智通财经记者 | 袁颖琪 一份看似回暖的半年报，折射出假发巨头瑞贝卡（600439.SH）内部治理与财务策略的多重矛盾。 瑞贝卡上半年归母净利润937.59万元，同比增长15.31%，看似业绩回暖。然而，公司经营活动产生的现金流量净额大幅 下降26.76%，仅为1.19亿元。 经营性现金流和净利润背离，是否意味着瑞贝卡回暖的业绩背后隐藏风险？ 电商转型：增长引擎还是烧钱陷阱？ 瑞贝卡是全球知名的发制品企业，主要产品包括工艺发条、化纤发、人发假发、教习头、男装头套等六大类，覆盖时尚 装饰与功能性需求（如脱发人群、演艺用途）。公司拥有多个自主品牌（如"Rebecca"、"Sleek"、"NOBLE"），产品销 往北美、非洲、欧洲及亚洲等120多个国家和地区。瑞贝卡具备全球化产业链布局，在尼日利亚、加纳等地有4家生产基 地。 瑞贝卡介绍称，假发需求源于非裔群体刚需、欧美时尚配饰及亚洲美容、脱发人群需求，行业集中度低。近些年，海外 市场受关税、汇率波动影响，跨境电商带动行业增长的核心动力。 今年上半年，瑞贝卡营收5.98亿元，同比增长4.20%；归母净利润937.59万元，同比增长15.31%；扣非净利润944.57 ...

Core Viewpoint - The company Aomeisen Intelligent Equipment Co., Ltd. has successfully passed the review for its IPO on the Beijing Stock Exchange, but faces multiple regulatory inquiries regarding its growth potential and financial practices [2][3]. Financial Performance - Aomeisen's revenue has shown a growth trend over the past four years, with figures of 281 million, 308 million, 279 million, 325 million, and 358 million yuan from 2020 to 2024, reflecting year-on-year changes of 9.68%, -9.49%, 16.60%, and 10.30% respectively [4]. - However, the net profit attributable to the parent company has stagnated, with figures of 55.58 million, 44.83 million, 19.39 million, 48.16 million, and 55.82 million yuan during the same period, showing year-on-year changes of -19.33%, -56.75%, 148.41%, and 15.90% [4][5]. Customer Stability - The company has faced challenges with customer stability, as its top five clients have changed significantly over the years, indicating a lack of consistent revenue sources [6][8]. - Notably, major clients such as Hisense and TCL, which were among the top three customers in 2021, did not appear in the top five in subsequent years, raising concerns about the sustainability of its revenue streams [8]. Governance and Control - Aomeisen is characterized as a family-owned business, with the actual controllers holding 73.77% of the shares, which raises questions about governance and internal controls [9][10]. - Regulatory inquiries have highlighted issues with internal audit systems and the management of insider information, indicating potential weaknesses in corporate governance [10][11]. Inventory and Production Capacity - The company has high inventory levels and low turnover rates, with inventory values of 180 million, 155 million, and 179 million yuan from 2022 to 2024, representing 46.17%, 39.54%, and 36.55% of current assets respectively [19]. - Despite a declining production capacity from 187.48 million square meters/day in 2022 to 159.48 million square meters/day in 2024, the company reported a 100% capacity utilization rate in 2024, raising concerns about the rationale behind its expansion plans [16][17].