輝山乳業 Muddy waters

•

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T.C. Forrest Cheng

Muddy waters on 輝山

Business

公司簡介
• 公司名稱：中國輝山乳業控股有限公司
成立時間：2011年
• 董事長：楊凱
• 主業：牧草種植、飼料加工、奶牛飼養繁育
• 2016 年 Muddy Waters 指控其財報不實
• → 2019 年遭港交所取消上市

存在財務
詐欺行為
01
誇大農場的
資本支出
02
董事長盜竊
公司資產
03
財務面瑕疵
04

欺騙性地膨脹了毛利潤和報告利潤:
輝山指出:自2014年起，該公司報告了欺詐性利潤，
主要基於它謊稱在生產苜蓿(Alfalfa)(飼料的一種)
基本上是自給自足的。
• 為干草的三大主要成分之一
• 常用於田地耕作的肥料
苜蓿對於酪農業的重要性:
存在財務
詐欺行為

輝山公告稱，集團於過去三個財年內每年
向外部供貨商購買約1萬噸苜蓿草，主要
用以補充本集團種植場每年收割前飼料供。
渾水則表示:其調查有來自自身調查員、媒
體、甚至是農場的訪問，可信度較高。
存在財務
詐欺行為

誇大農場的
資本支出
沉陽市郊區一個建設初期的農場
的建築工人證實了對實際建築成本的
估計。辦公室，宿舍、牛棚、生產設
施等，根據工人的項目知識，不包括
土地和擠奶設備的建設成本將運行
3000萬元人民幣。即使再增加2000
萬元人民幣或更多用於額外的乳製品
與生產相關的設備，預計建設成本約
為輝山報告的平均支出 8900 萬元人
民幣的估計的一半。

• 雖然輝山透過各式各樣的工具嘗試
挽回頹勢，終究無法填補資金缺口!
困境成因應對方法
短期債務即
將到期
現金池乾涸販賣公司資產，
嘗試獲取降貸
投資計畫延
宕
現金池乾涸，
以及未知停擺
先將工程地放
置處理
現金流獲取
能力降低
國內降格下降，
和公司獲利減
少
嘗試吸引新投
資人，還有分
銷業務
財務面瑕疵

困境成因
庫存危機大量的奶粉庫存
不合邏輯的
資產帳
除了將賣不掉的牛奶轉成庫存外，還
購入了大量的原材料
公允價值損失
巨大
盈利能力下降
財務面瑕疵

掮客買賣對股東權益沒有助益
總和前面幾項的指控，輝山的股份的確沒有價值
輝山從2015年之後的表現都十分差勁，渾水研究表明
績效表現中有詐欺行為的指控有很高機率是真實的

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