Recently, doubts about Antarctic E-commerce’s financial fraud have been raised. Since the New Year, Antarctic E-commerce’s stock price has fallen by more than 30%.
On January 15, at the first China Securities Regulatory Commission press conference in 2021, the spokesperson stated that the China Securities Regulatory Commission had immediately listed Antarctic E-commerce stock trading Included in key monitoring areas. Why is Antarctic e-commerce caught in the suspicion of “counterfeiting”?
Antarctic e-commerce is suspected of financial fraud and the China Securities Regulatory Commission said it has focused on monitoring
The following video source In
CCTV Finance
△CCTV Finance “Zhengdian Finance” column video
There has been a long-standing discussion on whether Antarctic e-commerce has financial fraud. As early as May 2020, a researcher from Gelonghui published an article publicly questioning Antarctic e-commerce’s alleged financial fraud.
The reporter learned that since 2018, Industrial Securities Since a research report circulated on the Internet, doubts about Antarctic e-commerce business model have appeared from time to time. The reporter checked and found that the main concern of this research report is the identification of fraud in extracorporeal circulation. Many of the doubts listed in it are consistent with the Antarctic e-commerce situation. In particular, the gross profit margin of the company’s “hangtag” business is as high as 93%, surpassing Kweichow Moutai; the accounts receivable accounts for a high proportion and fluctuates greatly; the business scale has doubled, but the number of employees has dropped, and other problems, which seem to be counterintuitive.
Gelonghui “Mine Detection Area” researcher Chen Nanfang: From 2012 to 2019, its number of people did not grow that fast, but its per capita profit increased more than ten times, which is inconsistent with common sense. The company may be involved in concealing the number of employees to falsely reduce employee salaries, thereby falsely increasing net profits.
Reporters visited the office of the listed company Antarctic E-commerce Dishi learned that the company is still operating normally. Faced with doubts about financial fraud, the company issued a clarification announcement on the evening of January 13. However, judging from the feedback from all parties in the market, the voices of doubt have not subsided. Antarctica There are still many doubts about the e-commerce business model and financial data.
Antarctic E-commerce issued a clarification announcement to the company The company’s gross profit margin, business barriers, competitors and other issues were explained one by one. However, analysts believe that this response contains many conceptual confusions and unclear statistical calibers. On January 15, a spokesman for the China Securities Regulatory Commission stated that Antarctic e-commerce has been included in the scope of key monitoring.
China Securities Regulatory Commission Spokesperson Gao Li: For We have noticed the stock price fluctuations of Antarctic E-commerce and related media reports. We have immediately included the company’s stock trading in the scope of key monitoring, and required the annual audit accountants to focus on the company’s 2020 financial report. audit.
Everything can be Antarctic?
Antarctic e-commerce brand licensing model is questionable
“Antarctic people are not afraid of the cold”, a classic saying The advertising slogan once made this thermal underwear brand founded in 1998 popular all over the country. In 2008, Nanjiren, which had overcapacity, shut down all self-operated factory production lines and started a brand licensing business model. In 2015, Nanjiren entered the A-share market through a backdoor scheme and completed its transformation into an e-commerce company. What’s so special about Antarctica’s e-commerce business model today?
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CCTV Finance
△CCTV Finance’s “Zhengdian Finance” column video
Antarctic e-commerce is known as the “king of tags” of A-shares and is asset-light One of its major features is its operating model, which authorizes its three brands of Antarctic, Cardile Crocodile, and Classic Teddy to other customers for production and sales. The market is commonly known as “selling tags.”
In the first three quarters of 2020, the company’s hangtag business The operating income brought is about 800 million yuan, while the gross profit margin reaches 93% and the net profit margin is as high as 77%. As of the end of 2020, the number of Antarctic e-commerce online stores has increased to 8,171. Reporters checked on multiple e-commerce platforms and found that there are a wide variety of products listed as “Antarctic Man”, including home textiles, fabrics, clothing, food, household appliances, etc. Netizens joked that “everything can be Antarctic Man”.
Chen Xin, accounting professor at Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University: If you just “Selling tags”, with such a high gross profit margin, everyone is imitating it, so where is the threshold for competition? In the market now, everyone mainly questions this point. They feel that there is no big threshold for doing this and there is no strong competitiveness. What is the reason for being able to achieve a gross profit rate as high as Moutai?
It is understood that Antarctic e-commerce launched in 2017 Acquired Time Internet, purchased traffic on social platforms through the latter, and provided Internet marketing services to many of its licensees. Anji E-commerce stated in the clarification announcement that the company’s current revenue mainly comes from two parts, namely brand licensing and Internet marketing.
Judging from the third quarter report data, brand licensing The operating income of the business accounts for less than 1/3 of the company’s overall revenue, but the gross profit margin is as high as 93%; while the Internet marketing business increases revenue without increasing profits, and the gross profit margin is less than 10%. Under such a business model structure, Antarctic e-commerce is more like an Internet company.
Tax Partner, Shanghai Jincheng Law Firm Wang Weiqing: Now everyone knows the brand “Nanjiren”, but now their understanding of the brand has begun to blur. In this case, it depends on its own strategy. If its strategy is laissez-faire, the brand will be worthless before long. All brands come from caring for feathers. If you don’t cherish your feathers, it’s not a feather, it’s called “chicken feathers everywhere”.
Antarctic e-commerce is unclear and shareholders have fled from institutions that reduced their holdings
From the beginning of 2020 By the middle of the year, Antarctic E-commerce’s stock price had doubled, and it was booming. However, after days of falling stock prices, Antarctic E-commerce’s latest market value had dropped to about 24 billion yuan, more than half of its previous high.
As of today’s close, Antarctic e-commerce closed at 9.74 yuan, down 7.06%. Although Antarctic e-commerce has successively issued “share buybacks”, investors do not recognize this. Are there any doubts about this clarification report from Antarctic E-commerce?
The following video comes from
CCTV Finance
△CCTV Finance “Zhengdian Finance” column video
Antarctic E-commerce stated in the clarification announcement that in 2018 and 2019, Antarctic E-commerce Commercial accounts receivable accounted for 21.61% and 20.21% of operating income respectively. The overall proportion is controllable and is declining year by year. However, the reporter noticed that previous doubts focused on the fact that the proportion of accounts receivable in operating income has increased and fluctuated greatly since 2014. Antarctic e-commerce’s response was just in time.
Relevant data shows that from 2014 to 2017, Antarctic e-commerce’s accounts receivable accounted for 50%, 72%, 55%, and 52% of the year’s revenue respectively.
As Antarctic E-commerce’s stock price rises, its important shareholders have reduced their holdings almost all the way. Since 2017, important shareholders, including the actual controller Zhang Yuxiang, have reduced their holdings by a total market value of nearly 3 billion yuan. Currently, 6 of the company’s top ten tradable shareholders are institutional shareholders, including social security funds, China Universal Securities Investment Funds, insurance funds, etc.
From the financial report, Antarctic e-commerce is profitable The company is in good condition and its operating cash flow is stable. However, after the backdoor listing, it has only distributed cash twice, totaling about 400 million yuan. Faced with successive stock price crashes, the company repurchased shares for the first time. However, judging from the stock price performance, the high-value repurchase plan and the support of brokerage reports are still not effective.
Gelonghui “Mine Detection Zone” researcher Chen Nanfang: Another point of doubt at the time was that Antarctic e-commerce’s performance was relatively good and the funds on its books were relatively abundant. However, it has short-term borrowings and this model does not require much capital expenditure. However, its dividend rate is relatively low. It has only distributed about 400 million in dividends since its listing, and the dividend ratio is only 11%, which is far lower than the dividends of listed companies. Guidelines for a minimum standard of 20%.
The company’s dividend guideline is a minimum standard of 20%.
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