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FCPG > SEC Filings for FCPG > Form 10-Q on 19-Nov-2012All Recent SEC Filings

Show all filings for FIRST CHINA PHARMACEUTICAL GROUP, INC. | Request a Trial to NEW EDGAR Online Pro

Form 10-Q for FIRST CHINA PHARMACEUTICAL GROUP, INC.


19-Nov-2012

Quarterly Report


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with our financial statements and notes thereto included elsewhere in this quarterly report. Forward-looking statements are statements not based on historical information and which relate to future operations, strategies, financial results, or other developments. Forward-looking statements are based upon estimates, forecasts, and assumptions that are inherently subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond our control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by us, or on our behalf. We disclaim any obligation to update forward-looking statements.

Overview

First China Pharmaceutical Group, Inc. ("FCPG" or the "Company"), formerly known as E-Dispatch Inc., was incorporated under the laws of the State of Nevada on July 31, 2007. On September 15, 2010, we closed a voluntary share exchange transaction pursuant to a Share Exchange Agreement, dated August 23, 2010 (the "Exchange Transaction"), by and among FCPG, First China Pharmaceutical Group Limited, a Hong Kong company ("FCPG HK"), and Kun Ming Xin Yuan Tang Pharmacies Co. Ltd., a company organized under the laws of the People's Republic of China ("PRC") and wholly-owned subsidiary of FCPG HK ("XYT"). As a result of the Exchange Transaction, the FCPG HK stockholder acquired approximately 25% of our issued and outstanding common stock, FCPG HK and XYT became our wholly-owned subsidiaries, and we acquired the business and operations of FCPG HK and XYT.

As a result of the Exchange Transaction, through our wholly-owned subsidiary, XYT, we engage in drug logistics and distribution in Yunnan Province, China. We distribute medicines to local distributors, pharmacies, hospitals, and clinics. We carry a wide range of products, including western medicines, patented Chinese medicine, natural Chinese herbs, supplements, and medical devices. Currently, XYT services approximately 5,800 customers through a sales network that covers the entire Yunnan Province of China. XYT has a strategic advantage over its competitors in Yunnan Province because XYT obtained government approval to conduct business over the internet. XYT received the License of Internet Drug Information Service issued by the Yunnan Food and Drug Administration in October 2009. This license enables XYT to bypass municipal and county pharmaceutical distributors, market XYT's product line, provide pricing information and provide products directly to retailers. Bypassing these layers of distribution enables XYT to offer products to its customers at a significantly lower price than its major competitors while maintaining its margins. In October 2011, we were awarded the IDTSL, a key national license which permits us to accept orders and transact payments over the internet. The new license complements our existing Internet Drug Information Service License that enables us to market and advertise our products, along with accepting orders and transacting payments, over the internet.

We are focused on expanding our customer base within Yunnan province and on expanding our product selection. We will grow our customer base through leveraging our online platform. The IDTSL offers us broad national exposure to an audience that for the first time can now directly access, submit orders and transact payments for purchases from our product catalogue over the internet. We will expand our inventory through short term financing and strategic partnerships. The additional inventory will allow XYT to not only sell more products to our existing customers, but also attract more customers that currently do not purchase from XYT.

Key factors affecting our results of operations include revenues, cost of revenues, operating expenses and income and taxation.

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