格隆汇2月2日｜A股零售板块午后走高，新华百货此前涨停，三江购物涨超9%，茂业商业、东百集 团、丽人丽妆、海宁皮城等个股跟涨。消息面上，九部门印发《2026"乐购新春"春节特别活动方案》， 提出通过商旅文体健融合、线上线下联动，组织开展内容丰富多彩的春节促消费活动。 ...

中经记者 钟楚涵 孙吉正 上海报道 目前，丽人丽妆正在面临业绩下滑的困境。近日，丽人丽妆公告显示，预计2025年的亏损将扩大至6320 万—7900万元。在此前2024年，丽人丽妆亏损2440万元。同时，在营收规模上，丽人丽妆也已经较巅峰 时期大幅缩水。 对于丽人丽妆业绩持续下滑，上海财经大学数字经济研究院副院长崔丽丽向《中国经营报》记者表 示："在当前主流电商运营方法向直播及相关平台转型的过程中，以货架电商为主的服务商在这方面的 业务多多少少都受到了影响，转型不是很及时。另外，自有品牌的孵化进展不是很快，品牌打造的效果 还没有达到能够撑起营收的程度。" 依赖天猫渠道 自有品牌尚在培育期 在2024年年报中，对于营收同比下滑，丽人丽妆表示，主要系公司与部分合作品牌转变运营模式、与部 分品牌终止合作运营以及部分合作品牌销售收入未达预期所致。 近日，丽人丽妆表示，预计2025年实现归属于上市公司股东的净利润为-7900万—-6320万元，将出现亏 损。对于亏损的原因，丽人丽妆方面表示，主要系公司自有品牌处于产品创新及经营推广期，研发及营 销推广持续投入，未产生相应的经济效益，自有品牌店铺经营亏损所致。 实际上，近 ...

Core Viewpoint - The internet e-commerce sector experienced a slight increase of 0.47% on January 29, with 壹网壹创 leading the gains, while the overall market showed mixed results with the Shanghai Composite Index rising by 0.16% and the Shenzhen Component Index declining by 0.3% [1]. Group 1: Market Performance - The internet e-commerce sector's performance was highlighted by 壹网壹创, which closed at 42.68 with a rise of 5.88% and a trading volume of 310,300 shares [1]. - Other notable performers included ST通葡, which increased by 2.33% to close at 3.07, and 凯淳股份, which rose by 1.65% to 36.39 [1]. - The overall trading volume for the internet e-commerce sector was significant, with individual stocks like 华凯易佰 and 焦点科技 achieving trading volumes of 327,100 and 141,200 shares respectively [1]. Group 2: Capital Flow - The net inflow of main funds into the internet e-commerce sector was 134 million yuan, while retail funds saw a net inflow of 989,400 yuan [2]. - Conversely, speculative funds experienced a net outflow of 135 million yuan, indicating a shift in investment strategies among different types of investors [2]. - The capital flow data showed that 壹网壹创 had a main fund net inflow of 125 million yuan, despite a net outflow from speculative and retail investors [3]. Group 3: Individual Stock Analysis - 壹网壹创 led the sector with a main fund net inflow of 125 million yuan, representing 9.24% of its trading volume [3]. - 焦点科技 and 青木科技 also saw significant main fund inflows of 45.09 million yuan and 26.03 million yuan respectively, indicating strong investor interest [3]. - In contrast, ST通葡 experienced a negative main fund flow of 1.20 million yuan, reflecting weaker investor confidence [3].

Group 1 - The internet e-commerce sector increased by 0.73% on January 27, with Kai Chun Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] - Key stocks in the internet e-commerce sector showed significant price movements, with Kai Chun Co., Ltd. rising by 11.40% to a closing price of 37.13 [1] Group 2 - The net inflow of main funds in the internet e-commerce sector was 181 million yuan, while retail investors experienced a net outflow of 301 million yuan [2] - The stock "Xin Xun Da" saw a decline of 4.84%, closing at 21.06 yuan, with a trading volume of 161,500 shares [2] - The stock "Hua Kai Yi Bai" had a net inflow of 65.46 million yuan from main funds, indicating strong institutional interest despite overall sector outflows [3]

Core Viewpoint - The company Liren Lizhuang (605136.SH) has issued a profit warning, expecting a significant increase in net losses for 2025, attributed to high investments in developing its own brands, which have not yet generated corresponding economic benefits [3][4][6]. Financial Performance - The company anticipates a net loss of between 63.2 million to 79 million yuan for 2025, with a non-recurring net loss expected to be between 66.4 million to 83 million yuan [3]. - Revenue for 2024 is projected to decline by 37.44% year-on-year to 1.728 billion yuan, marking a significant drop from 4.155 billion yuan in 2021 [4][6]. Business Model Challenges - The traditional business model of brand agency operations is under severe pressure due to intensified competition, declining traffic on traditional e-commerce platforms, and a weak consumer environment [3][5]. - The company's reliance on a few brands and a single e-commerce platform has weakened its risk resilience, leading to structural challenges [3][5]. Brand Development and Strategy - The company has elevated its own brand strategy, focusing on brands like "Yurongchu" and "Meiyitang," which recorded a 110% year-on-year growth in Q1 2025, although the absolute scale remains small [5][6]. - The revenue from self-owned brands is expected to account for less than 10% of total revenue in 2024, indicating that high investments in R&D and marketing have not yet translated into profitability [6]. Industry Context and Transformation - The challenges faced by Liren Lizhuang reflect a broader anxiety within traditional e-commerce service providers as they navigate a changing market landscape [7][8]. - The company is exploring a transformation path that includes diversifying channels, enhancing data-driven operations, and improving supply chain efficiency [7][8]. - The transition from a channel service provider to a brand manager is fraught with challenges, requiring significant resources and time to achieve [8].

Core Viewpoint - The company continues to face losses and is in the process of transformation, struggling with issues such as insufficient self-owned brand contribution and the termination of partnerships with multiple brands [1][3]. Financial Performance - The company forecasts a net profit loss of between 79 million yuan and 63.2 million yuan for 2025 [3]. - In 2024, the company reported a loss of 24.4 million yuan, while in 2023, revenue declined by 14.78% and net profit increased by 121.19% [3]. - In 2022, revenue fell by 21.98% and net profit decreased by 133.92% [3]. Brand Partnerships - The company has terminated partnerships with several brands, including L'Oréal, Lancôme, and others, due to brands shifting to self-management [3][4]. - The loss of partnerships has significantly impacted revenue, with a 37.44% decline in 2024 attributed to these changes [3]. Self-Owned Brand Development - The company has been focusing on developing its own brands, such as "Yurongchu" and "Meiyitang," but these efforts have not yet translated into significant revenue growth [6][7]. - The self-owned brands are currently in the product innovation and marketing phase, leading to ongoing losses [7]. Channel Imbalance - The company primarily operates through the Tmall platform, which accounted for 86.52% of its revenue in 2022, but is facing challenges as new e-commerce platforms like Douyin and Xiaohongshu gain traction [8]. - Despite efforts to diversify and increase presence on emerging platforms, revenue remains heavily reliant on Tmall [8]. Market Trends - Industry experts suggest that transitioning to self-owned brands can enhance profitability and drive growth, indicating a broader trend towards diversification in the market [9].

Core Viewpoint - Liren Lizhuang (605136) announced an expected net loss for 2025, projecting a net profit attributable to shareholders of between -79 million to -63.2 million yuan [1] Financial Projections - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, to be between -83 million to -66.4 million yuan [1]

Core Viewpoint - Shanghai Liren Lizhuang Cosmetics Co., Ltd. is expected to report a net loss for the year 2025, with projected losses ranging from 62.0 million to 79.0 million yuan [2][4]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [4]. - The company anticipates a net profit attributable to shareholders of the listed company to be between -79.0 million and -63.2 million yuan [2][4]. - The expected net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between -83.0 million and -66.4 million yuan [3][4]. Group 2: Previous Year Performance - In the previous year (2024), the total profit was -17.02 million yuan, with a net profit attributable to shareholders of -24.40 million yuan [6]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was -39.98 million yuan [6]. - The earnings per share for the previous year were -0.06 yuan per share [7]. Group 3: Reasons for Performance Change - The expected loss in 2025 is primarily due to the company's self-owned brand being in the product innovation and marketing promotion phase, with ongoing investments in research and marketing that have not yet generated corresponding economic benefits, leading to losses in self-owned brand store operations [8].

Group 1 - The core viewpoint of the news is that Liren Lizhuang (605136.SH) has announced a projected net loss for 2025, continuing the trend of losses from 2024, primarily due to ongoing investments in its proprietary brands [1][2] - The company expects a net profit attributable to shareholders to be between -79 million to -63.2 million yuan for 2025, representing a decrease of 38.8 million to 54.6 million yuan compared to 2024, which is a year-on-year decline of 159.01% to 223.77% [1] - The projected net profit excluding non-recurring items is expected to be between -83 million to -66.4 million yuan, a decrease of 26.4 million to 43 million yuan compared to 2024, reflecting a year-on-year decline of 66.07% to 107.59% [1] Group 2 - The losses are attributed to the company's proprietary brands being in the product innovation and marketing promotion phase, with ongoing investments not yet yielding economic benefits [2] - Sales expenses for the first three quarters of 2025 reached 420 million yuan, an increase of 7.28% year-on-year, with a sales expense ratio of 35.66%, up 3.78% from the same period last year [2] - The cultivation of proprietary brands has become a common practice for e-commerce operation companies seeking transformation, as lacking brand assets can lead to weaker business stability and growth sustainability [2]

Core Viewpoint - Liren Lizhuang (605136) expects to report a net profit loss of between 79 million to 63.2 million yuan for 2025, following an estimated loss of approximately 24.4 million yuan in 2024 [1] Financial Performance - The company anticipates a net profit loss of about 79 million to 63.2 million yuan for 2025 [1] - For 2024, the projected net profit loss is around 24.4 million yuan [1] Business Strategy - The expected losses are attributed to the company's self-owned brand being in a product innovation and marketing promotion phase, leading to continuous investment in research and marketing without generating corresponding economic benefits [1] - The operational losses are primarily due to the performance of self-owned brand stores [1]