Wen | AI Finance & Economics Chen Chang Ning
Editor | Yang Jie
Pien Tze Huang's bubble is coming to an end.
Not long ago, Pien Tze Huang, the "magic medicine", also sold the momentum of "grabbing Maotai". A small tablet of 3g was fired to thousands of dollars on the e-commerce platform; The offline store also played a "restricted purchase", and the medicine was snapped up after opening the door for 1 minutes. In the capital market, the stock price of this "Maotai in Medicine" has increased by 3 times in 18 years. On July 21st, the intraday share price of Pien Tze Huang hit a record high of 491.88 yuan. In the face of its illogical "soaring" trend, Pien Tze Huang's major shareholder can't sit still.
On the evening of July 21st, according to Pien Tze Huang's announcement, its major shareholder, Jiulongjiang Group, plans to reduce its shares 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 midday on July 22nd, and its market value evaporated by 23.4 billion yuan within half a day. In the afternoon, the stock price continued to decline and finally closed down.
"The reduction of the major shareholder of Pien Tze Huang is definitely bad news for the market." Fu Yifu, a senior researcher at Suning Financial Research Institute, told AI Finance and Economics, "Generally speaking, this action may convey two signals, one is that it wants to cash out, and the other is that it 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 its original track will not be ruled out. "
Some market analysts also said that after the early speculation on traditional Chinese medicine with an old name and exclusive formula, there was obviously a big bubble in Chinese medicine stocks, 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 "Maotai in Medicine" is on the way.
It is worth noting that Guangyuyuan, a time-honored brand of traditional Chinese medicine with Pien Tze Huang, has experienced a 1.5-fold increase in its share price in the last month, and has also experienced a reduction of its controlling shareholder's holdings and changed ownership of state-owned assets. However, on July 22, Guangyuyuan also fell.
On the evening of July 21st, Pien Tze Huang announced that Jiulong River Group, the controlling shareholder of the company, planned to reduce its shareholding by no more than 1% of the company's total share capital within three months after 15 trading days, that is, no more than 6,33,2 shares.
Before the reduction, as of July 21st, 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 person of Jiulong River Group, ranks the fifth largest shareholder, holding .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 caused a lot of discussion in the market. In fact, since Pien Tze Huang went public in 23, its share price has been on the rise. In the past two years, it has been exaggerated. Since 22, its share price has increased by more than 348.9%. In the more than half a year in 221, the cumulative increase has reached 83.47%. On the day of the announcement of the reduction of holdings on July 21, the daily increase of Pien Tze Huang's share price was still as high as 4.87%, closing at 489.76 yuan/share, setting a record high for its 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 was listed that year, but now it is equivalent to a nearly 3-fold increase in the stock price within 18 years after its reinstatement.
The shares of Pien Tze Huang held by Jiulongjiang Group mainly come from pre-IPO and other means. According to the closing price on July 21, the major shareholder can cash in nearly 3 billion yuan 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 institutions that go in and out, and there are also "sticking" super cattle scattered.
In the list of 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 in 29 when the average share price of Pien Tze Huang was only 5.5 yuan. In 29, Wang Fuji bought 6.2 million shares of Pien Tze Huang. In the first half of 21, his shareholding increased to 6.3 million shares, and he has been the second largest shareholder for many years. Since then, he has increased his holdings through allocation and transfer. Up to now, he holds 27,37,5 shares of Pien Tze Huang, with a shareholding ratio of 4.48%. According to the share price of Pien Tze Huang on July 21, the market value of Wang Fuji's shares was as high as 13.24 billion yuan at that time, and the total cost of his successive purchases was only about 25 million yuan.
In the 12 years since he held the shares, Wang Fuji has basically never reduced his position. The only time was in the third quarter of 214 when he slightly reduced his position by more than 11, shares, but he bought them back in time in the fourth quarter. This also made him nicknamed "Pien Tze Huang sweeping monk" by the outside world, and was called "the most cattle retail investor in A shares".
In April this year, Wang Fuji was listed on the Forbes Global Rich List in 221 with a net worth of $1.2 billion. Along with him are Ren Zhengfei, the head of Huawei, and Chen Tianqiao, the former richest man in China.
But it seems that Wang Fuji hasn't "fished enough" from Pien Tze Huang. In 214, he proposed to the extraordinary shareholders' meeting that the cash dividend ratio of the company should be increased to 6% from 213, while the annual dividend ratio of Pien Tze Huang in the past was not less than 3%. However, the proposal was not passed.
compared with Wang fuji, the privately-owned big boss forest park is "in and out". Among the private equity funds of Linyuan established in his own name, as many as three private equity products of Linyuan No.21, No.29 and No.11 have appeared in the top ten shareholders of Pien Tze Huang's 22 interim report. But in the third quarterly report, there was only one fund left, Linyuan Investment No.29. When Pien Tze Huang's 22 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 a black light every day without any mistakes. I will buy medicine now." The private equity tycoon has been a platform for Pien Tze Huang in public. In 217, he said in an interview that "Pien Tze Huang's future share price may surpass Kweichow Moutai". In June, 221, a personal letter from Linyuan at the shareholders' meeting of Pien Tze Huang spread all over the Internet, which read: "Linyuan and Linyuan invested, and none of them have been sold since they bought Pien Tze Huang in 25." Lin Yuan also said, "Pien Tze Huang is a great company, Pien Tze Huang is a unique business, and it will eventually sell for the price of two bottles of Maotai."
despite the beautiful words, Lin Yuan has "broken his word" and withdrawn from the top ten tradable shareholders of Pien Tze Huang. In this regard, Lin Yuan once explained that the position was split to other small funds.
With the reduction of Jiulong River Group's holdings, only Wang Fuji, as an individual investor, has been "sticking to it".
"Pien Tze Huang's stock, I started 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 falls again. I still decide not to start in the short term. After all, it is necessary to pay back the floating wealth. " A stockholder told AI Finance and Economics.
Pien Tze Huang has been fried into a "magic medicine". Where is its moat?
A Fujian consumer told AI Finance & Economics that many people disdained to buy Pien Tze Huang when it was only tens of yuan a pill in Zhangzhou, but now they have been "fired" and sold for 1,6 yuan a pill, but they have snapped it up one after another. "If these people are not hoarding, what else can they be?" He said that the price of this medicine has risen rapidly. "It was obviously five or six hundred yuan a pill not long ago."
In June, 221, 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 59 yuan, is only limited to two pills per person in the store, and the number of pills per person is reduced to one after one night. Now, users want to buy Pien Tze Huang, and the offline store directly tells them that they are out of stock. If you want to buy it, call and other notices. Online channels and scalpers also take this opportunity to increase prices for profit.
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 Pien Tze Huang's "miraculous effect". The public ingredients of this medicine are bezoar, musk, snake gall and Tianqi, which are recognized by doctors as "promoting blood circulation, removing blood stasis, diminishing inflammation and relieving pain". However, in folk rumors, the curative effect of Pien Tze Huang has become somewhat outrageous, and there are many sayings that "Pien Tze Huang can cure cancer", "reducing 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 Central University of Finance and Economics, told AI Finance and Economics 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 and the beginning of attaching importance to health, has also become the basis of Pien Tze Huang's hype in disguise.
Some media reported that some Pien Tze Huang experience halls in the market are dominated by Moutai dealers. Under their impetus, "drinking Maotai" and "buying Pien Tze Huang" have become a kind of "status symbol".
The drug price and high stock price of Pien Tze Huang are 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. Among the raw materials, 9% are bezoar and natural musk, which are extremely rare and their prices are rising. According to CCTV's investigation report in November 22, it took some merchants several months to receive a handful of bezoar, and the price of .5 kg was as high as more than 2, yuan.
With "scarcity" marketing, rising prices have also become the secret of Pien Tze Huang's revenue growth. AI Caijing found that in the past 15 years, the price of Pien Tze Huang's core product * * * has been raised 15 times. It is understood that the price of Pien Tze Huang was 13 yuan per pill in 25, and it was raised to 59 yuan per pill around 217. Therefore, in 217, the revenue growth rate of Pien Tze Huang once reached 6.85%.
However, it is worth noting that after 217, the revenue growth rate of Pien Tze Huang began to decline year by year, and by 22, it hit a new low in the past five years, only 13.78%. At the same time, according to the gross profit margin data of many Chinese medicine companies from 214 to 218, the five-year average gross profit margin of Pien Tze Huang is only 45%, which is far lower than 7%-8% of Tongrentang and Renhe Pharmaceutical.
Pien Tze Huang, whose revenue mainly depends on a single explosive, is also developing other businesses. Since 26, Pien Tze Huang has included daily chemical products in the company's income. In 22, Pien Tze Huang's cosmetics sales amounted to 611 million yuan, contributing 114 million yuan in net profit. In October, 22, Pien Tze Huang announced that it would start the preparatory work for the listing of Pien Tze Huang cosmetics, a spin-off holding subsidiary.
In addition to Pien Tze Huang, there is a Chinese medicine stock Guang Yuyuan with a secret formula in the A-share market. Its share price went out of the "devil's pace" like Pien Tze Huang, the "big brother", a month ago. Also on July 22nd, when the whole Chinese medicine sector collapsed by Pien Tze Huang, Guangyu was the first to stop.
this traditional Chinese medicine enterprise, which is also an old brand, has another feature-making money depends on traditional Chinese medicine and "sipping" depends on liquor. On July 22, the liquor sector also weakened.
from June 16th to July 21st, Guangyuyuan's share price rose by nearly 156%, from around 2 yuan to a high of 54.4 yuan, and its market value rose from 1 billion yuan to 23.626 billion yuan, making it a new popular "fried chicken" in the A-share market, and its momentum was no less than that of Pien Tze Huang.
During this period, the shareholders of Guangyuyuan also moved to cash out. On June 3, Guangyuyuan issued an announcement, saying that Huaneng Trust, the concerted action of Dongsheng Group, the controlling shareholder, planned to significantly reduce its holdings of 5.618 million shares from June 17 to June 29, accounting for 1.14% of the tradable share capital. Since June, the trust plan has been reduced for many times, and Xu Zhilin, the 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 1%. At this point, 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 holdings of Guangyuyuan by 1.99% and 2.52% respectively through the secondary market, and cash in about 15 million yuan and 37 million yuan respectively.
Guo Jiaxue is behind Dongsheng Group, but now the financial pressure of this Shaanxi capital tycoon has affected Guangyuyuan's controlling stake. As of the end of the first quarter of this year, Dongsheng Group still holds 11.82% shares of listed companies, but nearly 97% of these more than 58 million shares are pledged. On April 22nd, its 14.5 million shares pledged in open source securities were just "reluctantly" transferred to natural person Zhong Xuezhi. On June 7th, in order to pay off debts, Dongsheng Group directly transferred the 31,59, shares mortgaged in Jinchuang Investment to the latter.
on July 16th, the equity transfer formalities were completed, and Guangyuyuan officially changed ownership of Shanxi state-owned assets, and the company's share price immediately reached its peak. In this context, the low opening limit on July 22 made it even more difficult for investors to accept-I thought it was the next Pien Tze Huang, why did it collapse together so soon?
In the domestic Chinese medicine market, several 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 formula", its status is far from that of other "big brothers" in the Chinese medicine industry.
In 22, Guangyuyuan will realize an operating income of 1.19 billion yuan; The net profit was 32.3 million yuan, less than 1/5 of Pien Tze Huang's. Guangyuyuan's performance has experienced continuous negative growth since the second quarter of 219. In the first quarter of this year, the company's net profit decreased by 81% year-on-year to only 5,169,9 yuan; Its net operating cash flow has been negative for 11 consecutive years and 45 quarters.
In terms of performance composition, its main source of income is traditional Chinese medicine, which accounts for more than 7% of its revenue, and its gross profit margin is more than 7% all the year round, which is more than 2 percentage points higher than that of Pien Tze Huang. Followed by high-quality Chinese medicine and health wine with higher gross profit.
Similar to Pien Tze Huang, Guangyuyuan also has the so-called "exclusive formula" medicine favored by the market. This brand of traditional Chinese medicine, which claims to have a history of more than 48 years, claims to own turtles.