Rhine Biology Clarification and relapse: Cover another lie with a lie

After nearly a week of suspension of the Rhine Biology (market, interrogation) (00216), under investor long-awaited, finally completed the 21 Blade Depth survey Report-"Rhine Biology: The Chinese stock market," Ebola "patients" clarification. 21st Century network reporter through the Rhine Bio-organisms up to 12 pages of clarification notice found that the company to the question of related questions far from the evasive, but there is a lie to cover up another important suspicion of a lie. Analysis of the change of the gross profit margin of plant extracts padding the question of 21 blades-"the company's gross profit margin is inconsistent with the trend of price changes", the Rhine Biological verification concluded that the report is not true. The core reason that the Rhine creature found the above questioning untrue was that company's products have "many varieties, many specifications," the characteristics of various varieties of large differences in gross profit, the same species because of the price of raw materials (agricultural and sideline products due to weather, pests and diseases, planting area and other reasons caused by the possibility of price changes are very large), product specifications, Changes in customer demand and other factors will result in large changes in the average gross profit margin in different fiscal years. At the same time, the company's annual sales of product structure, sales price and gross profit margin is not a simple positive proportion of the relationship, some products sales of higher average price but lower margin or lower sales average, but the higher the gross margin is normal. If the average data is calculated solely on the basis of total operating income and operating cost, the conclusions obtained will not reflect the actual situation of the company. To enhance the persuasive power of clarification, the Rhine creature also gave an analysis of the turnover of sales and gross interest rates of 10 large plant extracts in the last 3 years. Further to the company's product sales price decline, raw materials and labor costs rise, plant extracts business average gross profit margin is reasonable to explain the argument. It is the above form disclosed in the last 3 years of plant extracts gross margin change data betray the Rhine biology, once again burst the company's main business existence inside and outside two sets of accounts. 21st century Internet access to the Rhine biological Life 2011-2013 Annual report found that the company's annual report disclosed the plant extracts business average gross profit margin and the data cited in this clarification table are different degrees of difference. Rhine Biological actual disclosure of 2011--2013 plant extracts business average gross profit margin of 20.17%, 12.52%, 26.7% it is worth noting that, in clarifying 21 blade on "product sales costs carried forward at random control" question, the Rhine biological claims that the company's products with "many varieties, specifications "The characteristics of conventional varieties on up to more than 20 species, each species has a number of specifications, and the variety, the specifications of the product turnover speed, raw material procurement cycle and production cycle there are differences, while the company's annual sales volume is much larger than the stock, a year of sales costs not only by the last year inventory cost impact, More important is by the production of semi-finished products cost impact, resulting in annual sales cost composition and year-end inventory cost composition are large differences, and the 2013 as an example for detailed explanation and analysis. The above analysis table shows that the average cost of sales is 407.24 yuan/kgFor the red line, the Rhine creature's 2013-year total plant extracts are divided into products and other products with an average selling cost above 407.24 yuan/kg. However, the 21st century network based on the above tabular data on the two types of product sales gross profit estimates have found an astonishing result. Rhine Bio 2013 average sales cost of more than 407.24 yuan/kg of products and other products sales gross Profit margin comparison table note: Comparison table by the 21st century net on the basis of the Rhine Bio clarification announcement data processing and collation of the above gross margin comparison table, 2013, Rhine biological plant extracts products sales gross profit margin 100% Reached a high margin standard-sales margin of more than 20%, there is no gross profit margin of less than 20% of the production and sales varieties. At the same time, the Rhine biological plant extraction business in the past 3 years, the first 10 major products of the sales revenue ratio and the gross interest rate changes table disclosed that the company 2013 average gross profit margin of more than 20% of the sales revenue accounted for only 47.08%, so that the proportion of sales revenue of more than half of the sales What is the breed, and where are the production and sales income of those products? In the case of the Rhine creature--if it were only for all revenues, operating cost calculation of the average data, the conclusions can not reflect the actual situation of the company, financial professionals reluctantly to the 21st century network, said, "Rhine bio-financial data feel there is always something wrong, but the lack of data, can not be analyzed." "21st century network found that the Rhine biology to report questioning the most powerful defense is that the company's products have" many varieties, many specifications, "the characteristics of each year, the different varieties of gross margin difference, the same variety because of raw material prices, product specifications, customer demand and other factors change, Results in a large change in the average gross profit margin in different fiscal years. However, the Rhine bio-products in the past years of plant extraction business data are not disclosed. Some professionals suggest that the regulatory authorities should oblige the Rhine organism to make a systematic supplement to the production, sales and sales costs of plant extracts in recent years, so as to enable the public investors to fully grasp the real business situation. Now the situation is that the Rhine creature fully mastered the right to its real business, in its own context, the outside world of its doubts are necessarily and the company's actual situation does not match-believe it or not, I believe it! Capacity bottlenecks lies the truth behind the clarification of capacity bottleneck lies questioning, the Rhine creature moved out again. The product has the characteristics of "many varieties, many specifications", said that the production process of different varieties of products there are differences, unit production consumption of production hours, the number of raw materials, and other differences. Even the same variety of products, due to the need for each batch of raw material content of the effective ingredients, the customer ultimately required quality (such as the content of an active ingredient, product density, removal of impurities, etc.) will also lead to the final output of the number of products differ. It is precisely because of the diversity of plant extracts and specifications of the company, the non-standard raw materials, the production process of complexThe hybrid, with a single output index, it is difficult to reflect the company's production line is close to full load working condition. So, in the end, what should be the way to determine whether the production line is close to full load working state? The answer given by the Rhine creature is whether there is a bottleneck in the company's capacity, and the core should focus on whether the production line is fully loaded. At present, the company has the actual production line work near full load production hours of the fact, and in this state, the company still can not meet customer demand. As at the end of 2013, the company has received a backlog of orders in Cargill orders of 7.674 million U.S. dollars; In addition to Cargill, the company received orders from other customers have not yet executed orders in the amount of more than 2,600 million yuan. With the production line approaching saturation, there are still a large number of unfinished orders at the end of the year indicating that the company's capacity has reached a bottleneck. Companies need to raise capital through Non-public offerings to expand capacity to meet the needs of the company's production and operation. 21st century net further investigation found that the Rhine biological claims of "production line actual work close to full load production hours" is not true. December 10, 2011, Rhine Biological released the "on the government of the plant assets in Xing ' an notice," announced in the statement of the purpose of the transaction and the impact on the company has been clear, the current company's new Lingui plant production and operation of the current day-to-day needs, but only a little more than two years, The newly built Lingui plant has a capacity bottleneck that is in short supply? In addition, the Rhine Biology 2010-2013, production, technical personnel employment actual changes also does not support its production line actual work close to full load production hours of said. Staff changes in Rhine Bio Company note: 21st century net according to the Rhine Biological Annual report of the disclosure of the above table shows that in the end of 2010, the Rhine biological production of the number of technicians in the last four years of peak. In June this year, the Rhine Bio-IPO fund-raising investment project completed production, that is, the company is located in Guilin Lingui seedlings pond landscape Science and Technology Park, the first phase of the factory built into production. According to the prospectus, Rhine biological IPO before the production staff of 170 people, Lingui plant to be equipped with production staff of 170 people, so far, the company's production staffing is fully staffed. Interestingly, after entering the 2011, the production of the Rhine organism has been greatly reduced. In 2011, production staff plummeted to 233 from 343 people at the start of the year, with production workers reducing by 110, and in 2012, production workers continued to shrink by 26, and all production workers fell to four at the lowest point in nearly 207 years. At the same time, the company's technical staff has been significantly reduced, from the end of 2010, early 2011, 51 people reduced to 36 people, attrition rate of nearly 30%. The sharp abolition of production technicians is usually associated with a slump in industry demand, while the Rhine creature is claiming that the industry is booming and demand is in short supply, on the one hand dramatically reducing the proportion of production technicians in the company's workforce and thus ushering in its so-called capacity bottlenecks. The Rhine creature claims in its Non-public development stock plan, in July 2011,The company's stevia extract is certified by the U.S. Food and Drug Administration (FDA) Gras. In November, the company and the United States Cargill Co., Ltd. Nutrition Health Division signed a long-term exclusive of stevia extract "outsourcing processing and supply agreement." Since the company and the United States Cargill Company to establish cooperation, stevia extract has become the company's new profit growth. Affected by this, in 2012, the company's plant extraction business sales volume of 491,981 10 kg, a significant increase of 87.59% compared with 2011. However, limited by the company's capacity bottlenecks, the company's plant extraction business production capacity has been difficult to meet the long-term development needs of the company. In the 2012, the Rhine bio-production technician dropped sharply to a low of nearly four years, and its claimed production line could be close to full working hours in the event of a sharp reduction in production technicians? How many authentic ingredients are there in this production bottleneck? 2013, the Rhine bio-disclosed plant extracts yield of 482,197.5 kg, in 2012, when the bottleneck constraints of production capacity, the output of the production unexpectedly increased by 30.52%. During this year, the company's production staff increased significantly 63 people. From this point of view, the so-called capacity of the Rhine biological bottlenecks and production line actual use of work close to full load state without any connection, is the production of technical personnel fluctuations caused by employment. Even if there is a production bottleneck, it is temporary and artificial. In addition, in order to increase the firm's capacity bottlenecks, in a clarification announcement, the Rhine creature claimed that, as at the end of 2013, the company had received orders that had not yet been executed in Cargill's order amounting to $7.674 million; except Cargill, the amount of orders that the company received from other customers has not yet been executed by 2,600 Million Yuan. With the production line approaching saturation, there are still a large number of unfinished orders at the end of the year indicating that the company's capacity has reached a bottleneck. With regard to the existence of an unpaid order, a manufacturing professional said to the 21st century network, "the failure to execute an order may be related to the company's production capacity or to the time schedule for the delivery of the customer's request." The unpaid order may not be entirely a result of capacity constraints, "the professional also played a figurative analogy," the cold must be a fever, but not all the fever is a cold. "The Night of September 2, the 21st century network to a local production and sales in Guilin, the owner of the extract of the plant to verify the production and operation of the Rhine organism, very coincidentally is the company responsible for the Rhine biological situation is very familiar. "As far as I know, there should be no capacity bottlenecks," he said in a telephone call to the 21st century network. Since the listing, the Rhine's owner of Life is keen on capital operations, to engage in real estate projects investment, not to develop the main business. Now several local counterparts in Guilin developed faster than the Rhine life, the Rhine living Only Last (2013) only to show, production and sales of a little bit. "In clarifying the question of" Capacity bottlenecks Lies ", the Rhine also stressed that the company could not be accounted for separately by product solutionsCapacity, the company will be based on the actual situation of the production and management program adjustment, product structure changes will directly lead to significant changes in production. Since the product plan can not be used to account for the company's capacity situation, coupled with the production and management program will be adjusted with the actual situation and according to market demand and different product price fluctuations to determine output, that the so-called capacity bottlenecks and how the production and operation of the formation of rigid constraints? In this way, in the name of flexible adjustment of product production structure, the determination of output, the Rhine creature in the negative 21 blade "capacity bottlenecks lie" questioned, but also completely rejected its for the smooth financing and the capacity bottleneck constraints of the objective existence.