揭露美的财务报表后的秘密

挖掘美的财务报表后的秘密透过08年的财务报表分析，美的到底做了些什么？组员：邓维陈义国马志勇1公布财务报表前后的下跌美的在公布财务报表的前后，经过了一段时间的下跌，证明了市场对美的的悲观看法，其利润没有到达投资者的预期。其利润减少的原因何在？我们将对三个报表进行全面的分析。2项目2008年度2007年度增减比例交易性金融资产‐151,463,570.49‐100.00%应收票据2,357,265,015.841,213,490,111.4894.25%可供出售金融资产7,045,326.00‐100.00%长期股权投资246,868,012.6516,077,487.281435.49%在建工程637,570,035.44153,676,120.24314.88%无形资产1,194,751,698.56793,512,554.0850.56%商誉1,473,527,227.3891,041,013.371518.53%递延所得税资产448,529,354.40261,956,147.4371.22%短期借款2,360,335,182.041,171,626,971.90101.46%交易性金融负债22,126,200.00‐100.00%应交税费72,515,469.60‐401,271,673.07118.07%应付股利223,567,263.71585,908.1538057.39%长期借款‐20,000,000.00‐100.00%预计负债18,541,858.03‐100.00%递延所得税负债55,164,571.96‐100.00%其他非流动负债2,010,000.004,656,847.50‐56.84%

资产、负债工程重大变动表单位：〔人民币〕元

3项目2008年度2007年度增减比例交易性金融资产‐151,463,570.49‐100.00%应收票据2,357,265,015.841,213,490,111.4894.25%可供出售金融资产7,045,326.00‐100.00%长期股权投资246,868,012.6516,077,487.281435.49%在建工程637,570,035.44153,676,120.24314.88%无形资产1,194,751,698.56793,512,554.0850.56%商誉1,473,527,227.3891,041,013.371518.53%递延所得税资产448,529,354.40261,956,147.4371.22%短期借款2,360,335,182.041,171,626,971.90101.46%交易性金融负债22,126,200.00‐100.00%应交税费72,515,469.60‐401,271,673.07118.07%应付股利223,567,263.71585,908.1538057.39%长期借款‐20,000,000.00‐100.00%预计负债18,541,858.03‐100.00%递延所得税负债55,164,571.96‐100.00%其他非流动负债2,010,000.004,656,847.50‐56.84%因报告期内公司已将所持有的证券投资进行了清仓及公司全资子公司将所持有的小天鹅B股由交易性金融资产转入长期股权投资进行核算，故报告期末公司交易性金融资产的余额为0；报告期末可供出售的金融资产增长100%，为并表小天鹅所致；

资产、负债工程重大变动表单位：〔人民币〕元

4项目2008年度2007年度增减比例交易性金融资产‐151,463,570.49‐100.00%应收票据2,357,265,015.841,213,490,111.4894.25%可供出售金融资产7,045,326.00‐100.00%长期股权投资246,868,012.6516,077,487.281435.49%在建工程637,570,035.44153,676,120.24314.88%无形资产1,194,751,698.56793,512,554.0850.56%商誉1,473,527,227.3891,041,013.371518.53%递延所得税资产448,529,354.40261,956,147.4371.22%短期借款2,360,335,182.041,171,626,971.90101.46%交易性金融负债22,126,200.00‐100.00%应交税费72,515,469.60‐401,271,673.07118.07%应付股利223,567,263.71585,908.1538057.39%长期借款‐20,000,000.00‐100.00%预计负债18,541,858.03‐100.00%递延所得税负债55,164,571.96‐100.00%其他非流动负债2,010,000.004,656,847.50‐56.84%主要受公司销售规模增长及并表小天鹅影响，报告期末应收票据较期初增长了94.25%；

资产、负债工程重大变动表单位：〔人民币〕元

5项目2008年度2007年度增减比例交易性金融资产‐151,463,570.49‐100.00%应收票据2,357,265,015.841,213,490,111.4894.25%可供出售金融资产7,045,326.00‐100.00%长期股权投资246,868,012.6516,077,487.281435.49%在建工程637,570,035.44153,676,120.24314.88%无形资产1,194,751,698.56793,512,554.0850.56%商誉1,473,527,227.3891,041,013.371518.53%递延所得税资产448,529,354.40261,956,147.4371.22%短期借款2,360,335,182.041,171,626,971.90101.46%交易性金融负债22,126,200.00‐100.00%应交税费72,515,469.60‐401,271,673.07118.07%应付股利223,567,263.71585,908.1538057.39%长期借款‐20,000,000.00‐100.00%预计负债18,541,858.03‐100.00%递延所得税负债55,164,571.96‐100.00%其他非流动负债2,010,000.004,656,847.50‐56.84%

资产、负债工程重大变动表单位：〔人民币〕元

主要受公司总部大楼、林港工业园及空调扩能投入及并表小天鹅及华凌空调设备等三家公司增加的在建工程影响，报告期末在建工程较期初增加了314.88%；6项目2008年度2007年度增减比例交易性金融资产‐151,463,570.49‐100.00%应收票据2,357,265,015.841,213,490,111.4894.25%可供出售金融资产7,045,326.00‐100.00%长期股权投资246,868,012.6516,077,487.281435.49%在建工程637,570,035.44153,676,120.24314.88%无形资产1,194,751,698.56793,512,554.0850.56%商誉1,473,527,227.3891,041,013.371518.53%递延所得税资产448,529,354.40261,956,147.4371.22%短期借款2,360,335,182.041,171,626,971.90101.46%交易性金融负债22,126,200.00‐100.00%应交税费72,515,469.60‐401,271,673.07118.07%应付股利223,567,263.71585,908.1538057.39%长期借款‐20,000,000.00‐100.00%预计负债18,541,858.03‐100.00%递延所得税负债55,164,571.96‐100.00%其他非流动负债2,010,000.004,656,847.50‐56.84%

资产、负债工程重大变动表单位：〔人民币〕元

主要受并表小天鹅增加的无形资产影响，报告期末无形资产较期初增加了50.56%；7项目2008年度2007年度增减比例交易性金融资产‐151,463,570.49‐100.00%应收票据2,357,265,015.841,213,490,111.4894.25%可供出售金融资产7,045,326.00‐100.00%长期股权投资246,868,012.6516,077,487.281435.49%在建工程637,570,035.44153,676,120.24314.88%无形资产1,194,751,698.56793,512,554.0850.56%商誉1,473,527,227.3891,041,013.371518.53%递延所得税资产448,529,354.40261,956,147.4371.22%短期借款2,360,335,182.041,171,626,971.90101.46%交易性金融负债22,126,200.00‐100.00%应交税费72,515,469.60‐401,271,673.07118.07%应付股利223,567,263.71585,908.1538057.39%长期借款‐20,000,000.00‐100.00%预计负债18,541,858.03‐100.00%递延所得税负债55,164,571.96‐100.00%其他非流动负债2,010,000.004,656,847.50‐56.84%

资产、负债工程重大变动表单位：〔人民币〕元

主要因小天鹅股权收购价格与被收购公可识别净资产公允价值之间的差额导致报告期末商誉较期初增长了1,518.53%；8项目2008年度2007年度增减比例交易性金融资产‐151,463,570.49‐100.00%应收票据2,357,265,015.841,213,490,111.4894.25%可供出售金融资产7,045,326.00‐100.00%长期股权投资246,868,012.6516,077,487.281435.49%在建工程637,570,035.44153,676,120.24314.88%无形资产1,194,751,698.56793,512,554.0850.56%商誉1,473,527,227.3891,041,013.371518.53%递延所得税资产448,529,354.40261,956,147.4371.22%短期借款2,360,335,182.041,171,626,971.90101.46%交易性金融负债22,126,200.00‐100.00%应交税费72,515,469.60‐401,271,673.07118.07%应付股利223,567,263.71585,908.1538057.39%长期借款‐20,000,000.00‐100.00%预计负债18,541,858.03‐100.00%递延所得税负债55,164,571.96‐100.00%其他非流动负债2,010,000.004,656,847.50‐56.84%

资产、负债工程重大变动表单位：〔人民币〕元

主要受销售规模增长导致的预提运输费、安装维修费、销售返利等预提费用增加影响，报告期末递延所得税资产较期初增加了71.22%；9项目2008年度2007年度增减比例交易性金融资产‐151,463,570.49‐100.00%应收票据2,357,265,015.841,213,490,111.4894.25%可供出售金融资产7,045,326.00‐100.00%长期股权投资246,868,012.6516,077,487.281435.49%在建工程637,570,035.44153,676,120.24314.88%无形资产1,194,751,698.56793,512,554.0850.56%商誉1,473,527,227.3891,041,013.371518.53%递延所得税资产448,529,354.40261,956,147.4371.22%短期借款2,360,335,182.041,171,626,971.90101.46%交易性金融负债22,126,200.00‐100.00%应交税费72,515,469.60‐401,271,673.07118.07%应付股利223,567,263.71585,908.1538057.39%长期借款‐20,000,000.00‐100.00%预计负债18,541,858.03‐100.00%递延所得税负债55,164,571.96‐100.00%其他非流动负债2,010,000.004,656,847.50‐56.84%

资产、负债工程重大变动表单位：〔人民币〕元

主要受公司规模扩大，流动资金需求增加影响，报告期末短期借款较期初增长了101.46%；10项目2008年度2007年度增减比例交易性金融资产‐151,463,570.49‐100.00%应收票据2,357,265,015.841,213,490,111.4894.25%可供出售金融资产7,045,326.00‐100.00%长期股权投资246,868,012.6516,077,487.281435.49%在建工程637,570,035.44153,676,120.24314.88%无形资产1,194,751,698.56793,512,554.0850.56%商誉1,473,527,227.3891,041,013.371518.53%递延所得税资产448,529,354.40261,956,147.4371.22%短期借款2,360,335,182.041,171,626,971.90101.46%交易性金融负债22,126,200.00‐100.00%应交税费72,515,469.60‐401,271,673.07118.07%应付股利223,567,263.71585,908.1538057.39%长期借款‐20,000,000.00‐100.00%预计负债18,541,858.03‐100.00%递延所得税负债55,164,571.96‐100.00%其他非流动负债2,010,000.004,656,847.50‐56.84%

资产、负债工程重大变动表单位：〔人民币〕元

报告期末，公司交易性金融负债较期初增长100%的主要是因报告期末公司持有的远期结集合同确认了公允价值变动损失。11项目2008年度2007年度增减比例交易性金融资产‐151,463,570.49‐100.00%应收票据2,357,265,015.841,213,490,111.4894.25%可供出售金融资产7,045,326.00‐100.00%长期股权投资246,868,012.6516,077,487.281435.49%在建工程637,570,035.44153,676,120.24314.88%无形资产1,194,751,698.56793,512,554.0850.56%商誉1,473,527,227.3891,041,013.371518.53%递延所得税资产448,529,354.40261,956,147.4371.22%短期借款2,360,335,182.041,171,626,971.90101.46%交易性金融负债22,126,200.00‐100.00%应交税费72,515,469.60‐401,271,673.07118.07%应付股利223,567,263.71585,908.1538057.39%长期借款‐20,000,000.00‐100.00%预计负债18,541,858.03‐100.00%递延所得税负债55,164,571.96‐100.00%其他非流动负债2,010,000.004,656,847.50‐56.84%

资产、负债工程重大变动表单位：〔人民币〕元

报告期内，公司归还了所借的长期借款，报告期末，长期借款的余额为0；12项目2008年度2007年度增减比例交易性金融资产‐151,463,570.49‐100.00%应收票据2,357,265,015.841,213,490,111.4894.25%可供出售金融资产7,045,326.00‐100.00%长期股权投资246,868,012.6516,077,487.281435.49%在建工程637,570,035.44153,676,120.24314.88%无形资产1,194,751,698.56793,512,554.0850.56%商誉1,473,527,227.3891,041,013.371518.53%递延所得税资产448,529,354.40261,956,147.4371.22%短期借款2,360,335,182.041,171,626,971.90101.46%交易性金融负债22,126,200.00‐100.00%应交税费72,515,469.60‐401,271,673.07118.07%应付股利223,567,263.71585,908.1538057.39%长期借款‐20,000,000.00‐100.00%预计负债18,541,858.03‐100.00%递延所得税负债55,164,571.96‐100.00%其他非流动负债2,010,000.004,656,847.50‐56.84%

资产、负债工程重大变动表单位：〔人民币〕元

报告期末较报告期初新增的预计负债及递延所得税负债均为并表小天鹅所致；13常见指标2021年2007年资产负债率〔%〕68.8167.35股东权益比率〔%〕20.3425.86流动比率〔%〕0.861.07速动比率〔%〕0.540.4814报告期内现金流量分析单位：〔人民币〕元项目名称报告期上年同期增减额增减比例(%)经营活动产生的现金流量净额3,752,847,690.001,748,345,581.072,004,502,108.93114.65%投资活动产生的现金流量净额‐3,851,929,033.121,181,727,561.82‐2,670,201,471.30225.96%筹资活动产生的现金流量净额263,556,788.08204,669,907.71468,226,695.79228.77%主要因规模扩大及并表小天鹅影响，年初至报告期末公司经营活动产生的现金流量净额较上年增长114.65%；15报告期内现金流量分析单位：〔人民币〕元项目名称报告期上年同期增减额增减比例(%)经营活动产生的现金流量净额3,752,847,690.001,748,345,581.072,004,502,108.93114.65%投资活动产生的现金流量净额‐3,851,929,033.121,181,727,561.82‐2,670,201,471.30225.96%筹资活动产生的现金流量净额263,556,788.08204,669,907.71468,226,695.79228.77%主要受收购小天鹅股权及固定资产构建投入增加影响，年初至报告期末，公司投资活动产生的现金流流出较上年增加了225.96%；16报告期内现金流量分析单位：〔人民币〕元项目名称报告期上年同期增减额增减比例(%)经营活动产生的现金流量净额3,752,847,690.001,748,345,581.072,004,502,108.93114.65%投资活动产生的现金流量净额‐3,851,929,033.121,181,727,561.82‐2,670,201,471.30225.96%筹资活动产生的现金流量净额263,556,788.08204,669,907.71468,226,695.79228.77%主要受公司借款大幅增加影响，年初至报告期末，公司筹资活动产生的现金流量净额较上年增加了228.77%。17经营活动现金流分析：品牌多样化，追求范围经济，规模经济，增加自己的市场份额。18*1、2021年4月,本公司收购了无锡小天鹅股份24.01%的股权，并通过子公司TitoniInv