considerable

Even if Huiren Shenbao has much higher than the industry's gross profit, but its net profit is constantly falling among the. Its roots, Huiren Shenbao will funds for advertising and business promotion up. There are media statistics, 2013 to 2016 June, Huiren Pharmaceutical sales costs of 1.198 billion yuan, of which 1.345 billion yuan for advertising and business promotion costs, accounting for nearly Qi Cheng. Huiren Pharmaceutical advertising revenue accounted for the proportion of revenue increased year by year. From 2013 to June 2016, the company's advertising revenue accounted for 8.46%, 33.9%, 44.85%, 43.76%.

    
In addition, Huiren Pharmaceutical workers pay rise, but also to net profit continued to narrow. From 2013 to June 2016, the remuneration of employees was 17.18 million yuan, 31.78 million yuan, 71.3 million yuan, 4127 million yuan. The reason is that with the expansion of sales, the number of
replica watches sales staff continues to increase, with sales performance, per capita pay growth. Over the same period, business promotion fees were 38.37 million yuan, 52.95 million yuan, 110 million yuan and 64.94 million yuan, mainly for customer training fees, consumer training fees and terminal information costs. On the surface, Huiren Shenbao's gross profit is not only higher than the same industry, but also higher than the beverage industry, and even higher than real estate, banks and other foreign investors in the eyes of replica watches uk considerable profits. But in fact, Huiren Kidney in the pharmaceutical production enterprises are mainly marketing, the Department of its heart as a health care products, but also as a general consumer goods, so the greater reliance on advertising, coupled with business The expansion of the team, as well as the rise in staff salaries, which led to the real net profit of Hui Ren Pharmaceutical appeared a significant decline. So, we in the Renren Pharmaceutical prospectus, you can see the kidney and kidney enterprises which problems?

    
First, advertising and business costs are increasing, but the marginal effect is less and less. Huiren Pharmaceutical advertising revenue accounted for the proportion of revenue increased year by year. From 2013 to June 2016, the company's advertising revenue accounted for 8.46%, 33.9%, 44.85%, 43.76%. While the net profit for the same period were 80 million, 170 million, 340 million and 77.78 million yuan. In the steady growth of revenue and advertising on the basis of a significant decline in net profit.

    
I believe that in the past Huiren Pharmaceutical every time in the TV advertising money, will play a boost on the net profit, and to the
rolex replica  first half of last year, Huiren Pharmaceutical has ushered in a critical point. It is now every time a large amount of advertising funds, the net profit of the pull less and even negative, huge advertising investment but weakened the company's net profit. So, we began to question the past, the time-tested TV burn mode will have the end of the risk?

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