瑞贝卡(600439) - 2025 Q2 - 季度财报

Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and key financial performance indicators Company Basic Information 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] Key Accounting Data and Financial Indicators 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 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 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 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][28] - 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] - 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] Discussion and Analysis of Operations 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] - 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] Analysis of Core Competencies 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] Analysis of Key Operating Conditions 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 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 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] Analysis of Major Holding and Participating Companies 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 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] - 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] - Increased industry competition risk: Rapid e-commerce development has led to more new entrants, intensifying market competition and potentially reducing profitability[47] Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, profit distribution plans, and employee incentive measures Changes in Directors and Senior Management 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] Profit Distribution Plan 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] Employee Incentive Plan 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][53] Significant Matters This section details significant events including controlling shareholder fund occupation, regulatory investigations, and a major share transfer Occupation of Funds by Controlling Shareholder 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 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] Controlling Shareholder's Share Transfer 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] Share Changes and Shareholder Information 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 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] Shareholder Information 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] 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 This section confirms the absence of any outstanding corporate bonds or debt financing instruments for the company Corporate Bonds and Financing Instruments 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] Financial Report 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 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 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 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 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] - 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][389][390]