【重点研报】浑水做空化妆品公司ElfBeauty（英）-2024.pptx

e.l.f.Beauty,Inc.ARevenueandInventoryMysteryImagecreatedbyChatGPT4oMUDDYWATERSRESEARCH1

Asofthetimeanddateofthisreport,MuddyWaters(definedbelow)isshortthesecuritiesof,orderivativeslinkedto,e.l.f.Beauty,Inc.(the“CoveredIssuer”).Uponpublication,weintendtobegincoveringasubstantialmajority–possiblyall–ofourshortpositions.Asweelaboratebelow,ourriskreductionisnotareflectionofalackofconvictioninouropinionsorthefactspresented;rather,ithastodowithmanagingriskinamannerthatisprudentforafiduciaryofourinvestors’money.MUDDYWATERSRESEARCH2ThisreporthasbeenpublishedbyMuddyWaters,LLC(“MuddyWatersResearch”or“we”or“us”).MuddyWatersResearchisundercommoncontrolandaffiliatedwithMuddyWatersCapitalLLC(“MuddyWatersCapital”).MuddyWatersResearchisanonlineresearchpublicationthatproducesduediligence-basedreportsonpubliclytradedsecurities,andMuddyWatersCapitalLLCisaninvestmentadviserregisteredwiththeU.S.SecuritiesandExchangeCommission.ThispresentationisthepropertyofMuddyWatersResearch.MuddyWatersResearchandMuddyWatersCapital,collectivelytheirrespectiveaffiliatesandrelatedparties,including,butnotlimitedtoanyprincipals,officers,directors,employees,members,clients,investors,consultantsandagents,arereferredhereintoas“MuddyWaters”.MuddyWaterswillcontinuetransactinginthesecuritiesofCoveredIssuerforanindefiniteperiodafterthisreportontheCoveredIssuer,andwemaybenetshort,netlongorflatpositionsintheCoveredIssuer’ssecuritiesaftertheinitialpublicationofthisreport,regardlessofourinitialpositionandviewsherein.Wearea“forprofit”journalisticorganizationwithanon-traditionalrevenuemodel–ratherthanacceptingadvertisingmoneyorsubscriptions,wefinanceourjournalismthroughtakingpositionsinthesecuritiesofcompaniesonwhichwerepor