业绩增长乏力，朗姿股份的医美故事不“香”了

Core Viewpoint - The cosmetic surgery industry is facing increasing regulatory scrutiny and public criticism, leading to challenges for even leading companies like Langzi Co., which is experiencing declining performance and rising financial risks [1][6]. Financial Performance - Langzi Co. has rapidly expanded its cosmetic surgery business, owning 41 institutions nationwide by Q1 2025, but this expansion has resulted in a severely imbalanced financial structure [1][3]. - Short-term debt surged from 684 million yuan in 2023 to 1.314 billion yuan by the end of 2024, a 92% increase, with a cash-to-short-debt ratio of only 0.5, indicating significant liquidity risk [3][4]. - Operating cash flow has declined for two consecutive years, with a 35.6% decrease in 2024 and a further 23.43% drop in Q1 2025, reflecting a weakening self-sustainability [3][4]. Business Performance - The cosmetic surgery segment contributed nearly half of Langzi Co.'s revenue, but growth has slowed, with a mere 3.47% increase in 2024 and a 9.22% decline in Q1 2025 [6][9]. - The gross margin for the cosmetic surgery business is the lowest among its three main segments at 54.42%, indicating limited profitability [6][9]. - The company faces high goodwill impairment risks, with goodwill amounting to 1.781 billion yuan, representing 64% of net assets, and a 12% impairment could eliminate the entire annual net profit [6][10]. Regulatory and Reputation Issues - Langzi Co. has faced multiple compliance issues and consumer complaints, including administrative penalties for various subsidiaries due to violations, which have damaged its brand reputation [7][9]. - Negative public sentiment and high complaint rates on consumer platforms are adversely affecting the company's performance [7][9]. Industry Challenges - The cosmetic surgery industry is experiencing intensified price competition, leading to reduced profit margins for Langzi Co. [9]. - The company's attempts to leverage synergies between its apparel, cosmetic surgery, and children's products divisions have not yielded expected results, with traditional business segments also declining [9][10]. - The overall industry environment suggests that without addressing debt pressures and improving compliance, Langzi Co. may face significant challenges in the future [10].