Hao Yuan Medical Science Creates "Puzzle" Exclusive Investigation

In the 1999 lane of Zhang Heng Road, there are many biological medicine in the Zhang Jiang Hua Science Park. After entering the gate, the first right turn is the 3 building of Hao Yuan medicine.

The headquarters building of hayuan medicine consists of four storehouses, of which only two are used for production and operation, which are mainly divided into packaging rooms, cold storage rooms, private rooms, warehouses and integrated offices. The Labs which are actually used for manufacturing are not large. Most of the sight can be seen by the workers being packed in hot packages.

Two buildings are being built outside the Hau Yuan medical headquarters building. According to local workers, two buildings will be used for Hao Yuan medicine after completion.

In the 720 Lane 2, Cai Lun Road, not far from here, it is the location of Haoyuan medicine's earlier laboratory. When it was visited in June 16th and twenty-first Century, there were still many administrative, research and development, production and other people in the office.

Local staff told reporters that the company's normal business development now, after the completion of the new office building of Zhang Heng Road, the site's laboratory will be relocated to the new building as a whole.

This is just the corner of Hau Yuan medical vigorously developing R & D base.

According to the twenty-first Century economic report, the center for research and development of Hao Yuan medicine, located in Ningma Ke Chuang garden, Ma'anshan, Anhui, has also been completed. According to the staff in the building, the R & D center was not officially started until recently.

One point of view is earnings. Hayuan pharmaceutical revenue increased from 174 million yuan in 2017 annual report to 409 million yuan in 2019, and net profit increased from 15 million 6 thousand and 900 yuan to 73 million 429 thousand and 600 yuan.

This data has already been able to meet the first set of listing standards of science and technology innovation board. This is also the listing standard adopted by Hao Yuan medical declaration.

Another perspective is intriguing.

It has not yet formally launched the contract, but has fulfilled the "finished" supplier, sold the company at a low price, and bought the company at a high price, the main business of avoiding the heavy burden and covering up, a wide variety of product lines with patent sparsity, and a trading company encased in the company of Chuang Chuang.

These fragments gradually blurred the face of "Yuan Chuang" of Hao Yuan medicine.

The two largest suppliers do not have the capacity to produce.

In twenty-first Century, two of the top five suppliers of Ho Yuan medicine were selected by the economic report reporters. They conducted field investigations to understand that two suppliers did not have the capacity to trade products, and the delivery of goods was still to be found.

In the prospectus, Hao Yuan medicine pointed out that the company has not yet completed the scale construction of its own production plant, and the large-scale production of some products is mainly through the way of outsourcing production.

But behind a large number of outsourcing orders, there are many "doubtful points" that the supplier groups of the company can not justify.

In twenty-first Century, the economic news reporter noted that Hao Yuan medicine frequently signed the "big list" with the newly established enterprises. Among them, Hao Yuan medicine signed a contract of 6 million 750 thousand yuan in November 2019, Anhui real Pharmaceutical Technology Co., Ltd. (hereinafter referred to as "Anhui special") coincided with the registration address of Hao Yuan pharmaceutical subsidiary.

According to the reporter's on-the-spot investigation, Anhui real has not officially launched its industry yet, but Hao Yuan medicine said in the prospectus that the order with Anhui's solid has been "fulfilled."

According to the data from Kai Xin Bao, Anhui solid was established in September 2, 2019 with a registered capital of 5 million. The registered address is "3 buildings in the northern section of Huo Li Shan Road, Anhui Lake Ma'anshan high tech Zone," and the registered address of Anhui yuan Yue medical science and Technology Co., Ltd., a wholly owned subsidiary of hayuan medicine, is also located in 1669 of the north section of the Huo Li Shan Road in the high tech Zone of Ma'anshan, Anhui, Ma'anshan, China. "3 buildings" are located in the north section of Huo Li Shan Road, Ma'anshan City, Anhui Province, China. "The 3 address is"

The registered address of Anhui Hao Yuan Pharmaceutical Co., Ltd. (hereinafter referred to as "Anhui Hao Yuan") is "1669 2 buildings on the northern part of Huo Li Shan Road, Ma'anshan, Anhui, China", which is adjacent to the former two companies.

In June 15th, the economic report in twenty-first Century visited the "1669 northern section of Huo Li Shan Road, Ma'anshan Lake City, Anhui". The address is an industrial park called "science and technology business incubator of the lake national hi tech Zone". But through the inquiry of the park staff and field investigation, the reporter found that there was no "Anhui real" company in the park.

But then, reporters from Anhui Haoyuan staff office learned that Anhui real office address is located 2 kilometers away from the "lake high tech Zone Ningma Ke park."

The park security told reporters that Anhui is located on the three floor of the 2 building of the park, but it did not take long. Cement and other decoration materials can be seen near the building.

In June 15th, a leader of the Anhui special authority said: "we registered in Anhui last year. There was an epidemic in the middle. All the progress was slow. In July, we should organize personnel to enter the field to do the experiment. Now we have just gone through some accounts, but the concrete has not yet started. Because of the epidemic, coupled with the recent busy schedule, there is no one in Ma'anshan now, and it should start in July. "

In fact, similar to Anhui real "shell" suppliers in Hao Yuan medicine prospectus is not unique.

In the year of 2018 (2018), he joined the 11 million 144 thousand and 600 yuan list of Hao Yuan medicine, ranking the second largest supplier, and the Lingyun Medical Technology Co., Ltd., which signed 6 million 668 thousand and 500 yuan order with hayuan yuan in January 2019.

In June 17th, the economic report reporters visited in June 17th, Lingyun medicine was located in Binjiang District, Hangzhou, nine. This article creates a garden, but the office space is less than 40 square meters, and there are only two office desks in the room. A staff member confirms that the company is doing intermediate business, but mainly "do the trade" and "buy the raw materials and then sell it to the next family."

In addition, in recent three years, Shandong Zouping Da Exhibition New Material Co., Ltd. (hereinafter referred to as "Zouping Exhibition") has been ranked as the dishonest executor.

Main performance, supply and marketing list, patent number "fairy fight"

According to its pre disclosure, Hao Yuan medicine is mainly engaged in two types of products: molecular block and tool compounds (front-end of drug development), and API and intermediates (drug development back-end).

In contrast, in the industrial ecological chain, the tool compound has a higher gross margin than the molecular block. In the prospectus, Hao Yuan medicine does not separate the business.

From the data point of view, "molecular blocks and tool compounds" are allowed to occupy the C position.

In the 2017-2019 year, the business revenue of the molecular building blocks and tool compounds was 81 million 254 thousand and 900 yuan, 151 million yuan and 236 million yuan respectively, accounting for 46.71%, 50.41% and 58.49% respectively. The revenues of raw materials and intermediates were 92 million 709 thousand and 600 yuan, 148 million yuan and 167 million yuan respectively, accounting for 53.29%, 53.29% and 53.29% respectively.

Molecular blocks and tool compounds contributed nearly 60% of revenue, and their share increased year by year in the past three years, while the proportion of raw materials and intermediates decreased over the past three years.

From the gross margin, the gross profit margin of molecular block and tool compound reached 70%, 67.71%, 68.29%, 70.70% in 2017 -2019, and the annual increase in the last three years. The gross profit margin of raw material and intermediate body is about 30%, and the gross profit margin of -2019 in 2017 is 38.44%, 34.78% and 38.83% respectively.

But it is worth noting that molecular blocks and tool compounds are not an industry.

In twenty-first Century, a business reporter study found that if the tool compounds, molecular blocks and API and intermediates were divided into industries, tool compounds were the most attractive ones.

Molecular block, located at the front end, is a small molecule compound developed for the design and construction of pharmaceutical active substances. It is one of the most important materials for research and development. At present, A technology, a leading block of molecular building blocks, has developed nearly 2000 distinctive molecular blocks in 2019, with a gross profit margin of about 51.59%.

The tool compound is located at the rear end of the molecular block and has certain biological or pharmacological activity. The average gross profit margin of the two businesses of "Hao Yuan medicine" "molecular block and tool compound" is within the scope of 67%-70%, while the comprehensive gross profit margin of medicinal stone technology block in the past three years is 51%-62%, and the gross profit margin of the compound is estimated to be above 60%, which is higher than the gross profit margin of the molecular building block.

Intermediates and APIs are more late. They are mainly used in clinical research, listed drugs, generic drugs and so on. The gross profit rate is relatively low. The gross profit margin of intermediates and chemical raw materials of Jiuzhou pharmaceutical and other listed companies is about 30%-40%, and the gross profit margin of hayuan medicine is also at this level.

But according to the above data, if the calculated tool compound is the main business of hayuan medicine, it will fall into another vicious circle.

However, in the prospectus, Hao Yuan medicine did not disclose details of the specific production, sale and technology of the molecular block and the tool compound separately, and had little knowledge of the specific product information and development situation involved.

In twenty-first Century, a reporter for economic report reported that the molecular block and tool compounds were included in a category description in the Hao Yuan medical prospectuses, and the names, costs and profits of the major products were not disclosed in detail. And in the information disclosure, investors can not get the relevant operation data of the main business which accounts for more than 50%.

In June 19th, in twenty-first Century, the economic report reporter sent an interview letter to Hao Yuan medicine on relevant issues, and had not yet received a reply before the press release.

According to Hao Yuan medicine, the top ten sales of -2019 in 2017 and stable products are intermediates and APIs.

This means that the sales of the molecular block and tool compound business, which accounts for more than 50% of the company's total revenue, is very fragmented. Even in the 2019 with the highest revenue scale (223 million yuan), none of the terminal customers of hayuan medical molecular building block and tool compound business is over 12 million. In 2017, no terminal customer procurement of any molecular building block and tool compound business exceeded 6 million 540 thousand yuan.

In the disclosure of production and marketing information, the production and marketing of API and intermediates are mainly disclosed, which is rather tight for molecular block and tool compounds, especially for tool compounds.

Data show that in 2019, Hao Yuan medicine main production and marketing products, the lowest sales income, "Ai Di ossified alcohol intermediate ADA" in 2019 sales volume is only 650 grams.

This brings a strange phenomenon. On the one hand, Hao Yuan medicine can create a "science and technology innovation enterprise" based on "molecular block and tool compound", but instead, it describes the operation of the industry with the core of "raw materials and intermediates".

"This is related to the dispersion of molecular blocks and tool compounds in the industrial chain." Some investment bank analysts pointed out.

However, it also admitted that IPO enterprises should voluntarily disclose the names, costs and profits of their products based on information disclosure criteria.

The most thought-provoking thing is, another statement by Haoyuan medical official website, said, "there are more than 10000 kinds of molecular building blocks and tool compounds produced by the company."

It is worth noting that as of April 30, 2020, hayuan medicine and its subsidiaries had authorized 53 patents, of which only 9 patents were involved in molecular blocks and tool compounds, and 40 other copyrights.

"Every tool compound has patents, and there is a patent for the synthesis of each tool compound." The industry insiders pointed out to the twenty-first Century economic report.

A professor at the Harvard University School of medicine told reporters: "the original compound will be a patent. It is also a drug patent we often talk about. Besides drug patents, there are some additional patents, such as crystal form, which is the most stable and effective, such as dosage forms and different dosage forms as auxiliary patents."

If so, even if the 9 patents correspond to a tool compound, there will be no more than 9 kinds of tool compounds produced by hayuan medicine. However, according to the official website of hayuan medicine, there are more than 10000 kinds of instant chemical libraries which are bioactive or pharmacologically active.

The professor of Harvard University further added: "now the production of active compounds is relatively mature in technology. If we want to produce a certain patent compound, we will definitely need patent authorization. In the laboratory and research, part of the patent is invalid, and we can all produce it. If it is in the patent period, it needs patent authorization, or experiment. It is possible for the small batch production to be commissioned by the factory to design new crystals and new compounds.

It is not yet clear whether the product type of "Yao Yuan medicine" is "expired patent".

In twenty-first Century, the economic news reporter noted at Hao Yuan medicine official website that at present, its LDN 193189 product, the bone morphogenetic protein (BM) signal inhibitor, which was publicly sold abroad, was acquired by NASDAQ listed companies Tocris Bioscience in 2016 as the right person Brigham and Women's. The exclusive licensing rights of Hospital (Brigham and women's Hospital, affiliated to Harvard University hospital).

It is worth mentioning that the product is not yet open to patent rights.

The A share market has yet to appear as a listed company with instrumental compounds as the main business.

Suspicious customers

According to the twenty-first Century business reporter survey, many "abnormal" behaviors between ho yuan pharmaceutical suppliers and customers are consistent with the "imbalances" of different financial indicators. Medchemexpress LLC, a former major customer, currently employs only 1 people and is registered in a private residence.

According to the contents of the prospectus, Hao Yuan medicine from 2017 to 2019 the proportion of overseas sales of the company was 38.23%, 41.40% and 41.46% respectively. The rest of the products were sold to overseas terminal customers through domestic distributors. The real terminal demand is still outside the territory, and the income of overseas distributors sold through domestic distributors will be calculated through penetration, and the proportion of overseas revenue will rise to 60% left. Right.

Therefore, taking the terminal demand as the criterion, the main market of the company is offshore.

On the whole, the customers of hayuan pharmaceutical are relatively scattered. In 2017, the sum of purchases of the top five customers in the year -2019 did not exceed 34%. In the last year, the total sales volume of the top five customers was less than 87 million 290 thousand yuan, and the five major customers would have greater changes every year.

One of them is "Mr. key" for the above Medchemexpress LLC company.

In 2016 and 2017, the first largest customer of hayuan medical company was occupied by the company called Medchemexpress LLC. The company purchased 14 million 203 thousand and 700 yuan and 27 million 414 thousand and 700 yuan for Hao Yuan medicine for two consecutive years.

In January 2018, hayuan pharmaceutical subsidiary Hongkong Hao Yuan bought a share of Zhinong GAO and its daughter jointly holding Medchemexpress LLC 100% with $600 thousand in cash.

Twenty-first Century economic news reporter noted that as early as in 2013 or even earlier, Hao Yuan medicine has acquired MCE, Medchemexpress related trademarks, Internet domain names.

In December 2017, Hongkong Hao Yuan also granted the Chemscene Limited Liability Company of Zhinong GAO (hereinafter referred to as "CS company") for a price of 200 thousand US dollars.

CS has also been one of the important customers of Hao Yuan.

The two acquisitions occurred on the eve of Hao Yuan medicine's delisting on the new third board, which meant that the company had already prepared for the IPO.

Officially, the two acquisitions are conducive to the development of hayuan pharmaceutical international market, especially the US market, which can further enhance the core competitiveness and comprehensive competitiveness, and have a positive impact on the realization and long-term development of the company's strategic goals.

The coincidence is that after the completion of the acquisition, Hau yuan pharmaceutical entered a period of rapid progress.

Hao Yuan pharmaceutical sales mode TOB, Medchemexpress LLC and Chemscene Limited Liability Company two companies for "channel enterprises", on the food chain, channels are king.

According to the sales volume of Medchemexpress LLC only Hao Yuan medicine project, the sales income of 27 million 414 thousand and 700 yuan may be more than 600 thousand dollars.

The reporter inquired about the public information of Medchemexpress LLC through channels, and found that the company that had purchased more than ten million currently has only one employee, the former shareholder, Zhinong GAO, whose registered address is 18 Wilkinson Way in Princeton, New Jersey, which is also the personal residence of Zhinong GAO and its daughter.

Google map and Redfin website show that "18 Wilkinson Way" is a local single family residential building. It was built in 1993. The most recent record of public sale and purchase was in August 25, 2010. In 2019, there were tax and transaction records, with a tax of $14398 and an estimated value of $674-745.

If the acquisition is only a result of circumvention of related transactions, Zhinong GAO and its daughter will sell the "shell" and "historical running water" at a low price, while relying on other legal person exhibition industry to meet the low transaction situation.

However, from the follow-up earnings data disclosed by Hao Yuan medicine, it is clear that Zhinong GAO has never been found.

And if Zhinong GAO and its daughter sell the company "whole body retreat", Medchemexpress LLC and Chemscene Limited Liability Company trading, the transaction price and the contrast of ten times the valuation, obviously suffered a great loss.

After the sale of a subsidiary, the capital increase is estimated to be 380 times longer.

A series of selling and repurchasing of Gansu Chemical Technology Co., Ltd. (hereinafter referred to as "Gansu Hao Tian") by hayuan medicine has puzzled many market participants. "Hao Tian,"

In twenty-first Century, business reporter learned from Haowen medicine sales department that Hao Yuan medicine and Gansu Hao Tian were indeed the same company before, but now the two companies have different factories and R & D teams for completely different individuals. Two the company has been doing business for a long time, and Gansu Hao Tian will also supply according to the needs of Hau Yuan medicine.

Hao Yuan medicine before the listing of new three boards, Hao Yuan medicine originally held 83% stake in Gansu Hao Tian, is the controlling shareholder of Gansu's Hao Tian; at the same time, as the founder of hayuan medicine, Xue Jijun held the 13% stake in hayuan medicine in 2006, but Xue Jijun gradually transferred the shareholding of hayuan medicine.

In April 22, 2013, Hao Yuan signed a "equity transfer agreement" with Xue Jijun, transferring the 83% stake in Gansu Hao Tian to Xue Jijun with a registered capital price of 830 thousand yuan, with an estimated value of about 1 million yuan.

It is worth mentioning that Gansu Hao Tian has been an important supplier of Hau Yuan medicine, mainly providing chemical materials such as calpo three alcohol and Alfa calcified alcohol intermediate.

In 2013, Gansu Hao Tian earned 6 million 255 thousand and 800 yuan from hayuan medical center. In 2017 -2019, the purchase amount of hayuan medicine from Gansu, Hao Tian was 2 million 846 thousand and 100 yuan, 3 million 957 thousand and 500 yuan and 8 million 324 thousand and 700 yuan respectively, accounting for 3.09%, 2.78% and 5.37% of the sales revenue of hayuan pharmaceutical raw materials and intermediates.

And it is such a good business that is very important to the main business of hayuan medicine, and the company whose income is at least 600 million is sold at a price of 1 million yuan by Hao Yuan medicine. Until December 4, 2013, 8 months after the signing of the agreement, Hao Yuan received only 500 thousand yuan from Xue Ji army's equity transfer.

In May 7, 2019, Hao Yuan medicine signed a capital increase agreement with Gansu Hao Tian and a supplementary agreement. At the price of 49 million 999 thousand and 987 yuan, the new registered capital of Gansu Gansu was subscribed for 1 million 351 thousand and 400 yuan, and the 13.18% stake of Gansu Hao Tian was acquired, and the post investment value reached 380 million.

However, in 6 years, the valuation of Hao Tian in Gansu increased by 380 times, and during the period, the business of hayuan medicine and Gansu Gansu did not break down. Gansu Hao Tian has been ranked as the important supplier of hayuan medicine.

Hao Yuan medicine said that the main reason for holding Gansu Hao Tian is the productivity resources of the raw materials and intermediates of Hao Tian in Gansu.

In May 17, 2019, Haoyuan medicine signed a "business strategic cooperation agreement" with Gansu Hao Tian, Hao Tian pharmaceutical and Xue Jijun. It was agreed that the issuers would have the right to use the 30-40 reactors to manufacture the pharmaceutical intermediates and API products of the issuers in the new pharmaceutical factory of Hao Tian after the capital increase to Hao Tian in Gansu.

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