浑水发表安踏(02020.HK)报告第五部分指控其秘密控制最大「第三方」供应商
浑水就安踏体育(02020.HK)发表报告第五部分，指至今，浑水已专注於安踏经营毛利跑赢大市，提出证据指安踏秘密控制分销商及转移成本至它们。不过，在第五部分，浑水将阐释安踏看似声称最大「第三方」供应商，其实也是秘密控制关连方。浑水相信，安踏将生产法人机构的成本转移至该供应商。该供应商由报告第一部分提及的代理人彭清其所拥有。彭清其是安踏高级雇员。再一次，安踏的财务数据不可信。
透过秘密控制关连方，浑水称，安踏将该等法人置於综合审计之外。浑水料倘没有该等被控制法人，其财务数据将呈现低出许多的利润率。
在第五部分，浑水指彭清其作为安踏高层，拥有最大声称「第三方」供应商「河南锐力体育用品」，持有「福建省锐动有限公司」95%权益，同时，他是安踏旗下非全资附属SprandiChina及XiamenSprandi(各持有85%权益)的法人代表及总经理。彭清其亦是「福建安踏投资有限公司」的副总裁，是创办人丁氏家族的私人投资业务。
浑水表示，福建省锐动不是安踏在2016年债券销售文件所示的锐动或Reedo系集团公司，即锐动体育用品、锐动国际及锐动(香港)。安踏在2016年3月从彭氏收购锐动(香港)。其余两家是新成立的离岸公司。考虑彭清其在上市公司安踏附属Sprandi的雇佣关系，他将名称相近的法人出售予安踏，及其在丁氏家族私人投资的角色，河南锐力相信是安踏傀儡，而不是独立供应商。
报告认为，安踏似乎将其他生产法人的成本转移至河南锐力。浑水留意到三家由安踏持有的制造商，在2015至2017年间其纯利率大致在约27%至约35%水平(厦门安踏体育2016年表现除外)。河南锐力同期纯利率则仅约2%水平。据媒体资料，行业纯利率仅约5%。河南锐力毛利率似乎十分地低，浑水相信成本转移甚至涉及安踏其他生产公司的原料。
浑水称，河南安踏体育用品是上市公司持有的贸易公司，相信河南锐力将绝大部分产出出售予该贸易公司。浑水料该两家公司紧密相连，该公司登记在河南锐力专门鞋类生产的工业物业之内。
倘比较贸易公司与河南锐力的毛利率，即发现河南锐力的利润率有问题。河南锐力2015至2017年各年纯利率分别为1.07%、2.55%及2.37%；而贸易公司各年同期纯利率分别为25.43%、24.56%及22.57%。
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