江中藥業(yè)股份有限公司財務(wù)報表分析——基于資產(chǎn)負(fù)債表分析024主營業(yè)務(wù)膠囊類（軟膠囊，硬膠囊劑）藥劑類（原料，糖漿，片，顆粒）糖類（巧克力，糖果）飲料類（蛋白類，固體飲料，其他）保健食品和其他膳食類。消毒劑和皮膚黏膜衛(wèi)生用品。農(nóng)副產(chǎn)品的收購。國內(nèi)貿(mào)易。二、經(jīng)營模式1、采購模式統(tǒng)一采購按量分配，采購方式一般采用公開招標(biāo)、邀請招標(biāo)、競爭性談判、詢價采購、單一來源采購等五種方式。2、生產(chǎn)模式以質(zhì)量、安全、環(huán)保第一，成本為核心，高效制造。大力推行安全生產(chǎn)、節(jié)能環(huán)保、均衡生產(chǎn)、高效生產(chǎn)及精益制造。3、銷售模式公司非處方藥銷售終端主要為藥店，保健品的銷售終端主要為大型商場、超市及賣場，銷售主要采取經(jīng)分銷商覆蓋為主、大型連鎖戰(zhàn)略合作及大型商超直營等為輔的方式，公司主要負(fù)責(zé)產(chǎn)品的廣告及宣傳投入，并參與終端擴(kuò)展、促銷及客戶維護(hù)等。三、江中藥業(yè)資產(chǎn)負(fù)債表垂直分析江中藥業(yè)股份有限公司合并公司資產(chǎn)負(fù)債表垂直分析表單位：元2018年10月14日項目2017年2016年2015年2017年2016年2015年2017年與2016年變動情況2016年與2015年變動情況流動資產(chǎn)貨幣資金724,846,456.80898,046,934.60250,363,712.2021.55%29.29%9.35%-7.75%19.95%應(yīng)收票據(jù)824,511,632.90449,404,461.20734,430,025.0024.51%14.66%27.42%9.85%-12.76%應(yīng)收賬款16,066,892.8513,551,979.1911,334,932.550.48%0.44%0.42%0.04%0.02%預(yù)付款項46,681,342.8556,232,472.8128,536,744.301.39%1.83%1.07%-0.4466%0.77%其他應(yīng)收款8,094,008.8811,549,274.5915,008,738.150.24%0.38%0.56%-0.14%-0.18%存貨194,430,141.40187,540,034.10158,376,592.305.78%6.12%5.91%-0.34%0.20%其他流動資產(chǎn)153,414,939.40130,834,419.00170,852,887.104.56%4.27%6.38%0.29%-2.11%流動資產(chǎn)合計1,968,045,415.001,747,159,575.001,368,903,632.0058.50%56.99%51.11%1.51%5.88%非流動資產(chǎn)可供出售金融資產(chǎn)135,600,000.00145,572,097.00135,600,000.004.03%4.75%5.06%-0.71%-0.31%長期股權(quán)投資50,987,283.2357,859,564.6256,269,029.031.52%1.89%2.10%-0.37%-0.21%固定資產(chǎn)凈額590,401,280.40626,928,894.90657,024,552.2017.55%20.45%24.53%-2.90%-4.08%在建工程253,446,099.0095,287,019.3361,609,781.627.53%3.11%2.30%4.43%0.81%無形資產(chǎn)325,631,733.90336,287,255.70348,700,241.809.68%10.97%13.02%-1.29%-2.05%長期待攤費用587,962.93643,518.49699,074.050.02%0.02%0.03%0.00%-0.01%遞延所得稅資產(chǎn)27,236,608.6816,356,673.8110,421,356.290.81%0.53%0.39%0.28%0.14%其他非流動資產(chǎn)12,165,746.2739,652,446.2739,069,922.000.36%1.29%1.46%-0.93%-0.17%非流動資產(chǎn)合計1,396,056,714.001,318,587,470.001,309,393,957.0041.50%43.01%48.89%-1.51%-5.88%資產(chǎn)總計3,364,102,129.003,065,747,046.002,678,297,589.00100.00%100.00%100.0000%0.00%0.00%流動負(fù)債短期借款0.0030,000,000.0020,000,000.000.00%0.98%0.75%-0.98%0.23%應(yīng)付賬款88,144,271.9847,727,848.0145,134,838.522.62%1.56%1.69%1.06%-0.13%預(yù)收款項87,745,399.20131,963,741.30134,801,409.202.61%4.30%5.03%-1.70%-0.73%應(yīng)付職工薪酬63,018,593.8540,190,432.9046,388,298.721.87%1.31%1.73%0.56%-0.42%應(yīng)交稅費44,738,527.5649,790,877.5620,114,017.071.33%1.62%0.75%-0.29%0.87%應(yīng)付利息0.00538,234.6729,722.220.00%0.02%0.00%-0.02%0.02%其他應(yīng)付款39,667,286.4433,277,491.7535,725,644.131.18%1.09%1.33%0.09%-0.25%其他流動負(fù)債6,756,653.1092,104,561.7320,405,022.620.20%3.00%0.76%-2.80%2.24%流動負(fù)債合計330,070,732.10425,593,187.90322,598,952.509.81%13.88%12.04%-4.07%1.84%非流動負(fù)債長期應(yīng)付款70,000,000.000.000.002.08%0.00%0.00%2.08%0.00%專項應(yīng)付款0.0047,802.75280,754.500.00%0.00%0.01%0.00%-0.01%長期遞延收益48,667,666.6724,323,666.67856,666.671.45%0.79%0.03%0.65%0.76%非流動負(fù)債合計118,667,666.7024,371,469.421,137,421.173.53%0.80%0.04%2.73%0.75%負(fù)債合計448,738,398.80449,964,657.30323,736,373.7013.34%14.68%12.09%-1.34%2.59%所有者權(quán)益實收資本(或股本)300,000,000.00300,000,000.00300,000,000.008.92%9.79%11.20%-0.87%-1.42%資本公積552,513,399.00550,675,341.40549,190,485.5016.42%17.96%20.51%-1.54%-2.54%其他綜合收益0.00-23,717.590.000.00%0.00%0.00%0.00%0.00%盈余公積169,641,911.10169,641,911.10169,641,911.105.04%5.53%6.33%-0.49%-0.80%未分配利潤1,893,047,835.001,595,251,253.001,335,487,483.0056.27%52.03%49.86%4.24%2.17%歸屬于母公司股東權(quán)益合計2,915,203,146.002,615,544,788.002,354,319,880.0086.66%85.31%87.90%1.34%-2.59%少數(shù)股東權(quán)益160,585.06237,599.98241,335.420.00%0.01%0.01%0.00%0.00%所有者權(quán)益(或股東權(quán)益)合計2,915,363,731.002,615,782,388.002,354,561,215.0086.66%85.32%87.91%1.34%-2.59%負(fù)債和所有者權(quán)益(或股東權(quán)益)總計3,364,102,129.003,065,747,046.002,678,297,589.00100.00%100.00%100.00%0.00%0.00%（一）、資產(chǎn)負(fù)債表結(jié)構(gòu)變動情況的分析評價項目江中藥業(yè)股份有限公司桂林三金股份有限公司九芝堂股份有限公司2017年2016年2015年2017年2016年2015年2017年2016年2015年流動資產(chǎn)1,968,045,415.001,747,159,575.001,368,903,632.001,950,139,994.001,576,271,381.001,540,960,821.003,506,628,413.002,789,552,124.002,380,485,795.00非流動資產(chǎn)1,396,056,714.001,318,587,470.001,309,393,957.001,279,424,592.001,293,480,241.001,218,752,378.002,369,956,435.002,008,238,768.002,090,349,485.00流動負(fù)債330,070,732.10425,593,187.90322,598,952.50463,743,021.30342,216,879.30309,996,550.401,283,223,661.00586,820,049.60597,610,994.70非流動負(fù)債118,667,666.7024,371,469.421,137,421.17111,909,675.50102,040,319.80106,593,515.1081,276,066.8473,585,142.1885,360,258.64所有者權(quán)益2,915,363,731.002,615,782,388.002,354,561,215.002,653,911,889.002,425,494,423.002,343,123,134.004,512,085,120.004,137,385,699.003,787,864,026.00資產(chǎn)合計/所有者權(quán)益合計3,364,102,129.803,065,747,045.002,678,297,589.003,229,564,585.802,869,751,622.102,759,713,199.505,876,584,848.004,797,790,892.004,470,835,280.00流動資產(chǎn)構(gòu)成比例58.50%56.99%51.11%60.38%54.93%55.84%59.67%58.14%53.24%非流動資產(chǎn)構(gòu)成比例41.50%43.01%48.89%39.62%45.07%44.16%40.33%41.86%46.76%流動負(fù)債構(gòu)成比例9.81%13.88%12.04%14.36%11.92%11.23%21.84%12.23%13.37%非流動負(fù)債構(gòu)成比例3.53%0.79%0.04%3.47%3.56%3.86%1.38%1.53%1.91%所有者權(quán)益構(gòu)成比例86.66%85.32%87.91%82.18%84.52%84.90%76.78%86.24%84.72%1.資產(chǎn)結(jié)構(gòu)變動的分析評價靜態(tài)結(jié)構(gòu)的比較分析（本期數(shù)）：2017年流動資產(chǎn)非流動資產(chǎn)流動資產(chǎn)比重非流動資產(chǎn)比重江中藥業(yè)1,968,045,415.001,396,056,714.0058.50%41.50%桂林三金1,950,139,994.001,279,424,592.0060.38%39.62%九芝堂3,506,628,413.002,369,956,435.0059.67%40.33%桂林三金股份有限公司和九芝堂股份有限公司的資產(chǎn)平均值為60.03%，通過與上表的兩個行業(yè)的平均資產(chǎn)數(shù)據(jù)結(jié)構(gòu)比較，得知江中藥業(yè)股份有限公司資產(chǎn)的差額為1.53%，由此而知構(gòu)成比重相對合理。2016年流動資產(chǎn)非流動資產(chǎn)流動資產(chǎn)比重非流動資產(chǎn)比重江中藥業(yè)1,747,159,575.001,318,587,470.0056.99%43.01%桂林三金1,576,271,381.001,293,480,241.0054.93%45.07%九芝堂2,789,552,124.002,008,238,768.0058.14%41.86%桂林三金股份有限公司和九芝堂股份有限公司的資產(chǎn)平均值為56.54%，通過與上表的兩個行業(yè)的平均資產(chǎn)數(shù)據(jù)結(jié)構(gòu)比較，得知江中藥業(yè)股份有限公司資產(chǎn)的差額為0.45%，由此而知上訴結(jié)果構(gòu)成比重合理。2015年流動資產(chǎn)非流動資產(chǎn)流動資產(chǎn)比重非流動資產(chǎn)比重江中藥業(yè)1,368,903,632.001,309,393,957.0051.11%48.89%桂林三金1,540,960,821.001,218,752,378.0055.84%44.16%九芝堂2,380,485,795.002,090,349,485.0053.24%46.76%桂林三金股份有限公司和九芝堂股份有限公司的資產(chǎn)平均值為54.54%，通過與上表的兩個行業(yè)的平均資產(chǎn)數(shù)據(jù)結(jié)構(gòu)比較，得知江中藥業(yè)股份有限公司資產(chǎn)的差額為3.43%，由此而知上訴的數(shù)據(jù)構(gòu)成比重相對合理。2017年2016年17年16年較變動比率流動資產(chǎn)58.50%56.99%1.51%非流動資產(chǎn)41.50%43.01%-1.51%由上表可知江中藥業(yè)資產(chǎn)結(jié)構(gòu)變動較小，企業(yè)資產(chǎn)結(jié)構(gòu)相對穩(wěn)定；2016年2015年16年15年較變動比率流動資產(chǎn)56.99%51.11%5.88%非流動資產(chǎn)43.01%48.89%-5.88%有上表可知江中藥業(yè)的資產(chǎn)結(jié)構(gòu)變動較大，企業(yè)資產(chǎn)結(jié)構(gòu)穩(wěn)定性弱，隨之經(jīng)營風(fēng)險高，因此企業(yè)應(yīng)控制財務(wù)風(fēng)險數(shù)額，保持負(fù)債數(shù)額，不能舉債過多。2.資本結(jié)構(gòu)的分析評價靜態(tài)（本期數(shù)）：2017年流動負(fù)債非流動負(fù)債所有者權(quán)益流動負(fù)債

所占比重非流動負(fù)債

所占比重所有者權(quán)益

所占比重江中藥業(yè)330,070,732.10118,667,666.702,915,363,731.009.81%3.53%86.66%桂林三金463,743,021.30111,909,675.502,653,911,889.0014.36%3.47%82.18%九芝堂1,283,223,661.0081,276,066.844,512,085,120.0021.84%1.38%76.78%桂林三金股份有限公司和九芝堂股份有限公司的負(fù)債平均值為18.10%，與江中藥業(yè)所占流動資產(chǎn)構(gòu)成比例的差額為8.29%，通過與上表的同行業(yè)平均資產(chǎn)結(jié)構(gòu)進(jìn)行比較后，得知江中藥業(yè)股份有限公司資本構(gòu)成比重相對不合理。2016年流動負(fù)債非流動負(fù)債所有者權(quán)益流動負(fù)債

所占比重非流動負(fù)債

所占比重所有者權(quán)益

所占比重江中藥業(yè)425,593,187.9024,371,469.422,615,782,388.0013.88%0.79%85.32%桂林三金342,216,879.30102,040,319.802,425,494,423.0011.92%3.56%84.52%九芝堂586,820,049.6073,585,142.184,137,385,699.0012.23%1.53%86.24%桂林三金股份有限公司和九芝堂股份有限公司的負(fù)債平均值為12.08%，與江中藥業(yè)上表所示占流動資產(chǎn)構(gòu)成比例的差額為1.80%，通過與上表的同行業(yè)平均資產(chǎn)結(jié)構(gòu)比較，由此可知江中藥業(yè)股份有限公司資本構(gòu)成比重比較合理。2015年流動負(fù)債非流動負(fù)債所有者權(quán)益流動負(fù)債

所占比重非流動負(fù)債

所占比重所有者權(quán)益

所占比重江中藥業(yè)322,598,952.501,137,421.172,354,561,215.0012.04%0.04%87.91%桂林三金309,996,550.40106,593,515.10元2,343,123,134.0011.23%3.86%84.90%九芝堂597,610,994.7085,360,258.643,787,864,026.0013.37%1.91%84.72%桂林三金股份有限公司和九芝堂股份有限公司的負(fù)債平均值為12.30%，與江中藥業(yè)公司占流動資產(chǎn)構(gòu)成比例的差額為0.01%，通過與上表同行業(yè)平均資產(chǎn)結(jié)構(gòu)比較，得知江中藥業(yè)股份有限公司資本構(gòu)成比重比較合理。動態(tài)（兩期數(shù)）：2017年2016年2015年2017與2016年

相比較2016年與2015年

相比較流動負(fù)債9.81%13.88%12.04%-4.07%1.84%非流動負(fù)債3.53%0.79%0.04%2.74%0.75%所有者權(quán)益86.66%85.32%87.91%1.34%2.59%2017年與2016年相比江中藥業(yè)的資產(chǎn)結(jié)構(gòu)變動較大，企業(yè)資產(chǎn)結(jié)構(gòu)穩(wěn)定性弱，隨之經(jīng)營風(fēng)險高，因此企業(yè)應(yīng)控制財務(wù)風(fēng)險數(shù)額，保持負(fù)債數(shù)額，不能舉債過多。2016年與2015年相比可知資產(chǎn)結(jié)構(gòu)變動較小，企業(yè)資產(chǎn)結(jié)構(gòu)相對穩(wěn)定。（二）、資產(chǎn)結(jié)構(gòu)、負(fù)債結(jié)構(gòu)和股東權(quán)益結(jié)構(gòu)的具體分析評價1.資產(chǎn)結(jié)構(gòu)的具體分析經(jīng)營性資產(chǎn)和非經(jīng)營性資產(chǎn)計算分析表單位：元2018年10月14日項目2017年2016年2015年2017年2016年2015年2017年與2016年變動情況2016年與2015年變動情況經(jīng)營性資產(chǎn)：貨幣資金724,846,456.80898,046,934.60250,363,712.2021.55%29.29%9.35%-7.75%19.95%應(yīng)收票據(jù)824,511,632.90449,404,461.20734,430,025.0024.51%14.66%27.42%9.85%-12.76%應(yīng)收賬款16,066,892.8513,551,979.1911,334,932.550.48%0.44%0.42%0.04%0.02%在建工程253,446,099.0095,287,019.3361,609,781.627.53%3.11%2.30%4.43%0.81%預(yù)付款項46,681,342.8556,232,472.8128,536,744.301.39%1.83%1.07%-0.45%0.77%其他非流動資產(chǎn)12,165,746.2739,652,446.2739,069,922.000.36%1.29%1.46%-0.93%-0.17%存貨194,430,141.40187,540,034.10158,376,592.305.78%6.12%5.91%-0.34%0.20%經(jīng)營性資產(chǎn)合計1,968,045,415.001,747,159,575.001,368,903,632.0058.50%56.99%51.11%1.51%5.88%非經(jīng)營性資產(chǎn)合計其他應(yīng)收款8,094,008.8811,549,274.5915,008,738.150.24%0.38%0.56%-0.14%-0.18%其他流動資產(chǎn)153,414,939.40130,834,419.00170,852,887.104.56%4.27%6.38%0.29%-2.11%可供出售金融資產(chǎn)135,600,000.00145,572,097.00135,600,000.004.03%4.75%5.06%-0.72%-0.31%長期股權(quán)投資50,987,283.2357,859,564.6256,269,029.031.52%1.89%2.10%-0.37%-0.21%固定資產(chǎn)凈額590,401,280.40626,928,894.90657,024,552.2017.55%20.45%24.53%-2.90%-4.08%無形資產(chǎn)325,631,733.90336,287,255.70348,700,241.809.68%10.97%13.02%-1.29%-2.05%長期待攤費用587,962.93643,518.49699,074.050.02%0.02%0.03%0.00%-0.01%遞延所得稅資產(chǎn)27,236,608.6816,356,673.8110,421,356.290.81%0.53%0.39%0.28%0.14%非經(jīng)營性資產(chǎn)合計1,396,056,714.001,318,587,470.001,309,393,957.0041.50%43.01%48.89%-1.51%-5.88%資產(chǎn)總計3,364,102,129.003,065,747,046.002,678,297,589.00100.00%100.00%100.00%0.00%0.00%綜上所述，通過對經(jīng)營性資產(chǎn)，非經(jīng)營性資產(chǎn)，資產(chǎn)合計三項主要項目的分析，可知，該公司連續(xù)三年經(jīng)營性資產(chǎn)占總資產(chǎn)比重都高于非經(jīng)營性資產(chǎn)占總資產(chǎn)比重，所以該公司資產(chǎn)結(jié)構(gòu)具有合理性。2.負(fù)債結(jié)構(gòu)具體分析評價負(fù)債資本成本結(jié)構(gòu)分析表項目金額結(jié)構(gòu)2017年與2016年的差異2016與2015年的差異2017年2016年2015年2017年2016年2015年無成本負(fù)債：應(yīng)付賬款724,846,456.80898,046,934.60250,363,712.2061.76%68.14%45.18%-6.37%22.95%預(yù)收款項87,745,399.20131,963,741.30134,801,409.207.48%10.01%24.33%-2.54%-14.32%應(yīng)付職工薪酬63,018,593.8540,190,432.9046,388,298.725.37%3.05%8.37%2.32%-5.32%無成本負(fù)債合計875,610,449.851,070,201,108.80431,553,420.1274.61%81.20%77.88%-6.59%3.31%低成本負(fù)債：應(yīng)付利息0.00538,234.6729,722.220.00%0.04%0.01%-0.04%0.036%應(yīng)交稅費44,738,527.5649,790,877.5620,114,017.073.81%3.78%3.63%0.03%0.15%其他應(yīng)付款39,667,286.4433,277,491.7535,725,644.133.38%2.52%6.45%0.86%-3.92%短期借款88,144,271.9847,727,848.0145,134,838.527.51%3.62%8.15%3.89%-4.52%低成本負(fù)債合計172,550,085.98131,334,451.99101,004,221.9414.70%9.96%18.23%4.74%-8.26%高成本負(fù)債：專項應(yīng)付款0.0047,802.75280,754.500.00%0.00%0.05%-0.00%-0.05%其他流動負(fù)債6,756,653.1092,104,561.7320,405,022.620.58%6.99%3.68%-6.41%3.31%長期應(yīng)付款70,000,000.000.000.005.96%0.00%0.00%5.96%0.00%長期遞延收益48,667,666.6724,323,666.67856,666.674.15%1.85%0.15%2.30%1.6909%高成本負(fù)債合計125,424,319.77116,476,031.1521,542,443.7910.69%8.84%3.89%1.85%4.95%負(fù)債合計1,173,584,855.601,318,011,591.94554,100,085.85100.00%100.00%100.00%0.00%0.00%負(fù)債占比分析2017年占比2016年占比2015年占比2017年與2016年相比較2016年與2015年

相比較無成本負(fù)債74.61%81.20%77.88%6.59%3.31%低成本負(fù)債14.70%9.96%18.23%4.73%8.26%高成本負(fù)債10.69%8.84%3.89%1.85%4.95%企業(yè)在這三年對總負(fù)債的影響程度比較大的是低成本負(fù)債，影響較小的是無成本負(fù)債和高成本負(fù)債，因此江中藥業(yè)的資本成本相對較低，由此可知財務(wù)風(fēng)險較大。3.資產(chǎn)負(fù)債表整體結(jié)構(gòu)（資產(chǎn)結(jié)構(gòu)和資本結(jié)構(gòu)適應(yīng)程度）的分析評價2017年流動資產(chǎn)占總資產(chǎn)的比例為58.50%，流動負(fù)債占總權(quán)益的比例為9.81%，因為流動資產(chǎn)占總資產(chǎn)的比例大于流動負(fù)債占總權(quán)益的比例，因此屬于穩(wěn)健性結(jié)構(gòu)。2016年流動資產(chǎn)占總資產(chǎn)的比例為56.99%，流動負(fù)債占總權(quán)益的比例為13.88%，因為流動資產(chǎn)占總資產(chǎn)的比例大于流動負(fù)債占總權(quán)益的比例，因此屬于穩(wěn)健性結(jié)構(gòu)。2015年流動資產(chǎn)占總資產(chǎn)的比例為51.11%，流動負(fù)債占總權(quán)益的比例為12.04%，因為流動資產(chǎn)占總資產(chǎn)的比例大于流動負(fù)債占總權(quán)益的比例，因此屬于穩(wěn)健性結(jié)構(gòu)。綜上所述，江中藥業(yè)股份有限公司2017年，2016年，2015年三年均為穩(wěn)健性結(jié)構(gòu)，因此該企業(yè)資產(chǎn)流動性較好；相比較風(fēng)險型資本結(jié)構(gòu)，該企業(yè)負(fù)債成本相對低，且具有可調(diào)性，資本結(jié)構(gòu)和資產(chǎn)結(jié)構(gòu)也具有一定的彈性。但是因為收益水平較高的非流動資產(chǎn)比重較小，企業(yè)的盈利水平同時也降低，因此，企業(yè)的財務(wù)風(fēng)險好收益水平都較低。江中藥業(yè)股份有限公司母公司資產(chǎn)負(fù)債表垂直分析表2018年10月14日單位:元幣種:人民幣項目2017年2016年2015年2017年2016年2015年2017年與2016年變動情況比較2015年與2016年變動情況比較流動資產(chǎn)：貨幣資金591,944,717.32777,303,131.40198,934,415.6917.67%25.39%7.49%-7.72%17.90%應(yīng)收票據(jù)630,199,616.02184,210,304.97421,250,099.1118.81%6.02%15.86%12.80%-9.84%應(yīng)收賬款145,734,396.89168,774,498.01151,120,945.284.35%5.51%5.69%-1.16%-0.18%預(yù)付款項40,585,869.0552,615,573.6828,159,095.092.33%1.72%1.06%0.62%0.66%其他應(yīng)收款6,891,045.9513,827,348.2115,767,134.370.40%0.45%0.59%-0.06%-0.14%存貨177,992,655.55171,326,454.82143,254,782.2310.24%5.60%5.39%4.64%0.20%其他流動資產(chǎn)145,000,000.00189,270,832.26111,311,511.758.34%6.18%4.19%2.16%1.99%流動資產(chǎn)合計1,738,348,300.781,557,328,143.351,069,797,983.5251.89%50.86%40.28%50.86%10.59%非流動資產(chǎn)：可供出售金融資產(chǎn)135,600,000.00145,572,096.95135,600,000.004.05%4.75%5.11%-0.71%-0.35%長期股權(quán)投資283,146,911.71280,019,193.10278,428,657.518.45%9.15%10.48%-0.69%-1.34%固定資產(chǎn)587,998,087.83623,913,137.38652,952,676.9417.55%20.38%24.58%-2.83%-4.21%在建工程253,446,098.9595,287,019.3361,609,781.627.57%3.11%2.32%4.45%0.79%無形資產(chǎn)325,631,733.86336,287,255.66348,700,241.799.72%10.98%13.13%-1.26%-2.15%長期待攤費用587,962.93643,518.49699,074.050.02%0.02%0.03%0.00%-0.01%遞延所得稅資產(chǎn)12,974,864.7310,523,380.116,449,281.020.39%0.34%0.24%0.04%0.10%其他非流動資產(chǎn)12,165,746.2712,165,746.27101,752,347.000.36%0.40%3.83%-0.03%-3.43%非流動資產(chǎn)合計1,611,551,406.281,504,411,347.291,586,192,059.9348.11%49.14%59.72%-1.03%-10.59%資產(chǎn)總計3,349,899,707.063,061,739,490.642,655,990,043.45100.00%100.00%100.00%0.00%0.00%流動負(fù)債：短期借款30,000,000.0020,000,000.000.00%0.98%0.75%-0.98%0.23%應(yīng)付賬款84,312,159.5146,281,786.7543,152,541.662.52%1.51%1.62%1.01%-0.11%預(yù)收款項14.45271,903.9382,512.450.00%0.01%0.00%-0.01%0.01%應(yīng)付職工薪酬32,308,298.9618,482,496.4318,122,841.030.96%0.60%0.68%0.36%-0.08%應(yīng)交稅費25,418,685.9949,309,554.4718,398,362.480.76%1.61%0.69%-0.85%0.92%應(yīng)付利息538,234.6729,722.220.00%0.02%0.00%-0.02%0.02%其他應(yīng)付款39,796,347.2314,147,552.486,671,283.381.19%0.46%0.25%0.73%0.21%一年內(nèi)到期的非流動負(fù)債其他流動負(fù)債4,147,544.3777,077,665.8511,567,341.300.12%2.52%0.44%-2.39%2.08%流動負(fù)債合計185,983,050.51236,109,194.58118,024,604.525.55%7.71%4.44%-2.16%3.27%非流動負(fù)債：長期應(yīng)付款70,000,000.002.09%0.00%0.00%2.09%0.00%專項應(yīng)付款47,802.75280,754.500.00%0.01%0.00%-0.01%遞延收益48,667,666.6724,323,666.67856,666.671.45%0.79%0.03%0.66%0.76%非流動負(fù)債合計118,667,666.6724,371,469.421,137,421.173.54%0.80%0.04%2.75%0.75%負(fù)債合計304,650,717.18260,480,664.00119,162,025.699.09%8.51%4.49%0.59%4.02%所有者權(quán)益：股本300,000,000.00300,000,000.00300,000,000.008.96%9.80%11.30%-0.84%-1.50%資本公積552,106,430.82550,268,373.22548,783,517.3116.48%17.97%20.66%-1.49%-2.69%減：庫存股其他綜合收益-23,717.590.00%0.00%0.00%0.00%盈余公積169,641,911.14169,641,911.14169,641,911.145.06%5.54%6.39%-0.48%-0.85%未分配利潤2,023,500,647.921,781,372,259.871,518,402,589.3160.40%58.18%57.17%2.22%1.01%所有者權(quán)益合計3,045,248,989.882,801,258,826.642,536,828,017.7690.91%91.49%95.51%-0.59%-4.02%負(fù)債和所有者權(quán)益總計3,349,899,707.063,061,739,490.642,655,990,043.45100.00%100.00%100.00%0.00%0.00%（三）資產(chǎn)負(fù)債表結(jié)構(gòu)變動情況的分析評價項目江中藥業(yè)股份有限公司桂林三金股份有限公司九芝堂股份有限公司2017年2016年2015年2017年2016年2015年2017年2016年2015年流動資產(chǎn)1,738,348,300.781,557,328,143.351,069,797,983.52608,257,495.581,348,723,832.76848,834,016.63608,257,495.581,126,441,790.53848,834,016.63非流動資產(chǎn)1,611,551,406.281,504,411,347.291,586,192,059.937,932,870,522.001,425,178,939.127,660,344,322.477,932,870,522.007,580,809,156.647,660,344,322.47流動負(fù)債185,983,050.51236,109,194.58118,024,604.52355,364,537.71306,574,858.56501,872,267.90355,364,537.71726,272,616.64501,872,267.90非流動負(fù)債118,667,666.6724,371,469.421,137,421.1752,017,021.8586,420,650.1136,870,945.2552,017,021.8536,311,103.0236,870,945.25所有者權(quán)益3,045,248,989.882,801,258,826.642,536,828,017.768,133,746,458.022,380,907,263.217,970,435,125.958,133,746,458.027,944,667,227.517,970,435,125.95資產(chǎn)合計/所有者權(quán)益合計3,349,899,707.063,061,739,490.642,655,990,043.458,541,128,017.582,773,902,771.888,509,178,339.108,541,128,017.588,707,250,947.178,509,178,339.10流動資產(chǎn)構(gòu)成比例51.89%50.86%40.28%7.12%48.62%9.98%7.12%12.94%9.98%非流動資產(chǎn)構(gòu)成比例48.11%49.14%59.72%92.88%51.38%90.02%92.88%87.06%90.02%流動負(fù)債構(gòu)成比例5.55%7.71%4.44%4.16%11.05%5.90%4.16%8.34%5.90%非流動負(fù)債構(gòu)成比例3.54%0.80%0.04%0.61%3.12%0.43%0.61%0.42%0.43%所有者權(quán)益構(gòu)成比例90.91%91.49%95.51%95.23%85.83%93.67%95.23%91.24%93.67%1.資產(chǎn)結(jié)構(gòu)的分析評價靜態(tài)（本期數(shù)）：2017年流動資產(chǎn)非流動資產(chǎn)資產(chǎn)合計流動資產(chǎn)比重非流動資產(chǎn)比重江中藥業(yè)1,738,348,300.781,611,551,406.283,349,899,707.0651.89%48.11%桂林三金608,257,495.587,932,870,522.008,541,128,017.587.12%92.88%九芝堂608,257,495.587,932,870,522.008,541,128,017.5859.67%92.88桂林三金股份有限公司和九芝堂股份有限公司的資產(chǎn)平均值為7.12%，與該公司占流動資產(chǎn)構(gòu)成比例的差額為44.77%，通過與同行業(yè)平均資產(chǎn)結(jié)構(gòu)比較，得知江中藥業(yè)股份有限公司資產(chǎn)構(gòu)成比重非常不合理。2016年流動資產(chǎn)非流動資產(chǎn)資產(chǎn)合計流動資產(chǎn)比重非流動資產(chǎn)比重江中藥業(yè)1,557,328,143.351,504,411,347.293,061,739,490.6450.86%49.14%桂林三金1,348,723,832.761,425,178,939.122,773,902,771.8848.62%92.88%九芝堂1,126,441,790.537,580,809,156.648,707,250,947.1712.94%87.06%桂林三金股份有限公司和九芝堂股份有限公司的資產(chǎn)平均值為30.78%，與該公司占流動資產(chǎn)構(gòu)成比例的差額為20.80%，通過與同行業(yè)平均資產(chǎn)結(jié)構(gòu)比較，得知江中藥業(yè)股份有限公司資產(chǎn)構(gòu)成比重不合理。2015年流動資產(chǎn)非流動資產(chǎn)資產(chǎn)合計流動資產(chǎn)比重非流動資產(chǎn)比重江中藥業(yè)1,069,797,983.521,586,192,059.932,655,990,043.4540.28%59.72%桂林三金848,834,016.637,660,344,322.478,509,178,339.109.98%90.02%九芝堂848,834,016.637,660,344,322.478,509,178,339.109.98%90.02%桂林三金股份有限公司和九芝堂股份有限公司的資產(chǎn)平均值為9.98%，與該公司占流動資產(chǎn)構(gòu)成比例的差額為31.30%，通過與同行業(yè)平均資產(chǎn)結(jié)構(gòu)比較，得知江中藥業(yè)股份有限公司資產(chǎn)構(gòu)成比重非常不合理。動態(tài)（兩期數(shù)）：2017年占比2016年占比2015年占比2017年與2016年相比較2016年與2015年

相比較流動資產(chǎn)51.89%50.86%40.28%1.03%10.58%非流動資產(chǎn)48.11%49.14%59.72%-1.03%-10.58%通過2017年與2016年相比較資產(chǎn)結(jié)構(gòu)變動較小，企業(yè)資產(chǎn)結(jié)構(gòu)相對穩(wěn)定；2016年與2015年相比較資產(chǎn)結(jié)構(gòu)變動較大，企業(yè)資產(chǎn)結(jié)構(gòu)穩(wěn)定性弱，隨之經(jīng)營風(fēng)險高，因此企業(yè)應(yīng)控制財務(wù)風(fēng)險數(shù)額，保持負(fù)債數(shù)額，不能舉債過多。2.資本結(jié)構(gòu)的分析評價靜態(tài)（本期數(shù)）：2017年流動負(fù)債非流動負(fù)債所有者權(quán)益流動負(fù)債

所占比重非流動負(fù)債

所占比重所有者權(quán)益

所占比重江中藥業(yè)185,983,050.51118,667,666.673,045,248,989.885.55%3.54%90.91%桂林三金355,364,537.7152,017,021.858,133,746,458.024.16%0.61%95.23%九芝堂355,364,537.7152,017,021.858,133,746,458.024.16%0.61%95.23%桂林三金股份有限公司和九芝堂股份有限公司的負(fù)債平均值為4.16%，與該公司占流動資產(chǎn)構(gòu)成比例的差額為1.39%，通過與同行業(yè)平均資產(chǎn)結(jié)構(gòu)比較，得知江中藥業(yè)股份有限公司資本構(gòu)成比重相對合理。2016年流動負(fù)債非流動負(fù)債所有者權(quán)益流動負(fù)債

所占比重非流動負(fù)債

所占比重所有者權(quán)益

所占比重江中藥業(yè)236,109,194.5824,371,469.422,801,258,826.647.71%0.80%91.49%桂林三金306,574,858.5686,420,650.112,380,907,263.2111.05%3.12%85.83%九芝堂726,272,616.6436,311,103.027,944,667,227.518.34%0.42%91.24%桂林三金股份有限公司和九芝堂股份有限公司的負(fù)債平均值為9.70%，與該公司占流動資產(chǎn)構(gòu)成比例的差額為1.99%，通過與同行業(yè)平均資產(chǎn)結(jié)構(gòu)比較，得知江中藥業(yè)股份有限公司資本構(gòu)成比重比較合理。2015年流動負(fù)債非流動負(fù)債所有者權(quán)益流動負(fù)債

所占比重非流動負(fù)債

所占比重所有者權(quán)益

所占比重江中藥業(yè)118,024,604.521,137,421.172,536,828,017.764.44%0.04%95.51%桂林三金501,872,267.9036,870,945.257,970,435,125.955.90%0.43%93.67%九芝堂501,872,267.9036,870,945.257,970,435,125.955.90%0.43%93.67%桂林三金股份有限公司和九芝堂股份有限公司的負(fù)債平均值為5.90%，與該公司占流動資產(chǎn)構(gòu)成比例的差額為1.46%，通過與同行業(yè)平均資產(chǎn)結(jié)構(gòu)比較，得知江中藥業(yè)股份有限公司資本構(gòu)成比重比較合理。動態(tài)（兩期數(shù)）：2017年占比2016年占比2015年占比2017年與2016年相比較2016年與2015年

相比較流動資產(chǎn)5.55%7.71%4.44%-2.61%3.27%非流動資產(chǎn)3.54%0.08%0.04%2.74%0.74%所有者權(quán)益90.91%91.49%95.51%-0.58%-4.02%本公司的2017年到2015年三年的年資產(chǎn)結(jié)構(gòu)變動較小，企業(yè)資產(chǎn)結(jié)構(gòu)相對穩(wěn)定。（四）資產(chǎn)結(jié)構(gòu)、負(fù)債結(jié)構(gòu)和股東權(quán)益結(jié)構(gòu)的具體分析評價1.資產(chǎn)結(jié)構(gòu)的具體分析經(jīng)營性資產(chǎn)和非經(jīng)營性資產(chǎn)計算分析表單位：元2018年10月14日項目金額結(jié)構(gòu)2017與2016年變動情況2016與2015年變動情況2017年2016年2015年2017年2016年2015年經(jīng)營性資產(chǎn)：貨幣資金591,944,717.32777,303,131.40198,934,415.6917.67%25.39%7.49%-7.72%17.90%應(yīng)收票據(jù)630,199,616.02184,210,304.97421,250,099.1118.81%6.02%15.86%12.80%-9.84%應(yīng)收賬款145,734,396.89168,774,498.01151,120,945.284.35%5.51%5.69%-1.16%-0.18%預(yù)付款項40,585,869.0552,615,573.6828,159,095.091.21%1.72%1.06%-0.51%0.66%存貨177,992,655.55171,326,454.82143,254,782.235.31%5.60%5.39%-0.28%0.20%其他流動資產(chǎn)145,000,000.00189,270,832.26111,311,511.754.33%6.18%4.19%-1.85%1.99%在建工程253,446,098.9595,287,019.3361,609,781.627.57%3.11%2.32%4.45%0.79%經(jīng)營性資產(chǎn)合計1,984,903,353.781,638,787,814.471,115,640,630.7759.25%53.52%42.00%5.73%11.52%非經(jīng)營性資產(chǎn)：其他應(yīng)收款6,891,045.9513,827,348.2115,767,134.370.21%0.45%0.59%-0.25%-0.14%固定資產(chǎn)587,998,087.83623,913,137.38652,952,676.9417.55%20.38%24.58%-2.83%-4.21%可供出售金融資產(chǎn)135,600,000.00145,572,096.95135,600,000.004.05%4.75%5.11%-0.71%-0.35%長期股權(quán)投資283,146,911.71280,019,193.10278,428,657.518.45%9.15%10.48%-0.69%-1.34%無形資產(chǎn)325,631,733.86336,287,255.66348,700,241.799.72%10.98%13.13%-1.26%-2.15%長期待攤費用587,962.93643,518.49699,074.050.02%0.02%0.03%0.00%-0.01%遞延所得稅資產(chǎn)12,974,864.7310,523,380.116,449,281.020.39%0.34%0.24%0.04%0.10%其他非流動資產(chǎn)12,165,746.2712,165,746.27101,752,347.000.36%0.40%3.83%-0.03%-3.43%非經(jīng)營性資產(chǎn)合計1,364,996,353.281,422,951,676.171,540,349,412.6840.75%46.48%58.00%-5.73%-11.52%資產(chǎn)合計3,349,899,707.063,061,739,490.642,655,990,043.45100.00%100.00%100.00%0.00%0.00%2017年經(jīng)營性資產(chǎn)為1,984,903,353.78元，非經(jīng)營性資產(chǎn)為1,364,996,353.28元，資產(chǎn)合計為3,349,899,707.06元，經(jīng)營性資產(chǎn)占總資產(chǎn)比重為59.25%，非經(jīng)營性資產(chǎn)占總資產(chǎn)比重為40.75%；2016年經(jīng)營性資產(chǎn)為1,638,787,814.47元，非經(jīng)營性資產(chǎn)為1,422,951,676.17元，資產(chǎn)合計為3,061,739,490.64元，經(jīng)營性資產(chǎn)占總資產(chǎn)比重為53.52%，非經(jīng)營性資產(chǎn)占總資產(chǎn)比重為46.48%；2015年經(jīng)營性資產(chǎn)為1,115,640,630.77元，非經(jīng)營性資產(chǎn)為1,540,349,412.68元，資產(chǎn)合計為2,655,990,043.45元，經(jīng)營性資產(chǎn)占總資產(chǎn)比重為42.00%，非經(jīng)營性資產(chǎn)占總資產(chǎn)比重為58.00%。綜上所述，該公司2017年和2016年經(jīng)營性資產(chǎn)占總資產(chǎn)比重都高于非經(jīng)營性資產(chǎn)占總資產(chǎn)比重，2015年非經(jīng)營性資產(chǎn)占總資產(chǎn)比重高于經(jīng)營性資產(chǎn)占總資產(chǎn)比重，所以該公司資產(chǎn)結(jié)構(gòu)具有相對合理性2.負(fù)債結(jié)構(gòu)具體分析評價負(fù)債資本成本結(jié)構(gòu)分析表項目金額結(jié)構(gòu)2017與216年差異2016與2015年差異2017年2016年2015年2017年2016年2015年無成本負(fù)債：應(yīng)付賬款84,312,159.5146,281,786.7543,152,541.6627.68%17.77%36.21%9.91%-18.45%預(yù)收款項14.45271,903.9382,512.450.00%0.10%0.07%-0.10%0.04%應(yīng)付職工薪酬32,308,298.9618,482,496.4318,122,841.0310.61%7.10%15.21%3.51%-8.11%無成本負(fù)債合計：116,620,472.9265,036,187.1161,357,895.1438.28%24.97%51.49%13.31%-26.52%低成本負(fù)債：短期借款30,000,000.0020,000,000.000.00%11.52%16.78%-11.52%-5.27%應(yīng)交稅費25,418,685.9949,309,554.4718,398,362.488.34%18.93%15.44%-10.59%3.49%應(yīng)付利息538,234.6729,722.220.00%0.21%0.02%-0.21%0.18%其他應(yīng)付款39,796,347.2314,147,552.486,671,283.3813.06%5.43%5.60%7.63%-0.17%低成本負(fù)債合計：65,215,033.2293,995,341.6245,099,368.0821.41%36.09%37.85%-14.68%-1.76%高成本負(fù)債：其他流動負(fù)債4,147,544.3777,077,665.8511,567,341.301.36%29.59%9.71%-28.23%19.88%長期應(yīng)付款70,000,000.0022.98%0.00%0.00%22.98%0.00%專項應(yīng)付款47,802.75280,754.500.00%0.02%0.24%-0.02%-0.22%遞延收益48,667,666.6724,323,666.67856,666.6715.97%9.34%0.72%6.64%8.62%高成本負(fù)債合計：122,815,211.04101,449,135.2712,704,762.4740.31%38.95%10.66%1.37%28.29%負(fù)債合計：304,650,717.18260,480,664.00119,162,025.69100.00%100.00%100.00%0.00%0.00%2017年無成本負(fù)債為116,620,472.92元，占總負(fù)債的38.28%，低成本負(fù)債為65,215,033.22元，占總負(fù)債的為21.41%，高成本負(fù)債為122,815,211.04元，占總負(fù)債的40.31%。2016年無成本負(fù)債為65,036,187.11元，占總負(fù)債的24.97%，低成本負(fù)債為93,995,341.62元，占總負(fù)債的36.09%，高成本負(fù)債為101,449,135.27元，占總成本的38.95%。2015年無成本負(fù)債為61,357,895.14元，占總負(fù)債的51.49%，低成本負(fù)債為45,099,368.08元，占總負(fù)債的37.85%，高成本負(fù)