AOKANG International 2012 Has A Revenue Of 3 Billion 455 Million Yuan And A Net Profit Of 513 Million Yuan.

< p > as usual, late April is the concentrated disclosure period of listed companies' annual reports; < a href= "http://www.91se91.com/news/index_p.asp" > Zhejiang < /a > shoes enterprises AOKANG international has also caught up with this "last bus".

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< p > 2012 annual report shows that the operating income is 3 billion 455 million yuan and net profit is 513 million yuan, representing an increase of 16.50% and 12.22% compared with 2011.

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< p > the first annual report card of AOKANG international listing appears to be growing steadily, but in the eyes of the industry, it is just a blind eye.

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At the end of P > 2012, AOKANG international accounts receivable amounted to 1 billion 300 million yuan, an increase of 511 million yuan compared with the beginning of the year, an increase of 64.77%.

Meanwhile, the advance payment also increased from 39 million 261 thousand yuan at the beginning of the year to 316 million yuan at the end of the year, an increase of 277 million yuan, an increase of 705.89%.

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< p > industry insiders pointed out that behind this series of changes data, AOKANG international is actually trying to whitewash 2012's fatigued performance through financial data adjustment.

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< p > by the end of April, AOKANG International's 35 million 949 thousand share restricted stock was lifted and its share price was still in a state of ruin.

However, a quarterly report shows that as of the end of March, 5 national social security fund portfolios came together.

As of May 2nd, the stock closed at 16.54 yuan, still below the lowest price in the first quarter of 17.67 yuan.

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< p > < strong > distribution credit expansion performance < /strong > < /p >

< p > AOKANG international main male and female < a href= "http://www.91se91.com/news/index_x.asp" > leather shoes < /a > production and sales. Sales mode is mainly based on distribution mode, and self marketing is subsidiary.

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At the end of P > 2011, there were 4035 distributors and 4035 outlets, including direct outlets and direct stores.

By the end of 2012, its store pattern was still dominated by distributor shops, with 4355 outlets and 960 direct outlets.

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< p > May 2nd, a researcher in Shanghai, a a securities "http://www.91se91.com/news/index_c.asp" > clothing industry < /a >, said that "the general clothing industry, including shoes sales, distributor mode will produce larger accounts receivable than the direct store mode."

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< p > AOKANG international prospectus shows that in the 2009-2011 years, the receivables were 542 million yuan, 530 million yuan and 789 million yuan respectively, representing an increase of 48.87% over the previous year in 2011.

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< p > 2012 annual report shows that the company receivables amounted to 1 billion 300 million yuan, an increase of 64.77% over 2011.

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< p > for accounts receivable surging, AOKANG international annual report is interpreted as "the expansion of the company's business scale and the adjustment of the dealer's credit policy."

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< p > in fact, AOKANG international, which is dominated by dealer mode, is the main reason for the sharp rise in receivables before and after listing.

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< p > the foregoing broker researcher said, "the company will give a certain period of accounts receivable according to the credit qualification of different dealers.

The better the dealer's creditworthiness, the longer the account receivable period will be, and the longer the account period will affect the increase of the company's accounts receivable.

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< p > according to AOKANG international prospectus, in 2009, the credit period of dealers' accounts receivable has been relaxed to 3 months from the original 1-2 months on the basis of improving business performance and supporting distributors.

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< p > a certified public accountant in Zhejiang analyzed the reporter. "Suppose AOKANG relaxes the credit period of the dealer's accounts receivable to 1 years, then its accounts receivable will be very huge. It may approach the current business revenue."

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Less than P, it is strange that AOKANG international 2012 annual report did not disclose the latest situation of the relaxation of credit period for dealers' receivables.

In May 2nd, AOKANG International director Tung Xiong Ping explained to reporters that "we have appropriately improved the credit line for distributors.

According to the total investment of distributors, the highest credit limit we give to dealers is 70%.

If dealers open 5 stores and invest 10 million, the maximum amount of credit we offer is 7 million yuan.

That is to say, the fund can be owed to dealers. In fact, this part of the money is still passed to the distributor through the form of goods.

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< p > the CPA said, "the size of the receivables directly affects the operating income of the profit table, which is in essence the sales amount that has been recognized by the customers such as dealers, but has not yet been settled.

After the extension of the credit period of AOKANG, the invisible achievements were magnified.

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< p > 2012, AOKANG international business income 3 billion 455 million yuan, compared to 2 billion 966 million yuan in 2011 increased by only 489 million yuan.

If the "loose" credit policy is deducted, its operating income will be greatly reduced.

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< p > AOKANG international has reduced sales volume of major dealers after increasing its credit period.

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< p > prospectus shows that in 2010 and 2011, the top five customers of AOKANG International were relatively stable, with a total sales volume of 408 million yuan and 571 million yuan, accounting for 18.45% and 19.26% of current operating revenue respectively.

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< p > but by 2012, the total sales volume of the top five sales customers dropped to 496 million yuan, accounting for only 14.36% of the business revenue. The star sales of the top 496 million sales customers were 167 million yuan and 162 million yuan in 2011, which dropped to 144 million yuan and 107 million yuan in 2012.

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< p > by reporter, AOKANG's main sales customers are rather strange.

According to the latest industrial and commercial materials, Shanghai Ding Jia Trading Co., Ltd., the Hangzhou Yuan Yi Trading Co., Ltd., and Ningbo Shang Rong Trading Co., Ltd. (hereinafter referred to as Ningbo Shang Rong), were among the top five customers in the past 11-12 months in 2009.

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< p > May 2nd, the reporter consulted Shanghai Ding Jia commerce and Trade Co., Ltd. as a shoe salesperson. The company's stakeholders were surprised to say, "we have not done shoes (business), we do dress."

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< p > prospectus shows that Ningbo Shang Rong is a distributor of AOKANG in Ningbo and has a distribution contract, not AOKANG international related party.

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< p > but in a survey, a Ningbo Shang Rong insider claimed, "we are AOKANG, a company directly run in the company's direct store."

Public information shows that Ningbo Shang Rong also openly recruits recruiters in the name of AOKANG shoe Ningbo company.

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< p > < strong > the huge cost of "disappear" is less than /strong > /p >

< p > whitewash the means of performance, or increase revenue or reduce costs.

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< p > 2012, AOKANG international is not only suspected of increasing business revenue by relaxing the credit period of distributors, but also related to the huge payment of the sales network construction of the direct selling shop or the lack of the current cost, so as to achieve the purpose of inflated operating profit.

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< p > AOKANG international sales cost 403 million yuan in 2012, an increase of 109 million yuan compared to 2011.

The AOKANG international annual report explains that: 1) the expenses generated by the new direct stores increased; 2) the marketing intensity of the company increased and the advertising expenses increased.

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< p > 2012, AOKANG international direct store increased to 960, with a net increase of 483.

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< p > in fact, from the implementation progress of the "marketing network construction project" of the company's recruitment and investment project, it can be seen that the construction of its direct stores in 2012 is quite fast.

Prospectus shows, "marketing network construction project" opened 348 Direct stores, expected to invest 876 million yuan.

By the end of 2012, 368 million yuan had been invested, and the overall progress was 42%.

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< p > comparison found that in 2010 and 2011, the sales cost of AOKANG international was 189 million yuan and 294 million yuan, that is, the sales cost increased by 105 million yuan in 2011, which is equivalent to the increase in sales cost of 109 million yuan in 2012. However, the number of stores in 2011 increased by only 103, while that in 2012 increased by 483.

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< p > let the market doubt that in 2012, AOKANG international increased its sales cost of about 100 million yuan, and opened 483 Direct stores.

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< p > the crux of the problem lies in the mysterious huge sums of prepaid accounts.

AOKANG international 2012 annual report shows that prepaid accounts amounted to 316 million, up 277 million from 39 million 261 thousand at the beginning of the year, corresponding to an increase of 705.89%.

The company's annual report is interpreted as: "1) the network provides advance payment; 2) the payment of the supplier is prepaid".

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< p > above, the CPA analyses the reporter, "the payment of the prepaid supplier is reflected in the cash flow statement" cash paid for the purchase of goods and services ", and the prepayment of the sales network construction is included in the cash flow table" paying other cash related to business activities ".

AOKANG's "payment of cash related to other business activities" is rather unusual, which in turn proves that the principal part of the 277 million yuan prepaid account is the advance payment from the sales network.

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< p > reporters found that in 2011 and 2012, the cash payments for purchasing goods and receiving services were relatively stable, 1 billion 885 million yuan and 2 billion 344 million yuan respectively, while the increase in 2012 was 24.41%. However, the "payment of cash related to other business activities" increased sharply from 291 million yuan in 2011 to 972 million yuan in 2012, an increase of 234%.

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The "P" increased "cash related to other business activities" made the cash flow of AOKANG international operating activities exhausted in 2012, a net amount of 3 million 437 thousand and 500 yuan, a 99% drop from 278 million yuan in 2011.

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"P" for 2012 advance payment increased significantly, the AOKANG international secretary explained to reporters, "the advance payment is mainly to advance payment of direct store rent, rent is prepaid, the rent is generally 1-2 years, and later amortization.

After the increase in the number of outlets, the rent will increase, and this will increase with the increase in the number of outlets.

The main outlets were opened in the second half of last year, and the impact of rents on 2012 is still small. "

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< p > 2011, there were 103 new outlets in the company, and the rental fee increased by 50 million 773 thousand and 700 yuan in the sales cost. In 2012, AOKANG international increased 483 stores, and the rental fee increased by only 23 million 596 thousand and 200 yuan (including the increase of the original store rent).

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< p > the aforementioned CPA analysis, "if AOKANG's new stores opened last year in the second half of last year, the rent charged at the current cost may be at least five to six million according to three months.

The rent is only part of it, and all other expenses incurred in the open shop shall also be charged in whole or in part according to accrual basis.

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< p > a sponsor representative of a large investment bank in Shanghai said: "enterprises usually do some" hands and feet "in advance payment. They do not confirm the current cost or confirm the current cost and increase profits.

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< p > < strong > what is the result of inflated performance? < /strong > < /p >

"P > Listing" changing face "has become a target of public criticism. AOKANG International's performance is just a stalling tactic.

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< p > the foregoing investment bankers pointed out that "the first year of the listing is very critical, and generally we will try to maintain a certain growth.

The following are too many slippery pressures, and the regulatory authorities will find trouble for enterprises and intermediaries. "

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< p > 2012, the performance of Baron East just changed. The company and the sponsor, CITIC Securities and two insurance agents, all received the relevant "ticket" of the regulatory authorities.

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< p > in fact, last year AOKANG international shoe industry was not booming, which brought some pressure to its sustained growth.

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< p > AOKANG international 2012 annual report also has a statement on the whole shoe industry downturn. "In 2012, under the external business environment such as the continued weakening of the macro-economy and the drop in consumption growth, the footwear industry growth showed the characteristics of high and low before, especially after the fourth quarter, the impact of the relevant factors is more obvious."

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< p > May 2nd, leather shoes listed companies told reporters on Saturday, "the first half of this year is worse than that of the first half of last year, which is more difficult than the previous few years."

Data show that on Saturday 2012, net profit was only 55 million 833 thousand and 500 yuan, down 43.85% compared with the same period last year.

Net profit fell 36.01% in the first quarter of this year.

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< p > Tongxiang is also the main leather shoes industry area in Zhejiang Province, but in 2012 most of the shoe business owners lost their money.

A production and operation of a large scale leather shoes business owner said: "we made shoes for 5 years, at the beginning of last year, we expanded the scale of production, but the human cost went up too fast, a shoe sold to a dealer can not earn a few dollars, the account of import and export is very large, but the gross profit is very low.

Many small shoe factories are closed this year. "

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< p > a dealer in Hangzhou also told reporters that "last year's business was bad and the peak season was not prosperous.

The stores below can't sell them back to us, so we have to go back to the manufacturers.

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< p > the aforementioned investment bankers said, "the stable performance of the first year of listing is also to stabilize the share price to some extent, which is conducive to the reduction of the two level market. The traditional manufacturing industry has no concept to fry, and if the performance is too ugly, the share price is very difficult to get up."

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< p > AOKANG international issuing price of 25.50 yuan per share.

This year, the sale of related restricted shares has been lifted, but the share price has broken down.

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When p was listed, the shareholding of the company was clearer, with only 7 shareholders.

Among them, AOKANG investment (Wang Zhentao shares 90%), Wang Zhentao and Wang Jinquan locked in 36 months, Shenzhen Hongling venture capital, Miu Yanshu (Wang Zhentao's uncle), Pan Changzhong (Wang Zhentao's brother-in-law), Shanghai long Ting venture capital lock 1 years.

The 4 shareholders jointly lifted 35 million 949 thousand shares and accounted for 8.97% of the total share capital.

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< p > when the restricted sale of shares is lifted, AOKANG international not only gloss over its achievements, but also many agencies have "embraced" and "support", and the five social security funds "tacit understanding" gathered.

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< p > by the end of 2012, the 601 social security portfolios, 114 social security portfolios and 109 social security portfolios held 4 million 852 thousand and 700, 1 million 625 thousand and 300 and 1 million 352 thousand and 300 shares respectively, ranking first, seventh and nine shareholders.

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< p > up to the end of the first quarter of this year, there were 103 social security portfolios and 102 social security portfolios. Among the top ten tradable shareholders, 1 million 922 thousand and 1 million 299 thousand and 700 shares respectively.

The management of these two portfolios is Bo Shi fund, and the 601 combination and 109 combination of social security are at the helm of Yi Fang Da.

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< p > > in addition, the theme of "Bo Shi" and "Bo Shi" were also "Baotuan", which reached the top ten tradable shareholders in the first quarter, each holding 3 million 931 thousand and 900 shares and 1 million 765 thousand and 900 shares, while Haitong shares and Haitong style advantages each held 2 million 115 thousand and 800 shares and 1 million 734 thousand and 600 shares, and the third, sixth largest tradable shareholders.

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