The Loss Of Financial Data For The First Time In 5 Years Is Suspect.

In recent years, the performance of the birds has not been satisfactory. Not only the annual report data in 2018 have attracted the attention of the exchange, but if you calculate the data of the past three years in terms of revenue, purchase and inventory, you can also find that the company has a lot of business data that can not match each other in financial relationship.

You are a clothing listed company. The first year's operating income and net profit after deducting the net profit of the parent company both declined. Although the company's revenue grew from 2015 to 2017, the net profit of the parent company after the deduction was only 1 years in 3 years.

Now, the latest annual report, which is completed in 2018, shows that the company's net profit has declined again, not only after its operating income and the net profit attributable to the parent company, but also the first loss in nearly 5 years.

In May 18th, a question letter was sent to the Shanghai stock exchange for the problems in 2018 annual report of the expensive birds. The enquiry focused on the adjustment of the store business policies and financial problems.

In fact, in addition to the problems raised by regulators, the "red weekly" reporter found that the company had a number of operating data that could not match each other in the financial relationship, and it made people wonder about the authenticity of their financial data.

Revenue data doubtful

From the annual report and quarterly report data released by Gui Ren bird, the business performance is very worrying. In the 5 complete financial years of its listing, business revenue has increased 3 years and 2 years ago, although the net profit has been declining for 4 years in 5 years.

Especially in 2018, both revenue and performance declined.

Data show that Gui bird's operating income in 2018 was 2 billion 812 million yuan, down 13.52% compared to the same period last year, and net profit loss to parent company was 686 million yuan, down 536.01% compared with the same period last year. This is the first loss in nearly 5 years.

In the first quarter of 2019, the negative growth of GUI bird's business income increased further to 37.4% compared with the same period, while the net profit of the female parent was 13 million 920 thousand yuan on the surface, but it still fell 83.67% compared with the same period last year.

According to 2016~2018 annual earnings data, business income of 2 billion 279 million 20 thousand and 200 yuan, 3 billion 252 million 75 thousand and 600 yuan and 2 billion 812 million 460 thousand and 500 yuan (see Table 1) was achieved during the period of the "noble bird". The domestic revenue was 2 billion 251 million 503 thousand and 800 yuan /319165.18 yuan and 2 billion 726 million 533 thousand and 600 yuan. Considering the influence of the domestic value-added tax (17% tax rate), the domestic tax revenue is about 2 billion 634 million 259 thousand and 400 yuan, 3 billion 734 million 232 thousand and 600 yuan and 3 billion 190 million 44 thousand and 300 yuan, so the total tax revenue in the whole accounting period is about 2 billion 661 million 775 thousand and 800 yuan, 2 billion 661 million 775 thousand and 800 yuan and Yuan Yuan.

The consolidated cash flow data of the same period showed that the cash received by the company in the past 3 years was 2 billion 127 million 915 thousand and 200 yuan, 3 billion 530 million 330 thousand and 900 yuan and 3 billion 481 million 946 thousand and 300 yuan respectively. In addition, the company's newly increased receipts from 2016 to 2018 were 21 million 290 thousand and 600 yuan, 7 million 968 thousand yuan and 10 million 244 thousand and 400 yuan respectively, and the cash related to the three year's revenue had been 2 billion 106 million 624 thousand and 600 yuan, 3 billion 522 million 362 thousand and 900 yuan and 3 billion 471 million 701 thousand and 900 yuan in the same period of the hedge related cash receipts.

The tax revenue and cash flow data collected in the past three years will be 555 million 151 thousand and 200 yuan, 272 million 293 thousand and 500 yuan and -19573.07 million yuan more than the cash received respectively. In theory, these differences should be reflected in the increase or decrease in the receivables of the year, that is, the receivables from 2016 to 2017 should be increased by 555 million 151 thousand and 200 yuan or 272 million 293 thousand and 500 yuan, while the receivables in 2018 should be reduced by 195 million 730 thousand and 700 yuan.

In fact, in the three years' balance sheet, the total accounts receivable (including bad debt preparation) and bills receivable from 2016 to 2018 were 2 billion 132 million 315 thousand and 700 yuan, 2 billion 109 million 382 thousand and 900 yuan and 1 billion 609 million 872 thousand and 600 yuan respectively, compared with the same figures at the end of last year, which increased by 739 million 461 thousand and 200 yuan, -2293.28 million yuan and -49951.03 million yuan respectively.

Obviously, this result is obviously inconsistent with the amount that should be increased or reduced theoretically. In 2016, the accounts receivable was 184 million yuan more than the theoretical data, while in 2017 and 2018, the amount of revenue was 295 million yuan and 304 million yuan more than the theoretical data.

Even if we take into account the effect of the $119 million, $128 million and $140 million from 2016 to 2018, the difference between the above data is still not fully explained.

The whereabouts of large purchases are unknown.

In addition to the abnormal data on the revenue side, the red weekly reporter also found that there were large amounts of abnormal data in 2017 and 2018.

The 2017 and 2018 earnings reports disclosed the purchase amount and the total purchase amount of the five major suppliers of the company, including 838 million 291 thousand and 300 yuan and 42.5% in 2017 (see Table 2), and 801 million 299 thousand and 600 yuan and 42.72% in 2018, respectively. We can deduce from these two sets of data that the total purchase amount in these two years is 1 billion 972 million 450 thousand and 100 yuan and 1 billion 875 million 701 thousand and 300 yuan respectively.

Taking into account the impact of the 17% value-added tax rate, the total amount of tax paid purchases reached 2 billion 307 million 766 thousand and 600 yuan and 2 billion 194 million 570 thousand and 500 yuan respectively.

In the cash flow statement of 2017 and 2018, the cash payments of "purchasing goods and receiving labor services" were 2 billion 112 million 713 thousand and 100 yuan and 2 billion 69 million 177 thousand and 600 yuan respectively. Excluding the 12 million 570 thousand and 100 yuan and 70 million 339 thousand and 100 yuan that the new payment was paid in advance, the cash expenditures related to the two years' purchase reached 2 billion 125 million 283 thousand and 200 yuan and 2 billion 171 million 832 thousand and 800 yuan respectively.

The total amount of tax purchases and cash outlays is 182 million 483 thousand and 400 yuan and 22 million 737 thousand and 700 yuan more than the cash expenditure respectively.

In theory, the more purchases will be reflected in the increase in payables in 2017 and 2018.

In fact, the payables in the past two years were 618 million 957 thousand and 900 yuan and 844 million 384 thousand yuan respectively. Not only did they not increase in 2017, but they also reduced by 58 million 72 thousand and 200 yuan, while in 2018, it increased by 225 million 426 thousand and 100 yuan, but it was far from the theoretical increase. The difference between them was: the new debt in 2017 was 240 million 555 thousand and 600 yuan higher than the theoretical amount, while in 2018 it was 202 million 688 thousand and 400 yuan against the theoretical amount.

If we take into account the original value of the fixed assets in the past two years, the increase and decrease of the original value of the construction projects and intangible assets, in 2017 and 2018, the sum of these items was 1 billion 663 million 859 thousand and 300 yuan and 1 billion 549 million 824 thousand yuan respectively. The current period increased by 402 million 358 thousand and 300 yuan and -11403.53 yuan respectively, while the cash for fixed assets, intangible assets and other long-term assets in the same period were 468 million 701 thousand and 100 yuan and 257 million 125 thousand and 500 yuan respectively.

The payables in 2017 should also be reduced by 66 million 342 thousand and 800 yuan and the amount payable in 2018 should be reduced by 3 trillion and 711 billion 608 million yuan.

However, even considering the impact of this part of the amount, the actual payables are quite different from the theoretical amount.

Inventory data "run counter to"

In addition to the larger anomalies in revenue and procurement data, the data of the birds are also questionable.

First of all, according to its inventory structure, the amount of merchandise in stock in 2017 and 2018 was 426 million 397 thousand and 900 yuan and 425 million 342 thousand and 400 yuan respectively. It can be seen that the amount of stock in 2018 was reduced by 1 million 55 thousand and 500 yuan.

However, if the inventory data are changed according to the output and sales situation disclosed by the company's annual report in 2018, the theoretical results are quite different from the real inventory data of the company.