 yuan, 14 million 416 thousand and 900 yuan and 32 million 341 thousand and 100 yuan respectively.

Among them, the data of the 2008 and 2009 years of the cross are about twice the difference between before and after.

Guan Hao's biological financial data has changed dramatically, which stems from the change in capitalization of R & D costs.

According to the disclosure, in 2010, Guan Hao biologically adjusted the capitalization time of R & D expenses from the product standard stage of product registration inspection to the beginning of the registration clinical trial stage, and made a retrospective adjustment.

The change retroactive adjustment affected the net assets of -783.6 in the end of 2008, and the net profit of -722.85 in 2008 was $10000, which affected the net assets of -2034.97 at the end of 2009, and the net profit of 2009 yuan was -1251.38 million yuan.

What has been questioned is that during the previous IPO, Guan Hao bio capitalized a large number of R & D expenses, and capitalized R & D expenditures in 2007, 2008 and 2009 were 4 million 200 thousand yuan, 12 million 240 thousand yuan, and 22 million 620 thousand yuan respectively.

The net profit shows that if these costs go directly into current profits and losses, the company's performance in 2007 to 2009 will be greatly reduced or even lost.

Therefore, when Guan Hao BIE returned to IPO, he deliberately determined the capitalization time of R & D project R & D cost.

Fortunately, after this adjustment, the performance of Guan Hao's life is still amazing. The net profit in recent 2 years has increased by more than 1 times a year.

At the same time, the company emphasizes that it will continue to launch new products, expand overseas markets and gradually reduce its dependence on single products.

In addition, the major shareholder of the company made a performance promise for another 09 year old sterile biological protective film product launched in June.

All these are trying to dispel the high risk concerns of the high-tech company.