前三季度再亏1.2亿元，如意集团陷入“业绩+监管”双重危机

Core Points - Shandong Ruyi Technology Group Co., Ltd. is facing a dual crisis of declining performance and regulatory scrutiny, with a reported revenue drop of over 30% and a net loss of approximately 120 million yuan in the first three quarters of 2025 [2][3] - The company, once aiming to become the "Chinese version of LVMH," has accumulated losses exceeding 2.1 billion yuan since 2022, with its controlling shareholder's shares fully pledged and frozen [2][4] Financial Performance - In the first three quarters of 2025, Ruyi Group reported total revenue of approximately 239 million yuan, a year-on-year decrease of 31.27%, and a net loss of about 120 million yuan, which is a 65.37% increase in losses compared to the previous year [3][4] - The company's core business, "fine woolen fabric," saw a revenue decline of 52.91%, with gross margin dropping from 21.15% to 3.86% [3][4] - Domestic sales revenue fell by 58.72% to approximately 13.9 million yuan, while export sales, which account for about 90% of total revenue, decreased by 27.66% to around 141 million yuan [4] Business Strategy and Challenges - Ruyi Group has a history of aggressive acquisitions since 2010, spending nearly 40 billion yuan to acquire several high-end fashion brands globally, but this strategy has not led to sustainable profitability [5][6] - The company has faced ongoing financial difficulties, with revenue declining from 1.15 billion yuan in 2019 to 384 million yuan in 2023, despite a slight recovery in 2024 [4][6] - The management team has been criticized for lacking professional capabilities, and the company has been slow to innovate and adapt to market changes, leading to a vicious cycle of declining market share and financial strain [7][8] Regulatory Issues - Ruyi Group is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws, following previous penalties for similar issues [6][7] - The company has faced multiple regulatory inquiries and penalties over the past two years, raising concerns about its financial compliance and transparency [6][7]