随着董事会换届选举完成，新任董事长正式敲定，幸福人寿将如何重新出发寻找"幸福"？ 《中国科技投资》龙秋月 在董事长职位悬空一年半后，幸福人寿保险股份有限公司（以下简称"幸福人寿"）迎来新一任董事长。近日，幸福人寿发布公告披露，经监管部门行政许可 批复，已核准何六艺的董事长任职资格。 5月，幸福人寿召开2025年第四次临时股东大会，其中一项核心议案为"关于公司董事会换届选举"。会上，出席股东对各位董事候选人进行了逐一表决。官 网信息披露，多位董事的任期起始时间为2025年7月。不久前，该公司亦对外公布了第六届董事会股权董事、独立董事的名单。 目前，幸福人寿面临的挑战不仅来自于业绩层面，还有来自股权结构及内控治理方面的难题。随着董事会换届选举完成后，在新任董事长何六艺的带领下， 幸福人寿将如何破局，成为行业关注的焦点。 新一任掌门人任职落槌 作者注意到，胡冬辉、常啸晨、刘文权三人均自2025年7月起任幸福人寿董事。官网信息显示，上述三位董事的提名单位各有不同，其中胡冬辉由诚泰财险 提名，常啸晨由陕西煤业化工集团有限责任公司提名，刘文权由存款保险基金管理有限责任公司提名。 今年8月，幸福人寿发布临时信息披露公告。公 ...

2025年，金融监管延续"长牙带刺""零容忍"态势，对银行等金融机构的监管力度始终"严"字当头。10月 9日，北京商报记者统计发现，今年前三季度，国家金融监督管理总局、监管局以及监管分局共对银行 业开出997张罚单，合计罚没金额约为9.81亿元。 在近千张罚单中，信贷业务违规仍是处罚"重灾区"，贷前尽职调查不到位、贷中审查不审慎、贷后资金 被挪用、违规发放流动资金贷款等问题尤为突出，还有部分罚单指向理财业务管理不规范、信用卡现金 分期业务不合规、隐瞒与保险合同有关的重要情况等违法违规行为。在穿透式监管全面常态化下，银行 如何完善内控机制、强化合规、提升风控能力，成为亟待破解的命题。 收近千张罚单 在防范化解金融风险的总基调下，2025年银行业"严监管"态势持续深化。10月9日，北京商报记者根据 国家金融监督管理总局公布的行政处罚信息（罚单统计以公布时间为准）统计发现，今年1—9月，国家 金融监督管理总局及各分支机构累计向国有大行、股份制银行、城农商行、村镇银行、农村信用合作社 以及政策性银行和外资银行等银行业机构开出罚单997张，合计罚没金额达9.81亿元。 从监管处罚力度来看，国家金融监督管理总局机关虽仅开 ...

2025年，金融监管延续"长牙带刺""零容忍"态势，对银行等金融机构的监管力度始终"严"字当头。10月 9日，北京商报记者统计发现，今年前三季度，国家金融监督管理总局、监管局以及监管分局共对银行 业开出997张罚单，合计罚没金额约为9.81亿元。 2月初，上海华瑞银行因向关系人发放信用贷款、贷款五级分类不准确、贷款管理严重违反审慎经营规 则及以贷收费等多项缘由，被监管罚款680.12万元；招商银行济南分行也因同类的向关系人发放信用贷 款问题，叠加并购贷款审查失职、贷款风险管控严重缺失，被罚291.16万元。 在近千张罚单中，信贷业务违规仍是处罚"重灾区"，贷前尽职调查不到位、贷中审查不审慎、贷后资金 被挪用、违规发放流动资金贷款等问题尤为突出，还有部分罚单指向理财业务管理不规范、信用卡现金 分期业务不合规、隐瞒与保险合同有关的重要情况等违法违规行为。在穿透式监管全面常态下，银行如 何完善内控机制、强化合规、提升风控能力，成为亟待破解的命题。 罚没金额超9.81亿元 在防范化解金融风险的总基调下，2025年银行业"严监管"态势持续深化。10月9日，北京商报记者根据 国家金融监督管理总局公布的行政处罚信息（罚单统 ...

Core Viewpoint - The semi-annual report of Rebecca (600439.SH) shows apparent recovery in net profit, but significant discrepancies between net profit and cash flow raise concerns about underlying risks [1][3]. Financial Performance - In the first half of the year, Rebecca reported a net profit of 9.38 million yuan, a year-on-year increase of 15.31%, while revenue reached 598 million yuan, up 4.20% [3]. - The company's operating cash flow decreased significantly by 26.76%, amounting to 119 million yuan [1]. - The gross profit margin improved to 38.09%, an increase of 5.13 percentage points, attributed to a higher proportion of direct-to-consumer sales [3]. E-commerce Transformation - Rebecca's strategic shift towards e-commerce has been a key driver of growth, with the QVR brand's independent site sales soaring by 320% year-on-year [3]. - During the "618" shopping festival, the GMV of Rebecca's Tmall flagship store exceeded 23.55 million yuan, marking over 120% growth [3]. - Sales expenses surged by 34.15% to 117 million yuan, primarily due to increased advertising and marketing costs associated with online business expansion [4][5]. Inventory Concerns - Rebecca's inventory reached 3.131 billion yuan, accounting for 67% of total assets, which is over six times its revenue for the same period [8]. - The inventory turnover days extended from 1,039 days in 2021 to 1,534 days in the first half of 2025, indicating poor liquidity [9]. - The company has a low inventory impairment provision of only 0.8%, raising concerns about potential write-downs [10]. Governance Issues - Rebecca and its controlling shareholder are under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure regulations [12]. - The company has faced multiple regulatory warnings since 2021, highlighting ongoing internal control failures [12][13]. - The controlling shareholder's stake has decreased to 22.22%, with a significant portion of shares pledged, posing risks of margin calls and control changes [14][16].

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].