证券代码：002612 证券简称：朗姿股份 公告编号：2025-067 为满足日常经营和业务发展资金需要，公司下属全资子公司朗姿医疗管理有 限公司（以下简称"朗姿医管"）向中信银行股份有限公司成都分行（以下简称 "中信银行"）申请 5,000 万元授信额度，公司为朗姿医管提供最高额连带责任 保证。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朗姿医管提供 无偿连带责任保证，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 第二十九次会议和 2024 年度股东大会分别审议通过了《关于 2025 年度对外担保 额度的议案》，同意 2025 年度公司及其控股子公司的对外担保总额不超过 30.50 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 24.00 亿元，对资产负债率超过 70%的控股 子公司 ...

Core Viewpoint - Beijing Zicai Clothing Co., Ltd. has been established with a registered capital of 100 million yuan, indicating a significant investment in the clothing industry by Langzi Co., Ltd. [1] Company Summary - The legal representative of Beijing Zicai Clothing Co., Ltd. is Hou Licheng [1] - The company is fully owned by Langzi Co., Ltd. [1] - The business scope includes retail of clothing and accessories, clothing manufacturing, professional design services, sales of textiles, bag manufacturing and sales, and wholesale of hats and shoes [1]

Core Insights - The retail industry is experiencing a shift from value preservation to emotional value, with a focus on high-growth segments for investment opportunities [5][28] - The report maintains a positive outlook on the retail sector, emphasizing the importance of consumer insights and differentiated product offerings [5][28] Retail Market Overview - The retail index reported a slight increase of 0.31% during the week of November 3 to November 7, 2025, underperforming the Shanghai Composite Index, which rose by 1.08% [7][16] - Year-to-date, the retail index has increased by 4.20%, lagging behind the Shanghai Composite Index's 19.27% growth [16][20] Investment Strategy for 2026 - The investment strategy highlights four main themes: 1. **Gold and Jewelry**: Focus on high-end and fashionable gold segments, with recommendations for brands like Lao Pu Gold and Chao Hong Ji [5][48] 2. **Retail E-commerce**: Emphasize the transformation of offline retail to enhance service and experience, with key players like Yonghui Supermarket and Ai Ying Shi [5][48] 3. **Cosmetics**: Target domestic brands that capture emotional value and innovate on safety ingredients, recommending brands like Juzi Biological and Pechoin [5][49] 4. **Medical Aesthetics**: Focus on differentiated product manufacturers and expanding medical institutions, with recommendations for brands like Ai Mei Ke and Ke Di-B [5][49] Sector Performance - The jewelry sector is undergoing significant changes due to rising gold prices and a decline in traditional wedding markets, leading to the emergence of brands with strong consumer insights [5][29] - The cosmetics sector is seeing a rise in domestic brands leveraging cultural roots and emotional value to capture market share [5][41] Company-Specific Insights - **Chao Hong Ji**: Reported a revenue increase of 28.4% year-on-year for the first three quarters of 2025, with a notable performance in Q3 [54] - **Yonghui Supermarket**: Experienced a revenue decline of 22.2% year-on-year for the first three quarters of 2025, but is undergoing significant transformation [50] - **Juzi Biological**: Achieved a revenue growth of 21.7% year-on-year for the first half of 2025, focusing on collagen products [50]

Core Viewpoint - Langzi Co., Ltd. has experienced a stock price increase of 24.75% year-to-date, with significant fluctuations in trading volume and net capital outflow observed recently [1][2]. Financial Performance - For the period from January to September 2025, Langzi Co., Ltd. achieved a revenue of 4.328 billion yuan, representing a year-on-year growth of 3.58% [2]. - The net profit attributable to shareholders for the same period was 989 million yuan, showing a substantial year-on-year increase of 372.50% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Langzi Co., Ltd. was 51,400, a decrease of 10.93% from the previous period [2]. - The average number of circulating shares per shareholder increased by 12.27% to 4,957 shares [2]. Dividend Distribution - Since its A-share listing, Langzi Co., Ltd. has distributed a total of 1.4 billion yuan in dividends, with 376 million yuan distributed over the past three years [3]. Stock Trading Activity - On November 6, 2025, Langzi Co., Ltd.'s stock price fell by 2.02%, trading at 19.91 yuan per share with a total transaction volume of 375 million yuan [1]. - The company experienced a net capital outflow of 65.79 million yuan, with significant selling pressure observed in large orders [1]. Business Segmentation - The main business revenue composition of Langzi Co., Ltd. includes non-surgical medical beauty (41.59%), women's dresses (11.34%), and women's tops (11.22%), among others [1]. Market Position - Langzi Co., Ltd. is categorized under the textile and apparel industry, specifically in non-sports apparel, and is associated with various concepts such as private hospitals and low P/E ratios [1].

Summary of Langzi Co., Ltd. Conference Call Company Overview - **Company**: Langzi Co., Ltd. - **Industry**: Medical Aesthetics and Fashion Retail Key Financial Performance - **Net Profit**: For the first three quarters of 2025, the net profit attributable to shareholders reached 989 million yuan, a year-on-year increase of 366% [2][3] - **Non-recurring Net Profit**: Decreased by 4.1% year-on-year, indicating a need for improvement in profit quality [2][3] - **Operating Cash Flow**: Slight decline observed, reflecting potential operational challenges [2][3] Medical Aesthetics Business - **Revenue Contribution**: Medical aesthetics revenue exceeded 50% of total revenue for the first time, reaching 2.237 billion yuan, a 2.5% increase year-on-year [2][4] - **Gross Margin**: Improved to 55.6%, up 1.8 percentage points year-on-year [2][4] - **Net Profit Contribution**: Decreased by 33.5% year-on-year, indicating challenges in profitability [2][4] - **Revenue Breakdown**: - Milan Fabric Division: 1.159 billion yuan, up 2.2% - Financial Services Division: 393 million yuan, up 9.7% - Hancheng Division: 318 million yuan, up 16% - Wuhan Wuzhou: 146 million yuan, down 9% - Changsha Yamei: 132 million yuan, down 13% - Gao Doctor: 109 million yuan, down 11% [4] Women's Clothing Business - **Revenue**: Approximately 1.407 billion yuan, stable year-on-year [5] - **Gross Margin**: Maintained at around 64% [5] - **Net Profit Contribution**: Increased by 1% year-on-year [5] - **Online Sales Growth**: Significant growth of over 22%, accounting for more than 46% of total women's clothing revenue [5] - **Inventory**: Total inventory at the end of Q3 was approximately 769 million yuan, with a focus on preparing for Q4 [5] Yingdong Division Performance - **Revenue**: Approximately 674 million yuan, a slight decline of 1.6% year-on-year [7] - **Gross Margin**: Decreased by 4.2 percentage points to 61.4% [7][8] - **Net Profit**: Approximately 6.87 million yuan, down 33% [8] Trends in Medical Aesthetics - **Revenue Trends**: Despite a 6% decline in half-year revenue, Q3 showed slight growth of about 2% [9] - **Product Mix Changes**: - Regenerative materials accounted for 22% of revenue, up 5.1 percentage points - Hyaluronic acid decreased to 12.6%, down 1.9 percentage points [9] - **Light Medical Aesthetics**: Increased focus on light medical aesthetics projects, with significant growth in revenue [10] Strategic Considerations - **Pricing Strategy**: Emphasis on providing comprehensive solutions rather than relying solely on product pricing [12] - **Cost Management**: Efforts to reduce customer acquisition costs through channel optimization and content marketing [12] - **M&A Strategy**: Active pursuit of high-quality medical aesthetics targets through external fund acquisitions, with a focus on integration [14][17] Market Environment and Future Outlook - **Market Conditions**: Current market conditions have influenced M&A activities, with many small institutions being acquired for better growth opportunities [15][16] - **Investment Plans**: Positive outlook on future growth, especially in new regions, with ongoing monitoring of potential targets [17] Cost and Supplier Dynamics - **Material Costs**: Decreased by 1.4 percentage points year-on-year, benefiting from strong supplier relationships [19] - **Supplier Power**: Upstream suppliers maintain significant power, particularly in high-end products [20] This summary encapsulates the key points from the conference call, highlighting the financial performance, business segments, strategic initiatives, and market dynamics of Langzi Co., Ltd.

Financial Performance - In the first three quarters of 2025, the company achieved total revenue of approximately 4.328 billion yuan, a year-on-year increase of 0.89% [2] - Gross profit margin reached 59.35%, an increase of 1.77 percentage points compared to the same period last year [2] - Net profit attributable to shareholders was approximately 366.95 million yuan, a year-on-year increase of 0.5% [2] - Net cash flow from operating activities was approximately 359 million yuan, a year-on-year decrease of 1.87% [2] - Basic earnings per share were 2.2346 yuan, a year-on-year increase of 366.90% [2] - Total assets were approximately 8.617 billion yuan, a year-on-year increase of 5.67% [3] - Net assets attributable to shareholders were approximately 3.413 billion yuan, a year-on-year increase of 19.07% [3] Business Segment Performance - Medical beauty segment revenue was approximately 2.237 billion yuan, a year-on-year increase of 2.49% [3] - Women's clothing segment revenue was approximately 1.407 billion yuan, a year-on-year increase of 0.08% [3] - Infant and child segment revenue was approximately 674 million yuan, a year-on-year decrease of 1.58% [3] Investment Activities - The company generated investment income of approximately 970 million yuan from the disposal of part of its equity in Ruoyuchen [4] - The company acquired 67.50% of Chongqing Milan Baiyu Time Aesthetic Hospital for 92.475 million yuan, with a valuation dynamic price-earnings ratio of 13.38 times [4][5] - Performance commitments for Chongqing Time's net profit are set at no less than 9.29 million yuan, 9.89 million yuan, and 11.83 million yuan for 2025, 2026, and 2027 respectively [5] Online and Offline Sales Channels - Online sales for women's clothing reached approximately 652 million yuan, a year-on-year increase of 22.55% [9] - Online sales accounted for 46.80% of women's clothing revenue, an increase of 8.8 percentage points [9] - The company is integrating online and offline channels to enhance customer experience and increase repurchase rates [9] Inventory Management - As of September 30, 2025, the net value of women's clothing inventory was approximately 630 million yuan, a year-on-year increase of 13.84% [10] - Inventory less than one year old was approximately 522 million yuan, a year-on-year increase of 23.55% [10]

Core Viewpoint - Langzi Co., Ltd. has shown significant stock performance with a year-to-date increase of 25.81% and a notable rise of 372.50% in net profit for the first nine months of 2025 compared to the previous year [1][2]. Financial Performance - As of September 30, 2025, Langzi Co., Ltd. achieved a revenue of 4.328 billion yuan, reflecting a year-on-year growth of 3.58% [2]. - The company's net profit attributable to shareholders reached 989 million yuan, marking a substantial increase of 372.50% year-on-year [2]. Stock Market Activity - On November 3, 2025, Langzi's stock price rose by 2.03%, reaching 20.08 yuan per share, with a trading volume of 392 million yuan and a turnover rate of 7.84% [1]. - The total market capitalization of Langzi Co., Ltd. is approximately 8.884 billion yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 10.93% to 51,400, while the average circulating shares per person increased by 12.27% to 4,957 shares [2]. - The company has distributed a total of 1.4 billion yuan in dividends since its A-share listing, with 376 million yuan distributed in the last three years [3]. Business Segmentation - The main revenue sources for Langzi Co., Ltd. include non-surgical medical beauty services (41.59%), women's dresses (11.34%), and women's tops (11.22%) [1]. - The company operates in the textile and apparel industry, specifically in non-sports clothing, and is involved in various concept sectors such as C2M, private hospitals, medical beauty, cosmetics, and small-cap stocks [1].

Industry Overview - In 2025, social consumption and retail enterprises are slowly recovering, with segments like gold jewelry benefiting from high gold prices, while cosmetics and medical aesthetics face intense competition and the rise of domestic brands. Notably, "emotional consumption" remains a key indicator of market vitality [2][8]. Segment Analysis Gold Jewelry - The industry has undergone significant changes, with high gold prices and declining wedding demand affecting traditional brand competitiveness. The rise of emotional consumption and social media marketing has led to the emergence of new brands with differentiated products and consumer insights. Opportunities are seen in high-end Chinese gold and trendy gold segments [3][25]. Retail E-commerce - Offline retailers are transforming from selling "goods" to offering "services and experiences," leveraging their advantages to attract traffic back. Online cross-border e-commerce is expected to enter a demand improvement phase with the easing of interest rates, further enhanced by AI integration [3][19]. Cosmetics - Domestic brands are capitalizing on cultural roots and emotional value to increase market share. Innovations in product safety and emotional value are key, with opportunities in regional and technological narratives, sensitive skin anti-aging, and domestic color cosmetics [3][85]. Medical Aesthetics - High-end consumers show resilience, with a focus on differentiated products from upstream manufacturers and mergers and acquisitions among downstream medical institutions to drive growth [3][5]. Investment Recommendations - Gold Jewelry: Favor brands with differentiated product strength and consumer insights, recommending Chao Hong Ji, Lao Pu Gold, and Chow Tai Fook, with beneficiaries including Chow Sang Sang [3][52]. - Retail E-commerce: Support offline retailers adapting to trends and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket, Ai Ying Shi, Ji Hong Co., and Sai Wei Times [3][82]. - Cosmetics: Highlight domestic brands that meet emotional value and safety innovation, recommending Mao Ge Ping, Pechoin, Shangmei Co., Juzi Biological, Wanmei Biological, and Runben Co. [3][52]. - Medical Aesthetics: Focus on differentiated medical aesthetic product manufacturers and expanding chain medical institutions, recommending Ai Mei Ke and Ke Di-B, with beneficiaries including Mei Li Tian Yuan Medical Health [3][52].

Core Points - Langzi Co., Ltd. announced on October 31 that it has applied for a credit limit of RMB 50 million from CITIC Bank Beijing Branch to meet its daily operational and business development funding needs [2] - The company's controlling shareholder and actual controller, Mr. Shen Dongri, along with his spouse, Ms. Weng Jie, will provide guarantee collateral for the credit [2]

Market Overview - As of October 31, the Shanghai Composite Index closed at 3954.79 points, down 32.11 points, a decrease of 0.81% [1] - The Shenzhen Component Index closed at 13378.21 points, down 153.91 points, a decrease of 1.14% [1] - The ChiNext Index closed at 3187.53 points, down 75.49 points, a decrease of 2.31% [1] Stock Performance - A total of 63 A-shares had a turnover rate exceeding 20% on October 31, with Haike Xinyuan reaching a turnover rate of over 50% [1] - The top stocks by turnover rate included: - Haike Xinyuan (301292) with a closing price of 36.25 yuan and a turnover rate of 55.34%, increasing by 17.69% [1] - Chaoying Electronics (603175) with a turnover rate of 42.83%, decreasing by 9.99% [1] - Haixia Innovation (300300) with a turnover rate of 42.56%, increasing by 20.02% [1] - Other notable stocks included: - C Beite (688759) with a turnover rate of 42.39%, decreasing by 1.92% [1] - Marco Polo (001386) with a turnover rate of 40.99%, decreasing by 7.33% [1] Additional Notable Stocks - Other stocks with significant turnover rates included: - Daway Co. (002213) with a turnover rate of 40.46%, increasing by 3.89% [1] - Chuling Information (300250) with a turnover rate of 39.32%, increasing by 0.64% [1] - Huadong CNC (002248) with a turnover rate of 37.94%, increasing by 3.24% [1] - C Heyuan (688765) with a turnover rate of 37.86%, increasing by 4.79% [1] - The performance of other stocks varied, with some experiencing declines, such as: - Jianfa Zhixin (301584) with a turnover rate of 36.07%, decreasing by 8.09% [1] - Geer Software (603232) with a turnover rate of 33.38%, decreasing by 8.91% [1]