Cody Dairy reappears black swan over 1.7 billion yuan of currency funds, financial situation suddenly changes

Cody Dairy, which is under regulatory investigation, re-emerged with black swans, with more than $1.7 billion in currency funds, "flying away" in just one monthThe company's "deposit and loan double high" abnormal financial situation has been long, after the company and the controlling shareholders have been repeatedly reported to have a funding crisisThis time, it's time to unmask$1.7 billion is missing 's latest three-quarter report, allowing Cody Dairy (002770Investors in SZ are in a cold sweatin the first three quarters of this year, the company's operating income was 749 million yuan, down 22.89 percent year-on-year, while the net profit of the parent company was 32.756 million yuan, down 69.70 percent year-on-yearespecially in the third quarter, the company's operating income fell 70.90 percent, the parent's net profit was recorded a loss of 46.798 million yuan, down 208.11 percent year-on-yearexpects full-year net profit of RMB32 million to RMB48 million due to "tight capital chain", down 75.22% to 62.83% YoYmore frightening than the decline in earnings is that the company's financial position suddenly changes in the short termzebra consumption combing found that this year's half-yearly report company's account still has monetary funds of 1,753 million yuan, enough to cover less than 1.2 billion yuan of short-term loansHowever, three months later, the three-quarter report showed that monetary funds "evaporated" with only 27.203 million yuan remainingon September 20 this year, When Cody Dairy responded to the exchange's semi-annual inquiry letter, it also made it clear that more than one billion dollars of money existed in three bankswhere is more than $1.7 billion in monetary money? Did you take it to pay off the loan? No, I didn't! Short-term borrowing by the company increased by the end of September, reaching 1.327 billion yuanHave you paid for the purchase? Neither! There was no significant change in the company's accounts payablealso unusual, there are also the "Other Receivables" account in the financial reportAt the end of June, the figure for the subject was 57.263 million yuan, and three months later it became 1,968 million yuansignificant changes to other receivables, without any explanation in the company's third-quarter reporton Cody Dairy's semi-annual report this year, the company's three independent directors because of "unable to obtain the company's semi-annual report financial data", issued a "non-fidelity" opinionfor the same reason, independent directors were unable to make special statements and make independent comments on the holding of company funds and the company's external guaranteeby by controlling shareholders and other related parties in the first half of the yearOn October 17 this year, Cody Dairy announced that independent directors Qiu Hongsheng and Wang Liyuan had submitted their resignation reports to the company "for personal reasons", and that the resignations of the two directors had resulted in the company's sole director's share of the board of directors being less than one-third, and the resignation report had not yet taken effectthe above two sole-directors again on the three-quarter report issued a "non-fidelity" opinion's financial situation has been abnormally longin fact, a year ago, Cody Dairy's financial situation has been a clear "deposit and loan double high" anomalyIn August this year, it was revealed by the media that the company held more than a billion dollars in cash, but owed milk farmersCompany in response to the exchange inquiry letter, said that as of August 16, the company should deal with dairy farmers 113 million yuan, of which 72 million yuan in the agreed account period, the due of 41 million yuan, for some dairy farmers did not deliver milk as agreed, resulting in damage to the company's operations, the company delayed paymentthe release of its 2018 annual report, the exchange has been concerned about Cody Dairy's double-high deposit and loanAt the end of the year, the balance of the company's monetary funds was RMB1,672 million, while the balance of interest-bearing liabilities was RMB1,198 millioncompanies have money to borrow? Cody Dairy explained that since the 2015 listing, the company's momentum is strong, from the regional market to expand to the country, the company plans to use its own funds to expand production scaleAt the same time, companies are stockpiling cash to avoid capital risks as financial policy tightens in 2018the 2018 annual report inquiry letter in the list shows that the company's monetary funds are placed in the bank, in addition to the company's local bank in Henan, there is a large amount of funds in the province's banks, Hebei Yuanshi's village and town bank alone deposited 600 million yuananother letter of concern more than two months later, the company's capital deposits have changed significantly, and the main deposit banks have become two branches of CCB in Beijing and Hangzhou, Cody Dairy vehemently denied media reports that Cody Dairy and other subsidiaries of the Cody Group had financial problems and that they were in arrearsCody Group holds 44.27 per cent of the shares in the listed company, and by December 2017, Cody Group had pledged its entire stake At present, the vast majority of pledged shares have expired, there is a risk of closing positions Source: Zebra Consumer