Analysis of Changchun Hi-tech Interim Report for 22 Years

1. Operating data of the main four main sectors. Kinsey is not afraid of the disturbance of the epidemic and continues to grow at a high speed; because of the epidemic, the vaccination slowed down in the first half of the year, but the main logic of the hundred grams is the shingles vaccine at the end of the year.

For Kinsey, the epidemic in East China does have an impact, and the growth rate has not surpassed other regions.

2. The growth rate of net profit is lower than that of revenue, mainly due to the increase in marketing expenses, management expenses, and R&D expenses.

Among them, sales expenses:

The larger increase in cost is the increase of 151 million in commissions and service fees, and the increase of 223 million in remuneration. The commission is related to the turnover, and the reason for the increase in salary is probably to expand the marketing team. Thinking of Kinsey’s action in medical aesthetics at the end of the year, and 100 grams for the shingles vaccine, it is a good thing to recruit people in advance in marketing, and it is also a must-do.

Management fees:

Salary increased by 114 million, office increased by 21.49 million, depreciation increased by 12.59 million, needless to say, recruiting and expanding office space.

R&D expenses:

R&D expenses increased across the board, including a $115 million increase in wages.

The above are the main reasons for the increase in costs – comprehensive expansion in marketing and R&D.

3. Summary: Kinsey’s revenue growth rate exceeding expectations by 30% in the first half of the year is due to the existence of hanging children in the same industry; Baike has external reasons, and the logic is mainly the shingles vaccine that will be launched at the end of this year or early next year; China Kang is not the point; real estate is half-dead, let’s end it early. In addition, biomedical research and development exceeded expectations, and marketing expansion exceeded expectations. It’s a stable comparison, there is no need to say more, go to the movies.

$Changchun High-tech(SZ000661)$

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