Group 1 - The core viewpoint of the news is that Rebecca (600439) has shown a positive performance in its 2025 interim report, with revenue and net profit increasing year-on-year, despite a slight decline in quarterly revenue [1] - The total operating revenue for the first half of 2025 reached 598 million yuan, a year-on-year increase of 4.2%, while the net profit attributable to shareholders was 9.3759 million yuan, up 15.31% year-on-year [1] - The gross profit margin improved significantly to 38.09%, reflecting a year-on-year increase of 15.57%, and the net profit margin also rose to 1.56%, up 12.39% year-on-year [1] Group 2 - The company reported a decrease in cash and cash equivalents, with monetary funds dropping by 50.94% to 416 million yuan, and accounts receivable decreased by 24.78% to 197 million yuan [1] - The total expenses (selling, administrative, and financial) amounted to 192 million yuan, accounting for 32.16% of revenue, which is a 19.77% increase year-on-year [1] - The company has a historical median ROIC of 4.25% over the past decade, indicating weak investment returns, with the worst year being 2024, which recorded a ROIC of -0.62% [3] Group 3 - The company’s business model relies heavily on marketing, and there is a need for further investigation into the underlying drivers of this approach [3] - The cash flow situation is concerning, with monetary funds to current liabilities ratio at 21.73%, and the average operating cash flow over the past three years to current liabilities ratio at 8.21% [3] - The company’s debt situation is also a point of concern, with a debt ratio of 37.93% and a ratio of interest-bearing liabilities to the average operating cash flow over the past three years at 11.19% [3]

Core Points - The company reported a total revenue of 598 million yuan for the first half of 2025, with a net profit attributable to shareholders of 9.3759 million yuan [1] - The net cash inflow from operating activities decreased by 43.4913 million yuan, representing a year-on-year decline of 26.76% [1] - The company's latest debt-to-asset ratio stands at 43.10% [3] Financial Metrics - The latest gross profit margin is 38.09%, down by 3.23 percentage points from the previous quarter [3] - The return on equity (ROE) is reported at 0.36% [3] - The diluted earnings per share (EPS) is 0.01 yuan [4] Efficiency Ratios - The total asset turnover ratio is 0.12 times [4] - The inventory turnover ratio is also 0.12 times, remaining flat compared to the same period last year, but down by 2.57% year-on-year [4] Shareholder Information - The number of shareholders is 74,700, with the top ten shareholders holding 405 million shares, accounting for 35.77% of the total share capital [4] - The largest shareholder is Henan Ruibeka Holdings Co., Ltd., with a holding ratio of 28.40% [4]

Core Viewpoint - The report indicates a slight decrease in institutional ownership of Ruibeka, with a total of 3.26 billion shares held by institutional investors, representing 28.80% of the total share capital, down by 1.15 percentage points from the previous quarter [1] Institutional Ownership - As of August 15, 2025, there are 2 institutional investors holding shares in Ruibeka, including Henan Ruibeka Holdings Co., Ltd. and BARCLAYS BANK PLC [1] - The total institutional ownership has decreased by 1.15 percentage points compared to the last quarter [1] Public Fund and Foreign Investment - There is one public fund disclosed this period, which is GF Pension Index A, unchanged from the previous quarter [1] - A new foreign institution, BARCLAYS BANK PLC, has been disclosed this period, indicating a continued interest from foreign investors [1]

Core Viewpoint - The company reported a year-on-year increase in both revenue and net profit for the first half of 2025, indicating positive financial performance and growth potential [2] Financial Performance - The company's operating revenue for the first half of 2025 is approximately 598 million yuan, representing a year-on-year increase of 4.2% [2] - The net profit attributable to shareholders is around 9.38 million yuan, showing a year-on-year increase of 15.31% [2] - Basic earnings per share are reported at 0.0083 yuan, which is a year-on-year increase of 15.28% [2]

Core Viewpoint - The company reported a revenue of 598 million yuan for the first half of 2025, reflecting a year-on-year growth of 4.20% [1] - The net profit attributable to shareholders reached 9.3759 million yuan, marking a year-on-year increase of 15.31% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 9.4457 million yuan, showing a year-on-year growth of 23.04% [1] - The basic earnings per share were reported at 0.0083 yuan [1]

Group 1 - The company, Ruibeka, announced the release of 65 million shares from pledge, previously pledged to Zhongyuan Securities [2] - As of the announcement date, the controlling shareholder, Ruibeka Holdings, holds approximately 252 million unrestricted circulating shares, accounting for 22.22% of the total share capital [2] - The total number of pledged shares by Ruibeka Holdings is 160 million, which represents 63.61% of its total holdings and 14.13% of the company's total share capital [2] Group 2 - For the fiscal year 2024, Ruibeka's revenue composition is as follows: 35.77% from chemical fiber springs, 27.62% from human hair wigs, 15.56% from craft springs, 9.61% from chemical fiber wigs, and 6.63% from flame-retardant fibers [2]

河南瑞贝卡发制品股份有限公司 关于 2025 年半年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第3号—行业信息披露》、《关 于做好主板上市公司2025年半年度报告披露工作的重要提醒》要求，河南瑞贝卡 发制品股份有限公司（以下简称公司）现将2025年上半年度主要经营数据(未经 审计)披露如下： 一、报告期内实体门店（国内）情况 | 品牌 | 门店类型 | 期初数量 （家） | 本期新开 （家） | 本期关闭 （家） | 期末数量（家） | | --- | --- | --- | --- | --- | --- | | Rebecca | 直营店 | 74 | 2 | 1 | 75 | | | 加盟店 | 99 | 3 | 5 | 97 | | Sleek | 直营店 | 2 | 0 | 1 | 1 | | | 加盟店 | 8 | 0 | 1 | 7 | | 合计 | -- | 183 | 5 | 8 | 180 | 二、报告期内国内各品牌的盈利情况 证券代 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | | | 证券代码：600439 证券简称：瑞贝卡 公告编号：临 2025-024 重要内容提示: ● 本次河南瑞贝卡发制品股份有限公司（以下简称公司或本公司）控股股 东河南瑞贝卡控股有限责任公司（以下简称瑞贝卡控股）解除持有本公司质押股 份 65,000,000 股，占其所持有公司股份总数的 25.84%，占公司总股本的 5.74%。 ● 截至本公告披露日，本公司控股股东瑞贝卡控股持有公司无限售条件流 通股 251,538,217 股，占公司总股本的 22.22%，其中累计质押股份数量 160,000,000 股，占其所持公司股份总数的 63.61%，占公司总股本的 14.13%。 近日，公司接到控股股东瑞贝卡控股通知，获悉其将原质押给中原证券股份 有限公司的无限售条件流通股份办理了解除质押手续，具体如下： | 股东名称 | 河南瑞贝卡控股有限责任公司 | | --- | --- | | 本次解质股份（股） | 65,000,000 | | 占其所持股份比例（%） | 25. ...

河南瑞贝卡发制品股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 投资者可于 2025 年 09 月 5 日(星期五) 至 09 月 11 日(星期四)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱进行提问。公 司将在说明会上对投资者普遍关注的问题进行回答。 河南瑞贝卡发制品股份有限公司（以下简称"公司"）已于 2025 年 08 月 16 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 12 日下午 13:00-14:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 证 ...

[Company Profile and Key Financial Indicators](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and key financial performance indicators [Company Basic Information](index=4&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This chapter provides basic information about Henan Rebecca Hair Products Co., Ltd., including company names, legal representative, addresses, website, and contact details - The legal representative of the company is Zheng Wenqing[14](index=14&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue and net profit attributable to shareholders increased by **4.20%** and **15.31%** respectively, while net cash flow from operating activities decreased by **26.76%** Main Accounting Data (January-June 2025) | Main Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 597,940,661.47 | 573,845,918.16 | 4.20% | | Net Profit Attributable to Shareholders of Listed Company | 9,375,879.76 | 8,131,103.46 | 15.31% | | Net Cash Flow from Operating Activities | 119,049,544.42 | 162,540,860.27 | -26.76% | | **Asset Status** | **End of Current Period (CNY)** | **End of Prior Year (CNY)** | **Period-end vs. Prior Year-end Change (%)** | | Net Assets Attributable to Shareholders of Listed Company | 2,631,267,849.66 | 2,622,599,535.50 | 0.33% | | Total Assets | 4,631,457,218.58 | 4,989,093,264.63 | -7.17% | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.0083 | 0.0072 | 15.28% | | Diluted Earnings Per Share (CNY/share) | 0.0083 | 0.0072 | 15.28% | | Weighted Average Return on Net Assets (%) | 0.36% | 0.30% | Increase 0.06 percentage points | [Non-recurring Gains and Losses](index=6&type=section&id=%E4%B9%9D%E3%80%81%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **-69,825.72 CNY**, primarily from disposal losses of non-current assets and other non-operating income and expenses Details of Non-recurring Gains and Losses | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | -88,906.68 | | Other Non-operating Income and Expenses Apart from the Above | -15,507.45 | | Less: Income Tax Impact | -34,588.41 | | **Total** | **-69,825.72** | [Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's industry, business operations, financial performance, core competencies, and key risks [Industry and Main Business Operations](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company primarily manufactures and sells hair products, which are essential for the global African diaspora and serve fashion and functional needs for other demographics - The hair product industry primarily targets North American and African markets, which together account for approximately **75%** of China's total hair product exports[27](index=27&type=chunk)[28](index=28&type=chunk) - The company's main business is hair product manufacturing and sales, with brands like "Rebecca" and "Sleek," selling products across North America, Africa, Europe, and Asia, with global production and sales subsidiaries[29](index=29&type=chunk) - The company employs diversified operating models for different markets, including ODM/OEM and brand wholesale/retail in the Americas, wholesale through local subsidiaries in Africa and Europe, and direct/franchise stores combined with e-commerce in China[30](index=30&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, the company achieved **598 million CNY** in operating revenue, a **4.20%** increase, and **9.38 million CNY** in net profit attributable to shareholders, up **15.31%** - The company accelerated brand expansion globally by leveraging new media channels such as TikTok short videos, live streaming, and influencer marketing, driving steady growth in global terminal sales[32](index=32&type=chunk) - Operating revenue increased by **4.20%** and net profit attributable to shareholders increased by **15.31%**, primarily due to cross-border e-commerce growth offsetting US tariff impacts and higher terminal sales improving overall gross margin[32](index=32&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies remained unchanged, focusing on R&D, production, sales, and brand operation of hair products, further solidified by leading the drafting of five national industry standards - Five national standards (English version) for the hair product industry, led by Rebecca, were approved and released, demonstrating the company's influence in industry standard setting[34](index=34&type=chunk) [Analysis of Key Operating Conditions](index=9&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This chapter analyzes the company's key operating conditions from various dimensions, including financial statement item changes, asset-liability status, overseas assets, and major holding and participating companies [Main Business Analysis](index=9&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by **4.20%** while operating costs decreased by **3.78%**, with sales expenses rising **34.15%** due to increased online business, and financial expenses up **36.72%** Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 597,940,661.47 | 573,845,918.16 | 4.20 | N/A | | Operating Cost | 370,167,918.91 | 384,694,972.62 | -3.78 | N/A | | Selling Expenses | 116,732,132.12 | 87,016,392.07 | 34.15 | Due to increased proportion of online business | | Financial Expenses | 40,189,627.11 | 29,394,700.69 | 36.72 | Due to higher exchange gains in the prior year period | | Net Cash Flow from Operating Activities | 119,049,544.42 | 162,540,860.27 | -26.76 | N/A | [Asset and Liability Analysis](index=9&type=section&id=%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) As of the end of the reporting period, total assets were **4.63 billion CNY**, a **7.17%** decrease from the prior year-end, with cash significantly down **42.17%** due to long-term loan repayments Changes in Major Assets and Liabilities | Item Name | Current Period End Amount (CNY) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 415,803,826.33 | -42.17% | Primarily due to repayment of long-term loans | | Other Payables | 82,715,889.64 | 118.54% | Primarily due to temporary support from the controlling company | | Non-current Liabilities Due Within One Year | 186,300,000.00 | -57.49% | Primarily due to repayment of long-term loans | - As of the end of the reporting period, the company's overseas assets amounted to **2.17 billion CNY**, accounting for **46.77%** of total assets, mainly comprising overseas factories and sales companies[39](index=39&type=chunk) [Analysis of Major Holding and Participating Companies](index=11&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Major profit contributions came from several domestic and overseas subsidiaries, with Rebecca Fashion (Ghana) Co., Ltd. and Rebecca Fashion (Brazil) Co., Ltd. being significant contributors Operating Performance of Major Subsidiaries (Unit: 10,000 CNY) | Company Name | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | | Rebecca Fashion Co., Ltd. | 4,455.29 | 194.16 | 195.85 | | Rebecca Fashion (Ghana) Co., Ltd. | 2,886.07 | 699.28 | 698.29 | | Rebecca Fashion (South Africa) Co., Ltd. | 2,123.25 | 166.45 | 166.39 | | Fushun Ruihua Fiber Co., Ltd. | 2,014.82 | 242.35 | 191.43 | | Rebecca Fashion (Brazil) Co., Ltd. | 5,241.66 | 380.21 | 355.91 | [Risk Analysis](index=12&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces three main risks: global economic downturn impacting export business, international exchange rate fluctuations, and intensified market competition due to e-commerce growth - The company faces key risks including: - **Global economic downturn risk**: Slower-than-expected global economic growth may challenge the company's significant export business[45](index=45&type=chunk) - **International exchange rate fluctuation risk**: As an export-oriented company, global exchange rate volatility may lead to exchange gains or losses, affecting operating performance[46](index=46&type=chunk) - **Increased industry competition risk**: Rapid e-commerce development has led to more new entrants, intensifying market competition and potentially reducing profitability[47](index=47&type=chunk) [Corporate Governance, Environment, and Society](index=13&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers changes in the company's governance structure, profit distribution plans, and employee incentive measures [Changes in Directors and Senior Management](index=13&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there was a change in independent directors, with Ms. Hu Mingxia resigning and Mr. Liu Dianchen elected as the new independent director - Independent director Hu Mingxia resigned, and Liu Dianchen was elected as the new independent director[50](index=50&type=chunk) [Profit Distribution Plan](index=13&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The board of directors resolved not to distribute profits or convert capital reserves into share capital for the first half of 2025 - No profit distribution or capital reserve conversion into share capital is planned for the first half of 2025[51](index=51&type=chunk) [Employee Incentive Plan](index=13&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company's first phase employee stock ownership plan, launched in 2016, has been extended multiple times and held **8,079** shares as of June 30, 2025 - The company's first phase employee stock ownership plan, established in 2016, has been extended multiple times and held **8,079** shares as of June 30, 2025[52](index=52&type=chunk)[53](index=53&type=chunk) [Significant Matters](index=15&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details significant events including controlling shareholder fund occupation, regulatory investigations, and a major share transfer [Occupation of Funds by Controlling Shareholder](index=15&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, controlling shareholder Henan Rebecca Holdings Co., Ltd. occupied **316.87 million CNY** in non-operating funds, which was fully repaid by period-end Non-operating Fund Occupation by Controlling Shareholder (Unit: 10,000 CNY) | Occupying Party Name | Occupation Period | New Occupation Amount in Reporting Period | Total Repaid Amount in Reporting Period | Period-end Balance | | :--- | :--- | :--- | :--- | :--- | | Henan Rebecca Holdings Co., Ltd. | Jan-Jun 2025 | 31,686.86 | 31,686.86 | 0.00 | [Regulatory Penalties and Investigation](index=16&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company received an administrative regulatory measure decision and subsequently a case filing notice from the China Securities Regulatory Commission, indicating an ongoing investigation into alleged violations - The company disclosed on July 26, 2025, that it received a "Case Filing Notice" from the China Securities Regulatory Commission, indicating an ongoing investigation[60](index=60&type=chunk) [Controlling Shareholder's Share Transfer](index=19&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) On June 25, 2025, the controlling shareholder transferred **70 million** shares (**6.18%** of total share capital) to Xuchang Changda Trading Co., Ltd., with transfer registration completed on July 24, 2025 - On June 25, 2025, the controlling shareholder transferred **70 million** shares (representing **6.18%** of total share capital) to Xuchang Changda Trading Co., Ltd., with the transfer registration completed on July 24[65](index=65&type=chunk) [Share Changes and Shareholder Information](index=19&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital stability and the composition of its shareholder base, including major shareholders and their holdings [Share Capital Changes](index=19&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the first half of 2025, the company's total share capital and share structure remained unchanged - The company's total share capital and share structure remained unchanged during the reporting period[68](index=68&type=chunk) [Shareholder Information](index=19&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **74,665** shareholders, with the controlling shareholder holding **28.40%** of shares, of which approximately **70%** are pledged - As of the end of the reporting period, the company had a total of **74,665** common shareholders[69](index=69&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period-end | Proportion (%) | Pledged Shares | | :--- | :--- | :--- | :--- | | Henan Rebecca Holdings Co., Ltd. | 321,538,217 | 28.40 | 225,000,000 | | Xu Yumei | 60,000,000 | 5.30 | 0 | | BARCLAYS BANK PLC | 4,463,717 | 0.39 | 0 | | Chou Jianzhong | 4,095,120 | 0.36 | 0 | | Su Haiyan | 3,784,648 | 0.33 | 0 | [Bond-Related Information](index=22&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms the absence of any outstanding corporate bonds or debt financing instruments for the company [Corporate Bonds and Financing Instruments](index=22&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) As of the end of the reporting period, the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company has no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments[74](index=74&type=chunk) [Financial Report](index=23&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited financial statements, significant accounting policies, detailed notes to financial statement items, and information on related parties and transactions [Financial Statements](index=23&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This chapter provides the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity [Significant Accounting Policies and Estimates](index=48&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This chapter details the basis of financial statement preparation, accounting standards followed, and key accounting policies and estimates, covering consolidation, financial instruments, revenue recognition, inventory, fixed assets, intangible assets, R&D capitalization, and leases [Notes to Consolidated Financial Statement Items](index=71&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This chapter provides detailed notes to the consolidated financial statements, explaining the composition, period-end balances, changes, and reasons for major items such as monetary funds, accounts receivable, inventory, fixed assets, construction in progress, intangible assets, short-term borrowings, accounts payable, and deferred income tax [Related Parties and Related Party Transactions](index=130&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's ultimate controlling party is Zheng Youquan, with related party transactions involving guarantees, procurement, services, and leases with the controlling shareholder and its subsidiaries - The company's parent company is Henan Rebecca Holdings Co., Ltd., and the ultimate controlling party is Zheng Youquan[381](index=381&type=chunk) - The company, as a guaranteed party, received multiple loan guarantees from its controlling shareholder, Henan Rebecca Holdings Co., Ltd., and its related parties, supporting its financing activities[388](index=388&type=chunk)[389](index=389&type=chunk)[390](index=390&type=chunk)