Rebecca(SH:600439) Zhong Guo Jing Ying Bao·2025-06-21 19:54Core Viewpoint - The company Rebecca (600439.SH), known as the "wig king," is facing significant governance and internal control issues, highlighted by two warning letters received within a month, revealing problems related to information disclosure, non-operating fund occupation, and executive compensation not approved by shareholders [2][3]. Financial Performance - In 2024, Rebecca reported a revenue of 1.239 billion yuan, a slight increase of 1.1% year-on-year, but recorded a net loss of 118 million yuan, marking the first loss since its listing in 2003 [3][8]. - The company's revenue has declined from 1.566 billion yuan in 2021 to 1.226 billion yuan in 2023, with a further increase to 1.239 billion yuan in 2024, representing a drop of over 40% from its peak revenue of 2.264 billion yuan [8][9]. Governance and Compliance Issues - The company has been warned for failing to disclose its 2024 performance forecast within one month after the fiscal year-end, violating the regulations of the Information Disclosure Management Measures for Listed Companies [2][3]. - In 2024, the controlling shareholder occupied non-operating funds amounting to approximately 1.054 billion yuan, while other related party transactions exceeded 2.3 billion yuan [5][6]. Accounting Irregularities - The company has been found to have accounting errors, including improper financial handling during loan trustee payments, leading to a reduction of cash assets by approximately 228.5 million yuan for 2022 and 309.7 million yuan for 2023 [4][5]. - The failure to disclose related party transactions in periodic reports from 2021 to 2024 constitutes a violation of mandatory disclosure regulations [6][7]. Market and Sales Strategy - Rebecca's sales are primarily focused overseas, with domestic revenue accounting for only 23.5% of total revenue in 2024, while Africa, America, and Europe contributed 36%, 28.7%, and 2.3% respectively [9][10]. - The company has increased its sales expenses significantly, with a 61.87% rise in 2024, driven by higher advertising and service fees [9]. Challenges in Overseas Markets - The company faced a 17.8% decline in revenue in the African market due to currency fluctuations and reduced consumer purchasing power [10]. - Global trade uncertainties, including changes in international trade policies and rising logistics costs, pose significant operational risks for the company [10].