Grizzly Reports · research-note
GSX Techedu (GSX)
59 pages · 5 arc beats · 0 loops
GSX Techedu (GSX)
Grizzly Reports · 2020-02 arc beats above · slides in the middle · loops below · scroll → 0 LOOPS
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Deck intelligence map
5 coverage by narrative range · generated from this deck JSON
Narrative range 7 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Expose Contradiction 3 slides 100% 3/3 slides 100% 3/3 slides · 24 hits — 0/3 slides
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100% 3/3 slides 100% 3/3 slides · 4 hits — 0/3 slides
Villain Critique 1 slides 100% 1/1 slides 100% 1/1 slides · 9 hits — 0/1 slides
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100% 1/1 slides 100% 1/1 slides · 2 hits — 0/1 slides
Expose Contradiction 1 slides 100% 1/1 slides 100% 1/1 slides · 8 hits — 0/1 slides
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Expose Contradiction 1 slides 100% 1/1 slides 100% 1/1 slides · 6 hits — 0/1 slides
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100% 1/1 slides 100% 1/1 slides — 0/1 slides
Peer Gap 1 slides 100% 1/1 slides 100% 1/1 slides · 8 hits — 0/1 slides
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Slide inventory
59 every slide · same image gating as the playbook
04
This is a short-seller report introduction setting up a 'too good to be true' narrative.frame_situation
05
The slide uses financial data to cast doubt on the legitimacy of GSX's reported margins.expose_contradiction
Open slide detailBeat · Expose Contradiction
06
The slide uses a chart to establish a baseline for market pricing, then pivots to a list of four specific accusations of fraud.expose_contradiction
Open slide detailBeat · Expose Contradiction
07
The slide uses a 'fraud-exposure' framework to contrast public SEC filings with private Chinese credit reports.expose_contradiction
Open slide detailBeat · Expose Contradiction
08
The slide uses two tables to compare credit report data against SEC filings, specifically pointing out a 74.6% overstatement in 2018 net profit.expose_contradiction
09
The slide uses a forensic research style to allege financial manipulation via related party transactions.expose_contradiction
10
The slide uses a corporate structure diagram and a supporting table to demonstrate that Beijing Youlian shares an address with GSX entities, contradicting the cexpose_contradiction
12
This appears to be a screenshot of a job listing page, likely used as evidence in a research report.other
13
The slide is a screenshot of a job listing from a Chinese recruitment platform, marked as expired.other
14
The slide serves as evidence of hiring activity or operational focus for the company Jiazhang Jia.other
15
The slide presents a job posting screenshot to argue that two entities are effectively the same company.expose_contradiction
16
The slide uses a resume excerpt and a corporate registry screenshot to suggest potential accounting irregularities (cookie-jar accounting).expose_contradiction
17
Includes a direct quote from the founder and a Q&A regarding the business model.expose_contradiction
18
Image file /tmp/legacy-images/f289bd97a3f5/slides/018.jpg not available for inspection.
19
The slide uses SAIC filing data to highlight suspicious financial and operational ties between GSX and a disposed entity.expose_contradiction
20
Includes a table summarizing a shareholder change event from Qichacha.expose_contradiction
Open slide detailBeat · Expose Contradiction
21
Includes a table with project specifications and a translation of Chinese project details.analyze_data
22
This is a page from a short-seller research report (Grizzly Reports) accusing GSX of financial manipulation.expose_contradiction
23
The slide uses a 'Translation' section to provide English context for Chinese source material.expose_contradiction
Open slide detailBeat · Expose Contradiction
24
Includes a screenshot of a mobile profile on GSX's platform advertising 'Hiring Mobile Typist and Order Brushing Personnel'.expose_contradiction
25
The slide uses screenshots of WeChat conversations to demonstrate astroturfing or fake review generation.expose_contradiction
26
The slide presents screenshots of WeChat-style group chats where multiple users posted identical praise for the teacher, which the report characterizes as 'reviexpose_contradiction
27
The slide highlights coordinated inauthentic behavior (astroturfing) by showing identical comments posted by different users in different groups.expose_contradiction
28
The chart uses a logarithmic scale for Alexa rank, where lower values (higher on the chart) indicate higher traffic.expose_gap
Open slide detailBeat · Peer Gap
29
The slide uses a Yahoo Finance stock chart and a Baidu Index search trend chart to argue that GSX's stock performance is disconnected from its actual market popcompare_peers
30
The slide uses two line charts to contrast short-term spikes in interest (early 2020) with long-term historical search volume.analyze_data
31
The chart shows search volume trends for GSX, Gaotu, Vipkid, Zuoyebang, and Yuanfudao. The text notes that GSX and Gaotu have not outperformed competitors.compare_peers
32
The slide uses screenshots of the WeChat Index interface to compare search volume trends for GSX, Gaotu, and competitors.compare_peers
33
Includes source citations and methodological notes regarding enrollment estimation for TAL.analyze_data
34
Includes methodology notes regarding data substitution and estimation for enrollment figures.analyze_data
35
The slide uses two bar charts to analyze GSX's performance relative to peers in terms of engagement and traffic acquisition.compare_peers
36
The slide uses app download volume as a proxy for enrollment to compare GSX and Gaotu against competitors.analyze_data
37
The slide uses two bar charts to demonstrate that GSX (even when consolidated with Gaotu) lags significantly behind competitors in app downloads.analyze_data
38
The table lists companies, their English names/tickers, and influence scores.compare_peers
39
The slide uses external ranking data and QuestMobile reports to argue that GSX's high valuation is disconnected from its actual market performance.compare_peers
40
The slide uses a line chart to show DAU trends and a market segmentation map to show industry players.expose_contradiction
41
Includes a screenshot of a Chinese social media post (likely Zhihu) from a former employee criticizing company management, product design, and business model.expose_contradiction
42
The slide uses a screenshot of a social media post (likely Zhihu) to provide primary source evidence of internal company dysfunction.expose_contradiction
43
Image file /tmp/legacy-images/f289bd97a3f5/slides/043.jpg not available for inspection.
44
Image file /tmp/legacy-images/f289bd97a3f5/slides/044.jpg not available for inspection.
45
This is a short-seller research note documenting technical issues with a platform's registration flow.expose_contradiction
46
The slide uses a narrative approach to point out operational failures as evidence of bad business practices.expose_contradiction
47
The slide uses investigative research to cast doubt on the integrity of the company's financial officers.expose_contradiction
48
The slide presents anecdotal evidence of labor exploitation and visa fraud to support a negative assessment of certain entities.name_villain
49
This is a short-seller research report page focusing on management credibility.name_villain
50
The slide uses annotated tables and callouts to highlight specific entities in government lists.expose_contradiction
51
This is a short-seller research note alleging regulatory non-compliance.expose_contradiction
52
The slide uses data from the company's prospectus to argue that the offering was a liquidity event for insiders rather than a capital raise for the company.expose_contradiction
53
The slide uses a narrative structure to build a case against the company's stability by linking insider exits to financial risk.expose_contradiction
56
The slide presents financial data for three separate entities in a tabular format.analyze_data
57
The slide contains two distinct income statement tables for two different entities.analyze_data