Income Statement Shanghai Sanyou Medical Co., Ltd

Equities

688085

CNE1000040J7

Medical Equipment, Supplies & Distribution

End-of-day quote Shanghai S.E. Other stock markets 09/09/2024			5-day change	1st Jan Change
18.13 ^CNY	-0.28%		+5.41%	-7.03%

08-27	Shanghai Sanyou Medical Co., Ltd Reports Earnings Results for the Half Year Ended June 30, 2024	CI
08-15	Shanghai Sanyou Medical Co., Ltd acquired 55% stake in Shanghai Youhe Jicheng Medical Technology Co., Ltd. from Shanghai Boquan Equity Investment Management Co., Ltd. and Wuhu Boquan Qifei Equity Investment Partnership Enterprise (Limited Partnership) for CNY 30.5 million.	CI

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Published financial data: SHANGHAI SANYOU MEDICAL CO., LTD

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	354M	390M	593M	648M	457M
Other Revenues, Total	114K	84.51K	413K	1.35M	3.48M
Total Revenues	354M	390M	593M	649M	460M
Cost of Goods Sold, Total	35.46M	40.27M	63.61M	71.39M	104M
Gross Profit	319M	350M	530M	578M	357M
Selling General & Admin Expenses, Total	191M	205M	323M	334M	193M
Provision for Bad Debts	3.6M	2.49M	2.87M	2.79M	-8.76M
R&D Expenses	18.45M	33.92M	56.55M	60.38M	65.22M
Other Operating Expenses	2.89M	4M	6.49M	7.68M	5.07M
Other Operating Expenses, Total	216M	246M	389M	404M	255M
Operating Income	103M	104M	141M	173M	102M
Interest Expense, Total	-	-	-161K	-203K	-268K
Interest And Investment Income	3.12M	23.66M	34.3M	14.53M	16.25M
Net Interest Expenses	3.12M	23.66M	34.14M	14.33M	15.99M
Currency Exchange Gains (Loss)	47.2K	-329K	-168K	97.08K	322K
Other Non Operating Income (Expenses)	-542K	1.67M	186K	-200K	-307K
EBT, Excl. Unusual Items	105M	129M	175M	188M	118M
Gain (Loss) On Sale Of Investments	-	-	27.33M	36.32M	-6.89M
Gain (Loss) On Sale Of Assets	-2.66K	-	-189K	-61.9K	-45.87K
Asset Writedown	-35.38K	-	-	-	-
Other Unusual Items	8.68M	7.61M	15.33M	15.78M	24.22M
EBT, Incl. Unusual Items	114M	137M	217M	240M	135M
Income Tax Expense	15.9M	18.39M	22.18M	35.99M	21.23M
Earnings From Continuing Operations	98.06M	119M	195M	204M	114M
Net Income to Company	98.06M	119M	195M	204M	114M
Minority Interest	-241K	-	-8.78M	-12.74M	-18.06M
Net Income - (IS)	97.82M	119M	186M	191M	95.58M
Net Income to Common Incl Extra Items	97.82M	119M	186M	191M	95.58M
Net Income to Common Excl. Extra Items	97.82M	119M	186M	191M	95.58M
Per Share Items
Net EPS - Basic	0.53	0.52	0.75	0.76	0.38
Basic EPS - Continuing Operations	0.53	0.52	0.75	0.76	0.38
Basic Weighted Average Shares Outstanding	185M	228M	248M	250M	252M
Net EPS - Diluted	0.53	0.52	0.75	0.76	0.38
Diluted EPS - Continuing Operations	0.53	0.52	0.75	0.76	0.38
Diluted Weighted Average Shares Outstanding	185M	228M	248M	250M	252M
Normalized Basic EPS	0.35	0.36	0.41	0.42	0.22
Normalized Diluted EPS	0.35	0.36	0.41	0.42	0.22
Dividend Per Share	-	0.14	0.15	0.08	0.08
Payout Ratio	-	-	19.24	19.58	20.09
Supplemental Items
EBITDA	109M	114M	154M	187M	126M
EBITA	104M	105M	142M	175M	105M
EBIT	103M	104M	141M	173M	102M
EBITDAR	-	114M	154M	188M	127M
Total Revenues (As Reported)	354M	390M	593M	649M	460M
Effective Tax Rate - (Ratio)	13.95	13.43	10.21	15.02	15.74
Total Current Taxes	22.18M	19.8M	26.35M	33.14M	6.94M
Total Deferred Taxes	-6.28M	-1.41M	-4.17M	2.85M	14.29M
Normalized Net Income	65.58M	80.83M	101M	104M	55.43M
Interest on Long-Term Debt	-	-	241K	203K	268K
Non-Cash Pension Expense	-	-	-	15K	38.5K
Supplemental Operating Expense Items
Marketing Expenses	11M	6.7M	13.55M	8.76M	6.66M
Selling and Marketing Expenses	176M	186M	295M	297M	161M
General and Administrative Expenses	15.2M	19.5M	28.36M	36.68M	31.98M
Research And Development Expense From Footnotes	18.45M	33.92M	56.55M	60.38M	65.22M
Net Rental Expense, Total	-	452K	595K	595K	566K
Imputed Operating Lease Interest Expense	-	-	-	185K	234K
Imputed Operating Lease Depreciation	-	-	-	410K	332K
Stock-Based Comp., R&D Exp. (Total)	-	-	990K	766K	-
Stock-Based Comp., S&M Exp. (Total)	-	-	1.12M	-	-
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	-
Total Stock-Based Compensation	-	-	2.11M	766K	-

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	37.45M	262M	382M	340M	654M
Short Term Investments	61.28M	-	-	-	-
Trading Asset Securities, Total	-	881M	377M	193M	19.63M
Total Cash And Short Term Investments	98.73M	1.14B	759M	534M	674M
Accounts Receivable, Total	169M	197M	253M	275M	61.53M
Other Receivables	3.87M	2.91M	2.4M	2.75M	940K
Total Receivables	173M	200M	255M	278M	62.46M
Inventory	68.18M	93.19M	121M	155M	177M
Other Current Assets, Total	2.97M	4.55M	14.91M	27.68M	33.19M
Total Current Assets	343M	1.44B	1.15B	994M	946M
Gross Property Plant And Equipment	172M	196M	321M	419M	441M
Accumulated Depreciation	-30.88M	-39.74M	-64.5M	-73.21M	-96.75M
Net Property Plant And Equipment	141M	156M	256M	345M	344M
Long-term Investments	9M	10M	182M	425M	490M
Goodwill	-	-	315M	315M	315M
Other Intangibles, Total	22.88M	23.79M	32.81M	40.98M	85.59M
Deferred Tax Assets Long-Term	12.11M	13.53M	30.27M	33.65M	22.69M
Deferred Charges Long-Term	16.22M	20.22M	22.74M	26.17M	45.58M
Other Long-Term Assets, Total	7.98M	6.31M	6.87M	10.26M	11.88M
Total Assets	551M	1.67B	2B	2.19B	2.26B
Liabilities
Accounts Payable, Total	67.65M	65.81M	20.25M	28.06M	26.69M
Accrued Expenses, Total	11.87M	25.54M	123M	132M	77.67M
Current Portion of Leases	-	-	2.59M	3.08M	4.15M
Current Income Taxes Payable	9.41M	5.35M	13.67M	12.81M	1.09M
Unearned Revenue Current, Total	-	624K	10.7M	9.73M	4.74M
Other Current Liabilities	17.64M	26.35M	65.13M	59.25M	80.1M
Total Current Liabilities	107M	124M	235M	245M	194M
Long-Term Leases	-	-	2.49M	2.3M	834K
Unearned Revenue Non Current	1.83M	4.74M	6.83M	7.85M	6.69M
Deferred Tax Liability Non Current	-	-	4.1M	10.6M	16.11M
Other Non Current Liabilities	5.27M	7.83M	12.56M	12.56M	719K
Total Liabilities	114M	136M	261M	278M	219M
Common Stock, Total	154M	205M	205M	226M	248M
Additional Paid In Capital	127M	1.05B	1.05B	1.03B	1.01B
Retained Earnings	157M	275M	426M	579M	656M
Comprehensive Income and Other	-	-	-2.2K	40.68K	104K
Total Common Equity	438M	1.53B	1.69B	1.84B	1.92B
Minority Interest	-	-	50.42M	73.27M	127M
Total Equity	438M	1.53B	1.74B	1.91B	2.04B
Total Liabilities And Equity	551M	1.67B	2B	2.19B	2.26B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	186M	248M	248M	248M	248M
ECS Total Common Shares Outstanding	186M	248M	248M	248M	248M
Book Value / Share	2.35	6.18	6.79	7.4	7.71
Tangible Book Value	415M	1.51B	1.34B	1.48B	1.52B
Tangible Book Value Per Share	2.23	6.08	5.38	5.97	6.1
Total Debt	0	0	5.07M	5.39M	4.99M
Net Debt	-98.73M	-1.14B	-754M	-528M	-669M
Debt Equivalent Oper. Leases	-	3.61M	4.76M	4.76M	4.53M
Minority Interest, Total (Incl. Fin. Div)	-	-	50.42M	73.27M	127M
Equity Method Investments, Total	-	-	10.13M	32.02M	25.04M
Account Code - Inventory Valuation	6	6	-	6	6
Inventories - Raw Materials, Total	12.02M	17.75M	26.94M	26.59M	33.9M
Inventories - Work In Process, Total	14.97M	18.54M	22.12M	35.48M	49.67M
Inventories - Finished Goods, Total	57.16M	73.17M	93.92M	120M	22.49M
Inventories - Others	1.15M	3.3M	2.4M	371K	105M
Buildings, Total	107M	106M	106M	246M	258M
Machinery, Total	63.39M	87.69M	102M	137M	142M
Full Time Employees	264	333	442	434	466
Accumulated Allowance for Doubtful Accounts (Supple)	9.09M	11.57M	14.43M	17.22M	8.47M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	97.82M	119M	186M	191M	95.58M
Depreciation & Amortization - CF	5.58M	8.87M	13.72M	15.82M	25.37M
Amortization of Goodwill and Intangible Assets - (CF)	878K	452K	1.77M	2.04M	3.26M
Depreciation & Amortization, Total	6.46M	9.32M	15.49M	17.86M	28.63M
Amortization of Deferred Charges, Total - (CF)	5.64M	10.05M	12.65M	16.36M	25.75M
(Gain) Loss From Sale Of Asset	2.7K	-	-37.56K	61.9K	45.87K
(Gain) Loss on Sale of Investments - (CF)	-2.93M	-20.43M	-26.44M	-46.76M	6.89M
Asset Writedown & Restructuring Costs	4.53M	4.63M	-24.5M	2.9M	-
Provision for Credit Losses	4.08M	779K	7.23M	12.78M	-
Provision and Write-off of Bad Debts	-	-	-	-	-8.76M
Other Operating Activities, Total	194K	329K	9.11M	12.83M	29.58M
Change In Accounts Receivable	-70.56M	-32.14M	-70.1M	-39.32M	215M
Change In Inventories	-29.5M	-40.4M	-40.6M	-55.03M	-73.57M
Change In Accounts Payable	49.88M	25.32M	75.88M	39.84M	-65.73M
Change In Deferred Taxes	-6.28M	-1.41M	-4.17M	2.85M	14.56M
Change in Other Net Operating Assets	2.39M	2.91M	4.04M	774K	-232K
Cash from Operations	61.72M	77.52M	145M	156M	267M
Capital Expenditure	-79.69M	-30.45M	-91.66M	-138M	-25.94M
Sale of Property, Plant, and Equipment	4.16K	206	371K	-	153K
Cash Acquisitions	-	-	-268M	-970K	-30.38M
Investment in Marketable and Equity Securities, Total	27.2M	-820M	356M	-25.86M	124M
Other Investing Activities, Total	2.93M	20.42M	16.14M	8.88M	1.08M
Cash from Investing	-49.55M	-830M	12.36M	-156M	68.8M
Long-Term Debt Repaid, Total	-	-	-1.46M	-4.52M	-3.55M
Total Debt Repaid	-	-	-1.46M	-4.52M	-3.55M
Issuance of Common Stock	-	995M	-	-	-
Common Dividends Paid	-	-	-35.86M	-37.37M	-19.2M
Common & Preferred Stock Dividends Paid	-	-	-35.86M	-37.37M	-19.2M
Other Financing Activities, Total	-495K	-17.06M	-	-	-
Cash from Financing	-495K	978M	-37.32M	-41.9M	-22.75M
Foreign Exchange Rate Adjustments	47.15K	-329K	-104K	192K	444K
Net Change in Cash	11.72M	225M	120M	-41.88M	314M
Supplemental Items
Cash Income Tax Paid (Refund)	44.7M	45.84M	69.84M	119M	71.76M
Levered Free Cash Flow	-28.82M	78.6M	41.23M	-54.62M	229M
Unlevered Free Cash Flow	-28.82M	78.6M	41.33M	-54.49M	229M
Change In Net Working Capital	25.41M	-24.47M	-14.81M	59.58M	-137M
Net Debt Issued / Repaid	-	-	-1.46M	-4.52M	-3.55M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	13.65	5.87	4.8	5.17	2.85
Return on Total Capital	16.5	6.61	5.37	5.92	3.2
Return On Equity %	25.21	12.02	11.93	11.16	5.75
Return on Common Equity	25.14	12.02	11.57	10.82	5.09
Margin Analysis
Gross Profit Margin %	89.99	89.69	89.28	89	77.45
SG&A Margin	53.97	52.61	54.46	51.4	42.02
EBITDA Margin %	30.81	29.11	25.94	28.88	27.37
EBITA Margin %	29.23	26.84	24.01	27.01	22.77
EBIT Margin %	28.98	26.72	23.71	26.69	22.06
Income From Continuing Operations Margin %	27.68	30.37	32.89	31.36	24.68
Net Income Margin %	27.61	30.37	31.41	29.39	20.76
Net Avail. For Common Margin %	27.61	30.37	31.41	29.39	20.76
Normalized Net Income Margin	18.51	20.7	16.94	16.09	12.04
Levered Free Cash Flow Margin	-8.13	20.13	6.95	-8.41	49.67
Unlevered Free Cash Flow Margin	-8.13	20.13	6.97	-8.39	49.7
Asset Turnover
Asset Turnover	0.75	0.35	0.32	0.31	0.21
Fixed Assets Turnover	3.28	2.63	2.88	2.16	1.34
Receivables Turnover (Average Receivables)	2.61	2.13	2.64	2.45	2.71
Inventory Turnover (Average Inventory)	0.64	0.5	0.59	0.52	0.63
Short Term Liquidity
Current Ratio	3.22	11.65	4.9	4.06	4.87
Quick Ratio	2.55	10.86	4.32	3.31	3.79
Operating Cash Flow to Current Liabilities	0.58	0.63	0.62	0.64	1.38
Days Sales Outstanding (Average Receivables)	140.06	171.61	138.52	148.82	134.56
Days Outstanding Inventory (Average Inventory)	573.2	733.42	615.94	707.04	583.23
Average Days Payable Outstanding	250.07	374.14	170.92	83.97	79.68
Cash Conversion Cycle (Average Days)	463.19	530.89	583.54	771.89	638.11
Long Term Solvency
Total Debt/Equity	-	-	0.29	0.28	0.24
Total Debt / Total Capital	-	-	0.29	0.28	0.24
LT Debt/Equity	-	-	0.14	0.12	0.04
Long-Term Debt / Total Capital	-	-	0.14	0.12	0.04
Total Liabilities / Total Assets	20.61	8.16	13.06	12.7	9.67
EBIT / Interest Expense	-	-	875.37	854.25	378.9
EBITDA / Interest Expense	-	-	971.75	942.31	485.69
(EBITDA - Capex) / Interest Expense	-	-	401.51	261.02	388.94
Total Debt / EBITDA	-	-	0.03	0.03	0.04
Net Debt / EBITDA	-0.9	-10.06	-4.83	-2.76	-5.14
Total Debt / (EBITDA - Capex)	-	-	0.08	0.1	0.05
Net Debt / (EBITDA - Capex)	-3.35	-13.74	-11.68	-9.98	-6.42
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	59.38	10.19	51.97	9.4	-29.08
Gross Profit, 1 Yr. Growth %	64.35	9.82	51.29	9.06	-38.28
EBITDA, 1 Yr. Growth %	63.56	4.12	34.56	21.83	-33.21
EBITA, 1 Yr. Growth %