China Yongxin Pharmaceuticals Inc. began in 1993 as Changchun Yongxin Dirui Medical Co., Ltd. (Yongxin), a wholesale drug distributor. The Company’s products include Chinese traditional medicines, chemical preparations, natural health products, cosmetics, and medical equipment. On May 20, 2008, China Yongxin Pharmaceuticals Inc. announced that they completed their reverse merger with Nutradyne Group, Inc. To reflect their true business, they changed their corporate name to China Yongxin Pharmaceuticals Inc. and their ticker symbol to “OTCBB: CYXN.” Today, they are a leading manufacturer, distributor, and retailer of pharmaceuticals in Northeastern China.
China Yongxin began retail operations in 2001. In 2005, the Company acquired China’s Jilin Province franchise rights from Medicine Shoppe China Inc. The Company became a rapidly growing medicine distributor and retailer by the end of 2007. Currently, they have five subsidiaries including 93 chain pharmacies.
In November, China Yongxin Pharmaceuticals, Inc. announced financial results for the third quarter ended September 30, 2008. Revenue increased 9.8 percent year-over-year to $15.5 million. Gross margin increased 3.6 percent to 19.7 percent compared to the previous year. The Company’s net income more than doubled to $1.7 million or $0.05 per diluted share over the prior year.
Today, China Yongxin Pharmaceuticals announced that they recently established a Retailing Chain Management Head Office to uniformly manage their growing base of chain drugstores.
“We established the Retailing Chain Management Head Office to further the implementation of our 5-year strategic development plan for the retailing chain business of China Yongxin,” stated Mr. Yongxin Liu, Chairman, and CEO of China Yongxin Pharmaceuticals, Inc.
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