蔚来遭海外机构做空，被指与瑞幸造假案关键人物多有瓜葛

华尔街见闻2022-06-29

摘要：Grizzly Research报告称，蔚来利用成立的武汉蔚能电池公司为其创造数十亿美元营收，2021财年蔚来优于预期的盈利中，至少60%由蔚能贡献；李斌和瑞幸“金三角”之一刘二海关系密切，刘在李斌控制的易车长期任董事，刘曾投资蔚来及摩拜。一份海外机构的做空报告将蔚来汽车和2015年爆出会计丑闻的加拿大制药企业Valeant，以及两年前披露财务造假的瑞幸咖啡联系在一起。上述报告发布当天，周二...

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精彩评论

KR好孩子
2022-06-29
KR好孩子
刘二海被陆正耀架空了，瑞幸造的假他也不知道，这jb也能扯一块去，怎么不说李斌喝了瑞幸咖啡，吃了康美的药呢
眼猫
2022-06-29
眼猫
https://grizzlyreports.com/we-believe-nio-plays-valeant-esque-accounting-games-to-inflate-revenue-and-boost-net-income-margins-to-meet-targets/他们的做空报告有兴趣的小伙伴可以看一下
- 巴菲特_2393:
  阅
- 张建飞zjf:
  阅
- 物农启梦:
  好
静舒
2022-06-29
静舒
让子弹飞一会
老山古
2022-06-29
老山古
要是A股有这样的机构多好啊，那些造假公司就不会那么嚣张了。
零点来一瓶西北狼
2022-06-29
零点来一瓶西北狼
传销式的营销
CN658888
2022-06-29
CN658888
一个沙雕机构。
- 马老板啊:
  有证据咋没发出来，通篇全是猜测
- 老山古:
  人家手里总是有了足够的证据才会出报告吧，谁傻还不知道呢。

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Research报告称，蔚来利用成立的武汉蔚能电池公司为其创造数十亿美元营收，2021财年蔚来优于预期的盈利中，至少60%由蔚能贡献；李斌和瑞幸“金三角”之一刘二海关系密切，刘在李斌控制的易车长期任董事，刘曾投资蔚来及摩拜。一份海外机构的做空报告将蔚来汽车和2015年爆出会计丑闻的加拿大制药企业Valeant，以及两年前披露财务造假的瑞幸咖啡联系在一起。上述报告发布当天，周二蔚来美股低开2.6%，盘初转涨，早盘刷新日高时涨近2.2%，开盘约一小时后又转跌，刷新日低时日内跌逾4%，最终收跌近2.6%。另外两家中概造车新势力——小鹏汽车和理想汽车均收跌逾5%。蔚来利用武汉蔚能夸大收入和盈利能力6月28日周二，做空机构Grizzly Research发布报告，题为“我们认为蔚来汽车在用Valeant那样的财会游戏，通过夸大收入和提高净利润率达到目标”。Grizzly报告开篇就指出，和Veleant当年利用帮助成立的药房Philidor夸大业绩一样，蔚来可能利用一家未纳入合并报表的关联方夸大收入和盈利能力。正是因为觉得蔚来拥有强劲的业绩，散户投资者才追捧蔚来，让它的股价自2020年以来累涨450%，成为中国市值最高的电动汽车企业之一。报告认为，上述未被并表的关联方就是由蔚来成立的武汉蔚能电池资产有限公司。该公司帮助蔚来持续实现高增长和盈利预期，已经为蔚来创造了数十亿美元的营业收入。就像Philidor当年帮助Valeant习惯性地捏造数据一样，自武汉蔚能成立以来，蔚来的业绩就可疑地超出预期。报告写道：在截至2021年9月的九个月内，“蔚能将蔚来的营收和净利润分别夸大了10%和95%”，即营收和净利润分别虚增了26.17亿元人民币和17.77亿元人民币。“我们发现，2021财年（蔚来）优于预期的盈利中，有至少60%由蔚能贡献。”Grizzly Research报告展示蔚来通过向蔚能出售电池大幅虚增营收和净利润的示意图“通过将收集月度(电池即服务（BaaS）)订阅的负担转交给蔚能，蔚来加快了营收增长。蔚能允许蔚来立即确认他们销售电池的收入，并未按照订阅期（七年）确认营收。通过这种安排，我们认为，蔚来已经通过提前确认七年的收入来扩大（营收）数字。”“鉴于蔚能最近披露有1.9万用户订阅电池服务，我们怀疑，蔚能截至2021年9月30日是否真有4.0053万块电池库存。经过仔细调查，我们认为，蔚来让蔚能的电池额外增加了2.1053万块（价值11.47亿元人民币）。2021年第四季度，这个数字只会恶化，我们估算，蔚来的供应电池又虚增了多达1.52万。这种做法对蔚来的利润影响巨大。”李斌和瑞幸“金三角”之一刘二海关系密切Grizzly报告指出，蔚来董事长兼CEO李斌与愉悦资本（Joy Capital）及其创始合伙人刘二海（Erhai Liu）关系密切，而愉悦资本的刘二海是瑞幸咖啡业绩造假案的核心人物，也就是瑞幸股东“金三角”——陆正耀、李辉、刘二海中的一人。据报告整理，李斌和刘二海以及愉悦资本的密切关系表现为：刘二海自2005年以来担任汽车互联网公司易车的董事，2011年起任独立董事。易车一直由李斌控制。2019年9月，在评估易车私有化交易的特别委员会中，刘二海被任命为其中的一名独立董事。有报道称，刘二海是蔚来汽车和摩拜单车的早期投资者。蔚来资本和愉悦资本曾联合投资二手车交易服务商优信多达3.15亿美元，另一做空机构JCap曾在2019年的报告中披露优信财务造假。报告还称，李斌被誉为中国的马斯克，但他过去参与创业的企业——易车、易鑫、摩拜都经历了股价或估值暴跌，到它们被私有化或被出售时，估值远低于巅峰期水平。","kind":null,"is_publish_news":false,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":683476680,"gmtCreate":1656488270043,"gmtModify":1704864969926,"author":{"id":"3547902728544696","authorId":"3547902728544696","name":"KR好孩子","avatar":"https://static.tigerbbs.com/874fa518f2adae8d169ab502c8c2f0b7","vip":1,"hat":"https://static.tigerbbs.com/50a4c8d97279fa9f8f1fa9749a6bdff4","crmLevel":7,"crmLevelSwitch":0},"htmlText":"刘二海被陆正耀架空了，瑞幸造的假他也不知道，这jb也能扯一块去，怎么不说李斌喝了瑞幸咖啡，吃了康美的药呢","listText":"刘二海被陆正耀架空了，瑞幸造的假他也不知道，这jb也能扯一块去，怎么不说李斌喝了瑞幸咖啡，吃了康美的药呢","text":"刘二海被陆正耀架空了，瑞幸造的假他也不知道，这jb也能扯一块去，怎么不说李斌喝了瑞幸咖啡，吃了康美的药呢","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/683476680","repostId":1193492822,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":683452649,"gmtCreate":1656481074282,"gmtModify":1704864937463,"author":{"id":"3521113677920510","authorId":"3521113677920510","name":"眼猫","avatar":"https://static.tigerbbs.com/dc35f08069b685fd20cf366388c2af15","vip":1,"crmLevel":2,"crmLevelSwitch":1},"htmlText":"https://grizzlyreports.com/we-believe-nio-plays-valeant-esque-accounting-games-to-inflate-revenue-and-boost-net-income-margins-to-meet-targets/他们的做空报告有兴趣的小伙伴可以看一下","listText":"https://grizzlyreports.com/we-believe-nio-plays-valeant-esque-accounting-games-to-inflate-revenue-and-boost-net-income-margins-to-meet-targets/他们的做空报告有兴趣的小伙伴可以看一下","text":"https://grizzlyreports.com/we-believe-nio-plays-valeant-esque-accounting-games-to-inflate-revenue-and-boost-net-income-margins-to-meet-targets/他们的做空报告有兴趣的小伙伴可以看一下","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/683452649","repostId":1193492822,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":7510667,"gmtCreate":1656556925860,"gmtModify":1656556926556,"authorId":3526301263652470,"author":{"id":3526301263652470,"authorId":3526301263652470,"name":"巴菲特_2393","avatar":"https://static.tigerbbs.com/9e6952a90cf96596feaa3fc9e5a52efe","vip":1,"crmLevel":2,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":683452649,"type":1,"supId":0,"prevId":0,"content":"阅","text":"阅","html":"阅"},{"id":7508950,"gmtCreate":1656485910326,"gmtModify":1656485911089,"authorId":3577172609695322,"author":{"id":3577172609695322,"authorId":3577172609695322,"name":"张建飞zjf","avatar":"https://static.tigerbbs.com/faaebe7e13517984a2cd57aa863a4ba8","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":683452649,"type":1,"supId":0,"prevId":0,"content":"阅","text":"阅","html":"阅"},{"id":7508927,"gmtCreate":1656485036282,"gmtModify":1656485037165,"authorId":3571395449296027,"author":{"id":3571395449296027,"authorId":3571395449296027,"name":"物农启梦","avatar":"https://static.tigerbbs.com/f237507a2f0c7df0cf27bd8121ad1844","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":683452649,"type":1,"supId":0,"prevId":0,"content":"好","text":"好","html":"好"}],"langContent":"CN"},{"id":683450244,"gmtCreate":1656478011889,"gmtModify":1704864927378,"author":{"id":"3549529768039029","authorId":"3549529768039029","name":"静舒","avatar":"https://static.tigerbbs.com/be82f163778bd362c55ebf9e660a2a2b","vip":1,"hat":"https://static.tigerbbs.com/e379cae6dff6a66d464cfdb7021903eb","crmLevel":4,"crmLevelSwitch":0},"htmlText":"让子弹飞一会","listText":"让子弹飞一会","text":"让子弹飞一会","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/683450244","repostId":1193492822,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":683425061,"gmtCreate":1656476549858,"gmtModify":1704864921210,"author":{"id":"3556223833274629","authorId":"3556223833274629","name":"老山古","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"要是A股有这样的机构多好啊，那些造假公司就不会那么嚣张了。","listText":"要是A股有这样的机构多好啊，那些造假公司就不会那么嚣张了。","text":"要是A股有这样的机构多好啊，那些造假公司就不会那么嚣张了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/683425061","repostId":1193492822,"repostType":2,"isVote":1,"likeStatus":false,"favorite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