Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights Meituan's acquisition of Dingdong Maicai for approximately $717 million, aiming to enhance its instant retail supply chain efficiency. Dingdong Maicai has achieved profitability for 12 consecutive quarters and operates over 1,000 front warehouses in China, with a monthly purchasing user base exceeding 7 million [4][24][27] - The report emphasizes the importance of supply chain efficiency and product quality in the competitive landscape of the instant retail industry, suggesting that the focus will shift towards these aspects post-acquisition [27] Summary by Sections Industry Dynamics - Meituan's acquisition of Dingdong Maicai is expected to create synergies in supply chain, regional layout, and warehouse scale, enhancing operational efficiency in the East China region [24][27] - Dingdong Maicai's established direct sourcing and self-operated production capabilities are anticipated to be preserved and amplified within Meituan's platform [27] Investment Themes - Investment Theme 1: Focus on high-end and fashionable gold jewelry brands, recommending companies like Laopuhuangjin and Chaohongji, which are expected to benefit from the emotional consumption trend [6][29] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, with recommendations for Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Highlight domestic beauty brands that cater to emotional value and innovative safe ingredients, recommending brands like Maogeping and Pola [6][29] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading chain medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][29] Market Performance - The retail and social service indices reported a slight decline of 0.34% and a slight increase of 0.02% respectively during the week of February 2 to February 6, 2026 [14][15] - The brand cosmetics sector showed the highest weekly increase of 4.99%, while the watch and jewelry sector led with a year-to-date increase of 16.56% [16][19] Company Highlights - Laopuhuangjin reported a significant revenue increase of 250.9% in FY2025H1, driven by brand expansion and customer base growth [31][32] - Chaohongji is expected to achieve a net profit growth of 125% to 175% in 2025, supported by differentiated product strength and multi-channel marketing [31][32] - Meilitiantian Medical Health anticipates a net profit increase of at least 34% in 2025, driven by both internal growth and acquisitions [39][40]

Core Viewpoint - The recent regulatory actions in the capital market indicate a "zero tolerance" approach, establishing a new normal for comprehensive supervision that aims to enhance the quality of listed companies and purify the market ecosystem [1][15]. Regulatory Actions - Since the beginning of 2026, at least six listed companies or key individuals have been investigated, averaging one case every six days, with 13 companies receiving administrative penalty notices or prior notifications, averaging less than three days between each [1][11]. - The regulatory focus has shifted from merely punishing companies to targeting the entire ecosystem involved in fraudulent activities, emphasizing the need for a comprehensive response chain from investigation to punishment [1][14]. Types of Violations - The reasons for investigations have diversified, including market manipulation, information disclosure violations, misleading statements, and significant omissions [8][9]. - Specific cases highlight the increasing granularity of regulatory scrutiny, with investigations targeting misleading statements and significant omissions in disclosures [9]. Financial Penalties - As of February 5, 2026, ten listed companies or delisted companies have received administrative penalties, with three others receiving prior notifications, indicating a high frequency of enforcement actions [11]. - Serious cases of systemic financial fraud, such as *ST Changyao, have led to severe penalties, including forced delisting and substantial fines [11]. Impact on Companies - Companies like Qingyue Technology and Yuandao Communication face significant operational pressures alongside regulatory scrutiny, with projected losses and substantial declines in net profits [4][5][6]. - The regulatory environment has prompted a reduction in the misuse of company funds, with many previously problematic shareholders returning misappropriated funds [12]. Long-term Mechanism - The regulatory framework aims to establish a long-term mechanism that discourages violations through strict enforcement and technological empowerment, ensuring that companies adhere to compliance standards [13][15]. - The integration of advanced technologies like big data and AI into regulatory practices enhances the precision and effectiveness of oversight, targeting deeper and more complex fraudulent behaviors [14].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the emergence of HBN, a leading domestic skincare brand, which has submitted its prospectus to the Hong Kong Stock Exchange, indicating strong growth potential in the efficacy skincare market [3][24] - The report emphasizes the importance of emotional consumption themes and recommends high-quality companies in high-growth sectors, including gold and jewelry, offline retail, cosmetics, and medical aesthetics [6][49] Summary by Sections Retail and Social Services Market Review - For the week of January 26 to January 30, the retail and social services indices closed at 2435.34 points and 9283.84 points, respectively, with declines of 4.18% and 3.45% [5][14] - The jewelry sector showed the highest growth, with a weekly increase of 7.07% and a year-to-date increase of 19.39% [15][18] Industry Dynamics: HBN and Efficacy Skincare - HBN, established in 2019, is the largest domestic skincare brand in the efficacy segment, focusing on visible results and innovative product strategies [24][25] - The brand's core products, including the "A Retinol" series, have achieved significant sales milestones, with a strong emphasis on scientific validation and consumer trust [29][33] Investment Recommendations - Investment focus areas include: - Gold and jewelry brands with differentiated product offerings, recommending companies like Laopuhuang and Chaohongji [6][49] - Offline retail companies adapting to market changes, with recommendations for Yonghui Supermarket and Aiyingshi [6][49] - Domestic cosmetics brands that emphasize emotional value and safety, recommending brands like Maogeping and Proya [6][50] - Medical aesthetics firms with unique product lines, recommending Meilitiantian Medical Health and Aimeike [6][51]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the emergence of HBN, a leading domestic skincare brand, which has submitted its prospectus to the Hong Kong Stock Exchange, indicating strong growth potential in the efficacy skincare market [3][24] - The report emphasizes the importance of emotional consumption themes and suggests focusing on high-quality companies in high-growth sectors [6][49] Summary by Sections Industry Performance Overview - The commercial retail and social services indices reported declines of 4.18% and 3.45% respectively during the week of January 26 to January 30, 2026, ranking 26th and 23rd among 31 primary industries [5][14] - The jewelry sector showed the highest growth, with a weekly increase of 7.07% and a year-to-date increase of 19.39% [15][18] Key Industry Developments - HBN, established in 2019, is recognized as the largest domestic skincare brand in the efficacy skincare segment, with a market share of 0.8% in the Chinese improvement skincare market as of 2024 [24][25] - HBN's revenue for the first three quarters of 2025 reached 1.51 billion yuan, a year-on-year increase of 10.2%, with high-efficacy skincare products accounting for 78.6% of total revenue [29] Investment Recommendations - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending companies like Laopuhuangjin and Chaohongji [6][49] - Investment Theme 2: Highlighting retail companies that adapt to emotional value and intelligent trends, with recommendations for Yonghui Supermarket and Aiyingshi [6][49] - Investment Theme 3: Emphasizing beauty and personal care brands that innovate with emotional value and safe ingredients, recommending brands like Maogeping and Pola [6][50] - Investment Theme 4: Targeting differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending companies like Aimeike and Meilitiantian [6][51]

（文章来源：证券日报） 证券日报网讯 1月30日，朗姿股份在互动平台回答投资者提问时表示，截至2025年9月30日，朗姿股份 股东总数为51387户。 ...

Core Viewpoint - The controlling shareholder of Langzi Co., Ltd., Shen Dongri, has pledged 20.77 million shares of the company due to personal funding needs, raising concerns about the company's financial stability and operational performance [2][4]. Share Pledge Details - Shen Dongri pledged 9.5 million shares to China International Capital Corporation and 11.27 million shares to CITIC Securities, with the pledge starting on January 27, 2026, for one year [2][3]. - The pledged shares represent 36.61% of Shen's total holdings and 17.5% of the company's total equity [4]. Financial Performance - Langzi Co., Ltd. expects a net profit of 900 million to 1.05 billion yuan for 2025, a year-on-year increase of 245.25% to 302.8%, primarily due to investments in the listed company Ruoyuchen [4]. - The company reported a revenue of 4.328 billion yuan for the first three quarters of 2025, remaining stable year-on-year, while the net profit excluding non-recurring items is projected to be between 220 million and 290 million yuan, reflecting a modest increase of 1.09% to 33.25% [5]. Business Segment Performance - The medical beauty segment generated approximately 2.237 billion yuan in revenue, a year-on-year increase of 2.49%, but the corresponding net profit decreased by 33.49% to 77.198 million yuan [6]. - The women's clothing segment achieved revenue of 1.407 billion yuan, with a slight net profit increase of 1.62% to 99.143 million yuan, while online sales grew by 22.55% [6]. - The infant and child segment reported revenue of 674 million yuan, with net profit declining significantly compared to the previous year [6]. Inventory and Financial Health - As of September 2025, the company's inventory for women's clothing reached approximately 630 million yuan, a 13.84% increase from the end of 2024, indicating rising inventory levels [6]. - The company faces financial pressure, with cash reserves of 505 million yuan insufficient to cover short-term borrowings of 1 billion yuan [10]. Strategic Moves - Langzi Co., Ltd. is accelerating its investment in the medical beauty sector, including a recent acquisition of a 67.5% stake in a cosmetic surgery hospital for 92.475 million yuan [7][8].

朗姿股份（002612）的老板又质押了公司股票。 近日，朗姿股份公告称，因个人资金需求，公司控股股东、实际控制人申东日于近期质押了其所持有的2077万股公司股份。 这些股份皆为高管锁定股，质押起始日为2026年1月27日，为期一年。其中，950万股被质押给了中国中金财富证券，另外1127万股则被质押给了中信证 券。 事实上，其经营情况并没有那么稳固。 2025年，朗姿股份预计实现归母净利润9亿至10.5亿元，同比提升245.25%—302.8%。 | 股 | 是否为控 | | 占其 | 白公 | | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 东 | 股股东或 | 本次质押数 | 所持 | 司总 | 是否 | 为补 | 质押 | 质押 | | 质押 | | | 第一大股 | | | | 为限 | | 起始 | 到期 | 质权人 | | | 名 | | 量(股) | 股份 | 股本 | | 充质 | | | | 用途 | | | 东及其一 | | | | 售股 | | 日 | 日 | | | ...

Group 1 - The company, Langzi Co., announced that its controlling shareholder, Shen Dongri, pledged a total of 20,770,000 shares on January 27, 2026, which accounts for 9.82% of his holdings and 4.69% of the company's total share capital [2] - The pledging was executed in two transactions, with the pledgees being China International Capital Corporation Wealth Securities Co., Ltd. and CITIC Securities Co., Ltd. [2] - The purpose of the share pledge is for personal funding needs [2]

证券代码：002612 证券简称：朗姿股份 公告编号：2026-008 朗姿股份有限公司 关于公司控股股东股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 朗姿股份有限公司（以下简称"公司"）近日接到公司控股股东、实际控制人 申东日先生的函告，获悉其所持有本公司的部分股份质押，具体事项如下： 一、股东股份质押的基本情况 | 股 | 是否为控 | | 占其 | 占公 | | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股股东或 | | | | 是否 | | 质押 | 质押 | | | | 东 | | 本次质押数 | 所持 | 司总 | | 为补 | | | | 质押 | | 名 | 第一大股 | 量（股） | 股份 | 股本 | 为限 | 充质 | 起始 | 到期 | 质权人 | 用途 | | | 东及其一 | | | | 售股 | | 日 | 日 | | | | 称 | 致行动人 | | 比例 | 比例 | | 押 | | ...

| 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 简军 | 爱美客董事长 | | 2 | 起張 | 华熙生物董事长 | | 3 | 严建亚 | 巨子生物毒事长 | | 4 | 关晓晖 | 复星医药联席董事长 | | 5 | 刘涛 | 奥园美谷董事长 | | 6 | 申东日 | 朗姿股份董事长 | | 7 | 杨霞 | 锦波生物青事长 | | 8 | 前熔 | 美年健康青事长 | | 9 | 傅海曙 | 瑞丽医美节事长 | | 10 | CAR 郭振宇 | 贝泰妮青事长 | | | 榜单尚明:排名不分先后,围绕专业能力、业绩表现 行业 景 | | | | 响力等维度综合评选得出。 | | 2025年，在申东日带领下，集团净利润实现爆发式增长，医美业务持续扩张，整体业务在多元化布局下 实现稳定增长。 瑞财经 1月28日，由瑞财经推出的"2025年度医疗美容业十大杰出人物"榜单揭晓，朗姿股份董事长申东 日入选。 | | o | | --- | --- | | 施农 | 251 | | 1 | 1 HE 724 2 | 申东日，1972年10月出生，长江商学院EMBA。申东日是公司 ...