财务分析作业 白云山年报 英文版课件

Financialanalysiscoursework

GuangzhouBaiyunshanPharmaceuticalCo.,Ltd.2010AnnualReportAnalysis————InternationalInstituteofAccounting0803

Financialanalysiscoursework1TeammembersTeammembers2AnalysisOutline1.Introduction2.Commonratioanalysis3.RelatedRatioAnalysis4.ComparativeAnalysisofcompetitors5.ConclusionsAnalysisOutline1.Introducti31.Introduction(1)BasicinformationofcompanyChineseCompanyName:GuangzhouBaiyunshanPharmaceuticalCo.,Ltd.NameinEnglish:GuangzhouBaiyunshanPharmaceuticalCo.,Ltd.Chineseabbreviationofthecompany:BaiyunshanPharmaceuticalCompanyabbreviation:BYSLegalrepresentative:Mr.XieBinBoardSecretary:Mr.QiaoYongAddress:BaiyunDistrict,GuangzhouCity,GuangdongProvince,andthestreetwith88YunxiangRoadPhoneax:020-87,063,699E-mail:qiaoyong@SecuritiesAffairsRepresentative:MissGaoYanzhuAddress:BaiyunDistrict,GuangzhouCity,GuangdongProvince,andthestreetwith88YunxiangRoadPhoneax:020-87,063,699E-mail:gyzh2611@126.com1.Introduction(1)Basicinfor41.Introduction(2)CompanyBusinessDescriptionGuangzhouBaiyunshanPharmaceuticalCo.,Ltd.Establishedin1973,1992,GuangzhouMunicipalPeople'sGovernmentof11menstrualapprovedbytheGeneralPharmaceuticalFactory,GuangzhouBaiyunMountain,suchastheestablishmentoffivejoint-stockcompaniesthroughtherestructuringofenterprises,inNovember1993asthefirstbatchofGuangzhouCityListedcompanieslistedontheShenzhenStockExchange,nowhastotalsharecapitalof469million.Salesvolumein2007reached3.61billionyuanin2008salesvolumeofover4billionyuan.?companyfocusedonthepharmaceuticalindustry,thebusinessincludestheproductionandmanagementofavarietyofdosageformsofChineseandWesternmedicine,chemicalrawmaterials,externaluse,children'smedicine,healthmedicineandotherdrugs.Afteryearsofdevelopment,undertheWhiteCloudMountainatotalof12membercompanies,haveallpassedthenationalGMP,GSPcertification,GuangzhouBaiyunMountainInnovationCentreChemicalPharmaceuticalEngineeringTechnologyCenterinGuangdongProvince.?thecompanyovertheyearstobrandbuilding,establishingthefirstpharmaceuticalpreparationsinthecountryoneofthebrand,itsbrandawarenessandreputationamongconsumersinthecountryhasastronginfluence.2006"WhiteCloudMountain"trademarkwasidentifiedaswell-knowntrademarksinChinain2007,wasidentifiedas"focusontraininganddevelopmentofexportsofGuangdongProvinceFamousBrand"titlebrandvaluein2008wasassessedtobe10.52billionyuan.

Business:development,production,salesofChineseandWesternmedicine,chemicalrawmaterials,externaluse,children'smedicine,healthmedicine.Operationofcommercialandmaterialsupplyandmarketing.Operatingvarioustypesofgoodsandtechnologyimportandexportbusiness(exceptfornationallimitandprohibition).Managementandfeedprocessingandthe"threetofilla"business.Productionoftwotypesofclinicaltestingoftheinstrumentsanddiagnosticreagents.1.Introduction(2)CompanyBus51.IntroductionMainoperationsbyindustrySub-industryorproductRevenueOperatingcostsGrossmargin(%)OperatingincomeoverlastyearOperatingcostoverlastyearGrossmarginoverlastyearChemicals,pharmaceuticalrawmaterialsmanufacturingindustry43,678.3539,405.269.78%26.74%30.63%-2.69%Chemicalpreparationsmanufacturing193,184.22116,208.4339.85%22.67%15.09%+3.97%ChineseherbalmedicinesandtraditionalChinesemedicineprocessingindustry82,040.3554,892.2433.09%6.48%17.72%-6.39%OtherPharmaceuticalManufacturing614.93624.58-1.57%-12.17%-31.42%+28.51%Pharmaceuticalcommoditycirculation5,684.952,449.0056.92%5.29%9.46%-1.64%Total325,202.80213,579.5134.32%18.22%18.06%+0.09%(3)2010annualoperatingresultsUnit:million

1.IntroductionMainoperations6一、公司介绍(3)annualoperatingresultsin2010Unit:millionMainbusinessbyproductAmoxicillin22,265.9111,471.4648.48%-3.41%6.01%+1.43%Qingkailing27,359.7613,684.5249.98%25.72%34.64%-3.32%YiliKeteling20,778.7618872.159.18%5.49%9.76%-3.53%Cephalosporinsulfideinjection26,499.1513781.0147.99%29.23%37.18%-3.02%Cefixime14,685.914273.9970.90%23.27%20.45%+0.69%CeftriaxoneAPI12,737.8312920.93-1.44%54.41%59.96%-3.52%Cefuroxime10,073.589716.133.55%13.71%16.86%-2.60%(3)2010annualmainbusinessregionsUnit:millionRegionRevenueOperatingincomeoverlastyearSouthChina153171.5715.95%EastChina40378.8130.20%NorthChina39083.7439.35%Northeast11390.0611.15%Southwest28585.8134.39%Northwest4986.6223.38%CentralChina47606.19-1.58%Total325202.818.22%一、公司介绍(3)annualoperatingres7二、共同比分析ComparisonofaccountingdatacalendarUnit:Yuan201020092008Totaloperatingincome3,316,861,029.182,795,105,546.582,635,870,540.72Grossprofit257,089,118.33117,617,343.45115,966,090.00Netprofitattributabletoshareholdersoflistedcompanies204,736,590.14107,765,675.4376,407,343.62DeductionattributabletoshareholdersoftheCompany'snetnon-recurringgainsandlosses163,981,242.9349,316,518.0838,644,489,063.00CashflowfromoperatingactivitiesNet327,214,424.47300,141,134.1683,532,831.99Theendof2010Theendof2009Theendof2008Totalassets3,055,310,511.652,945,054,275.462,814,309,427.45Thereforeattributabletoshareholdersoflistedcompaniestherightsandinterests1,106,532,618.04912,534,940.30804,974,766.55Equity(shares)469,053,689.00469,053,689.00469,053,689.00二、共同比分析Comparisonofaccountin82.CommonratioanalysisLongitudinalanalysisofthecommonratioBalanceSheet

AssetsDecember31,2010December31,2009December31,2008Totalcurrentassets50.05%49.67%45.76%Totalnon-currentassets49.95%50.33%54.24%Totalassets100.00%100.00%100.00%TotalliabilitiesandequityDecember31,2010December31,2009December31,2008Totalcurrentliabilities56.90%62.29%63.55%Totalnon-currentliabilities4.97%4.83%6.03%TotalLiabilities61.87%67.13%69.58%Totalequity38.13%32.87%30.42%Totalliabilitiesandequity100.00%100.00%100.00%2.CommonratioanalysisLongitu92.CommonratioanalysisLongitudinalanalysisofthecommonratioIncomeStatement

IncomeStatementDecember31,2010December31,2009December31,2008Revenue100.00%100.00%100.00%Operatingcosts65.00%65.41%67.40%Businesstaxandsurcharges0.73%0.90%0.83%Sellingexpenses15.46%16.84%15.16%Managementfees11.25%12.07%11.31%Financecosts1.57%2.28%3.62%Impairmentofassets0.10%0.63%0.58%Operatingprofit7.19%3.03%2.77%Grossprofit7.75%4.21%4.40%Netprofit6.60%4.34%3.19%2.CommonratioanalysisLongitu102.CommonratioanalysisSummaryoflongitudinalanalysisofthecommonratio

Companyformorerationaluseoffundsinthefuturedevelopmentofthedebtthecompanyisfacingdown,thecompanyincreasedmobility,improvedabilitytorepaythedebt,theenterprise'sreputationismoresecure.

Companyattachesimportancetotheuseofnewtechnologies,improvetheinternalmanagementmorestreamlined,bettercustomerservice.

Netincomeincreasedtoincreasetheeffectivenessofthecompany,theinvestorshavemoreconfidenceinthestability.2.CommonratioanalysisSummary112.CommonratioanalysisAssetsDecember31,2010December31,2009December31,2008Totalcurrentassets118.72%113.56%100%Totalnon-currentassets99.99%97.12%100%Totalassets108.56%104.65%100%TotalliabilitiesandequityDecember31,2010December31,2009December31,2008Totalcurrentliabilities97.19%102.57%100%Totalnon-currentliabilities89.57%83.86%100%TotalLiabilities96.53%100.95%100%Totalequity136.09%113.10%100%Totalliabilitiesandequity108.56%104.65%100%CommonratioofhorizontalBalanceSheet

2.CommonratioanalysisAssets122.CommonratioanalysisCommonratioofhorizontal

IncomeStatement

IncomeStatementDecember31,2010December31,2009December31,2008Revenue125.84%106.04%100%Operatingcosts121.35%102.91%100%Businesstaxandsurcharges110.37%115.50%100%Sellingexpenses128.37%117.85%100%Managementfees125.08%113.15%100%Financecosts54.77%66.99%100%Impairmentofassets22.29%115.35%100%Operatingprofit326.83%116.09%100%Grossprofit221.69%101.42%100%Netprofit260.83%144.27%100%2.CommonratioanalysisCommon132.CommonratioanalysisSummaryofthecommonratioofhorizontal

Companyformorerobustuseoffundsandreasonable,thecompany'soperationsmoresmoothly,liquidity,solvency,corporatereputation,andotherareashavebeenprotected.Declineinthecompany'sdebt,thecompanyforreducingtheburdenofdebt,moremoneyintothebusinesssales,thecompanyearningscouldincreasefurther.Companyrevenuehasincreasedeachyear,significantlyimprovedtheeffectivenessofthecompany,netincomedoubledup,sothatinvestorshavemoreconfidenceininvestment.Inmanagement,thecompanytendstoimprovethemanagementandthecompany'sstrengthyearafteryearstrong,withinvestorsforgreaterstability.2.CommonratioanalysisSummary143.RelatedRatioAnalysisLiquidity

Units201020092008ThenumberofdaysaccountsreceivablerecoveryDays54.7371.6894.94AccountsreceivableturnoverTimes/year13.3410.187.69AccountsreceivableturnoverdaysDays27.3635.8447.47InventoryturnoverdaysDays101.5793.7495.99BusinessinventoryturnoverTimes/year3.593.893.80InventoryTurnoverDays101.5793.7495.99OperatingcycleDays152.14128.26145.29WorkingcapitalYuan(209326944.93)(371935725.92)(500657936.26)CurrentRatio0.880.790.72QuickRatio0.460.540.45CashRatio9SalesandworkingcapitalratioTimes/year-15.85-7.52-5.26Cashflowfromoperations/currentliabilitiesandcurrentportionoflongtermnotesreceivableandTimes/year4.246.802.543.RelatedRatioAnalysisLiqui153.RelatedRatioAnalysisFlowAnalysisSummarySignificantimprovementinliquidity,andaslidingscaleyearafteryear,verygoodabilitytomorestablecapitalflows.Timelyrecoveryofaccountsreceivable,inventoryflowcapacityincreasedsignificantlyintermsofaccountsreceivableandinventoryistoobtainbetterreturns.

Salesdidnotkeepupwiththepaceofworkingcapital,whichisabadtrend.3.RelatedRatioAnalysisFlow163.RelatedRatioAnalysisLong-termsolvency

Units201020092008InterestcoverTimes5.922.842.22Debtratio%61.8767.1369.58Thegearingratio%162.28204.19228.77Ratioofdebttonettangibleassets%196.01259.34305.88Cashflowfromoperations/totalliabilities%10.7110.192.973.RelatedRatioAnalysisLong-173.RelatedRatioAnalysisSummaryoflong-termsolvencyofThesolvencyofthecompanyverywell,thecreditor'sinterestiswellmaintained.Thecompanyhasagoodreputationthatinthebankstogetfundstohelpbetter.Intheinterestsofcreditorsbankruptcycanbewellmaintained.3.RelatedRatioAnalysisSumma183.RelatedRatioAnalysisProfitability

Units201020092008Netprofitmargin%6.604.343.19TotalassetsturnoverTimes/year1.110.970.95Returnonassets%7.304.213.02Operatingmargin%7.193.032.77OperatingassetturnoverTimes/year1.241.061.01Returnonoperatingassets%8.943.212.79RatioofsalestofixedassetsTimes/year5.514.203.73ROI%20.2613.1210.11Returnontotalequity%13.288.686.70Returnoncommonequity%13.288.686.70Grossprofitmargin%35.0034.5932.603.RelatedRatioAnalysisProfi193.RelatedRatioAnalysisProfitabilityAnalysisSummaryFrom2008to2010,thecompany'sprofitabilitycontinuestoimprove,netinterestmarginandoperatingmarginincreasedsignificantly,thesituationisquitegood.Thehighertheprofitabilitythatinvestorshaveconfidenceinthefuturethecompanyiswillingtopaythepurchasepriceforeachdollarsurplus,thecompanycangetmorerevenue.3.RelatedRatioAnalysisProfi203.RelatedRatioAnalysisInvestorAnalysisUnits201020092008FinancialLeverage1.001.011.02EarningspershareYuan0.43650.22980.1629PE39.2258.3130.13Rateofretainedearnings%94.4691.8891.63Dividendpayoutratio%7.3919.9524.36Dividendyield%2BookvaluepershareYuan2.482.062.45OperatingcashflowpershareYuan0.700.640.18CashFlow/CashDividendTimes/year26.9830.5111.89EndmarketYuan17.1213.404.823.RelatedRatioAnalysisInves213.RelatedRatioAnalysisInvestorAnalysisSummaryShareholdershasincreased,thestockpriceroseyearbyyear.Volatileearnings,agreaterimpactforthecompany.Decliningdividendpaymentwillresultinsomeshareholdersselltheirshares.Betweentheprice-earningsratioisnormalin5-20.Whenthestockmarketarefactorsthatdonotinterferewiththenormal,someofthestockmarketshouldnothavebeenbiduptotheheightofprice-earningsratiowillbetoohigh.Morethan20price-earningsratioisnotconsiderednormal.Thestockpricedeclineislikelyaprecursortohigherrisk.

Asthecompany'slargestshareholder,theproceedswillbegood;andasordinaryshareholders,althoughtheinterestisnotcompromised,butcomparedwiththepreviousincome,willdecline.3.RelatedRatioAnalysisInves224.ComparativeAnalysisofcompetitorsLiquidity

UnitsBaiyunshan2010Yunnanbaiyao2010ThenumberofdaysaccountsreceivablerecoveryDays54.7372.79AccountsreceivableturnoverTimes/year13.3410.03AccountsreceivableturnoverdaysDays27.3636.39InventoryturnoverdaysDays101.5788.38BusinessinventoryturnoverTimes/year3.594.13InventoryTurnoverDays101.5788.38OperatingcycleDays128.94124.77WorkingcapitalYuan(209326944.93)3336109462.96CurrentRatio0.882.10QuickRatio0.461.20CashRatio0.200.66SalesandworkingcapitalratioTimes/year-15.853.02Cashflowfromoperations/currentliabilitiesandcurrentportionoflongtermnotesreceivableandTimes/year4.242.534.ComparativeAnalysisofcom234.ComparativeAnalysisofcompetitorsSummaryofComparativeAnalysisofLiquidity

Inaccountsreceivable,theBaiyunMountainisbetterthanthecompanyYunnanbaiyaocompany.Intheinventory,thecompanyisbetterthantheBaiyunMountainYunnanbaiyaocompany.Inworkingcapital,currentratio,quickratio,cashratio,etc.,YunnanbaiyaocompaniesarebetterthantheWhiteCloudMountainCompany.

Yunnanbaiyaocompany'sliquidityisbetterintheBaiyunMountain,thecompany'sliquidity.Yunnanbaiyaocompaniesbetteraccesstofundsoffundscantakeadvantageoffasterproductionandlowerearnings.4.ComparativeAnalysisofcom244.ComparativeAnalysisofcompetitorsLong-termsolvency

UnitsBaiyunshan2010Yunnanbaiyao2010InterestcoverTimes5.9270.39Debtratio%61.87%42.17%Thegearingratio%162.28%72.91%Ratioofdebttonettangibleassets%196.01%74.94%Cashflowfromoperations/totalliabilities%10.71%5.66%4.ComparativeAnalysisofcom254.ComparativeAnalysisofcompetitorsSummaryComparisonoflong-termsolvency

Indebt,YunnanbaiyaocompanydataarebetterthaneachoftheWhiteCloudMountainCompany,thecompany'ssolvencyratioYunnanbaiyaoBaiyunMountain,thecompany'sabilitytobetterthelot.Yunnanbaiyaobetterthecredibilityofthecompanythatinbanking,financialassistancecanbebetter,andintheinterestsofcreditors,bankruptcycanbewellmaintained.4.ComparativeAnalysisofcom264.ComparativeAnalysisofcompetitorsProfitability

UnitsBaiyunshan2010Yunnanbaiyao2010Netprofitmargin%6.609.19TotalassetsturnoverTimes/year1.111.48Returnonassets%7.3013.58Operatingmargin%7.1910.35OperatingassetturnoverTimes/year1.242.15Returnonoperatingassets%8.9422.29RatioofsalestofixedassetsTimes/year5.51-18.57ROI%20.2623.01Returnontotalequity%13.2814.87Returnoncommonequity%13.2814.87Grossprofitmargin%35.010.274.ComparativeAnalysisofcom274.ComparativeAnalysisofcompetitorsSummaryofComparativeAnalysisofprofitabilityIntermsofprofitability,YunnanbaiyaocompaniesarebetterthanmostofthedatathecompanyBaiyunMountain,onlysalesandgrossmarginratiooffixedassetsislowerthanBaiyunMountainCompany.4.ComparativeAnalysisofcom284.ComparativeAnalysisofcompetitorsInvestorAnalysisUnitsBaiyunshan2010Yunnanbaiyao2010FinancialLeverage1.001.00EarningspershareYuan0.43651.33PE39.2245.41Rateofretainedearnings%94.4699.91Dividendpayoutratio%7.390.10Dividendyield%0.150.0022BookvaluepershareYuan2.487.02OperatingcashflowpershareYuan0.700.62CashFlow/CashDividendTimes/year26.98511.95EndmarketYuan17.1260.404.ComparativeAnalysisofcom294.ComparativeAnalysisofcompetitorsSummaryComparisonofinvestors

WhiteCloudMountainInc.andYunnanbaiyaocompaniesregardthetwocompaniesrelativetotheirowncomparativeadvantagesofinvestors.AttheendofthemarketpricewashigherthanthemarketpriceofthecompanyYunnanbaiyaoBaiyunMountainCompany.Asamajorshareholderintheinvestment,theYunnanbaiyaotogainabetterincome,andinvestmentinthestockasordinaryshareholders,theBaiyunMountainCompanyisthebetterchoice.

Price-earningsratioofthetwocompanieshavemorethan20%,thereisadrasticdropinrisk.4.ComparativeAnalysisofcom305.Conclusions

Incommonthanbylineanalysis,correlationratioanalysisandcomparativeanalysisofcompetitors,thecompanyobtainedthemobilityofBaiyunMountain,thelong-termsolvency,profitability,lowerthantheYunnanbaiyaocompany.Yunnanbaiyaocompanywillbeinvestingalittlebitbetterreturns.Comparisonofinvestorsaftermakingfurtherdrawininvestmentasamajorshareholder,theinvestmentcompanywillbebetterYunnanbaiyaoincome;ordinaryshareholdersbythelineastheinvestment,theinvestmentBaiyunMountaintogainbetterreturns.5.ConclusionsIncommonth315.ConclusionsOverall,theGuangzhouBaiyunMountainPharmaceuticalCo.,Lhedevelopmentorwithinthepastfewyearsshowagoodtrend.Thecompany'scapitalcanhaveagoodrecovery,thecompanyhasgooddistributionchannels.Thecompany'sabilitytorepaydebtrisingtoaverygoodinvestorprotection.Upwardtrendinprofitabilityinthewellcanbeverygoodprofit.Rationalizationofthecompany'sinternalmanagementofmoreandmore,forcustomersandinvestorsisagoodhelp.BaiyunMountainCompanyasanemergingpharmaceuticalcompany,isthecauseoftheriseinthecompany,therearegoodprospectsfordevelopmentinthefuturedevelopmentofthecompanystillhasgooddevelopmentprospects.Inthefuture,therequirementsofthepeoplefortheirownhealthgraduallyimproved,theBaiyunMountain,thecompanystillhasaverygooddevelopmentofthismarket.AlsoofgreatimportancetotraditionalChinesemedicine,BaiyunMountainisthenationalpolicyinthisareainpossessionofgoodadvantage.5.ConclusionsOverall,theGua32ThanksThanks33Financialanalysiscoursework

GuangzhouBaiyunshanPharmaceuticalCo.,Ltd.2010AnnualReportAnalysis————InternationalInstituteofAccounting0803

Financialanalysiscoursework34TeammembersTeammembers35AnalysisOutline1.Introduction2.Commonratioanalysis3.RelatedRatioAnalysis4.ComparativeAnalysisofcompetitors5.ConclusionsAnalysisOutline1.Introducti361.Introduction(1)BasicinformationofcompanyChineseCompanyName:GuangzhouBaiyunshanPharmaceuticalCo.,Ltd.NameinEnglish:GuangzhouBaiyunshanPharmaceuticalCo.,Ltd.Chineseabbreviationofthecompany:BaiyunshanPharmaceuticalCompanyabbreviation:BYSLegalrepresentative:Mr.XieBinBoardSecretary:Mr.QiaoYongAddress:BaiyunDistrict,GuangzhouCity,GuangdongProvince,andthestreetwith88YunxiangRoadPhoneax:020-87,063,699E-mail:qiaoyong@SecuritiesAffairsRepresentative:MissGaoYanzhuAddress:BaiyunDistrict,GuangzhouCity,GuangdongProvince,andthestreetwith88YunxiangRoadPhoneax:020-87,063,699E-mail:gyzh2611@126.com1.Introduction(1)Basicinfor371.Introduction(2)CompanyBusinessDescriptionGuangzhouBaiyunshanPharmaceuticalCo.,Ltd.Establishedin1973,1992,GuangzhouMunicipalPeople'sGovernmentof11menstrualapprovedbytheGeneralPharmaceuticalFactory,GuangzhouBaiyunMountain,suchastheestablishmentoffivejoint-stockcompaniesthroughtherestructuringofenterprises,inNovember1993asthefirstbatchofGuangzhouCityListedcompanieslistedontheShenzhenStockExchange,nowhastotalsharecapitalof469million.Salesvolumein2007reached3.61billionyuanin2008salesvolumeofover4billionyuan.?companyfocusedonthepharmaceuticalindustry,thebusinessincludestheproductionandmanagementofavarietyofdosageformsofChineseandWesternmedicine,chemicalrawmaterials,externaluse,children'smedicine,healthmedicineandotherdrugs.Afteryearsofdevelopment,undertheWhiteCloudMountainatotalof12membercompanies,haveallpassedthenationalGMP,GSPcertification,GuangzhouBaiyunMountainInnovationCentreChemicalPharmaceuticalEngineeringTechnologyCenterinGuangdongProvince.?thecompanyovertheyearstobrandbuilding,establishingthefirstpharmaceuticalpreparationsinthecountryoneofthebrand,itsbrandawarenessandreputationamongconsumersinthecountryhasastronginfluence.2006"WhiteCloudMountain"trademarkwasidentifiedaswell-knowntrademarksinChinain2007,wasidentifiedas"focusontraininganddevelopmentofexportsofGuangdongProvinceFamousBrand"titlebrandvaluein2008wasassessedtobe10.52billionyuan.

Business:development,production,salesofChineseandWesternmedicine,chemicalrawmaterials,externaluse,children'smedicine,healthmedicine.Operationofcommercialandmaterialsupplyandmarketing.Operatingvarioustypesofgoodsandtechnologyimportandexportbusiness(exceptfornationallimitandprohibition).Managementandfeedprocessingandthe"threetofilla"business.Productionoftwotypesofclinicaltestingoftheinstrumentsanddiagnosticreagents.1.Introduction(2)CompanyBus381.IntroductionMainoperationsbyindustrySub-industryorproductRevenueOperatingcostsGrossmargin(%)OperatingincomeoverlastyearOperatingcostoverlastyearGrossmarginoverlastyearChemicals,pharmaceuticalrawmaterialsmanufacturingindustry43,678.3539,405.269.78%26.74%30.63%-2.69%Chemicalpreparationsmanufacturing193,184.22116,208.4339.85%22.67%15.09%+3.97%ChineseherbalmedicinesandtraditionalChinesemedicineprocessingindustry82,040.3554,892.2433.09%6.48%17.72%-6.39%OtherPharmaceuticalManufacturing614.93624.58-1.57%-12.17%-31.42%+28.51%Pharmaceuticalcommoditycirculation5,684.952,449.0056.92%5.29%9.46%-1.64%Total325,202.80213,579.5134.32%18.22%18.06%+0.09%(3)2010annualoperatingresultsUnit:million

1.IntroductionMainoperations39一、公司介绍(3)annualoperatingresultsin2010Unit:millionMainbusinessbyproductAmoxicillin22,265.9111,471.4648.48%-3.41%6.01%+1.43%Qingkailing27,359.7613,684.5249.98%25.72%34.64%-3.32%YiliKeteling20,778.7618872.159.18%5.49%9.76%-3.53%Cephalosporinsulfideinjection26,499.1513781.0147.99%29.23%37.18%-3.02%Cefixime14,685.914273.9970.90%23.27%20.45%+0.69%CeftriaxoneAPI12,737.8312920.93-1.44%54.41%59.96%-3.52%Cefuroxime10,073.589716.133.55%13.71%16.86%-2.60%(3)2010annualmainbusinessregionsUnit:millionRegionRevenueOperatingincomeoverlastyearSouthChina153171.5715.95%EastChina40378.8130.20%NorthChina39083.7439.35%Northeast11390.0611.15%Southwest28585.8134.39%Northwest4986.6223.38%CentralChina47606.19-1.58%Total325202.818.22%一、公司介绍(3)annualoperatingres40二、共同比分析ComparisonofaccountingdatacalendarUnit:Yuan201020092008Totaloperatingincome3,316,861,029.182,795,105,546.582,635,870,540.72Grossprofit257,089,118.33117,617,343.45115,966,090.00Netprofitattributabletoshareholdersoflistedcompanies204,736,590.14107,765,675.4376,407,343.62DeductionattributabletoshareholdersoftheCompany'snetnon-recurringgainsandlosses163,981,242.9349,316,518.0838,644,489,063.00CashflowfromoperatingactivitiesNet327,214,424.47300,141,134.1683,532,831.99Theendof2010Theendof2009Theendof2008Totalassets3,055,310,511.652,945,054,275.462,814,309,427.45Thereforeattributabletoshareholdersoflistedcompaniestherightsandinterests1,106,532,618.04912,534,940.30804,974,766.55Equity(shares)469,053,689.00469,053,689.00469,053,689.00二、共同比分析Comparisonofaccountin412.CommonratioanalysisLongitudinalanalysisofthecommonratioBalanceSheet

AssetsDecember31,2010December31,2009December31,2008Totalcurrentassets50.05%49.67%45.76%Totalnon-currentassets49.95%50.33%54.24%Totalassets100.00%100.00%100.00%TotalliabilitiesandequityDecember31,2010December31,2009December31,2008Totalcurrentliabilities56.90%62.29%63.55%Totalnon-currentliabilities4.97%4.83%6.03%TotalLiabilities61.87%67.13%69.58%Totalequity38.13%32.87%30.42%Totalliabilitiesandequity100.00%100.00%