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一致B:2019年半年度报告摘要(英文版) 下载公告
公告日期:2019-08-24

Stock Code: 000028/200028 Notice No.: 2019-31Short Form of the Stock: Sinopharm Accord /Accord B

China National Accord Medicines Corporation Ltd.

Summary of Semi-Annual Report 2019I. Important Notice

The summary of semi-annual report is excerpted from the full text of the semi-annual report. For the details, investors shouldcarefully read the full text of the semi-annual report published on Juchao Information website (www.cninfo.com.cn) and ShenzhenStock Exchange Website etc., appointed by CSRC.Objection statement of directors, supervisors and senior executives

NamePositionContent and reason

StatementOther directors attending the Meeting for annual report deliberation except for the followed

Name of director absentTitle for absent directorReasons for absentAttorney

Prompt of modified auditing opinion

□ Applicable √ Not applicable

Profit distribution pre-plan of common stock or capitalizing of common reserves pre-plan deliberated by the Board in the reportingperiod

□ Applicable √ Not applicable

The Company plans not to carry out cash dividend and bonus distribution and capitalizing of common reservesProfit distribution pre-plan of preferred stock deliberated and approved by the Board in the reporting period

□ Applicable √ Not applicable

II. Basic information of the company

1. Company profile

Short form of the stockSinopharm Accord, Accord BStock code000028, 200028
Stock exchange for listingShenzhen Stock Exchange
Person/Way to contactSecretary of the BoardRep. of security affairs
NameChen ChangbingWang Zhaoyu
Office add.Accord Pharm. Bldg., No. 15, Ba Gua Si Road, Futian District, Shenzhen, Guangdong ProvinceAccord Pharm. Bldg., No. 15, Ba Gua Si Road, Futian District, Shenzhen, Guangdong Province
Tel.+(86)755 25875195+(86)755 25875222
E-mailgyyzinvestor@sinopharm.comgyyz0028@sinopharm.com

2. Main financial data and index

Whether it has retroactive adjustment or re-statement on previous accounting data

□Yes √No

Current PeriodSame period of last yearIncrease/decrease in this report y-o-y
Operating income (RMB)25,228,147,377.4320,778,425,602.2221.42%
Net profit attributable to shareholders of the listed company (RMB)650,833,360.40641,727,034.931.42%
Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses (RMB)639,700,447.95623,296,339.342.63%
Net cash flow arising from operating activities (RMB)1,163,757,581.35225,357,709.20416.40%
Basic earnings per share (RMB/Share)1.521.501.33%
Diluted earnings per share (RMB/Share)1.521.501.33%
Weighted average ROE5.44%6.62%Decline 1.18 percentage points
End of current periodEnd of last periodIncrease/decrease in this report-end over that of last period-end
Total assets (RMB)33,539,598,682.9428,930,300,519.9715.93%
Net assets attributable to shareholder of listed company (RMB)12,140,439,917.4811,618,432,603.284.49%

3. Number of shareholders and share-holding

In Share

Total common shareholders at period-end19,108Total preference shareholders with voting rights recovered at end of reporting period (if applicable)0
Top ten shareholders
Full name of ShareholdersNature of shareholderProportion of shares heldAmount of shares heldAmount of restricted shares heldShares pledged/frozen
State of shareAmount
Sinopharm Group Co., LtdState-owned corporate56.06%239,999,99155,057,700
Hong Kong Securities ClearingOverseas corporate4.33%18,521,557
Company Ltd
HTHK/CMG FSGUFP-CMG FIRST STATE CHINA GROWTH FDOverseas corporate2.68%11,469,644
China National Pharmaceutical Foreign Trade Corp.State-owned corporate1.24%5,323,0435,323,043
Fidelity Investment Management (Hong Kong) Limited - Client’s fundOverseas corporate1.07%4,582,909
China United Property Insurance Company Limited – Traditional Insurance ProductsDomestic non state-owned corporate1.01%4,313,024
# Beijing Haoqing Fortune Investment Management Co., Ltd. – Haoqing Value Stable No.8 Investment FundDomestic non state-owned corporate0.96%4,118,716
Central Huijin Investment Ltd.State-owned corporate0.89%3,804,400
Basic endowment insurance fund- portfolio 1003Domestic non state-owned corporate0.77%3,294,334
BBH BOS S/A FIDELITYOverseas corporate0.76%3,246,061
FD - CHINA FOCUS FD
Explanation on associated relationship among the aforesaid shareholdersSinopharm Group Co., Ltd. and China National Pharmaceutical Foreign Trade Corporation have the same actual controller, which is China National Pharmaceutical Group Corporation. It is unknown that there exists no associated relationship or belongs to the consistent actionist among the other tradable shareholders regulated by the Management Measure of Information Disclosure on Change of Shareholding for Listed Companies.
Explanation on shareholders involving margin business about top ten common stock shareholders with un-restrict shares held (if applicable)Beijing Haoqing Fortune Investment Management Co., Ltd. – Haoqing Value Stable No.8 Investment Fund holds shares of the Company through margin trading and negotiable securities account that is 4,118,716 shares in total.

4. Changes of controlling shareholders or actual controller

Changes of controlling shareholders in reporting period

□ Applicable √ Not applicable

Changes of controlling shareholders had no change in reporting period.Changes of actual controller in reporting period

□ Applicable √ Not applicable

Changes of actual controller in reporting period had no change in reporting period.

5. Total preferred stock shareholders of the Company and shares held by top ten shareholders withpreferred stock held

□ Applicable √ Not applicable

The Company had no shareholders with preferred stock held in the reporting.

6. Corporate bonds

Whether the Company has a corporation bonds that issuance publicly and listed on stock exchange and without due on the date whensemi-annual report approved for released or fail to cash in full on dueNoIII. Discussion and analysis by the Management Team

1. Introduction of operation in the reporting period

Whether the Company needs to comply with the disclosure requirements of the particular industryYesRetailing industryIn the first half of 2019, the growth rate of China's pharmaceutical market slowed down, and the growth of majorterminals continued to differentiate, the growth rate of primary medical care and retail terminals was higher thanthat of hospital terminals. In the first half year, the industrial policy continued to deepen the medical reform withthe core thoughts of "adjusting the structure, strengthening the grassroots and strict supervision", and the pace of

reform in the medical field was accelerated; the "4+7" collection and linkage was rapidly advanced, the nationalmedical insurance standardization work was officially launched, the payment method reform pilot has beenadvanced, and the market regulation was becoming stricter.Under the new situation, Sinopharm Accord conformed to the industry and policy trends, maintained strategicstrength, sought transformation and innovation and development, and continuously promoted the strategicmeasures and technological transformation with wholesale and retail integration as the core, focused on fourbusiness directions, and created a "new" Guoda. Under the guidance and support of the company's board ofdirectors, with the joint efforts of more than 25,000 employees, we focused on the increase in share and the scaleexpansion, the company's scale and growth rate in the first half of the year was better than the overall level of theindustry, and achieved steady and rapid growth in performance.(i) Performance completionIn first half of 2019, Sinopharm Accord achieved a revenue from operation amounted as 25.228 billion Yuan witha y-o-y growth 21.42%; net profit attributable to shareholders of parent company comes to 651 million Yuan with

1.42% up on a y-o-y basis. The distribution business has operation revenue of 19.477 billion Yuan with y-o-ygrowth of 22.66%; net profit attributable to shareholders of parent company has 382 million Yuan with y-o-ygrowth of 15.41%. Guoda Drugstore achieved a revenue from operation amounted to 6.108 billion Yuan with ay-o-y growth of 18.75% and net profit attributable to shareholders of parent company amounted as 150 millionYuan, a 7.81% up on a y-o-y basis.(ii) The main work

1. Stabilize growth - performance improvement and scale expansion

The company actively grasped industry opportunities, optimized investment M&A decision-making efficiency,accelerated industry resource integration and store network layout, and ensured scale development. As of the firsthalf of the year, the company had a total of 107 subsidiaries, and the number of retail outlets of Guoda Drugstorewas 4,593, with a net increase of 318 stores. During the reporting period, the company invested in theestablishment of the Sinopharm Guoda Drugstore Bayannao’er Co., Ltd., Inner Mongolia Guoda PharmaceuticalsCo., Ltd., and Sinopharm Guoda Drugstore Yongxingtang Chain (Chaoyang) Co., Ltd.

2. Promote strategy - integration of wholesale and retail, and technology empowermentThe company researched and grasped environmental changes, deepened the development plan for the next fiveyears, and carried out strategic rolling revisions. With the core measures of "technology empowerment, serviceupgrading, integration of wholesale and retail, and industry and finance dual drive", we provided full-servicesolutions for the upstream and downstream industry chain through customer value driving and upgrades of supplychain model, and transformed the pharmaceutical distributors into the solution providers and service providers soas to create a leading international medicine health service platform.The company integrated resources to promote the synergy of wholesale and retail. In the first half of the year, thedistribution launched the logistics planning of wholesale and retail integration, and the sales of wholesale andretail synergies increased by 54% on a year-on-year basis, and the part outside of Guangdong and Guangxiprovinces increased by 64% on a year-on-year basis; Guoda Drugstore got supports from WBA global strategic

cooperation manufacturers’ resources, and improved the Catalogue of Integration of Wholesales and Retails, at thesame time, promoted the construction of provincial platforms, at present, the provincial platform in InnerMongolia has been completed, and the provincial platform project in Shenyang has passed the project approval.Centering on the "digital transformation", the company launched IT planning, promoted intelligent logistics andintelligent supply chain optimization, and energized the business development in multiple dimensions.

3. Consolidate foundation - management upgrade, risk control guarantee

The company straightened out the governance relationship of subsidiaries, regulated the management of itssubsidiaries, and enhanced its overall governance capabilities. The company optimized the organizationalstructure, created a diversified incentive mechanism, improved the talent development system, strengthenedleadership, stimulated organizational vitality and innovation, and promoted organizational managementtransformation. The headquarters gave play to resource allocation and control functions, strengthened professionalcapabilities, improved service awareness, implemented risk prevention and control, and escorted the businessdevelopment. We promoted key projects such as controls of claims and inventory balances, loss-making enterprisegovernance, and innovation first, and improved quality and efficiency for healthy development.

4. Promote transformation – service driven, model innovation

Distribution business: The company maintained strategic strength, actively responded to changes in marketpolicies, and consolidated the integrated operational foundation, the four major businesses developed rapidly andbuilt new competitive advantages. In the first half of the year, traditional business grew by 22% on a year-on-yearbasis, retail direct sales increased by 30% on a year-on-year basis, equipment consumables increased by 52% on ayear-on-year basis, retail medical treatment increased by 80% on a year-on-year basis, and primary care increasedby 34% on a year-on-year basis.

(1) The company actively responded to environmental changes, strengthened communication with the government,responded to the government's demand for medical reform, actively participated in and provided professionaladvice to enhance the company's influence. In terms of GPO policy, Guangzhou Company completed bargainingreports for seven batches of products, and the bargaining list coverage rate reached 91%, at the same time, itactively took countermeasures against new GPO areas such as Meizhou, Heyuan, Shanwei and Maoming. In theimplementation of "4+7" quantity procurement, with the professional service capability and network coverageadvantage, Shenzhen Company has obtained distribution rights of 22 varieties, accounting for 84%; GuangzhouCompany has obtained distribution rights of 24 varieties, accounting for 96%.

(2) Retail direct sales business: combined with the characteristics of retail terminals, continued to promotecustomer expansion, regional sinking, and actively promoted the integration of wholesale and retail and theplatform construction. In terms of sales growth, in the first half of 2019, the retail direct sales business achievedrapid growth, among them, retail pharmacy customer sales increased by 40% on a year-on-year basis, andsmall-scale private medical sales increased by 29% on a year-on-year basis. Actively integrated Guoda chain andprivate single-store and small chain resources, and promoted the construction of the core network of the terminalnetwork member store + the hospital circumjacent store through the "network self-built + cooperativedevelopment" dual-track mode, and continued to expand the construction of the third terminal medical network. Interms of B2B platform construction and service innovation, the company built OTC resource platforms, realized

online payment of B2B platform, upgraded member management functions, optimized APP module construction,focused on end customer needs, and created special services.

(3) Retail medical treatment business: Continued to promote the distribution of professional pharmacies inGuangdong and Guangxi, and sales have increased significantly. In the first half of the year, the sales revenue ofprofessional pharmacies in the first half of the year increased by 80%, and 13 new pharmacies were opened.Currently, the distribution points in 20 cities of Guangdong and 12 cities of Guangxi have been completed. As ofJune, there were 29 hospital circumjacent pharmacies with sales growth of 122% on a year-on-year basis, and 25DTP pharmacies with sales growth of 60% on a year-on-year basis. While advancing the layout of professionalpharmacies, we have continuously obtained various types of medical insurance qualifications: in the first half of2019, Shenzhen Pharmacy and Hexie Road Pharmacy became the major and serious disease supplementarymedical insurance drug retail pharmacies of Shenzhen; Huizhou Pharmacy obtained the qualification of seriousdisease medical insurance of Huizhou, while Zhuhai Pharmacy has obtained the qualification of additionalsupplementary medical insurance project.

(4) Equipment consumables business: With the gradual advancement of medical reform policies, the medicaldevice industry supervision has become increasingly strict, and the management advantages of distribution for thedevice business have emerged. In the first half of 2019, the sales of equipment business increased by more than50%. In the sales of equipment, combined with the needs of hospitals, continuously improved the viscosity ofhospital customers through platform construction and deep personalized service, formed a variety of SPD projectcustomized solutions, and promoted through the creation of SPD model hospital; explored medical suppliescounter sales and consignment sales model, and promoted the hospital bidding process; the sales of SPD projectsin the first half of the year increased by 181% on a year-on-year basis.In addition, it actively acquired the qualifications for wholesales and retails of medical devices, developed retailmedical device models, and improved retail business processes and retail system platforms, in addition, expanded4D business around the supply chain service upgrades, the businesses of new type of business company (includingequipment consumables, equipment management, disinfection center, etc.) have been gradually carried out in anorderly manner.Guoda Drugstore: Promote the company's brand upgrade, optimize the management foundation, strengthen theprofessional pharmacy service capabilities, and create new models.

(1) According to the company's strategic planning and deployment, implement the new brand strategy,successively complete the "Guoda" upgrades and "Guozhi" brand integration plan, expand the brand upgradeideas, form a number of landing plans, and continue to promote brand upgrades in the second half of the year.

(2) The "New Concept" pilot pharmacy jointly launched by Guoda Drugstore and Walgreens Boots Allianceopened on January 20

that Shangnan Road, Pudong New District of Shanghai. Up to now, sales have increased by

34.8% on a year-on-year basis, and the number of transactions has increased by 31.5% on a year-on-year basis.The pilot pharmacy has integrated and implemented a new business operation model with advanced design andoperation management concept of Walgreens Pharmacy and Boots Pharmacy. Introduced varieties and cooperatedwith a number of global brand suppliers, set parameters vital signs detector, and the touch advertising machineprovided physical intelligent detection and online drug purchasing services; launched "cloud hospital" project,

sothat customers can experience internet medical services such as remote consultation, electronic kitchen, chronicdisease management, self-test medication, and appointment registration.

(3) Professionalization of pharmaceutical service capabilities. Strengthened professional competence, and carriedout training courses for licensed pharmacists; opened Elearning platform to promote online learning; carried outthe "Guoda Drugstore Service Improvement" project; explored a sustainable and replicable basic servicemanagement system.

(4) Built an Internet + medical e-commerce model. Improved the value-added service system, optimized theself-operated OTO platforms such as WeChat Mall and APP, created a pharmacy + Internet O2O model, enhancedthe front-end customer experience, and launched the e-commerce national customer service. In the first half of theyear, the number of effective members nationwide was 11.436 million, an increase of 8% over the same periodlast year.

5. Strengthen party building - party building is strong foundation, don’t forget the initial heartGuided by the party's political construction, strengthened the theme education of "not forgetting the initial heart,keeping the mission in mind" and the special action of "party building is strong foundation", focused on thecompany's development strategy and central tasks, focused on the consolidation of basic organization, basicteam, and group organization construction.

6. Cultivate internal strength - cultural practice, and sedimentary accretion of brandCarried out various cultural activities, gathered heart and strength together, promoted corporate culturepropaganda and practice, focused on brand building, gave play to brand value, and cultivated the driving force ofenterprise development. Sinopharm Accord Corporate Culture Communication Project won the Best LearningProject Award in the China Talent Development Elite Award (2018-2019). At the same time, Sinopharm Accordalso won the 16

th"Shenzhen Famous Brand" and the excellent enterprise in Guangdong Province, and also wonthe most social responsibility award of Gelonghui's 2019 A-share listed companies.

2. Matters relevant to financial report

(1) Particulars about the changes in aspect of accounting policy, estimates and calculation methodcompared with the accounting period of last year

√Applicable □ Not applicable

On December 7, 2018, the Ministry of Finance issued the revised "Accounting Standards for Business EnterpriseNo. 21 - Leases", enterprises listed both domestically and overseas at the same time and enterprises listed overseasand using IFRS or ASBE to prepare financial statements have implemented it since January 1, 2019; otherenterprises that implement enterprise accounting standards shall come into force on January 1, 2021. As the parentcompany of the Company, Sinopharm Group Co., Ltd. ("Sinopharm") is listed overseas (H shares), in order tounify the accounting policy of the parent company Sinopharm, the Company has implemented the new leasingstandards on January 1, 2019. According to the new and old standards conversion requirements, the enterpriseshall adjust the retained earnings at the beginning of the period and the amount of other related items in the

financial statements according to the cumulative impact number of the implementation of the standard for the firsttime, and the information for the comparable period shall not be adjusted. This accounting policy change hasincreased the company's total assets and total liabilities, and the asset-liability ratio on January 1, 2019 was about

2.51 percentage points higher than it on December 31, 2018. This accounting policy change is not expected tohave a significant impact on the company's owner's equity or net profit.

(2) Particulars about retroactive restatement on major correction for accounting errors in reporting period

□ Applicable √ Not applicable

There is no particular about retroactive restatement on major correction for accounting errors in reporting period

(3) Particulars about the change of consolidation range compared with the accounting report of last year

√Applicable □ Not applicable

Particulars about the change of consolidation range see Financial Report Note-VIII.

China National Accord Medicines Corporation Ltd.

Legal representative: Lin Zhaoxiong24 August 2019


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