Rebecca(SH:600439) Nan Fang Du Shi Bao·2025-07-30 09:38Core Viewpoint - The company "Rebecca" (600439.SH), known as the "Wig King of Henan," is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure regulations [1]. Group 1: Regulatory Issues - Rebecca has faced multiple penalties for information disclosure violations this year, including a directive for correction from the Henan Securities Regulatory Bureau on April 29, which highlighted five major issues related to non-disclosure of non-operating fund transactions with related parties and inadequate provisions for inventory depreciation [2][3]. - The company received a warning letter for failing to disclose its 2024 performance forecast in a timely manner, resulting in a reported net loss of 118 million yuan for 2024, marking its first annual loss since its listing in 2003 [3][6]. Group 2: Financial Performance - In 2024, Rebecca reported total revenue of 1.239 billion yuan, a year-on-year increase of 1.10%, but a net loss attributable to shareholders of 118 million yuan, representing a staggering decline of 1056.08% [6]. - The fourth quarter of 2024 was particularly challenging, with revenue of 368 million yuan, a slight decrease of 0.15%, and a net loss of 128 million yuan, a dramatic drop of 4152.68% year-on-year [6]. - In contrast, the company showed signs of recovery in the first quarter of 2025, achieving revenue of 305 million yuan, a year-on-year increase of 11.26%, and a net profit of 6.36 million yuan, up 18.59% [6]. - For the first half of 2025, Rebecca reported total revenue of 598 million yuan, a growth of 4.2%, and a net profit of 9.38 million yuan, an increase of 15.31% [7]. Group 3: Business Strategy - The company has been focusing on expanding its cross-border e-commerce business through various channels, including third-party platforms and independent sites, which has contributed to its sales growth despite challenges in the U.S. wholesale market due to tariffs [7].