After the market value evaporates 65 billion, the "mask king" is steadily medical treatment, and the condom

The decline in performance is a true portrayal of some medical device companies.

Whether it is performance or stock price, after eating the growth space of the next five or even ten years, how to digest capacity and stabilize performance has become a common problem for these companies.

In the case of weak endogenous growth, extension mergers and acquisitions have become one of their unique answers. However, from the past experience, if the extension mergers and acquisitions fail to overcome the "rejection reaction" between enterprises, in addition to the huge goodwill in the future, these M & A may also drag their enterprises into the "abyss."

On June 6, stable medical treatment signed an equity transfer agreement on Guilin's latex, acquiring 100%of Guilin latex shares for 450 million yuan. It is reported that the company's main business is to produce condoms and medical gloves, with annual sales revenue of about 320 million yuan and a net profit of about 50 million yuan. Stable Medical believes that the acquisition fills its gap in the field of medical latex products.

But is the situation as optimistic as stable medical care?

Recently, the global condom giant recreation company disclosed a set of data. During the epidemic, the company's financial situation was weak, and sales have fallen by 40%in the past two years. Subsequently, the #Graph Giant's sales in the past two years fell 40%# 随 随 随 随.

In addition, data shows that from 2020 to June 20 this year, 40,000 condom production enterprises have been canceled, with an average of 17,300 cancellations per year, which is much higher than the data in 2019.

At this time, do you have a high -level "receiving" and medical glove manufacturers? Can steady medical care stabilize the decline of performance under the mergers and acquisitions?

From exporters to medical dressing giants

Speaking of stable medical care, Li Jianquan is always an inevitable role.

In 1978, after graduating from a foreign trade school in Hubei, Li Jianquan was assigned to the import and export company of Hubei Provincial Pharmaceutical Health Products and became an exporter.

In the era when there were business opportunities everywhere, as long as he was brave, he could always find his position in the era of flying, and Li Jianquan was no exception.

In 1988, Li Jianquan, who had been deeply cultivated in this industry for ten years, had a keen insight into some changes in the industry. When some factories that handed over the export business to foreign trade companies started self -employment, Li Jianquan realized that the opportunity was coming, so he decisively gave up abandoning the opportunity. The work of the "iron rice bowl" south south to seek business opportunities.

In the first stop, he chose Zhuhai. Like Shi Yuzhu and Dong Mingzhu, Li Jianquan dug here the first bucket of gold in his life, although the process is more tortuous.

After first arriving in Zhuhai, Li Jianquan did not choose to start a business immediately, but joined a private company. Because the company's development is not dazzling, he only stayed in this company for two years.

In 1991, maybe because of the start -up funds, maybe because he was unwilling to be a worker, he chose to start a business and founded the Zhuhai Stability Company.

Later, Li Jianquan said at the public event that he founded the original intention of establishing stable medical care. He said, "In 1981, when I went abroad for the first time, I saw the high -rise buildings and the developed economy abroad, and saw that the domestic medical dressing industry was fiercely competitive. Chinese products were called Rubbish. My national self -esteem also buried a seed in my heart. "

After the establishment of stable medical care, Li Jian was steadily fighting all the way. In ten years, it developed from the initial three people to a large enterprise in more than 60 countries.

After 2001, stable medical care has always been a benchmark company in Chinese medical dressing products, and the export scale ranks among the top three in the industry.

"Second Entrepreneurship" to landing in the capital market

Because gauze is the most headache in medical dressing, because the characteristics of gauze determine that it will inevitably occur during the use process, which will inevitably cause flocculation, thread head breaks or falling off, which can easily cause surgical infections. Therefore, the problem of solving the gauze and fluff generated by gauze has become the number one problem for Li Jianquan and stable medical treatment.

In order to produce pure cotton non -woven gauze, in 2003, stable medical treatment launched the corresponding research work, and visited European countries such as France, Italy, Germany, and finally found a chemical fiber water spurs technology that could not produce fluffy. So they used this technology on medical products and developed a patented technology for "all cotton and water spurs without woven fabrics."

Since then, stable medical care has obtained a patent certificate of the product in 33 countries such as the United States, Japan, Brazil. Then he began to import a group of equipment from Japan and Germany.

At that time, Li Jianquan did not consider that countries had strict standards for medical products. No hospital would blindly adopt new products other than national standards.

Because this project occupies a large amount of funds for the enterprise, if this road is unable to go, then Li Jianquan and stable medical treatment will become very passive.

So when he was promoted in China, he found that this technology can be perfectly combined with family care products and sanitary products, because most of the sanitary napkins and baby diapers were used for chemical fiber non -woven materials, and high -quality cotton materials for high -quality cotton materials were used, and high -quality cotton materials were used. It can fill this gap.

In 2009, Li Jianquan launched the cotton era. At that time, his first idea was to enter the business. For a new brand, this was a good traffic entrance. However, the entry fee of the supermarket is too expensive. He has counted a account. Even if he only entered a chain channel, the preliminary fee was tens of millions of yuan. At this time The idea of ​​e -commerce channels has begun to build a store, but the problem of lack of money has been troubled in the cotton era. Until 2014, Sequoia Capital invested 300 million yuan in stable medical care. Situation. In 2016, the IPO application IPO was rejected, but it was not a bad thing for this company.

In September 2020, the cotton era was packaged in a stable medical system. At that time, because of the epidemic, stable medical treatment caught up with a good time. Give it a premium.

After listing, stable medical care has gone up, up to a high price of 217.58 yuan, and companies investing in Sequoia Capital also earn a lot of money.

The performance has plummeted, shareholders cash out, accelerating mergers and acquisitions is a solution to stable medical care?

Because of catching up with the outlet of the epidemic, stable medical treatment achieved a major outbreak in 2020, with revenue of 12.534 billion, an increase of 173.99%year -on -year; net profit actually reached an amazing 3.810 billion, an increase of 597.50%.

While the stunning capital market, stable medical care laid a "pit" for itself. Because of the epidemic, the high growth of stable medical performance can not continue.

By 2021, the revenue of stable medical care fell to 8.037 billion yuan, a year -on -year decrease of 35.87%, and the net profit of the mother was 1.239 billion yuan, a year -on -year decrease of 67.48%. And so far, there is still no trend of stability. In the first quarter of 2022, the net profit of stable medical care was 357 million yuan, a year -on -year decrease of 25.69%. What's more embarrassing is that the stock price of stable medical treatment fell from the highest 217 yuan to 65 yuan a year, a decrease of more than 65%, and the market value evaporated nearly 65 billion yuan.

And because of the overall decline in performance, the corresponding stock incentive plans such as stable medical directors and executives have also been invalidated. Even more embarrassing is a series of reduction of shareholders. According to the relevant shareholders' reduction plan of stable medical care, in September 2021, the stable medical shareholders Xiamen Leyuan Investment Partnership and Sequoia Xinyuan announced the announcement of the shareholding plan. 10.35 million shares, accounting for 2.43%of the company's total share capital ratio; March this year Sequoia continued to throw a reduction plan, and plans to reduce its holdings of 14.09 million shares. Steady to 3.3%.

In order to cope with the decline in performance, the way to think of stable medical care is to accelerate mergers and acquisitions.

According to statistics, in April to June this year, in just two months, three mergers and acquisitions plans were thrown out, and the amount of mergers and acquisitions reached 1.83 billion yuan.

According to the first quarter financial report of stable medical care, as of March 31, the money funds of stable medical accounts were 3.848 billion yuan. In fact, large -scale mergers and acquisitions in the post -epidemic era is a reason for high premiums. In the future, goodwill treatment is also a hidden danger.

The current outlet of the epidemic is clearly passed, and the demand for medical epidemic prevention products has also begun to decline. Instead of adding a large -scale additional related medical industry, it is better to expand the needs of some consumer goods categories.

In summary, it is not a wise move to choose a M & A medical company, and the glove industry has been divided into companies such as British Medical and Zhende Medical. Judging from the experience of history, not all mergers and acquisitions will be successful. Large -scale mergers and acquisitions can only increase the probability of "rejection" between enterprises. If it is not handled properly, it may bring new problems to the development of the enterprise.

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