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渾水發表安踏(02020.HK)報告第五部分指控其秘密控制最大「第三方」供應商
阿思達克 07-22 12:22

渾水就安踏體育(02020.HK)發表報告第五部分,指至今,渾水已專注於安踏經營毛利跑贏大市,提出證據指安踏秘密控制分銷商及轉移成本至它們。不過,在第五部分,渾水將闡釋安踏看似聲稱最大「第三方」供應商,其實也是秘密控制關連方。渾水相信,安踏將生產法人機構的成本轉移至該供應商。該供應商由報告第一部分提及的代理人彭清其所擁有。彭清其是安踏高級僱員。再一次,安踏的財務數據不可信。

透過秘密控制關連方,渾水稱,安踏將該等法人置於綜合審計之外。渾水料倘沒有該等被控制法人,其財務數據將呈現低出許多的利潤率。

在第五部分,渾水指彭清其作為安踏高層,擁有最大聲稱「第三方」供應商「河南銳力體育用品」,持有「福建省銳動有限公司」95%權益,同時,他是安踏旗下非全資附屬SprandiChina及XiamenSprandi(各持有85%權益)的法人代表及總經理。彭清其亦是「福建安踏投資有限公司」的副總裁,是創辦人丁氏家族的私人投資業務。

渾水表示,福建省銳動不是安踏在2016年債券銷售文件所示的銳動或Reedo系集團公司,即銳動體育用品、銳動國際及銳動(香港)。安踏在2016年3月從彭氏收購銳動(香港)。其餘兩家是新成立的離岸公司。考慮彭清其在上市公司安踏附屬Sprandi的僱傭關係,他將名稱相近的法人出售予安踏,及其在丁氏家族私人投資的角色,河南銳力相信是安踏傀儡,而不是獨立供應商。

報告認為,安踏似乎將其他生產法人的成本轉移至河南銳力。渾水留意到三家由安踏持有的製造商,在2015至2017年間其純利率大致在約27%至約35%水平(廈門安踏體育2016年表現除外)。河南銳力同期純利率則僅約2%水平。據媒體資料,行業純利率僅約5%。河南銳力毛利率似乎十分地低,渾水相信成本轉移甚至涉及安踏其他生產公司的原料。

渾水稱,河南安踏體育用品是上市公司持有的貿易公司,相信河南銳力將絕大部分產出出售予該貿易公司。渾水料該兩家公司緊密相連,該公司登記在河南銳力專門鞋類生產的工業物業之內。

倘比較貿易公司與河南銳力的毛利率,即發現河南銳力的利潤率有問題。河南銳力2015至2017年各年純利率分別為1.07%、2.55%及2.37%;而貿易公司各年同期純利率分別為25.43%、24.56%及22.57%。

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