百圆裤业产品离奇消失,廉价高管怪象（Hundred round pants industry products strange disappearance of cheap Guaixiang executives）.doc

百圆裤业产品离奇消失,廉价高管怪象（Hundred round pants industry products strange disappearance of cheap Guaixiang executives） The prospectus and the first Shanxi hundred round pants industry chain for Limited by Share Ltd in September 16th by the Securities Regulatory Commission audit, although saddled with pressure over reliance on the business model to join the channel, but it is undeniable that the ingenious arrangement of ownership structure, promote key franchisee to become shareholders of the company through capital ties will be independent the sales channel integration in order to protect the interests of the community, the most recent three years, revenue CAGR of 37.77%, net profit attributable to shareholders of the parent compound growth rate is as high as 43.79%. But the performance seems beautiful but unable to hide the serious contradictions in financial data, huge purchases during the looming bizarre disappear, for profit manipulation through labor costs, and inconsistent terminal sales and other issues of particular concern. Bizarre vanishing inventory All products hundred round pants industry adopt outsourcing processing mode, the company did not produce business, so the settlement and cost accounting is also very simple, included in the inventory merchandise inventory to procurement outsourcing processors pants is transferred to the cost in stores or franchisees confirm to sell. This means that the total amount of the companys annual purchases should equal the amount of operating costs incurred in the annual profit statement, plus the net increase in the inventory - inventory items in the balance sheet. However, this remarkable financial logic has failed to be reflected in the financial data of the 100 pants industry. According to the prospectus purchase part of the information disclosure, the first half of 2011 from five suppliers in total purchase amount is 62 million 642 thousand and 500 yuan, accounting for 56.74% of the total amount of all purchases, it is not