Civil / Hu Zhenming
The Le Kai medical treatment that Le Kai film buys or in anticipating so hopeful, the company of mark does business not only the suspicion that income existence empty adds, and wool interest rate also because of operating costs data unusual and cannot be collected to believe quite.
Le Kai film was released recently " issue share to buy property and capital of collect form a complete set and correlation trade transaction (draft) " (the following abbreviation " trade draft " ) , draft those who press 649 million yuan to trade the price accuses a partner China from its Le Kai medical treatment is bought in Le Kai hand 100% equity.
The research and development that Le Kai film basically pursues product of material of picture information data, new energy resources, production and sale, and main product is the company Le Kai iatrical of mark medical dry type film. Beforehand in the case, appear on the market the company says to be passed this buy Le Kai medical treatment, cut trade of medical apparatus and instruments quickly, acquire business of medical treatment film while, also had experienced management and technical group, implementation its are developed in the business of domain of medical apparatus and instruments, reduced risk of the government that enters new business field, operation.
But in fact, " red weekly " the reporter trades in careful research discover after the case beforehand, the evaluates appreciation and Chinese Le Kai to obtain share that besides Le Kai medical treatment can acquire several yuan pays existence invisible trade to valence outside, appear on the market the Le Kai medical treatment that the company buys or in anticipating so hopeful, because the company of mark does business not only,income is put in the suspicion that empty adds, and wool interest rate also because of operating costs data unusual and cannot be collected completely to believe quite.
Existence is invisible trade to valence
Annals showed Le Kai film 2018, although battalion of this year controls the company,appeared small a growth, but business profit appeared to drop of 73.43% considerably however, buckle be not profit of net putting in a mother 's charge to drop extent is to achieve more 93.92% , realize 3.014 million yuan only. relatively managed outstanding achievement 2017, le Kai film 2018 " report " not good-looking.
Or suffer outstanding achievement to glide considerably just about influence, le Kai film was hit adopt denotative form and buy an idea, send a hope to buy those who accuse a medical treatment of partner subsidiary Le Kai to improve his to run a state. Trade draft exposure, if this second trade can finish smoothly, appear on the market the business income of the company will increase 2.261 billion yuan from 1.863 billion original yuan, fluctuant rate 21.36% ; Sixty-one million nine hundred and twenty-seven thousand one hundred yuan after profit of net putting in a mother 's charge will add to trade from forteen million seven hundred and thirty-nine thousand five hundred yuan before trading, fluctuant rate is as high as 320.14% . So clear-cut data varies, it is the hopeful sex that explaining to trade this to investor it seems that.
Trade through this, regard as and buy just mix be bought just accuse a partner China Le Kai jointly, not only the hand in annual 10 thousand yuan thousands of Le Kai medical treatment makes net profit pack those who enter him pilot outstanding achievement to glide to appear on the market company, and also make originally the appreciation of Le Kai medical treatment that net assets makes an appointment with 257 million yuan 392 million yuan. Meanwhile, below the case that takes no account of financing of form a complete set, chinese Le Kai is returned with every 5.18 yuan price from appear on the market company Le Kai film obtained one hundred and twenty-five million two hundred and ninety-nine thousand nine hundred to increase share newly, hold appear on the market company equity scale by original 34.11% rise to 50.68% considerably.
Notable is, this second trade price just in time was caught up with the end of the year came 2018 the share price of Le Kai film of the beginning of the year is bottom 2019 area, with at present share price of Le Kai film every 9.8 yuan of prices are calculated, as trade iatrical of Le Kai of already far to one hundred and twenty-five million two hundred and ninety-nine thousand nine hundred of valence existing value outclass evaluates a value to reach trade the price six hundred and forty-nine million and fifty-three thousand six hundred yuan.
Look so, chinese Le Kai appears on the market left-hand subsidiary to right hand pilot company, not only the assessment that obtained several yuan appreciation, and answer thaw to appear on the market as whole of latter stock market of share price of company Le Kai film rise, make the share that acquires in area of share price bottom originally formed several yuan appreciation to valence, generation is very considerable invisible to valence. And Le Kai film is in share price is low related company is bought with distributing the kind of share price when confusing and form a huge sum invisible to price pattern, be inequitable probably the other investor to capital market apparently.
Business income has the company of mark empty adds suspicion
Trade draft returns exposure, this second trading buy the price certainly with earnings standard, evaluate a value to be six hundred and forty-nine million and fifty-three thousand six hundred yuan, the appearance is onlier value of asset Zhang face two hundred and fifty-seven million and forty-six thousand six hundred yuan of appreciation three hundred and ninety-two million and seven thousand yuan,
Buy the price certainly with earnings standard and excessive price one times above, explain at least trade both sides manages expression to hold upbeat mood to future of Le Kai medical treatment, however from trade beforehand case the Le Kai medical treatment that give out reports period with outstanding achievement the outstanding achievement expression of acceptance period looks, it seems that square bottom enrages outstanding achievement acceptance not enough: relatively net 2018 gain grows 106.59% forty-seven million one hundred and eighty-seven thousand six hundred yuan compared to the same period, outstanding achievement acceptance period outstanding achievement grew 10% only 2019, there also is 13.3% only 2020.
Data of finance affairs of medical treatment of anatomize Le Kai, " red weekly " reporter discovery enrages inadequacy by its or rather the business income 2018 is unusually relevant, this year has more than 100 million yuan of battalion to receive the suspicion that empty is added.
Beforehand case exposure, the business income 2018 is Le Kai medical treatment five hundred and eight million two hundred and fifteen thousand eight hundred yuan, tax rate of the value added tax since this year May 1 is reduced, from the month all the angle that battalion receives the specified amount, press respectively 17% with the output tax of value added tax of tax rate computation of 16% ,
The corresponding period, flow meter of cash of Le Kai iatrical shows, company 2018 " the sale commodity, ready money that provides a service to receive " it is three hundred and ninety-three million eight hundred and sixty-two thousand two hundred yuan, with receive Gou Ji with the battalion that contain tax,
However the balance sheet shows, its the receivable bill of year end reached come of receivable Zhang money 2018 forty-seven million nine hundred and sixty-seven thousand four hundred yuan, the bad Zhang of the corresponding period prepares to be forteen million seven hundred and ten thousand four hundred yuan, two projects amount is cumulative compare on one annual end only the total amount of same item increased eighteen million five hundred and nine thousand three hundred yuan, apparent this and theory add creditor's rights newly to differ very far, balance amounts to one hundred and seventy-eight million eight hundred and fifty-two thousand eight hundred yuan. So, is this its received money to appear beforehand does same scale decrease?
Le Kai iatrical accepts money scale beforehand is not very big, year end received money beforehand 2018 thirty-eight million eight hundred and thirty-seven thousand eight hundred yuan are compared with eighty-six million three hundred and sixty-two thousand four hundred yuan of photograph of on one annual end, although be to decrease somewhat, but reduce amount only forty-seven million five hundred and twenty-four thousand five hundred yuan, compare with photographs of afore-mentioned one hundred and seventy-eight million eight hundred and fifty-two thousand eight hundred yuan of balance, apparent the suspicion that this does not remove to empty is added.
Operating costs and wool interest rate need to collect a letter carefully
Buy beforehand case exposure, the company Le Kai medical treatment of mark was respectively with yield of net 2018 assets 2017 9.95% with 17.54% , had 2018 rise apparently, and relatively promotion of yield of net 2018 assets, its sold wool interest rate to appear to drop apparently however, by 2017 38.33% drop to 34.89% 2018, but still prep above appears on the market with the industry company 29.26% all be worth.
Trade draft exposure, operating costs of Le Kai iatrical was three hundred and thirty million nine hundred and two thousand eight hundred yuan 2018 (if express 1 to show) , compare apparent growth than appearing at two hundred and forty-three million and three thousand eight hundred yuan on one year, because the corresponding period of increase rate prep above does business,income is added fast and bring about wool interest rate to give now to slip. Although operating costs was not announced in the case beforehand, especially advocate of business Wu cost specific make a case, but " red weekly " reporter from trade draft is right of operating costs of future of Le Kai medical treatment a few reference still were found in calculating data.
Among them, be opposite 2018 of 10~12 month advocate business Wu cost is forecasted in, chemical raw material, piece base, the cost that includes capable person is total have seventy-two million five hundred and one thousand five hundred yuan, and of the corresponding period advocate business Wu cost forecasts a value to be ninety-three million eight hundred and two thousand yuan, from this but reasonable calculate what the four seasons spent piece 2018 advocate raw material place occupies scale to be about in business Wu cost 77.29% . Below normal circumstance, inside same year, raw material is occupied advocate the scale of battalion cost should be to won't have too big change.
As a result of operating costs in millions of yuan other business cost is very few, the analytic impact that makes to operating costs is not big, occupy by raw material cost advocate the scale of business Wu cost 77.29% go calculating 2018 the circumstance of Central Plains cost of material of three hundred and thirty million nine hundred and two thousand eight hundred yuan operating costs, there are two hundred and fifty-five million seven hundred and sixty-one thousand six hundred yuan about in knowable operating costs is raw material cost.
Well-known, carry forward has two kinds of source to the raw material of operating costs, was to use up toward period inventory, 2 it is current raw material is purchased. See Le Kai medical treatment first stock changed 2018 circumstance. In project of goods in stock, besides it is besides product and inventory goods, it is raw material and material of have enough to meet need. Among them material of have enough to meet need had two million four hundred and sixty-eight thousand six hundred yuan 2017, come to had decreased entirely 2018 come; Raw material increases thirty-two million and twenty-three thousand five hundred yuan of year end to 2018 from eighteen million seven hundred and forty thousand nine hundred yuan on one year, decrease add, these two kinds of material are aggregate increased ten million eight hundred and forteen thousand yuan. This kind of result is meant, raw material purchased put in storage 2018 over use up.
Meanwhile, is the circumstance of raw material cost in product and inventory goods what kind of? Because the cost of the product is formed with advocate of business Wu cost form basic and identical, in exposure information finite circumstance falls, occupy with raw material cost advocate the scale of operating costs the 77.29% practices that go calculating also are feasible. In the product sixteen million two hundred and sixty-five thousand yuan are mixed 2018 inventory goods seventeen million two hundred and fifty-six thousand three hundred yuan aggregate the total amount of samer than going up one year item became little sixteen million five hundred and seventy-six thousand four hundred yuan, the raw material cost that can measure stock of product of cipher out reductive from this is twelve million eight hundred and twelve thousand two hundred yuan.
Through analysing stock change case, can discover raw material goods in stock increased ten million eight hundred and forteen thousand yuan 2018, and cost of product stock raw material reduced twelve million eight hundred and twelve thousand two hundred yuan, add decrease below, the result that raw material and cost of product stock raw material rise integratedly does not have too big change actually, reduced one million nine hundred and ninety-eight thousand two hundred yuan only.
Be informed by afore-mentioned analysises, there are two hundred and fifty-five million seven hundred and sixty-one thousand six hundred yuan about in operating costs 2018 is raw material cost, the one million nine hundred and ninety-eight thousand two hundred yuan raw material in recombine goods in stock decreases, but wise guess goes out current raw material is purchased is two hundred and fifty-three million seven hundred and sixty-three thousand four hundred yuan about. So, how much is raw material was purchased actually 2018?
" red weekly " reporter foundation is financial Gou Ji principle is roughly reductive the circumstance that purchased total 2018. Among them, 2018 " buy the commodity, cash reserve in a bank that accepts a service to pay " it is two hundred and forty-nine million five hundred and ninety-two thousand three hundred yuan, decrease from nine million three hundred and sixty-seven thousand six hundred yuan on one year considering imprest money reach one million one hundred and fifty-eight thousand nine hundred yuan of 2018, imprest money reductive is the cash that pays before eight million two hundred and eight thousand seven hundred yuan actually and affirm those who be this year to purchase, also belong to this year to purchase relevant cash flow, accordingly, purchased relevant cash flow to pour out of two hundred and fifty-seven million eight hundred and one thousand yuan 2018.
Besides purchase relevant cash flow besides, le Kai medical treatment still has one part to purchase a paragraph to reflect what handle Zhang money to deal with bill to reach to increase with the form of bills due. Trade draft shows, year end dealt with bill to reach 2018 deal with Zhang money to be twenty-seven million six hundred and sixty-five thousand nine hundred yuan, with year end data was compared twenty-one million six hundred and twenty-five thousand eight hundred yuan 2017, dealt with money to add six million and forty thousand one hundred yuan newly 2018.
cash flow two hundred and fifty-seven million eight hundred and one thousand yuan are mixed deal with money to increase the specified number six million and forty thousand one hundred yuan of union rises business accounting, roll out contained duty to purchase amount to should be two hundred and sixty-three million eight hundred and forty-one thousand yuan 2018. Tax rate of the value added tax since May 1, 2018 is reduced, so the angle that all purchases the specified amount from the month, before 4 months are pressed 17% after that the influence that 8 months press the value added tax of tax rate eliminate of 16% ,
In narrating an analysis afore, change according to operating costs and goods in stock and measure cipher out raw material to purchase amount to two hundred and fifty-three million seven hundred and sixty-three thousand four hundred yuan of ability is opposite, and measure cipher out according to data of financial forms for reporting statistics do not contain duty to purchase amount to have two hundred and twenty-six million eight hundred and one thousand two hundred yuan only however,
In addition, fixed assets of Le Kai iatrical, in establish the long-term capital fund such as the project change is not big, long-term capital fund buys the change of increase and decrease that proposes relevant cash flow to be able to cover its amount, the analysis that can not concern to purchasing Gou Ji forms bigger impact, and endorse in bill below the circumstance that pays to did not get detailed exposure, this shows Le Kai iatrical operating costs, purchase, there is one party data at least in each data such as goods in stock is truthless, whether is the level of wool interest rate that also yields a person to suspect its average of industry of person of the same trade of apparent prep above then also truthless.
(the article already print hair published on April 20, 2019 " red weekly " )
