Although the share price of Winner Medical Co.Ltd(300888) ( Winner Medical Co.Ltd(300888) . SZ) broke recently, Sequoia Capital, which has been with the company for more than seven years, is still determined to go. Around Winner Medical Co.Ltd(300888) the phenomenon of left-hand repurchase and right-hand major shareholder reduction reappeared.
Winner Medical Co.Ltd(300888) march 29 announced that Beijing Sequoia Xinyuan equity investment center (limited partnership) (hereinafter referred to as Sequoia Xinyuan), the second largest shareholder with a shareholding ratio of 6.71%, plans to reduce its shareholding of no more than 14091600 shares, accounting for 3.35% of the total share capital.
Just two days ago, Winner Medical Co.Ltd(300888) also disclosed a repurchase progress. As of the closing on March 25, the company had repurchased 6.1809 million shares, accounting for 1.45% of the total share capital of the company. The highest transaction price was 82.42 yuan / share and the lowest transaction price was 64.00 yuan / share, with a total transaction amount of 464 million yuan (excluding transaction costs).
This is not the first round reduction of Sequoia Xinyuan Winner Medical Co.Ltd(300888) .
In September 2021, the restricted shares of the original shareholders of Winner Medical Co.Ltd(300888) first batch of shares listed for just one year were lifted. In that month, Sequoia Xinyuan disclosed a reduction plan of no more than 10.35 million shares, accounting for no more than 2.43% of the total share capital.
in the last round of share reduction plan, Sequoia Xinyuan reduced 6.3167 million shares of the company, cashing out 533 million yuan in total. In this round, Sequoia Xinyuan will cash out about 930 million yuan based on the latest closing price of Winner Medical Co.Ltd(300888) and the upper limit of reduction
Sequoia Xinyuan is the industrial capital that accompanies Winner Medical Co.Ltd(300888) for a long time. In November 2014, Sequoia Xinyuan became a shareholder of robust industry (Shenzhen) Co., Ltd. (the predecessor of the company). Therefore, the continuous withdrawal of Sequoia Xinyuan also reflects the attitude and signal of capital.
During the last round of reduction, Winner Medical Co.Ltd(300888) was criticized by the market because the repurchase plan was launched at the same time as the reduction of major shareholders.
On September 22, 2021, Winner Medical Co.Ltd(300888) disclosed the repurchase plan and planned to use its own funds of Tus-Design Group Co.Ltd(300500) million yuan to repurchase the company’s shares within 12 months, with the repurchase price not exceeding 116 yuan / share.
Within three days after the disclosure of the repurchase plan, Winner Medical Co.Ltd(300888) major shareholders Xiamen Leyuan investment partnership (limited partnership) (hereinafter referred to as Xiamen Leyuan) and Sequoia Xinyuan successively put forward the reduction plan, which plans to reduce 200000 shares and 10.35 million shares respectively, accounting for 0.047% and 2.43% of the total share capital of the company respectively. Subsequently, Xiamen Leyuan quickly completed the repurchase in less than a month, cashing out about 15 million yuan.
It is worth noting that the time window of this round of reduction coincides with the repurchase window again. At present, the remaining repurchase period is still nearly half a year, which is basically the same as the planned reduction of Sequoia Xinyuan in the next half a year.
However, it is clear that the remaining repurchase scale is far less than the cash out scale of shareholders. According to the repurchase ceiling plan, unless Winner Medical Co.Ltd(300888) launches a new round of repurchase plan, the remaining planned repurchase fund is only 36 million yuan.
the repurchase ceiling of Winner Medical Co.Ltd(300888) 5 billion yuan is not enough to fill the hole of nearly 1.5 billion yuan reduction of shareholders
Winner Medical Co.Ltd(300888) 2020 was listed in September. As a concept stock of epidemic prevention, the company is in a high light moment, and its share price once rose to 217.58 yuan / share.
From February 2021, Winner Medical Co.Ltd(300888) share price began to fall. When the company’s share price fell to the first line of 80 yuan / share, only one step away from the issue price of 74.30 yuan / share, the repurchase plan was proposed.
When the reduction of holdings is bad, the boosting effect of Winner Medical Co.Ltd(300888) repurchase is very limited, and the trend of the company’s share price is still under pressure. Since the start of the repurchase, the company’s share price has reached another level to 66.07 yuan / share, falling below the issue price.
the latest share price of Winner Medical Co.Ltd(300888) has shrunk by nearly 70% from its peak value, and its total market value has dropped from about 92 billion yuan at the peak to 28.2 billion yuan today.
Winner Medical Co.Ltd(300888) Zhou K line
Stock price trend is positively correlated with performance Winner Medical Co.Ltd(300888) performance forecast shows that the net profit attributable to shareholders of listed companies last year was 1.200 billion yuan to 1.35 billion yuan, a year-on-year decrease of 64.57% to 68.51%. After deducting non profits, the net profit fell by about 70%.
Winner Medical Co.Ltd(300888) has two business segments: medical consumables and healthy living consumer goods. The former focuses on the brand ” Winner Medical Co.Ltd(300888) ” and the latter on the brand “all cotton era”. Among them, medical consumables have lagged behind. The revenue of this business in 2021 was half that of the previous year, reaching 3.9 billion yuan to 4 billion yuan healthy consumer goods revenue increased year-on-year, exceeding the former , to 4.0 billion yuan to 4.2 billion yuan.
The decline in revenue of medical consumables business is also expected in the market. In January 2020, covid-19 epidemic broke out at the beginning, and there was an extreme shortage of medical protection products in various places. Winner Medical Co.Ltd(300888) performance took advantage of the situation and achieved high growth. After the normalization of the epidemic in 2021, the revenue and profit of medical consumables business decreased significantly year-on-year, and the export sales revenue decreased by about 70%.
Excluding 2020, Winner Medical Co.Ltd(300888) last year’s medical consumables business increased by more than 150% compared with 2019.
Winner Medical Co.Ltd(300888) last year’s performance forecast
Winner Medical Co.Ltd(300888) 2022 pressure remains. The biggest problem before us is the rise of raw material prices and how to improve the gross profit margin of the company Winner Medical Co.Ltd(300888) said in the exchange with investors that first of all, this year, under the condition of constant price, the discount will be controlled. At the same time, the company has also developed more products with high gross profit. The second is cost reduction, from design and R & D, production and manufacturing to sales and transportation.
Therefore, although the Winner Medical Co.Ltd(300888) share price has fallen to its lowest level since listing, Sequoia Xinyuan still chose to leave.
