Written by Kaede

After the mad cow came, ZWSOFT (688083.SH) lifted the lid of the cellar and floor, and the stock price jumped into the sky

I'm going to get 127 pieces!

Prior to this, Zhongwang had been tormented for two months at the 50-70 platform position.

The major shareholders are also restless, such a God-given opportunity, but they must not cut a wave of leeks.

All of them are very good at selling

On the evening of October 21, ZWG disclosed that the employee stock ownership platform and director Liu Yufeng had completed the reduction of shareholdings.

Among them, Mengze Investment, Senxi Investment, Shuoyu Investment and Lei Jun Investment reduced their holdings by 69.9328 million yuan, 65.6566 million yuan, 64.9033 million yuan and 41.0881 million yuan respectively. The four shareholders are all employee shareholding platforms, and this wave has accumulated 240 million yuan.

The grain market also found that these shareholding platforms are quite "able to sell", reducing the upper limit of the price by 126.9 yuan, almost selling to the apex of this wave of rebound (126.98 yuan / share).

Liu Yufeng, who "will sell", only delayed the reduction of holdings after the stock price skyrocketed. From September 26th to October 18th, Liu Yufeng shipped 300,000 shares at the right time, with a bag of 28.8503 million yuan.

In other words, the above-mentioned shareholders cashed out 270 million yuan, and they really got rich.

However, it was 6,043 shareholders who were injured.

Today, ZWSOFT fell sharply, and once fell more than 10% intraday.

Some investors were stunned and asked with their souls, "Isn't the reduction completed?" "I really don't know if I should leave or stay."

Some investors also said that the reduction of holdings is resolute and rapid, and the market is worried that the next round of reduction will not come.

ATMs

Such concerns are not unwarranted.

In fact, this is not the first time that the four major employee stock ownership platforms have reduced their holdings.

As early as June to November 2023, Mengze Investment, Senxi Investment, Shuoyu Investment, and Lei Jun Investment cashed out 157 million yuan, 150 million yuan, 159.7 million yuan, and 87.6783 million yuan respectively.

A huge fortune of 554 million yuan has fallen into its bloody mouth.

The stock market has become an ATM for these people.

On the evening of October 11, shareholders Li Jun and Dachen threw out their holdings.

Here, Bian Dachen Chuangtong and its concerted actor Chenying No. 3 plan to liquidate and withdraw from their shareholding in ZW, and Li Jun intends to reduce his holdings by no more than 148,960 shares (accounting for 0.1228% of the total share capital).

According to the current price of 98.71 yuan per share, Li Jun will cash out 14.7038 million yuan through this top-level reduction of shares.

It is worth noting that from October to November 2022, Dachen has already pocketed 173 million yuan at a price of 200 yuan+, and from June to September 2023, Dachen Chuangtong reduced its holdings by 0.3155% through centralized bidding, with a total amount of 50.553 million yuan.

Run away

"Running fast" and "selling at a good price" have become the primary considerations for the above-mentioned shareholders to reduce their holdings.

After all, these people have seen with their own eyes how Zhongwang fell from 300 yuan + a wave to less than 90 yuan.

ZWSOFT landed on the Science and Technology Innovation Board in March 2021, known as the "first domestic industrial software stock", recorded an increase of 171.76% on the first listing day, and hit a record high of 335.94 yuan per share on August 3, 2021.

After the end of the main rising market for half a year, ZWG once hit 88.28 yuan per share in the stock market crash in April 2022.

After that, it took nearly one year for ZWG to rebound to 189.67 yuan per share (2023.4.3).

Yes, to be able to bounce back so much, these shareholders are ecstatic in their hearts:

Just run away (sell and sell all the way) without the slightest hesitation.

Scoop more water and pour less water

ZWSOFT is mainly engaged in the R&D, promotion and sales of CAD/CAM/CAE and other R&D and design industrial software, and is a domestic All-in-One CAx (CAD/CAE/CAM) solution provider, and has established a core technology and product matrix based on "independent 2D CAD, 3D CAD/CAM, fluid/structure/electromagnetic and other multidisciplinary simulation".

The problem is that "although the company's revenue continues to grow, it is difficult to describe the profitability".

In 24H1, ZW's revenue was 308 million yuan, a year-on-year increase of 11.79%; The net profit attributable to the parent company was 5.9762 million yuan, a year-on-year turnaround, and the non-net loss was 83.9678 million yuan, an increase of 46.91% year-on-year.

Prior to this, ZW's revenue increased from 113 million yuan in 2024 to 828 million yuan in 2023, with a CAGR of 27.53%.

However, it can better reflect that the company's main non-net profit has fallen into a deep loss (67.7116 million yuan and 77.7402 million yuan in 2022 and 2023 respectively).

You know, the indicator has been positive for 7 consecutive years.

Another indicator of net profit attributable to the parent company still has only decent (continued positive), which is mainly due to the increase in government subsidies and financial management.

In 24H1, ZWG received a government subsidy of 66.3278 million yuan, an increase of 38.5264 million yuan over the same period of the previous year (+138.58% year-on-year); Previously, in 2022 and 2023, it was 20.6266 million yuan and 96.4976 million yuan

The total amount of funds raised in the initial offering of ZWG was 2.331 billion yuan, and the over-raised funds were 1.578 billion yuan.

According to Flush iFinD data, from 2021 to 2023, the investment amount of ZW's wealth management products will be 1.959 billion yuan, 1.994 billion yuan and 1.597 billion yuan respectively, mainly due to the company's use of raised funds to purchase part of the wealth management.

This also brings considerable income to ZW. From 2021 to 2023, the fair value change profit and loss of ZWF's assets will be 46.7013 million yuan, 61.7235 million yuan and 65.7106 million yuan.

In contrast, corporate buybacks are much more stingy.

In 2022 and January 2024, 50.2427 million yuan and 29.9817 million yuan were repurchased successively, which is a drop in the bucket.

A trace of sadness can't help but come from the heart:

It's really more to scoop water and less to pour water!

This article was first published in the interpretation of the financial outlet, if it is reprinted, please indicate the source.

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