东阿阿胶首次亏损 “药中茅台”东阿阿胶在2019年发生了什么-看世界

东阿阿胶首次亏损 “药中茅台”东阿阿胶在2019年发生了什么

东阿阿胶首次亏损,“药中茅台”东阿阿胶在2019年发生了什么?1月19日,东阿阿胶发布关于2019年年度业绩预告的公告。公司预计,归属于上市公司股东的净利润为亏损3.336亿元至亏损4.586亿元,比上年同期下降116%至122%,去年同期为盈利20.85亿元。据WIND数据,这是公司自1993以来首次出现亏损,即27年首亏。

Dong'a-jiao lost money for the first time. What happened to dong'a-jiao in 2019? On January 19, dong'a-jiao released a notice on the annual performance forecast in 2019. The company estimates that the net profit attributable to the shareholders of the listed company ranges from a loss of 333.6 million yuan to a loss of 458.6 million yuan, a decrease of 116% to 122% compared with the same period last year, and a profit of 2.085 billion yuan in the same period last year. According to wind data, this is the company's first loss since 1993, the first loss in 27 years.

最新数据显示,东阿阿胶股东户数接近9万户,这对于坚守白马股的投资来说,确实“有点慌”,27年不遇的亏损就这样猝不及防地降临了。

According to the latest data, the number of shareholders of dong'a-jiao is close to 90000, which is really "a little panic" for the investment of holding on to Baima shares. The loss that hasn't happened in 27 years has suddenly come.

与此同时,东阿阿胶还发布了另一条公告:公司董事会近日收到秦玉峰先生提交的书面辞职报告,由于到龄退休原因,秦玉峰先生申请辞去公司第九届董事会董事、总裁和公司法定代表人职务,同时一并辞去公司第九届董事会战略委员会委员和提名委员会委员职务。辞职后,秦玉峰先生不再担任公司任何职务。

At the same time, dong'ejiao also released another announcement: the board of directors of the company recently received the written resignation report submitted by Mr. Qin Yufeng. Due to the retirement of the company, Mr. Qin Yufeng applied to resign from the position of director, President and legal representative of the ninth board of directors, and at the same time resigned from the position of member of the strategy committee and Nomination Committee of the ninth board of directors 。 After resigning, Mr. Qin Yufeng no longer holds any post in the company.

截至2020年1月17日,东阿阿胶股价为36.95元,总市值241.66亿元。东阿阿胶股价最高达到70.9元,市值超过460亿元。

As of January 17, 2020, the share price of dong'a-jiao was 36.95 yuan, with a total market value of 24.166 billion yuan. The highest share price of dong'a Ejiao is 70.9 yuan, with a market value of more than 46 billion yuan.

那么,历史上业绩稳步向上,有着“药中茅台”称号的大白马何以在一年时间内沦落到此?

So, in the history, the achievements are steadily rising. Why did the big white horse with the title of "Maotai in medicine" fall here in a year?

“药中茅台”27年首亏

The first loss of "Maotai in medicine" in 27 years

1月19日傍晚,有着“药中茅台”称号的东阿阿胶披露业绩预告。

On the evening of January 19, dong'a-jiao, who has the title of "Maotai in medicine", disclosed the performance forecast.

东阿阿胶预计,归属于上市公司股东的净利润为亏损3.336亿元至亏损4.586亿元,比上年同期下降116%至122%,去年同期为盈利20.85亿元。

Dong'ejiao estimated that the net profit attributable to shareholders of listed companies was 333.6 million yuan to 458.6 million yuan, a decrease of 116% to 122% over the same period of last year, and a profit of 2.085 billion yuan in the same period of last year.

东阿阿胶首次亏损 “药中茅台”百年老店怎么了据WIND数据,这是公司自1993以来首次出现亏损,即27年首亏。这也是2019年首只曝出亏损的白马股。

Dong'a Ejiao lost money for the first time. According to wind data, this is the first loss of the company since 1993, that is, the first loss in 27 years. This is also the first white horse stock to expose losses in 2019.

东阿阿胶方面表示,亏损主的主要原因是,近年来,受整体宏观环境以及市场对价值回归预期逐渐降低等因素影响,公司渠道库存出现持续积压。

Dong'ejiao said that the main reason for the loss is that in recent years, the company's channel inventory has been continuously overstocked due to factors such as the overall macro environment and the gradual reduction of market expectation for value return.

为避免企业长期良性健康受到不利影响,今年公司主要侧重于清理渠道库存,主动严格控制发货、全面压缩渠道库存数量,尤其在下半年进一步加大了渠道库存的清理力度,因而对经营业绩影响有所加大。故对2019年全年业绩情况作出如上预测。

In order to avoid adverse effects on the long-term good health of the enterprise, this year, the company mainly focuses on cleaning up the channel inventory, actively and strictly control the delivery, comprehensively reduce the channel inventory quantity, especially in the second half of the year, further increase the cleaning up of channel inventory, thus increasing the impact on business performance. Therefore, the above forecast is made for the performance of 2019.

目前,公司紧紧围绕品牌积累和消费者开创配置资源,通过营销数字化转型,实现消费者运营。

At present, the company closely focuses on brand accumulation and consumer creation and allocation of resources, and realizes consumer operation through digital marketing transformation.

着眼于盘整期后的长期良性健康发展,公司将积极优化调整发展战略,加强临床和学术推广,梳理丰富产品体系,不断推出“阿胶+”和“+阿胶”系列产品,推进阿胶即食化、对接新消费、转型新营销、拓展新客群、孵化多品类。

Focusing on the long-term sound and healthy development after the consolidation period, the company will actively optimize and adjust its development strategy, strengthen clinical and academic promotion, sort out and enrich its product system, continuously launch "donkey hide gelatin +" and "+ donkey hide gelatin" series products, promote ready to eat donkey hide gelatin, connect new consumption, transform new marketing, expand new customer base, and incubate multiple categories.

着力推进营销模式变革,由聚焦阿胶产业向滋补行业转变。

Efforts should be made to promote the transformation of marketing mode from focusing on donkey hide gelatin industry to nourishing industry.

通过商业模式的转型,加快适应数字环境的组织能力变革,推动公司良性健康发展。

Through the transformation of business model, accelerate the transformation of organizational capacity to adapt to the digital environment, and promote the sound and healthy development of the company.

“灵魂人物”也走了

"Soul character" is gone

就在东阿阿胶披露预亏公告的同时,也发布了另一份公告。

At the same time that dong'a Ejiao disclosed the pre loss announcement, it also released another announcement.

公告称,公司董事会近日收到秦玉峰提交的书面辞职报告,由于到龄退休原因,秦玉峰申请辞去公司第九届董事会董事、总裁和公司法定代表人职务,同时一并辞去公司第九届董事会战略委员会委员和提名委员会委员职务。

According to the announcement, the board of directors of the company recently received the written resignation report submitted by Qin Yufeng. Due to the reason of retirement, Qin Yufeng applied to resign as the director, President and legal representative of the ninth board of directors of the company, and at the same time resigned as a member of the Strategy Committee and Nomination Committee of the ninth board of directors.

辞职后,秦玉峰不再担任公司任何职务。

After resigning, Qin Yufeng no longer holds any position in the company.

据百度资料,秦玉峰,1958年生人,籍贯山阿县,1974年进入东阿阿胶工作,历任科长、处长、厂长助理、副总经理、常务副总经理,负责质量、研发、技改、采购供应、生产制造、市场营销等工作。

According to Baidu, Qin Yufeng, born in 1958, native place of shan'a County, entered dong'a-jiao work in 1974. He has successively served as section chief, director, assistant to the factory director, deputy general manager and executive deputy general manager, responsible for quality, research and development, technical innovation, procurement and supply, production and manufacturing, marketing and other works.

2006年,秦玉峰接任东阿阿胶股份有限公司总经理,成为闻名全国中药行业的“阿胶少帅”之后,立即实施旨在回归阿胶“补血圣药”、“滋补上品”大众认知和历史地位的阿胶价值回归工程,在保护阿胶非物质文化遗产方面相继采取了建立13个原料基地、恢复中断百余年的传统名贵阿胶品种九朝贡胶生产、搜集整理3200余个阿胶历史古、名、民间验方,在全国大城市建立阿胶养颜养生馆、举办阿胶博物馆巡回展、与北京中医药大学和张裕、白云山等抱团弘扬民族优秀文化、与中医药院校进行阿胶等中医药保护开发广泛合作、开发具有阿胶文化元素的和现代消费时尚的阿胶美容养颜食品桃花姬阿胶糕等力措,使代表东阿阿胶文化的东阿阿胶制作技艺成为国家首批非物质文化保护遗产,公司成为全国阿胶行业唯一的国家中医药文化宣传教育基地,由此被誉为“中国医药行业文化大师”。

In 2006, Qin Yufeng took over as the general manager of dong'ejiao Co., Ltd. and became the "Ejiao Shaoshuai" of the famous Chinese medicine industry. He immediately carried out the Ejiao value return project aimed at returning to the public recognition and historical status of Ejiao's "blood tonic medicine" and "tonic top grade". In terms of protecting the intangible cultural heritage of Ejiao, he successively established 13 raw material bases and interrupted the restoration More than one hundred years of traditional and precious donkey hide gelatin, jiuchaogong gum, has produced, collected and sorted out more than 3200 ancient, famous and folk prescriptions of donkey hide gelatin. It has established donkey hide gelatin beauty and health preservation centers in major cities across the country, held touring exhibitions of donkey hide gelatin museums, carried out extensive cooperation with Beijing University of traditional Chinese medicine, Zhangyu, Baiyunshan and other groups to promote national excellent culture, and carried out protection and development of traditional Chinese medicine such as donkey hide gelatin with colleges and universities of traditional Chinese medicine The company has developed such measures as taohuaji Ajiao cake, a beauty food with Ejiao cultural elements and modern consumption fashion, so that the production technology of Ejiao, which represents the culture of Ejiao, has become the first batch of intangible cultural protection heritage of the country, and the company has become the only national traditional Chinese medicine cultural publicity and education base in Ejiao industry, so it is known as the "cultural master of Chinese medicine industry".

在秦玉峰接手东阿阿胶的14年时间里,东阿阿胶从跨越二十几个行业的多元化企业,发展为主业清晰、专业化经营、竞争优势较为突出的公司,围绕阿胶主业打造核心竞争力,不断扩大、升级、繁荣阿胶市场,服务于广大消费者对更加美好生活的向往和追求。

In the 14 years since Qin Yufeng took over dong'a-jiao, dong'a-jiao has developed from a diversified enterprise spanning more than 20 industries into a company with clear main business, specialized operation and outstanding competitive advantages. It has built its core competitiveness around the main business of donkey hide gelatin, continuously expanded, upgraded and prospered the market of donkey hide gelatin, and served the consumers' yearning and pursuit for a better life.

秦在位的近14年时间里,该公司业绩持续增长,赚了超过130亿元的利润,其中,2017年和2018年净利润连续两年超过20亿。

During Qin's nearly 14 years in office, the company's performance continued to grow, making more than 13 billion yuan of profits, of which the net profits in 2017 and 2018 exceeded 2 billion yuan for two consecutive years.

所以,业界也将秦玉峰称为东阿阿胶的“灵魂人物”。

Therefore, the industry also called Qin Yufeng the "soul figure" of dong'a-jiao.

据东阿阿胶公告,接替秦玉峰的是高登峰。

According to dong'a Ejiao, it was Gao Dengfeng who succeeded Qin Yufeng.

据悉,股东方华润医药对其寄予厚望。

It is reported that shares of orient China Resources medicine have high hopes for it.

资料显示,高登锋生于1973年1月生,1995年9月在东阿阿胶参加工作,历任东阿阿胶销售代表/主管、办事处经理、市场部经理/总监、西南西北区总监、高端产品事业部总监、江苏销售分公司总经理、苏皖销售分公司总经理、人力资源部总监、保健品公司总经理、电子商务公司总经理、助理总裁等职务,2018年8月起任东阿阿胶党委委员、副总裁至今。

According to the data, Gao Dengfeng was born in January 1973 and worked in dongajiao in September 1995. He has successively served as the Sales Representative / Director, office manager, Marketing Manager / Director, southwest northwest region director, high-end product business department director, general manager of Jiangsu sales branch, general manager of Jiangsu Anhui sales branch, director of human resources department, general manager of health products company and electronic products company General manager, assistant president and other positions of the business company. Since August 2018, he has been a member of the Party committee and vice president of dong'a-jiao.

东阿阿胶首次亏损 “药中茅台”百年老店怎么了高登锋也是东阿阿胶有互联网营销实践的年轻一代管理层的代表和领军人物。

Dong'a-jiao lost money for the first time. What happened to the century old shop of "Maotai in medicine"? Gao Dengfeng is also the representative and leader of the young generation of management who has Internet marketing practice in dong'a-jiao.

在过往岗位上,他领导了一系列数字化营销转型,开辟了新的营销和发展道路。

In his previous posts, he led a series of digital marketing transformation and opened up a new marketing and development path.

百年老店怎么啦?

What's wrong with the century old shop?

据公司网站显示,东阿阿胶在1915年就荣获巴拿马博览会金奖。可以说是名副其实的百年老店。公司业绩也曾一度走高,市值也曾达到过460亿的巅峰。那么,又何以突然亏损呢?

According to the company's website, Dong Ajiao won the gold medal of Panama Expo in 1915. It can be said to be a century old store worthy of the name. At one time, the company's performance has gone up, and its market value has reached a peak of 46 billion. So, why do you suddenly lose money?

其实,东阿阿胶半年报已经露出端倪。2019年7月中旬,东阿阿胶发布2019年半年度业绩预告,预计实现归属于上市公司股东的净利润比上年同期下降75%—79%,盈利1.81亿元—2.16亿元。次日开盘,东阿阿胶股价跌停。

In fact, the semiannual report of dong'a-jiao has revealed its clue. In the middle of July 2019, dong'a Ejiao released the semi annual performance forecast for 2019, which is expected to achieve a 75% - 79% decrease in net profit attributable to shareholders of listed companies over the same period of last year, with a profit of 181-216 million yuan. The next day, the shares of dong'a-jiao fell and stopped.

随后,中金公司紧急组织东阿阿胶管理层召开战略解读电话会,并于2019年7月16日发布了《东阿阿胶全年推进渠道梳理短期业绩承压》研究报告。

Subsequently, CICC urgently organized the management of dong'a-jiao to hold a conference call for strategic interpretation, and on July 16, 2019, it issued the Research Report on the pressure of dong'a-jiao's annual promotion of channel combing short-term performance.

该报告称,考虑到短期业绩承压,中金公司将东阿阿胶评级下调至“中性”,将东阿阿胶2019年和2020年盈利预测分别调整至每股1.5元和1.69元,下调目标价32.4元至33.8元。同比分别下降53%和增长12.9%。

In view of the short-term performance pressure, CICC lowered the rating of dong'a-jiao to "neutral", adjusted the profit forecast of dong'a-jiao in 2019 and 2020 to 1.5 yuan and 1.69 yuan per share respectively, and lowered the target price by 32.4 yuan to 33.8 yuan, the report said. Compared with the same period last year, it decreased by 53% and increased by 12.9%.

2019年7月18日,摩根士丹利下调东阿阿胶评级至低配,目标价由60元降至30元。

On July 18, 2019, Morgan Stanley lowered the rating of dong'a-jiao to low matching, with the target price reduced from 60 yuan to 30 yuan.

但上述机构并未预期到东阿阿胶会出现年度亏损,直到近期,市场上才有人讨论,这家公司会不会出现年度亏损的情况。

However, the above-mentioned institutions did not expect the annual loss of dong'a-jiao. Until recently, there was no discussion in the market about whether the company would make an annual loss.

有分析指出,东阿阿胶的败局可能因其频频提价引发。

Some analysts pointed out that the failure of dong'a-jiao may be caused by its frequent price increase.

东阿阿胶首次亏损 “药中茅台”百年老店怎么了秦玉峰担任东阿阿胶总经理后,公司开始实施“价值回升”长期战略。2019年4月,浙商证券在研究报告中表示,东阿阿胶的阿胶块自2005年起至今已经累计提价18次,价格增长20倍。

After Qin Yufeng became the general manager of dong'a-jiao, the company began to implement the long-term strategy of "value recovery". In April 2019, Zheshang Securities said in the research report that the price of donkey hide gelatin block of dong'a-jiao had been increased 18 times since 2005, with a price increase of 20 times.

然而,阿胶提价并未如白酒一般,给其业绩增速带来很大贡献,反而从2015年-2018年的业绩情况来看,公司净利润增幅分别为19.00%、14.00%、10.36%、1.98%,呈现出逐年收窄的趋势。

However, the price increase of donkey hide gelatin did not make a great contribution to its performance growth, but from the performance of 2015-2018, the company's net profit growth was 19.00%, 14.00%, 10.36% and 1.98% respectively, showing a trend of narrowing year by year.

由于价格高企,而宏观环境却出现了不太友好的情况,导致公司渠道库存出现持续积压,这可能是东阿阿胶亏损的主因。

Due to the high price and the unfriendly macro environment, the company's channel inventory has continued to overstock, which may be the main reason for the loss of dong'a-jiao.

接下来,东阿阿胶将走向何方?可能也面临着一些尴尬。

Next, where will dong'a Ejiao go? It may also face some embarrassments.

若降价处理,可能难挽颓势;若持续保持较高的价格,显然也难以解决问题。

If the price is reduced, it may be difficult to overcome the decline; if the price is kept high, it is obviously difficult to solve the problem.

或许可以采取一些折衷的销售手法,先解决库存问题,然后再图产品、渠道和价格的改革。

Perhaps we can adopt some compromise sales methods, first solve the inventory problem, and then figure out the product, channel and price reform.

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