同仁堂財務(wù)2010至2014年財務(wù)報表分析

1、炮制雖繁必不敢省人工、品味雖貴必不敢減物力關(guān)于同仁堂的財務(wù)分析關(guān)于同仁堂的財務(wù)分析曹曉旭、方圓、江媛媛、劉莉、毛艷菲、蘇桂花、小組成員沈馳原0102030405同仁堂同仁堂目錄目錄02.02.趨勢分析趨勢分析利潤表趨勢分析資產(chǎn)負(fù)債表趨勢分析現(xiàn)金流量表趨勢分析03.03.財務(wù)指標(biāo)分析財務(wù)指標(biāo)分析償債能力分析盈利能力分析營運能力分析現(xiàn)金流量分析04.04.杜邦分析杜邦分析杜邦分析對比凈資產(chǎn)收益率資產(chǎn)凈利率銷售凈利率01.01.企業(yè)簡介企業(yè)簡介同仁堂/云南白藥05.05.企業(yè)發(fā)展企業(yè)發(fā)展與建議與建議發(fā)展形勢之優(yōu)勢發(fā)展形勢之劣勢建議.簡 介北京同仁北京同仁堂是堂是全國中藥行業(yè)著名的老字號。創(chuàng)建于全國中

2、藥行業(yè)著名的老字號。創(chuàng)建于16691669年（清康熙八年（清康熙八年），自年），自17231723年開始供奉御藥，歷經(jīng)八代皇帝年開始供奉御藥，歷經(jīng)八代皇帝188188年。在年。在300300多年的風(fēng)多年的風(fēng)雨歷程中，歷代同仁堂人始終雨歷程中，歷代同仁堂人始終恪守恪守“炮制炮制雖繁必不敢省人工，品味雖雖繁必不敢省人工，品味雖貴必不敢減貴必不敢減物力物力”的的古訓(xùn)，古訓(xùn)，樹立樹立“修修合無人見，存心有天合無人見，存心有天知知”的的自律自律意識，造就了制藥過程中兢兢小心、精益求精的嚴(yán)細(xì)精神，其產(chǎn)品意識，造就了制藥過程中兢兢小心、精益求精的嚴(yán)細(xì)精神，其產(chǎn)品以以“配方配方獨特、選料上乘、工藝精湛、療效獨

3、特、選料上乘、工藝精湛、療效顯著顯著”而而享譽海內(nèi)外，產(chǎn)品享譽海內(nèi)外，產(chǎn)品行銷行銷4040多個國家和多個國家和地區(qū)。地區(qū)。歷 史1669年 （清康熙八年）樂顯揚創(chuàng)辦同仁堂藥室。1706年 樂鳳鳴在宮廷秘方、民間驗方、祖?zhèn)髋浞交A(chǔ)上總結(jié)前人制藥經(jīng)驗，完成了樂氏世代祖?zhèn)魍枭⒏嗟は铝吓浞揭粫?，該書序言明確提出炮制雖繁必不敢省人工，品味雖貴必不敢減物力的訓(xùn)條，成為歷代同仁堂人的制藥原則。1723年 （清雍正元年）由皇帝欽定同仁堂供奉清宮御藥房用藥，獨辦官藥，歷經(jīng)八代皇帝，188年之久。一九零七年，同仁堂樂氏第十二代子孫樂達(dá)聰在濟南魏家莊創(chuàng)建宏濟堂，與北京“同仁堂”、杭州“胡慶余堂”并譽為中國“三大名藥

4、店”。1954年同仁堂率先實行了公私合營。1979年同仁堂廠、店 牌號得以恢復(fù)。1997年6月由集團(tuán)公司六家績優(yōu)企業(yè)組建成立北京同仁堂股份有限公司。同年七月，同仁堂股票在上證所上市，這標(biāo)志著同仁堂在現(xiàn)代化企業(yè)制度的進(jìn)程中邁出重要步伐。2000年5月成立了北京同仁堂科技發(fā)展股份有限公司，同年10月在香港創(chuàng)業(yè)板上市，實現(xiàn)了國內(nèi)首家A股分拆成功上市。2010年 7月 由北京市政府授權(quán)的中國北京同仁堂（集團(tuán)）有限責(zé)任公司正式揭牌。這標(biāo)志著同仁堂實現(xiàn)了規(guī)范化的公司制的轉(zhuǎn)變，也是體制上的一次重大變革。2013年5月11日，北京同仁堂聲明：從未發(fā)布足道降糖方等虛假廣告同仁堂集團(tuán)被國家工業(yè)經(jīng)濟聯(lián)合會和名牌戰(zhàn)略

5、推進(jìn)委員會，推薦為最具沖擊世界名牌的16家企業(yè)之一，被中宣部命名為全國文明單位和精神文明建設(shè)先進(jìn)單位，集團(tuán)領(lǐng)導(dǎo)班子被中組部和國務(wù)院國資委授予“四好領(lǐng)導(dǎo)班子”； 2004年被中宣部、國務(wù)院國資委確定為十戶國有重點企業(yè)典型經(jīng)驗之一。 2008年同仁堂入選世界品牌價值實驗室編制的中國購買者滿意度第一品牌，排名第八。生 活同仁堂歷經(jīng)滄桑，金字招牌長盛不衰，在于同仁堂人注重把崇高的精神、把中華民族的傳統(tǒng)文化和美德，熔鑄于企業(yè)的經(jīng)營管理之中，并化為員工的言行，形成了具有中藥行業(yè)特色的企業(yè)文化系統(tǒng)。的確，質(zhì)量與服務(wù)是同仁堂金字招牌的兩大支柱，堅持質(zhì)量第一、一切為了患者是同仁堂長盛不衰的最根本原因。在許多老北

6、京人眼里，同仁堂的命脈就在這個仁上。同仁堂不管炮制什么藥，都是該炒的必炒，該蒸的必蒸，該炙的必炙，該曬的必曬，該霜凍的必霜凍，絕不偷工減料。像虎骨酒和再造丸炮制后，都不是馬上就賣，而是先存放，使藥的燥氣減少，以提高療效?；⒐蔷浦瞥珊笠确旁诟桌锎鎯赡?，再造丸要密封好存一年。北京人買藥，愛進(jìn)同仁堂；外地人到北京旅游觀光，也愛到同仁堂看看這百年老店。如今同仁堂在其落戶的九個海外國家和地區(qū)，幾乎都是當(dāng)?shù)刈畲蟮闹兴幍?，而且裝潢講究，體現(xiàn)出中華傳統(tǒng)中醫(yī)藥文化的氣息。在臺北新店里，有不少顧客感言：來這買藥，能感受到中華文化的魅力，特別是其中這些歷史和文化展區(qū)，看起來就像一個中藥文化博物館。作為一個生產(chǎn)中藥

7、產(chǎn)品的中華老字號，同仁堂將海外開店、中醫(yī)藥史展示、中醫(yī)坐診與售藥相結(jié)合，通過給消費者一個直接了解中藥的環(huán)境，增強其對中藥的信任和用藥習(xí)慣。它帶給消費者的不只是一種產(chǎn)品，而是一種文化重義、愛人、厚生的文化。事 項1992年8月，中國北京同仁堂集團(tuán)公司正式成立。1997年6月，北京同仁堂股份有限公司隆重掛牌，在上海證交所上市。2000年3月，北京同仁堂股份有限公司下沉部分優(yōu)良資產(chǎn)組建北京同仁堂科技發(fā)展股份有限公司，同年10月底在香港聯(lián)交所創(chuàng)業(yè)板掛牌上市。北京同仁堂回應(yīng)北京同仁堂回應(yīng)“清心明目上清丸上黑榜清心明目上清丸上黑榜”事件事件：產(chǎn)品為假冒：產(chǎn)品為假冒北京同仁堂回應(yīng)北京同仁堂回應(yīng)“同仁同仁堂中

8、成藥含堂中成藥含朱砂朱砂”事件：朱砂符合國家標(biāo)準(zhǔn)事件：朱砂符合國家標(biāo)準(zhǔn)北京同仁堂回應(yīng)化妝品汞超標(biāo)事件：產(chǎn)品為假冒北京同仁堂回應(yīng)化妝品汞超標(biāo)事件：產(chǎn)品為假冒參照公司云云南南白白藥藥云南白藥于1902年由云南名醫(yī)曲煥章創(chuàng)制，曲獨家掌握其配方并秘密配制。1955年，曲家人將“云南白藥”秘方獻(xiàn)給了云南省政府。1984年8月國家醫(yī)藥管理局將云南白藥配方、工藝列入國家絕密。云南白藥集團(tuán)股份有限公司1993年5月3日經(jīng)云南省經(jīng)濟體制改革委員會文批準(zhǔn)，云南白藥廠進(jìn)行現(xiàn)代企業(yè)制度改革，成立云南白藥實業(yè)股份有限公司，在云南省工商行政管理局注冊登記。經(jīng)中國證監(jiān)會證監(jiān)發(fā)審字（1993）55號文批準(zhǔn)，公司于1993年1

9、1月首次向社會公眾發(fā)行股票2,000萬股（含20萬內(nèi)部職工股），定向發(fā)行400萬股，發(fā)行價格3.38元/股，發(fā)行后總股本8,000萬股。1996年10月經(jīng)臨時股東大會會議討論，公司更名為云南白藥集團(tuán)股份有限公司。公司于2006年5月29日實施股權(quán)分置改革。公司股票簡稱云南白藥，股票代碼000538，公司股票上市交易所為深圳證券交易所。會計年度會計年度2014.12.32014.12.31 12013.12.32013.12.31 12012.12.32012.12.31 12011.12.32011.12.31 12010.12.32010.12.31 114:1314:1313:1213:1

10、212:1112:1111:1011:10貨幣資金貨幣資金4,592,511,4,592,511,864.41864.414,938,260,4,938,260,983.80983.803,640,063,3,640,063,220.61220.612,078,993,2,078,993,509.81509.811,790,186,1,790,186,049.71049.71-7.00%-7.00%35.66%35.66%75.09%75.09%16.13%16.13%應(yīng)收票據(jù)應(yīng)收票據(jù)320,540,5320,540,581.6381.63128,737,8128,737,836.0636.0

11、6189,828,1189,828,146.0746.07128,144,9128,144,985.5185.5184,718,3084,718,309.299.29148.99%148.99%-32.18%-32.18%48.14%48.14%51.26%51.26%應(yīng)收賬款應(yīng)收賬款624,752,8624,752,892.2092.20471,142,6471,142,607.9007.90322,108,1322,108,131.1231.12295,387,6295,387,625.8825.88288,051,7288,051,717.0917.0932.60%32.60%46.27

12、%46.27%9.05%9.05%2.55%2.55%預(yù)付款項預(yù)付款項143,381,0143,381,091.9291.92130,547,7130,547,780.5280.52104,885,0104,885,040.7640.76220,756,5220,756,543.7743.7760,859,0360,859,036.896.899.83%9.83%24.47%24.47%-52.49%-52.49%262.73%262.73%其他應(yīng)收款其他應(yīng)收款82,659,5282,659,521.121.1258,877,0358,877,034.814.8149,702,9749,702

13、,971.661.6659,939,9659,939,966.016.0147,796,5447,796,542.452.4540.39%40.39%18.46%18.46%-17.08%-17.08%25.41%25.41%存貨存貨4,595,335,4,595,335,507.89507.894,180,324,4,180,324,076.25076.253,679,835,3,679,835,097.23097.233,166,774,3,166,774,690.30690.302,048,495,2,048,495,261.09261.099.93%9.93%13.60%13.60%1

14、6.20%16.20%54.59%54.59%流動資產(chǎn)合流動資產(chǎn)合計計10,512,4810,512,480,053.950,053.959,997,291,9,997,291,087.77087.778,080,290,8,080,290,157.04157.045,949,997,5,949,997,321.28321.284,410,326,4,410,326,916.52916.525.15%5.15%23.72%23.72%35.80%35.80%34.91%34.91%長期股權(quán)投長期股權(quán)投資資28,091,4228,091,429.799.7929,577,4429,577,441

15、.491.4936,713,6136,713,618.548.5428,694,1628,694,168.318.3159,953,6259,953,626.766.76-5.02%-5.02%-19.44%-19.44%27.95%27.95%-52.14%-52.14%固定資產(chǎn)固定資產(chǎn)1,305,537,1,305,537,301.22301.221,133,475,1,133,475,994.72994.72957,795,0957,795,053.2553.25885,317,5885,317,581.1981.19883,212,9883,212,983.0583.0515.18%1

16、5.18%18.34%18.34%8.19%8.19%0.24%0.24%在建工程在建工程562,412,0562,412,039.8739.87263,516,9263,516,926.0826.08155,184,8155,184,819.8319.83160,213,7160,213,749.2449.244,250,641.4,250,641.7474113.43%113.43%69.81%69.81%-3.14%-3.14%3669.17%3669.17%無形資產(chǎn)無形資產(chǎn)321,203,7321,203,704.7904.79292,620,3292,620,369.1469.142

17、94,511,8294,511,896.8796.87196,727,0196,727,056.3956.3996,620,0596,620,056.526.529.77%9.77%-0.64%-0.64%49.71%49.71%103.61%103.61%長期待攤費長期待攤費用用125,763,1125,763,119.8119.81107,844,7107,844,785.9885.9889,854,7989,854,792.782.7865,061,2765,061,275.695.6912,387,1812,387,189.209.2016.61%16.61%20.02%20.02%3

18、8.11%38.11%425.23%425.23%遞延所得遞延所得稅資產(chǎn)稅資產(chǎn)51,526,751,526,783.3583.3542,348,242,348,281.5081.5040,225,840,225,843.5943.5941,888,241,888,233.4333.4322,540,822,540,801.7901.7921.67%21.67%5.28%5.28%-3.97%-3.97%85.83%85.83%其他非流其他非流動資產(chǎn)動資產(chǎn)29,571,429,571,475.0175.0145,225,145,225,123.8423.8413,350,313,350,392.

19、5792.572,000,002,000,000.000.00-34.61%-34.61%238.76%238.76%567.52%567.52%短期借款短期借款206,000,206,000,000.00000.00261,000,261,000,000.00000.00231,000,231,000,000.00000.00231,000,231,000,000.00000.00173,000,173,000,000.00000.00-21.07%-21.07%12.99%12.99%0.00%0.00%33.53%33.53%應(yīng)付賬款應(yīng)付賬款1,851,801,851,802,660.5

20、02,660.501,622,771,622,773,172.383,172.381,496,261,496,263,838.033,838.031,391,841,391,849,568.269,568.26563,355,563,355,956.60956.6014.11%14.11%8.46%8.46%7.50%7.50%147.06%147.06%預(yù)收款項預(yù)收款項284,245,284,245,574.53574.53351,224,351,224,491.93491.93584,411,584,411,777.97777.97400,410,400,410,170.47170.471

21、92,590,192,590,333.94333.94-19.07%-19.07%-39.90%-39.90%45.95%45.95%107.91%107.91%應(yīng)付職工應(yīng)付職工薪酬薪酬153,158,153,158,783.59783.59126,398,126,398,929.17929.17107,383,107,383,391.43391.4360,753,960,753,950.7750.7748,298,348,298,368.0468.0421.17%21.17%17.71%17.71%76.75%76.75%25.79%25.79%應(yīng)交稅費應(yīng)交稅費195,053,195,053

22、,093.84093.84126,391,126,391,922.31922.31109,853,109,853,875.03875.0348,052,848,052,836.3136.3135,810,235,810,294.4594.4554.32%54.32%15.05%15.05%128.61%128.61%34.19%34.19%應(yīng)付利息應(yīng)付利息985,655.985,655.6464531,925.531,925.6161445,684.445,684.9393-85.30%85.30%19.35%19.35%應(yīng)付股利應(yīng)付股利51,380,351,380,333.2933.298,

23、492,978,492,971.391.396,056,066,056,068.628.624,899,684,899,681.451.451,825,781,825,783.503.50504.97%504.97%40.24%40.24%23.60%23.60%168.36%168.36%其他應(yīng)付其他應(yīng)付款款470,545,470,545,646.27646.27487,757,487,757,467.46467.46355,385,355,385,843.84843.84283,019,283,019,762.33762.33199,428,199,428,123.54123.54-3.5

24、3%-3.53%37.25%37.25%25.57%25.57%41.92%41.92%流動負(fù)債流動負(fù)債合計合計3,213,173,213,171,747.661,747.662,984,572,984,570,880.250,880.252,898,802,898,800,479.850,479.852,419,982,419,985,969.595,969.591,214,301,214,308,860.078,860.077.66%7.66%2.96%2.96%19.79%19.79%99.29%99.29%長期應(yīng)付長期應(yīng)付款款98,753.798,753.71 1139,820.139

25、,820.1111177,279.177,279.515116,330,916,330,927.6927.69388,995.388,995.3939-29.37%-29.37%-21.13%-21.13%-98.91%-98.91% 4098.23%4098.23%專項應(yīng)付專項應(yīng)付款款9,694,809,694,800.000.0010,694,810,694,800.0000.005,694,805,694,800.000.00-9.35%-9.35%87.80%87.80%遞延所得遞延所得稅負(fù)債稅負(fù)債17,694,417,694,440.0140.0124,178,024,178,036

26、.6436.6430,540,930,540,910.3910.395,098,785,098,789.289.285,204,945,204,944.174.17-26.82%-26.82%-20.83%-20.83%498.98%498.98%-2.04%-2.04%非流動負(fù)非流動負(fù)債合計債合計1,087,041,087,047,058.847,058.841,089,921,089,927,183.077,183.071,164,741,164,745,786.845,786.8498,853,798,853,749.4249.4253,728,153,728,154.4854.48-0

27、.26%-0.26%-6.42%-6.42%1078.25%1078.25%83.99%83.99%資本公積資本公積943,618,943,618,411.19411.191,084,631,084,632,297.672,297.67380,118,380,118,164.54164.54253,929,253,929,930.99930.99790,597,790,597,563.42563.42-13.00%-13.00%185.34%185.34%49.69%49.69%-67.88%-67.88%盈余公積盈余公積470,464,470,464,050.37050.37420,405,

28、420,405,953.88953.88375,434,375,434,910.13910.13343,198,343,198,934.63934.63313,330,313,330,712.88712.8811.91%11.91%11.98%11.98%9.39%9.39%9.53%9.53%未分配利未分配利潤潤2,691,852,691,857,405.977,405.972,240,472,240,474,948.354,948.351,955,071,955,071,299.211,299.211,612,561,612,560,910.540,910.541,656,541,656,

29、546,088.516,088.5120.15%20.15%14.60%14.60%21.24%21.24%-2.66%-2.66%少數(shù)股東少數(shù)股東權(quán)益權(quán)益3,127,493,127,499,295.539,295.532,819,422,819,429,841.989,841.981,625,541,625,546,619.136,619.131,334,201,334,209,700.729,700.72964,212,964,212,232.37232.3710.93%10.93%73.45%73.45%21.84%21.84%38.37%38.37%歸屬母公歸屬母公司所有者司所有者權(quán)益

30、（或權(quán)益（或股東權(quán)益）股東權(quán)益）5,518,955,518,957,805.767,805.765,017,975,017,972,105.222,105.223,978,833,978,833,688.653,688.653,476,843,476,849,965.809,965.803,257,063,257,068,944.288,944.289.98%9.98%26.12%26.12%14.44%14.44%6.75%6.75%所有者權(quán)所有者權(quán)益（或股益（或股東權(quán)益）東權(quán)益）合計合計8,646,458,646,457,101.297,101.297,837,407,837,401,94

31、7.201,947.205,604,385,604,380,307.780,307.784,811,054,811,059,666.529,666.524,221,284,221,281,176.651,176.6510.32%10.32%39.84%39.84%16.49%16.49%13.97%13.97%負(fù)債和所負(fù)債和所有者（或有者（或股東權(quán)益）股東權(quán)益）合計合計12,946,612,946,675,907.775,907.79 911,911,911,911,900,010.500,010.52 29,667,929,667,926,574.476,574.477,329,897,32

32、9,899,385.539,385.535,489,315,489,318,191.208,191.208.69%8.69%23.21%23.21%31.90%31.90%33.53%33.53%會計年度2014.12.312013.12.312012.12.312011.12.312010.12.3114:1313:1212:11一、營業(yè)收入9,685,867,522.558,714,647,401.687,504,031,977.536,108,383,711.483,824,446,141.9611.14%16.13%22.85%減：營業(yè)成本5,504,257,573.994,978,5

33、69,156.444,208,839,862.273,604,168,841.952,087,664,367.2710.56%18.29%16.78%營業(yè)稅金及附加98,825,927.2286,256,440.1775,152,082.2458,856,523.8047,265,206.9514.57%14.78%27.69%銷售費用1,749,120,507.141,580,392,489.761,403,338,600.221,042,188,880.23764,547,524.7110.68%12.62%34.65%管理費用842,007,781.34779,988,501.98676

34、,370,288.44533,123,454.88309,850,010.727.95%15.32%26.87%勘探費用-財務(wù)費用-9,997,912.1826,514,357.45 8,520,622.74 -2,714,048.85-6,671,575.79-137.71%211.18%-413.95%資產(chǎn)減值損失4,756,070.98 3,211,656.23 90,252,044.8195,893,770.6476,204,550.2948.09%-96.44%-5.88%加：公允價值變動凈收益-投資收益2,847,524.24 3,884,734.29 7,752,897.19 1

35、2,664,849.47 7,178,994.99-26.70%-49.89%-38.78%其中：對聯(lián)營企業(yè)和合營企業(yè)的投資收益2,817,697.13 2,855,246.41 6,925,765.78 8,985,946.01 7,178,994.99-1.32%-58.77%-22.93%影響營業(yè)利潤的其他科目-二、營業(yè)利潤1,499,745,098.301,263,599,533.941,049,311,374.00789,531,138.30552,765,052.8018.69%20.42%32.90%加：補貼收入-三、利潤總額1,522,515,143.971,295,809,4

36、01.331,076,453,825.03801,633,492.11561,741,570.0017.50%20.38%34.28%減：所得稅268,549,813.17229,108,144.29197,840,073.07146,982,432.6290,648,453.7917.22%15.80%34.60%加：影響凈利潤的其他科目-四、凈利潤1,253,965,330.801,066,701,257.04878,613,751.96654,651,059.49471,093,116.2117.56%21.41%34.21%歸屬于母公司所有者的凈利潤763,669,171.31656,

37、013,728.53570,056,218.42438,066,654.62343,233,607.4516.41%15.08%30.13%少數(shù)股東損益490,296,159.49410,687,528.51308,557,533.54216,584,404.87127,859,508.7619.38%33.10%42.47%五、每股收益-（一）基本每股收益0.580.50.440.340.6616.00%13.64%29.41%（二）稀釋每股收益0.560.490.440.340.6614.29%11.36%29.41%營業(yè)外收入27,650,525.1634,774,208.0930,15

38、8,642.5915,793,620.1412,880,589.39-20.49%15.30%90.95%減：營業(yè)外支出4,880,479.49 2,564,340.70 3,016,191.56 3,691,266.33 3,904,072.1990.32%-14.98%-18.29%報告年度2014.12.312013.12.312012.12.312011.12.312010.12.3114:1313:1212:1111:10一、經(jīng)營活動產(chǎn)生的現(xiàn)金流量銷售商品、提供勞務(wù)收到的現(xiàn)金9,128,669,556.428,852,456,557.657,243,431,366.185,492,2

39、43,238.833,461,257,551.043.12%22.21%31.88%58.68%收到的稅費返還2,476,287.522,721,494.343,559,497.242,742,810.012,294,857.36-9.01%-23.54%29.78%19.52%收到其他與經(jīng)營活動有關(guān)的現(xiàn)金178,946,124.40125,314,348.89132,681,410.6181,834,384.8456,211,583.0942.80%-5.55%62.13%45.58%經(jīng)營活動現(xiàn)金流入小計9,310,091,968.348,980,492,400.887,379,672,27

40、4.035,576,820,433.683,519,763,991.493.67%21.69%32.33%58.44%購買商品、接受勞務(wù)支付的現(xiàn)金4,761,154,175.984,852,628,294.123,617,473,239.932,826,260,681.961,590,920,176.62-1.89%34.14%28.00%77.65%支付給職工以及為職工支付的現(xiàn)金1,562,140,199.031,341,139,700.771,069,042,468.67851,216,747.75559,747,062.1116.48%25.45%25.59%52.07%支付的各項稅費1

41、,020,532,251.57917,090,296.96758,744,548.98600,448,469.17483,222,895.7411.28%20.87%26.36%24.26%支付其他與經(jīng)營活動有關(guān)的現(xiàn)金1,270,251,354.521,193,235,441.671,060,443,601.93753,989,214.24393,830,053.506.45%12.52%40.64%91.45%經(jīng)營活動現(xiàn)金流出小計8,614,077,981.108,304,093,733.526,505,703,859.515,031,915,113.123,027,720,187.973.

42、73%27.64%29.29%66.19%經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額696,013,987.24676,398,667.36873,968,414.52544,905,320.56492,043,803.522.90%-22.61%60.39%10.74%二、投資活動產(chǎn)生的現(xiàn)金流量收回投資收到的現(xiàn)金-547,916.07-91,000,000.00-取得投資收益收到的現(xiàn)金3,316,038.502,543,855.79200,221.181,709,917.582,485,244.0630.35%1170.52%-88.29%-31.20%處置固定資產(chǎn)、無形資產(chǎn)和其他長期資產(chǎn)收回的現(xiàn)金凈額2,

43、837,373.652,557,379.52306,476.05405,577.16520,380.32投資支付的現(xiàn)金10,696,744.5652,082,911.12242,860.002,000,000.0018,133,621.36-79.46%21345.65%-87.86%-88.97%取得子公司及其他營業(yè)單位支付的現(xiàn)金凈額-31,111,131.22-支付其他與投資活動有關(guān)的現(xiàn)金25,000,000.001,234,343.30-92,304,620.661925.37%投資活動現(xiàn)金流出小計596,561,306.03511,731,760.90289,121,079.47431

44、,925,209.55202,719,401.8216.58%77.00%-33.06%113.07%投資活動產(chǎn)生的現(xiàn)金流量凈額-478,667,269.00-431,433,820.93-237,375,395.16-237,482,719.79-156,928,221.4010.95%81.75%-0.05%51.33%三、籌資活動產(chǎn)生的現(xiàn)金流量吸收投資收到的現(xiàn)金26,222,896.191,500,302,724.8388,950,000.009,358,160.7328,882,000.00-98.25%1586.68%850.51%-67.60%取得借款收到的現(xiàn)金322,000,00

45、0.00506,830,000.00337,000,000.00337,000,000.00331,000,000.00-36.47%50.39%0.00%1.81%收到其他與籌資活動有關(guān)的現(xiàn)金-5,000,000.00-籌資活動現(xiàn)金流入小計348,222,896.192,012,132,724.831,606,850,000.00346,358,160.73359,882,000.00-82.69%25.22%363.93%-3.76%償還債務(wù)支付的現(xiàn)金421,310,000.00437,000,000.00337,000,000.00279,850,000.00331,000,000.00

46、-3.59%29.67%20.42%-15.45%分配股利、利潤或償付利息支付的現(xiàn)金443,472,845.44498,025,742.27329,608,058.07287,225,649.65191,756,483.24-10.95%51.10%14.76%49.79%支付其他與籌資活動有關(guān)的現(xiàn)金90,000.0042,854,756.5612,475,268.7011,596,194.714,007,986.57-99.79%243.52%7.58%189.33%籌資活動現(xiàn)金流出小計864,872,845.44977,880,498.83679,083,326.77578,671,844

47、.36526,764,469.81-11.56%44.00%17.35%9.85%籌資活動產(chǎn)生的現(xiàn)金流量凈額-516,649,949.251,034,252,226.00927,766,673.23-232,313,683.63-166,882,469.81-149.95%11.48%-499.36%39.21%期初現(xiàn)金及現(xiàn)金等價物余額4,888,060,983.803,640,928,630.982,078,993,509.812,010,450,284.431,622,787,251.7934.25%75.13%3.41%23.89%期末現(xiàn)金及現(xiàn)金等價物余額4,592,511,864.41

48、4,888,060,983.803,640,063,220.612,078,993,509.811,790,186,049.71-6.05%34.29%75.09%16.13%附注：1、將凈利潤調(diào)節(jié)為經(jīng)營活動現(xiàn)金流量凈利潤1,253,965,330.801,066,701,257.04878,613,751.96654,651,059.49471,093,116.2117.56%21.41%34.21%38.96%加：資產(chǎn)減值準(zhǔn)備4,756,070.983,211,656.2390,252,044.8195,893,770.6476,204,550.2948.09%-96.44%-5.88%2

49、5.84%無形資產(chǎn)攤銷9,307,088.078,932,440.807,231,442.874,060,012.003,094,486.914.19%23.52%78.11%31.20%長期待攤費用攤銷40,747,736.8632,321,168.9225,522,342.1819,198,552.813,461,477.0326.07%26.64%32.94%454.63%處置固定資產(chǎn)、無形資產(chǎn)和其他長期資產(chǎn)的損失-328,891.86-426,171.13388,026.25700,053.422,003,937.70-22.83%-209.83%-44.57%-65.07%固定資產(chǎn)報

50、廢損失801,530.311,521,655.11205,882.59202,461.68149,659.81-47.33%639.09%1.69%35.28%公允價值變動損失-財務(wù)費用-29,189,931.618,588,666.18-7,058,037.87-2,714,048.85-6,671,575.79-439.87%-221.69%160.06%-59.32%投資損失-2,847,524.24-3,884,734.29-7,752,897.19-12,664,849.47-7,178,994.99-26.70%-49.89%-38.78%76.42%遞延所得稅資產(chǎn)減少-9,178

51、,501.85-2,122,437.911,662,389.84-19,159,459.11-6,029,655.90332.45%-227.67%-108.68%217.75%遞延所得稅負(fù)債增加-6,483,596.63-6,362,873.75-2,004,825.15-106,154.89-289,223.261.90%217.38%1788.58%-63.30%存貨的減少-420,459,465.92-366,036,005.10-553,086,756.73-877,240,428.74-236,281,161.5314.87%-33.82%-36.95%271.27%經(jīng)營性應(yīng)收項目

52、的減少-398,226,047.15-42,255,305.00-136,428,892.03-44,564,202.08-118,537,230.78842.43%-69.03%206.14%-62.40%經(jīng)營性應(yīng)付項目的增加130,494,238.63-125,746,446.30480,057,663.41629,373,513.66219,029,409.55-203.78%-126.19%-23.72%187.35%其他-經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額2696,013,987.24676,398,667.36873,968,414.52544,905,320.56492,043,803.

53、522.90%-22.61%60.39%10.74%2、不涉及現(xiàn)金收支的重大投資和籌資活動債務(wù)轉(zhuǎn)為資本2,314,000.00157,927,000.00-98.53%一年內(nèi)到期的可轉(zhuǎn)換公司債券-融資租入固定資產(chǎn)-3、現(xiàn)金及現(xiàn)金等價物凈變動情況現(xiàn)金的期末余額4,592,511,864.414,888,060,983.803,640,063,220.612,078,993,509.811,790,186,049.71-6.05%34.29%75.09%16.13%減：現(xiàn)金的期初余額4,888,060,983.803,640,928,630.982,078,993,509.812,010,450,

54、284.431,622,787,251.7934.25%75.13%3.41%23.89%加：現(xiàn)金等價物的期末余額-減：現(xiàn)金等價物的期初余額-加：其他原因?qū)ΜF(xiàn)金的影響2-現(xiàn)金及現(xiàn)金等價物凈增加額-295,549,119.391,247,132,352.821,561,069,710.8068,543,225.38167,398,797.92-123.70%-20.11%2177.50%-59.05%短期償債能力短期償債能力營運資金營運資金 流動比率流動比率速動比率速動比率現(xiàn)金比率現(xiàn)金比率長期償債能力長期償債能力 資產(chǎn)負(fù)債率資產(chǎn)負(fù)債率權(quán)益比率權(quán)益比率權(quán)益乘數(shù)權(quán)益乘數(shù)償債能力分析償債能力分析營運資

55、金 20102011201220132014流動資產(chǎn)4410326916.52 5949997321.288080290157.049997291087.7710512480053.95流動負(fù)債1214308860.07 2419985969.592898800479.852984570880.253213171747.66營運資金3196018056.45 3530011351.69 5181489677.19 7012720207.52 7299308306.29 營運資金流動資產(chǎn)流動負(fù)債同仁堂2010年2014年營運資金都成正數(shù)，表明其流動資產(chǎn)的資金來源不僅包括流動負(fù)債，還包括非流動負(fù)債

56、或股東權(quán)益(長期資本），且其數(shù)額每年成上升趨勢，由此可見同仁堂短期償債能力越來越強。流動比率20102011201220132014同仁堂3.63197 2.45869 2.78746 3.34966 3.27168 云南白藥2.10082 2.20752 2.55032 2.97698 3.56930 0123420102011201220132014同仁堂云南白藥 流動比率 = 流動資產(chǎn) 流動負(fù)債反映短期償債能力強弱反映短期償債能力強弱2010年2011年流動比率下降流動資產(chǎn)流動負(fù)債速動比率20102011201220132014同仁堂1.94500 1.15010 1.51803 1.9

57、4901 1.84153 云南白藥1.20039 1.14941 1.28856 1.67692 2.30462 00.511.522.520102011201220132014同仁堂云南白藥速動比率 = 速動資產(chǎn) 流動負(fù)債 =（流動資產(chǎn)存貨） 流動負(fù)債2010年2011年速動比率下降現(xiàn)金比率20102011201220132014同仁堂1.47424 0.85909 1.25571 1.65460 1.42928 云南白藥0.65828 0.34211 0.50017 0.56925 0.62439 00.511.5220102011201220132014同仁堂云南白藥現(xiàn)金比率=（貨幣資金

58、+交易性金融資產(chǎn)） 流動負(fù)債資產(chǎn)負(fù)債率20102011201220132014同仁堂23.1%34.4% 42.0% 34.2% 33.2% 云南白藥42.2% 38.9% 34.1% 29.9% 30.9% 0102030405020102011201220132014同仁堂云南白藥%100資產(chǎn)總額負(fù)債總額資產(chǎn)負(fù)債率權(quán)益比率20102011201220132014同仁堂76.9%65.6% 58%65.8% 66.8% 云南白藥57.8% 61.1% 65.9% 70%69.1% 00.20.40.60.820102011201220132014同仁堂云南白藥%100資產(chǎn)總額額所有者（股東）

59、權(quán)益總權(quán)益比率 權(quán)益乘數(shù)20102011201220132014同仁堂1.30039 1.52355 1.72507 1.51988 1.49734 云南白藥1.72906 1.63645 1.51751 1.42665 1.44676 00.511.522010 2011 2012 2013 2014同仁堂云南白藥盈利盈利能力分析能力分析利潤總額利潤總額營業(yè)收入營業(yè)收入綜合收益總額綜合收益總額凈利潤凈利潤營業(yè)利潤率營業(yè)利潤率管理費用管理費用營業(yè)成本營業(yè)成本銷售費用銷售費用營業(yè)毛利率營業(yè)毛利率財務(wù)費用財務(wù)費用總營業(yè)費用率總營業(yè)費用率銷售凈利率銷售凈利率總資產(chǎn)報酬率總資產(chǎn)報酬率凈資產(chǎn)報酬率凈資產(chǎn)

60、報酬率資產(chǎn)凈利率資產(chǎn)凈利率營業(yè)利潤營業(yè)利潤會計年度會計年度2010.12.312011.12.312012.12.312013.12.312014.12.31營業(yè)收入營業(yè)收入3,824,446,1426,108,383,7117,504,031,978 8,714,647,4029,685,867,523營業(yè)營業(yè)成本成本2,087,664,3673,604,168,8424,208,839,862 4,978,569,1565,504,257,574銷售費用銷售費用764,547,5251,042,188,8801,403,338,600 1,580,392,4901,749,120,507管