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蔚來(09866.HK)遭沽空機構Grizzly Research質疑誇大收入提高淨利潤率
沽空機構Grizzly Research發表報告稱,相信蔚來(09866.HK)(NIO.US)玩弄類似威朗製藥(Valeant Pharmaceuticals)的會計遊戲,通過誇大收入和提高淨利潤率來達到目標。 報告指,蔚來可能會利用未合併的關聯方來誇大收入和盈利能力,明確指出了武漢蔚能在其中發揮的作用,稱該公司幫助蔚來持續實現高增長和盈利預期,這一未合併的關聯方已經為蔚來創造了數十億美元的收入。 武漢蔚能允許蔚來立即確認他們銷售的電池的收入,而不是在訂閱的整個生命週期(約 7年)內確認收入。通過這種安排,Grizzly認為蔚來已經提前7年確認收入。 報告又指發現武漢蔚能與蔚來雙方之間的顯著利益衝突。蔚能的兩位高管目前兼任蔚來汽車副總裁和電池運營執行經理。
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