证券代码：002612 证券简称：朗姿股份 公告编号：2025-033 二、被担保人基本情况 朗姿股份 法定代表人：申东日 朗姿股份有限公司 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"）向广发银行股份有限公司北京光华路支行（以下简称"广发银行"） 申请最高授信额度人民币 6,000 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。 股权结构：详见公司披露于巨潮资讯网（www.cninfo.com.cn）的《2024 年年 度报告》"第七节、股份变动及股东情况"。 主要财务数据： | 单位：万元 | | --- | | 科目 | 2024年12月31日（经审计） | 2025年3月31日（未经审 | | | --- | --- | --- | --- | ...

Group 1 - The core point of the news is that Langzi Co., Ltd. plans to reduce its stake in Ruoyuchen by up to 3% within 15 trading days, following a previous cash-out of 217 million yuan, indicating a strategic move to support its expanding medical beauty business [1][4][6] - Ruoyuchen's stock price has surged by 534% over the past year, with a year-to-date increase of over 150%, prompting Langzi's decision to sell at a high point [1][4] - Langzi's investment in Ruoyuchen has yielded over 8 times returns, marking it as one of its most successful financial investments in recent years [4][6] Group 2 - Ruoyuchen, founded in 2011 and listed in September 2020, has seen a significant shift in its business structure, with traditional e-commerce operations declining while its own brand business is on the rise [4][5] - The revenue from Ruoyuchen's self-owned brands has grown from 73.97 million yuan in 2021 to approximately 263 million yuan in 2023, accounting for nearly 19.27% of total revenue [5] - The overall gross margin for Ruoyuchen reached 44.57% in 2024, with self-owned brands achieving a gross margin of 67%, significantly higher than its other business segments [5] Group 3 - Langzi's medical beauty business has become its main revenue driver, contributing 2.784 billion yuan in 2024, which is 48.92% of total revenue, surpassing its fashion women's wear segment [9][10] - Despite the growth, the gross margin for the medical beauty segment is only 54.42%, which is lower than the 63.45% margin for the women's wear segment [9][10] - Langzi's short-term borrowings have surged by 92.11% year-on-year, indicating increasing financial pressure as it expands its medical beauty operations [9][14] Group 4 - Langzi has faced compliance issues within its medical beauty operations, with several institutions under its umbrella encountering penalties for various violations [13] - The company is actively seeking funding to support its medical beauty expansion, which may include repaying upcoming debts and acquiring regional medical beauty institutions [13][14] - The medical beauty market in China has significant growth potential, with a penetration rate of only 3%-5%, compared to 20% in South Korea, but faces challenges from competitors and macroeconomic fluctuations [13][14]

Core Viewpoint - The botulinum toxin industry in China is experiencing rapid growth, with the market size projected to increase from 1.9 billion yuan in 2017 to 9.9 billion yuan by 2024, reflecting a compound annual growth rate (CAGR) of 26.6% [1][13]. Industry Overview - Botulinum toxin, originally used for treating muscle spasms, has become a popular choice in medical aesthetics due to its minimal invasiveness and quick recovery time [3][13]. - The application range of botulinum toxin is expanding beyond traditional uses like wrinkle reduction and facial slimming to include treatments for conditions such as migraines and muscle tension disorders [1][13]. Market Dynamics - The medical aesthetics market in China is projected to reach 288 billion yuan by 2024, with a year-on-year increase of 8.03%, indicating a growing consumer demand for beauty enhancement services [11][13]. - The market is characterized by a "six-way split" among leading products, with brands like Botox, Hengli, and Letyb gaining significant market shares [15][17]. Competitive Landscape - The botulinum toxin market is competitive, with established companies like Fosun Pharma, Haohai Biological Technology, and Lanzhou Biological Products Research Institute leading the industry [17][18]. - New entrants are emerging, leveraging innovative technologies and marketing strategies to capture market share [17]. Development Trends 1. **Increasing Industry Penetration** - As living standards rise, the penetration rate of medical aesthetics is expected to increase, particularly in lower-tier cities and rural areas, driven by a younger consumer base [23]. 2. **Enhanced Regulatory Oversight** - The government is intensifying regulations on botulinum toxin production and distribution to ensure safety and quality, which will promote the healthy development of the market [24]. 3. **Rise of Recombinant Botulinum Toxin** - Recombinant botulinum toxin is anticipated to become a future trend due to its lower biological risks, higher purity, and production efficiency, addressing limitations of traditional products [25].

Group 1 - The core viewpoint of the article highlights the decline of the China-South Korea Free Trade Zone concept, which fell by 1.52%, ranking among the top declines in concept sectors [1] - The article provides a detailed list of concept sectors with their respective daily performance, showing that the Hair Medical sector led with a gain of 2.02%, while the China-South Korea Free Trade Zone was the worst performer [1] - The article notes that the China-South Korea Free Trade Zone concept experienced a net outflow of 119 million yuan, with major stocks like Lianyungang and Qingdao Jinkwang seeing significant capital outflows [1] Group 2 - The article lists the top stocks with net outflows in the China-South Korea Free Trade Zone concept, with Lianyungang seeing a decline of 7.36% and a net outflow of 62.06 million yuan [1] - Other notable stocks with significant net outflows include Qingdao Jinkwang and Xinhua Jin, which experienced declines of 1.17% and 1.91%, respectively [1] - Conversely, stocks like Langzi Co. and Liaogang Co. saw net inflows, indicating some investor interest despite the overall sector decline [1]

Industry Overview - The baby and children's clothing industry caters to children aged 0-14 years, with a focus on quality and safety standards in design and production [1][4] - The market size of China's baby and children's clothing industry has grown from 157.08 billion yuan in 2016 to 260.7 billion yuan in 2024, reflecting a robust growth trend [1][12] Market Environment - The demand for baby and children's clothing is directly linked to birth rates and national fertility policies, with a projected increase in birth rates to 9.54 million in 2024 [6][10] - Despite a decline in birth rates in recent years, the rising costs associated with child-rearing have led to increased spending on baby and children's clothing, with average costs reaching 538,000 yuan per child [8][10] Competitive Landscape - The market is characterized by intense competition, featuring both domestic brands like Balabala and international brands such as Disney and Nike Kids [14][15] - Major players include Jinfa Labi, Semir, and Anner, with varying market shares and brand recognition [15][18] Development Trends - The market is expected to continue expanding, driven by increasing birth rates and a shift towards higher quality and more personalized clothing options [20] - Sales channels are diversifying, with a significant shift towards online platforms, while offline channels are innovating to enhance customer experience [21] - Technological innovation and environmental considerations are becoming key drivers of industry growth, with a focus on smart and eco-friendly products [22]

Group 1 - The concept of China-South Korea Free Trade Zone has seen a rise of 2.30%, ranking second among concept sectors, with 8 stocks increasing in value, including Lianyungang which hit the daily limit, and Huaguang Yuanhai, Qingdao Jinwang, and Rizhao Port showing notable gains of 26.88%, 3.41%, and 1.87% respectively [1][2] - The main inflow of funds into the China-South Korea Free Trade Zone concept sector amounted to 147 million yuan, with Lianyungang leading the net inflow at 180 million yuan, followed by Qingdao Jinwang, Qingdao Shuangxing, and Langzi Co., which received net inflows of 68.51 million yuan, 15.67 million yuan, and 14.28 million yuan respectively [2][3] - In terms of fund inflow ratios, Lianyungang, Chunxue Food, and Liaogang Co. had the highest net inflow rates of 11.08%, 5.63%, and 3.36% respectively [3] Group 2 - The stocks with the largest declines included Xinhua Jin, Haicheng Bangda, and Haodangjia, which fell by 9.34%, 3.27%, and 0.85% respectively [1][4] - The trading volume and turnover rates for the stocks in the China-South Korea Free Trade Zone concept varied, with Lianyungang showing a turnover rate of 18.09% and Qingdao Jinwang at 35.94% [3]

Industry Overview - The hair medical sector has shown significant activity recently, with the sector index reaching a new high as of June 10, 2023, driven by active stock performances from companies like Aoyang Health and Kanghui Medical [1] - The hair medical services can be divided into hair transplant services and medical hair care services, with hair transplant services currently dominating the market [1] - The growing trend of beauty economy and self-consumption is leading consumers to invest more time and money in hair health and aesthetics, which is expected to drive continuous growth in the hair medical industry [1] - According to Frost & Sullivan, the market size of hair medical services in China is projected to reach 138.1 billion yuan by 2030, with a CAGR of 22.3% from 2020 to 2030 [1] Market Dynamics - The medical hair care market is expected to grow rapidly due to the high frequency and repurchase characteristics of hair care services, with the "hair transplant and care" integration trend driving this growth [2] - By 2030, the medical hair care services are anticipated to account for 45.3% of the total hair medical services market in China, becoming a significant driver of industry development [2] Key Companies - Zhendong Pharmaceutical (300158): The company's main product, Dafeixin Minoxidil Solution, is the only topical medication approved by both the FDA and NMPA for treating hair loss [2] - Huilong Co., Ltd. (002556): The company offers hair growth and hair loss treatment products, including Zhi Zhi Hair Growth Tablets and Compound Ginseng Phenol Solution, which have national drug approval [2] - Kanghui Pharmaceutical (603139): The company has several drugs listed in the national medical insurance directory, including hair loss treatment tablets [3] - Aoyang Health: The company's subsidiary, Weien Medical Beauty, includes hair transplant services [4] - Tainkang (301263): The company is applying for a one-time import of raw materials for Baricitinib, which is under research for hair growth indications [4] - Kangyuan Pharmaceutical: The new hair loss treatment drug Minoxidil Tincture has completed registration verification and GMP compliance checks [4] - Langzi Co., Ltd. (002612): The company has medical beauty institutions that offer hair transplant-related services [5] - Huabang Health (002004): The company has a hair transplant center under Maan Skin, utilizing MN-FUE hair transplant technology for patient treatment [6]

Group 1 - The beauty and personal care sector has shown strong performance in Q1 2025, with the SW Beauty Care Index rising by 13.4%, leading all 31 SW primary industries [4][10][12] - The cosmetics segment is focusing on enhancing brand matrices and introducing new ingredients, benefiting from an optimized competitive landscape [4][6] - The medical beauty market is evolving with new products stimulating consumer interest, and domestic companies are expected to become major competitors in the light medical beauty sector [4][6] Group 2 - The e-commerce sector is witnessing new consumption models and brands, which are helping to drive growth in the industry [4][6] - The report recommends several companies in the cosmetics sector, including Up Beauty and Proya, which have low PE multiples and strong growth potential [4][6] - In the medical beauty segment, companies with high R&D barriers and strong profitability, such as Aimeike, are highlighted as key investment opportunities [4][6] Group 3 - The personal care market is projected to reach CNY 283.3 billion by 2024, with a compound annual growth rate (CAGR) of 8.4% from 2023 to 2028 [32][34] - Domestic brands are increasingly replacing foreign brands in the personal care sector, with a notable rise in innovative products and marketing strategies [32][36] - The high-end market is experiencing significant growth, with premium products seeing a 27% increase in average transaction value in H2 2024 [44]

Group 1 - The third largest shareholder of Ruoyuchen, Langzi Co., plans to reduce its stake by up to 4.7681 million shares, accounting for no more than 3% of the company's total share capital [1] - As of the announcement date, Langzi Co. holds 11.60272 million shares, representing 7.30% of Ruoyuchen's total shares [1] - The share price of Ruoyuchen has surged significantly, increasing from 19.77 CNY per share at the beginning of 2025 to a peak of 59.14 CNY per share on June 5, 2025, reflecting an increase of nearly 200% [1] Group 2 - Ruoyuchen, founded in 2011 and listed on the Shenzhen Stock Exchange in September 2020, is a leading global digital management company for consumer brands, offering services such as e-commerce operations and brand management [2] - Langzi Co. was one of the founding shareholders of Ruoyuchen, initially holding 20% of the shares at the time of its establishment [2] - In 2024, Ruoyuchen achieved a revenue of 1.766 billion CNY, a year-on-year increase of 29.26%, and a net profit of 106 million CNY, up 94.58% year-on-year [2] Group 3 - The company's sales expenses have significantly increased, rising from less than 200 million CNY before its IPO to 526 million CNY in 2024, marking a new high since its listing [3] - In the first quarter of this year, Ruoyuchen's sales expenses exceeded 263 million CNY, representing a year-on-year increase of over 300% [3]

Group 1 - The hair medical concept sector increased by 3.82%, ranking fifth among concept sectors, with 18 stocks rising, including Aoyang Health which hit the daily limit, and Tainkang, Jiuzhitang, and Kangyuan Pharmaceutical showing significant gains of 13.80%, 5.79%, and 5.73% respectively [1][2] - The hair medical concept sector attracted a net inflow of 132 million yuan from main funds today, with 10 stocks receiving net inflows, and 7 stocks seeing inflows exceeding 10 million yuan, led by Aoyang Health with a net inflow of 94.61 million yuan [2][3] - Aoyang Health, Nengte Technology, and Shuiyang Shares had the highest net inflow ratios, with 42.28%, 6.86%, and 6.82% respectively [3][4] Group 2 - The top stocks in the hair medical concept sector based on net inflow include Aoyang Health, Shuiyang Shares, and Langzi Shares, with respective net inflows of 94.61 million yuan, 53.93 million yuan, and 24.89 million yuan [2][3] - The trading performance of Aoyang Health showed a daily increase of 10.08% with a turnover rate of 7.13%, while other notable performers included Shuiyang Shares and Langzi Shares with increases of 4.22% and 3.10% respectively [3][4] - The overall market sentiment in the hair medical sector appears positive, as indicated by the significant inflows and stock performance [1][2]