At present, the world is facing major changes unseen in a century. The black swan of the epidemic has brought a significant impact on the economic development of all countries.In the context of the restructuring of the industry structure, Inke Medical Technology Co., Ltd. (hereinafter referred to as "Inke Medical"), a manufacturer of disposable medical gloves, has turned from a precarious counterattack to a hot "glove grass", and its stock price and market value have risen. The scenery is infinite.
However, in the post-epidemic era, with the normalization of epidemic prevention and control, the market demand for medical protective gloves has cooled, resulting in excess production capacity.At the same time, the aggressive capacity expansion in the early stage also brought many problems. On the evening of June 13, Inke Medical announced that it would terminate its two projects in Hunan.Misfortunes do not come singly. On June 14, Inke Medical received a letter of concern from the Shenzhen Stock Exchange, and was asked to explain the scientific rationality of the restricted stock incentive plan disclosed on June 10, and whether there was a deliberate reduction of performance assessment indicators to deliver benefits to relevant personnel. situation.
Overcapacity, slowing down capacity expansion
On June 13, Inke Medical announced that the company plans to terminate the high-end medical glove project with an annual output of 40 billion pieces (40 million boxes) in Linxiang City and the cogeneration project in the north area of Chenglingji Xingang District (Linxiang Industrial Park).
The reason for the termination of these two projects starts with the aggressive expansion of Ingram Medical during the peak of the epidemic.At that time, it was at the peak of the epidemic. With the spread of the new crown epidemic, the global demand for personal protective equipment experienced an unprecedented increase, and the demand for medical protective gloves continued to grow.Coupled with the continuous improvement of residents' hygiene awareness, it has brought opportunities for the development of national epidemic prevention and protection supplies, emergency protection and rescue supplies and the big health industry.At the same time, Malaysia's Top Glove, the world's major glove manufacturer, has stopped production due to the epidemic. Blue Sail Medical is also cautious about the expansion of glove production capacity due to the transition to heart stents.
In this context, Inspiron Medical began to aggressively expand production.In 2020, while building the production base in Huaibei, Anhui, Inke Medical also started the construction of glove projects in Huaining, Anhui, Yueyang, Jiujiang, Jiangxi, Zibo, Shandong, Shangqiu, Henan and other places.According to incomplete statistics, since March 2020, Inke Medical has disclosed 9 glove project investment plans in about a year, with an estimated total investment of 26.4 billion yuan.On January 15, 2022, Inke Medical responded to investors that as of December 31, 2021, the company's total annual production capacity of disposable gloves was 75 billion pieces, of which the annual production capacity of disposable nitrile gloves was 45 billion pieces. , the annual production capacity of disposable PVC gloves is 30 billion pieces.
According to the current situation of supply and demand in the disposable gloves market, it is a difficult problem whether such a large-scale new production capacity can be digested by the market under the oversupply.Inke Medical said that the main reason for the termination of the Hunan project was that the relevant government departments' approval of the company's required coal consumption indicators was not as fast as expected and could not meet the company's production needs for continued production expansion.
Regarding the relationship between supply and demand, Inke Medical said, "In the future, after the original backward production capacity in the industry and the temporary production capacity newly built during the epidemic are eliminated, the supply and demand relationship will gradually return to a balanced state."
The chairman's illegal reduction of holdings was criticized in a circular, and the executives successively reduced their holdings
It is understood that Inke Medical was listed on the Shenzhen Stock Exchange Growth Enterprise Market in July 2017 with stock code 300677. Its business covers a series of products such as medical consumables, health care equipment, and physiotherapy care.
According to China Economic Net, Liu Fangyi, the actual controller of Inke Medical, has reduced his holdings by more than 13 million shares through call auctions and block transactions since the announcement of the reduction in holdings in June last year to November last year.As of the completion of the reduction, the cumulative reduction amount reached 1.354 billion yuan, and the average reduction price was 100.76 yuan per share.It is worth noting that other executives of the company have also reduced their holdings.General manager Chen Qiong, deputy general manager Yu Haisheng, secretary of the board of directors Li Bin, chief financial officer Feng Jie and other company executives also reduced their holdings in July, with an average price reduction of 110.74 yuan per share.
On April 29, 2022, the Shenzhen Stock Exchange issued a decision to give a notice of criticism to Liu Fangyi, which made Liu Fangyi's holding reduction behavior once again brought to the public eye.
According to the announcement, the company's actual controllers and senior executives bought and sold stocks in violation of regulations, violated the "Securities Law of the People's Republic of China", "Administrative Measures for the Acquisition of Listed Companies" and other laws and regulations and the business rules of the Exchange to buy and sell stocks or other securities of the nature of equity.According to the Shenzhen Stock Exchange, according to the “Report on Changes in New Shares and Listing Announcement on the Issue of Shares by GEM to Specific Objects” disclosed by Intech Medical on December 14, 2020, the controlling shareholder and actual controller Liu Fangyi subscribed for Intech Medical to specific objects. The target issued 17,415,534 shares, and Liu Fangyi's shareholding ratio increased from 37.08% to 40.10% after the issuance.
At the same time, according to the "Announcement on the Progress of the Controlling Shareholders' Shareholding Reduction Plan by More than Half" disclosed by Ingram Medical on July 30, 2021, and the "Announcement on the Change in the Shareholding Ratio of the Controlling Shareholders by More than 1%" disclosed on November 15, 2021 ", from July 9, 2021 to July 30, Liu Fangyi reduced a total of 10,965,200 shares of Inke Medical, with a total reduction amount of 1.219 billion yuan, and on November 12, 2021 Reduced 2,470,900 shares of Inke Medical , The reduction amount is 135 million yuan.Liu Fangyi has reduced his holdings by 13.436 million shares in total, with a total reduction of 1.354 billion yuan.
Such a large-scale reduction is rare among A-share listed companies.
The above-mentioned behavior of Inke Medical's actual controller Liu Fangyi violated Article 1.4 of the Shenzhen Stock Exchange's "GEM Stock Listing Rules (Revised in December 2020)", so he was punished by circular criticism and recorded as a listed company. Integrity files and open to the public.
The performance fell sharply, and the stock price "up and down"
In terms of stock price, Inke Medical's performance can be described as "continuously falling".Since June 1, 2020, Inke Medical issued an announcement stating that due to personal capital needs, its actual shareholder Liu Fangyi plans to conduct centralized bidding transactions and bulk transactions within the six months from June 24 to December 24, 2021. The direct reduction of the company's shares in the transaction method does not exceed 21.7555 million shares, that is, it does not exceed 6% of the company's total share capital.At this point, the shareholders of Inke Medical were angry, and Inke Medical's stock price fell all the way.
Inke Medical, which has had a glorious moment, under the influence of the black swan of the epidemic, due to the sharp increase in the demand for disposable gloves, Inke Medical has also risen. To 196.07 yuan per share, an increase of nearly 20 times, and the total market value exceeded the 100 billion yuan mark.However, as of June 22, the closing price of Inke Medical's share price was 23.68 per share, with a total market value of 15.62 billion yuan. The current share price has fallen by more than 80% from the historical high.Some industry insiders said that the stock price behaved like this because under the influence of the epidemic, there was a certain irrational chasing high in the market, and the stock price deviates from the fundamentals and has a large premium. After the epidemic stabilized, the market sentiment also changed, and the secondary market returned. Normality and rationality.
In terms of performance, Inke Medical's performance can be said to be "big ups and downs".Under the impact of the epidemic, the industry has been reshuffled, and Intech Medical has ushered in explosive growth in performance.The annual report shows that in 2020, Inke Medical achieved operating income of 13.837 billion yuan, a year-on-year increase of 564.29%, and net profit of 7.007 billion yuan, a year-on-year increase of 3829.56%, of which the sales volume of disposable gloves increased by 50.27% year-on-year.
At the same time, in 2021, the sales volume of Inke Medical's disposable gloves will continue to grow, with a total sales volume of 40.451 billion pieces, a growth rate of 63.35%, exceeding that of 2020.But it is worth noting that under the "expansion" strategy, the inventory of its products is also increasing day by day, an increase of 82.29% year-on-year.
Since the beginning of this year, the crazy growth rate has begun to slow down.According to the annual report, in 2021 Inke Medical will achieve an operating income of 16.24 billion yuan, a year-on-year increase of 17.37%; a net profit of 7.43 billion yuan, a year-on-year increase of 6.04%, and the growth rate has slowed down significantly.In the first quarter of this year, Inke Medical's operating income and net profit were 2.288 billion yuan and 83 million yuan respectively, a year-on-year decrease of 66.03% and 97.77%, and the decline was further expanded.It is worth noting that Inke Medical's performance has declined for three consecutive quarters.In the third and fourth quarters of 2021, Inke Medical achieved operating income of 2.972 billion yuan and 2.593 billion yuan respectively, a year-on-year decrease of 33.88% and 46.98%; net profit of 1.064 billion yuan and 488 million yuan, a year-on-year decrease of 56.61% and 81.49% .
When the industry is going through a period of intense competition and reshuffle, Intech has a long way to go.
Deliberately reduce the assessment indicators to convey benefits?Inke Medical's Letter of Concern
On June 10, Inke Medical released the 2022 restricted stock incentive plan, which plans to grant 4.976 million restricted shares to 803 incentive objects, accounting for 0.9054% of the company's total share capital.The grant price of restricted shares is 14.3 yuan per share.
Among them, according to the draft, the incentive plan’s assessment year for lifting restrictions on sales is the four fiscal years from 2022 to 2025. In each fiscal year, 25% can be unlocked if the corresponding operating income assessment indicators or net profit assessment indicators are met, of which the operating income assessment indicators The operating income from 2022 to 2025 is not less than 6.8 billion yuan, 7.82 billion yuan, 8.84 billion yuan, and 10.2 billion yuan, respectively. The net profit assessment indicator is the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses from 2022 to 2025. Not less than 600 million yuan, 690 million yuan, 1.02 billion yuan, 1.32 billion yuan.
After this, the Shenzhen Stock Exchange noticed that there was a discrepancy between these indicators and the actual performance of Inke Medical, and asked Inke Medical to explain the situation.The specific performance is as follows: Combining the income, gross profit rate, cost, net profit, etc. in the past two years, explain the specific basis for the setting of the assessment indicators of the equity incentive plan, whether it is scientific and reasonable, in line with the actual situation of the company, and whether it is conducive to promoting the company's competition. strength increase.
At the same time, the Shenzhen Stock Exchange required Inke Medical to explain whether the consideration factors in the setting of the equity incentive assessment indicators are significantly different, reasons and rationality from the disclosure content of “issued stocks to specific objects in 2020”, and to explain the assessment of the equity incentive plan. Whether the indicators are scientific and reasonable, and whether they can play a motivating role.
