Financial Performance - In 2024, the company achieved total revenue of approximately CNY 5.691 billion, a year-on-year decrease of 0.24% [2] - Gross profit margin was 58.85%, an increase of 1.58 percentage points compared to the previous year [2] - Net profit attributable to shareholders was approximately CNY 257 million, up 1.38% year-on-year; the net profit excluding non-recurring items was about CNY 218 million, an increase of 11.30% [2] - Operating cash flow net amount was approximately CNY 567 million, a decline of 35.61% year-on-year [2] - Basic earnings per share were CNY 0.5813, an increase of 1.38% year-on-year; the weighted average return on equity was 7.86% [2] Assets and Equity - As of December 31, 2024, total assets were approximately CNY 7.971 billion, a decrease of 4.68% from the previous year [3] - Net assets attributable to shareholders were approximately CNY 2.787 billion, down 21.59% year-on-year [3] Business Segment Performance - The medical beauty segment generated approximately CNY 2.784 billion in revenue, a year-on-year increase of 3.47%, accounting for 48.92% of total revenue [4] - The women's clothing segment reported revenue of approximately CNY 1.925 billion, a decrease of 2.97%, representing 33.83% of total revenue [4] - The infant and child segment achieved revenue of approximately CNY 921 million, a decline of 5.53%, accounting for 16.19% of total revenue [4] Medical Aesthetics Brands Performance - The Milan Division achieved revenue of approximately CNY 1.265 billion, a year-on-year increase of 0.71%, with a gross margin of 53.58% [5] - The Crystal Skin Medical Beauty Division reported revenue of approximately CNY 502 million, a year-on-year increase of 10.37%, with a gross margin of 46.03% [5] - The Hanchen Division generated revenue of approximately CNY 369 million, an increase of 8.36%, with a gross margin of 53.93% [6][7] Inventory and Strategy - As of the end of 2024, total inventory for women's clothing was approximately CNY 678 million, a decrease of 3% from the previous year [11] - The company plans to enhance brand visibility through exhibitions and collaborations with European designers, focusing on consumer feedback for product development [12][13]

朗姿股份 20250412 摘要 Q&A 朗姿股份 2024 年度的整体经营情况如何？ 朗姿股份 2024 年度整体营业收入约为 56.9 亿元，较调整后的 57.04 亿元略有 下降。归母净利润约为 2.57 亿元，同比上升 1.4 个百分点；扣非后归母净利润 约为 2.18 亿元，同比上升 11.3%。经营活动现金流量净额约为 5.67 亿元，同 比下降 35.6%。基本每股收益报告期为 0.58 元。加权平均净资产收益率约为 7.86%。报告期末公司资产规模接近 80 亿元，较年初下降 4.7 个百分点；净资 产规模约 27.87 亿元，较年初下降 21.59%。综合毛利率约 58.9%，同比上升 1.6 个百分点。销售费用占比 40.4%，同比下降 0.3 个百分点；管理费占比 • 朗姿股份 2024 年营收 47.18 亿元，同比增长 11.3%，但经营活动现金流量 净额同比下降 35.6%至 5.67 亿元。资产规模略有下降，综合毛利率提升至 58.9%，销售费用占比下降，但管理和研发费用占比上升。 • 医美板块营收 27.84 亿元，同比增长 3.5%，毛利率 54%，归母净利润贡献 1.41 ...

Investment Rating - The report maintains a "Buy" rating for the cosmetics and medical beauty industry, highlighting the potential for domestic brands to gain market share and improve competitive dynamics [4]. Core Insights - The domestic beauty market is expected to see an optimization in competitive dynamics, driven by a rise in domestic consumption and a retreat of international brands due to increasing geopolitical uncertainties [9][10]. - The cosmetics and medical beauty sector outperformed the market during the period from April 3 to April 11, 2025, with the Shenwan Beauty Care Index declining by 2.5%, which is better than the Shenwan A Index's decline of 1.9 percentage points [5][6]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector showed resilience, with key indices performing better than the overall market, indicating a positive trend for domestic brands [5][6]. - The report notes that the retail sales growth for cosmetics in January and February 2025 was 4.4%, outperforming the overall retail sales growth of 4.0% [23]. Market Trends - According to Euromonitor data, the market for domestic skincare and makeup brands is on the rise, with significant improvements in market share for brands like Proya and Natural Hall, which have entered the top ten in market share [9][35]. - The report anticipates that domestic brands will continue to benefit from the trend of rising domestic consumption, especially as international brands face challenges [10][35]. Company Performance Forecasts - For Q1 2025, several companies are expected to report positive growth: - Up Beauty Co. is projected to see a revenue and net profit increase of 10% year-on-year [11]. - Marubi is expected to achieve a revenue increase of 40% and a net profit increase of 35% [11]. - Proya is forecasted to have a revenue increase of 8% and a net profit increase of 10% [11]. - The report highlights that companies like Giant Biological and Mao Geping are also expected to see significant growth, with revenue and net profit both projected to increase by 40% and 25% respectively [11]. Investment Recommendations - The report recommends focusing on companies with strong brand matrices and high growth potential, such as Up Beauty Co., Proya, and Marubi, which are well-positioned to leverage the e-commerce boom [14]. - It also suggests keeping an eye on companies like Shanghai Jahwa and Betaini, which are expected to perform well in the upcoming quarters [14]. Industry Dynamics - The report discusses the entry of four prominent researchers into Proya, indicating a strong focus on technological innovation and talent development within the company [26]. - The competitive landscape in the medical beauty sector is evolving, with new products and innovations expected to drive growth and market share for companies like Jinbo Biological and Huaxi Biological [29][30].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the ongoing impact of tariff shocks and suggests focusing on high-quality retail channels and differentiated consumer brands that cater to domestic demand [4][22] - The report highlights the transformation of traditional retail, with Yonghui Supermarket leading the way in adapting to a consumer-centric retail era [4][22] - The rise of domestic brands and the recovery of consumer demand are seen as inevitable trends, with recommendations to focus on quality retail channels and differentiated brands [4][22] Summary by Sections Retail Market Review - The retail industry index rose by 2.88% during the week of April 7 to April 11, outperforming the Shanghai Composite Index, which fell by 3.11% [6][13] - The supermarket sector showed the largest increase, with a weekly rise of 13.54% [14][17] - Notable individual stock performances included Guofang Group (+61.1%), Eurasia Group (+26.3%), and Nanning Department Store (+22.4%) [19][20] Industry Dynamics - Yonghui Supermarket has opened a "green channel" for domestic manufacturers affected by export restrictions, receiving over 100 cooperation requests from various sectors [4][22] - The report discusses the approval of a new collagen product by Jinbo Bio, which is expected to strengthen its leading position in the medical beauty sector [4][23] Investment Recommendations - Investment focus areas include: - Traditional retail: Highlighting companies like Yonghui Supermarket and Aiyingshi that are adapting to consumer trends [7][27] - Gold and jewelry: Recommendations for brands like Laopu Gold and Chaohongji that possess differentiated product capabilities [7][28] - Cosmetics: Emphasizing domestic brands such as Maogeping and Shangmei that are expanding into high-potential segments [7][28] - Medical aesthetics: Focusing on companies like Aimeike and Kedi that are positioned to benefit from the recovery in medical beauty consumption [7][28] Company-Specific Insights - Laopu Gold reported a revenue of 8.506 billion yuan (+167.5%) and a net profit of 1.473 billion yuan (+253.9%) for FY2024, indicating strong growth potential [29] - Yonghui Supermarket's revenue for the first three quarters of 2024 was 54.549 billion yuan (-12.1%), with a net loss of 78 million yuan, but it is undergoing significant transformation [32] - Jinbo Bio's new collagen product is expected to provide both immediate filling effects and stimulate collagen regeneration, enhancing its competitive edge in the market [23][24]

证券代码：002612 证券简称：朗姿股份 公告编号：2025-025 朗姿股份有限公司 关于放弃优先购买子公司少数股权暨关联交易的公告 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。 特别提示： 1. 近日，朗姿股份有限公司（以下简称"朗姿股份"或"公司"）全资子公 司朗姿医疗管理有限公司（以下简称"朗姿医管"）收到芜湖博辰八号股权投资 合伙企业（有限合伙）（以下简称"博辰八号"）告知函，因博辰八号基金投资管 理调整需要，博辰八号拟向芜湖博恒一号股权投资合伙企业（有限合伙）（以下 简称"博恒一号"）转让其持有的深圳米兰柏羽医疗美容医院（以下简称"深圳 米兰"）18%股权，双方协商股权交易定价预计为人民币 4,940 万元（具体金额以 双方届时签订的股权转让协议约定为准。以下货币单位金额均为人民币）。经综 合考虑博辰八号和博恒一号沟通的交易条件和股权转让价格，结合公司整体发展 规划，公司同意朗姿医管拟放弃上述股权的优先购买权（朗姿医管放弃本次优先 购买权事项以下简称"本次交易"）。 2. 本次交易构成关联交易，但不属于《上市公司重大资产重组管理办法》规 定的重 ...

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次 会议通知于 2025 年 4 月 8 日以电话、微信等方式发出，于 2025 年 4 月 11 日以 通讯及现场会议方式召开。会议由董事长申东日先生主持，会议应出席董事 5 人，实际出席 5 人。本次会议的召开符合《中华人民共和国公司法》《朗姿股份 有限公司章程》《朗姿股份有限公司董事会议事规则》的有关规定，合法有效。 二、董事会会议审议情况 审议并通过了《关于放弃优先购买子公司少数股权暨关联交易的议案》 证券代码：002612 证券简称：朗姿股份 公告编号：2025-024 朗姿股份有限公司 第五届董事会第三十次会议决议公告 表决结果：同意 3 票，反对 0 票，弃权 0 票。 三、备查文件 1．公司第五届董事会第三十次会议决议； 2．公司独立董事 2025 年第三次专门会议决议； 3．博辰八号告知函。 特此公告。 朗姿股份有限公司董事会 2025 年 4 月 12 日 因芜湖博辰八号股权投资合伙企业（有限合伙）（以 ...

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：2025-023 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"）向民生银行股份有限公司北京分行（以下简称"民生银行"）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。 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 ...

Financial Performance - In 2024, the company achieved total revenue of approximately CNY 56.91 billion, a year-on-year decrease of 0.24% [2] - Gross profit margin was 58.85%, an increase of 1.38 percentage points compared to the previous year [2] - Net profit attributable to shareholders was approximately CNY 2.57 billion, up 1.58% year-on-year [2] - Net cash flow from operating activities was approximately CNY 5.67 billion, a decline of 35.61% year-on-year [2] Business Segment Performance - The medical beauty segment generated approximately CNY 27.84 billion in revenue, accounting for 48.92% of total revenue, with a year-on-year growth of 3.47% [3][9] - The women's clothing segment reported revenue of approximately CNY 19.25 billion, a decrease of 2.97%, representing 33.83% of total revenue [3] - The infant and child segment achieved revenue of approximately CNY 9.21 billion, down 5.53%, making up 16.19% of total revenue [3] Medical Beauty Brands Performance - Milan Division reported revenue of approximately CNY 12.65 billion, a year-on-year increase of 0.71% [4] - Crystal Skin Medical Beauty achieved revenue of approximately CNY 5.02 billion, a growth of 10.37% [4] - Hanchen Division generated revenue of approximately CNY 3.69 billion, up 8.36% [4] - Wuhan Wuzhou reported revenue of approximately CNY 2.12 billion, a decline of 3.03% [5][6] Asset and Equity Status - As of December 31, 2024, total assets were approximately CNY 79.71 billion, a decrease of 4.68% from the previous year [3] - Net assets attributable to shareholders were approximately CNY 27.87 billion, down 21.59% year-on-year [3] Future Strategy - The medical beauty segment is positioned as the primary business area, with plans to expand its national footprint and leverage opportunities in the beauty economy [9] - The company aims to build a "pan-fashion industry interconnected ecosystem" to enhance brand influence and market presence [9] Inventory Situation - As of the end of 2024, total inventory for women's clothing was approximately CNY 6.78 billion, a decrease of 3% from the previous year [9]

Summary of Key Points Core Viewpoint - The company has approved a total external guarantee limit of up to 4.25 billion RMB for 2024, with specific allocations for subsidiaries based on their debt ratios [2][16]. Group 1: Guarantee Overview - The company and its subsidiaries have a total external guarantee balance of 1.1504 billion RMB, which accounts for 41.27% of the company's audited net assets for 2024 [2][23]. - The guarantee includes a maximum of 350 million RMB for subsidiaries with a debt ratio not exceeding 70% and 75 million RMB for those exceeding 70% [2][16]. - The company has not experienced any overdue guarantees or legal disputes related to guarantees [3][17]. Group 2: Specific Guarantees - The company provided a joint liability guarantee of 10 million RMB for its wholly-owned subsidiary, Beijing Rhine Clothing Co., Ltd., to secure a credit line from Nanjing Bank [5][9]. - The company’s major shareholders provided this guarantee without charging any fees or requiring counter-guarantees from the company [11][20]. - The guarantee for Beijing Rhine is within the approved limits and does not require further board or shareholder approval [5][18]. Group 3: Financial Data - The total amount of guarantees provided by the company and its subsidiaries, excluding duplicate calculations, is 1.5575 billion RMB [23]. - The company has also provided guarantees totaling 360 million RMB to external entities, representing 12.92% of its audited net assets for 2024 [2][23]. - The company has not been classified as a dishonest executor [19][31]. Group 4: Related Transactions - From January 1 to March 31, 2025, the company engaged in related transactions totaling 3.8062 million RMB with its actual controllers and related parties [22][35]. - The company’s major shareholders have provided guarantees for the company’s financing needs without any associated costs [34][36].

证券代码：002612 证券简称：朗姿股份 公告编号：2025-020 朗姿股份有限公司 关于为全资子公司提供担保并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。 特别提示： 1、朗姿股份有限公司（以下简称"朗姿股份"或"公司"）第五届董事会 第十七次会议和 2023 年度股东大会分别审议通过了《关于 2024 年度对外担保额 度的议案》，同意 2024 年度公司及其控股子公司的对外担保总额不超过 42.50 亿 元（以下除非特别注明，所称"元"均指"人民币元"），其中对资产负债率未 超过 70%的控股子公司担保额度为 35.00 亿元，对资产负债率超过 70%的控股子 公司担保额度为 7.50 亿元。担保范围包括但不限于债权本金及按主合同约定计 收的全部利息。担保方式包括但不限于保证、抵押、质押。前述担保额度的有效 期自公司 2023 年度股东大会审议批准之日起至 2024 年度股东大会召开之日止。 截至本公告披露日，公司及控股子公司对外担保总余额为 115,040 万元，占公司 2024 年度经审计净资产的 41.27%；其中，实际被 ...