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)

Market Overview - The jewelry sector experienced a decline of 0.5% on August 13, with Mankalon leading the drop [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Individual Stock Performance - Feiyada (000026) closed at 21.73, up 1.35% with a trading volume of 685,200 shares and a transaction value of 1.488 billion [1] - Chaohongji (002345) closed at 15.92, up 0.82% with a trading volume of 223,100 shares and a transaction value of 351 million [1] - Laofengxiang (600612) closed at 47.75, up 0.04% with a trading volume of 11,600 shares and a transaction value of 55.34 million [1] - Mankalon (300945) closed at 19.00, down 2.96% with a trading volume of 216,200 shares and a transaction value of 407 million [2] - The overall trading volume and transaction values for various stocks in the jewelry sector indicate mixed performance, with some stocks showing gains while others declined [1][2] Capital Flow Analysis - The jewelry sector saw a net outflow of 391 million from institutional investors, while retail investors contributed a net inflow of 370 million [2][3] - The data indicates that institutional investors are pulling back, while retail investors are increasing their positions in the sector [2][3] Stock-Specific Capital Flow - Laofengxiang (600612) had a net inflow of 8.49 million from institutional investors, but a net outflow from retail investors [3] - Mankalon (300945) experienced a significant net outflow of 31.19 million from institutional investors [3] - The capital flow data suggests varying levels of investor confidence across different stocks within the jewelry sector [3]

Core Viewpoint - The company Henan Ruibeka Hair Products Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, leading to a significant drop in stock price and market confidence [1][2]. Group 1: Regulatory Issues - The CSRC's investigation is triggered by long-standing deficiencies in the company's information disclosure, particularly regarding financial transactions and related party disclosures [2]. - In the past eight months, the company has received three regulatory warnings, indicating a pattern of non-compliance [2]. - The CSRC identified five major issues in the company's disclosures, including undisclosed non-operating fund transactions with related parties and inadequate provisions for inventory depreciation [2][6]. Group 2: Financial Performance - For the fiscal year 2024, the company reported a net loss of 118 million yuan, marking its first annual loss since its listing in 2003 [4]. - Revenue figures for the years 2022 to 2024 show a declining trend, with revenues of 1.258 billion yuan, 1.226 billion yuan, and 1.239 billion yuan, reflecting year-on-year declines of -19.65%, -2.57%, and a slight increase of 1.10% respectively [4]. - The company's sales expenses surged by 62% to 226 million yuan, primarily due to increased marketing efforts for online channels, contributing to the net loss [4]. Group 3: Inventory and Cash Flow Concerns - The company reported a significant inventory balance of 3.182 billion yuan at the end of 2024, with 1.84 billion yuan in finished goods, which could cover sales for up to one and a half years [5]. - The company only recognized 26.27 million yuan in inventory depreciation, raising concerns about the authenticity and value of its inventory [5]. Group 4: Governance and Financial Health - The investigation highlights systemic issues in the company's governance, particularly regarding undisclosed non-operating fund transactions totaling 2.3 billion yuan with related parties [6]. - As of April 11, 2025, the controlling shareholder had pledged 69.98% of its shares, indicating potential liquidity issues [7]. - The combination of undisclosed related party transactions, high inventory depreciation risks, and significant share pledges presents a multi-faceted crisis for the company [7].

中国经济网北京7月28日讯 瑞贝卡(SH:600439)今日收报3.33元，跌幅10.00%，总市值37.70亿元。 （责任编辑：康博） 据悉，该基金首次进入瑞贝卡前十大流通股东是在2022年二季度，当时买入611.51万股，持股比例 为0.54%，此后持续进行过增减持，直到今年一季度持有377.49万股，占比0.33%。 广发中证养老产业指数型发起式分A/C两份额，分别成立于2015年2月13日和2016年7月6日，截至 2025年7月25日，其累计收益率为-4.58%、-2.07%，累计单位净值0.9542元、0.9354元。 该基金由曹世宇管理，其2014年6月23日加入广发基金管理有限公司，曾先后在广发基金管理有限 公司金融工程部、规划发展部任研究员，在资产配置部任研究员兼投资经理，在宏观策略部任研究员兼 投资经理，在指数投资部任投资经理。 根据瑞贝卡2025年一季报显示，在其前十大流通股东中，仅有广发基金旗下的广发中证养老产业指 数型发起式这一只基金位列其中。 ...

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the jewelry industry was 2.122 million yuan paid to Jiang Xuefu of Jinyi Culture, while the lowest was 128,300 yuan paid to Zhu Jianrui of Ruibeka [1] - Among companies that did not change CFOs between 2023 and 2024, most increased their CFOs' salaries, with Jiang Xuefu's salary seeing the largest increase of 284.42% [1] Group 2 - Jinyi Culture's performance in 2024 was poor, with a revenue of 3.373 billion yuan, a decrease of 75.25%, and a net profit of 15 million yuan, down 97.81% [3] - Diya Co. paid its CFO Huang Shuorong an annual salary of 1.2696 million yuan, but the company faced a revenue decline of 32.01% in 2024, reaching 1.482 billion yuan [3] - Caibai Co. paid its CFO Li Zhuo an annual salary of 1.1737 million yuan, but the company's gross profit margin has been declining, with rates of 11.22%, 10.68%, and 8.94% from 2022 to 2024 [4] - Mankalon paid its CFO Fu Jie an annual salary of 1.0178 million yuan, while also experiencing a decline in gross profit margin from 16.59% to 13.38% between 2022 and 2024 [4]

Group 1 - The total salary scale for CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the jewelry industry was 2.122 million yuan paid to Jiang Xuefu of Jin Yi Culture, while the lowest was 128,300 yuan paid to Zhu Jianrui of Ruibeika [1] - Among companies that did not change their CFOs between 2023 and 2024, most increased their CFO salaries, with Jiang Xuefu's salary seeing the largest increase of 284.42% [1] Group 2 - In 2024, Jin Yi Culture reported a significant decline in performance, with revenue of 3.373 billion yuan, down 75.25% year-on-year, and a net profit of 15 million yuan, down 97.81% [3] - Diya Co. paid its CFO Huang Shuorong an annual salary of 1.2696 million yuan, but the company faced a revenue drop of 32.01% in 2024, reaching 1.482 billion yuan, marking a new low since its listing [3] - Cai Bai Co. paid its CFO Li Zhuo an annual salary of 1.1737 million yuan, but the company's gross profit margin has been declining, with rates of 11.22%, 10.68%, and 8.94% from 2022 to 2024 [4] Group 3 - Man Ka Long paid its CFO Fu Jie an annual salary of 1.0178 million yuan, but the company's gross profit margin also showed a downward trend, with rates of 16.59%, 14.64%, and 13.38% from 2022 to 2024 [4] - The average return on equity for Cai Bai Co. in 2024 was 18.73%, down 5.5% year-on-year, while Man Ka Long's was 6.08%, down 14.85% and below 7% [4]