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 ...

证券代码：002612 证券简称：朗姿股份 公告编号：2025-021 朗姿股份有限公司 关于全资子公司为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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of more than 15% compared to the benchmark index [4]. Core Insights - The company reported a stable growth in net profit attributable to the parent company, with a 1.38% year-on-year increase, while the net profit excluding non-recurring items grew by 11.3% [1][2]. - The medical beauty segment showed a revenue increase of 3.47% year-on-year, contributing significantly to the overall performance, while the women's clothing and children's segments faced slight pressure [2][3]. - The company is actively expanding its medical beauty business through acquisitions and investments, with a total of 9.5 billion yuan planned for capital increase in its medical management subsidiary [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 56.91 billion yuan, with a gross margin of 58.85%, up by 1.41 percentage points year-on-year [1]. - The net profit for 2024 was reported at 2.57 billion yuan, with a net profit margin of 5.19%, reflecting a year-on-year increase of 0.29 percentage points [1]. - The company’s operating expenses showed a decrease in sales expense ratio to 40.43%, while management expenses increased slightly to 8.93% [1]. Segment Performance Summary - The medical beauty segment generated 27.84 billion yuan in revenue, with a gross margin of 54.42% [2]. - The women's clothing segment reported a revenue of 19.25 billion yuan, down by 2.97% year-on-year, while the children's segment saw a decline of 5.53% with revenues of 9.21 billion yuan [2]. Future Earnings Forecast - The company forecasts earnings per share (EPS) of 0.62 yuan, 0.66 yuan, and 0.69 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 26x, 24x, and 23x [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4]. Core Insights - The company reported a stable growth in net profit excluding non-recurring items, with a 1.38% year-on-year increase in adjusted net profit to CNY 2.57 billion and an 11.3% increase in net profit excluding non-recurring items to CNY 2.18 billion for 2024 [1][2]. - The revenue for 2024 was CNY 56.91 billion, showing a slight year-on-year decline, while the gross margin improved to 58.85%, up 1.41 percentage points [1]. - The company is actively expanding its medical beauty segment, with a 3.47% year-on-year revenue growth in this area, contributing CNY 27.84 billion in revenue [2]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of CNY 56.91 billion, with a net profit of CNY 2.57 billion, and a net profit margin of 5.19%, reflecting a 0.29 percentage point increase year-on-year [1]. - The medical beauty segment generated CNY 27.84 billion in revenue, with a gross margin of 54.42% [2]. - The women's clothing segment saw a revenue decline of 2.97% to CNY 19.25 billion, while the infant and toddler segment decreased by 5.53% to CNY 9.21 billion [2]. Strategic Developments - The company has been actively pursuing external growth through acquisitions, with a total investment of CNY 9.5 billion planned for its medical management subsidiary [3]. - By the end of 2024, the company had established seven medical beauty acquisition funds with a total scale of CNY 28.37 billion, aiming to enhance its medical beauty business [3]. Earnings Forecast - The company projects earnings per share (EPS) of CNY 0.62, CNY 0.66, and CNY 0.69 for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios (P/E) of 26, 24, and 23 [4].

Core Viewpoint - In 2024, the company achieved operating revenue of 5.691 billion yuan, a slight decrease of 0.24% after retrospective adjustments, while the net profit attributable to the parent company was 257 million yuan, an increase of 1.38% [2] Financial Performance - The company reported a net cash flow from operating activities of 567 million yuan, with cash on hand increasing to 556 million yuan, and a dividend payout ratio exceeding 60%, indicating a healthy overall cash flow level [1] - The medical beauty segment generated operating revenue of 2.784 billion yuan, up 3.47%, with the segment's contribution to total revenue rising to 48.9% [1][3] - The company plans to distribute profits of 177 million yuan, accounting for 68.81% of the net profit attributable to the parent company for 2024 [2] Medical Aesthetics Segment - The medical beauty segment's gross profit margin improved to 54.42%, an increase of 0.7 percentage points, with the proportion of non-surgical services rising from 82.96% in 2023 to 85.58% [3] - Major institutions such as Sichuan Milan Baiyu reported revenue of 579 million yuan, down 1.7%, while net profit increased by 2.0% to 617 million yuan, indicating effective profit margin improvement [3] - The operating profit margin for the medical beauty segment reached 6.87%, a significant increase of 3.5 percentage points compared to 2023 [3] Apparel and Children's Products - The women's clothing segment achieved operating revenue of 1.925 billion yuan, a decrease of 2.97%, with an operating profit margin of 6.79% [4] - The online sales proportion for women's clothing increased to 39.94%, up 2.7 percentage points, with significant growth in various e-commerce channels [4] - The children's products segment reported operating revenue of 921 million yuan, down 5.53%, but remains a leader in the Korean market [4] Future Outlook - The company expects net profits attributable to the parent company to reach 305 million yuan, 370 million yuan, and 448 million yuan in 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 23, 19, and 16 times [5] - The recovery of demand in the medical aesthetics industry, along with the gradual improvement in profitability from new and recently acquired institutions, is anticipated to drive profit growth in the segment [5] - The company is actively expanding new channels and enhancing operational capabilities in the apparel segment while consolidating its core brand [5]

Core Viewpoint - The performance of Langzi Co., Ltd. is highly unbalanced, with the medical beauty business thriving while the women's clothing and infant clothing sectors are declining, reflecting significant changes in the Chinese consumer market [1][8] Medical Beauty Business - The medical beauty segment is the biggest highlight for Langzi in 2024, generating revenue of 2.784 billion yuan, a year-on-year increase of 3.47%, accounting for 48.92% of total revenue [1] - The gross profit margin for the medical beauty business is 54.42%, up by 0.65% year-on-year, indicating strong profitability [1] - Langzi has expanded its influence in the medical beauty market through acquisitions of institutions like Zhengzhou Jimei and Beijing Milan Baiyu, now operating 41 medical beauty institutions across key cities [1][7] - Despite the growth, there are signs of differentiation among brands under Langzi's medical beauty umbrella, with some regional institutions like Wuhan Wuzhou and Hunan Yamei experiencing revenue declines of approximately 3.03% and 2.81% respectively [2][3] Traditional Business Performance - The women's clothing segment generated revenue of 1.925 billion yuan in 2024, a decline of 2.97%, but maintained the highest gross profit margin of 63.45% among all segments [4] - The infant clothing segment faced significant challenges, with revenue of 921 million yuan, down 5.53%, despite a high gross profit margin of 61.76% [4][5] - The infant clothing market is expected to face systemic contraction due to declining birth rates, with a projected annual growth rate of less than 3% over the next five years [5] Strategic Direction - Langzi is at a strategic crossroads, considering whether to fully commit to the medical beauty sector or to use its success in medical beauty to support traditional businesses [6][8] - Recent actions indicate a focus on core business and strategic transformation, including the sale of a loss-making infant brand and significant capital increases for its medical beauty subsidiary [6][7] - The company is also engaging in joint investments with management and core employees to accelerate the national layout of its medical beauty business [7] Industry Context - The medical beauty market in China is projected to grow at a rate of 10% in 2024, with a compound annual growth rate of 10%-15% over the next three years, indicating substantial growth potential [2] - The medical beauty market's penetration rate in China is only 4-5%, suggesting significant room for development compared to more mature markets like the US and South Korea [2]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company continues to consolidate its medical aesthetics institutions, with an increasing proportion of online sales in its clothing segment [1] - The 2024 revenue is projected at 5.691 billion yuan, showing a slight decline of 0.2% year-on-year, while the net profit attributable to the parent company is expected to be 257 million yuan, a growth of 1.4% year-on-year [6] - The medical aesthetics segment is a key driver of performance, with revenue from this sector reaching 2.78 billion yuan, accounting for 48.9% of total revenue [6] - The fashion apparel business faces challenges, with a revenue decline of 3.0% to 1.93 billion yuan, while online sales in this segment grew by 4.0% [6] Financial Data and Profit Forecast - Total revenue forecast for 2023 to 2027 is as follows: - 2023: 5.145 billion yuan - 2024: 5.691 billion yuan - 2025E: 5.963 billion yuan - 2026E: 6.404 billion yuan - 2027E: 7.057 billion yuan - Net profit attributable to the parent company is projected to grow from 225 million yuan in 2023 to 312 million yuan in 2027 [5][7] - The gross margin is expected to improve from 57.4% in 2023 to 58.8% in 2024, with a slight decline to 58.8% by 2027 [5][6]

Core Viewpoint - The company, Langzi Co., Ltd., disclosed an error in the key management personnel compensation figures in its 2024 semi-annual report, necessitating a correction in the financial report section [1][2]. Financial Report Correction - The initial reported compensation for key management personnel was 8,975,748.30 yuan for the current period, which was incorrect [1]. - The corrected compensation for key management personnel is now reported as 3,783,665.70 yuan for the current period, compared to 3,556,591.61 yuan for the previous period [2].