After hanging up Liu Dong's phone, Lu Jialiang hurriedly pulled out the latest annual financial statements of Kyushu Agricultural Machinery Factory from the computer and carefully studied them.

The original text of the annual financial statements of a listed company is sprinkled with hundreds of pages, but most of the content has no real value.

Liu Dong specifically mentioned on the phone that he wanted to check the inventory of Kyushu Agricultural Machinery Factory, since he said so, it would definitely not be untargeted. Therefore, Lu Jialiang focused on the inventory data listed in the financial statements.

Lu Jialiang has been immersed in the securities industry for many years, so he knows that the general listed companies use inventory to cheat, usually there are only a few methods.

One is to falsely report income, the products produced by the enterprise are obviously not sold, but falsely claim to be sold, and even some companies deliberately find a leather bag company to buy inventory goods that they have not sold in order to prevent losses in the annual report.

Of course, this behavior is only a financial account, and the products are still in the warehouse, and the purpose is only to make the net profit of the current year positive.

Wait until the second year, and then just find an excuse to return the product and flush the account.

The reason for this is that according to the regulations of the China Securities Regulatory Commission, the net profit in the annual financial statements of listed companies will be put on the hat of ST if they lose money for two consecutive years, and if the loss-making enterprises lose money for three consecutive years, they will be forced to suspend trading and delist.

In order to avoid the company being turned into ST or delisted, those listed companies with poor business performance will find ways to survive on their financial statements by making a small profit in the first year and a huge loss in the second year.

The easiest way to falsify this type of financial statement is to look at his accounts receivable. If the listed company's income has not changed much and the accounts receivable have suddenly increased significantly, then it is likely that the method of false sales has been adopted.

Corresponding to inflated sales, another common form of inventory financial fraud is inflated inventory. Simply put, it's about adding products to your company's inventory that don't exist in the first place.

Historically, there was an oil refining company that used refined oil stored in storage tanks as collateral in order to obtain bank loans. After getting the loan, the business owner immediately absconded with the money.

When the bank staff came to seal and count the inventory, they found that the storage tanks used for collateral were not refined oil at all, but worthless tap water.

The refined oil that was supposed to exist in the oil storage tank actually only existed in the company's financial books, and in fact it had already been sold through various channels.

Lu Jialiang quickly read the content of the latest annual financial statements, and he did not find any obvious doubts from the financial statements.

In fact, before operating Kyushu Agricultural Machinery, Lu Jialiang had already turned over the company's financial statements, and if there was really any obvious problem, it was impossible to notice it now.

There is no problem with the latest financial statements, but the problem must be in the financial statements of the past few years. Lu Jialiang didn't think that Liu Dong would be fine, so he called and teased himself.

Kyushu Agricultural Machinery's net profit in FY2003 and FY2004 was negative, so it was put on the hat of ST and became ST Agricultural Machinery.

But in fact, long before this, Kyushu Agricultural Machinery Factory was no longer good. In 2001, Kyushu Agricultural Machinery Factory's annual report showed that it was a loss.

Originally, the company's financial statements for 2002 should have been loss-making, and if that were the case, the listed company would have been ordered to delist long ago.

However, the financial statements show that in the first three quarters of 2002, the company's operating profit was still negative, but in the fourth quarter, its net profit suddenly increased significantly, and finally with the excellent performance in the fourth quarter, the company was able to turn a profit, and the final annual financial statement showed that the net profit was a slight profit.

With intuition and experience, Lu Jialiang asserted that if the company's financial statements were fraudulent, the problem must have been in the 2002 annual report.

According to the annual report, the reason for the substantial increase in profits of Kyushu Agricultural Machinery Factory in the fourth quarter of 2002 was due to the profits generated by the sale of a batch of agricultural machinery and equipment.

Lu Jialiang's research found that this batch of products should belong to normal sales. The order was placed by a well-known company more than half a year ago, and it is too likely that there was fraud.

The only problem may be in the cost of production.

The production line used by Kyushu Agricultural Machinery Factory for the production of agricultural machinery and equipment is old, and the product quality is average.

In order to open up sales, Kyushu Agricultural Machinery had to adopt a business strategy of small profits but quick turnover, so after deducting raw materials and other production costs, the gross profit of product sales was already very low. In addition, after deducting various miscellaneous expenses such as enterprise management expenses, financial expenses, and taxes, the net profit will naturally be lost.

But this batch of products is not known for a reason, and the production cost shown on the financial statements is very low. If the production cost of the product is low and the selling price remains unchanged, the net profit will naturally increase significantly.

In this case, Kyushu Agricultural Machinery simply stated in the notes to the financial statements that the purchase cost of raw materials was reduced due to the improvement of the production management process and the change of raw material suppliers.

Lu Jialiang didn't believe these nonsense, because the first quarter report of 2003 disclosed a month later showed that the company's production costs had returned to their original level.

The interpretation of this financial statement is very questionable, and there must be something wrong with it.

But just from the information shown in the financial statements, Lu Jialiang could not determine what the problem was, and he had no evidence to prove that Kyushu Agricultural Machinery had financial fraud.

Now the only way is to go to the Kyushu Agricultural Machinery Factory to conduct a field investigation.

Because the stakes are so important that there is no room for mistakes, Lu Jialiang finally decided to go out in person.

Recently, due to a major accident involving a tanker truck hitting a plant, the personnel inside and outside the Kyushu Agricultural Machinery Factory are very nervous.

In particular, the security guards in the factory, under the repeated instructions of the leaders, did not dare to take a nap in the pavilion at the entrance of the factory, and several people took turns patrolling around the factory.

Because of the poor business conditions of the enterprise, there are not many employees working in the Kyushu Agricultural Machinery Factory now, so Lu Jialiang's fresh face attracted the attention of the patrol security guards as soon as he appeared.

"Hey! The guy over there, this is the factory site, hurry up. Lu Jialiang originally planned to sneak in quietly to investigate, but he didn't expect that he was still dozens of meters away from the plant of Kyushu Agricultural Machinery Factory, and he was stopped by the security guard.

Lu Jialiang touched his smooth face that had just been bearded, and muttered in his heart: Do I look like a bad person? I've never heard anyone mention it before.

Seeing that Lu Jialiang was still in a daze, the security guard rushed over with a baton: "Hey, what about you, what are you doing?" What are you doing here? ”

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