November 30, 2016 / 1:50 AM / a year ago


(The following statement was released by the rating agency) Link to Fitch Ratings' Report: China Pharmaceutical Distributors and Retail Pharmacies Blue Book here SHANGHAI, November 29 (Fitch) 本文章英文原文最初於2016年11月23日發布于:<a href="">Fitch: Margin Pressure and Consolidation for China's Pharma Distributors 惠譽評級表示,競爭日益激烈、監管更加嚴格和藥品價格降低將會對中國藥品批發商的利潤率帶來壓力,而勞動力和租金成本的不斷上升也將限制零售藥店的盈利能力,促進高度分散 的藥品流通行業進一步整合,而這將有利於大型藥品批發商和藥品零售連鎖企業。 隨著行業增長放緩和藥品集中招標價格(醫院購買藥品的價格)下降,競爭愈加激烈,對藥品批發商的毛利潤率造成下行壓力。可用於抵消利潤率壓縮的成本削減空間有限,因為批發 商仍需要大量銷售費用來與醫院建立關係以擴大其終端銷售能力。 擬推行的“兩票制”在藥品流通過程中只要求開兩次發票,即從製藥商到批發商開一次發票,從批發商到最終消費者再開一次發票,兩票制將有助於消除中間批發商和鞏固具有終端銷 售能力的大型批發商的淨利潤率。 由於不利的監管環境以及地方政府保護主義,藥品零售行業整合進展緩慢。藥品零售企業具有雙位數的毛利潤,但較高的勞動力和租金成本壓縮了淨利潤率。利潤率降低將會逐步淘汰 小型零售連鎖藥店及獨立零售藥店,並使大型藥品零售連鎖企業受益。在部分大型藥品零售連鎖企業完成首次公開發行後,藥品零售行業的整合速度將有可能加快。 大部分公開上市的中國藥品批發商和藥品零售企業均生成穩定的自由現金流。批發商通常具有短期的債務結構,因為其需要大量的運營資金以應對較長的應收賬款回扣周期。依靠債務 融資收購小型批發商和零售藥店會使財務槓桿率暫時升高。外部融資需求總體較低,除了用於併購目的,此類情況下股權融資一直是首選融資途徑。 惠譽的報告《中國藥品批發商與零售藥店藍皮書:規模小和銷售成本高限制盈利能力》是最新一期的中國研究系列報告。該系列研究報告旨在對中國企業部門的關鍵信用狀況展開全面 而深入的研究。完整報告請參見www.fitchratings.com或點擊本文上方的鏈接。 聯繫人: Flora Zhu(朱彧) 聯席董事 +86 10 8517 2110 惠譽(北京)信用評級有限公司 中國北京市朝陽區建國門外大街2號 中國人保財險大廈19層1903 Janet Sun(孫旭) 聯席董事 + 86 21 5097 3091 Ying Wang(王穎) 高級董事 +86 21 5097 3010 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: 詳情參見<a href=""> 注意:本新聞稿為中文譯本。如有疑問,請以英文版本為準。 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2016 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch’s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below