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Andon Health (九安医疗 jiǔ ān yī liáo) is a producer of electronic health products and medical hardware, including rapid coronavirus antigen test kits for use at home.
The company published its quarterly results last week, with estimated net profits for the first quarter of 14-16 billion yuan ($2.19-2.51 billion).
Andon, which had previously been loss-making for a number of years, has enjoyed a dramatic turn-around thanks to the pandemic. It’s been called the king of China’s demon stocks, or yāo zhōng zhī wáng 妖中之王.
Demon stocks are companies whose shares buck market trends despite the tough global environment (Caijing, Chinese):
借着新冠检测的风，吹出来的“妖中之王”九安医疗，哪个拎出来都是几倍，十倍涨幅，资金爆炒的情绪化产物
Taking advantage of the need for covid testing, Andon Health has become the ‘king of the demon stocks’. The share price of any one of these companies will have increased by many times, sometimes with growth of over ten-times, which is a result of emotion-driven market dynamics.
However, some observers in China note that Andon’s reporting is not good enough and too vague:
其一季度140-160亿的净利是怎么取得的呢?业绩预告语焉不详
How was the net profit of RMB 14 billion to 16 billion in the first quarter delivered? The performance forecast is unclear.
These observers reckon its overnight success will not last. And although Andon has made some fast cash in recent months, its high share price is unstable, unsustainable and has already started to fall.
So, this week we follow the highs and lows of one of China’s most volatile stocks this year.
The Favourite Five
1. 妖股 yāo gǔ
demon stock
有人调侃道：以前叫人家“大妖股”，现在叫人家“现金牛” - Some people joke that it should no longer be called a demon stock; instead it should be called a ‘cash cow’.
Related:
妖王之王 yāo wáng zhī wáng - king of all demon stocks
大妖 dà yāo - big demon stock
2. 老韭 lǎo jiǔ
experienced individual investors
九安医疗扣非净利润也仍是负值，你说他基本面有多扎实，老韭可能都不信 - Andon Health is making a net loss. Even if you say its fundamentals are good, investors wouldn’t believe you.
Note: related to the phrase cutting leeks 割韭菜, which began its life describing gullible individual investors. ‘Old leeks’ are experienced investors.
3. 凡尔赛 fán'ěr sài
Versalles literature - having a high quality problem, or ‘humble-bragging’
超百亿元的海外大单，更“凡尔赛”的是频频发布大涨的风险提示 - With large overseas orders exceeding RMB 10 billion, Andon frequently release cheeky risk warnings of high growth.
4. 盆满钵满 pén mǎn bō mǎn
making pots of cash
疫情在某些程度上让一些企业起死回生，甚至赚得盆满钵满 - To a certain extent, the pandemic has allowed some companies to come back from the brink of collapse and in some cases, even make a huge amount of money.
5. 天时地利人和 tiān shí dì lì rén hé
favourable conditions, in the right place at the right time
沉寂多年，一朝爆发，九安医疗吃尽了天时地利人和的红利 - After years of inaction, the company has become an overnight success. It has benefitted from being in the right place at the right time.
Background: this is from one of Mencius’ teachings, and also credited to the Art of War (兵法 bīng fǎ), but not by Sūn Zi 孙子, but Sūn Bìn 孙膑, a defendant of the original Sun and also a referred military strategist. See the Recommended Classics below for more.
2. Consuming the Conversation
Useful words
卖爆 mài bào
explosive sales
九安医疗美公司iHealth新冠抗原检测试剂盒产品在美国卖爆了- Covid antigen test kits made by iHealth, a US branch of Andon Health, have enjoyed phenomenal sales in the US.
Related:
卖火 mài huǒ - sell out
席卷 xí juǎn - engulf the market
捧红 pěng hóng
rise up, increase the share value
除了九安医疗，新冠抗原检测生意已经捧红了一批IVD企业 - In addition to Andon Health, the need for Covid antigen testing equipment has lifted the value of a lot of diagnostics companies.
陡峭 dǒu qiào
steep
九安这样“陡峭”的增长倍数却仍然难以突破 - The steep climb in Andon Health growth is still hard to beat.
芸芸 yún yún
many
九安医疗只是芸芸医疗器械厂商中并不起眼的一家 - Andon Health is just one of the many medical device companies, and is nothing special.
招惹 zhāo rě
provoke
董秘辛勤回复，属实招惹不少吃瓜群众 - The board secretary tirelessly responded to enquiries, which really upset a lot of onlookers.
Note: 吃瓜观众 chī guā guān zhòng - onlookers, or people who watch on social media as a scandal unfolds
骂爹 mà diē
swear at your dad; be really angry about something
股价涨是如此，而一旦跌起来，可能又开始骂爹了吧 - The share price has gone mad. But as soon as it starts to fall, investors will be fuming.
Related: 骂爹骂娘 mà diē mà niáng - go completely crazy
落袋 luò dài
get in the bag, land or confirm something
总额17.75亿美元的政府大单相继落袋，实现净利润暴增也在行业意料之中 - Large government orders totaling 1.775 billion US dollars have been pocketed one after another. The surge in net profit was expected by the industry.
Related: 落袋为安 luò dài wéi ān - a bird in the hand is worth two in the bush
