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Cover/disclaimer (p.1) followed by a tight executive summary (p.2). Typewritten layout, minimal design — a forensic short report rather than a designed deck. Strong specimen of fieldwork-driven fraud exposure: 35 farm visits, drone flyovers, two named dairy experts, Anderson Hay supplier confirmation, Liaoning environmental filings and CCASS analysis. Includes a clean peer-gap margin table (p.5), a CapEx reconciliation table (p.15), Chinese-language transfer documents (p.26) and the realized vs national milk price chart (p.40). Carson Block named on cover; firm discloses short position per standard MW boilerplate. No explicit stake size disclosed.", "kpisCited": [ { "detail": "Huishan 61.9% vs peer range 29.9%-50.8% — peer-gap built on alfalfa fraud", "metric": "Gross margin (FY15)" }, { "detail": "Huishan 44.2% vs peers 3.0%-11.1%", "metric": "EBITDA margin (FY15)" }, { "detail": "19%-24% of pre-tax income — fictitious", "metric": "% pre-tax profit from alfalfa biological gains (FY13-FY16)" }, { "detail": "RMB 89-107mm vs expert estimates of RMB 30-60mm — implies RMB 893mm-1.6bn inflation", "metric": "Reported avg CapEx per dairy farm (FY16)" }, { "detail": "At least RMB 150mm of assets transferred to Muhejia / Wang Bing, a Chairman Yang proxy", "metric": "Undisclosed asset transfer to related party (Fuyu farms, Dec 2014)" }, { "detail": "Approximately RMB 1.5bn loss masked by 14.4% internal vs external milk price gap", "metric": "Hidden fair-value loss on milkable cows (1H17)" }, { "detail": "97.1% of free float in CCASS, 83.0% with brokers — strong signal of pledged shares", "metric": "CCASS share concentration (Aug 2016)" }, { "detail": "RMB 2,500/mt imported vs Huishan's claimed RMB 437/mt own production", "metric": "Imported alfalfa cost premium" } ], "closingAsk": "Treat Huishan equity as worth close to zero given the alfalfa fraud, inflated CapEx, asset theft and imminent default risk.", "extraction": { "at": "2026-04-22 19:25:15+00", "model": "unknown-legacy", "runId": null, "seconds": 130.56464, "promptVersion": null }, "scqaReward": "Equity is worth close to zero versus the HKD 2.85 / HKD 38.4bn market cap at the time of publication — effectively 100% downside given the fraud, leverage and looming default risk.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "Huishan's alfalfa self-sufficiency claim is a lie — it imports alfalfa, inflating margins since FY14", "Huishan overstated dairy farm CapEx by RMB 893mm-1.6bn to support fraudulent income statement", "Chairman Yang stole at least RMB 150mm of assets via undisclosed transfer of four cattle farms" ], "scqaSituation": "China Huishan Dairy is a HKD 38.4bn Hong Kong-listed vertically integrated 'grass-to-glass' dairy operator that prides itself on industry-leading 60%+ gross margins driven by its purported self-sufficiency in alfalfa feed.", "thesisSummary": "China Huishan Dairy (6863 HK), a HKD 38bn-cap Hong Kong-listed dairy producer, has built its industry-leading 60%+ gross margins on the lie that it is self-sufficient in alfalfa; Muddy Waters' fieldwork across 35 farms confirms Huishan imports substantial volumes from Anderson Hay and other third parties, meaning reported margins are fictitious. Huishan has also overstated dairy-farm CapEx by an estimated RMB 893mm-1.6bn — actual build costs are roughly half of reported, per two China dairy experts, bidding documents and Liaoning environmental impact filings — likely to absorb fraudulent income. Chairman Yang separately appears to have stolen at least RMB 150mm by quietly transferring four Fuyu cattle farms to Muhejia, a related party. With KPMG nearly issuing a going-concern qualification, Huishan equity is close to worthless and likely defaults within a year.", "primaryDemands": [ "Investors should sell / short Huishan equity given conclusion it is worth close to zero", "Regulators and auditors should scrutinize Huishan's alfalfa self-sufficiency claim and CapEx accounting", "Investigate the undisclosed transfer of four cattle farms from Huishan to a related party controlled by Chairman Yang" ], "scqaResolution": "Sell or short Huishan: the auditor nearly issued a going-concern qualification, leverage is extreme, share pledges are visible in CCASS, and the company is likely to default within twelve months.", "thesisOneLiner": "Huishan is a fraud worth close to zero — fabricated alfalfa self-sufficiency inflates margins, RMB 1.6bn of CapEx is fictitious, and Chairman Yang has siphoned farms to a related party.", "precedentsCited": [], "scqaComplication": "Months of fieldwork at 35 farms, drone flyovers and expert 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We conclude Huishan is a fraud. In this first report on Huishan, we detail the following conclusions and supporting facts.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:17.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33ba1ccb-aa4a-4410-a561-2df284866200", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.68 }, "kind": "paragraph", "text": "Chairman Yang appears to have stolen at least RMB 150 million of assets from Huishan – the actual number is quite possibly higher. The theft relates to the unannounced transfer of a subsidiary that owned at least four cow farms to an undisclosed related party. It is clear to us that Chairman Yang controls the subsidiary and farms.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:17.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71eee2e1-bd47-41ab-8d92-6e5a504c5ed2", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.48 }, "kind": "paragraph", "text": "Since at least 2014, the company has reported fraudulent profits largely based on the lie that it is substantially self-sufficient in producing alfalfa. We found overwhelming evidence that Huishan has long purchased substantial quantities of alfalfa from third parties, which gives us no doubt that Huishan’s financials are fraudulent.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:17.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b0aeffb-ef03-4ae2-b512-899ca8d22eba", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.76, "x": 0.12, "y": 0.76 }, "kind": "paragraph", "text": "Even if Huishan’s financials were not fraudulent, the company appears to be on the verge of default due to its excessive leverage. Taking Huishan’s financials at face value, its credit metrics are horrible. The leverage is so substantial that in FY16, Huishan’s auditor appears to have stopped just short of issuing a “going concern” qualification. Given that we conclude Huishan’s reported profits are fraudulent, we have no confidence that Huishan can make it through the next year without defaulting. There are clear signs of enormous financial stress, including the types of financing Huishan is trying to employ and halted projects. The asset side of Huishan’s balance sheet, in our opinion, is massively overstated due to fraudulent profits and cash, overvalued biological assets, and certain highly suspicious asset accounts.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:17.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "943faafb-dce0-4667-af3e-e8befd122dd7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.6 }, "kind": "paragraph", "text": "We believe Huishan has engaged in CapEx fraud related to its cow farms. We estimate that Huishan has overstated the spending on these farms by RMB 893 million to RMB 1.6 billion. The primary purpose of the CapEx fraud is likely to support the company’s income statement fraud.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:17.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e0733f7-1e2c-4139-abb9-de73eec0b177", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.76, "x": 0.12, "y": 0.12 }, "kind": "table", "text": "Company: China Huishan Dairy Holdings Co Ltd. Ticker: 6863 HK Industry: Dairy Report Date: December 16, 2016 Stock Price: HKD 2.85 Market Cap: HKD 38.4 billion Float: 3.5 billion shares Average Volume (30-day): 11.9 million shares", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:17.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da6feeb1-e315-46ce-96f7-43ff5f5dff12", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.25, "y": 0.08 }, "kind": "title", "text": "China Huishan Dairy (6863 HK): A Near Zero", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:17.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e649a8fc-5bfe-4dcd-bafa-c3910d53bfb4", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "83ba776d-9f15-4f6a-927c-82fe98c48948", "evidence": "This slide contains a summary of the key points of the report, including the conclusion that Huishan is worth close to zero.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:58:03.571472+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "b226a4db-2fcb-4ec6-9aa9-afdf80031cf5", "evidence": "The slide explicitly details allegations of fraudulent profits, CapEx fraud, and asset theft.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:50:17.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 2, "name": "The Monster", "beatId": "b26b9f2e-8aa0-4d08-add4-c366bba7a320", "matchId": "1fe1c1fd-91c6-4fea-8be8-660eadfcb9bf", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "Huishan's purported alfalfa self-sufficiency is the cornerstone of its margins", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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A Heilongjiang distributor confirmed that they have been supplying the Company with alfalfa and sheep grass for several years and have very good “guanxi” with the Company’s purchasing manager.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:25.292+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b84c34a-bd9e-4d81-9d10-812ea87cae3e", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.78, "x": 0.11, "y": 0.65 }, "kind": "paragraph", "text": "We contacted Anderson’s importer/agent in China, who confirmed that Huishan has been a customer for three years. According to the agent, Huishan’s shipments from Anderson started in 2013 with approximately 70,000 mt that year, dropped to 30,000-40,000 mt/yr in 2014 and 2015 when the China milk market softened, and that volume improved modestly in 2016. The reported volumes supplied by Anderson in 2013 alone equate to about half of Huishan’s FY14 (April 1, 2013 to March 31, 2014) reported total internal consumption. 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If the company were actually reducing yields, Huishan would be losing money in doing so and shrinking its reported margins.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:17.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5aef7121-83fb-492f-a232-8fd83ae77daf", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "In its interim report published in late November 2016, Huishan announced that it deliberately lowered milk yields to 7.8 tons “to further reduce the cost of raw milk and control our production volume.” — Huishan Announcement of Interim Results for the Six Months Ended September 30, 2016 (published 29 November 2016), p. 41.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b64-7193-87f5-f057b32cad4f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.88 }, "kind": "source-note", "text": "23 Huishan FY16 Annual Report, p. 14; 24 Huishan Announcement of Interim Results for the Six Months Ended September 30, 2016 (published 29 November 2016), p. 41.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We estimate it based on a 2:1 ratio of feed processing plants to plantation building expense as we believe that the processing plant will require much greater CapEx than the plantation farm sheds, storage, and office spaces. In FY16 no expansion of the plantations took place, so it is likely that no new construction took place; therefore, the allocation of the expense was 45% to each of FY14 and FY15, and just 10% to FY16. In 1H17, the Company reported a decrease in plantation lands of 90,000 mu. If the Company had considered this a possibility, new investments in FY16 would very likely have been further curtailed.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:19.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cdeb4196-3909-40d2-8c2f-fe5e3783e945", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.764, "x": 0.118, "y": 0.306 }, "kind": "list", "text": "The CapEx for plants includes both PP&E and land lease payments. Because PP&E excludes land, the additions for constructing the plants alone would be lower than the total CapEx for plants. This is company favorable because it likely overestimates the amount of PP&E spending for plants, and thus results in a lower per dairy farm estimate.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:19.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d825bb5c-7dd3-4187-acf2-2c93fa3035cc", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.764, "x": 0.118, "y": 0.393 }, "kind": "list", "text": "The changes in Construction in Process (CIP) includes that for plants, however we adopted assumption that all CIP was for the dairy farms. Likewise, motor vehicles include farm and non-farm operations. We assume all PP&E in this category apply to dairy farms. This is company favorable because it likely underestimates the amount of CIP allocated to plants, and thus results in a lower per dairy farm estimate.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:19.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed8cbc40-2767-479c-84ac-06db1912c46e", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.077, "x": 0.805, "y": 0.955 }, "kind": "paragraph", "text": "Page 14 of 47", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:19.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75b38aa6-df73-44a5-ae76-ea33efc8399b", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.415, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "We consider this estimate to be conservative because:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:19.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4bd19d5-fd94-4d23-bc4f-2d0b914e6f09", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b5d15643-22d5-48cb-8c40-cf76319d6ac7", "evidence": "The slide explicitly lists reasons why the estimate is 'conservative' to address potential skepticism regarding the methodology.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:50:19.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "2bac2cc3-a51c-491f-82ab-fd7af7c67a46", "matchId": "1fe1c1fd-91c6-4fea-8be8-660eadfcb9bf", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The report presents various contradictions in Huishan's financial reporting and operations", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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PP&E per Dairy Farm: 107", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b64-7193-87f6-3c9ccad04c8d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "paragraph", "text": "In FY16, there was less non-dairy farm investment and construction activity... Huishan's Liquidity Appears to be on the Knife's Edge, it has Dubious Assets, and its Reported 1H17 Cash Flow is Almost Certainly Fraudulent.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:19.156+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "173710d1-a39c-41d5-9ab0-f4161f256417", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.76, "x": 0.12, "y": 0.71 }, "kind": "paragraph", "text": "Liaoning government documents accord with our estimates. Our review of publicly accessible Liaoning Province environmental impact reports... 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Expert A opined that the maximum Huishan spent per milking farm was only likely RMB 60 million... Expert B opined that the maximum per such farm was likely only RMB 35 million.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:19.578+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2fd1b835-85f7-4d8b-82ae-700629a9260d", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.1, "y": 0.55 }, "kind": "paragraph", "text": "These estimates are company-favorable... Dengshipu’s total investment... is RMB 99.9 million. Its design capacity is 6,590 head.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:19.578+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0d70de8-0874-4f1b-8864-5edf83fbc264", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.88 }, "kind": "source-note", "text": "31 To maintain the objectivity of the experts... 32 See for example, “A Grass to Glass Journey” Investor Tour...", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Expert B is a Chinese advisor with a specialty dairy consultancy.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:20.204+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebe95fa2-af65-46c3-99b7-6d854dea02d2", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "This finding is significant because it implies an even greater delta between the real CapEx expenditure on PP&E, and that derived from the cash flow analysis.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b64-7193-87f6-0f205f349406", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.4, "x": 0.1, "y": 0.65 }, "kind": "paragraph", "text": "The finding that the farm was still in a mid-point stage of construction prompted further discussion about the build out costs. The farm manager broke down the construction costs, excluding land, both with and without milking equipment.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:20.204+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0256d057-53c8-46cb-b2bb-46aec39ba6c7", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.4, "x": 0.1, "y": 0.25 }, "kind": "paragraph", "text": "Our investigators corroborated that construction cost estimates were much lower than our estimate of the reported amounts. In a discussion with a deputy farm manager on a newly built Liaoning Huishan Dairy Group Woniushi Farming Co. farm", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:20.204+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5ee1a69-f4c4-4189-a87e-8a462c12175e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.1, "y": 0.1 }, "kind": "paragraph", "text": "end estimates for the construction cost for new milking farms was RMB 20,000 per head, (RMB 60 million for a 3,000-cow farm). Expert B stated that \"from the picture, all I can tell you is that these farms are built very cheaply,\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:20.204+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce8de588-9abd-44c2-8c56-c2d198af712a", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.4, "x": 0.1, "y": 0.45 }, "kind": "paragraph", "text": "During our investigation, we found that this was not the sole instance of milking farms being built out far enough to become \"operational,\" but halted before completing the milking parlor", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:20.204+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fffaa7a2-386c-4f42-90ea-bf31507fe12e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "from the picture, all I can tell you is that these farms are built very cheaply — Expert B", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b64-7193-87f6-13207dbb0803", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "2bac2cc3-a51c-491f-82ab-fd7af7c67a46", "matchId": "1fe1c1fd-91c6-4fea-8be8-660eadfcb9bf", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The report presents various contradictions in Huishan's financial reporting and operations", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 18, "type": "tension", "title": "The text uses investigative research to highlight a discrepancy between public filings and actual construction costs.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 86, "componentCount": 9, "textChars": 3309, "nDataPoints": 8, "notes": "The text uses investigative research to highlight a discrepancy between public filings and actual construction costs.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:50:20.794+00", "seconds": 4.138, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-835a69513742/18", "deck": "/decks/019dd923-622c-750b-8b96-835a69513742", "deckAnchor": "/decks/019dd923-622c-750b-8b96-835a69513742#slide-18", "deckJson": "/decks/019dd923-622c-750b-8b96-835a69513742.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The expected construction costs are about half of our estimate of Huishan's reported average spend of RMB 89 million.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b64-7193-87f6-8026dcab7a41", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "construction cost: RMB 89 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b64-7193-87f6-894c5eb016be", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.54 }, "kind": "paragraph", "text": "Bidding documents for two post-IPO Huishan farms support our estimates of actual farm construction costs. From time to time Huishan posts invitations for contractors to bid on their new construction projects. The posting from 2014 below is for a 3,000-head dairy farm for Liaoning Shiling Farming Co. Ltd., a subsidiary of Huishan. It is to have a construction area of 61,000 m2 on a farm of approximately 273,000 m2 (410 mu) which would make it among Huishan's largest farms. The reported construction cost estimate is just RMB 30 million.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:20.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "271ef195-1683-4c21-bd97-64cc9889f15b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "If we add about RMB 5.76 million for a pre-paid land lease, the total increases to RMB 45.76 million, almost identical to the average cost implied in the IPO prospectus's Use of Proceeds. However, this figure is still less than half of the RMB 96.2 million reported total investment for the project reported to the Liaoning Environmental Protection Bureau, and about half our estimate for Huishan's reported average spend.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:20.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2cb43cdb-0784-4645-91be-b6e42deb4b21", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.7 }, "kind": "paragraph", "text": "The bidding documents include mention of the exterior walls, the brick, steel, and alloy steel, building materials, fire walls, plumbing and waste water drainage systems, ventilation, A/C, lighting, fences, cow bed construction, a sedimentation pond, anaerobic reactor, as well as cold storage, feeding equipment, disease prevention testing equipment. The bidding announcement also includes a note that, “Due to a wide range of equipment and materials required for the project, the requirements are not all listed one by one, and the specifics for the project may vary.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:20.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d28383c-4239-44a3-b2da-9088459c3340", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.78, "x": 0.11, "y": 0.25 }, "kind": "paragraph", "text": "Construction workers at a farm in the early stages of construction on the outskirts of Shenyang corroborate our estimates of actual construction costs. The workers confirmed that the site was to be a Huishan farm on about 200 mu designed to hold 3,000 cows. It would contain the office, dormitory, cow sheds, production facilities, etc. and from their description would be composed of concrete and steel buildings following the post-IPO “standard” design. Based on their project knowledge, the construction cost excluding land and the milking equipment would run about RMB 30 million. Even if adding another RMB 20 million or more for additional dairy production related equipment, the total is still close to just half of the typical build costs publicly announced in their environmental impact statements. The expected construction costs are about half of our estimate of Huishan's reported average spend of RMB 89 million.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:20.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e26de560-1dcf-4e33-8091-efe9c0547c66", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Due to a wide range of equipment and materials required for the project, the requirements are not all listed one by one, and the specifics for the project may vary.” — Bidding announcement", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b64-7193-87f6-84930fe6afa5", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.11, "y": 0.85 }, "kind": "source-note", "text": "33 The Prospectus estimated that the land for the 45 dairy farms would require 12.8% of the 34% of the total proceeds, equating to RMB 259.4 million for 45 farms, or RMB 5.76 million per farm. Based a 15-year lease, 250 mu of land (larger than most of the new farms), RMB 5.76mm equates to RMB 1,533/mu/yr. This figure appears to be quite high, we used it as-is in the estimate. 34 http://www.syepb.gov.cn/data/2015_12_15/201512159249.html 35 Huishan FY15 AR, p. 111 36 http://p.tgnet.com/LNSLZY/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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In December 2014 (over one year post-IPO), Huishan transferred a subsidiary with at least four cattle farms to a party who is almost certainly a proxy for Chairman Yang.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:24.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3bfc0566-e38b-4bf5-b7fd-38e07c74dab4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.65 }, "kind": "paragraph", "text": "Chairman Yang and his wife own Liaoning Muhejia Livestock and Technology Co. Ltd. (“Muhejia”). As explained next, Muhejia used a proxy to take at least four farms from Huishan. Muhejia has had five names in two years, which we believe is an attempt to conceal this (and possibly other) improper transaction.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:24.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d698a14f-05ca-493e-8517-6b34be112ff1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.52, "y": 0.58 }, "kind": "source-note", "text": "Source: Euromonitor, Macquarie Research, November 2013", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:24.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "978991a2-55e9-42b1-aaaf-10b3cfcfcadb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.12, "y": 0.58 }, "kind": "source-note", "text": "Source: National Bureau of Statistics, Macquarie Research, November 2013", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:24.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4d46bf4-1034-4853-9547-25dc02380412", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.08 }, "kind": "title", "text": "Huishan Chairman Appears to Have Stolen Assets Worth at Least RMB 150 Million Through an Undisclosed Related Party Transaction", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:24.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4136b90-887e-4691-b7cd-14f147bb6339", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 29, "from": 23, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "31338c39-90b7-4c50-b885-2138304840ab", "evidence": "The report reveals various instances of Huishan's fraudulent activities", "position": 1, "objective": "What is the extent of Huishan's fraudulent activities?", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:58:05.836537+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 24, "type": "tension", "title": "The slide highlights the complexity and potential obfuscation in corporate naming conventions, specifically linking Huishan Dairy to Liaoning Muhejia.", "function": "expose_contradiction", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 9, "textChars": 1655, "nDataPoints": 12, "notes": "The slide highlights the complexity and potential obfuscation in corporate naming conventions, specifically linking Huishan Dairy to Liaoning Muhejia.", "elementsJson": [ "data_table", "photo", "paragraph", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:50:21.937+00", "seconds": 4.367, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-835a69513742/24", "deck": "/decks/019dd923-622c-750b-8b96-835a69513742", "deckAnchor": "/decks/019dd923-622c-750b-8b96-835a69513742#slide-24", "deckJson": "/decks/019dd923-622c-750b-8b96-835a69513742.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Huishan's disclosures about Liaoning Muhejia refer to it by an informal English name, Liaoning Ainyveal, which we also believe is an attempt to obscure.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b64-7193-87f6-cdbe565baa51", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.76, "x": 0.12, "y": 0.415 }, "kind": "image", "text": "Signboard at Muhejia complex in Zhangwu, ghosts of prior company names can be seen on wall in background.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:21.937+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f32bc232-ead2-4782-9e8b-f03bd8012692", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.775 }, "kind": "list", "text": "April 11, 2014: Huishan establishes Huishan Investment Fuyu Shenyang Farming Company (“Fuyu”) for “dairy farming business”. (As we explain below, it seems likely", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:21.937+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7c80468-0def-468d-bafe-4b6499417422", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.725 }, "kind": "paragraph", "text": "Huishan transferred the Fuyu farms to Muhejia, an entity controlled by Yang Kai. The following timeline lays out the key events:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:21.937+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f035518-209f-4800-9ae3-d1caf1cda9c6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.638 }, "kind": "paragraph", "text": "Huishan’s disclosures about Liaoning Muhejia refer to it by an informal English name, Liaoning Ainyveal, which we also believe is an attempt to obscure.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:21.937+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad6163a5-d06b-4bc5-9514-79e7afebe287", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.84 }, "kind": "source-note", "text": "43 Huishan Group, however, disclosed a business agreement with Liaoning Ainyveal as a connected party transaction with Chairman Yang Kai in September 2015. (See http://www.Huishandairy.com/Investor/EN_20150926.pdf) To confound matters further, Huishan’s 2016 annual report continues to refer to Liaoning Ainyveal, with Kai and his spouse indirectly owning 66.7%, even though its name has changed three times since then. (See http://www.Huishandairy.com/Investor/EN_20150926.pdf and Huishan FY16 AR, p.68) 44 Huishan FY14 Annual Report, p. 146.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:21.937+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02ea360e-cc7f-4aba-8247-82b2298dd876", "parentComponentId": null }, { "bbox": { "h": 0.295, "w": 0.456, "x": 0.277, "y": 0.093 }, "kind": "table", "text": "Current/Prior Name, Chinese Name, Date of Change; Fuxin Blue Moon Foods Co. Ltd., 阜新蓝月亮食品有限公司, -; Liaoning Fuda Cattle Co. Ltd., 辽宁福大牛业有限公司, 12/12/2014; Muhejia Livestock Technology Holding Co., Ltd., 牧合家畜牧科技股份有限公司, 12/8/2015; Zhangwu Fuda Cattle Co., Ltd., 彰武福大牛业有限公司, 1/20/2016; Liaoning Muhejia Livestock and Technology Co., Ltd., 辽宁牧合家牛业科技有限公司, 4/5/2016", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:21.937+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2aec865-ee5a-49fe-97df-bab340d4250d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.46, "x": 0.27, "y": 0.09 }, "kind": "title", "text": "Table 1: The Many Names of Liaoning Muhejia", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:21.937+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4f8a474-5898-441b-9ea7-8410e9bce6b7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.12, "y": 0.69 }, "kind": "title", "text": "F.U. with FuYu", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:21.937+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f25f4440-0f69-49c9-88b5-0530e10da366", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 29, "from": 23, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "31338c39-90b7-4c50-b885-2138304840ab", "evidence": "The report reveals various instances of Huishan's fraudulent activities", "position": 1, "objective": "What is the extent of Huishan's fraudulent activities?", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:58:05.836537+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 25, "type": "tension", "title": "The slide uses footnotes to cross-reference financial reports with government records to suggest potential asset stripping or misrepresentation.", "function": "expose_contradiction", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 9, "textChars": 1725, "nDataPoints": 0, "notes": "The slide uses footnotes to cross-reference financial reports with government records to suggest potential asset stripping or misrepresentation.", "elementsJson": [ "bullet_list", "paragraph", "screenshot", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:50:25.877+00", "seconds": 7.775, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-835a69513742/25", "deck": "/decks/019dd923-622c-750b-8b96-835a69513742", "deckAnchor": "/decks/019dd923-622c-750b-8b96-835a69513742#slide-25", "deckJson": "/decks/019dd923-622c-750b-8b96-835a69513742.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Wang and Fuhan Farming are almost certainly proxies for Muhejia and Chairman Yang.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b64-7193-87f7-07432e7c48c2", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.17 }, "kind": "paragraph", "text": "23 December 2014: Transfer of Fuyu shares from Huishan Dairy (China) Co., Ltd. (formerly named Huishan Investment Co., Ltd) to newly-formed entity Liaoning Fuhan Farming Company Ltd., controlled and 100%-owned by an individual named Wang Bing.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:25.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5cbf5429-a059-4663-8613-78a3834a6476", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.66, "x": 0.2, "y": 0.36 }, "kind": "paragraph", "text": "38 NON-ADJUSTING EVENTS AFTER THE REPORTING PERIOD (a) Establishment of subsidiaries. On April 10, 2014 and April 11, 2014, the Group established five wholly-owned subsidiaries... to conduct dairy farming business.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:25.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75df603b-9657-4bed-848c-5ff85b1fba46", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.24 }, "kind": "paragraph", "text": "Huishan's FY15 financial reports disclose no consideration received for the disposal of subsidiaries. Wang and Fuhan Farming are almost certainly proxies for Muhejia and Chairman Yang. We estimate the value of the assets transferred was at least RMB 150 million.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:25.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c4f5a72-bf99-4e75-9196-9654654ac4ba", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "this subsidiary was always intended to be used for beef ranching, rather than dairy farming. May 2014 through December 2014: Government records show that between May 2014 and the transfer, Fuyu had completed construction of at least four cattle farms.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:25.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84880f92-dd10-45de-8a2c-1d64dd4b5951", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.75, "x": 0.11, "y": 0.53 }, "kind": "paragraph", "text": "A 2015 report by the Liaoning City Village Committee for Agricultural and Animal Husbandry Economy affairs lists fourteen Huishan Group standard farms that applied for subsidies. Among them are four Fuyu farms with dates of construction listed as May through December 2014.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:25.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c20775b2-d41b-4d0a-9937-8d6a4a859449", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.63 }, "kind": "paragraph", "text": "Notice of Public Announcement of the List of Qualified Standardized Livestock Farm Projects by the Huishan Dairy Group in Shenyang City in 2015...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:25.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8242f51-404d-4cbe-a6e7-7881f218729a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Notice of Public Announcement of the List of Qualified Standardized Livestock Farm Projects by the Huishan Dairy Group in Shenyang City in 2015 — Government Announcement", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b64-7193-87f7-0858ba36f61c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.75, "x": 0.11, "y": 0.79 }, "kind": "source-note", "text": "Footnotes 45-49 detailing specific financial report pages and government record URLs.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Upon inquiry, we learned that the workers believed that the farms belonged to Huishan with them being just another division...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:21.091+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62e9d1bc-f146-47ff-b010-31481c2478c1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.88 }, "kind": "source-note", "text": "53 http://www.9500w.cn/page/wtt_wzaobao_com/p/22dcBb2.html, 54 http://p.tgnet.com/SYHSTZ1/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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In May, we jokingly suggested on Twitter that Huishan's announced cow sale and leaseback transaction with Guangdong Yuexin Finance Lease Co. Ltd, should be considered for the year's most humorous transaction award.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:23.476+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8522fdb8-ed4e-462f-9868-3b83093ef058", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Using low end consensus forward EBITDA of ~ RMB 1.6 billion, Huishan is levered 10.0x with RMB 16.0 billion of debt. These leverage ratio numbers are equivalent to distressed leverage ratios. Because we believe Huishan's EBITDA is largely (if not entirely fraudulent), we see the real leverage ratio as greatly higher.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:23.476+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df648b3f-8858-45ce-a245-e2f46e5bc8e7", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.61 }, "kind": "paragraph", "text": "In the end, it appears Guangdong Yuexin didn't like being the punch line. On November 27, 2016, just two days before the release of its 1H17 interim results, Management announced that it was \"reformulating its plans with respect to finance lease arrangements\" because the 50,000-cow sale lease-back for RMB 1 billion with Yuexin \"lapsed\" and never took effect. If Guangdong Yuexin's due diligence turned up anything similar to ours, that outcome is easy to understand.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:23.476+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0082c1c-1d08-4c80-9b89-840df26a5715", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.78, "x": 0.11, "y": 0.73 }, "kind": "paragraph", "text": "The November 27 bulletin announced a new counter party to the sale and leaseback, but on a smaller scale, with slightly higher ratio of collateral required: 40,000 cows for RMB 750,000 million, and at the same 6.2% interest rate. At the time of the original announcement, analysts speculated that this sale and leaseback was intended to raise funds intended for additional share buybacks. However, the original high-profile nature of the original cow leaseback and the timing of the new announcement, imply that the Company knows it cannot afford the fallout if", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:23.476+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd196b0f-1336-4103-84ab-c72a037898db", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.87 }, "kind": "source-note", "text": "Source: Bloomberg Earnings Estimate; URLs for Huishan Dairy and Bloomberg articles.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Two plant and equipment sales and leasebacks were on the books at the end of FY16 for over RMB 541 million. Huishan added RMB 146 million of sales and leaseback of PP&E and dairy cows in 1H17, for a total of RMB 687 million payable in full within three years. Additionally, a new sale and leaseback for RMB 300 million for PP&E was announced on December 8, 2016 with JIC (Tianjin) Leasing Co., Ltd. bringing the total (ex-cows) to six sales and leasebacks involving four financing companies for nearly RMB 1 billion plant and equipment. Adding in the RMB 750 million replacement transaction for the cows, the total value of assets liquidated comes to RMB 1.7 billion. 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Just two weeks later, the story of a new financing innovation for Huishan emerged in the Chinese news. The Company would be working with Zhejiang Internet Finance Trade Center Holding Co. Ltd. to raise short-term funds through the sale of WMPs to high net worth individuals. The Zhejiang Internet Finance Trade Center Holding Co. Ltd was to be responsible for marketing the product, and Huishan for issuing the credit guarantee. 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Our investigators visited the development zone in July 2016 and found no operational factory or construction site.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:22.003+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f0874ba-ccaf-4efb-b7f8-ced07cdb7a6c", "parentComponentId": null }, { "bbox": null, "kind": "paragraph", "text": "Construction stopped on the RMB 6.8 billion Xifeng liquid milk plant. Our researchers found the site essentially abandoned with construction half complete.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:22.003+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55ca7d11-7369-461b-9463-60f1e67b3ed2", "parentComponentId": null }, { "bbox": null, "kind": "paragraph", "text": "Collateral and equity squeeze portend calamity. Huishan faces a collateral and equity squeeze that is extremely dangerous. The company's RMB 15.3 billion in bank loans, nearly RMB 11 billion of which come due in September 2017, exceed equity by 18.6%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:22.003+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4eb0656-7210-441f-a01d-981878825490", "parentComponentId": null }, { "bbox": null, "kind": "source-note", "text": "Huishan FY17 Interim Results, p. 5; Tieling government announcement; Construction project database; 2015 SAIC file.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Photo by MWC investigator.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:23.087+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f67ba94e-beb8-485c-8329-6cff4b379175", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.41 }, "kind": "paragraph", "text": "A media report from June 2014 claims that Huishan launched its dairy industry cluster in December 2013... The magistrate of Kangping County visited the Kangping dairy processing factory project and inspected the construction progress, indicating that the project was not finished then.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:23.087+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5deb70dc-2819-4004-9785-cd3a73889b45", "parentComponentId": null }, { "bbox": { "h": 0.17, "w": 0.78, "x": 0.11, "y": 0.57 }, "kind": "paragraph", "text": "According to a public bidding notice, Huishan invited proposals for the power engineering and construction of “Huishan Dairy’s project in Kangping.”... Additional media searches and field observations found no evidence of a construction site in Kangping Development Zone of this project’s scale, leading us to conclude that processing facilities to make up the core of this dairy cluster have undergone only preliminary stage development at best.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:23.087+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e51cc31-ee5c-40c2-9ce0-cdb362cdb043", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.45, "x": 0.11, "y": 0.86 }, "kind": "source-note", "text": "90 http://www.hesitan.com/nnyw_qydt/2014-06-10/122366.shtml\n91 http://www.hesitan.com/nnyw_qydt/2014-06-10/122366.shtml\n92 http://www.jszhaobiao.com/bz-notice-c-33161309.html\n93 http://www.szwincom.com/e/5710.html", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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It uses specific financial data points to build a case for fraud.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:50:25.061+00", "seconds": 4.813, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-835a69513742/38", "deck": "/decks/019dd923-622c-750b-8b96-835a69513742", "deckAnchor": "/decks/019dd923-622c-750b-8b96-835a69513742#slide-38", "deckJson": "/decks/019dd923-622c-750b-8b96-835a69513742.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In our experience, one of the most common signs a company is forging its cash balances is borrowing more money than it seemingly needs to, and at rates higher than what it earns on its cash.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b64-7193-87f8-73f38a1d60de", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.16 }, "kind": "paragraph", "text": "In addition to what could be a cow farm PP&E overstatement as large as RMB 1.6 billion, we have substantial concerns about other asset accounts. Even forgetting the evidence of fraudulent profits, Huishan's cash balance is highly suspicious due to the company's nonsensical capital structure. Huishan's inventory presents a significant red flag. We strongly doubt Huishan's reported raw material prepayment balances. Huishan appears to be hiding a RMB 1.5 fair value loss on biological assets (cattle).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:25.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b8c7993-49b0-43f9-a7a7-72be6ecad650", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.8 }, "kind": "paragraph", "text": "Huishan reported a big blow out in inventory of “semi-finished and finished goods” in FY2016, more than doubling from RMB 463 million in 2015 to RMB 987 million in 2016. In 2014, it was only RMB 189.7 million. While the company does not provide insight into such inventories in its FY17 interim report, it does cite the “exceptional” case of sales of 13,484 tons of dairy ingredients (whole milk powder) for over RMB 171.4 million. It appears then that the inventory blowout of prior years was in part because Huishan converted raw milk it couldn't sell into whole milk powder. As the shelf life for whole milk powder is limited and the company", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:25.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "347cbc08-5a9e-45b0-a7bd-02929f87d14f", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.8, "x": 0.1, "y": 0.57 }, "kind": "paragraph", "text": "Despite these strong results, Huishan is borrowing at rates far higher than it purports to receive on its cash and short-term investments. In early 2016, Huishan invested RMB 845 million in WMPs at 3.2% to 3.8%, but then in April 2016 attempted to secure RMB 1 billion through a dairy cattle sale and leaseback scheme at 6.2%. After the initial cow sale and lease back fell through, the company announced a new replacement RMB 750 million sale and leaseback agreement at the same interest rate. According to a newspaper report, Huishan is planning the sale of its own WMP at an annual rate of 7.2% for 183-day paper.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:25.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36d131f4-f2de-487b-aeac-3acf8e685a96", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.1, "y": 0.36 }, "kind": "paragraph", "text": "Huishan's recent capital market activity supports our view that the company is a fraud – particularly considering its strong reported 1H17 cash flow. In our experience, one of the most common signs a company is forging its cash balances is borrowing more money than it seemingly needs to, and at rates higher than what it earns on its cash. Huishan fits this profile. It reported cash and short-term investments of RMB 9.8 billion in 1H17, up from RMB 4.1 billion as of FY16. From March 31, 2016 through September 30, 2016, Huishan reports operating cash flow of RMB 3.1 billion and levered free cash flow of RMB 2.7 billion.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:25.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e76fd269-fdb1-43a4-8f44-c737b09dc081", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.95 }, "kind": "source-note", "text": "Footnotes 94-103", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:25.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "149c1092-da2d-4506-9f76-0d2a704e18d5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.1 }, "kind": "title", "text": "We Believe Huishan's Asset Accounts are Massively Overstated", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:25.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92b0b86e-1419-438b-8d9b-71b50ebc8bc4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.1, "y": 0.76 }, "kind": "title", "text": "Huishan's inventory presents a significant red flag.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:25.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf11fcef-909a-45b1-b371-9e8aa940185f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.1, "y": 0.32 }, "kind": "title", "text": "Huishan's cash balance is highly suspect – even forgetting that its profits are fraudulent.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:25.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fed37e10-e2fe-4798-ad80-c6e3a6cf9672", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 40, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 30, "name": "The Victory", "beatId": "df34ebd0-5aea-463a-bfea-d11d064de1c1", "matchId": "1fe1c1fd-91c6-4fea-8be8-660eadfcb9bf", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The report concludes that Huishan's financial reporting is likely fraudulent", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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Huishan has not mentioned raw milk balances in its filings since then. We believe this is a lie, albeit a strange and unnecessary one, possibly propagated to portray the company as highly efficient.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:23.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d7685e8-a8bc-454b-a946-3619866716c9", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.37 }, "kind": "paragraph", "text": "Huishan's prepayments for raw materials are highly suspicious, and add to our extreme skepticism about the value of the company's assets.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:23.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6dd8a225-afd8-432e-b3f4-6dfc3ba7e1ae", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "ha[s] always sold or consumed [its] raw milk at the day of milking. — Huishan Prospectus, p. 214", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b64-7193-87f8-563c809f8c1f", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.78, "x": 0.11, "y": 0.63 }, "kind": "source-note", "text": "Footnotes 104-109 detailing sources for financial claims and assumptions.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"dense", "densityScore": 61, "componentCount": 8, "textChars": 950, "nDataPoints": 24, "notes": "The slide uses a line chart to highlight a divergence in pricing and a table to quantify the price difference between internal and external sales.", "elementsJson": [ "paragraph", "line_chart", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:50:23.252+00", "seconds": 2.952, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-835a69513742/40", "deck": "/decks/019dd923-622c-750b-8b96-835a69513742", "deckAnchor": "/decks/019dd923-622c-750b-8b96-835a69513742#slide-40", "deckJson": "/decks/019dd923-622c-750b-8b96-835a69513742.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In our opinion, Huishan is hiding an approximately RMB 1.5 billion fair value loss on its biological assets.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b64-7193-87f8-aa9caff3fff6", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.62, "x": 0.19, "y": 0.35 }, "kind": "chart", "text": "Our realized raw milk price versus national index price", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:23.252+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2826e843-b92b-409a-9b89-e2b26d64b790", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Raw Milk ASP: 14.4%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b64-7193-87f8-ae87b1eadc8e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.118, "y": 0.185 }, "kind": "paragraph", "text": "In our opinion, Huishan is hiding an approximately RMB 1.5 billion fair value loss on its biological assets.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:23.252+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac1ab845-2e8e-49c1-b137-b554a90903b9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.118, "y": 0.59 }, "kind": "paragraph", "text": "The dramatic increase in average selling price is due to the higher relative price of milk sold internally. In other words, the internal sales price is much higher than that of the external (market) price. By inflating future cash flow expectations built into its Level 3 valuation model, Huishan can maintain the fair value of its milkable cows and hide a massive loss.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:23.252+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d92c11c5-ddf4-4d7e-bfab-dfe8ac195814", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.118, "y": 0.13 }, "kind": "paragraph", "text": "During our fieldwork, we did not see or hear of purchases at this scale taking place. We think the likeliest explanation is that this line item absorbs much of the fake cash that Huishan generates.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:23.252+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e68f6259-102c-4dc2-a9ab-e435ea126108", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.118, "y": 0.56 }, "kind": "source-note", "text": "Source: Huishan 2016/2017 Interim Results Presentation, p. 19", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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As the total herd size reported a first ever decline in 1H17, we conclude that a dramatically increased rate of culling (perhaps 2x the historical rate) should be a major factor reducing the herd's valuation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:27.371+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "663da44b-98c6-4e15-9915-847b37f3b912", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.198 }, "kind": "paragraph", "text": "Management has consistently reported initiatives to reduce their feed costs to sustain margin on raw milk, which we question in section in this report. As the impact of the feed cost adjustments are reducing yields, the marginal impact on profit is negative, so the impact on the fair value is negative.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:27.371+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb5b1832-7c8b-4280-a456-485da15a4463", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.764, "x": 0.118, "y": 0.112 }, "kind": "paragraph", "text": "Huishan shows the various components it uses for fair value calculation—lactation period, raw milk ASP, yield rate, culling rate—in its prospectus and annual reports. 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"019dd953-2b64-7193-87f8-8f16b8d11bc4", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.64, "x": 0.18, "y": 0.38 }, "kind": "paragraph", "text": "We believe Huishan should take a fair value loss on its milkable cow herd because their income dropped due to the lower yield rate and raw milk price.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:23.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "314f8337-db49-4794-9ab0-02b625439756", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "产能没有减少，牛的头数有减少。 — Anonymous industry source", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b64-7193-87f8-8a07e01309fb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.35, "y": 0.89 }, "kind": "source-note", "text": "Huishan 1H17 Interim Report, 29 November 2016, p. 24", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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