Group 1 - The company, Langzi Co., Ltd. (SZ 002612), reported a revenue of approximately 4.328 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 0.89% [1] - The net profit attributable to shareholders of the listed company was approximately 989 million yuan, showing a significant year-on-year increase of 366.95% [1] - The basic earnings per share reached approximately 2.23 yuan, which is an increase of 366.9% compared to the previous year [1]

证券代码：002612 证券简称：朗姿股份 公告编号：2025-064 二、董事会会议审议情况 审议并通过了公司《2025 年第三季度报告》 董事会认为：公司《2025 年第三季度报告》符合法律、行政法规、中国证 监会和深圳证券交易所的相关规定，报告内容真实、准确、完整，不存在任何虚 假记载、误导性陈述或者重大遗漏。本议案业经公司董事会审计委员会 2025 年 第五次会议审议通过。 《 2025 年 第 三 季 度 报 告 》 详 见 公 司 同 日 刊 登 在 巨 潮 资 讯 网 （www.cninfo.com.cn）上的公告。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 三、备查文件 朗姿股份有限公司 第五届董事会第三十五次会议决议公告 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、董事会会议召开情况 朗姿股份有限公司（以下简称"公司"或"朗姿股份"）第五届董事会第三十五 次会议通知于 2025 年 10 月 24 日以专人送达、微信等通知方式发出，经 5 位董 事一致同意，于 2025 年 10 月 28 日以通讯及现场会议方式召开。会议 ...

Group 1 - The core point of the article is that Langzi Co., Ltd. reported significant growth in both revenue and net profit for the third quarter and the first three quarters of the year [1] Group 2 - In the third quarter, the company's revenue reached 1.464 billion yuan, representing a year-on-year increase of 12.71% [1] - The net profit for the third quarter was 710 million yuan, showing a remarkable year-on-year growth of 1,579.53% [1] - For the first three quarters, the total revenue amounted to 4.328 billion yuan, which is a year-on-year increase of 0.89% [1] - The net profit for the first three quarters was 989 million yuan, reflecting a year-on-year growth of 366.95% [1]

朗姿股份有限公司 2025 年第三季度报告 2.公司负责人申东日、主管会计工作负责人侯立成及会计机构负责人(会计主管人员)蒋琼声明：保证季度报告中财务信 息的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 证券代码：002612 证券简称：朗姿股份 公告编号：2025-065 朗姿股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 □是 否 1 朗姿股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 是 □否 追溯调整或重述原因 同一控制下企业合并 | | | 上年同期 | | 本报告期 比上年同 | 年初至报 | 上年同期 | | 年初至报 告期末比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本报告期 | | ...

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"）向北京农村商业银行股份有限公司顺义支行（以下简称"北京农 商行"）和兴业银行股份有限公司北京金融街支行（以下简称"兴业银行"）分别 申请授信额度人民币 10,000 万元和 10,000 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 证券代码：002612 证券简称：朗姿股份 公告编号：2025-063 朗姿股份有限公司 朗姿股份 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 ...

Core Viewpoint - Langzi Co., Ltd. has shown a mixed performance in terms of stock trading and financial results, with a notable increase in net profit but a relatively low financing balance compared to historical levels [1][2]. Financing and Trading Activity - On October 15, Langzi's stock rose by 2.24% with a trading volume of 110 million yuan. The financing buy-in amount was 9.78 million yuan, while the financing repayment was 12.64 million yuan, resulting in a net financing outflow of 2.86 million yuan [1]. - As of October 15, the total financing and securities lending balance for Langzi was 158 million yuan, which is 2.05% of its circulating market value, indicating a low financing balance at the 40th percentile level over the past year [1]. - In terms of securities lending, on the same day, 200 shares were repaid while 2,400 shares were sold, amounting to 41,700 yuan in sales. The remaining securities lending balance was 3,860 shares, valued at 670,500 yuan, also below the 40th percentile level over the past year [1]. Financial Performance - For the first half of 2025, Langzi reported a revenue of 2.788 billion yuan, reflecting a year-on-year growth of 3.69%. The net profit attributable to shareholders was 274 million yuan, showing a significant increase of 80.58% compared to the previous period [2]. - Since its A-share listing, Langzi has distributed a total of 1.4 billion yuan in dividends, with 376 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Langzi reached 57,700, an increase of 3.35% from the previous period. The average number of circulating shares per shareholder decreased by 3.24% to 4,415 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 2.4247 million shares, a decrease of 1.9754 million shares from the previous period, while Southern CSI 1000 ETF increased its holdings by 395,900 shares to 2.0453 million shares [3].

Group 1 - The core viewpoint of the news is that the China-South Korea Free Trade Zone concept has shown a positive performance, with a 1.26% increase, ranking third among concept sectors [1][2] - Within the China-South Korea Free Trade Zone sector, 11 stocks experienced gains, with Huaguangyuanhai, Lianyungang, and Qingdao Port leading the increases at 10.74%, 4.08%, and 2.00% respectively [1][2] - The sector also saw a net inflow of 0.51 billion yuan from main funds, with ST Xinhua Jin receiving the highest net inflow of 46.85 million yuan [2][3] Group 2 - The top stocks in terms of net inflow ratio include ST Xinhua Jin, Qingdao King, and Langzi Co., with net inflow ratios of 15.04%, 5.10%, and 4.92% respectively [3][4] - The overall market performance for the China-South Korea Free Trade Zone concept was contrasted with other sectors, such as the diamond cultivation sector which increased by 3.74%, while the National Big Fund holdings sector decreased by 5.47% [2] - The trading volume and turnover rates for key stocks in the China-South Korea Free Trade Zone concept indicate varying levels of investor interest, with ST Xinhua Jin showing a turnover rate of 16.70% despite a price drop of 4.61% [3][4]

Investment Rating - The report gives a "Buy" rating for the cosmetics and medical beauty industry, particularly highlighting the potential of specific companies like Water Sheep Co., Ltd. [13] Core Insights - The cosmetics and medical beauty sector has underperformed the market recently, with the Shenwan Beauty Care Index rising by 1.3% from September 29 to October 10, 2025, which is lower than the overall market performance [3][4] - The upcoming Tmall Double 11 event is expected to boost sales, with domestic brands actively participating with competitive discounts [8] - Water Sheep Co., Ltd. is identified as a leading technology-driven beauty company, with stable revenue projections and improving profit margins [9][10] Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with the Shenwan Cosmetics Index increasing by 1.2%, lagging behind the Shenwan A Index by 0.4 percentage points [3][4] - The top-performing stocks in the sector include Jiaheng Home Care (+35.0%), Yiyi Co., Ltd. (+18.6%), and Yanjing Co., Ltd. (+15.6%) [5] Upcoming Events - Tmall's Double 11 sales event is set to begin on October 15, 2025, with major domestic brands like Proya and Maogeping expected to participate actively [8] Company Focus: Water Sheep Co., Ltd. - Water Sheep Co., Ltd. has a dual business model of proprietary and CP agency brands, with projected revenues stabilizing between 4 to 5 billion yuan from 2021 to 2024 [9] - The company is expected to achieve net profits of 258 million, 331 million, and 398 million yuan for the years 2025, 2026, and 2027, respectively, reflecting significant growth [10][13] Market Trends - The overall retail sales of cosmetics in August 2025 grew by 5.1%, indicating a recovery in consumer demand [17] - The domestic market is seeing a shift in market share, with local brands gaining ground against international competitors [25] E-commerce Insights - Data shows that domestic brands are performing well on platforms like Douyin and Tmall, with significant growth in GMV for brands like Proya and Maogeping [14][15] Company Developments - Proya has filed for an IPO in Hong Kong, with stable revenue growth and a strong online presence [19] - The report highlights the strategic moves of various companies, including partnerships and new product launches, to enhance their market positions [24][23]

Core Viewpoint - The stock price of Ruoyuchen (003010.SZ) has surged significantly, reaching a historical high of 47.36 CNY per share, which is 12.60 times its low of 3.76 CNY at the beginning of 2024, reflecting a cumulative increase of 245.35% as of October 9, 2025. This rise is supported by strong performance in sales and net profit growth, but it also raises concerns about the company's reliance on a few e-commerce platforms and imbalanced marketing and R&D expenditures [1][2][15]. Financial Performance - In 2024, Ruoyuchen achieved sales revenue of 1.766 billion CNY, a year-on-year increase of 29.28%. For the first half of 2025, sales revenue reached 1.319 billion CNY, marking a 67.55% year-on-year growth [1][4]. - The company has experienced a compound annual growth rate (CAGR) of 76.8% in net profit from 2022 to 2024, with a year-on-year increase of 85.60% in the first half of 2025 [1][9]. Brand Development - Ruoyuchen has transitioned from providing e-commerce services to developing its own brands, with significant contributions from its brands "Zhanjia" and "Feicui." The self-owned brand revenue has grown from 13.2% in 2022 to 45.8% in the first half of 2025 [5][6][7]. - The brand "Zhanjia" has achieved cumulative retail sales of 1.6 billion CNY from 2022 to the first half of 2025, with a remarkable year-on-year growth of 175.9% in the first half of 2025 [7][9]. Marketing and R&D Expenditure - The marketing expenditure in the first half of 2025 was over 30 times the R&D expenditure, raising concerns about the sustainability of this spending model. Marketing costs reached 5.99 billion CNY, with a significant portion directed towards online platforms like Douyin [2][11][12]. - R&D spending has remained relatively stable, but its proportion compared to marketing expenses has decreased significantly, indicating a potential risk in innovation and product development [12][13]. Shareholder Actions - The second-largest shareholder, Langzi Co., has been reducing its stake in Ruoyuchen, cashing out over 400 million CNY since the stock price increase began. This reduction in shareholding raises questions about the confidence of institutional investors in the company's future [3][18][20]. - The actual controllers of Ruoyuchen, Wang Yu and Wang Wenhui, have seen their salaries increase by over 50% in the past three years, reflecting the company's financial growth but also potentially raising concerns about executive compensation relative to company performance [16][19]. International Market Presence - As of the first half of 2025, 32.6% of Ruoyuchen's revenue came from overseas markets, indicating a growing international presence and diversification of revenue sources [10][15].

Core Viewpoint - Langzi Co., Ltd. announced that neither the company nor its controlling subsidiaries have experienced overdue guarantees, litigation related to guarantees, or losses due to judgments against them [2] Summary by Category - **Company Status** - Langzi Co., Ltd. confirmed the absence of overdue guarantees [2] - The company reported no involvement in litigation concerning guarantees [2] - There have been no losses incurred from judgments related to guarantees [2]