Zhang Yu's A Management Fee Is Doubtful &Nbsp; Greening Fees Rise, Wages And Benefits Drop.

April 25th, Yantai Changyu Grape wine Limited by Share Ltd (Stock Code: 000869.SZ, hereinafter referred to as "Chang Yu A (90.80,0.00,0.00%)") announced a quarterly report. Subsequently, some investors questioned Chang Yu A2010 annual report and a quarterly report in 2011. Administration The authenticity of the cost data.

Why does Zhang Yu's quarterly management fees increase by 60 million over the same period A2011?

Why in senior executive Under the circumstances that there has been no significant change in the number of employees who have increased their remuneration and the number of employees involved in management costs, the "wages and welfare costs" in the management cost of Chang Yu A2010 annual report has been reduced by 20 million 350 thousand yuan.

How many tens of millions of green fees have increased in the first quarter?

In a quarterly report in 2011, Zhang Yu's A management fee was 136 million, compared with 75 million in 2010, an increase of 6000 million, an increase of 80.88%.

In the first quarter of 2011, the management fee rate was 6.5%, compared with 4.8% in the first quarter of 2010. The management fees in 2009 and 2010 were 5.2% and 4.4% respectively. A large increase in management fees is explained in the quarterly report as "the increase in greening fees".

Some investors questioned the huge increase in management fees by 60 million, and even questioned its explanation for the increase in afforestation costs by tens of millions.

The 2010 annual report shows that the balance of in construction projects in December 31, 2010 increased by 121% over the same period in 2009, mainly in 2010, including the Ningxia chateau, Shihezi Chateau and Xianyang Chateau three new wineries and Beijing's AI Fei Bao chateau. This may explain the increase in greening costs.

Wages and welfare expenses decreased significantly in 2010.

But investors later questioned the management fees in the 2010 annual report again.

Some investors indicated that the management fee in the 2010 annual report was 218 million, while the management fee in 2009 was 220 million, which did not change much. However, the "wages and benefits" have been reduced significantly in management fees. In 2009, it was 66 million 900 thousand, while in 2010 it was reduced to 46 million 550 thousand, a decrease of 30%.

Is executive compensation less? The annual report shows that in 2009 Zhangyu A executives received a total reward of 7 million 973 thousand and 400 yuan from the company and 8 million 179 thousand yuan in 2010, with a slight increase in remuneration.

Is there a decrease in personnel? As of December 31, 2009, Zhangyu A had 75 financial personnel and 181 administrative personnel. As of December 31, 2010, there were 77 financial personnel and 180 administrative personnel.

Obviously, in 2010, when the wages of workers in the whole country increased generally, the wages of these workers should not be reduced so much.

So why is the "wages and benefits" reduced by 20 million 350 thousand yuan?

Investors have doubts about Chang Yu's A annual report and quarterly report, but on the 28 day, the telephony of Dong Mi Qu for the people has never been answered.