在经历2023年A股IPO折戟，今年9月冲刺港股招股书失效后，10月27日海辰储能又一次更新了招股申请书。 迫切想登陆资本市场的背后，是海辰储能资金链紧张的现状。但最终能否如愿以偿，仍存在不确定性。 ▲海辰储能历年净利润表现，来源：Wind 尽管2024年及2025上半年分别实现2.88亿元与2.13亿元的盈利，但背后主要依赖的是巨额政府补助。 具体来看，2024年，海辰储能获得政府补贴高达4.14亿元，是净利润的1.43倍。若扣除财政补贴，公司实际上仍然处于持续亏损状态。然而，在招股书 中，海辰储能将2024年定为关键年份，并声称首次实现扭亏为盈。 2025年，实际盈利情况并未好转。上半年，政府补贴仍高达3.34亿元。若把这部分剔除，2025年一季度没有实现盈利，反而比去年同期还要多亏0.01亿 元。 海辰储能难以实现自我造血，也主要源于公司低于成本的持续恶性竞争。 过去几年，公司为了抢夺市场份额，做大规模，海辰储能对外报价不惜低于成本价，一定程度上导致行业陷入无休止的"内卷"与亏损。 01 靠补贴支撑的盈利幻象 海辰的成长无疑迅速。公司成立六年间，出货量跃升至全球前三，营收从2022年的36亿元增长到20 ...

Core Viewpoint - The article highlights the financial troubles faced by Rebecca (瑞贝卡), the "first stock of wigs," located in Xuchang, which is experiencing severe liquidity issues and potential fraud allegations due to significant related-party transactions and questionable financial practices [2][3][4]. Group 1: Company Overview - Rebecca is a well-known enterprise in Xuchang, with extensive involvement in various sectors, including real estate and tourism, under the ownership of the Zheng family [2]. - The company is facing unprecedented challenges, including a significant drop in stock price and reliance on personal loans for financing, indicating a decline in creditworthiness [3][4]. Group 2: Financial Irregularities - Rebecca's controlling shareholder has pledged 50 million shares at a steep discount of 30%, reflecting the company's deteriorating financial health [4]. - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, with a reported first loss in its 20-year history [4][12]. - Related-party transactions have raised red flags, with 17 associated companies involved in a total of 2.3 billion yuan in fund occupation, primarily concentrated in four companies that lack operational transparency [4][5][12]. Group 3: Inventory Concerns - Rebecca's inventory has ballooned to 3.1 billion yuan, constituting nearly 70% of total assets, with a significant portion classified as strategic reserves, raising questions about the legitimacy of these figures [18][22]. - The company's inventory turnover days have exceeded 1,594 days, indicating a severe mismatch between inventory levels and operational capacity, which is highly unusual in the industry [23][24]. - Comparatively, other companies in the wig industry maintain much lower inventory levels and turnover rates, suggesting that Rebecca's practices are not aligned with industry standards [22][24].