Core Viewpoint - The company, Rebecca (600439), has experienced a significant decline in stock price and performance due to weak overseas demand for hair products, particularly in the U.S. market, leading to a cumulative stock drop of over 35% since early November 2023 [1][2]. Financial Performance - In the first three quarters of the year, the company reported revenue of 871 million yuan, a slight increase of 1.64% year-on-year, while net profit fell by 35% to 9.95 million yuan [1]. - From 2021 to 2023, the company's revenue showed a downward trend, with figures of 1.566 billion yuan, 1.258 billion yuan, and 1.226 billion yuan respectively, indicating a consistent decline [1][2]. Market Dynamics - The decline in sales is attributed to multiple factors, including weak demand in the U.S. market, inventory reduction by distributors, the impact of cross-border e-commerce, and increased competition from new entrants in the industry [2]. - The company has a high proportion of overseas sales, with overseas revenue accounting for approximately 80% of its main business income in recent years [1][2]. Regional Sales Strategies - The company employs different sales models across regions: in the Americas, it uses both ODM/OEM and a hybrid wholesale retail model; in Africa, it sells through local subsidiaries; and in Europe, it also utilizes local subsidiaries for sales [4]. - In the domestic market, the company focuses on building its own terminal channels and operates under a dual-brand strategy, with physical stores in key cities and partnerships with major e-commerce platforms [4]. Industry Outlook - Despite current challenges, the domestic demand for hair products is expected to grow due to the rise of the "beauty economy" and the increasing popularity of e-commerce and live-streaming sales models [5]. - The overall market for hair products in China is anticipated to expand, driven by evolving consumer trends and the growth of the industry [5].
瑞贝卡回复业绩下滑合理性 发制品海外需求疲软