On May 10, an announcement of Wen Tai Science and Technology (600745), a listed company in Hubei Province, made many investors stupid: from July 2 1 2026 to May 6, 2026, the three major shareholders reduced their shares by nearly 5% of the company's total share capital.
On that day, the share price of Wen Tai Science and Technology hit a new low of 77.87 yuan. Compared with the high point in July last year, the closing price has fallen by more than 50%, and the market value has evaporated by more than 1000 billion yuan. 20 19, Wen Tai science and technology once became the stock king of Hubei with an increase of 337.8%.
The annual report shows that Wen Tai Science and Technology achieved revenue of 510.707 billion yuan in 2020, a year-on-year increase of 24.36%; The net profit of returning to the mother was 2.4/kloc-0.50 billion yuan, a year-on-year increase of 92.68%; After deducting non-profit, the net profit returned to the mother was 21.1.300 million yuan, a year-on-year increase of 91.3%.
In the case of high performance growth, the stock price has been falling endlessly, and it has been frequently reduced by major shareholders. What happened to Wen Tai Technology?
Seize the opportunity of smart phone
To understand the reasons for the rise and fall of the share price of Wen Tai Science and Technology, we must review the past lives of Wen Tai Science and Technology.
Wen Tai Science and Technology was established in February 2006, 65438. Its initial main business was to develop brand-free mobile phones. At that time, there was still a big market for shanzhai mobile phones, and Wen Tai Science and Technology grew into a large IDH company (mobile phone motherboard designer).
In 2007, Apple iPhone came out, and mobile phones began to transform into intelligence. This change is not only a huge impact on traditional mobile phone manufacturers, but also a fatal blow to mobile phone motherboard designers including Wen Tai Technology.
Zhang Xuezheng, the founder of Wen Tai Science and Technology Company, decided to transform. In 2008, Wen Tai Science and Technology invested 80 million US dollars to set up a factory in Jiaxing, Zhejiang, transforming from IDH to ODM (original design manufacturer, that is, an enterprise that provides product design and manufacturing for brand customers). Compared with IDH business, ODM not only designs motherboards, but also participates in the production of mobile phones, extending from the upstream to the downstream of the industrial chain.
In the industry, this is considered to be the first "gamble" of Wen Tai Science and Technology, because motherboard design and mobile phone manufacturing are two completely different industries, although they are interrelated.
This time, Wen Tai science and technology "bet" on it. With the birth of iPhone4 in 20 10, the whole world soon ushered in a smart phone boom. Wen Tai Science and Technology gained a lot of orders because of its early layout, and made its mark in the ODM field of smart phones.
But what really established Wen Tai's position in the science and technology market was the cooperation with Xiaomi.
In 20 13, Xiaomi, who has just gained a foothold, hopes to launch the Redmi brand and seize the low-cost mobile phone market. Xiaomi takes the light asset route and does not have its own factory. This coincides with Wen Tai Science and Technology's focus on ODM business, and the two sides hit it off.
After cooperating with Xiaomi, Wen Tai Science and Technology embarked on the fast track. 20 15, Wen Tai science and technology became the largest mobile ODM enterprise in the world. At that time, Wen Tai successfully landed on the Shanghai Stock Exchange through the backdoor of Yin Zhong shares, which established the position of the first ODM share in China. (Related reading: Hubei enterprises that help Xiaomi make mobile phones have tripled their share prices this year)
However, even if you sit at the top of ODM, Wen Tai Technology is not without worries.
After 10 years of development, the smart phone market in China is gradually saturated, and the ODM industry is gradually reaching the ceiling. On the one hand, the cake in the mobile ODM market has become smaller, and the mobile phone shipments have dropped from 4,965,438+0,000 in 2065,438+07 to 308 million in 2020, with a cumulative decrease of 20.8%; On the other hand, after Wen Tai Science and Technology acquired three new customers in 20 19, the production capacity was released centrally, and it was difficult to achieve sustained growth in subsequent production capacity.
This kind of worry is reflected in the financial report, which is the decline in performance. In 20 18, the net profit of Wen Tai science and technology plummeted by 8 1%, and the situation was critical.
What is the future of Wen Tai's science and technology after ODM? At this point, Zhang Xuezheng is brewing a second "gambling".
"Snake Swallows Elephant" became famous in World War I.
In 20 19, Wen Tai Science and Technology acquired 79.98% equity of Anshi Semiconductor at a transaction consideration of 26.854 billion yuan, and officially entered the semiconductor industry. (Related reading: the "core" road of listed companies in Hubei)
Axe Semiconductor, formerly known as NXP's standard product division, is headquartered in Nijmegen, the Netherlands. 20 17 began to operate independently, mainly engaged in the production, design and sales of discrete devices, logic devices and MOSFET devices. It is a global leader in power semiconductors.
After the acquisition, Wen Tai Science and Technology became the largest listed semiconductor company in China, filling the technical gap of high-end chips and devices in China. This is the first time that China Capital has bought the core technology and high-quality assets of a world-class company, which is of great significance to the entire semiconductor industry in China.
The successful acquisition of Anshi Semiconductor will not only directly promote the income and profit growth of Wen Tai Science and Technology, but also open the market channels for Europe, America, Japan and South Korea. In the fields of automotive electronics, notebook computers and communication modules, Wen Tai Science and Technology has accumulated a number of domestic customers. After winning Anshi, Wen Tai Science and Technology may gain customers from Europe, America, Japan and South Korea through Anshi, thus opening up a vast global market for automotive electronics, notebook computers and communications.
Zhang Xuezheng once said in a public interview, "The representative technologies of the new generation of information wave include 5G, Internet of Things, artificial intelligence, big data and so on. The foundation and core of all this are chip and semiconductor technology. Among the major semiconductor terminal applications, automotive electronics has the fastest growth rate and is also the focus of Wen Tai Technology's bet. "
Wen Tai Science and Technology became famous in the First World War. In just three years, Wen Tai Science and Technology completed a magnificent transformation from a low-profit mobile phone foundry to a A-share high-tech semiconductor manufacturer, and its market value soared from 3.58 billion yuan when it was listed on the backdoor to the highest 65.438+08 billion yuan, an increase of nearly 50 times.
Huge goodwill risk hidden danger
As a double leading enterprise of "ODM+ Semiconductor", Wen Tai Technology did not stop at acquiring Anshi, a world-class semiconductor manufacturer, but also turned its attention to the Apple industrial chain.
On March 29th, Wen Tai Science and Technology announced that it had reached an agreement with Shenzhen Eurofilm Technology Co., Ltd. to acquire the overseas camera module business of a specific customer, and Wen Tai Science and Technology would complete the acquisition of this business for 2.42 billion yuan. The overseas specific customers of Shenzhen Eurofilm Technology Co., Ltd. are mainly Apple.
Lin Zhi, chief analyst of Wit Display, believes that the acquisition of camera module business by Wen Tai Science and Technology can make up for the shortage of Wen Tai's science and technology supply chain, reduce the OEM cost and obtain greater profits. At present, the core selling point of smart phones is the camera function, that is, camera module, image sensor and so on. Buying related business is equivalent to grasping a core of the mobile phone industry.
It is further pointed out that after the acquisition of lt-related business assets of Shenzhen Eurofilm Technology Co., Ltd., Wen Tai is expected to use this as a springboard to further cut into the OEM market of Apple-related products and even become one of the main suppliers of Apple.
Wen Tai Technology, like Shenzhen Eurofilm Technology Co., Ltd., belongs to the "fruit chain" company, which mainly provides products for Apple in the field of mobile and wearable devices. The camera module is located in the middle of the industrial chain, which can cooperate with the original ODM business in Wen Tai, or form a partial closed loop with Anshi semiconductor components in the upstream of the industrial chain.
This time, it is considered as the third "gamble" of Wen Tai Science and Technology. However, the market is worried that Wen Tai Technology and Shenzhen Eurofilm Technology Co., Ltd. are not very strong in Apple's huge supply chain system. In the continuous innovation and upgrading of Apple, there is always the risk of being kicked out of Apple's supply chain. Previously, there were rumors in the market that Shenzhen Oumo Technology Co., Ltd. was kicked out of Apple's supply chain.
In addition, the debt risk and huge goodwill risk brought by frequent acquisitions have troubled Wen Tai Science and Technology like a nightmare. Judging from the results of several acquisitions, Wen Tai Science and Technology spent 33124 million yuan before and after the acquisition of Anshi, and the proportion of goodwill in net assets was about 80%. Such a huge goodwill has always been the sword of Damocles hanging over Wen Tai Science and Technology.
The financial report shows that by the end of 2020, the goodwill of Wen Tai Science and Technology was 22.697 billion yuan, accounting for 78.3% of the net assets. Among them, the acquisition of Anshi Holding Exchange formed about 265.438+397 million yuan. According to the current accounting standards, goodwill should be tested for impairment. Once it is confirmed that it needs to be impaired, it will have a great impact on the company's performance.
Moreover, the brilliant performance of the company did not drive the stock price of the secondary market to skyrocket. In 2020, the share price of Wen Tai Science and Technology only rose by 7. 1%, which lagged behind the increase of 13.87% in the broader market. 202 1, the share price of Wen Tai science and technology continued to fall. As of the close of May 1 1, the company's share price has fallen by 17.97% this year. On May 10, the company's share price hit a minimum of 77.87 yuan, the lowest since 10.
The stock price is depressed, and the major shareholders of Wen Tai Science and Technology are also reducing their shares. On May 10, Wen Tai Science and Technology announced that its major shareholders, Kanglv Group, Yunnan Rong Zhi and Yunnan Industrial Investment, reduced their holdings by 60,735,800 shares from July 2, 2026 to May 6, 2026, accounting for 4.88% of the company's total share capital.
Analysts believe that the huge goodwill hanging in the air and the great uncertainty of future development may be the important reasons for the company's stock price's continued downturn.
Writing, Aarif Lee.
Editor Liu Hu Xinyue