近些年来，一路高歌猛进的医美故事，正随着行业监管加剧、舆论重拳不断而愈发陷入迷途。在此过程 中，即便已经成功"上岸"的头部医美企业似乎也无法幸免。 以"医美龙头" 朗姿股份 为例，作为从女装跨界医美赛道的典型代表，朗姿股份一度被资本市场寄予厚 望。然而，随着行业竞争加剧和内部管理问题频发，公司医美业务的光环逐渐褪色，业绩增长乏力、债 务高企、合规风险等问题浮出水面，其长远未来显然面临着考验。 而在朗姿股份面向医美市场的跨界转型背后，众多财务隐忧与行业困局正显现出来。 朗姿股份，深陷扩张后遗症 这些年来，朗姿股份通过"买买买"模式快速扩张医美版图，截至2025年一季度，已在全国范围内拥有41 家医美机构。 但与此同时，公司的这一策略导致其财务结构严重失衡，面对医美业务的降温，朗姿股份正深陷扩张后 遗症。 具体表现在，首先，公司的短期偿债能力堪忧。 根据2024年年报及2025年一季报数据显示，朗姿股份短期债务已经从2023年的6.84亿元激增至2024年底 的13.14亿元，同比增幅达92%。 截至2025年一季度末，公司短期债务仍高达12.25亿元，而同期货币资金仅6.12亿元，现金短债比低至 0.5，流动性 ...

| 3、请介绍一下公司体外产业基金医美机构收购计划 | | | --- | --- | | 回复：公司将在满足收购条件的前提下加速推进体外医美 | | | 机构纳入合并范围。体外机构收入体内的标准主要是规范性和 | | | 成长性。近年内，医美行业的成长性被诸多企业看好，收购市 | | | 场竞争较为激烈。为提前锁定有成长潜力的医美机构，公司通 | | | 过医美产业基金前期先筛选和孵化，主要基于以下考虑：一方 | | | 面，医美行业处于成长初期，市场上可供选择的成熟机构有限， | | | 与公司相符合的商业模式尚未建立，经营能力尚不稳定，利润 | | | 较少或不确定，若用上市公司直接收购会导致公司营业利润的 | | | 大幅波动；另一方面，医美产业基金收购的大部分医美机构尚 | | | 处于早期的不规范阶段，不具备直接收入上市公司的条件，需 | | | 要进行一段时间的合规梳理和规范运营后才能进行体内收购。 | | | 同时，公司致力于医疗美容机构管理多年，已积累了一整套较 | | | 为科学和完善的客户引流、医疗诊治、业务流程和售后服务体 | | | 系，具备了可复制的医美机构管控模式。近年来，采用" ...

事件 公司发布2025 年一季报：2025Q1 实现营业收入13.99 亿元，同比减少7.77%；实现归母净利润0.95 亿 元，同比增长5.12%。 营收承压、盈利改善，医美业务内生与外延并进受市场环境变化与竞争加剧影响，1 季度营收承压，但 受益于业务结构优化与规模效应，毛利率、净利率改善。2025Q1 综合毛利率59.7% （同比+0.61pct）， 销售费率39.6%（同比+0.07pct），管理费率8.14%（同比-0.02pct），研发费率1.87%（同比 +0.06pct），归母净利率6.81%（同比+0.83pct）。截至2024 年底，公司拥有41 家医疗美容机构，运营 医美品牌有"米兰柏羽" "韩辰医美" "晶肤医美"等，医美并购基金整体规模达28.37 亿元，有利于公司未 来医美业务规模的持续提升。 围绕泛时尚的多业务协同发展 公司依托丰厚的女装时尚品牌优势、业已建立的时尚品牌方阵及覆盖广阔的优质线下线上营销网络和客 户资源，扎实落地以"线上线下互通"为翼、"板块轮动协同"为舵的产业演进战术思路，稳步打造出时尚 女装、安全医美、绿色婴童等业务板块的"线上线下流量互通、多维时尚资源共享、中 ...

证券代码：002612 证券简称：朗姿股份 公告编号：2025-032 朗姿股份有限公司 2024 年度分红派息实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、股东大会审议通过的利润分配方案 1. 朗姿股份有限公司（以下简称"公司"）2024 年度利润分配方案于 2025 年 4 月 25 日经公司 2024 年度股东大会审议通过,自该分配方案披露至实施期间， 公司股本总额未发生变化。 2. 公司股东大会审议通过的利润分配方案的具体内容为：以公司截至 2024 年 12 月 31 日的总股本 442,445,375 股为基数，拟向全体股东每 10 股派发现金 股利人民币 4.000000 元（含税），共分配利润 176,978,150.00 元。不送股、不 以资本公积转增股本。 3. 本次实施的分配方案与 2024 年度股东大会审议通过的分配方案一致。 4. 本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的利润分配方案 公司 2024 年度利润分配按照比例固定的方式进行分配，利润分配方案具体 内容为：以公司现有总股本 44 ...

Financial Performance - In Q1 2025, the company achieved total revenue of approximately 1.399 billion yuan, a year-on-year decrease of 7.77% [2] - Gross profit margin was 59.72%, an increase of 0.38 percentage points compared to the same period last year [2] - Net profit attributable to shareholders was approximately 61 million yuan, a year-on-year increase of 5.12% [2] - Net profit after deducting non-recurring items was approximately 73 million yuan, a year-on-year decrease of 6.89% [2] - Net cash flow from operating activities was approximately 174 million yuan, a year-on-year decrease of 23.43% [2] - Basic earnings per share were 0.2153 yuan, an increase of 5.13% year-on-year [2] - Return on equity was 3.36% [2] - As of March 31, 2025, total assets were approximately 8.004 billion yuan, a growth of 0.41% from the end of the previous year [3] - Net assets attributable to shareholders were approximately 2.883 billion yuan, an increase of 3.42% from the end of the previous year [3] Business Segment Performance - Medical beauty segment revenue was approximately 670 million yuan, a year-on-year decrease of 9.22% [3] - Medical beauty segment gross profit was approximately 369 million yuan, a decrease of 8.58% year-on-year, with a gross profit margin of 55.05% [3] - Women's clothing segment revenue was approximately 504 million yuan, a year-on-year decrease of 5.74% [3] - Women's clothing segment gross profit was approximately 325 million yuan, with a gross profit margin of 64.51%, an increase of 0.15 percentage points year-on-year [3] - Infant and child segment revenue was approximately 221 million yuan, a year-on-year decrease of 8.52% [3] - Infant and child segment gross profit was approximately 137 million yuan, with a gross profit margin of 62.28%, an increase of 1.78 percentage points year-on-year [3] Brand Performance - Milan Baiyu achieved revenue of approximately 302.62 million yuan, a year-on-year decrease of 8.74% [4] - Jingfu Medical achieved revenue of approximately 125.20 million yuan, a year-on-year increase of 1.13% [4] - Hanchen Medical achieved revenue of approximately 97.93 million yuan, a year-on-year decrease of 1.43% [4] - Wuhan Wuzhou achieved revenue of approximately 47.55 million yuan, a year-on-year decrease of 15.11% [4] - Changsha Yamei achieved revenue of approximately 40.70 million yuan, a year-on-year decrease of 28.61% [4] - Zhengzhou Jimei achieved revenue of approximately 25.68 million yuan, a year-on-year decrease of 16.26% [4] Inventory and Operations - As of Q1 2025, total inventory for women's clothing was approximately 646 million yuan, a decrease of 4.75% from the end of the previous year [5] - The net amount of inventory goods was approximately 512 million yuan, a decrease of 7.45% from the end of the previous year [5] - The structure of inventory improved in Q1 2025 [5]

Core Insights - The medical aesthetics industry is facing significant challenges, with "difficult operations" becoming a consensus within the sector. Even large listed companies like Langzi Medical Beauty are struggling with performance growth [1][10] - Langzi Medical Beauty's revenue for 2024 was 5.691 billion yuan, showing a slight decline compared to the previous year, and the first quarter of 2025 continued to show weakness with a revenue of 1.399 billion yuan, down 7.77% year-on-year [1][10] Company Overview - Langzi Co., Ltd. initially focused on mid-to-high-end women's clothing, founded in 2000, and later expanded into children's clothing. However, the company faced significant challenges due to the rise of e-commerce and foreign luxury brands [1][2] - In 2016, Langzi entered the medical aesthetics market through strategic investments and acquisitions, including a notable investment in the Korean medical beauty service group DMG [2][3] Business Expansion - The company adopted an aggressive acquisition strategy, acquiring multiple medical aesthetics brands and institutions from 2016 onwards, including the acquisition of 100% of Shaanxi Gao Yisheng in 2017 and several others in subsequent years [3][4] - By 2024, the medical aesthetics segment contributed 49% of Langzi's revenue and 45% of its gross profit, surpassing its original women's clothing and children's business segments [4][5] Financial Performance - Despite the successful transition to the medical aesthetics sector, the expected high growth has not materialized. The company's net profit for 2024 was 218 million yuan, only slightly above the 204 million yuan net profit in 2013 when it focused on women's clothing [5][6] - The medical aesthetics business had a revenue of approximately 2.784 billion yuan in 2024, with a year-on-year growth of only 3.47%, and the lowest gross margin among the three business lines at 54.42% [5][7] Challenges and Risks - The company faces increasing competition in the medical aesthetics industry, with a general slowdown in growth and economic conditions impacting performance across all business lines [10] - Langzi's goodwill has significantly increased due to its acquisition strategy, with goodwill assets amounting to 1.781 billion yuan, representing 64% of its net assets. This raises concerns about potential impairment risks in the future [8][9] - The company's short-term debt has surged, with 1.323 billion yuan due within a year, while cash reserves stand at only 555 million yuan, indicating weak short-term solvency [9][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve stable performance in 2024, with a focus on both organic growth and external expansion in the medical aesthetics sector [4] - The company reported a slight decline in revenue for 2024, with total revenue of 56.91 billion yuan, a year-on-year decrease of 0.2%, while net profit attributable to the parent company increased by 1.4% to 2.57 billion yuan [4][5] - The forecast for net profit attributable to the parent company for 2025-2027 is adjusted to 2.84 billion yuan, 3.20 billion yuan, and 3.64 billion yuan respectively, with corresponding EPS of 0.64, 0.72, and 0.82 yuan [4] Financial Performance Summary - In 2024, the medical aesthetics segment generated revenue of 27.84 billion yuan, up 3.5%, with a gross margin of 54.4% [5] - The women's clothing segment saw revenue of 19.25 billion yuan, down 3.0%, while the children's clothing segment reported revenue of 9.21 billion yuan, down 5.5% [5] - The overall gross margin for the company improved to 58.8%, with surgical and non-surgical gross margins at 47.1% and 55.6% respectively [5] Business Expansion Strategy - The company is actively expanding its medical aesthetics footprint through acquisitions, having integrated several medical beauty institutions into its financial reports [6] - The company has invested in upstream medical aesthetics equipment research and production, indicating a strategic move towards vertical integration [6] - The women's clothing and children's clothing segments are focusing on enhancing their online sales channels and operational efficiency [6] Financial Projections - Revenue projections for 2025-2027 are set at 61.12 billion yuan, 64.80 billion yuan, and 68.16 billion yuan respectively, with a compound annual growth rate expected [7] - The projected net profit for 2025-2027 is 284 million yuan, 320 million yuan, and 364 million yuan, reflecting a steady growth trajectory [7] - The company's P/E ratio is projected to decrease from 24.8 in 2025 to 19.3 in 2027, indicating an improving valuation [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][12] Core Views - The company's Q1 2025 revenue reached 1.399 billion, a year-on-year decrease of 7.77%, while the net profit attributable to the parent company was 95 million, an increase of 5.12% year-on-year. The medical beauty business is steadily advancing, with a revenue contribution of 48.92% from this segment by the end of 2024 [1][3][6] - The medical beauty industry has significant growth potential due to increasing consumer penetration and the enhancement of quality product supply. The company is actively pursuing mergers and acquisitions to expand its national medical beauty ecosystem, which will enhance its overall scale and brand influence [3][12][4] Financial Performance - In Q1 2025, the company achieved a gross margin of 59.72%, an increase of 0.17 percentage points year-on-year, benefiting from cost control and improved brand strength. The sales expense ratio was 39.63%, down 0.42 percentage points year-on-year, while the management expense ratio remained stable at 8.14% [2][10] - The company forecasts a net profit of 292 million for 2025, down from a previous estimate of 381 million, with projected profits of 327 million in 2026 and 370 million in 2027, corresponding to P/E ratios of 34.1, 30.5, and 26.9 respectively [3][4][12] Revenue and Profit Forecast - The company expects to generate revenues of 6.327 billion in 2025, with a growth rate of 11.18%, and a net profit of 292 million, reflecting a growth rate of 13.56% [4][14] - The projected revenue for 2026 is 7.059 billion, with a net profit of 327 million, and for 2027, the revenue is expected to reach 7.827 billion with a net profit of 370 million [4][14]

Core Viewpoint - The company has released its first quarter report for 2025, ensuring the accuracy and completeness of the information disclosed, with no false records or misleading statements [1][2][7]. Financial Data - The first quarter report has not been audited [3][6]. - The company has made retrospective adjustments to previous accounting data due to a business combination under common control [3][4]. - There are no non-recurring profit and loss items applicable for the quarter [3]. Governance and Compliance - The board of directors and supervisory board have confirmed the authenticity and completeness of the quarterly report, taking legal responsibility for its content [2][12]. - The meetings of both the board and supervisory board were conducted in compliance with relevant laws and regulations, ensuring their legality and validity [7][11]. Shareholder Information - The report includes details on the total number of ordinary shareholders and the shareholding status of the top ten shareholders, although specific data is not provided in the excerpts [5].

Financial Performance - The basic earnings per share for Q1 2025 is 0.2153 yuan, representing a 5.13% increase compared to Q1 2024's 0.2048 yuan and a significant increase from Q1 2023's 0.1603 yuan [1] - The net profit for Q1 2025 is 0.95 billion yuan, which is a 4.4% increase from Q1 2024's 0.91 billion yuan and an increase from Q1 2023's 0.71 billion yuan [1] - The operating revenue for Q1 2025 is 13.99 billion yuan, showing a decrease of 7.78% from Q1 2024's 15.17 billion yuan, but an increase from Q1 2023's 12.56 billion yuan [1] - The return on equity for Q1 2025 is 3.36%, which is a 23.53% increase compared to Q1 2024's 2.72% and an increase from Q1 2023's 2.14% [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 82.482 million shares, accounting for 32.39% of the circulating shares, with a decrease of 1.0847 million shares compared to the previous period [1] - The largest shareholder, Shen Dongri, holds 52.8898 million shares, representing 20.76% of the total share capital, with no change in holdings [2] - New entrant in the top ten shareholders is Zhang Quanmei, holding 1.3988 million shares, representing 0.55% of the total share capital [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares in this period [3]