reelrush| Cai Tong once again took advantage of the hot spot layout of "longevity medicine", Jaben Chemical lost 79.56 million yuan, and its core subsidiaries stopped production

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Source: Changjiang Business Daily

Wang Jing, a reporter from Changjiang Business Daily.

Yaben Chemistry (300261Reelrush.SZ) the production of important subsidiaries suddenly stopped.

According to the announcement on April 10, due to the fluctuation of the end market and the lack of downstream demand and other factors, Yaben Chemical subsidiary Nantong Yaben temporarily suspended production, and the subsequent resumption of production depends on the future market demand.

This is one of its main production bases, contributing more than 40% of the revenue to Yaben Chemical, and the impact on the company's performance after the suspension of production is self-evident. In 2023, Abbott's revenue fell 31% from a year earlier, and net profit lost for the first time.

Abbott Chemistry was founded by "Fudan couple" Cai Tong and Wang Xinya. Relying on the background of chemistry and finance, Cai Tong successfully listed Yaben Chemistry in 8 years.

Perhaps because the founder and his wife have rich financial backgrounds, Yaben Chemical, which specializes in pesticide business, has been hyped many times and has been subject to regulatory penalties. At the end of March, its share price soared due to the concept of "longevity medicine" NMN. But in the short term, NMN's contribution to the company's performance is very limited.

The pesticide industry continues to be in the doldrums, how should Yaben Chemistry break through?

"high achiever and his wife" harvested IPO in 7 months

Cai Tong's success is inextricably linked with his wife Wang Xinya, and the two go hand in hand and forge ahead together on the career road.

According to public data, Cai Tong, with excellent grades, was admitted to the Chemistry Department of Fudan University in 1989. He was 29 years old that year and was the oldest student in his class. In campus life, Cai Tong was active in every corner and attracted the attention of her classmate Wang Xinya. The two sparked a spark of love and entered into marriage after graduation.

A few years after graduation, Cai Tong returned to her alma mater to study for a master's degree in finance. With a dual background in chemistry and finance, Cai Tong was selected by Oriental International Group to develop the field of biomedicine and later served as deputy general manager of Shanghai Rongheng Pharmaceutical Co., Ltd. Wang Xinya entered the financial industry after further study in the Finance Department of Fudan University and accumulated more than ten years of overseas financial industry experience.

After several years of accumulation, in 2003, Cai Tong chose to start a business and founded Yaben Chemistry, which is engaged in the business of pesticide raw drugs, pesticide preparations, chemical products and so on.

Eight years later, on September 6, 2011, Yaben Chemical was successfully listed on Shenzhen gem, creating a miracle-it took only seven months from filing materials to approval.

Wang Xinya also quit his job in investment banking to start a business. Unlike her husband in the medical field, Wang Xinya is more focused on the investment field. Perhaps it is because Wang Xinya is familiar with the operation of capital that Abbott has repeatedly exploded in recent years.

Due to the concept of "COVID-19 specific medicine", Yaben Chemical has been highly speculated in the market. Its share price has continued to soar since its closing price of 7.34 yuan per share on December 17, 2021, reaching a peak of 31.22 yuan per share on March 17, 2022, with a market capitalization peak of 28.4 billion yuan. As the hot spots dissipated, the share price of Yaben Chemical fell back sharply.

As early as 2020, Yaben Chemistry passed the hot spot of "COVID-19 specific medicine" and was regulated and punished. In August 2022, the Shenzhen Stock Exchange publicly condemned Yaben Chemical and related parties, believing that the disclosure of relevant information was incomplete and the risk warning was insufficient.

Cai Tong and his wife began to look for a "new story" again, this time targeting the concept of NMN.

It is understood that NMN is nicotinamide mononucleotide, it is reported that it may have the effect of reversing aging and prolonging life, but it has not been clinically confirmed. NMN is known as the "elixir of longevity", the concept of fire.

Abbott Chemical layout NMN earlier, in 2020, Abbott Chemical launched its own NMN products. According to the 2020 annual report, the company's main product, β-nicotinamide mononucleotide (NMN), has been put on shelves on domestic well-known e-commerce platforms and tried a new sales model. However, due to the related products can not be approved food additives in China, the contribution to its performance is limited.

Although there was no boost to performance for the time being, the company's share price rose sharply at the end of March and turned downwards in April due to the explosion of related concepts. As of April 12, its share price closed at 6.28 yuan per share, down 79.88% from its peak two years ago.

Revenue goes back to where it was six years ago.

Although twice punished for rubbing "COVID-19 specific drugs" hot spots, the main source of income of Yaben Chemistry is actually pesticides.

At present, Yaben Chemical is the leader of pesticides and pharmaceutical raw materials, and its main business is the R & D, production and sales of innovative pesticide intermediates and pharmaceutical intermediates. Among them, pesticide intermediates and APIs are mainly used for processing into new pesticides, while pharmaceutical intermediates and APIs are used for processing into all kinds of drugs.

In the first half of 2023, the company's revenue of pesticide intermediates was 575 million yuan, accounting for 67.44%, while that of pharmaceutical intermediates was 138 million yuan, accounting for 16.22%.

Yaben Chemistry, which specializes in pesticide intermediates, has a mediocre performance in terms of business performance.

From 2018 to 2022, the company's operating income was 1.806 billion yuan, 1.664 billion yuan, 2.003 billion yuan, 2.072 billion yuan and 2.001 billion yuan respectively, with year-on-year changes of 49.50%,-7.82%, 20.36%, 3.41% and-3.42%, respectively. The corresponding net profit was 161 million yuan, 82 million yuan, 161 million yuan, 182 million yuan and 203 million yuan, with year-on-year changes of 119.52%,-49.17%, 97.22%, 12.94% and 11.6%.

By 2023, the company lost money for the first time. KuaiBao's performance in 2023 showed that the company's operating income was 1.38 billion yuan, down 31.02% from the same period last year, revenue went back to the level of six years ago, and a net profit loss of 79.5633 million yuan.

Yaben Chemical attributed the sharp decline in performance to two aspects: on the one hand, during the reporting period, customer inventory was high and demand decreased, resulting in intensified market competition, resulting in a double decline in volume and price in the company's pesticide intermediates business as a whole; on the other hand, some orders in pharmaceutical business decreased sharply compared with the previous year due to factors such as supply and demand, resulting in a significant decline in revenue and profits compared with the same period last year.

The house leak happened to rain all night, and recently, Yaben Chemical suddenly announced the temporary suspension of production of its wholly-owned subsidiary Nantong Yaben Chemical Co., Ltd. (referred to as "Nantong Yaben").

Nantong Yaben is one of the main production bases of Yaben Chemical, which was established in 2010. the main product is bromopyrazolic acid, an advanced intermediate of pesticides, which is customized and has been supplied to customers for many years.

In the past two years, Nantong Yaben has contributed more than 40% of its revenue to Yaben Chemical, and its importance is self-evident. The announcement shows that in 2022 and January to September 2023, Nantong Yaben achieved operating income of 869 million yuan and 474 million yuan respectively; net profit of 156 million yuan and 68 million yuan.

Regarding the reasons for the suspension of production, Yaben Chemical explained in an announcement issued on April 10 that it was mainly affected by factors such as fluctuations in the terminal market and insufficient downstream demand. In order to reduce losses and prevent risks, after communicating with major customers, Nantong Yaben decided to implement a temporary suspension of production. The production is expected to be suspended until June 30. The subsequent resumption of production depends on future market demand.

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