财说| 高增长背后的隐忧：惠而浦过度依赖关联交易

Core Viewpoint - Whirlpool's impressive interim performance forecast masks underlying structural concerns, with a projected net profit increase of 559% to 205 million yuan and a non-recurring net profit growth of 857% [1] Group 1: Financial Performance - The company reported a significant reliance on related party transactions for its revenue, with 73.52% of its income coming from the parent company and other affiliates [2][3] - Accounts receivable have surged to 1.67 billion yuan, ten times the net profit for the same year, indicating severe cash flow erosion [1][4] - In 2024, accounts receivable accounted for 45.79% of total revenue, up from 26.85% in 2022, highlighting deteriorating cash flow capabilities [5] Group 2: Business Model and Strategy - Since the acquisition by Galanz in 2021, Whirlpool has shifted to a model heavily reliant on OEM orders from its parent company, leading to a loss of brand value and market influence [3][11] - The company's sales expenses have decreased significantly, down 64.5% year-on-year, while net profit surged 148.72%, raising concerns about the sustainability of this growth [3][4] - The organizational structure has become extremely flat, with a significant reduction in management layers, which may impair strategic decision-making and operational efficiency [8][9] Group 3: Market Position and Challenges - Domestic sales have plummeted, with revenue from the Chinese market dropping 77.02% year-on-year, now constituting only 3.43% of total revenue [2][11] - The company faces increasing dependency on a few major clients, with the top five customers accounting for 90.59% of sales, raising risks if these relationships falter [2][15] - The operational challenges are compounded by a significant reduction in sales personnel and R&D staff, which may hinder future growth and innovation [12][11] Group 4: Corporate Governance and Financial Practices - The company has engaged in controversial dividend practices, distributing 744.69% of its net profit in dividends in 2023, raising concerns about potential profit extraction by the parent company [16] - The management's decision to forgo salaries and drastically cut costs has led to skepticism among investors regarding the long-term viability of such strategies [8][9]