Li Ruyi, a reporter of this newspaper
On March 3, Yunnan Baiyao announced the resignation of senior management, and Wang Jin applied to resign as the company's chief sales officer, senior vice president and all positions in Yunnan Baiyao and its holding subsidiaries due to personal reasons. Coincidentally, on March 15, Yunnan Baiyao issued an announcement that Chairman Wang Minghui applied to resign as the chairman of the company's 3th board of directors, a director, a member of the strategy committee of the board of directors, and all positions in Yunnan Baiyao and its holding subsidiaries due to personal reasons.
With just two weeks left until Yunnan Baiyao's scheduled annual report disclosure date (March 3), the company's share price has fallen more than 31% since March.
Behind the departure of senior executives is the decline in Yunnan Baiyao's performance. According to the data of the third quarterly report of 2022, as of September 9 last year, Yunnan Baiyao achieved a net profit of 30.269 billion yuan, down 16.5% year-on-year; The net profit was 10.23 billion yuan, down 05.5% year-on-year. In 94, Yunnan Baiyao has seen a year-on-year decline in net profit of 2021.49%.
Based on such performance, it is difficult to complete the performance evaluation indicators set by the 2020 stock option incentive plan, and the performance assessment target is not less than 2021.2022% and 10% in 5 and 11, respectively, but Yunnan Baiyao's return on net assets is 2021.7% in 07 and 2022.5% in the first three quarters of 6.
The imminent disclosure of the annual report, the departure of executives at this sensitive point in time has also brought certain concerns to the market. Zhang Yi, CEO of iMedia Consulting, told the Securities Daily reporter: "On the one hand, the decline in operating data needs to give investors an explanation; On the other hand, the management 'shuffle' before the disclosure of the annual report also shows that Yunnan Baiyao may be undergoing corporate changes and strategic direction adjustments, and it depends on whether the company can turn the tide when he takes over as a new manager. ”
It is worth noting that according to Yunnan Baiyao's 2021 annual report, the executives Wang Minghui and Wang Jin who left recently are both employees with "annual salary of 1053 million yuan". Wang Minghui served as the chairman of the company, and also served as the interim CEO for a period of time, with a total pre-tax compensation of 6.1052 million yuan from the company; Wang Jin is the president of the pharmaceutical business department, one of the company's four major business units, with a total pre-tax compensation of 31.<> million yuan, which belongs to the highest level of salary of Yunnan Baiyao.
High salaries mean that companies expect value from their employees. In the description of the major changes in assets disclosed in the 2022 half-year report, the company clearly stated that "the advance payment received by the pharmaceutical division decreased, and the tax on items to be resold decreased". The work done by the pharmaceutical division in the first half of last year - "taking medical devices as an important breakthrough in new business efforts, deeply cultivating the Digital Chinese Medicine Research Institute and Eye Health Research Center", was not included in the second growth curve that the company focused on building - medical beauty, oral care, new retail health services and other fields.
Bai Wenxi, Chief Economist of IPG China, said: "The annual salary of Yunnan Baiyao executives exceeds 10 million yuan, which is a market-oriented salary distribution method, and is also related to the performance appraisal method of the internal decision-making level of the enterprise, which is actually a combination of responsibility and risk. ”