Haisco(SZ:002653) Xin Lang Zheng Quan·2025-08-15 08:27Core Viewpoint - The regulatory scrutiny on Haisco Pharmaceutical's (002653.SZ) 1.365 billion yuan private placement plan highlights the deep-seated contradictions between the company's aggressive strategic transformation and financial compliance, raising uncertainties about the approval of the fundraising initiative [1] Financial and Operational Risks - Despite continuous revenue growth from 3.015 billion yuan to 3.721 billion yuan during the reporting period (2022-2024), the company's net profit attributable to shareholders showed significant volatility, dropping from 112 million yuan in 2022 to 242 million yuan in 2023, and then plummeting to 132 million yuan in 2024, with a further decline to 50 million yuan in Q1 2025 [2] - The sharp increase in government subsidies, reaching 196 million yuan and 25 million yuan in 2023 and 2024 respectively, accounted for 49.5% and 6.3% of net profit during those periods, raising concerns about the sustainability of profitability [2] - The implementation of centralized procurement policies has severely pressured prices, with core products like propofol injection experiencing price drops of 70%-80%, leading to a continuous decline in revenue from parenteral nutrition products [2] Dividend and Fundraising Concerns - The company's cash dividends in 2023 and 2024 amounted to 223 million yuan and 464 million yuan, representing 75.5% and 117.31% of net profit, with the latter indicating excessive distribution [3] - The planned 350 million yuan from the private placement for "supplementing working capital" raised questions from the Shenzhen Stock Exchange regarding potential harm to minority shareholders' interests due to high dividends followed by immediate fundraising [3] R&D Capitalization Issues - The company's R&D capitalization rates were significantly higher than industry averages, with rates of 53.39%, 40.98%, 37.65%, and 26.14% over the reporting period, raising compliance concerns regarding accounting practices [3] - There were instances of terminated R&D projects that were not disclosed in terms of their capitalization treatment, prompting regulatory requests for clarification on the criteria for capitalization and impairment assessments [3] Governance and Investment Risks - The change in the controlling shareholder in March 2025, with Wang Junmin becoming the sole controller, raised concerns about governance stability and potential risks related to related-party transactions [4] - The company has faced historical issues with internal controls, including a warning from the Tibet Securities Regulatory Bureau in 2020 for violations related to related-party transactions [4] - Low utilization rates of fixed assets, particularly in large-volume injections below 55% and small-volume injections and tablets below 30%, have raised questions about asset impairment provisions [4] Accounts Receivable Concerns - The accounts receivable turnover ratio has consistently been below the industry average, with a ratio of only 4.12 in Q1 2025 compared to the industry average of 9.93, indicating potential issues with collection capabilities [5] - The balance of accounts receivable increased to 896 million yuan, prompting regulatory inquiries into the adequacy of bad debt provisions and the nature of long-term prepayments related to overseas clinical trial expenses [5]