浑水安踏(02020.HK)隐瞒自营经销商以更好操控财务数字
沽空机构浑水研究发表报告指,安踏(02020.HK)虽然有实际经营业务,但其财务数字不可靠,并发现公司秘密地控制27间分销商,当中至少25间更是一线经销商,而这些秘密控制的经销商占安踏品牌销售70%,甚至80%,而公司高级管理层对这类经销商的控制已是公开秘密,故相信公司透过控制经销商操控财务数字。
该行指,基於安踏声称没有持有经销商,故对分销的数字透明度有限,不过实际上,大部份这些经销商负责人都是主席丁世忠的代理人,而且这些经销商中,公司对人事经理、财务经理、总经理和高层都有话语权,经销商中亦有包括丁世忠表弟在内的负责人。
该行引述消息人士指,丁世忠在刚入行时,会对经销商这种合作伙伴,以借钱的方式挟持经销商去开拓生意,而在通过完成人员和渠道的建设後,这些连接和关系更无法摆脱,而在上市前就把这止公司分拆开去,在财报上就可以在批出货後,立即转化为收入,而且经销商的开支亦不需要在报表上出现。
消息人士又指,这类经销商大部份开支费用,如员工、开店等都由分公司承担,但万一亏损很严重,公司会回购存货。
安踏今早最多跌8.7%,低见50.5元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.