Huaren Pharmaceutical: fog takeoffAs a professional production of non-PVC soft bag infusion of high-tech enterprise, Qingdao Huaren Pharmaceutical coming through GEM achieve gorgeous transformation, but its aggressive development model there are still considerable risks limited text / Liu Ren company cards Love 1998 to spend 230 million yuan from Germany introduced three non-PVC soft bag infusion production line, is the non-PVC soft bag infusion industry, one of the largest enterprises over the same period, then continue to expand production. At present, the company has the largest Nike Air Max 90 Flowery Men non-PVC soft bag infusion monomer plant, with an annual capacity of 100 million bags. Compared with the traditional glass bottles and plastic bottles infusion, non-PVC soft bag infusion with a light weight, high strength sealed, unbreakable, afraid of freezing and easy to transport, saving space, to avoid secondary pollution. Currently a total of more than 390 manufacturers of infusion, infusion most manufacturers to produce bottled infusion mainly, to produce non-PVC soft bag infusion, the company has more than 100, but the actual production capacity is 8.5 million bags in 2008. According to statistics, by 2007 10 IV infusion market domestic manufacturers occupy 40% market share, the top 25 manufacturers account for about 60% market share. According to China's digital medical network data, from 2007 to 2010, sales of China's non-PVC soft bag infusion, the amount of sales will increase substantially, the annual compound growth rates were: 37.48%, 31.19%. Growth expectations for the Nike Shoes company's core competencies in four areas: (1) non-PVC soft bag large-capacity dual-valve manufacturing preparation specialization, scale; (2) production planning, quality control, customer service, logistics and distribution, market share etc. among the forefront of the industry; (3) a double-barreled double valve SPC patented product, hemofiltration replacement fluid, peritoneal Nike Blazers High dialysis fluid and other agents, more goods regulations, the advantages of large production; (4) full, the whole process, the whole Nike Air Max 90 VT (Mens) orientation of quality management, a comprehensive ERP system is running, full performance management. Visible Compared with other companies, Huaren Pharmaceutical not technically superior to others. And its controlling shareholder Huaren Century Group, is a company with real estate, property management, pharmaceuticals wholesale, health care products and other diversified business investment management firms. The proceeds of the offering to be invested in the following three items: Non-PVC flexible packaging large infusion of three projects, SPC combinations covered items, non-PVC infusion packaging membrane project, the proposed investment of 336 million yuan, and the rest will be used for the other main business related operations. But the company's non-PVC packaging materials and key equipment dependent on foreign imports, the lack of independent innovation experts and technical personnel, is the only listed company of the funds raised through these three projects can make a breakthrough, it should not be particularly optimistic. Compared to its competitors, there is no obvious Nike Shoes Global advantage of the company's market position. At the same time, from Huaren Pharmaceutical prospectus, we can see this very aggressive business approach to development, 2007 to 2009 accounts receivable were 85.66 million yuan, 103.43 million yuan, 132.23 million Nike Blazers Low yuan, accounting for current operating income the proportion reached 53.16%, 49.83%, 45.83%, operating income accounted for about half of the accounts receivable, accounts receivable turnover rates were 2.56,2.20,2.45, while the industry average is 7.14,8.50 Nike Air Max Lunar 90 Men respectively, 8.96, accounts receivable back section of the hospital an Women Air Jordan 3 average of 5 to 8 months, which is rare in the industry, and more than 1 year is close to 10% of receivables. Even Huaren Pharmaceutical non-PVC soft bag infusion double valve price than traditional glass bottles and plastic bottles infusion fluids to be high, but by the accounts receivable turnover ratio and its accounts receivable for reimbursement of hospital analysis, we based on the company's development model a huge risk. At present many companies are beginning to non-PVC soft bag infusion Nike Kobe 9 EM snatch market share, but the key is still regarded by multinational corporations in the country. After the successful listing future, according to the current GEM easily several times the price-earnings ratio, the company can get several hundred million dollars in cash. But we see from the company's prospectus, the listing Huaren Pharmaceutical in the fog like a fighter taking off, to go with the big pharmaceutical companies compete abroad non-PVC soft bag infusion market share. (The author is Nike KD 6 Elite Greenwoods Asset Analyst)