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财气长虹
2020-09-15
$甲骨文(ORCL)$
季度报告谁看得懂
财气长虹
2020-08-24
这么低的成交量，都疯了
财气长虹
2020-08-20
$蔚来(NIO)$
每次一出利好就要大跌，真是醉了
财气长虹
2020-08-17
$西方石油认购证2027/08/23 22.0(OXY.WS)$
妈的，等开通就跌完了
财气长虹
2020-07-13
$微美全息(WIMI)$
怎么不动了
财气长虹
2020-07-13
$蔚来(NIO)$
上在
财气长虹
2020-06-03
什么垃圾，不停发造假，股价不停涨，这是嘲讽的吗
抱歉，原内容已删除
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href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>上在","text":"$蔚来(NIO)$上在","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/943643745","isVote":1,"tweetType":1,"viewCount":708,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":958181147,"gmtCreate":1591193550589,"gmtModify":1704194764205,"author":{"id":"3547624549291902","authorId":"3547624549291902","name":"财气长虹","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"什么垃圾，不停发造假，股价不停涨，这是嘲讽的吗","listText":"什么垃圾，不停发造假，股价不停涨，这是嘲讽的吗","text":"什么垃圾，不停发造假，股价不停涨，这是嘲讽的吗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/958181147","repostId":"2039226501","repostType":2,"repost":{"id":"2039226501","pubTimestamp":1590761499,"share":"https://www.laohu8.com/m/news/2039226501?lang=&edition=full","pubTime":"2020-05-29 22:11","market":"us","language":"zh","title":"瑞幸是如何造假的：抵用券漫天飞舞，陆正耀关系网布局","url":"https://stock-news.laohu8.com/highlight/detail?id=2039226501","media":"华尔街见闻","summary":"如果没有浑水公司这位半路杀出的程咬金，瑞幸咖啡资本骗局的子弹或许还要再飞一会儿。瑞幸自创立后一直以惊人的速度增长，2018年1月正式开始运营后，仅12个月就开了2370家店，新开店速度甚至超过星巴克。","content":"<html><body><article><p>如果没有浑水公司这位半路杀出的程咬金，<a href=\"https://laohu8.com/S/LK\">瑞幸咖啡</a>资本骗局的子弹或许还要再飞一会儿。</p><p>瑞幸自创立后一直以惊人的速度增长，2018年1月正式开始运营后，仅12个月就开了2370家店，新开店速度甚至超过<a href=\"https://laohu8.com/S/SBUX\">星巴克</a>。成立仅18个月，就神话般地在美股纳斯达克上市，8个月后市值便翻番，达到120亿美元，令美国多家投资者既震惊又满意。</p><p>然而一切终止在愚人节的后一天。4月2日，也就是浑水长达89页的做空报告公开两个月后，美股上市了快一年的瑞幸咖啡竟一改之前对财务造假坚决否认的态度，向美国证券交易委员会提交文件，承认在2019年二至四季度期间凭空虚增了22亿人民币交易额，自曝了。</p><p>资本神话戛然而止。消息一出，其股价出发多次熔断，一夜之间暴跌了75%。</p><img src=\"http://inews.gtimg.com/newsapp_match/0/11837496666/0\"/><p>如今一些高管被董事局炒了鱿鱼，纳斯达克交易所称对其作出摘牌决定，一时间人去楼空。</p><p>回顾浑水的做空报告，分别论证了瑞幸伪造财务和运营数据，以及其商业模式存在固有的缺陷；事件爆发后，调查人员也持续深入调查了瑞幸的财务数据。但是，22亿元，这个几乎相当于瑞幸一个季度营收的数字究竟是如何被吹起来，又是如何瞒天过海的，一直没有人给出确切的说法。</p><p>如今，一些内幕终于浮出水面。</p><p>我们看到，在瑞幸登陆纳斯达克前一年，这场骗局就已经浩浩荡荡地开始了。</p><p>漫天的抵用券</p><p>《华尔街日报》披露了最新掌握的内部文件和公开记录显示，漫天飞舞的抵用券是瑞幸绝佳的挡箭牌。</p><p>文件显示，IPO前一个月，瑞幸的部分员工就开始通过设计虚假交易来提振销售数据。这些员工使用手机号注册个人账户，购买了数量极大的咖啡抵用券。知情人士透露，高达2到3亿元人民币(合2800万至4200万美元)的销售额是以这种方式捏造的。</p><p>瑞幸不久发现，这一招用在企业身上似乎更为高效。</p><p>根据《华尔街日报》获得的内部记录，2019年5月底，一项面向企业客户批量销售咖啡代金券的新业务，开始接到大量不断涌入的订单。</p><p>记录显示，瑞幸除了向包括航空公司、银行在内的少数固定客户进行真实的代金券销售之外，其余大量代金券的买家是一些不知名公司，散落在中国各地城市。这些公司反复、批量购买代金券，且金额巨大。</p><p>有时，瑞幸甚至在夜间时段接到大量订单。</p><p>据分析，2019年瑞幸通过类似的方式出售了巨额的代金券，借此，瑞幸咖啡得以录入超过15亿元（约合2.1亿美元）的公司销售额，远超同期真实销售情况。</p><img src=\"http://inews.gtimg.com/newsapp_match/0/11837496667/0\"/><p>除了虚增订单外，瑞幸还虚增了付款记录——另一个被瑞幸发掘可以用来做手脚的地方在原材料付款。其他内部文件显示，近来审查瑞幸系统的中国监管机构发现，逾10亿元（约合1.4亿美元）的供应商付款存在问题。</p><p>根据记录，这1.4美元的付款是由一名叫梁惠的采购员工经办的，向其记录中所列的十几家公司支付款项，这些公司为瑞幸提供原材料，以及配送和人力资源等服务。但知情人士透露，包括这一员工在内的所有这些数据都是虚构的，其中记录的很多公司甚至直到2019年4、5月才注册成立。</p><p>据悉，这些付款是经过瑞幸首席执行官钱治亚批准的，有时她还主动过问付款流程的进展。而当时，首席财务官Reinout Schakel并没有管理瑞幸的财务和资金部门，因而这些款项绕过了他。Schakel对此不予置评。</p><p>陆正耀的关系网</p><p>事实上，如果查看一下购买代金券的公司和其他重复收到供应商付款的公司的登记记录，就会发现很多公司都与瑞幸、陆正耀或陆正耀之前创建的<a href=\"https://laohu8.com/S/00699\">神州租车</a>、神州优车公司存在关联。</p><p>作为瑞幸咖啡的董事长和最大的股东，陆正耀也是神州系的总操盘手，瑞幸咖啡的高管包括CEO钱治亚、CMO杨飞等都来自神州系。瑞幸咖啡是陆正耀治下神州系的重要一员。</p><p>从试运营到登陆新三板，神州优车前后只用了18个月，但却收获了400多亿元的市值，后又通过收购不断做大资产规模。瑞幸的砸钱、营销的方法论就是自神州系承袭而来。</p><img src=\"http://inews.gtimg.com/newsapp_match/0/11837496668/0\"/><p>不仅如此，神州系为瑞幸的资本骗局积累了大量关系网。</p><p>内部文件显示，进行虚假交易的公司中，有一些是陆正耀亲戚朋友的公司，另有一些原本就是神州租车或神州优车的分公司，办公地址和联系电话都一样，有一个电子邮箱地址还是瑞幸自己的。</p><p>比如，中国山东省一家名为“青岛志炫商务咨询有限公司”的企业，仅一笔订单就购买了价值96万元的瑞幸代金券。去年5月至11月，仅这一家公司，类似规模的购买就进行了逾100次。</p><p>而中国内地和中国香港的公司登记记录显示，这家公司与陆正耀的一个亲戚、神州优车的一位高管，以及瑞幸的一位高管存在着千丝万缕的联系，其电话和邮箱也与神舟优车的一家分支机构相同。</p><p>又如，一家名为“达特英菲（北京）数据科技发展有限公司”的企业，经常大量购买瑞幸的咖啡代金券。这家公司与神州优车的一家分公司，以及神州优车的前身共用同一个电话号码。而另一家名为“征者国际贸易（厦门）有限公司”的买主，是瑞幸原材料供应商。</p><img src=\"http://inews.gtimg.com/newsapp_match/0/11837496671/0\"/><p>就这样如法炮制，瑞幸咖啡向与陆正耀有关联的企业出售的代金券，累计可以兑换数千万杯咖啡，将其账面营业收入推高到远超实际收入的水平。</p><p>可疑的财务报表</p><p>事实上，22亿元的巨额虚增在财报之中已可初见端倪。</p><p>从历史财报看，瑞幸没有一个季度产生过正向的经营现金流；而且，投资现金流在大部分情况下也是巨额的负数。公司几乎完全依靠外部融资去填补窟窿，2018年至2019年三季度的融资额大约95亿元。</p><p>但如果瑞幸对此还能讲故事，称自己是在暂时牺牲现金流以寻求大规模的扩张，那么其单店收入数据、尤其是存货数据，却是无可抵赖的财务造假证据。</p><p>有分析人士将其披露的单店营收状况与星巴克做了比较。星巴克亚太区的单店收入约为每季度99万元，波动不大。2019三季度，瑞幸咖啡公布的单店收入约是星巴克的42%，根据产品价格计算，这意味着瑞幸咖啡的单店商品销售杯数须达到星巴克的1.2倍。然而，从其远低于星巴克的门店面积来看，这几乎是不可能的事。</p><p>此外，分析人士称，作为一家零售企业，存货对于瑞幸咖啡来说是非常重要的指标。2019二季度，公司收入环比增长90%，存货却仅上涨了23%；更匪夷所思的是，2019三季度，公司收入环比增长了70%，存货总量反而下降了！公司存货周转天数也从2019年一季度的55天下跌到了三季度的28天。</p><p>一家零售公司要做到在季度收入环比翻倍增长的情况下，库存几乎没有增长；或是门店数量不断扩张、商品品类不断增加的情况下，库存天数反而下降一半，几乎是天方夜谭。</p><p>知情人士透露，美国证券交易委员会是调查瑞幸的机构之一。今年4月，该机构再次就投资中国和其它新兴市场企业的风险发出警告。中国最高工商监管机构国家市场监管总局则对瑞幸在厦门的总部进行了突击检查，并记录在案。</p><p>日前，瑞幸于5月11日解除了首席执行官钱治亚和首席运营官刘剑的职务，另有六名员工被停职或休假。5月20日，陆正耀在一份公开声明表示了歉意。</p><p>尽管在该声明发布前，纳斯达克就表示已作出瑞幸咖啡应被摘牌的决定，上周还是允许其美国存托股票(ADR)在停牌6周后恢复交易。复牌后该股持续暴跌，截至周四收于2.06美元，远低于1月的50美元。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n瑞幸是如何造假的：抵用券漫天飞舞，陆正耀关系网布局\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-05-29 22:11 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202005301010377b0b7d2b&s=b><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>如果没有浑水公司这位半路杀出的程咬金，瑞幸咖啡资本骗局的子弹或许还要再飞一会儿。瑞幸自创立后一直以惊人的速度增长，2018年1月正式开始运营后，仅12个月就开了2370家店，新开店速度甚至超过星巴克。成立仅18个月，就神话般地在美股纳斯达克上市，8个月后市值便翻番，达到120亿美元，令美国多家投资者既震惊又满意。然而一切终止在愚人节的后一天。4月2日，也就是浑水长达89页的做空报告公开两个月后，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202005301010377b0b7d2b&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a9c33d568670903493bfffd7f24eb14e","relate_stocks":{},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202005301010377b0b7d2b&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2039226501","content_text":"如果没有浑水公司这位半路杀出的程咬金，瑞幸咖啡资本骗局的子弹或许还要再飞一会儿。瑞幸自创立后一直以惊人的速度增长，2018年1月正式开始运营后，仅12个月就开了2370家店，新开店速度甚至超过星巴克。成立仅18个月，就神话般地在美股纳斯达克上市，8个月后市值便翻番，达到120亿美元，令美国多家投资者既震惊又满意。然而一切终止在愚人节的后一天。4月2日，也就是浑水长达89页的做空报告公开两个月后，美股上市了快一年的瑞幸咖啡竟一改之前对财务造假坚决否认的态度，向美国证券交易委员会提交文件，承认在2019年二至四季度期间凭空虚增了22亿人民币交易额，自曝了。资本神话戛然而止。消息一出，其股价出发多次熔断，一夜之间暴跌了75%。如今一些高管被董事局炒了鱿鱼，纳斯达克交易所称对其作出摘牌决定，一时间人去楼空。回顾浑水的做空报告，分别论证了瑞幸伪造财务和运营数据，以及其商业模式存在固有的缺陷；事件爆发后，调查人员也持续深入调查了瑞幸的财务数据。但是，22亿元，这个几乎相当于瑞幸一个季度营收的数字究竟是如何被吹起来，又是如何瞒天过海的，一直没有人给出确切的说法。如今，一些内幕终于浮出水面。我们看到，在瑞幸登陆纳斯达克前一年，这场骗局就已经浩浩荡荡地开始了。漫天的抵用券《华尔街日报》披露了最新掌握的内部文件和公开记录显示，漫天飞舞的抵用券是瑞幸绝佳的挡箭牌。文件显示，IPO前一个月，瑞幸的部分员工就开始通过设计虚假交易来提振销售数据。这些员工使用手机号注册个人账户，购买了数量极大的咖啡抵用券。知情人士透露，高达2到3亿元人民币(合2800万至4200万美元)的销售额是以这种方式捏造的。瑞幸不久发现，这一招用在企业身上似乎更为高效。根据《华尔街日报》获得的内部记录，2019年5月底，一项面向企业客户批量销售咖啡代金券的新业务，开始接到大量不断涌入的订单。记录显示，瑞幸除了向包括航空公司、银行在内的少数固定客户进行真实的代金券销售之外，其余大量代金券的买家是一些不知名公司，散落在中国各地城市。这些公司反复、批量购买代金券，且金额巨大。有时，瑞幸甚至在夜间时段接到大量订单。据分析，2019年瑞幸通过类似的方式出售了巨额的代金券，借此，瑞幸咖啡得以录入超过15亿元（约合2.1亿美元）的公司销售额，远超同期真实销售情况。除了虚增订单外，瑞幸还虚增了付款记录——另一个被瑞幸发掘可以用来做手脚的地方在原材料付款。其他内部文件显示，近来审查瑞幸系统的中国监管机构发现，逾10亿元（约合1.4亿美元）的供应商付款存在问题。根据记录，这1.4美元的付款是由一名叫梁惠的采购员工经办的，向其记录中所列的十几家公司支付款项，这些公司为瑞幸提供原材料，以及配送和人力资源等服务。但知情人士透露，包括这一员工在内的所有这些数据都是虚构的，其中记录的很多公司甚至直到2019年4、5月才注册成立。据悉，这些付款是经过瑞幸首席执行官钱治亚批准的，有时她还主动过问付款流程的进展。而当时，首席财务官Reinout Schakel并没有管理瑞幸的财务和资金部门，因而这些款项绕过了他。Schakel对此不予置评。陆正耀的关系网事实上，如果查看一下购买代金券的公司和其他重复收到供应商付款的公司的登记记录，就会发现很多公司都与瑞幸、陆正耀或陆正耀之前创建的神州租车、神州优车公司存在关联。作为瑞幸咖啡的董事长和最大的股东，陆正耀也是神州系的总操盘手，瑞幸咖啡的高管包括CEO钱治亚、CMO杨飞等都来自神州系。瑞幸咖啡是陆正耀治下神州系的重要一员。从试运营到登陆新三板，神州优车前后只用了18个月，但却收获了400多亿元的市值，后又通过收购不断做大资产规模。瑞幸的砸钱、营销的方法论就是自神州系承袭而来。不仅如此，神州系为瑞幸的资本骗局积累了大量关系网。内部文件显示，进行虚假交易的公司中，有一些是陆正耀亲戚朋友的公司，另有一些原本就是神州租车或神州优车的分公司，办公地址和联系电话都一样，有一个电子邮箱地址还是瑞幸自己的。比如，中国山东省一家名为“青岛志炫商务咨询有限公司”的企业，仅一笔订单就购买了价值96万元的瑞幸代金券。去年5月至11月，仅这一家公司，类似规模的购买就进行了逾100次。而中国内地和中国香港的公司登记记录显示，这家公司与陆正耀的一个亲戚、神州优车的一位高管，以及瑞幸的一位高管存在着千丝万缕的联系，其电话和邮箱也与神舟优车的一家分支机构相同。又如，一家名为“达特英菲（北京）数据科技发展有限公司”的企业，经常大量购买瑞幸的咖啡代金券。这家公司与神州优车的一家分公司，以及神州优车的前身共用同一个电话号码。而另一家名为“征者国际贸易（厦门）有限公司”的买主，是瑞幸原材料供应商。就这样如法炮制，瑞幸咖啡向与陆正耀有关联的企业出售的代金券，累计可以兑换数千万杯咖啡，将其账面营业收入推高到远超实际收入的水平。可疑的财务报表事实上，22亿元的巨额虚增在财报之中已可初见端倪。从历史财报看，瑞幸没有一个季度产生过正向的经营现金流；而且，投资现金流在大部分情况下也是巨额的负数。公司几乎完全依靠外部融资去填补窟窿，2018年至2019年三季度的融资额大约95亿元。但如果瑞幸对此还能讲故事，称自己是在暂时牺牲现金流以寻求大规模的扩张，那么其单店收入数据、尤其是存货数据，却是无可抵赖的财务造假证据。有分析人士将其披露的单店营收状况与星巴克做了比较。星巴克亚太区的单店收入约为每季度99万元，波动不大。2019三季度，瑞幸咖啡公布的单店收入约是星巴克的42%，根据产品价格计算，这意味着瑞幸咖啡的单店商品销售杯数须达到星巴克的1.2倍。然而，从其远低于星巴克的门店面积来看，这几乎是不可能的事。此外，分析人士称，作为一家零售企业，存货对于瑞幸咖啡来说是非常重要的指标。2019二季度，公司收入环比增长90%，存货却仅上涨了23%；更匪夷所思的是，2019三季度，公司收入环比增长了70%，存货总量反而下降了！公司存货周转天数也从2019年一季度的55天下跌到了三季度的28天。一家零售公司要做到在季度收入环比翻倍增长的情况下，库存几乎没有增长；或是门店数量不断扩张、商品品类不断增加的情况下，库存天数反而下降一半，几乎是天方夜谭。知情人士透露，美国证券交易委员会是调查瑞幸的机构之一。今年4月，该机构再次就投资中国和其它新兴市场企业的风险发出警告。中国最高工商监管机构国家市场监管总局则对瑞幸在厦门的总部进行了突击检查，并记录在案。日前，瑞幸于5月11日解除了首席执行官钱治亚和首席运营官刘剑的职务，另有六名员工被停职或休假。5月20日，陆正耀在一份公开声明表示了歉意。尽管在该声明发布前，纳斯达克就表示已作出瑞幸咖啡应被摘牌的决定，上周还是允许其美国存托股票(ADR)在停牌6周后恢复交易。复牌后该股持续暴跌，截至周四收于2.06美元，远低于1月的50美元。","news_type":1},"isVote":1,"tweetType":1,"viewCount":937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}
