Inventory abnormal pollution continued the Asian States share report dyeing is quite interesting

According to the conventional calculation, the company's annual waste treatment fee should be around 60 million yuan, and its number is only 24.32 million yuan, a huge gap caused by environmental experts concern this year, the IPO after the trading show has been constantly, even the recent "injury listed" in the Asian State shares (market, interrogation) is no exception. September 9, the Asian state shares landed in Shanghai. As of the close, the unit has maintained a 44.02% per cent increase, and finally reported 29.51 Yuan. September 10, the Asian State shares continue to limit the return, the limelight for a moment no two. Despite the successful IPO, since 2011, the Asian state dye has put on the "injury listed" hat, many media have questioned its financial statements "dyeing" and environmental pollution problems.　　In response to this problem, the "investment times" reporter tried to call the Asian state Dye Dong Office phone, but as of press time, all failed to connect. Stock growth Truth Unknown Asian State dye is located in Changzhou, Jiangsu Province, the main business for the textile dyes and dye intermediates research and development, production, sales and related technical services. The main products are anthraquinone structure disperse dyes, VAT dyes and dye intermediates, with more than 200 varieties of dye products. From the beginning of the disclosure, the Asian state dye has been widely concerned. Yabang Dye in 2006 after the establishment of a short span of 7 years, rapidly developed into the industry's top five companies, sales are increasing year by year. According to its prospectus, in 2010, 2011 and 2012, the company's main products anthraquinone structure disperse dyes and VAT dyes in the domestic market share of 35%, ranked first. In addition, according to the data, the total assets of the Asian state dye in the last three years have increased, 2011-2013, respectively, 812 million yuan, 997 million yuan and 1.018 billion yuan. The company's total operating income for the last three years was 1.656 billion yuan, 1.605 billion yuan and 1.91 billion yuan, with a net profit of three yuan, 179 million yuan and 125 million yuan in the last 259 million years. It is noteworthy that, during the three years of the reporting period, 2011-2012 was a steady growth, but the 2013-year net profit segment, in particular, had soared, but the company's 2013 inventory was also soaring with net profits. According to the prospectus, in 2013, the stock of the Asian state dyes remained basically stable, with a 2011 inventory value of 271 million yuan and 2012 of 299 million yuan, with a growth of not more than 12%, however, the value of inventory at the end of 2013 reached 400 million yuan. Compared with the previous year, the increase was more than 33%. In addition, inventories accounted for the total assets of the proportion, also from 2011 16%, 2012 15%, one by one increased to 2013 years of 19%. In the financial statements, management said that the main reason for the 2013 inventory surge was that the 2013 Spring Festival in February, the company had to stock in advance, resulting in more inventory than in previous years. However, the company should have a corresponding approach in other years, why is it so anomalous in 2013 alone? Chemical Industry analyst Liu Nio in the investment Times reporterIn the interview, "in general, enterprises in the normal operation will take into account the supply and demand relationship between the market to avoid excessive backlog of goods or inadequate supply." So that the full flow of funds and the optimal use of the production capacity of enterprises. Even the opening of the shop is expected to clean up the inventory at the end of the year, the Asian state dye suddenly at the end of the inventory surge does appear to be somewhat unnatural. "The prospectus shows that the total operating income of the Asian States 2011-2013 is 1.656 billion yuan, 1.605 billion yuan and 1.91 billion yuan." In other words, after two years of silence, the company's operating income has been greatly stepped up. But according to the reporter understand, 2013 China's dye market in the slow recovery state, the same industry competition intensified, environmental protection and other regulatory pressure increase, dye enterprises are facing serious profit problems. But the Yabang dye increases the income at the same time, the stock also is in abnormal increase, this also proves that the Yabang dye in 2013 compared to the first two years of production should also have the astonishing growth. and management's decision to boost production and inventory growth at a slow pace in the industry has to be said to be an unwise decision. Liu Nio that "under normal circumstances, the company's sales were less effective than in previous years, or the company's mismanagement led to a backlog of goods not fast rotation is the main reason for the soaring inventory." But according to the content of the Yabang dye in the prospectus, the description of the inventory growth event does not seem to be very consistent with common sense. Today, the rise of the Asian state dye inventory is still unknown. "The problem of corporate pollution has seriously caused the outside world to think that" the injury listed "is another cause of environmental pollution. For a long time, the dye industry has been a major polluter in industrial production, and the Asian state dye is no exception. The risk in its prospectus frankly, the fuel industry belongs to the high pollution industry, its waste water has high chroma, salt content, high cod value characteristics, but also accompanied by toxic waste gas, waste residue emissions, the environment is very harmful. Disperse dyes are the most difficult in the treatment of many dyes, so the cost of treatment is high. According to the relevant data, the current operating cost of waste water treatment per ton of disperse dyes is between 750~800 yuan. The waste treatment of yabang dyes adopts industry general technology, that is to say, the operation cost of the dye per ton disperse dye wastewater is at least 750 yuan, plus the cost of treating the waste gas and waste residue, the cost of managing cost per ton disperse dye should exceed 900 yuan. But in fact it doesn't seem as easy as the Yabang dye says. Relevant media reports, as early as 2011, Asian State dyes listed Environmental Protection Department of Environmental Protection, Jiangsu Province, Jiangsu Province, the Ministry of Environmental Protection has issued a special report that the Asian state dye Changzhou Cattle Pond Factory (headquarters) surrounding residents of the environment is very sensitive, and the use of a large number of ferrous dyes propylene clear, liquid chlorine and other dangerous chemicals, environmental risk According to relevant media reports, Ngau Tong residents of Yabang Dye and its holding company of the group's environmental protection complaints for a long time, many residents said Yabang Dye factory near the smell of thick, smell of too much will produce nausea, vomiting and other adverse reactions,In addition to the Asian States Group's companies have been repeatedly chemical leakage, toxic leakage incidents, the local residents questioned the safety and environmental management of serious loopholes. According to Yabang dyes prospectus content, the company mainly engaged in anthraquinone structure disperse dyes and reducing dyes, of which anthraquinone disperse dye production accounted for more than 75% of the total production of the company. It can be calculated that only 2011 years applied to the anthraquinone structure disperse dyes part of the waste disposal fee should reach more than 60 million yuan. However, according to the statistics in the financial table, the total actual expenditure of the 2011-year environmental cost of the Asian state dye is only 24.32 million yuan. Environmental protection industry expert Zhang Qiusheng in an interview with the investment times, said, "many enterprises in order to escape the high cost of hazardous waste disposal, the choice of illegal sewage, which in the industry is nothing new." The current state policy to the environment-friendly industry support is very strong, involving harmful material emissions of enterprises are also subject to state supervision. Otherwise demolished the east wall robbing, there is no meaning. ”