LANCY(002612) 新浪财经·2025-04-04 12:32Core 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]