Tasly's 2022 Q1 Net Loss of 557 Million Yuan

On April 25, Tasly's 2022 quarterly report showed that the operating income during the reporting period was 1.869 billion yuan, a year-on-year increase of 5.97%; the net profit attributable to shareholders of the listed company was -557 million yuan, compared with 320 million yuan in the same period last year, a year-on-year increase of 320 million yuan. Turned a loss; non-net profit attributable to shareholders of the listed company was 232 million yuan, a year-on-year decrease of 8.79%; basic earnings per share was -0.3719 yuan.

Among them, the traditional Chinese medicine field performed well, achieving an operating income of 1.128 billion yuan, a year-on-year increase of 8.45%. Mainly due to the company's increased expansion efforts in the grassroots market, the three major basic drug products, Compound Danshen Dropping Pills, Qishen Yiqi Dropping Pills and Yangxuenao Granules (Pills), achieved rapid growth.

In addition, Tasly released its 2021 annual report last month. During the reporting period, it achieved operating income of 7.952 billion yuan, a year-on-year decrease of 41.43%. You must know that it has maintained a growth rate of more than 10% for more than ten years in the past, and even at a high point. to 65%. The net profit attributable to shareholders of the listed company was 2.359 billion yuan, a year-on-year increase of 109.51%, the non-net profit attributable to shareholders of the listed company was 609 million yuan, a year-on-year decrease of 26.84%, and the basic earnings per share was 1.57 yuan.

Tasly was established in 1994 and listed on the Shanghai Stock Exchange in August 2002. After going through the early stage, it seems that his life has not been easy in recent years. He has sold assets to save the company's performance several times. When Tianjing Bio was listed, Tasly announced that its investment amounted to 202 million yuan. As of December 10, 2021, Tasly still held a 4.96% stake in Tianjing Bio.

Prior to 2020, Tasly also transferred its subsidiary Tasly Marketing to Chongqing Pharmaceuticals at a price of more than 1.4 billion yuan. In this regard, Tasly once said frankly that the competition pattern of the pharmaceutical distribution industry has basically been formed, and national pharmaceutical distribution companies such as China Pharmaceutical, Shanghai Pharmaceuticals, China Resources Pharmaceutical and Jiuzhoutong, which are at the forefront of the industry, have established their business development, channel resources and income scale. clear leadership. In view of this situation, it is very difficult for Tianshi Marketing to approach or even catch up with the above-mentioned national leading pharmaceutical distribution companies and achieve leapfrog development by relying on existing resources. Therefore, Tasly decided to sell the pharmaceutical business sector in order to "play lightly".

After removing the "burden" of circulation, it is expected to gather in the pharmaceutical industry. At present, Tasly's pharmaceutical industry product pipeline mainly focuses on the three major disease areas of cardiovascular and cerebrovascular diseases, digestion and metabolism, and tumors. Among them, the star product Compound Danshen Dripping Pills for the treatment of cardiovascular and cerebrovascular diseases is responsible for its performance. However, the progress of this sector in recent years does not seem to be very smooth, especially since 2015, the growth rate of revenue has slowed down, and even negative growth occurred in 2016 and 2019.

However, according to the 2021 financial report, Tasly’s R&D investment reached 761 million yuan, accounting for 11.44% of the pharmaceutical industry’s revenue and 9.58% of its operating revenue, leading the industry. Continuous R&D investment has also enriched Tasly's product pipeline. At present, the company has a total of 94 products under development, covering 46 category 1 innovative drugs, and 52 drugs have entered the clinical stage, of which 19 are in clinical phase II and III. Research. In the future, whether these products can bring Tasly's performance back to growth, time will give the answer.