证券代码：002612 证券简称：朗姿股份 公告编号：2024-030 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 二、备查文件 1、本次解除质押基本情况 2、股东股份累计质押基本情况 截至公告披露日，公司实际控制人及其一致行动人所持质押股份情况如下： | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 持股数量 | 持股 | 累计被 | 合计 占其 | 合计占 公司总 | 已质押股 份限售和 | | 未质押 | | | | | | | | | | 占已 | 股份限 | 占未质 | | | | | 质押数 | 所持 | | | 质押 | 售和冻 | | | | （股） | 比例 ...

公司信息更新报告 开源证券股份有限公司是经中国证监会批准设立的证券经营机构，已具备证券投资咨询业务资格。 本报告是基于本公司认为可靠的已公开信息，但本公司不保证该等信息的准确性或完整性。本报告所载的资料、工 具、意见及推测只提供给客户作参考之用，并非作为或被视为出售或购买证券或其他金融工具的邀请或向人做出邀 请。本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、 价值及投资收入可能会波动。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。客户应当 考虑到本公司可能存在可能影响本报告客观性的利益冲突，不应视本报告为做出投资决策的唯一因素。本报告中所 指的投资及服务可能不适合个别客户，不构成客户私人咨询建议。本公司未确保本报告充分考虑到个别客户特殊的 投资目标、财务状况或需要。本公司建议客户应考虑本报告的任何意见或建议是否符合其特定状况，以及（若有必 要）咨询独立投资顾问。在任何情况下，本报告中的信息或所表述的意见并不构成对任何人的投资建议。在任何情 况下，本公司不对任何人因使用本报告中的任何内容所引致的任何损失负任何责任。若本报告的接收人非本公司的 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][8]. Core Viewpoints - In 2023, the company achieved a revenue of 5.145 billion, representing a year-on-year increase of 24.41%, with significant contributions from women's fashion and medical beauty sectors [3][4]. - The company's net profit attributable to shareholders reached 225 million, a remarkable year-on-year growth of 953.37%, while the net profit after deducting non-recurring items was 196 million, up 16845.56% [3][4]. - The company has a strong focus on three main business segments: women's fashion, medical beauty, and green baby products, with ongoing efforts in both organic growth and acquisitions [5]. Revenue and Profitability - The revenue breakdown for 2023 shows women's fashion generating 1.984 billion (up 29.27%), green baby products at 975 million (up 11.13%), and medical beauty at 2.127 billion (up 27.75%) [3][4]. - The gross margin for 2023 was 57.44%, with a slight decrease of 0.07 percentage points year-on-year, while the net profit margin improved to 4.90%, an increase of 4.01 percentage points [4]. Business Expansion and Strategy - The company has expanded its medical beauty business, acquiring control of Zhengzhou Jimei and increasing the number of medical beauty institutions to 39 [5]. - The women's fashion segment has 599 stores, with online sales reaching 739 million, a year-on-year increase of 45.3%, indicating a successful integration of online and offline channels [5]. Financial Forecast - The company is projected to achieve revenues of 5.993 billion, 6.833 billion, and 7.586 billion in 2024, 2025, and 2026, respectively, with corresponding net profits of 309 million, 380 million, and 443 million [7][12]. - The expected price-to-earnings (PE) ratios for the next three years are 23, 19, and 16, respectively [5][7].

Investment Rating - The report maintains a positive outlook on the company, indicating a strong growth trajectory in its medical aesthetics business and overall performance [10]. Core Insights - The company reported a revenue of 5.145 billion yuan in 2023, representing a year-on-year increase of 24.41%, and a net profit attributable to shareholders of 225 million yuan, up 953% year-on-year [10]. - The medical aesthetics segment achieved a revenue of 2.127 billion yuan, growing by 27.75% year-on-year, contributing 41% to total revenue with a gross margin of 53.15% [10]. - The women's apparel segment generated 1.98 billion yuan in revenue, reflecting a 29.3% increase year-on-year, while the green baby products segment reached 980 million yuan, up 11.1% year-on-year [10]. - The company is expanding its national footprint in the medical aesthetics sector through acquisitions, including the recent purchase of Zhengzhou Jimei, which is expected to enhance growth in the central region [10]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 5.145 billion yuan, with a net profit of 225 million yuan, marking a significant recovery from previous years [10]. - The gross margin for the company was reported at 57.44%, with a net profit margin of 4.90% [10]. Medical Aesthetics Business - The medical aesthetics segment's revenue was 2.127 billion yuan, with a gross margin of 53.15%. Non-surgical procedures accounted for 84% of the segment's revenue, indicating a shift in consumer preference [10]. - The company plans to continue its expansion in the medical aesthetics market through strategic acquisitions and partnerships [10]. Women's Apparel and Baby Products - The women's apparel segment reported a revenue of 1.98 billion yuan, with a gross margin of 60.7%. The online sales channel saw a significant increase, with a 54% growth in total payments [10]. - The green baby products segment maintained steady growth, with revenue reaching 980 million yuan, supported by a strong market presence in South Korea [10]. Profitability and Future Outlook - The report forecasts net profits of 303 million yuan, 363 million yuan, and 415 million yuan for 2024, 2025, and 2026, respectively, indicating a positive growth trend [10]. - The company is expected to benefit from economies of scale and improved profitability in its medical aesthetics business as new institutions become profitable [10].

Investment Rating - The investment rating for Lancy Group (002612) is "Buy" with a target price of 21.60 CNY, maintaining the previous rating of "Buy" [5][19]. Core Views - The company's performance meets expectations, with continuous high-quality growth. In 2023, all three major business segments achieved rapid growth, with net profit attributable to shareholders increasing by 953% year-on-year [5][19]. - The company is expected to continue its internal and external expansion, with performance elasticity likely to persist [5][19]. Summary by Sections Financial Performance - In 2023, the company's revenue reached 51.5 billion CNY, net profit attributable to shareholders was 2.3 billion CNY, and net profit after deducting non-recurring gains and losses was 2.0 billion CNY, representing year-on-year increases of 24.4%, 953%, and 16846% respectively [5][19]. - The revenue for Q4 2023 was 14.5 billion CNY, with a year-on-year growth of 30.8% [5][19]. Business Segments - The three major business segments (women's wear, children's wear, and medical beauty) all showed rapid growth. The revenue from women's wear, children's wear, and medical beauty was 19.8 billion CNY, 9.8 billion CNY, and 21.3 billion CNY respectively, with year-on-year growth rates of +29.3%, +11.1%, and +27.8% [5][19]. - The company plans to enhance its influence in the high-end women's wear and children's consumption sectors, expecting steady growth in these areas in 2024 [5][19]. Earnings Forecast - The EPS forecast for 2024 is 0.71 CNY, and for 2025 it is 0.91 CNY, with a target price based on a PE ratio of 30 times the industry average, maintaining the target price at 21.60 CNY [5][19]. - The projected revenue for 2024 is 6.187 billion CNY, with a year-on-year growth of 20% [19]. Valuation Metrics - The company is currently trading at a PE ratio of 22.77 for 2024, which is expected to decrease to 17.80 by 2025 [19]. - The net profit margin is projected to improve from 4.4% in 2023 to 5.1% in 2024 [19].

证券研究报告 中高端成人品牌服饰 朗姿股份（002612.SZ） 增持-A(维持) 经营能力大幅改善，医美业务逐渐由区域布局全国 | --- | --- | --- | |-----------------------------------------------|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 公司近一年市场表现 | | 事件描述 | | | | 公司发布 2023 年财务报告，期内实现营收 51.45 亿元 /+24.41% ...

Investment Rating - The report maintains an "Accumulate" rating for the company [9][11][21] Core Views - The company achieved a revenue of 5.145 billion yuan in 2023, representing a year-on-year growth of 24.41%, and a net profit attributable to shareholders of 225 million yuan, a significant increase of 953.37% [4][9][21] - The medical beauty segment showed strong performance with a revenue growth of 27.75%, increasing its revenue share to 41.33% [9][21][22] - The company has expanded its medical beauty chain, increasing the number of institutions to 38 by the end of 2023, up by 8 from the previous year [9][16][21] Financial Performance - The gross margin for 2023 was 57.44%, remaining stable year-on-year, with the medical beauty gross margin increasing by 3.61 percentage points [2][9][21] - Operating cash flow for 2023 reached 804 million yuan, a year-on-year increase of 200%, indicating improved cash flow conditions [2][9][21] - The company’s sales expense ratio and management expense ratio were 41.16% and 8.11%, respectively, both showing a year-on-year decrease [2][9][21] Business Segments - The fashion women's clothing and green baby products segments also performed well, with revenue growth of 29.27% and 11.13%, respectively, benefiting from the recovery in consumer spending [9][16][21] - The company completed acquisitions of 90% of Wuhan Wuzhou Plastic Surgery and 70% of Wuhan Hancheng, both meeting their performance commitments for 2023, which contributed to the overall revenue growth [9][21][22] Future Outlook - The report forecasts net profits of 312 million yuan for 2024 and 381 million yuan for 2025, with a new estimate of 450 million yuan for 2026, corresponding to price-to-earnings ratios of 23.1, 18.9, and 16 times, respectively [21][22]

Financial Performance - The company's operating revenue for 2023 was CNY 5,145,464,417.08, representing a 24.41% increase compared to CNY 3,878,277,824.69 in 2022[40]. - The net profit attributable to shareholders for 2023 was CNY 225,081,500.12, a significant increase of 953.37% from CNY 16,075,940.08 in 2022[40]. - The net profit after deducting non-recurring gains and losses reached CNY 195,530,732.81, up 16,845.56% from CNY 1,113,208.87 in the previous year[40]. - The net cash flow from operating activities was CNY 804,487,246.17, showing a 200.42% increase compared to CNY 235,666,570.25 in 2022[40]. - Basic earnings per share for 2023 were CNY 0.5087, a remarkable increase of 953.21% from CNY 0.0363 in 2022[40]. - The total assets at the end of 2023 amounted to CNY 7,308,983,840.38, reflecting a decrease of 3.44% from CNY 7,110,249,238.41 at the end of 2022[40]. - The company reported a government subsidy of CNY 17,539,879.09 in 2023, a substantial increase from CNY 3,322,264.74 in 2022[63]. - Total revenue for 2023 reached ¥5,145,464,417, representing a 24.41% increase from ¥4,135,813,531 in 2022[180]. Market Trends and Projections - The textile and apparel industry saw a retail sales growth of 12.9% year-on-year, with total retail sales of CNY 14,095 billion in 2023[44]. - The online retail sales reached CNY 154,264 billion, marking an 11.0% increase compared to the previous year, with online channels' share rising by approximately 0.5 percentage points[44]. - The company anticipates a continued recovery in the domestic apparel market in 2024, although growth may slow due to high base effects from 2023[47]. - The trend towards personalized and quality consumption among women is expected to further boost the development of the mid-to-high-end women's clothing market[48]. - The medical beauty market in China is projected to grow by 20% in 2023 compared to 2022, with a compound annual growth rate of around 15% expected from 2023 to 2027[54]. - The non-surgical medical beauty segment is anticipated to experience a compound growth rate of 20% to 30% during the same period[54]. - The children's clothing market in China is expected to grow at a compound annual growth rate of 8.4% from 2023 to 2027, significantly higher than the global average of 6.4%[53]. - The domestic market in China is showing signs of economic stabilization, creating favorable conditions for consumer recovery, supported by stable employment and rising household income[70]. - The Chinese apparel industry aims to become a major driver of global fashion and sustainable development by 2035, with a focus on high-end brand development in women's clothing[71]. Company Strategy and Operations - The company has established a chain brand "Jingfu Medical Beauty," which operates 30 institutions across cities including Chengdu, Xi'an, Chongqing, and Changsha[12]. - The company plans to expand its market presence through strategic investments in various medical beauty institutions[12]. - The company has established partnerships with various investment funds, holding significant stakes in multiple limited partnerships[12]. - The company is focusing on product and brand value creation through research and innovation, cultural empowerment, and technological support[70]. - The company aims to leverage its established brand advantages and industry-leading capabilities to expand into the medical beauty sector, aligning with consumer demand for aesthetic services[108]. - The company has established a multi-industry ecosystem focusing on fashion women's wear, medical beauty, and green infant and child products, enhancing its market position[108]. - The company has a multi-brand strategy in the mid-to-high-end women's wear market, currently operating seven self-owned brands and one exclusive agency brand[171]. - The company is committed to long-term strategies in the medical beauty sector, which is expected to enhance its competitive advantage in a rapidly evolving market[80]. Store and Brand Development - The total number of stores decreased by 13 compared to the end of the previous year, indicating a shift towards an online self-operated model[1]. - The women's clothing business has a total of 599 stores, including 438 self-operated stores, 107 franchised stores, and 54 online stores[99]. - The company operates a total of 531 stores in the children's business segment, including 419 self-operated stores, 139 franchised stores, and 28 online stores[165]. - The brand LɅNCY accounted for 71.56% of women's apparel revenue in 2023, with revenue of 1,419.80 million CNY, compared to 71.19% in 2022[123]. - The Milan Baiyu brand generated ¥101,124.75 million in revenue, making up 47.55% of the total medical beauty revenue, showing an increase from ¥78,240.30 million (47.00%) in 2022[150]. Regulatory Environment and Compliance - The company is committed to maintaining compliance with the Shenzhen Stock Exchange's disclosure requirements for the textile and apparel industry[6]. - The regulatory environment for the medical beauty industry is becoming stricter, with a significant increase in administrative penalties and a focus on compliance[80]. - The report indicates a trend towards compliance and risk-controlled development in the medical beauty industry, with a focus on customer satisfaction and effective medical technology[108]. - The company is focused on long-term strategic planning to adapt to the evolving regulatory landscape in the medical beauty industry[152]. Consumer Behavior and Demographics - The acceptance of medical beauty services has significantly increased, driven by rising consumerism and cultural trends, enhancing the willingness to undergo aesthetic treatments[107]. - The rise of new consumer groups, such as Generation Z and the new middle class, is driving demand for innovative and high-quality apparel products[70]. - By the end of 2023, the national population in China was 1,409.67 million, a decrease of 2.08 million from the previous year, with 21.1% aged 60 and above[102]. - In 2023, the per capita disposable income in China was 39,218 yuan, a nominal increase of 6.3% year-on-year, with a real growth of 6.1% after adjusting for price factors[106]. Operational Efficiency and Management - The company is committed to a "just-in-time procurement" model to reduce inventory and turnover time, enhancing operational efficiency[137]. - The inventory turnover days were reduced by 30.2 days due to improved inventory management practices[160]. - The company achieved a 5.9% increase in centralized procurement rate, completing 121 centralized procurement contracts during the reporting period[160]. - The information system for Langzi Medical Beauty features detailed granularity, integration of business and finance, flexibility, and strong foresight, supporting business control across medical beauty institutions[199]. - The customized management system developed for medical beauty institutions enhances operational efficiency and customer experience through seamless integration with physical institutions[199]. - The overall development of medical beauty institutions is driven by optimized medical services and improved management levels through the use of the information system[199]. Training and Innovation - The company conducted 15 specialized training sessions in 2023, training a total of 456 individuals, which covered 49.65% of the doctors[155]. - The establishment of the Langzi Medical Aesthetic Research Institute aims to enhance technical innovation and develop new medical products, with 17 projects initiated in 2023[156]. - The second Langzi Medical Aesthetic Academic Conference attracted over 500 industry experts and scholars, highlighting the company's commitment to academic exchange and innovation[156].

朗姿股份有限公司 2023 年度内部控制自我评价报告 朗姿股份有限公司全体股东： 二、内部控制评价结论 根据公司财务报告内部控制重大缺陷的认定情况，公司不存在财务报告内部 控制重大缺陷，公司董事会认为，公司已按照企业内部控制规范体系和相关规定 的要求在所有重大方面保持了有效的财务报告内部控制。 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准 日，公司未发现非财务报告内部控制重大缺陷。 1 自内部控制评价报告基准日至内部控制评价报告发出日之间未发生影响内 部控制有效性评价结论的因素。 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内部控制规范体系"），结合朗姿股份有限公司（以下简称 "公司"）内部控制制度和评价办法，在内部控制日常监督和专项监督的基础上， 我们对公司 2023 年 12 月 31 日（内部控制评价报告基准日）的内部控制有效性 进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。经理层负责组织领导企 ...

证券代码：002612 证券简称：朗姿股份 公告编号：2024-028 朗姿股份有限公司 关于修改《公司章程》的公告 本公司及董事会全体人员保证公告信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 朗姿股份有限公司（以下简称"公司"）于 2024 年 4 月 22 日召开第五届董 事会第十七次会议，审议通过了《关于修改<公司章程>的议案》。 根据中国证监会颁布的《上市公司独立董事管理办法》《上市公司治理准则》， 深圳证券交易所颁布的《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》等相关法律、法规、规范性文件的最新规定，结合公司的自 身实际情况，对《公司章程》进行相应修改，具体内容如下： | 修订前 | 修订后 | | --- | --- | | 第二十三条 公司在下列情况下， | 第二十三条 公司在下列情况下， | | 经本章程规定的程序通过，可以依照 | 经本章程规定的程序通过，可以依照 | | 法律、行政法规、部门规章及本章程的 | 法律、行政法规、部门规章及本章程的 | | 规定，可以收购本公司的股份： | 规定，收购本公司的股份： | | （一）减少公 ...