每经记者｜蔡鼎 每经编辑｜陈俊杰 新华锦（600735.SH，股价8.63元，市值37亿元）8月26日晚间发布2025年半年报。公司上半年实现营收约6.69亿元，同比下滑24.92%，归属于上市公司股东 的净利润约1286.72万元，同比下滑39.45%，扣非净利润约530.99万元，同比下滑73.61%。报告期内公司不进行利润分配或公积金转增股本。 同日晚间，新华锦还公告称，公司收到青岛证监局《行政监管措施决定书》，控股股东新华锦集团及其关联方非经营性占用公司资金余额4.06亿元。若公司 未能在1个月内清收被占用资金，上交所将对公司股票实施其他风险警示。若未能在6个月内清收被占用资金，上交所将对公司股票实施停牌，停牌后两个月 内仍未完成整改的，将对公司股票实施退市风险警示，此后两个月内仍未完成整改的，将决定终止公司股票上市交易。 发制品出口和跨境进口电商业务营收均下滑 分业务来看，新华锦上半年发制品出口业务实现营收4.14亿元，同比下滑11.29%。公司称，"报告期内，受美国增加关税、欧美和日本等国家通货膨胀严 重、原材料涨价过快、市场需求低迷等因素影响，发制品行业竞争加剧，面临前所未有的挑战"。 跨境进口 ...

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 ...

Group 1 - The core point of the article is that Xinhua Jin (SH 600735) held its 14th first board meeting on August 19, 2025, to discuss the appointment of the company's president and other related documents [2] - In the fiscal year 2024, Xinhua Jin's revenue composition is as follows: hair products account for 54.75%, e-commerce for 22.77%, textiles for 11.89%, used cars for 8.17%, and others for 1.54% [2]

河南瑞贝卡发制品股份有限公司 关于 2025 年半年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第3号—行业信息披露》、《关 于做好主板上市公司2025年半年度报告披露工作的重要提醒》要求，河南瑞贝卡 发制品股份有限公司（以下简称公司）现将2025年上半年度主要经营数据(未经 审计)披露如下： 一、报告期内实体门店（国内）情况 | 品牌 | 门店类型 | 期初数量 （家） | 本期新开 （家） | 本期关闭 （家） | 期末数量（家） | | --- | --- | --- | --- | --- | --- | | Rebecca | 直营店 | 74 | 2 | 1 | 75 | | | 加盟店 | 99 | 3 | 5 | 97 | | Sleek | 直营店 | 2 | 0 | 1 | 1 | | | 加盟店 | 8 | 0 | 1 | 7 | | 合计 | -- | 183 | 5 | 8 | 180 | 二、报告期内国内各品牌的盈利情况 证券代 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated investigations into multiple listed companies for violations related to financial data misrepresentation and information disclosure, reflecting a "zero tolerance" approach towards financial fraud and a commitment to stricter regulation in the securities market [1][3][6]. Group 1: Investigated Companies - *ST Muban (603398) is under investigation for suspected false disclosures in its annual reports and other periodic financial statements, having previously received warnings from regulatory authorities [1][3]. - Taiyuan Heavy Industry (600169) and Ruibeka (600439) are also being investigated for information disclosure violations, with both companies having received prior warnings from regulators [1][6]. - *ST Muban has shifted its business focus from educational toys to solar energy after acquiring Inner Mongolia Haoan Energy Technology Co., Ltd., but reported a net loss of 1.16 billion yuan for 2024 due to oversupply and fierce competition in the solar industry [3][4]. Group 2: Specific Violations - *ST Muban has been found to have committed four major violations, including incorrect financial information disclosures, improper use of raised funds, and multiple errors in its annual report [3][4]. - Taiyuan Heavy Industry has experienced significant fluctuations in its net profit from 2022 to 2024, with figures of 88.92 million yuan, -16.64 million yuan, and 28.02 million yuan respectively, and has been cited for failing to disclose major lawsuits and related party transactions in a timely manner [6]. - Ruibeka reported a net loss of 118 million yuan in 2024, marking its first loss since going public, and has been cited for multiple disclosure failures, including non-disclosure of non-operating fund transactions with related parties [7]. Group 3: Regulatory Actions - The Jiangxi Securities Regulatory Bureau has mandated corrective actions for *ST Muban and its executives, including warnings and recording violations in their integrity files [4]. - The Henan Securities Regulatory Bureau has also imposed administrative measures on Ruibeka, requiring corrective actions and issuing warnings to responsible individuals [7]. - *ST Wanfang, primarily engaged in agriculture and military industries, has faced trading risk warnings due to its financial performance, with a reported net profit of 10.65 million yuan and a negative net profit of -460.13 million yuan after excluding non-recurring gains [8].

Core Viewpoint - 瑞贝卡 has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure regulations, following multiple warnings for similar issues [1][2][3] Group 1: Regulatory Issues - 瑞贝卡 and its controlling shareholder, 瑞贝卡控股, received a notice of investigation from the CSRC due to suspected information disclosure violations [2] - The company failed to disclose its 2024 annual performance forecast, which indicated a net loss of 118 million yuan [2][3] - 瑞贝卡 has a history of regulatory warnings, including issues related to non-disclosure of transactions with related parties and inadequate provisions for inventory depreciation [4] Group 2: Financial Performance - 瑞贝卡's revenue for 2022, 2023, and 2024 was 1.258 billion yuan, 1.226 billion yuan, and 1.239 billion yuan, reflecting year-on-year changes of -19.65%, -2.57%, and +1.10% respectively [6] - The net profit for the same years was 33.94 million yuan, 12.30 million yuan, and a loss of 118 million yuan, with declines of 43.63%, 63.75%, and 1056.08% respectively, marking three consecutive years of decline [6][7] - In 2024, sales expenses reached 226 million yuan, a 61.87% increase from the previous year, contributing to the net loss [8] Group 3: Shareholder Actions - 瑞贝卡控股 plans to transfer part of its shares to raise 217 million yuan, reducing its stake from 28.4% to 22.22% [8] - The controlling shareholder has a high pledge rate of 69.98%, with 225 million shares pledged, representing 19.88% of the total share capital [8][9] - The company stated that the controlling shareholder's credit status is good, and it has the ability to repay debts [10]

Financial Performance - The company achieved operating revenue of 597,940,661.47 yuan for the first half of 2025, representing a 4.20% increase compared to the same period last year, primarily due to the expansion of cross-border e-commerce through various channels such as third-party e-commerce platforms and live streaming [2] - The net profit attributable to shareholders of the listed company was 9,375,879.76 yuan, reflecting a 15.31% increase year-on-year, driven by slight revenue growth and a change in sales structure, with TOC sales accounting for nearly 50% of total sales, enhancing overall gross margin [2] Business Strategy - The company has diversified its sales channels, which include third-party e-commerce platforms, independent sites, and new media (live streaming), contributing to steady growth in global TOC sales and mitigating the impact of U.S. tariffs on offline wholesale business [2] Financial Data Disclaimer - The financial data presented is preliminary and unaudited, with final figures to be disclosed in the company's official half-year report [3]

Financial Performance Summary - The company reported total operating revenue of 597,940,661.47 yuan for the first half of 2025, representing a 4.20% increase compared to the same period last year [1][2] - Operating profit reached 10,513,273.15 yuan, marking a 21.42% increase year-on-year [1] - The total profit amounted to 10,408,859.02 yuan, which is a 19.29% increase from the previous year [1] - Net profit attributable to shareholders was 9,375,879.76 yuan, reflecting a 15.31% increase compared to the same period last year [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 9,445,705.48 yuan, up 23.04% year-on-year [1] - Basic earnings per share remained at 0.01 yuan, with a year-on-year increase of 15.31% [1] - The weighted average return on equity improved to 0.36%, up from 0.30% [1] Financial Position - Total assets at the end of the reporting period were 4,632,708,481.74 yuan, down 7.14% from the beginning of the period [2] - Shareholders' equity attributable to the parent company was 2,631,007,119.06 yuan, showing a slight increase of 0.32% [2] - The company's share capital remained unchanged at 1,131,985,440.00 yuan [2] - The net asset value per share attributable to shareholders was 2.32 yuan, consistent with the previous period [2] Business Operations - The increase in revenue was primarily driven by the expansion of cross-border e-commerce through various channels, including third-party e-commerce platforms and live streaming, which helped offset the impact of U.S. tariffs on offline wholesale business [2] - The sales structure shifted, with TOC sales approaching 50% of total sales, contributing to an overall improvement in gross margin [3]

Core Viewpoint - The company, Rebecca (600439), is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure regulations, which has raised concerns about its governance and financial performance [1][2]. Regulatory Issues - Rebecca has faced multiple administrative regulations from the Henan Securities Regulatory Bureau this year, including a corrective order due to several disclosure issues [2][3]. - Specific problems identified include failure to disclose non-operating fund transactions with related parties, inadequate provision for inventory impairment, and non-compliance with insider information management [3]. Financial Performance - In 2024, Rebecca reported its first loss since going public, with a revenue of 1.239 billion yuan, a year-on-year increase of 1.1%, but a net profit of -118 million yuan, indicating a shift from profit to loss [4]. - The loss was attributed to increased marketing expenses related to online sales channels, which accounted for nearly 30% of main business revenue, and a 62% increase in marketing costs compared to the previous year [4]. - In Q1 2025, Rebecca achieved revenue of 305 million yuan, a year-on-year growth of 11.26%, and a net profit of 6.361 million yuan, reflecting a recovery trend [4]. Market Position - As of July 25, the company's stock price was 3.7 yuan per share, with a total market capitalization of 4.188 billion yuan [5].

Core Viewpoint - The company Rebecca, known as the "wig king," is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure regulations, following previous administrative penalties from the Henan Securities Regulatory Bureau [2][3]. Group 1: Regulatory Issues - On July 25, Rebecca announced that it and its controlling shareholder received a notice from the CSRC regarding an investigation for suspected information disclosure violations [2]. - The CSRC's investigation is linked to a prior administrative penalty issued by the Henan Securities Regulatory Bureau, which identified five major issues related to the company's financial disclosures and governance practices [3][4]. - The company had previously been ordered to rectify its practices and had received warning letters for failing to disclose non-operating fund transactions with related parties and for inadequate inventory impairment provisions [4][5]. Group 2: Financial Performance - Rebecca reported a significant decline in financial performance, with revenue growth rates of -19.65% in 2022, -2.57% in 2023, and a slight increase of 1.1% in 2024, while experiencing a net loss of 1.18 billion yuan in 2024, marking its first loss since 2000 [6][7][10]. - The company's net profit for the fourth quarter of the previous year was particularly poor, resulting in a loss of 1.28 billion yuan, attributed to increased marketing expenses aimed at promoting new e-commerce channels [10].