渾水安踏(02020.HK)隱瞞自營經銷商以更好操控財務數字
沽空機構渾水研究發表報告指,安踏(02020.HK)雖然有實際經營業務,但其財務數字不可靠,並發現公司秘密地控制27間分銷商,當中至少25間更是一線經銷商,而這些秘密控制的經銷商佔安踏品牌銷售70%,甚至80%,而公司高級管理層對這類經銷商的控制已是公開秘密,故相信公司透過控制經銷商操控財務數字。
該行指,基於安踏聲稱沒有持有經銷商,故對分銷的數字透明度有限,不過實際上,大部份這些經銷商負責人都是主席丁世忠的代理人,而且這些經銷商中,公司對人事經理、財務經理、總經理和高層都有話語權,經銷商中亦有包括丁世忠表弟在內的負責人。
該行引述消息人士指,丁世忠在剛入行時,會對經銷商這種合作伙伴,以借錢的方式挾持經銷商去開拓生意,而在通過完成人員和渠道的建設後,這些連接和關係更無法擺脫,而在上市前就把這止公司分拆開去,在財報上就可以在批出貨後,立即轉化為收入,而且經銷商的開支亦不需要在報表上出現。
消息人士又指,這類經銷商大部份開支費用,如員工、開店等都由分公司承擔,但萬一虧損很嚴重,公司會回購存貨。
安踏今早最多跌8.7%,低見50.5元。
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