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、关于接受关联方担保的情况概述 证券代码：002612 证券简称：朗姿股份 公告编号：2025-039 朗姿股份有限公司 关于接受关联方担保的公告 成立日期：2006 年 11 月 09 日 注册地址：北京市顺义区马坡镇白马路 63 号 经营范围：一般项目：服装服饰零售；服饰研发；服饰制造；服装服饰批发； 服装、服饰检验、整理服务；服装辅料销售；互联网销售（除销售需要许可的商 品）；服装辅料制造；服装制造；针纺织品及原料销售；鞋帽批发；鞋帽零售； 母婴用品销售；劳动保护用品生产；劳动保护用品销售；珠宝首饰制造；珠宝首 饰批发；珠宝首饰零售；会议及展览服务；企业管理；企业管理咨询；信息咨询 服务（不含许可类信息咨询服务）；信息技术咨询服务；技术服务、技术开发、 技术咨询、技术交流、技术转让、技术推广；五金产品制造；五金产品批发；五 金产品研发；五金产品零售；玩具制造；玩具销售；皮革制品制造；皮革制品销 售；皮革、毛皮及其制品加工专用设备制造；皮革、毛皮及其制品加工专用设备 销售；箱包制造；箱包销售；日用品批发；日 ...

Group 1 - The medical beauty market in China is experiencing continuous growth, with the number of compliant specialized medical beauty institutions reaching 19,880 in the first half of 2024, an increase of 1,296 institutions or 7% from January 2024 [1][3] - The increase in compliant medical beauty institutions is driven by enhanced regulatory oversight and a growing consumer demand for legitimate medical beauty services [1][3] Group 2 - There is a significant shortage of compliant medical beauty doctors, with an estimated gap of around 20,000 qualified professionals, while the total number of medical beauty practitioners is approximately 1.02 million [4] - The annual growth rate of medical beauty practitioners is around 10%, but the supply of qualified professionals is only increasing at a rate of 5%-8%, highlighting a supply-demand imbalance [4] Group 3 - The distribution of medical beauty positions in China shows a clear imbalance, with only 10% of positions being medical technical roles, which require solid medical knowledge and qualifications [6] - Over 60% of positions are in marketing and operations, which are crucial for attracting customers and driving business growth, but this focus may compromise the quality of medical services [6] Group 4 - The educational requirements for core positions in the medical beauty industry are increasing, with a trend towards higher educational qualifications among professionals [9] - Large medical beauty companies are setting stricter educational standards, with some requiring a full-time bachelor's degree for medical technical roles [9] Group 5 - The distribution of medical beauty talent in China shows a pattern of concentration in eastern regions and high-tier cities, with first-tier cities holding over 50% of medical beauty positions [10] - New first-tier cities are competing for mid-level talent through differentiated strategies, while lower-tier cities struggle due to a lack of local training capabilities [10]

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, highlighting the strong performance of domestic brands amid stricter regulations [1]. Core Insights - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 5.4% from July 18 to July 25, 2025, surpassing the Shenwan A Index by 1.2 percentage points [5][6]. - Stricter advertising regulations are expected to benefit leading domestic brands, as new rules will increase operational barriers and allow market share to concentrate among top players [11]. - The report emphasizes the importance of new product launches as brands prepare for the competitive landscape in the second half of 2025 [11]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index increased by 3.4%, outperforming the Shenwan A Index by 1.2 percentage points, while the Shenwan Personal Care Index rose by 7.7%, exceeding the Shenwan A Index by 5.5 percentage points [5][6]. Key Company Highlights - Lin Qingxuan, a high-end domestic skincare brand, saw revenue grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with net profit turning from a loss of 6 million yuan to a profit of 187 million yuan [17]. - The company has a diverse product matrix with 188 SKUs, a robust supply chain with an annual production capacity of 40 million units, and a comprehensive OMO channel strategy [19]. Market Trends - The report notes a shift in the cosmetics market from quantity to quality, with e-commerce sales expected to account for 47% of total cosmetics sales by 2024, up from 22% in 2016 [13]. - The domestic market is witnessing a rise in local brands, with significant market share gains, particularly in the skincare segment [37]. Investment Recommendations - The report recommends several companies based on their market positioning and growth potential, including Up Beauty, Proya, and Marubi, while suggesting to pay attention to Shanghai Jahwa, Betaini, and Huaxi Biological [5].

Core Viewpoint - Langzi Co., Ltd. relies on capital-driven growth and rapid mergers and acquisitions to form a chain scale, neglecting the core of the medical beauty industry, which is "doctors and services" [1][30]. Financial Performance - Langzi Co., Ltd. reported a projected net profit of 220 million to 260 million yuan for the first half of 2025, representing a year-on-year growth of 31.74% to 55.69% [3][4]. - However, after excluding a 160 million yuan investment gain from the sale of Ruoyuchen, the actual operating net profit dropped to 90 million to 130 million yuan, a decline of 35.68% to 7.09% year-on-year [6][4]. - The first quarter of 2025 showed a decline in revenue, net profit, and cash flow from operating activities, indicating a downward trend [6][7]. Medical Aesthetics Business Challenges - The medical aesthetics segment, which was expected to be a new growth engine, has underperformed, with revenue and gross profit decreasing by 9.22% and 8.58% respectively in Q1 2025 [11][8]. - The gross profit margin of the medical aesthetics business is 55.05%, significantly lower than the traditional apparel and children's products segments, which have margins of 64.51% and 62.28% respectively [11][8]. - Among the seven medical aesthetics brands under Langzi, only the Jingfu Medical Beauty brand achieved positive growth in Q1 2025, while the other six brands experienced revenue and profit declines [13][11]. Industry Dynamics - The medical aesthetics industry has a complex value structure, with upstream pharmaceutical and equipment manufacturers capturing 50%-70% of the profits, while downstream service providers only retain 10%-25% [16][15]. - Operating a medical aesthetics institution is capital-intensive, requiring significant investment in equipment and facilities, with depreciation periods of 5-10 years [17][16]. - The industry faces increasing competition, with the number of specialized medical aesthetics institutions in China reaching 21,000 in January 2025, an increase of approximately 2,400 from the previous year [21][20]. Strategic Decisions and Market Trends - Despite the challenges, Langzi continues to invest in medical aesthetics, viewing it as a low-resistance entry point into the sector with high valuation potential [23][22]. - The medical aesthetics market in China has seen a compound annual growth rate of over 20% from 2011 to 2019, attracting significant capital investment [24][23]. - Langzi's strategy of rapid acquisitions in the medical aesthetics sector has not translated into sustainable growth, as the industry is moving towards a more decentralized model focused on individual practitioners and boutique institutions [30][29]. Conclusion - The fundamental conflict between capital-driven expansion and the intrinsic nature of the medical aesthetics industry may be the root cause of Langzi's current challenges [31][30].

Group 1 - The article provides an overview of the Chinese medical beauty industry, highlighting key listed companies and their performance metrics [1][5][9] - Major players in the industry include Aimeike, Huaxi Biological, and Haohai Biological, with Aimeike maintaining the highest market share in the sodium hyaluronate filler market since 2018 [3][5] - The industry is characterized by a diverse supply chain, with upstream raw material manufacturers, midstream medical institutions, and downstream consumers [1][7] Group 2 - In 2024, Aimeike reported a revenue of 30.26 billion, while Huaxi Biological achieved 53.71 billion, indicating strong performance among leading companies [5][10] - The article notes that Aimeike has a gross profit margin exceeding 90%, outperforming other companies in the sector [9][10] - Companies are focusing on R&D innovation and brand building to enhance market competitiveness and meet evolving consumer demands [11][13] Group 3 - The geographical distribution of companies shows a concentration in coastal regions, particularly in major cities like Beijing, Shanghai, and Guangzhou, which host top research institutions and production companies [7] - Companies like Huadong Pharmaceutical and Huaxi Biological primarily focus on domestic sales, while others like Langzi and Huakan have diversified regional strategies [9][10] - Future plans for companies include enhancing R&D capabilities, expanding production projects, and improving customer service to create a win-win ecosystem [11][13]

Core Viewpoint - The micro-plastic surgery industry is rapidly expanding globally, particularly in China, driven by advancements in medical technology and a growing societal emphasis on beauty, leading to a shift from luxury consumption to mass demand. The market size in China is projected to reach 122.52 billion yuan in 2024, reflecting a year-on-year increase of 13.5% [1][14]. Industry Overview - Micro-plastic surgery refers to minimally invasive procedures aimed at enhancing specific facial features, typically involving local anesthesia and resulting in minimal recovery time. It is characterized by lower risks compared to traditional surgeries, although it may require multiple sessions within a year for sustained effects [3][5]. - The industry includes various procedures, primarily categorized into injection and light-based treatments, with common injection materials being botulinum toxin, hyaluronic acid, and collagen [6][10]. Market Dynamics - The average disposable income and consumer spending in China have been steadily increasing, with disposable income rising from 32,189 yuan in 2020 to 41,314 yuan in 2024. This growth enhances consumer spending capacity on non-essential items, including micro-plastic surgery [8]. - The consumer demographic is primarily aged 18-35, viewing micro-plastic surgery as an advanced skincare option. Additionally, there is a notable increase in interest from the 55+ age group, with their share of new customers rising from 5% to 19% between 2019 and 2024 [16]. Competitive Landscape - The micro-plastic surgery market is becoming increasingly diversified, with numerous domestic and international companies entering the space. Major players include Langzi Co., Modern Health Technology, Shanghai Haohai Biotechnology, Huaxi Biotechnology, and Aimeike Technology [18][19]. Industry Trends - The emergence of regenerative materials is identified as a new growth point, with the market for such materials expected to exceed 5.5 billion yuan in 2024, marking a year-on-year increase of 89%. This shift indicates a transition from traditional fillers to materials that stimulate the body's collagen production [23]. - There is a growing trend of male consumers in the micro-plastic surgery market, particularly among younger males born after 1995, indicating a significant shift in societal perceptions and expanding market potential [24]. Regulatory Environment - The industry faces challenges related to pricing transparency and service quality. The National Healthcare Security Administration is implementing guidelines to standardize pricing and improve market conditions, aiming for a more regulated and transparent environment [25].

证券代码：002612 证券简称：朗姿股份 公告编号：2025-038 朗姿股份有限公司 关于公司控股股东股份解除质押的公告 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解除质押，具体事项如下： 一、股东股份解除质押 | 股 东 | 是否为控股 股东或第一 | 本次解除质 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 押股份数量 | 占其所持股 | 占公司总股 | 起始日 | 解除日期 | 质权人 | | 名 | 大股东及其 | （股） | 份比例 | 本比例 | | | | | 称 | 一致行动人 | | | | | | | | 申 | | | | | | | 上海海通 | | 东 | 是 | 9,230,000 | 4.36% | 2.09% | 2024-8-19 | 2025-7-16 | 证券资产 | | 日 | | | | | | | 管理有 ...

关于接受关联方担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、关于接受关联方担保的情况概述 为满足日常经营和业务发展资金需要，朗姿股份有限公司（以下简称"公司" 或"朗姿股份"）向中国邮政储蓄银行股份有限公司北京顺义区支行（以下简称"邮 储银行"）申请流动资金借款人民币 1,500 万元，公司控股股东、实际控制人申东 日先生及其配偶翁洁女士为公司提供保证担保。 公司控股股东、实际控制人申东日先生及其配偶翁洁女士为公司提供本次保 证担保，该担保不向公司收取任何担保费用，也不需要公司提供反担保。 二、被担保人基本情况 朗姿股份 证券代码：002612 证券简称：朗姿股份 公告编号：2025-037 朗姿股份有限公司 法定代表人：申东日 注册资本：442,445,375 元人民币 成立日期：2006 年 11 月 09 日 注册地址：北京市顺义区马坡镇白马路 63 号 经营范围：一般项目：服装服饰零售；服饰研发；服饰制造；服装服饰批发； 服装、服饰检验、整理服务；服装辅料销售；互联网销售（除销售需要许可的商 品）；服装辅料制造；服装制造；针纺织品及原 ...

Monetary Policy and Financing - As of the end of June, the broad money supply (M2) in China reached 330.29 trillion yuan, reflecting a year-on-year growth of 8.3% [1] - The net cash injection in the first half of the year amounted to 363.3 billion yuan [1] - The social financing scale increased by 22.83 trillion yuan in the first half of 2025, which is 4.74 trillion yuan more than the same period last year [3] Fund Market Dynamics - The public fund issuance market has shown signs of recovery in 2025, with a notable trend of "strong stocks and weak bonds" [2] - The number of bond fund issuances has significantly decreased, with the fourth failed fund issuance occurring this year, marking the second failure among bond funds [2] - The failed fund, Guorong Tianli 6-month, could not meet the registration conditions by the end of its fundraising period [2] Consumer Finance and Market Trends - By the end of 2024, the loan balance of consumer finance companies in China is projected to reach 1.35 trillion yuan, with a year-on-year growth of 16.66% [4] - The sales of cheese products in China have shown signs of recovery, with a narrowing decline in sales and an increase in market penetration [5] Automotive Industry - As of June 2025, the total number of new energy vehicles (NEVs) registered reached 3.689 million, accounting for 10.27% of the total vehicle ownership in China [5] - The new registration of NEVs in the first half of 2025 reached 562.2 thousand units, marking a year-on-year increase of 27.86% [5] Corporate Performance Forecasts - Aerospace Science and Technology expects a net profit of 68 million to 95 million yuan for the first half of 2025, representing a growth of 1628.83% to 2315.27% compared to the previous year [10] - Huaxia Airlines anticipates a net profit of 220 million to 290 million yuan for the same period, reflecting a growth of 741.26% to 1008.93% year-on-year [11] - Su Li Co. forecasts a net profit of 72 million to 86 million yuan, indicating a year-on-year increase of 1008.39% to 1223.91% [15] - Longzi Co. expects a net profit of 220 million to 260 million yuan, up 31.74% to 55.69% year-on-year [16] - Changjiang Securities projects a net profit of 1.652 billion to 1.81 billion yuan, representing a growth of 110% to 130% [17] - Huahong Technology anticipates a net profit of 70 million to 85 million yuan, indicating a significant increase of 3047.48% to 3721.94% [18] Corporate Changes and Legal Issues - Wufeng High-Tech reported a loss of 440 million to 650 million yuan for the first half of 2025, marking a shift from profit to loss [13] - Dalian Wanda Commercial Management Group has over 140 million shares frozen due to legal issues, with a freeze period of three years [8] - GAC's subsidiary, Yinpai Battery Technology, has undergone a leadership change with new appointments in key positions [9]

Group 1 - Aerospace Science and Technology expects a net profit of 68 million to 95 million yuan for the first half of 2025, representing a growth of 1628.83% to 2315.27% compared to the same period last year [1] - Huaxia Airlines anticipates a net profit of 220 million to 290 million yuan for the first half of 2025, an increase of 741.26% to 1008.93% year-on-year [1] - Shida Group forecasts a net loss of 44 million to 65 million yuan for the first half of 2025, marking a shift from profit to loss [1] Group 2 - Jiaao Environmental Protection expects a net loss of 70 million to 90 million yuan for the first half of 2025 [3] - Haima Automobile predicts a net loss of 60 million to 90 million yuan for the first half of 2025, compared to a loss of 152 million yuan in the same period last year [3] - Huaibei Mining anticipates a net profit of approximately 1.027 billion yuan for the first half of 2025, a decrease of about 65% year-on-year [3] Group 3 - Quanfu Automobile expects a net loss of 155 million to 185 million yuan for the first half of 2025 [5] - Gaode Infrared signed a procurement agreement worth 879 million yuan, which is expected to positively impact its operating performance for the year [5] - Zhongchen Co. won a project from Southern Power Grid worth 379 million yuan, representing 12.26% of its audited revenue for 2024 [5] Group 4 - Daheng Technology anticipates a net loss of 406,000 yuan for the first half of 2025, compared to a loss of 988,250 yuan in the same period last year [6] - Dazhongnan expects a net profit of 6.5 million to 8 million yuan for the first half of 2025, a recovery from a loss of 15.325 million yuan last year [6] - Xianfeng Holdings projects a net profit of 34 million to 42 million yuan for the first half of 2025, a year-on-year increase of 524.58% to 671.53% [7] Group 5 - Shuangxiang Co. expects a net profit of 115 million to 150 million yuan for the first half of 2025, a growth of 128.1% to 197.53% year-on-year [8] - ST Xintong anticipates a net loss of 67 million to 97 million yuan for the first half of 2025 [9] - Jishi Media forecasts a net loss of 187 million to 233 million yuan for the first half of 2025 [10] Group 6 - Suli Co. expects a net profit of 72 million to 86 million yuan for the first half of 2025, a year-on-year increase of 1008.39% to 1223.91% [11] - Wanli Co. anticipates a net loss of 19 million yuan for the first half of 2025, compared to a loss of 12.9238 million yuan last year [12] - Langzi Co. projects a net profit of 22 million to 26 million yuan for the first half of 2025, an increase of 31.74% to 55.69% year-on-year [14] Group 7 - Changjiang Securities expects a net profit of 1.652 billion to 1.81 billion yuan for the first half of 2025, a growth of 110% to 130% [15] - Huahong Technology anticipates a net profit of 70 million to 85 million yuan for the first half of 2025, a year-on-year increase of 3047.48% to 3721.94% [16] - Chenhua Co. plans to invest 30 million yuan in financial products with an expected annual yield of 3.20% [16] Group 8 - Zijing Mining expects a net profit of approximately 23.2 billion yuan for the first half of 2025, a growth of about 54% year-on-year [28] - Limin Co. anticipates a net profit of 26 million to 28 million yuan for the first half of 2025, a year-on-year increase of 719.25% to 782.27% [29] - Huazhong Securities expects a net profit of 1.035 billion yuan for the first half of 2025, a growth of 44.94% year-on-year [30]