Hartman face industry: Accounts receivable exposed mystery is questioned falsely increase profits

is known as a-share "noodle King" Hartman face Industry (002661, Stock bar) (002661) recently issued a semi-annual report, it is worth noting that in the beautiful performance behind the accounts receivable has increased substantially, relative to the same period last year up to 76%, the industry questioned it does not rule out the false increase in profits suspicion, At the same time, the related transaction involved many family members also let the noodles for the main business of the listed companies is incredible. The mystery of accounts receivable according to the Hartman surface industry recently released semi-annual report data, January-June Hartman face industry to achieve business income of 562 million yuan, 18.67% year-on-year, to achieve net profit of 41.5691 million yuan, increased by 9.17%. However, it is noteworthy that in the main report of the data show that the company's accounts receivable from the beginning of the 52.1582 million Yuan surged to 97.5433 million yuan, growth of up to 87.01%, and from the same period last year, 55.38 million yuan accounts receivable compared to up to 76% of the growth, the gap is equally disparity, The explanation given by the company is that with the rapid increase of sales revenue, considering Changsha project will be completed and put into production, in order to seize market share, as well as the development of weak regional market, the company increased the support of customers, appropriate relaxation. However, the "stock market dynamic Analysis" weekly reporter noted that from the financial data and the top five customers in the case of doubtful, first from the financial data to see the company's sales revenue year-on-year growth rate of 18.67%, this data and 76% of accounts receivable growth is far from the difference, And the big jump in accounts receivable is entirely attributable to the increase in sales revenue is hard to convince. Second, from the company's top five customers in terms of revenue, the first half of the company from the top five customers of the sales revenue are more than 5 million yuan, and the above customers appear in the top five accounts receivable is understandable, but the reporter noted that a name called "Hunan Qingfeng Food Co., Ltd." to 4.05 million of the accounts receivable ranked among them, Reporter noted that The company at the same time 4.5582 million yuan in the 2012.5 Annual report of the top five Hartman face industry customers, the corresponding accounts receivable amount is less than 1.5053 million yuan (table 1), which means that in the first half of this year, the company's operating income has not increased significantly, the company's accounts receivable surge, up to 170 year-on-year increase %, it is inconceivable. There are also analysts think that in the revenue did not increase significantly at the same time, accounts receivable significantly increased, do not exclude the company has inflated profits suspicion. It's quite odd that the associated transaction is worth mentioning, in the semi-annual report we also noted that in the major related transactions involving six major parties, in addition to Yueyang Printing Co., Ltd., the other 5 objects are natural persons, the relevant column companies have pointed out "with the company's key management staff close to family members", The specific transaction content is to the above sales of dried noodles, involving the amount of up to 6.9605 million yuan, in other words, the company through the first half of the above "with the company management has a close relationship" of natural persons sales of dried noodles amount to 6.9605 million yuan, andThe company's top five customers, or even three of the contribution of sales than the above natural person sales and, it seems quite strange. In fact, since the listing of the Hartman face industry has been criticized, the company's ownership structure does not have the figure of strategic investors, in addition to a few managers, exclusively are the company's founder Chen Keming "Connections." According to the semi-annual report, the Chen Keming family still holds 60.51 million shares, some industry veteran personage pointed out, a listed company's equity is too concentrated is unimaginable, especially a family control almost hundred shares, such a company after listing is difficult to protect the interests of small investors. At the same time, it is difficult to ensure that the company's financial, personnel, related transactions and other aspects of information disclosure of transparency and impartiality. How far can the noodle king still rely on the traditional family management after listing? The pledge of equity of large shareholder has caused concern in fact, has been the focus has been regarded as the key to the success of Hartman face industry, but this and semi-annual report, the large shareholder 42 million pledge also triggered a variety of market "flour" concerns, investors said "based on the experience of the 20 age, Those big shareholder pledge company stake in large scale, no one finally hospice, finally developed to occupy the listed company funds, and finally St and bankruptcy reorganization, would you like to learn from these examples? "In fact, investors such worries are not alarmist, as some listed companies quickly expand the large shareholder, listed companies have repeatedly become its financing tools, for its development constantly" blood transfusion. Usually, the pledge behavior is regarded as a normal business behavior of the big shareholder, has no direct connection with the listed company itself. However, if the shareholders can not repay the debt on schedule, it is possible to change into a frozen or even auctioned, so that the listed companies have a control over the transfer of a series of effects. "Some analysts said to reporters. It is noteworthy that after the semi-annual report, investors choose to vote with their feet, the two-tier market Hartman industry share prices fell sharply for several days, as of September 2, the share price fell by 8.61%.