At the same time, from the profit distribution plan, the company plans to distribute a cash dividend of 2 yuan for every 65,438+00 shares, with a cash dividend of about 202 million. It is worth mentioning that this cash dividend accounts for 72.86% of the company's accumulated distributable profit, which is the largest dividend in the history of the development of Shandong merchants. Shandong Merchants Development, which has not paid cash dividends since its listing, has accumulated dividends of 362 million in the past three years.
Net profit hit a record high
In terms of scale and geographical distribution, the development of Shang Lu is only a small regional real estate enterprise. Due to the different competitive environment, the gross profit margin of real estate sales in the province is also about 5 percentage points higher. After 20 19 was renamed, it officially transformed into a big health. At present, the businesses developed in Shang Lu include real estate sales, hyaluronic acid raw materials and cosmetics sales, medicines and aged care services.
Reasons for the improvement of performance: Shang Lu Development said that on the one hand, due to the centralized delivery of healthy real estate in Tai' an, Linyi and Jining, the settlement income increased compared with the same period; On the other hand, due to the increased promotion of cosmetics channels in 2020, the operating income of related businesses increased year-on-year; In addition, the key organisms that were planned to be acquired on 20 19 were finally consolidated.
It is worth mentioning that the net profit of 639 million in 2020 even reached a record high. In 2009, Shang Lu developed backdoor listing, but its net profit dropped from 439 million to 654.38+62 million in the decade to 20 18, and its net interest rate dropped from 17.6% to 1.54%.
Although real estate sales are still the business that contributes the most profits to the development of Shandong merchants, its gross profit margin is only 65,438+04.52%, far lower than that of most peer companies, and will be further reduced in 2020. On the other hand, light asset business such as cosmetics and raw materials may become the main driving force for the company's profit growth in the future.
Hyaluronic acid related business grew fastest.
The biomedical business developed by Shang Lu is mainly operated by its wholly-owned subsidiary, Freda Pharmaceutical Group (hereinafter referred to as Freda Group), and its main business direction is the research and development of hyaluronic acid and applied technology. Its holding and shareholding companies are Runshu, Runjie, Shpet, Akihito, Yilian, Shan Yan, Rose and other 65438+.
However, before the acquisition of Focus Bio, Shang Lu Development only set foot in the downstream products of the hyaluronic acid industrial chain. In 2020, through the merger of Focus Bio, Shang Lu Development will extend its business to the upstream of hyaluronic acid raw materials.
It is worth mentioning that at the end of 2020, there were about 654.38+64 billion goodwill on the development books of Shang Lu, all of which came from the acquisition of Focus Bio. From the perspective of acquisition pricing, the equity method was used to evaluate the appreciation of 365.438+0.75%, and finally the 6.0 1.65438% equity of Focus Bio was acquired for 258 million.
In 2020, Freda Group achieved an operating income of 654.38+0.08 billion and a net profit of 654.38+0.06 billion. At the same time, Focus Bio achieved an operating income of 654.38+0.69 billion and a net profit of only 246.65438+0.24 million.
On the whole, cosmetics, raw materials and additives are also the fastest growing businesses of the company, in which the operating income and gross profit margin of raw materials and additives increased by 65,438+089.7% and 65,438+06.74% respectively, which is of course mainly due to the consolidation of Focus Bio.
However, Focus Bio's business is not limited to China, and its export gross profit margin is even higher. After consolidation in 2020, the growth rate of domestic sales and export income of raw materials and additives business developed in Shang Lu is 65,438+024.39% and 350.48% respectively, and the gross profit margin is 42.99% and 565,438+0.2% respectively.
In addition, the real growth is mainly the company's original cosmetics business. Affected by the epidemic, the online sales revenue of cosmetics increased by 65,438+034.56%, and the gross profit margin remained stable. However, cosmetics sales in other channels can only exchange profits for income, with income increasing by 68.84% and gross profit margin decreasing by 18.68%.
In addition, Mao Mei noted that the number of projects under construction in Shang Lu increased from 26 1, 6 1.9 million in the previous year to 247 million in 2020, an increase of 844.3% year-on-year, mainly due to the construction of pharmaceutical and cosmetic production workshops.
Around the Spring Festival, the concept of medical beauty rose sharply. Once known as the "Moutai for Women", the share price of the hyaluronic acid leader Aimeike exceeded 1,000 yuan, while the development of Shang Lu based on the concept of medical beauty also increased by more than 73% within one month. By the close of March 29th, the company's share price was 1 1.72 yuan/share, which was still at a high level in the past five years.
The gap between medical and beauty industries began to appear.
Whether it is raw materials or cosmetics, the health care products developed by Shang Lu are mainly hyaluronic acid. In the final analysis, it is the potential of hyaluronic acid market and, as the company said, "building a product system with hyaluronic acid as the core."
As we all know, the three giants of hyaluronic acid in the A-share market are Aimeike, Huaxi Bio and Haohaishengke. In the past two years, with the listing of Huaxi Bio and Aimeike, the huge profits of hyaluronic acid industry have been shown to the public, and the comparison of the three companies is naturally indispensable.
Cat sister compared before, Aimeike's business is mainly the sales of medical beauty skin care products based on hyaluronic acid, while Huaxi Bio is involved in the sales of hyaluronic acid raw materials and even becomes one of the main suppliers of Aimeike. Recently, hyaluronic acid products also include food. In addition, Haohaisheng Branch focuses on the application fields of hyaluronic acid products such as orthopedics and ophthalmology.
It is understood that Focus Bio is the second largest producer of hyaluronic acid outside Huaxi Bio, with a market share of 12%. After the acquisition of Focus Bio, Shang Lu's medical beauty and health business looks more like a collection of the Big Three, except for raw materials. Freda Group has been involved in cosmetics, health food, ophthalmology, orthopedics and other fields.
And can the profit level increase year-on-year with the expansion of business scope? At present, the three giants of hyaluronic acid have all disclosed the 2020 annual report, among which Haohaishengke is the only company whose operating income and net profit have both declined, with the decline rate reaching double digits, while Aimeike, which has a more concentrated business scope, has become the fastest growing company in net profit.
Looking back on the development of Shang Lu, although the company contains many industries and products, its brand awareness is not high. Therefore, the gross profit margin of the company's cosmetics, raw materials and additives business is only 59. 14% and 46.68% respectively, which is far lower than that of the other three hyaluronic acid enterprises and even lower than that of the company's hotel business and drug sales.
In the end, the choice of different development directions will lead to the widening gap between the medical and beauty industries.