Kimberly-Unilever development spending strange big increase whitewash performance

Bai Li Lian (002601. SZ) Development spending is a big increase in the doubt because the main business slump whitewash performance. Earnings show that the first half of the company's development expenditure capitalization amount of 4.701 million yuan, the current period of development expenditure accounted for the current research and development projects, the proportion of total expenditure of 20.88%. It is noteworthy that the company has not implemented the development expenditure capitalization policy, why suddenly implemented it? A financial person said, "Enterprises in the development phase of the recognition of the expenditure of a strong subjective, if the development phase of research and development project expenditure capitalization and less cost, you can achieve the purpose of manipulating profits." "Analysts in the" Apple than Apple, then make investment decision, "the article pointed out that development spending capitalization exaggerated enterprise assets, net profit. The company's net profit of 1.5757 million yuan in the first half, according to the calculation, development expenditure capitalization amount accounted for the current net profit ratio of 340%. The company will lose money in the first half of the year if it excludes the contribution of development spending capitalization to performance. The company's main titanium dioxide products, the reporting period, by the international economic situation continued to weaken, domestic economic growth slowed down, and other factors, domestic titanium dioxide market is still in a weak situation, the price continues to slump, the company's revenue and profits both fell sharply. The first half of the income of the 79.0037 million yuan, down 30.29%, net profit of 1.5757 million yuan, down 98.98% year-on-year.