上海丽人丽妆化妆品股份有限公司 简式权益变动报告书 上市公司名称：上海丽人丽妆化妆品股份有限公司 股票上市地点：上海证券交易所 股票简称：丽人丽妆 股票代码：605136 信息披露义务人：晨壹红启（北京）咨询有限公司 住所：北京市顺义区后沙峪镇安富街 6 号 1131 室 通讯地址：北京市海淀区魏公村路丽金置地中心西塔 801 股份变动性质：股份增加 签署日期：2026 年 2 月 12 日 1 信息披露义务人声明 一、信息披露义务人根据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》及其他相关法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 第一节 释义 本报告书中，除非另有说明，下列简称具有如下含义： 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息披露义务人在上海丽人丽妆化妆品股份有限公司中拥 有权益的股份变动情况。 截至本报告书签署之日，除本报 ...

上海丽人丽妆化妆品股份有限公司 简式权益变动报告书 上市公司名称：上海丽人丽妆化妆品股份有限公司 股票上市地点：上海证券交易所 股票简称：丽人丽妆 股票代码：605136 信息披露义务人：北京骁之潇管理咨询有限公司 住所：北京市北京经济技术开发区景园北街 2 号院 67 号楼 6 层 712 通讯地址：北京市北京经济技术开发区文化园西路 8 号院 3 号楼 9 层 1008 股份变动性质：股份减少 1 信息披露义务人声明 一、信息披露义务人根据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》及其他相关法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息披露义务人在上海丽人丽妆化妆品股份有限公司中拥 有权益的股份变动情况。 截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没有通 过任何其他方式增加 ...

Overall Industry Performance - The beauty e-commerce agency industry has been labeled as experiencing a "collective winter" over the past year, with most companies reporting poor financial results from Q1 to Q3, except for a few like Ruoyuchen and Qingmu Technology that maintained growth [2][21] - By the end of the year, several companies have forecasted improved performance, indicating a slight recovery in the industry [2][21] Company-Specific Forecasts - Ruoyuchen expects a net profit of 176 million to 200 million yuan for 2025, representing a significant year-on-year increase of 67% to 89%, driven by explosive growth in its proprietary brand business [3][24] - Qingmu Technology forecasts a net profit of 118 million to 136 million yuan for 2025, with a year-on-year growth of 30% to 50%, attributed to growth in e-commerce operations and brand incubation [4][24] - Yiwang Yichuang anticipates a net profit of 92.03 million to 119.6 million yuan, reflecting a year-on-year increase of 21.1% to 57.32%, mainly due to technological advancements improving productivity [4][24] - Liren Lizhuang predicts a net loss of 63.2 million to 79 million yuan for 2025, with losses increasing by at least 159% compared to the previous year, attributed to ongoing investments in product innovation and marketing without corresponding economic benefits [5][25] - Kaichun Co. expects a net loss of 9 million to 14 million yuan for 2025, marking its first annual loss in three years, due to structural changes in market demand and increased R&D investments [6][26] Industry Challenges - The collective slowdown in the beauty e-commerce agency industry is attributed to multiple factors, including changes in market conditions, industry development cycles, and strategic missteps by companies [7][27] - The industry has shifted to a phase of stock competition, with weak consumer recovery leading brands to cut marketing budgets, directly impacting agency service fees and revenue sharing [7][27] - The trend of brands moving towards self-operation has further squeezed the survival space for agencies, as many brands are building their own digital platforms and reclaiming operational rights [8][27] Transformation Strategies - Ruoyuchen has successfully transformed by creating a diversified business matrix, with beauty accounting for 34%, home cleaning 28%, maternal and infant products 21%, and health products 13% [11][31] - Qingmu Technology's recovery is attributed to a diversified strategy and brand incubation, with significant growth in its proprietary brands contributing to overall revenue [15][33] - Water Sheep Co. has opted for high-end transformation through acquisitions of international brands, enhancing its brand portfolio [16][34] - In contrast, Liren Lizhuang's attempts to develop proprietary brands have not yielded significant market impact, and Yiwang Yichuang's investments in proprietary brands have yet to produce tangible results [16][34] - Kaichun Co.'s transformation efforts have led to a challenging situation, with increased R&D investments impacting profitability while core operations struggle [18][36] Conclusion - The beauty e-commerce agency industry in 2025 presents a mixed picture, with both signs of recovery and ongoing struggles, highlighting the critical need for companies to innovate and adapt to changing market dynamics [37][38]

Core Viewpoint - The announcement indicates a significant change in the management structure of Liren Lizhuang, with the management rights of the partnership being transferred from Beijing Xiaozhixiao Management Consulting Co., Ltd. to Chen Yihongqi [1] Group 1 - The partnership agreement and admission agreement have been signed, resulting in a change of the executive partner of Linlang Huancai to Chen Yihongqi [1] - Following this equity change, the information disclosing party will no longer serve as the executive partner of Linlang Huancai and its upper-level partner Linlang Yicai, but will hold a limited partnership interest of 0.18% in Linlang Huancai and 4.78% in Linlang Yicai [1] - The indirect control of Liren Lizhuang's shareholding by the information disclosing party will decrease to 0% [1]

Core Viewpoint - The company, Liren Lizhuang, assures investors that all its products are rigorously tested and do not contain Sudan Red, fully complying with national safety standards [2] Group 1 - The company responded to investor inquiries on February 11, confirming the safety and compliance of its products [2]

Group 1 - The company, Liren Lizhuang, has expanded its business beyond the beauty sector into health products and pet-related fields in recent years [1] - In addition to the Tmall platform, the company is also providing operational services for numerous brands on emerging platforms, such as Douyin [1]

Group 1 - The company, Liren Lizhuang, has expanded its business beyond the beauty sector into health products and pet-related fields in recent years [2] - In addition to the Tmall platform, the company is also providing operational services for various brands on emerging platforms, such as Douyin [2]

Group 1 - The A-share retail sector experienced a rise in the afternoon, with Xinhua Department Store hitting the daily limit up [1] - Sanjiang Shopping surged over 9%, indicating strong market performance [1] - Other stocks such as Maoye Commercial, Dongbai Group, Liren Lizhuang, and Haining Leather City also saw gains [1]

Group 1 - The A-share retail sector saw an afternoon rise, with Xinhua Department Store hitting the daily limit, and Sanjiang Shopping increasing by over 9% [1] - Other stocks such as Maoye Commercial, Dongbai Group, Liren Lizhuang, and Haining Leather City also experienced gains [1] - The rise in the retail sector is attributed to the announcement of the "2026 'Legou New Spring' Special Activity Plan" by nine departments, which aims to promote consumer spending during the Spring Festival through various integrated activities [1]

Core Viewpoint - Liren Lizhuang is facing a significant decline in performance, with projected losses for 2025 expected to reach between 63.2 million and 79 million yuan, following a loss of 24.4 million yuan in 2024 [1][2] Group 1: Financial Performance - Liren Lizhuang's revenue has decreased from 4.155 billion yuan in 2021 to 1.728 billion yuan in 2024 [2] - The company reported net losses of 139 million yuan in 2022 and 24 million yuan in 2024, indicating a continuous decline in profitability [2] - For the first three quarters of 2025, Liren Lizhuang achieved revenue of 1.177 billion yuan, a year-on-year decrease of 4.09%, with domestic revenue from Tmall dropping by 21.26% [3] Group 2: Business Model and Market Challenges - The decline in performance is attributed to a shift in the e-commerce landscape, with platforms like Douyin gaining market share at the expense of Tmall, which saw its share drop from 47% in 2020 to 28% by 2025 [2] - Liren Lizhuang's reliance on Tmall has left it vulnerable, as it struggles to adapt to the new interest-based e-commerce model represented by Douyin [3][5] - The company has been attempting to expand its presence on Douyin, increasing the number of stores from 32 to 52, but has not successfully transitioned its operational model [3] Group 3: Self-Owned Brand Development - Liren Lizhuang is in the process of developing its own brands, but these have not yet reached a level to support significant revenue [5] - The company has focused on two skincare brands, "Yurongchu" and "Meiyitang," but faces challenges in brand recognition and differentiation [5] - Industry experts note that Liren Lizhuang's experience in agency operations does not translate well to brand building, which requires a deeper understanding of consumer value [5]