Chinanews client, Beijing, January 16th (Reporter Xie Yiguan) Who would have thought that the "king of tag" Antarctic e-commerce (formerly Antarctic) also had a "mercury" time.

  Since the beginning of the year, due to the "financial fraud" storm, the former "goddess stock" Antarctic e-commerce has taken a "laxative". The stock price has fallen all the way, shrinking by more than half from its peak.

Antarctic e-commerce daily chart.

A research report triggered the "butterfly effect"

  On January 4, the first trading day of the new year, A shares welcomed a "good start", but the stock price of Antarctic e-commerce crashed and fell to the limit. On the 5th, it encountered the limit again.

  There is no obvious bad news, but two lower limits in a row, and puzzled investors are still ridiculing "Antarctic people who produce thermal underwear, but did not keep their stock prices warm", Industrial Securities released a "Earnings Management and Earnings" in 2019. The "Definition and Identification of Manipulation" report circulated on the Internet.

  In this report, the case of "XX e-commerce" is listed and six major doubts are raised, namely: very high net profit without obvious barriers, no obvious competitors, very light asset operation model, and financial data quality Poor (accounts receivable), business scale has doubled and increased while the number of employees has fallen, and suppliers and customers have a high degree of overlap.

  Because it is consistent with the situation of Antarctic e-commerce, the outside world generally believes that the "XX e-commerce" refers to the Antarctic e-commerce.

  In order to stabilize the "military spirit", Antarctic e-commerce launched a stock repurchase program on the evening of January 5.

At the institutional exchange meeting held on the same day, Zhang Yuxiang, chairman of Antarctic E-commerce, also said, "The high repurchase countermeasures against our doubts about the so-called fraud, so that investors can feel at ease."

  But the stock repurchase did not give investors a "reassurance."

On January 6 and 7, Antarctic e-commerce stocks continued to fall.

  "I started doing business in the 90s." On the evening of January 8, Zhang Yuxiang responded by calling the media, "If I study law, will I go fraud?" But netizens responded, "Fake and study law. There is no cause and effect."

  On January 12, Antarctic e-commerce once again dropped its limit. The stock price fell 62.19% from the highest point of 24.41 yuan on July 10, 2020, and the market value shrank by about 37.3 billion yuan.

  Seeing that the stock price is bleak, Antarctic e-commerce also issued a clarification announcement on media reports on the 13th.

The announcement mentioned that the recently circulating PPT questioning the company's cardiopulmonary bypass fraud has been reposted by many third-party self-media, in response to these doubts.

Screenshot of Antarctic e-commerce clarification announcement.

  After the announcement of the clarification, the stock price of Antarctic e-commerce rebounded for three consecutive days. As of the close of January 15, the stock price closed at 10.48 yuan.

However, although the stock price "stops the diarrhea", the "dark cloud" of fraud hanging over the Antarctic e-commerce has not completely disappeared.

Is the "anti-sky" data true or false?

  The reason why investors questioned the fraud of Antarctic e-commerce based on the above research report is mainly because, comparing the data from 2015 to 2017, the amount of value-added tax that Antarctic e-commerce should pay for the company in the tax perspective is much lower than that of the quarter through the financial reporting perspective. The amount of value-added tax; the top five customers and the top five suppliers are highly overlapped; the accounts receivable are too high; the business scale has doubled, the number of employees has decreased and the net interest rate is very high.

  Does Antarctic e-commerce involve inflated revenue?

In response, Antarctic e-commerce responded that the output tax rate of most operating income is 6% (attributable to the service industry), which is not the 17% output tax rate calculated from the tax perspective in the previous third-party discussion. The calculation logic is wrong.

  Regarding the obvious feature of “extracorporeal circulation fraud” which is “the top five customers and the top five suppliers are highly overlapped”, Antarctic e-commerce explained that in the industrial chain cooperation model, there is overlap between manufacturers and distributors, mostly in front of the shop and back of the shop. Factory model, and both manufacturers and distributors are customers of the company.

  As for the excessively high accounts receivable, “In 2018 and 2019, Antarctic e-commerce accounts receivable accounted for 21.61% and 20.21% of operating income, respectively. The overall proportion is controllable and is declining year by year." Antarctic e-commerce said.

  The reporter noticed that in 2019, the GMV (transaction value) growth rate of Antarctic e-commerce in various e-commerce channels reached 48.92%, crushing Alibaba's total growth rate of 19%.

Antarctic e-commerce GMV has grown too fast, but the number of employees has not increased, which has become one of the focus of market doubts.

"As of the end of 2018-2020, the total number of employees in the Antarctic e-commerce headquarters was 401, 393, and 568," Antarctic e-commerce responded.

  In addition, in response to the question of "very high net profit margin" and "very light asset", Antarctic e-commerce attributed it to IP brand authorization.

  However, the response of Antarctic e-commerce to many problems is not qualified in the eyes of some investors.

  "As a small retail investor, I still believe that Antarctic e-commerce has contradictions and ambiguities, including the'PPT' questioning the super high net profit, while the Antarctic e-commerce responds to the'gross margin data'; including 2016, The significant proportion of accounts receivable in 2017 has not been explained; including professionals who questioned why the "front store, rear factory" model is used to pay VAT at 6%?"

Screenshot of the comments made by shareholders in the shareholder group.

  Regarding the recent sharp fluctuations in the stock price of Antarctic e-commerce, there are doubts about the company's possible financial fraud in the market.

  On the 15th, the CSRC spokesperson Gao Li said that the CSRC had immediately included the company’s stock trading in the key monitoring scope in accordance with relevant regulations, and urged the company to issue a clarification announcement on January 13 in response to market queries, and requested annual audit accountants. Conduct key audits of the company's 2020 financial report.

The Securities Regulatory Commission will resolutely implement the "zero tolerance" requirement, continue to pay attention to the company's relevant situation, and keep a close eye on financial fraud and other violations of laws and regulations. Once discovered, it will be severely investigated in accordance with the law.

The gross profit margin is comparable to Moutai, but can it really last?

  The financial report shows that the gross profit margin of the Antarctic e-commerce headquarters in 2019 is as high as 92.70%.

In contrast, Kweichow Moutai's liquor gross profit margin reached 91.37% in 2019.

Antarctic e-commerce "sell tags" make more money than Moutai "sell liquor"?

  In fact, Antarctic e-commerce does not make a living by "selling tags" from the beginning.

According to data, the "Antarctic" brand was founded in 1998. It was originally a company that specializes in thermal underwear. Ge You's phrase "Antarctic people are not afraid of the cold" made the name of Antarctic people resound in the streets.

The picture comes from the official website of Antarctic e-commerce.

  In 2008, Antarctic started the brand authorization business model, through signing contracts and authorizing suppliers to cooperate with factories to produce "Antarctic" brand products, and at the same time signing a cooperative distributor to authorize them to sell "Antarctic" branded products.

  As of the end of 2019, there were 1,113 Antarctic e-commerce cooperative suppliers, 4,513 cooperative distributors, and 5,800 authorized stores.

The "Antarctic" brand products have also expanded from thermal underwear to household clothes, cotton socks, bedding, home fabrics, luggage accessories, outdoor sports, children's products, automotive supplies, etc., and are nicknamed "Antarctic for everything."

Screenshot of Antarctic e-commerce official website.

  In 2015, Antarctic changed its name to "Antarctic E-commerce", and at the end of 2015, "backdoor" Xinmin Technology landed on the small and medium board.

Relying on the brand licensing model of "one benefit, one profit", the performance disclosed in the Antarctic e-commerce financial report continues to grow.

  From 2015 to 2019, Antarctic e-commerce revenue increased by 42.30%, 33.85%, 89.22%, 240.12%, 16.52%, respectively; net profit attributable to shareholders of listed companies increased by 158.37%, 75.27%, 77.42%, 65.92%, 36.06%.

  This growth trend will continue into 2020.

In the first three quarters of 2020, Antarctic e-commerce revenue was 2.772 billion yuan, a year-on-year increase of 4.73%; net profit attributable to shareholders of listed companies was 722 million yuan, a year-on-year increase of 19.9%.

  Under the dazzling financial report performance, the stock price of Antarctic e-commerce rose sharply in the first half of 2020, from 12 yuan at the beginning of the year to 24.41 yuan on July 10, and the stock price began to fall continuously due to factors such as poor performance in the semi-annual report. .

  For a long time, whether the Antarctic e-commerce brand licensing model can support the long-term development of enterprises has been controversial.

  In recent years, Antarctic people have repeatedly appeared on the list of unqualified products of the national quality supervision department and local consumer associations, ranging from silk quilts, underwear, cotton clothing, children's clothing, jackets to electric clippers, curling irons, and massage sticks. Black list.

On the consumer service platform "Black Cat Complaints", there are hundreds of complaints about "Antarctic people".

  It is not just a product quality issue. Tianyan Check has shown that since 2019, stars such as Ruby Lin, Guan Xiaotong, and Zhang Ruoyun have taken Antarctic e-commerce to court, all of which are "disputes over online infringement liability."

In addition, Antarctic e-commerce is also involved in trademark infringement disputes, copyright ownership, infringement disputes, portrait rights disputes, and utility model patent infringement disputes.

  "Under the licensing model, companies cannot control quality, and ultimately only damage the brand." Some netizens commented.