Core Viewpoint - 瑞贝卡 is a leading enterprise in the global hair products industry, with a comprehensive industrial chain advantage and strong sales both domestically and internationally [1] Group 1: Business Overview - 瑞贝卡 was established on October 24, 1999, and listed on the Shanghai Stock Exchange on July 10, 2003, with its registered and office address in Xuchang, Henan Province [1] - The main business of 瑞贝卡 includes the production and sales of hair products, with key products including chemical fiber wigs, human hair wigs, and various types of hairpieces [1] Group 2: Financial Performance - In Q3 2025, 瑞贝卡 reported a revenue of 898 million yuan, ranking second in the industry, while the industry leader ST新华锦 reported 1.025 billion yuan [2] - The revenue composition includes chemical fiber wigs at 443 million yuan (36.16%), human hair wigs at 342 million yuan (27.92%), and other products [2] - The net profit for the same period was 11.64 million yuan, also ranking second in the industry, with ST新华锦 leading at 45.68 million yuan [2] Group 3: Financial Ratios - As of Q3 2025, 瑞贝卡's asset-liability ratio was 41.95%, higher than the industry average of 32.72%, but down from 46.90% in the previous year [3] - The gross profit margin for 瑞贝卡 was 37.16%, exceeding the industry average of 31.08% and up from 33.32% year-on-year [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders for 瑞贝卡 decreased by 4.82% to 71,100, while the average number of circulating A-shares held per account increased by 5.07% to 15,900 [5]

Financial Performance - The company's operating revenue for the third quarter reached ¥300,450,660.42, representing a year-on-year increase of 1.07%[4] - Total profit for the quarter was ¥2,831,329.78, reflecting a significant increase of 36.34% compared to the same period last year[4] - Net profit attributable to shareholders was ¥2,331,821.91, up by 27.91% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥2,313,131.40, showing a remarkable increase of 125.49% compared to the previous year[4] - Basic earnings per share for the quarter were ¥0.0020, a 25.00% increase compared to the same period last year[4] - Net profit for the first three quarters of 2025 was ¥11,642,659.47, representing a 19.9% increase from ¥9,716,813.83 in the same period of 2024[17] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.0103, compared to ¥0.0088 in 2024, indicating an increase of 17.0%[18] - The total comprehensive income for the first three quarters of 2025 was ¥11,986,327.83, compared to a loss of ¥8,031,159.69 in 2024[18] Cash Flow - Cash flow from operating activities for the year-to-date was ¥198,723,845.93, reflecting a 23.94% increase[4] - Cash inflow from operating activities totaled ¥929,121,912.07 in the first three quarters of 2025, compared to ¥861,961,870.77 in 2024, marking an increase of 7.8%[19] - The net cash flow from operating activities was $198,723,845.93, an increase of 24% compared to $160,343,099.45 in the previous period[20] - The cash flow from operating activities showed a positive trend, indicating improved operational efficiency[20] Assets and Liabilities - The company's total assets decreased by 8.89% from the end of the previous year, amounting to ¥4,545,784,372.83[5] - Total current assets as of September 30, 2025, amount to ¥3,776,951,660.93, a decrease from ¥4,196,771,359.14 as of December 31, 2024, representing a decline of approximately 10%[13] - Total liabilities decreased to ¥1,907,093,666.46 from ¥2,362,388,886.09, a reduction of approximately 19%[15] - Current liabilities total ¥1,893,438,766.72, down from ¥2,272,464,473.99, indicating a decrease of about 17%[15] - Non-current assets amount to ¥768,832,711.90, a slight decrease from ¥792,321,905.49, representing a decline of approximately 3%[14] - The total liabilities and shareholders' equity amounted to ¥4,545,784,372.83, down from ¥4,989,093,264.63 in the previous year[16] Equity - The company's equity attributable to shareholders increased slightly by 0.46% to ¥2,634,650,905.53 compared to the end of the previous year[5] - The total equity attributable to shareholders increased to ¥2,634,650,905.53 from ¥2,622,599,535.50, indicating a growth of about 0.5%[15] - The company's retained earnings increased to ¥1,568,122,179.99 from ¥1,556,414,478.32, showing a growth of approximately 0.4%[15] Operating Costs and Expenses - Total operating costs for the first three quarters of 2025 were ¥887,873,257.61, up from ¥859,241,098.31 in 2024, reflecting a year-over-year increase of 3.3%[16] - Sales expenses increased to ¥167,244,392.05 in the first three quarters of 2025, up from ¥127,642,237.26 in 2024, reflecting a significant rise of 30.9%[16] - Research and development expenses were ¥22,959,704.95 for the first three quarters of 2025, slightly down from ¥23,811,534.77 in 2024, a decrease of 3.6%[16] Business Model and Strategy - The significant increase in net profit was primarily due to adjustments in the company's business model and an increase in the proportion of self-owned brand sales[9] Other Financial Metrics - The weighted average return on net assets increased by 0.09 percentage points to 0.09%[4] - The company reported a decrease in credit impairment losses to -¥39,393.84 in 2025 from -¥2,780,687.56 in 2024, indicating improved asset quality[17] - The company will not apply new accounting standards starting from 2025[21]

投资者可于 2025 年 11 月 14 日（星期五）至 11 月 20 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 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 21 日（星期五） 16:00-17:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 证券代码：600439 证券简称：瑞贝卡 公告编号：临 2025-027 河南瑞贝卡发制品股份有限公司 关于召开 2025 年第三季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： 四、 投资者参加方式 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者 ...

Market Overview - The jewelry sector increased by 1.21% on October 29, with ST Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - ST Xinhua Jin (600735) closed at 6.64, up 5.06%, with a trading volume of 463,600 shares and a turnover of 304 million yuan [1] - Lao Feng Xiang (600612) closed at 50.60, up 4.12%, with a trading volume of 52,700 shares and a turnover of 264 million yuan [1] - Zhou Dazheng (002867) closed at 66.00, up 2.04%, with a trading volume of 100,000 shares and a turnover of 138 million yuan [1] - Other notable performers include Chao Hong Ji (002345) up 1.50%, China Gold (600916) up 0.84%, and Cai Zi Co. (605599) up 0.77% [1] Capital Flow Analysis - The jewelry sector experienced a net outflow of 23.93 million yuan from institutional investors and 32.61 million yuan from speculative funds, while retail investors saw a net inflow of 56.54 million yuan [2] - Lao Feng Xiang had a significant net outflow of 51.36 million yuan from institutional investors, while Zhou Dazheng saw a net inflow of 13.76 million yuan [3] - The overall capital flow indicates a mixed sentiment among different investor types within the jewelry sector [2][3]

Market Overview - The jewelry sector increased by 0.84% on October 27, with ST Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Individual Stock Performance - ST Xinhua Jin (600735) closed at 6.02, up 5.06% with a trading volume of 513,300 shares and a turnover of 294 million yuan [1] - Chao Hong Ji (002345) closed at 13.57, up 4.38% with a trading volume of 253,200 shares and a turnover of 34 million yuan [1] - Man Ka Long (300945) closed at 18.04, up 1.46% with a trading volume of 103,100 shares and a turnover of 185 million yuan [1] - Di A Shares (301177) closed at 33.12, up 1.38% with a trading volume of 16,000 shares and a turnover of 52.55 million yuan [1] - Other notable stocks include Rui Beika (600439) at 2.90, up 0.69%, and Jin Yi Culture (002721) at 3.38, up 0.60% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 63.18 million yuan from main funds, while retail funds experienced a net outflow of 29.35 million yuan [2] - Main funds showed significant inflows in ST Xinhua Jin (28.17 million yuan) and Chao Hong Ji (26.85 million yuan) [3] - Conversely, China Gold (600916) had a net inflow of 15.71 million yuan from retail funds, despite a net outflow from main and speculative funds [3]

Core Insights - The jewelry sector experienced a decline of 0.44% on October 24, with Deep China A leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - ST Xinhua Jin (600735) saw a closing price of 5.73, with an increase of 4.18% and a trading volume of 392,000 shares, totaling 224 million yuan [1] - Chao Hong Ji (002345) closed at 13.00, up 2.04%, with a trading volume of 224,500 shares, amounting to 288 million yuan [1] - Other notable stocks include Diya Co. (301177) at 32.67 (-0.03%), Zhou Dazheng (002867) at 13.64 (-0.07%), and Lao Feng Xiang (600612) at 48.67 (-0.41%) [1] Capital Flow - The jewelry sector saw a net outflow of 117 million yuan from main funds, while retail investors contributed a net inflow of 149 million yuan [2] - The main funds showed a significant outflow from stocks like Fei Ya Da (000026) with a net outflow of 7.34 million yuan and Jin Yi Culture (002721) with a net outflow of 8.34 million yuan [3] Individual Stock Capital Flow - Rebecca (600439) had a main fund net inflow of 6.30 million yuan, while it experienced a net outflow from retail investors of 3.95 million yuan [3] - Mingpai Jewelry (002574) saw a main fund net inflow of 5.90 million yuan but a net outflow from retail investors of 8.17 million yuan [3] - Lao Feng Xiang (600612) had a main fund net inflow of 4.39 million yuan, with retail investors also showing a net outflow [3]

Core Insights - The article discusses the rising popularity of wigs among young consumers in China, highlighting a shift from a traditional perception of wigs as a sign of weakness to a fashionable accessory that enhances personal style and boosts confidence [6][13][61] Market Overview - The domestic wig market in China is projected to exceed 20 billion yuan by 2025, with consumers under 30 accounting for nearly half of the market [8] - In 2024, China's wig export value is expected to surpass 37.5 billion yuan, capturing over 80% of the global market share [9] Consumer Trends - Young consumers are increasingly using wigs for aesthetic enhancement, with social media trends promoting topics like "how to use wigs to enhance your appearance" gaining traction [18][20] - The perception of wigs has evolved, with many young people viewing them as a means to express individuality and cope with daily life stress [20][61] Industry Transformation - The wig industry in Xuchang has transitioned from a low-cost manufacturing model to a more innovative and trendy market, leveraging social media platforms for marketing [26][30] - Brands like OQ Hair have successfully utilized TikTok for marketing, introducing products like "glueless wigs" that simplify the wearing process and appeal to younger audiences [33][35] Innovation and Branding - The industry has adopted modern marketing strategies, including emotional branding and user-centric approaches, to attract young consumers [39][44] - Companies are now focusing on technological advancements in wig production, such as using imported human hair and breathable materials, to enhance product quality [45][47] Local Industry Dynamics - Xuchang's wig industry benefits from a rich historical background and a skilled workforce, with over 30,000 people trained in wig production [28][52] - The local market has seen a rise in new brands led by "second-generation" entrepreneurs who bring innovative ideas and marketing strategies to the industry [57][59]

Market Overview - The jewelry sector experienced a decline of 1.89% on October 22, with Mankalon leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Individual Stock Performance - Mankalon's stock price fell by 7.46% to 18.62, with a trading volume of 247,600 shares and a transaction value of 468 million yuan [2] - Other notable declines include: - Chao Hong Ji down 3.95% to 13.60 - Feiya down 3.84% to 17.05 - Cai Zi down 1.32% to 14.23 [2] Capital Flow Analysis - The jewelry sector saw a net outflow of 263 million yuan from institutional investors, while retail investors contributed a net inflow of 226 million yuan [2][3] - The detailed capital flow for selected stocks includes: - Zhou Dazheng: Institutional net inflow of 3.06 million yuan, retail net outflow of 3.40 million yuan [3] - Lao Feng Xiang: Institutional net outflow of 487,200 yuan, retail net inflow of 411,520 yuan [3] - Mingpai Jewelry: Institutional net outflow of 2.25 million yuan, retail net inflow of 5.18 million yuan [3]

Market Overview - The jewelry sector increased by 0.96% on October 21, with Feiya leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Feiya (000026) closed at 17.73, up 7.72% with a trading volume of 251,600 shares and a turnover of 439 million yuan [1] - ST Xinhua Jin (600735) closed at 5.43, up 2.65% with a trading volume of 434,600 shares and a turnover of 234 million yuan [1] - Mingpai Jewelry (002574) closed at 5.97, up 1.88% with a trading volume of 167,200 shares and a turnover of 99.27 million yuan [1] - Other notable performances include China Gold (600916) up 1.29% and Xinhua Culture (002721) up 1.17% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 13.3 million yuan from institutional investors, while retail investors contributed a net inflow of 76.59 million yuan [2] - Speculative funds experienced a net outflow of 89.89 million yuan [2] Detailed Capital Flow for Key Stocks - Feiya (000026) had a net inflow of 89.11 million yuan from institutional investors, while speculative funds saw a net outflow of 33.03 million yuan [3] - China Gold (600916) had a net inflow of 4.46 million yuan from institutional investors, with retail investors contributing a net inflow of 17.51 million yuan [3] - Other stocks like ST Xinhua Jin and Mingpai Jewelry experienced varying levels of net inflow and outflow from different investor categories [3]

Market Overview - The jewelry sector increased by 0.85% on October 15, with ST Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Individual Stock Performance - ST Xinhua Jin (600735) closed at 4.57, with a rise of 5.06% and a trading volume of 318,200 shares, amounting to a transaction value of 140 million yuan [1] - Other notable performers include: - Cuihua Jewelry (002731) at 13.55, up 2.65% [1] - Caizhi Co. (6655509) at 15.20, up 2.63% [1] - Chaohongmu (002345) at 14.73, up 2.58% [1] - Mankalon (300945) at 21.79, up 2.35% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 2.9829 million yuan from institutional investors, while retail investors contributed a net inflow of 28.087 million yuan [2] - However, there was a net outflow of 31.0699 million yuan from speculative funds [2] Detailed Capital Flow for Selected Stocks - ST Xinhua Jin had a net inflow of 15.7082 million yuan from institutional investors, but a net outflow of 4.5480 million yuan from speculative funds [3] - Chaohongji (002345) experienced a net inflow of 9.0915 million yuan from institutional investors, with a net inflow of 3.8748 million yuan from speculative funds [3] - Other stocks like Gold One Culture (002721) and Cuihua Jewelry (002731) also showed varying levels of net inflows and outflows from different investor types [3]