| With the continuous deepening of the reform of the medical and health system,the competitive pattern of the pharmaceutical industry has undergone drastic changes,and the structure of the pharmaceutical industry chain has become increasingly segmented.In the field of pharmaceutical circulation,traditional pharmaceutical circulation enterprises have been unable to meet the market demand for providing customers with pharmaceutical wholesale and distribution services,and with the influence of the two-invoice system,some regional circulation enterprises have withdrawn from market competition,the industry concentration has been further increased,and the industry competition pattern has also intensified.Coupled with the characteristics of high inventory,high accounts receivable,low gross profit and poor cash flow in the pharmaceutical circulation industry,the profit space of enterprises in the industry is further compressed,and how to break through the original business model to meet the new market demand of customers and find new profit growth points is a common problem faced by pharmaceutical circulation enterprises.In this context,the pharmaceutical brand operation industry came into being,which has become an important part of the pharmaceutical circulation field and a new profit growth point.Because of its asset-light,high-turnover and high-gross profit business model,the brand operation business has been favored by more and more circulation enterprises,and more and more circulation enterprises have begun to pay attention to the investment and market layout in the brand operation business.In addition to distribution enterprises,large pharmaceutical manufacturers and independent third-party brand operators have also paid attention to the huge market value of the brand operation segment,and have begun to expand their business.How to seize market opportunities to establish their own differentiated advantages under the current competitive situation,and how to carry out the track layout of the brand operation industry,has become a hot issue for companies in the industry and traditional medicine circulation enterprises.The main business of this study is BAHEAL Corporation,which provides pharmaceutical manufacturers with brand operation and promotion services of pharmaceutical products,as well as traditional regional wholesale and distribution services.BAHEAL successfully landed on the A-share Growth Enterprise Market in 2021,as the first pharmaceutical circulation enterprise featuring brand operation business in the A-share listing,BAHEAL’s listing marks the official entry of the brand operation track into the capital market.With the company’s official landing in the capital market,BAHEAL Company has ushered in new development opportunities.At the same time,in the face of increasing industry competition and more stringent scrutiny standards by investors after listing on the performance growth rate,profit quality,revenue structure of listed companies,etc.,BAHEAL needs to enhance its core competitiveness.Through the means of financial performance evaluation,it is a problem worthy of in-depth exploration to discover the problems and defects in the company’s business model and actual production and operation,as well as the gap between the company and the leading enterprises in the industry,and then put forward suggestions for optimization and improvement.Through the evaluation of BAHEAL’s financial performance,it can also provide certain reference significance for other enterprises in the industry.In the evaluation of financial performance of enterprises,Du Pont analysis method has always been an important analytical tool for financial performance evaluation of enterprises because of the characteristics of perfect index system,multiple evaluation dimensions and simple use methods.However,in the actual application process,the traditional Du Pont analysis method has also exposed more and more drawbacks and shortcomings.The traditional Du Pont analysis method only uses balance sheet and income statement data to evaluate the company’s operating performance,ignores the analysis of the company’s cash flow,resulting in a one-sided analysis conclusion that fails to reflect the company’s real capital flow and profit quality.At the same time,the balance sheet and income statement prepared based on accounting standards do not distinguish between business and financial activities of enterprises,making it difficult to objectively evaluate the true business performance of enterprises.With the development of the economy,the gradual subdivision of the industrial chain and the emergence of more and more listed companies,the traditional Du Pont analysis method lacks the indicators for the financial performance evaluation of listed companies,resulting in the lack of analytical integrity in the financial performance evaluation of listed companies.In addition,the traditional Du Pont analysis method only uses historical financial data to evaluate the financial performance of the enterprise,and lacks the evaluation of the company’s future development ability,resulting in data users unable to fully evaluate the sustainable development ability of the enterprise.By studying and analyzing the defects and deficiencies of the traditional Du Pont analysis system,by distinguishing between the business activities and financial activities of enterprises,introducing cash flow analysis,adding the analysis of per-share evaluation indicators of listed companies,and increasing the analysis of enterprise development capabilities,this paper establishes a new Du Pont analysis model to improve its applicability and integrity,so that BAHEAL can be better evaluated for financial performance,objectively restore the real business performance of enterprises,and find the problems and deficiencies in the production and operation process of enterprises.Analyze the reasons and put forward suggestions for improvement,in order to provide certain reference for the business development and improvement of BAHEAL Company. |
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