2025 年 9 月 4 日，朗姿股份有限公司（以下简称"公司"）全子公司四川 米兰柏羽医学美容医院有限公司（以下简称"四川米兰"）收到国家税务总局成 都市税务局稽查局发来的《税务处理决定书》（成税稽处〔2025〕55 号），四 川米兰需补缴 2021 年-2023 年所得税 1,653.14 万元，增值税及附加税 573.95 万 元，合计 2,227.09 万元。 四川米兰将按照国家税法的相关规定缴纳上述税款及滞纳金或者提供相应 的担保，但同时也拟将依据国家税法的相关规定，切实维护自身合法权益。 二、对公司的影响及风险提示 根据《企业会计准则第 28 号——会计政策、会计估计变更和差错更正》， 上述补缴税款的事项不属于前期会计差错，不涉及前期财务数据追溯调整。四川 米兰补缴税款及滞纳金将计入 2025 年度当期损益，预计将减少公司 2025 年度归 属于上市公司股东的净利润约 3,082.14 万元，最终以公司 2025 年度经审计的财 务报表为准。 证券代码：002612 证券简称：朗姿股份 公告编号：2025-052 朗姿股份有限公司 关于子公司需补缴税款事项的公告 本公司及董事会全体成员保证信息披露 ...

Core Viewpoint - The company, Longzi Co., announced that its subsidiary, Sichuan Milan Baiyu Medical Beauty Hospital Co., Ltd., has received a tax processing decision from the Chengdu Taxation Bureau, requiring the payment of overdue taxes totaling 22.27 million yuan for the years 2021 to 2023 [1] Tax Obligations - The total amount due includes 16.53 million yuan in income tax and 5.74 million yuan in value-added tax and additional taxes, summing up to 22.27 million yuan [1] - Sichuan Milan plans to comply with national tax laws by paying the required taxes and any associated late fees or providing appropriate guarantees [1] Legal Rights - The company intends to assert its legal rights under national tax laws while addressing the tax obligations [1]

Core Insights - A-share mid-year report shows revenue and net profit growth remains positive, but the proportion of loss-making stocks is still high [2][10] - The overseas revenue share of A-shares reached a record high of 13.4% in 2025, indicating a trend towards internationalization [10] - The pet food industry is experiencing a trend towards "micro-innovation" and "precision nutrition," with a focus on premium products [3][16] A-share Market Analysis - A-share revenue growth peaked in Q1 2021 at 44.8% and has been on a downward trend for 14 consecutive quarters, with a slight recovery in 2025 [10] - The proportion of loss-making companies in A-shares reached 29.4% in Q2 2025, the highest since 2008 [10] - The profitability of the main board is under pressure, while the Sci-Tech Innovation Board is showing signs of recovery [10] Pet Food Industry Insights - The 27th Asia Pet Expo in 2025 saw a record number of exhibitors but a decline in the number of participating brands, indicating increased industry concentration [12][3] - Major brands like Guibao Pet and Zhongchong Co. are focusing on product upgrades and expanding their market presence [3][12] - The trend of "small dog economy" is rising, with leading brands increasing their focus on dog food products [16] Financial Performance of Key Companies - The report highlights that companies like Boss Electric and Wanhe Electric are maintaining stable profitability despite market challenges [22][24] - The pet food sector is seeing significant product innovation, with brands launching new premium products to cater to evolving consumer preferences [3][16] - The overall cash flow and operating cash return in A-shares have improved, indicating better financial health among companies [13]

Summary of Key Points Core Viewpoint - The latest movements of private equity mogul Ge Weidong have emerged following the disclosure of A-share listed companies' semi-annual reports for 2025, revealing his significant investments in several companies, particularly in the consumer sector. Group 1: Ge Weidong's Holdings - As of the end of Q2 2025, Ge Weidong appeared as a top ten circulating shareholder in six listed companies, with a total holding value of 3.029 billion yuan [1][2] - His notable holdings include Zhener Technology, Zhaoyi Innovation, and Yiyuan Communication, where he maintained his positions without changes [1][2] - He entered the top ten circulating shareholders of Kuaijishan and Lafang Jiahua for the first time, while also increasing his stake in Zhongsheng High-Tech [1][2] Group 2: Lafang Jiahua - Lafang Jiahua has seen a nearly 97% increase in stock price year-to-date, with Ge Weidong holding 1.59 million shares valued at 36 million yuan, making him the eighth largest circulating shareholder [3][4] - The Ge family collectively holds shares in Lafang Jiahua worth 269 million yuan [3] - The company reported a revenue of 410 million yuan in the first half of the year, a decrease of 4.27% year-on-year, and a net profit of 6.36 million yuan, down 82.89% year-on-year [6] Group 3: Kuaijishan - Kuaijishan's stock has surged over 134% this year, with Ge Weidong holding 4.97 million shares valued at 99 million yuan, making him the eighth largest circulating shareholder [7][9] - The company reported a revenue of 817 million yuan in the first half of the year, an increase of 11.03% year-on-year, and a net profit of 93.88 million yuan, up 3.41% year-on-year [8] Group 4: Zhongsheng High-Tech - Ge Weidong reappeared in Zhongsheng High-Tech's top ten circulating shareholders with 1.2 million shares valued at 22 million yuan [12] - The company reported a revenue of 64.42 million yuan in the first half of the year, a decrease of 73.31% year-on-year, but a net profit of 47.01 million yuan, an increase of 376.2% year-on-year [14]

Core Insights - The report highlights a recovery in real estate transactions, with a 33% increase in average transaction area in 30 major cities compared to the previous two weeks, although still lower than historical levels [10] - Manufacturing PMI shows a slight recovery but remains below seasonal expectations, with a production index increase of 0.3 percentage points to 50.8% [14] - The report emphasizes the importance of structural growth over overall economic recovery, focusing on high-growth sectors such as technology manufacturing and consumer goods [19][21] Macro Economic Overview - Real estate transactions are showing signs of recovery, with a narrowing decline in new housing sales compared to previous years [10] - Industrial production remains at a historically high level but has shown marginal decline recently, particularly in the chemical and automotive sectors [7][8] - The demand side for construction materials has turned negative year-on-year, with a notable drop in steel and building materials demand [8] Industry Performance - The report identifies the top-performing sectors, with telecommunications leading at a 5.22% increase, followed by comprehensive and non-ferrous metals sectors [3] - Conversely, the non-bank financial sector and banks have shown declines of -1.28% and -1.03% respectively, indicating potential weaknesses in these areas [4] - The report suggests that sectors like technology manufacturing and consumer goods are experiencing high growth, while real estate and construction are in a bottoming phase [22] Investment Strategy - The report recommends focusing on sectors with high growth potential, particularly in technology manufacturing and consumer goods, while being cautious of sectors like real estate that are still recovering [19][22] - It highlights the importance of identifying industries with improving profit margins and those that are in a recovery phase, such as power equipment and defense [22] Company Updates - Companies like Yongtai Energy and Sanofi are noted for their positive performance, with significant growth contributions and share buybacks [5] - The report also mentions the potential of companies involved in vocational education and eSIM technology, indicating a shift towards international collaboration and domestic production capabilities [39][44]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a 4.3% year-on-year decline in revenue for H1 2025, with total revenue reaching 2.788 billion yuan. However, the net profit attributable to the parent company increased significantly by 64.1% to 274 million yuan, largely due to non-recurring gains [4][5] - The report anticipates continued growth in the medical beauty sector through both organic and external expansion strategies [6] Financial Performance Summary - For H1 2025, the company reported revenue of 2.788 billion yuan, a decrease of 4.3% year-on-year, while the net profit attributable to the parent company was 274 million yuan, up 64.1%. The adjusted net profit, excluding non-recurring items, was 136 million yuan, down 2.7% [4][5] - In Q2 2025, revenue was 1.389 billion yuan, a slight decline of 0.5%, with net profit increasing by 134.0% to 179 million yuan [4] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 404 million yuan, 320 million yuan, and 364 million yuan respectively, with corresponding EPS of 0.91, 0.72, and 0.82 yuan [4] Business Segment Performance - Medical Beauty: Revenue was 1.333 billion yuan, down 6.1%, with a gross margin of 54.5%. Surgical and non-surgical projects generated revenues of 173 million yuan and 1.160 billion yuan, respectively [5] - Women's Apparel: Revenue reached 988 million yuan, a decrease of 2.4%, with a gross margin of 65.2%. The online sales proportion increased to 46.3%, up 8.3 percentage points [5] - Baby and Children's Products: Revenue was 435 million yuan, down 3.4%, with a gross margin of 62.4% [5] Strategic Initiatives - The company has expanded its medical beauty footprint to 42 institutions and is pursuing a dual beauty business model with the establishment of five "Jingfu Meise" beauty institutions in Chengdu [6] - The women's apparel segment is focusing on online channels, achieving a 30% year-on-year increase in total payment amounts across all channels in H1 2025 [6] - The baby and children's segment is optimizing operational efficiency and increasing the proportion of self-made products, with new retail channels being developed in high-end shopping centers [6]

Group 1 - The company reported its H1 2025 results, with revenue of 2.788 billion yuan, a decrease of 4.3% year-on-year, and a net profit attributable to shareholders of 274 million yuan, an increase of 64.1% year-on-year [1] - In Q2 2025, revenue was 1.389 billion yuan, a slight decrease of 0.5% year-on-year, while net profit attributable to shareholders surged by 134% to 179 million yuan [1] - The gross margin for H1 2025 remained stable at 59.67%, while the net profit margin decreased to 10.6%, down 4.4 percentage points year-on-year [1] Group 2 - The medical beauty segment generated revenue of 1.333 billion yuan in H1 2025, a decline of 6.1%, accounting for 47.8% of total revenue, with a gross margin of 54.54% [2] - The fashion women's wear business reported revenue of 988 million yuan, a decrease of 2.42%, with a gross margin of 65.15%, and online sales accounted for 46.3% of total revenue [2] - The green baby and child segment generated revenue of 435 million yuan, a decline of 3.43%, with a gross margin of 62.4% [2] Group 3 - The company is driven by three main segments: fashion women's wear, green baby and child, and medical beauty, with plans for continuous expansion through self-built and acquisition strategies [3] - The competitive landscape in the medical beauty sector is fragmented, with expectations for consolidation towards leading players, supported by the company's 1+N strategy [3] - The company has adjusted its profit forecast for 2025 to 370 million yuan, up from the previous estimate of 270 million yuan, with projected net profits for 2026 and 2027 at 290 million yuan and 310 million yuan, respectively [3]

Financial Performance - The company reported a net profit of 274 million yuan for the first half of 2025, representing a year-on-year increase of 64.09% [1] - Total operating revenue for the same period was 2.788 billion yuan, a decrease of 4.3% compared to the previous year [1] - The gross profit margin was 59.67%, up by 0.54% year-on-year, while the net profit margin increased to 10.6%, a rise of 64.99% [1] Quarterly Analysis - In Q2 2025, the company achieved an operating revenue of 1.389 billion yuan, down 0.53% year-on-year, but the net profit surged by 134.03% to 179 million yuan [1] - The company's earnings per share for the first half of 2025 was 0.62 yuan, reflecting a 64.1% increase year-on-year [1] Cost and Expenses - Total expenses (selling, administrative, and financial) amounted to 1.388 billion yuan, accounting for 49.77% of revenue, which is an increase of 0.87% year-on-year [1] - The company’s cash flow per share was 0.66 yuan, down 13.05% compared to the previous year [1] Debt and Financial Ratios - The company’s interest-bearing debt increased by 20.41% to 1.808 billion yuan [1] - The return on invested capital (ROIC) for the previous year was 6.34%, indicating a generally weak capital return [3] Brand Performance - The Milan Baiyu brand reported a revenue of 302.62 million yuan in Q1 2025, a decrease of 8.74% year-on-year, with a net profit decline of 50.19% [4] - The Jingfu Medical brand saw a revenue increase of 1.13% to 125.20 million yuan, with a significant net profit growth of 633.07% [4] - Other brands like Hancheng and Wuhan Wuzhou experienced revenue declines, with net profits also decreasing significantly [5]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company reported its H1 2025 results, which met market expectations, with revenue of 2.788 billion yuan, a decrease of 4.3% year-on-year, and a net profit attributable to shareholders of 274 million yuan, an increase of 64.1% year-on-year [7] - The company's medical beauty segment is expected to drive growth, with a focus on integrating external medical beauty institutions and a new light medical beauty model [7] - The fashion women's clothing brand is undergoing a comprehensive upgrade, with rapid development in e-commerce channels, contributing to maintaining a leading position in the apparel industry [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 5.963 billion yuan, with a year-on-year growth rate of 4.8% [6] - The net profit attributable to shareholders for 2025 is projected to be 369 million yuan, reflecting a year-on-year increase of 43.4% [6] - The company maintains a gross margin of approximately 59% and a return on equity (ROE) of 12.4% for 2025 [6] Business Segments - The medical beauty segment generated revenue of 1.333 billion yuan in H1 2025, accounting for 47.8% of total revenue, with a gross margin of 54.54% [7] - The fashion women's clothing business reported revenue of 988 million yuan in H1 2025, with a gross margin of 65.15%, and online sales accounted for 46.3% of total revenue [7] - The green baby and child business generated revenue of 435 million yuan, with a gross margin of 62.4% [7]

Group 1 - The core viewpoint of the report indicates that Langzi Co., Ltd. experienced a decline in revenue but a significant increase in net profit for the first half of 2025, with total revenue of 2.788 billion yuan, down 4.30% year-on-year, and net profit attributable to shareholders of 274 million yuan, up 64.09% year-on-year [2] - The fashion women's clothing segment enhanced brand strength through new product launches and digital transformation initiatives, achieving a total online payment amount of 1.65 billion yuan, a year-on-year increase of 30% [2] - In the medical aesthetics sector, the company focused on safety and quality, with 8 medical institutions receiving TUV-SQS certification and 5 obtaining 5A hospital qualifications, while also establishing 7 medical aesthetics acquisition funds with a total scale of 2.837 billion yuan [3][4] Group 2 - The company optimized its supply chain management, achieving a procurement rate of 91.5% in the medical aesthetics business, with a significant increase in the procurement rates of main materials and auxiliary materials [4] - Langzi Co., Ltd. reduced costs effectively, with a procurement price reduction rate of 9.1% [4] - The company expanded its medical aesthetics business nationwide, operating 42 medical beauty institutions by the end of the first half of the year, with a focus on community-based services [4]