| With the improvement of people’s living standards and the aggravation of the aging population,the Chinese government pays great concerned to the current situation of health and medical services and continuously expands the coverage of medical services,which also improves people’s consumption level in medicine and pharmaceutical.The pharmaceutical manufacturing industry plays an important role in the composition of China’s national economy and is closely related to people’s life.However,with the improvement of people’s living standards and the continuous improvement of the medical security system,China’s pharmaceutical manufacturing industry is still market-oriented and highly competitive despite strict supervision of various policies.China’s pharmaceutical manufacturing industry is still opportunities and challenges coexist.Hengrui Medicine is a "white horse",which takes the lead in the competitive market of pharmaceutical manufacturing industry.Its outstanding research and innovation capabilities are widely concerned by the industry.The traditional analysis of financial statements is mainly through financial indicators,while ignoring the impact of some non-financial indicators on enterprises,such as corporate strategy,accounting environment,etc.These will also have a certain impact on the authenticity and appropriateness of financial data.So the traditional financial statement analysis does not completely meet the needs of current report users and decision makers.The harvard analysis framework not only analyzes the financial indicators,but also analyzes non-financial indicators that affect the business development,which is more in line with the needs of business managers.This paper selects the harvard analysis framework to conduct a comprehensive analysis of Hengrui Medicine.It is hoped that through the analysis of this paper,we can find the advantages of Hengrui Medicine as the industry leader to provide reference for enterprises in the pharmaceutical manufacturing industry,and find out the space that Hengrui Medicine can enhance,and analyze the risks that may exist in the future and propose corresponding improvements.This article is divided into five parts.The first part introduces the research background and significance of this paper.Then it briefly expounds the research content and research methods of this paper,and summarizes the theoretical basis and literature review at home and abroad.The second part introduces the basic situation of Hengrui Medicine,including the current operation status and business model of Hengrui Medicine.The third part will follow the logic of harvard analytical framework and analyzing the industry and strategic choices of Hengrui Medicine from the perspective of strategic analysis.Then analyze the Hengrui Medicine from accounting,finance and prospects.It is found that Hengrui Medicine is first-class in terms of variety,research and development,internationalization and sales,so its leading position in the pharmaceutical industry is very stable.However,in the financial analysis,Hengrui Pharmaceutical has a small asset-liability ratio,a large amount of cash and cash equivalents and a year-on-year increase in receivables.The fourth part conducts a comprehensive evaluation of Hengrui Medicine,and proposes relevant suggestions from strategy,asset management and capital structure: in the strategy,it should continue to be committed to innovation and internationalization;in terms of asset management,it is necessary to strengthen inventory management and increase cash income and strengthen the settlement of accounts receivable;in terms of capital structure,long-term liabilities should be appropriately introduced to improve financial leverage.The last part is to summarize the whole article and explain the reasons why Hengrui Medicine has a solid position as a leading enterprise in the industry.It summarizes from three aspects: research development and innovation,overseas expansion and innovation transformation. |
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