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*ST Kangmei's 2021 semi-annual board management review

Release Time:2022-04-15 Topic:Analysis of the Prospect of Kangmei Pharmaceutical Reading:148 Navigation:Stock Liao information > Health regimen > traditional Chinese medicine > *ST Kangmei's 2021 semi-annual board management review phone-reading

Original title: *ST Kangmei (rights protection) 2021 semi-annual board management comment Source: < span id="stock _ sz300033">FlushFinancial Research Center

*ST Kangmei The 2021 semi-annual board of directors' business comments are as follows:

I. Description of the company's industry and main business during the reporting period

According to the industry classification results of listed companies displayed on the website of the China Securities Regulatory Commission, the industry of the company is pharmaceutical manufacturing. During the reporting period, there was no major change in the main business, main products, business model and main performance driving factors of the company.

(1) Development of the pharmaceutical industry and the company's market position

1. Pharmaceutical industry Development

2021 is the 100th anniversary of the founding of the Communist Party of China, and it is also the first year for the implementation of the "14th Five-Year Plan" and the beginning of a new journey to build a modern socialist country in an all-round way. With the development of my country's economy and society and the improvement of people's living standards, the people's demand for health services is increasing day by day.

Healthy China

The concept has gradually gained popularity and has become an important strategy for national development. The aging of my country's population is accelerating, and consumption upgrades have accelerated the growth of demand in the pharmaceutical industry. my country's pharmaceutical industry has ushered in a good external environment for sustainable development.

In recent years, with the introduction of industrial policies by the state to vigorously support the development of medicine and the continuous regulation of drug supervision and management,

Chinese herbal medicine

The decoction pieces are recognized and accepted by more and more people, and the Chinese medicine decoction pieces industry in my country has made great progress. In May 2021, the State Council issued the "Key Tasks for Deepening the Reform of the Medical and Health System in 2021", which clearly identified the promotion of the revitalization and development of traditional Chinese medicine as one of the key tasks.

2. The company's market position

The company is the current business chain in the domestic traditional Chinese medicine industry As one of the relatively complete enterprises with abundant medical and health resources and strong integration ability, the integrated operation mode and business system of the whole industry chain of traditional Chinese medicine have been formed. The traditional Chinese medicine sector is a business sector with a relatively high proportion of the company's current operating income, and the main business of this sector is Chinese herbal decoction pieces. Relying on the whole industry chain, multiple varieties, multiple specifications and industry-leading quality, etc.

Comprehensive

Advantages , the company's traditional Chinese medicine business is in a leading position in the industry.

(2) The company's main business and main products

The company focuses on the production and sales of traditional Chinese medicine pieces , the implementation of the whole industry chain of traditional Chinese medicineIntegrated operating model. The business system covers the cultivation of authentic Chinese medicinal materials in the upstream, processing and resource integration in the production area; the professional market operation of Chinese medicinal materials in the middle reaches, Chinese herbal decoction pieces,

Zhongcheng

Production and sales of pharmaceutical preparations, health food, chemicals and medical devices, modern medicine

Logistics

system; downstream medical institutions, smart pharmacies, OTC

retail

p>

, chain pharmacies, direct sales,

pharmaceutical e-commerce

, mobile medical is equal to an all-round multi-level marketing network.

(3) The company's main products and their uses

The company's main products include Chinese herbal decoction pieces, Chinese herbal formulas Granules, Chinese patent medicine, western medicine, food and health food, etc.

The company's traditional Chinese medicine decoction pieces are one of the most competitive products. This series of products has a complete range. At present, the company can produce more than 1,000 varieties and more than 20,000 specifications. The quality control of this series of products is industry-leading, and the company has

Sanqi

Powder , American ginseng, Kangmei Lily, Kangmei Danshen and other 21 high-quality Chinese herbal medicine pieces, including ginseng (pieces, micropowder, formula granules), American ginseng (pieces, micropowder, capsules), Bupleurum (pieces, formula granules), Panax notoginseng (pieces, micropowder) ) and other 28 high-tech products in Guangdong Province.

Chinese patent medicines and western medicines mainly cover the fields of anti-cold, antibiotics and antihypertensives, which are in great demand in the market. Among them, Chinese patent medicines are mainly Baoning Banxia Granules, which are used for wind-cold cough, shortness of breath, persistent cough, persistent phlegm and old age cough; Kangmei Lemai Pills are used for the treatment of headache, Dizziness, chest pain, palpitations, etc. Western medicine is mainly acaphenol powder, which is mainly used for fever caused by common cold or influenza; in addition, there are antibacterial and anti-inflammatory metronidazole tablets, amoxicillin capsules, norfloxacin capsules, etc.

Health foods mainly include Kangmei brand American ginseng capsules, Kangmei chrysanthemum tea, Kangmei brand American ginseng slices, etc. The food mainly includes plant substitute tea and soup.

(IV) Business model of the company

1. Procurement model

(1) Procurement mode of Chinese herbal medicines

The company's herbal medicine procurement department is responsible for the procurement of raw materials of Chinese herbal medicines. At the beginning of each year, the company's medicinal material purchasing department will conduct trade according to the

trade

quantity of Chinese medicinal materials and the decoction pieces of traditional Chinese medicine. According to the annual production plan, inventory consumption status and reasonable turnover period, the reasonable inventory quota of various materials is approved, and the annual inventory procurement fund plan is prepared comprehensively considering the market supply and demand and price changes of various medicinal materials. During the year, the company purchased according to the plan, and in accordance with the inventory situation, comprehensively considered the market supply and demand and price changes of various medicinal materials, and carried out flexible, scientific and reasonable purchases. In the procurement process, the company mainly adopts the settlement method of payment after the goods have passed the acceptance inspection.

In terms of procurement channels, including direct procurement and market-based procurement. Direct procurement from the place of origin means that the company goes directly to the place of origin of Chinese medicinal materials and purchases with medicinal material manufacturers or farmers; market-based procurement means that the company purchases from the professional market of traditional Chinese medicinal materials.

The company's suppliers are mainly divided into origin suppliers and traders. In terms of supplier selection, the company's quality control department, based on the origin of medicinal materials, quality standards and the basic information provided by the medicinal materials procurement department,The quality assurance system, product quality, supply price and other factors are compared, and the supplier is determined jointly with the medicinal material purchasing department. In the daily management, the company evaluates the suppliers of medicinal materials according to the principle of "on time, quality and quantity", and implements a comprehensive evaluation and elimination system at the end of the year. After years of screening, a relatively stable supplier has been basically formed. In order to ensure the stable supply of some medicinal materials, the company built its own planting base, which helps the company to stabilize the price fluctuations of some raw materials. At the same time, the company actively promotes the "source project" for the standardized production of Chinese herbal medicines, such as the selection, breeding, and use of improved varieties, to ensure the quality of herbal medicines from the source.

(2) Drug trade, medical device procurement mode

The company is engaged in drug trade, medical device procurement Execute budget and plan management at work, and strictly implement market-based pricing strategies. In the process of purchasing medical devices and drugs, the company needs to review the qualifications of suppliers in advance. The purchasing department will make a timely purchasing budget plan according to the company's monthly production and sales plan, combined with warehouse inventory, and report to the company for approval. Procurement in the form of tender procurement and contract procurement. The financial management department supervises and verifies the procurement implementation according to the budget plan.

(3) Procurement mode of raw materials for western medicine production

The company's procurement department firstly checks the qualifications of raw material suppliers Strict review is carried out to ensure the legality of the source of raw materials; secondly, the raw material samples provided by suppliers are inspected, and stability inspection is conducted to ensure that the quality of raw material procurement meets the requirements. The procurement department arranges and organizes procurement in a timely manner according to the production demand plan, and compares the bidding prices of different suppliers through bidding procurement, selects the most cost-effective products, and ensures that the purchase price of raw materials is reasonable, thereby reducing production costs.

2. Production mode

The company's production implements the plan management mode of production based on sales, and implements internal Program management workflow.

The sales department prepares the next month's demand plan at the end of the month according to market sales and finished product inventory. The reference standard is the sales in the same period of the previous year and the last three months. average sales. The demand plan is reported to the company for approval and then released to the production department. According to the actual production situation, the production department arranges the supply of materials reasonably, formulates the production plan and organizes the implementation.

3. Sales model

Currently, the company's sales model mainly adopts hospital direct Business, commercial wholesale, smart pharmacy, chain pharmacy distribution, pharmaceutical e-commerce, direct sales, property rental and sales and other all-round multi-level sales models.

(1) Direct sales of hospitals-medical institutions: direct sales of medicines to hospitals-medical institutions is the company's main sales model for Chinese herbal decoction pieces.

(2) Smart Pharmacy: Using the Internet and

Internet of Things

Technology, re-engineering traditional medicine logistics, providing patients with one-stop comprehensive medicines such as Chinese medicine decoction, Chinese medicine decoction pieces, Chinese and Western patent medicine preparation, ointment preparation, door-to-door medicine delivery, and pharmaceutical consultation. services, thereby increasing the company's sales of traditional Chinese medicines, proprietary Chinese medicines, and western medicines.

(3) Commercial wholesale: Selling medicines to various pharmaceutical trading companies with corresponding business qualifications and other pharmaceutical distribution enterprises is the main sales model of the company's western medicine trade.

(4) Distribution to chain pharmacies: sales to pharmaceutical retail stores and chain pharmacies.

(5) E-commerce: It is sold on third-party health product retail platforms. -L color210">Jingdong

and other e-commerce platforms have reached strategic cooperation, and have reached a strategic cooperation with upstream

Ping An Good Doctor

, Medical 160, etc. ExpandChannel cooperation.

(6) Direct selling: establish a professional management team to actively carry out direct selling and related businesses in accordance with laws and regulations, and further increase direct selling business through the integration and expansion of resources through multiple channels Integrate with other models, gather the advantageous resources of each business sector, and achieve

big health

The industry is the core, and the three major business models of direct selling, e-commerce and chain are organically integrated with the thinking of "Internet +" to build a relaxed, free and diversified entrepreneurial platform.

(7) Property rental and sale: The company specializes in the Chinese herbal medicine market, and the peripheral shops sell for brand image merchants, and provide paid

Property management

Services, Chinese herbal medicine related

Information Services

. Self-owned core properties implement unified paid lease to collect rent and provide paid property management, market operation management services, etc.

(V) Main performance drivers

During the reporting period, the company continued to implement the principle of "focusing on the main business" , develop the industry, lose weight, strengthen the foundation" development strategy, focus on the main business of traditional Chinese medicine, and continuously optimize the business structure. During the reporting period, the main performance driving factors of the company are as follows:

1. Seize the new opportunities for the development of traditional Chinese medicine and comprehensively improve the core competitiveness.

As a leading enterprise in the Chinese herbal decoction pieces industry, the company has a complete range of Chinese herbal medicine decoction pieces series products, leading the industry in quality control, and is one of the most competitive business segments. Recently, the state has introduced a series of policies to vigorously develop the traditional Chinese medicine industry, and the development of traditional Chinese medicine has ushered in new opportunities. Taking this opportunity, the company focuses on the main business with Chinese herbal medicines as the core, integrates resources, comprehensively improves its core competitiveness, and promotes the development of the company's Chinese medicine business. The company has completely built an integrated business system of the Chinese medicine industry chain, and has formed a mastery of the core resources of Chinese herbal medicine supply in the upstream, which not only effectively guarantees the product quality and traceability of Chinese herbal decoction pieces, but also conforms to the industry development trend and supervision direction. The core resources of the company's traditional Chinese medicine business competitive advantage.

The company has built a modern pharmaceutical logistics system and downstream integrated medical institution resources, smart pharmacies, OTC retail, chain pharmacies, direct sales, pharmaceutical e-commerce, mobile The comprehensive and multi-level marketing network integrating medical care will become the most effective tool for the company to seize the development opportunities in the industry reform, which will help the company to take advantage of synergies to reduce comprehensive operating costs, and give full play to channel advantages in a relatively short period of time. The digestion of production capacity will rapidly expand the business scale of Chinese medicine decoction pieces and increase market share.

2. The company has formed a complete layout of the big health industry and the construction of an industrial system.

As one of the leading enterprises in the domestic traditional Chinese medicine industry with a relatively complete business chain, rich medical and health resources, and strong integration capabilities, the company has initially formed a complete The layout of the big health industry and the construction of the industrial system. In the upstream, the mastery of the core resources for the supply of Chinese medicinal materials is formed, and by consolidating the mastery of the core market terminals such as medical institutions and chain pharmacies, the advantages of upstream drug supply management are established; Established an online e-commerce platform for bulk trading of traditional Chinese medicinal materials, formulated and launched "Kangmei-

Chinese Traditional Chinese Medicine

Material Price Index", and by fully integrating the resources of logistics and warehousing bases and building a modern pharmaceutical logistics distribution system, the company's unique strategic barriers and advantages have been formed. In the downstream, the company has built a comprehensive and multi-level marketing network integrating medical institution resources, smart pharmacies, OTC retail, chain pharmacies, direct sales, pharmaceutical e-commerce, and mobile medical care.

2. Discussion and analysis of business conditions

In the first half of 2021, the company will continue to implement "focus on the main business, develop the industry, lose weight and keep fit, and strengthen the foundation" With the development idea of ​​​​concentrating superior resources, we will continue to focus on the main business with traditional Chinese medicine pieces as the core, continue to optimize the non-core business structure, and shrink medical devices, health food and other businesses with low market competitiveness and profitability.

During the reporting period, the main tasks of the company are as follows:

(1) Smart Pharmacy O2O Platform

Through the practice of "smart pharmacy", the company has built a typical O2O mobile medical model, using Internet technology, modern logistics technology, traditional Chinese medicine preparation technology, Traditional Chinese medicine

artificial intelligence

, industrial intelligence 4.0 transforms the traditional medical treatment process, on the one hand the line On the one hand, the real-time circulation and collection of patients' prescriptions is realized by directly connecting to the hospital's HIS system. On the other hand, the "Kangmei City Central Pharmacy" provides patients with traditional preparations such as Chinese herbal decoction pieces and Chinese and Western patent medicines, dispensing, Chinese medicine decoction, and ointment prescriptions. Personalized processing, door-to-door drug delivery, pharmaceutical consultation, etc., to create a smart Chinese medicine preparation center, so as to cut into the whole process of patients' medical drugs, and build a patient-centered, curative-guaranteed "mobile health care + urban central pharmacy" smart medical care business model.

At present, the company has signed contracts including Guangdong Provincial Hospital of Traditional Chinese Medicine, Shenzhen Traditional Chinese Medicine Hospital, Chengdu University of Traditional Chinese Medicine Hospital, Kunming Traditional Chinese Medicine Hospital, Chongqing Traditional Chinese Medicine Hospital, China Hundreds of medical institutions, including large general hospitals such as Guang'anmen Hospital of the Academy of Chinese Medical Sciences, have connected with a large number of grass-roots social health medical institutions across the country to provide high-quality traditional Chinese medicine and pharmaceutical services for the community, and help the construction of grass-roots traditional Chinese medicine services. The overall response good. At the same time, Smart Pharmacy also actively expands online medical institutions and cooperates with dozens of active online medical platforms in China to achieve a closed loop of mobile medical care. In addition, the smart pharmacy continuously optimizes the user experience, develops an intelligent review platform, and launches the Kangmei drug traceability system to open up the final link of the whole process of drug traceability and realize the traceability of the entire drug industry chain. Further improve the level of automated operation.

The company is currently operating in Guangzhou, Shenzhen, Beijing, Shanghai, Chengdu, Puning, Kunming, Chongqing, Guiyang, Jiangmen, Zhijin, Shiping, Nanchong, Jinan, Pingyin and other cities have invested in the construction of large and medium-sized modern operation centers. In the future, the company will continue to increase capital investment in "smart pharmacies", actively prepare for the construction of more central pharmacies in cities, and gradually form central pharmacies in urban agglomerations. Form the company's leading position in the field of mobile medical services. Taking "smart pharmacy" as the core data entry, it will further extend to consumers (C-end) through medical institutions, chain pharmacies, communities, etc. (B-end) to establish the company's brand image on the C-end. Doctors, consumers, medicinal materials, disease information, provide sufficient information for the development of

big data

Data source to support the better operation of the company's R&D center and other new business formats.

As of June 30, 2021, Kangmei Smart Pharmacy has applied for 94 technical patents and 42 authorized patents, including 3 invention patents and 39 utility model patents , 4 pieces of software copyright.

(2) Research and Development Platform

KangmeiHua Big GeneTechnology Co., Ltd. (with

Shenzhen Huada Gene Co., Ltd.

Cooperation to establish a joint venture company) has built a 3,000-square-meter Chinese medicine research and development platform, including a 945-square-meter laboratory animal barrier environment. The laboratory animal use license has been approved, number

syxk

(Guangdong) 2019-0205. Among them, the Chinese medicine pharmacy research platform is set up with functional modules such as traditional Chinese medicine chemistry, analysis, and preparation; the pharmacology and toxicology research and safety evaluation platform is set up with functional modules such as molecular cells, experimental animals, and microorganisms; the traditional Chinese medicine information platform is set up.

Qualcomm

Quantitative sequencing, high-performance computing and other functional modules. The overall R&D platform has complete functions and complete facilities. A team of R&D talents led by doctors and masters has been established to build a standardized R&D management system and technical standards to serve the research and development of traditional Chinese medicines with reliable substance benchmarks, accurate efficacy evaluation and clear efficacy mechanisms. Medicines and medicinal and food homologous health products. During the reporting period, oriented by production and market demand, the joint venture actively carried out research and development work related to traditional Chinese medicine granules and classic prescriptions; actively developed precision nutrition-oriented and evidence-based health products with the same origin of medicine and food, and initially formed a medicine and food product. Food homology nutrition intervention matrix, and

derivation

solid beverages, herbal yogurt, frozen Dried yogurt cakes, gel candies and other multi-level large health product forms.

(3) Operation management platform

During the reporting period, the company continued to implement the “focus on the main business, The development strategy of “developing industry, losing weight and strengthening the body, and strengthening the foundation”, dynamically evaluates the business development status, continuously optimizes the business structure, orderly optimizes and reorganizes non-TCM businesses, revitalizes assets, and concentrates resources to develop the core business of TCM. Continuing to pay attention to the relevant policies of the pharmaceutical industry, combined with the internal and external business environment, the company has formulated the company's annual strategic goals, and established the company's business target management system. In terms of organizational performance appraisal and other aspects, the closed-loop system of operation management has been improved, the operation control and tracking mechanism has been strengthened, and the implementation of strategies and the realization of business objectives have been promoted. The company continuously promotes management reform, continuously improves the construction of the operation management system, and goes deep into the operation process management at the level of each business department.

Tonghe

resource sharing, realize management upgrade, and promote the implementation of the company's strategy and strategic goals. accomplish. The company has steadily improved its internal management system, carried out a comprehensive review of contracts, and improved the level of standardized management of contracts; comprehensively carried out asset inventory, rectified inventory, assets and other management deficiencies, and further improved inventory and fixed asset management systems to achieve business goals for the company Provides management foundation.

During the reporting period, the Company continued to optimize human resources management, with the guiding ideology of "slimming and fitness, and benefit first", further strengthening staffing planning, scientifically and reasonably Carry out cost control and editing; optimize the company's salary management, and continue to improve the salary and welfare management system; in-depth implementation of the performance appraisal and accountability mechanism to stimulate the company's internal vitality, improve employees' professional skills, and enhance the company's operating efficiency; continue to improve "Kangmei College" Train the management level, optimize the cadre training system, promote the construction of the company's talent team, ensure the stability of cadres and core backbones, and provide intellectual support for the company's sustainable development.

During the reporting period, in light of management needs, the company continued to strengthen informatization construction, continued to strengthen the integration of business systems and financial systems, improved internal control defects, and ensured business flow , the unification of data flow and capital flow to meet the company's financial compliance requirements; strengthen information security management to ensure the integrity and security of system data; further improve the operation decision support system, continue to start operations on the basis of the company's original system The report automation project provides effective support for the scientificity and correctness of the management's major decisions.

(4) Chinese herbal medicine planting management platform

The company established professional planting bases through self-built planting bases The company ensures the stable supply of some medicinal materials, which helps to stabilize the price fluctuations of some raw materials, and at the same time ensures the quality of medicinal materials from the source. maleCombining with the development needs of the whole industry chain of traditional Chinese medicine, the company has accelerated the implementation of the standardized planting of traditional Chinese medicinal materials, comprehensively expanded the planting areas and varieties, promoted the construction of planting bases for commonly used products, and conducted on-the-spot inspections to timely prevent diseases and rationally fertilize standardized planted varieties, and implement scientific methods. Field management can preserve the active ingredients and efficacy of the variety to the greatest extent, so that the product quality and medicinal value content can reach

all

Meet or exceed the national standard.

In terms of ginseng planting, the company gives full play to its own advantages in terms of technology and industry driving ability, expands the field of Chinese herbal medicine planting, and cooperates with scientific research units on the basis of research and development. On the basis of the advanced ginseng planting technology at home and abroad, combined with the local production reality, the base construction model of "company + farmers + scientific and technological services" has been adopted, and it has created a large-scale farmland planting ginseng in China

First time

, changing the traditional mode of cutting forests and planting ginseng, it is the largest ginseng planting area in China. During the reporting period, Ji'an Dadi Ginseng Industry Co., Ltd. has transferred a total of 42,200 mu of land, and the cumulative harvest area of ​​fresh ginseng is 19,900 mu. The existing ginseng planting area is 19,600 mu, and the newly added land for planting is more than 2,682 mu. The excavation work was carried out smoothly. After testing by relevant state departments, the pesticide residues and heavy metals of fresh ginseng grown by Ji'an Dadi Ginseng Industry Co., Ltd. meet the national standards, and the detection values ​​of active ingredients are all higher than the medium value

Chinese medicine

Codex standard.

In the cultivation of other Chinese herbal medicines, since 2017, the "National Chinese Herbal Medicine Industry Targeted Poverty Alleviation" work has been implemented, and Kangmei Pharmaceutical has actively served the national strategy and actively helped poverty alleviation. Relying on the advantages of the whole industry chain of traditional Chinese medicine accumulated over the years, vigorously implement the targeted poverty alleviation of the traditional Chinese medicine planting industry and actively carry out the "enterprise + cooperative + farmer + grass-roots party organization" precise poverty alleviation model of traditional Chinese medicinal material planting, and poor households can obtain

< p cms-style="font-L color210">Land transfer

Increasing income, generating income from profit sharing, guaranteeing income from work, and selling farmyard manure, which contribute to the poverty-stricken The households provide continuous and stable income-increasing channels, directly assisting and driving the employment of 2 million pharmaceutical farmers, including about 300,000 poor households, with an annual per capita income increase of about 3,000 yuan. At present, some areas of Yunnan, Guangdong, and Inner Mongolia are still carrying out the work of promoting planting. During the reporting period, the varieties of Chinese herbal medicines grown in various places include: Panax notoginseng, American ginseng, ice ball, Platycodon grandiflorum, Qinqi, Yunmuxiang, Atractylodes, Astragalus, Polygonatum, Asparagus, Baiji, Chonglou, Ural licorice, Sophora flavescens, Shegan , Pueraria, Hedyotis diffusa, Dendrobium, Wuzhi Maotao and more than 80 varieties. The company has been helping 719 registered poor households in Shekuai Township, Dongchuan District, Kunming City, Yunnan Province for many years. It ended successfully before June 30, and all registered poor households were lifted out of poverty. Kangmei Pharmaceutical takes advantage of the whole industry chain of medicinal materials planting and processing to promote poverty alleviation in the Chinese herbal medicine industry across the country, effectively stimulating the endogenous power of poverty-stricken areas, driving poor households to get out of poverty stably, assisting in poverty alleviation, and promoting local economic development.

Significant changes in the company's operating conditions during the reporting period, as well as events that have a significant impact on the company's operating conditions during the reporting period and are expected to have a significant impact in the future

p>

1. According to the "Announcement on the Registration of Litigation Rights of the Special Representative of the Guangzhou Intermediate People's Court of Guangdong Province" issued by the Guangzhou Intermediate People's Court Announcement and Publicity Center, the company's investor lawsuit claims will be applicable Proceedings of the Special Representative. On July 27, 2021, the company's investor lawsuit and claim case was heard in the first instance of the Guangzhou Intermediate People's Court of Guangdong Province, and the verdict has not yet been pronounced.

2. On April 25, 2021, due to the company's tight liquidity, the company's medium-term notes could not be repaid as scheduled, triggering the cross-protection clause, which caused the company's financing. Influence.

3. From April 29, 2021, due to Lixin Certified Public Accountants (special general

tonghe

Partner) expressed a negative opinion on the effectiveness of the company's 2020 annual financial report internal control, the company still has non-operating capital occupation, the company's 2020 audited net assets at the end of the year were negative, and the 2020 financial accounting The report was issued due to reasons such as inability to express opinions. According to the relevant provisions of the Rules, the company's shares were issued a delisting risk warning, and the stock abbreviation was changed to "*ST Kangmei".

4. On May 18, 2021, the company held the 2020 Annual General Meeting of Shareholders, which reviewed and approved the "Regarding the Change of Related Parties by Mr. Ma Xingtian and Ms. Xu Dongjin for Non-operating Purposes" The Proposal on the Commitment of Fund Occupation and Repayment Arrangement and the Proposal on the Repayment Progress of Related Party Non-operating Fund Occupation and Related Party Transactions, the related party repays the company's non-operating fund occupancy funds of RMB 1 billion by offsetting creditor's rights and debts, and then the related party 30 million yuan of non-operating funds occupied by repaying debts for the company; up to now, the remaining non-operating funds of the company occupied by related parties are 8.451 billion yuan (principal).

5. On June 4, 2021, the company received the "Civil Ruling" served by the Jieyang Intermediate People's Court, ruling to accept the creditor's bankruptcy reorganization of the company and appointed an administrator on the same day to be responsible for the bankruptcy and reorganization of the company. On June 21, 2021, the court issued a decision allowing the company to continue operating during the reorganization period and to manage its own property and business affairs under the supervision of the administrator. Up to now, various production and operation activities of the company have been carried out in an orderly manner. As of the deadline for declaration of claims on July 25, 2021, a total of 57,330 creditors have declared claims to the administrator, with a total amount of RMB 43,523,680,718.06. The company's first creditors' meeting was held on August 10, 2021. For details, please refer to the relevant announcements disclosed by the company on August 11, 2021 and August 19, 2021.

III. Potential risks

1. Policy risks

National policies have mandatory binding force on pharmaceutical enterprises. With the continuous deepening of medical and health reform, drug bidding and procurement,

Consistency evaluation of generic drugs

, two-invoice system, unannounced inspections, the release of pilot production restrictions on traditional Chinese medicine formula granules, medical insurance cost control, environmental protection and other policies have a profound impact With the future development of domestic pharmaceutical companies, it may have a certain impact on the company.

The company will actively track and study the changing trend of the national pharmaceutical policy, further strengthen internal control, conduct production and operation in strict accordance with relevant norms, improve quality management, from planting, purchasing , production, transportation, sales and medical services and other links are strictly controlled to quickly respond to changes in national policies and market demand.

2. The risk of intensified market competition

At present, the concentration of the Chinese herbal medicine industry is relatively low. On the one hand, as the state increases support for the Chinese medicine industry, the Chinese herbal decoction pieces business has good market potential and development prospects. The required enterprises in the industry will be gradually eliminated, and the industry concentration is expected to be improved. In the process of industry reform, the company is bound to face considerable market competition.

3. Litigation risk

(1) On May 14, 2020, the company and relevant parties Received the “Decision on Administrative Penalty” ([2020] No. 24) and the “Decision on Market Entry Ban” ([2020] No. 6) from the China Securities Regulatory Commission. On December 31, 2020, the company received the "Notice of Responding to Litigation" [(2020) Yue 01 Min Chu No. 2171] from the Guangzhou Intermediate People's Court. Eleven natural persons including Gu Moumou and Liu Moumou made false claims about the company's securities. In the case of a dispute over the statement of liability, a lawsuit was filed with the Intermediate People's Court of Guangzhou City, Guangdong Province. On February 10, 2021, the company received Guangzhou ZhongAccording to the Court's Civil Ruling on the case, the plaintiffs Gu Moumou and Liu Moumou were selected by the plaintiffs to be their intended representatives and brought an ordinary representative lawsuit. On March 26, 2021, the company received the "Notice on Publishing the Investor's Entrustment Instructions for Accepting Kangmei Pharmaceutical's Misrepresentation Civil Compensation Case" [Investment Service Center Letter] [2021] No. 90], if the investment service center accepts the entrustment of 50 qualified investors within the statutory period, it will apply to the Guangzhou Intermediate People's Court to participate in the (2020) Yue 01 Min Chu No. 2171 case ordinary representative litigation, and apply for conversion to Special Representative Litigation. On April 16, 2021, the Guangzhou Intermediate Court Announcement and Publicity Center issued the "Rights Registration Announcement", and the Guangzhou Intermediate Court will apply the special representative procedure to hear this case. On July 27, 2021, the company's investor lawsuit and claim case was heard in the first instance of the Guangzhou Intermediate People's Court of Guangdong Province, and the verdict has not yet been pronounced.

(2) For other lawsuits and arbitrations, since the relevant lawsuits and arbitrations have not been concluded, the company's claims are not accepted for cases in which the company is the plaintiff or applicant. Possibility of support; for cases in which the company is the defendant or the respondent, the company may be subject to the final judgment or judgment to make financial compensation or assume other legal responsibilities or obligations. At the same time, the company can also

be able to initiate

new litigation or arbitration matters.

The above lawsuits or arbitrations may cause large losses or contingent liabilities to the company, and may affect core operating indicators such as net profit. The possibility of adverse effects on reputation and image, business expansion, etc.

The company will use legal means to protect the legitimate interests of the company, and promote the reconciliation and resolution of unresolved legal disputes through active coordination and communication with all relevant parties; For matters resolved by legal means, the company will also actively respond to lawsuits to safeguard the legitimate rights and interests of the company and its shareholders.

4. Risk of capital occupation

The company held the 2020 annual meeting on May 18, 2021 At the general meeting of shareholders, the "Proposal on Mr. Ma Xingtian and Ms. Xu Dongjin's Change of Commitment to the Repayment Arrangement of Non-operating Funds Occupied by Related Parties" and the "Proposal on the Repayment Progress of Non-operating Funds Occupied by Related Parties and Related Transactions" were reviewed and approved by the related parties. The company's non-operating funds occupied RMB 1 billion was repaid by offsetting creditor's rights and debts;

The related parties compensated the non-operating funds occupied 30 million yuan by repaying debts on behalf of the company. Up to now, the remaining non-operating funds of the company occupied by related parties are 8.451 billion yuan (principal). The company has been actively communicating with major shareholders and related parties, urging them to solve the problem of capital occupation as soon as possible through asset disposal and realization and complete rectification. .

5. Risk of termination of listing

The company received the notice from Jieyang Intermediate Court on June 4, 2021 (2021) Yue 52 Po Shen No. 1 "Civil Ruling", ruling to accept the creditor Guangdong Jiedong Rural Commercial

Bank

A joint stock limited company applies for the company's reorganization, and the company has the risk of being declared bankrupt due to the failure of the reorganization. If the company is declared bankrupt, the company will be subject to bankruptcy liquidation. According to Article 13.4.14 of the Shanghai Stock Exchange Listing Rules (revised in December 2020), the company's shares will face the risk of being terminated from listing.

If the company implements and completes the reorganization, it will help to improve the company's asset-liability structure and improve the company's profitability. However, if the company's follow-up operations and financial indicators do not In compliance with the relevant regulatory requirements such as the "Stock Listing Rules", the company's shares still have the risk of being terminated from listing.

IV. Analysis of core competitiveness during the reporting period

(1) Advantages of the whole industry chain

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The company implements the whole industry of traditional Chinese medicineThe chain-integrated operation mode, the business system covers the cultivation of authentic medicinal materials in the upstream and the integration of resources, the professional market operation of Chinese medicinal materials in the mid-stream, the production and sales of Chinese herbal pieces, Chinese patent medicine preparations, health food, and chemicals, modern pharmaceutical logistics system, downstream An all-round and multi-level marketing network integrating medical institution resources, smart pharmacies, OTC retail, chain pharmacies, direct sales, pharmaceutical e-commerce, mobile medical care, etc., the integrated operation mode and business system of the entire Chinese medicine industry chain have been Formed, the advantages of industrial resources are prominent.

(2) Network advantages

Over the years, the company has cooperated with more than 2,000 medical institutions nationwide And about 200,000 chain pharmacies have established in-depth business partnerships, and the marketing layout is nationwide; vigorously promote

e-commerce

Construction, the establishment of a comprehensive pharmaceutical trade service platform combining "physical market and virtual market" across the country - Kangmei Pharmaceutical Chinese Herbal Medicine Bulk Trading Platform, and the release of the "Kangmei-China Chinese Herbal Medicine Price Index"; the company has successively Approved by the State Administration of Traditional Chinese Medicine and the Guangdong Provincial Health and Family Planning Commission as a pilot unit of an information-based medical service platform, and established a network hospital and Kangmei Traditional Chinese Medicine Network. The company has established branches (subsidiaries) and offices in many cities across the country, forming a three-dimensional sales system integrating hospital sales, OTC, western medicine wholesale and distribution, retail, chain pharmacies, direct sales, and e-commerce. Among them, the Chinese herbal medicine market has a nationwide layout, and the warehousing and distribution system covers the whole country. The company owns Chinese herbal medicine markets such as Bozhou Chinese Medicine City in Anhui, Puning Chinese Medicine City in Guangdong, Western Chinese Medicine City in Gansu Kangmei, and Xining (Kangmei) International Chinese Medicine City in Qinghai, realizing the major Chinese medicine markets in the country. The layout of the city market. According to the needs of the industrial integration development strategy, use the Internet thinking, improve the logistics network layout, strongly integrate the network resources, service platforms and informatization construction resources such as traditional Chinese medicine production bases, traditional Chinese medicinal materials market, traditional Chinese medicine network, e-commerce, etc., combined with supporting construction of nationwide warehousing It has established a large-scale and integrated modern pharmaceutical circulation system with direct and multiple interactions between various service entities and consumers, and initially formed a planned integration system with Kangmei characteristics, achieving a national supply satisfaction rate of 99%. During the reporting period, the company continued to strengthen the linkage of online and offline channel service systems for the traditional Chinese medicine business, and strengthened the B-end and C-end synergy to help the traditional Chinese medicine business grow steadily. In the B-end market, the company implements regional management, concentrates regional resources, builds regional core competitiveness, and improves the sales and service capabilities and benefits of traditional Chinese medicine; in the C-end market, it focuses on traditional Chinese medicine products and integrates

Online and Offline

Resources, build an e-drip online sales platform, introduce third-party e-commerce and O2O platform traffic, and enhance C-end brand and sales.

(3) Technical advantages

The company relies on the National Enterprise Technology Center and the National and Local Joint Project of Traditional Chinese Medicine Pieces Research Center, National Human Participation Engineering Technology Research and Development Professional Center, Key Laboratory of Traditional Chinese Medicine Decoction Pieces Standard, Postdoctoral Workstation, Guangdong Academician Workstation, Guangdong Province Traditional Chinese Medicine Decoction Piece Engineering Technology Research and Development Center, Guangdong Province Traditional Chinese Medicine Decoction Piece Enterprise Key Laboratory, China-Canada New Chinese Medicine Drug Select national, provincial and ministerial R&D platforms such as the International Cooperation Base (Guangdong) for TCM research and achievement transformation. It is the first to propose and implement the small packaging and color label management of traditional Chinese medicine pieces. It is a national technological innovation demonstration enterprise and a national intelligent manufacturing pilot demonstration enterprise.

As a national intellectual property advantage enterprise, the company has more than 620 intellectual property rights such as invention patents, utility model patents, design patents, software copyrights, etc. 11 invention patents including "a composition with health care function and its preparation method and application" were authorized, and 4 utility model patents including "a smart medicine box with medicine reminder function" were authorized. During the reporting period, two products including Dendrobium (decoction pieces, formula granules) and Kangmei Smart Pharmacy were rated as "2020 Guangdong Famous High-tech Products". The company has 21 high-quality Chinese herbal medicine pieces, including Panax notoginseng powder, American ginseng, Kangmei Lily, Kangmei Danshen, etc.), Bupleurum (pieces, formula granules), Panax notoginseng (pieces, micropowder) and other 28 high-tech products in Guangdong Province.

The company has participated in the formulation of a number of national and provincial decoction pieces processing and quality standards, as well as the formulation of Chinese herbal medicine grade classification standards. During the reporting period, the drafts of 12 varieties mainly drafted by the company, such as salt tangerine core, pale bamboo leaves, and nine incense worms, were publicized by the National Pharmacopoeia Commission "National Standard for Processing Chinese Herbal Pieces". Kangmei (Huilai) Chinese Herbal Medicine Planting Co., Ltd. participated in the drafting of the group standards "Technical Regulations for Efficient Planting of Pudaria" and "Technical Regulations for the Production of Healthy Seedlings of Pudaria". The company actively undertakes standardization projects in the field of traditional Chinese medicine. The Guangdong Provincial Traditional Chinese Medicine Standardization Technical Committee (the second session) was announced on February 12 to be established by the Guangdong Provincial Market Supervision and Administration Bureau. The company is the secretariat. The company's "Quality Management Specification for Smart Chinese Pharmacy" was issued by the Sichuan Provincial Market Supervision and Administration Bureau. The company's participation in the collection of 21 standard product catalogs in the "Guangdong Provincial Standard for Chinese Medicinal Materials Volume 3" has been notified, and more than 100 Chinese medicine processing standards are being developed or reviewed.

During the reporting period, the company owned 3 national high-tech enterprises. Two subsidiaries of the company, including Kangmeihuada Gene Technology Co., Ltd. and Kangmei Tengwangge (Sichuan) Pharmaceutical Co., Ltd., have entered the warehouse of technology-based small and medium-sized enterprises. Kangmei (Huilai) Chinese Herbal Medicine Planting Co., Ltd. was awarded the title of "Science and Technology Pioneer of Industrial Development Supported by College-District Cooperation" by Guangdong Academy of Agricultural Sciences.

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Label group:[drug] [Chinese medicine] [Chinese Herbal Medicine] [sales industry] [Kangmei] [pharmaceutical production

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