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“企二代”淡出 浪莎股份“去家族化”转型

Core Viewpoint - The recent personnel changes at Langsha Co., Ltd. signify a shift from a family governance model to a professional management approach, indicating a move towards "de-familization" [4][5][6] Group 1: Management Changes - Founder Weng Rongdi continues as Chairman and General Manager, while family members Weng Xiaofeng and Weng Xiaofei exit the core management team [4][5] - The board size has been reduced from 7 to 5 members, with family representation decreasing from 3 to 1 [5] - New appointments include Jin Zhoubin as Deputy General Manager and Lu Mingliang as the new financial head, both of whom are internally cultivated talents [6] Group 2: Financial Performance - Langsha's revenue from 2022 to 2024 was 327 million, 388 million, and 380 million yuan, with net profits of 17.27 million, 22.63 million, and 23.40 million yuan respectively [7] - In Q1 2025, the company reported a revenue of 64.60 million yuan, a decline of 9.65% year-on-year, while net profit increased by 96.33% to 9.31 million yuan [7] - The number of stores decreased from 384 at the end of 2022 to 282 by the end of 2024, a reduction of 102 stores or 27% [7] Group 3: Business Model and Challenges - Langsha relies heavily on the OEM model, with 85.86% of production being OEM, which has led to lower profit margins compared to competitors [8] - The company faced quality issues, including a scandal involving a subcontractor, which highlighted the risks associated with the OEM model [8] - The gross margin has been consistently lower than competitors, with figures ranging from 13% to 20.30% from 2020 to 2024 [8] Group 4: Market Opportunities - The company is focusing on the "Guochao" (national trend) market, anticipating growth in domestic demand for fashionable and personalized innerwear [10] - The "Guochao" clothing market has seen significant growth, with a compound annual growth rate of nearly 16% from 2017 to 2023 [10] - However, experts suggest that Langsha has not effectively capitalized on the "Guochao" trend and faces intense competition in this space [11]