Langsha(SH:600137) Zheng Quan Shi Bao Wang·2025-08-04 13:33Core Viewpoint - Wangsha Co., Ltd. is leasing a factory to improve asset utilization and increase revenue due to low production capacity utilization in its lingerie segment [1][2]. Group 1: Lease Agreement Details - Wangsha's subsidiary, Zhejiang Wangsha Lingerie Co., Ltd., signed a lease agreement with Xuhe Enterprise for approximately 12,700 square meters of factory space [1]. - The first-year rent is set at 17.5 yuan per square meter per month, totaling 2.6592 million yuan annually, with subsequent years at 18 yuan per square meter [1]. - Xuhe Enterprise, established in October 2023 with a registered capital of 88,000 yuan, is primarily engaged in enterprise management and real estate consulting [1]. Group 2: Production Capacity and Financial Performance - Wangsha's lingerie production capacity utilization is notably low, with a production volume of 4.0042 million sets in 2024, down from 4.5434 million sets the previous year [3]. - The company's self-produced lingerie capacity utilization rate is only 18.27%, a significant decline from 27.71% in 2023 [3]. - Revenue for 2024 is reported at 380 million yuan, a decrease of 2.08% year-on-year, attributed to intense market competition in the textile lingerie sector [4]. Group 3: Management Changes - Recent management changes have raised concerns, as two family members viewed as successors have exited the core management team [4]. - The company is transitioning from a family governance model to a professional management approach [4].