AOKANG Shoe Industry Is Facing A Super Tax Return.

Last September, AOKANG shoes

In this regard, AOKANG shoe industry did not give reporters a positive reply.

Inferior high-tech: or facing a super tax return.

In April 12, 2011, Zhejiang Beingmate (002570) landed on small and medium-sized boards with the aura of "high-tech enterprises".

However, only half a year ago, the company was issued a "ticket" by the tax authorities. It needed to pay taxes in 2008 and 2009, totaling 58 million 927 thousand yuan.

According to the information disclosed by Beingmate, according to the audit decision of the State Administration of Taxation of Zhejiang province from 2009 to 2010, the Audit Commission confirmed that the proportion of R & D expenses actually accounted for only three of the sales revenue in the first 0.65% years was only 0.65% when the application of high-tech enterprises was approved in 2008. The declared patent is not directly related to the core technology of the main products.

In the 2008 and 2009 year of the high-tech enterprise income tax exemption, we need to pay 58 million 927 thousand yuan in taxes.

"AOKANG shoes, leather shoes, leather goods do not belong to the high-tech field, I am very worried about the future financial situation of the enterprise."

Mr. Huang said.

The reporter noted that the production of leather shoes and leather products in AOKANG shoes does not belong to eight major fields such as electronic information technology, biological and new medical technology, aerospace technology supported by the state's key high-tech fields.

As of June 30, 2011, the number of R & D personnel in the company was 242, accounting for 3.21% of the total number of companies, which is far from the 10% required by high-tech enterprises. In terms of academic qualifications, the number of graduates with a bachelor's degree or above in AOKANG shares is only 250, accounting for 3.32%.

In the first half of 2008 -2011, the proportion of R & D expenses in operating revenue was 0.16%, 0.79%, 1.05% and 0.88% respectively, and the proportion of R & D expenses was far below the 3% requirement.

"There are more private enterprises in Jiangsu, Zhejiang and Guangdong. Many of them are low-end manufacturing industries. They are locked in the low end of the industrial chain. A very important reason is that they have not invested in R & D."

A management expert said.

According to the prospectus, in the first half of 2011 and 2010, the enterprise income tax of AOKANG shoe industry at 15% tax rate was 64 million 562 thousand yuan and 110 million 4 thousand and 700 yuan respectively.

If the tax rate is 25%, it should be 107 million 603 thousand and 300 yuan and 183 million 341 thousand and 200 yuan respectively.

Based on this calculation, the AOKANG shoe industry has paid 116 million yuan less income tax in the past two years because of its high and new enterprise qualification.

Single dominance: low gross margin and weak growth

Wang Zhentao, chairman of AOKANG footwear industry, has a 76.15% stake in direct and indirect holding companies, representing a total of 244 million shares.

Reporters found that according to the current issue price of 25.5 yuan, Wang Zhentao's shareholding market value as high as 6 billion yuan or more, can definitely join the forefront of the domestic rich list.

"Before the listing, the qualification of high-tech enterprises is obviously flawed. After the listing, a single assembly will not be difficult to guarantee its performance," Huang said with concern.

The reporter noted that at present, the gross profit margin of AOKANG footwear industry is the lowest in the industry, and its profitability is insufficient.

According to the data disclosed in the AOKANG prospectus, the gross profit margin on Saturday 2010 is 47.38%, while AOKANG is only 32.61%.

From 2008 to 2010, the gross profit margin of AOKANG footwear industry was 24.96%, 29.07% and 32.61% respectively, which is much lower than that of Listed Companies in the same industry.

It is understood that in the other 5 listed companies in the same industry, the lowest gross profit margins in the past three years were 44.87%, 47% and 47.38%, respectively, the highest being 64.88%, 65.42% and 67.98% respectively.

In addition, from the perspective of performance growth, AOKANG's business revenue increased by 54.51% in 2009 compared with 2008, compared with 32.64% in 2009 compared with 2009, while net profit in 2009 increased by 363.04% compared with 2008, while 2010 grew by only 39.75% in comparison with that in 2008, compared with 2010.

Statement contradictions: Strategic confusion or letter flaws?

Yesterday, an institutional investor told reporters that in the roadshow promotion conference of the organization, for AOKANG high and new technology qualification issue, the enterprise simply said that only one of its 18 enterprises is high and new technology, involving about 2000000 yuan tax concessions, and is expected to continue to meet the target in the future.

However, whether or not, as the company said, there is no more detailed information, so it can not be traced.

At the conference, AOKANG stressed that the market exaggerated the company's high-tech problems, but on the other hand, it exposed some of the data in the prospectus.

According to the information provided by the institutional investor, AOKANG chairman Wang Zhentao said, "with the expansion of stores and sales in the future, the proportion of self production may continue to decline, maybe only 30%."

However, reporters found that in the prospectus, AOKANG said that in the first three years, the proportion of self production was 85.27%, 55.08%, 46.7% and 42.44% respectively.

In the prospectus 1-1-138 page, AOKANG shoes industry claims: "the company will maintain its own core factory, and expand the production scale of the core factory with the growth of product sales, and maintain the proportion of self-produced products to total sales volume of products over 40%."

"It is unclear whether the information disclosure is rough or the strategic thinking is chaotic," the agency said.

In this regard, the reporter asked the company, but as of press time, still did not receive a positive reply.

Reporters will continue to pay attention to the company's reply to the above questions.