昔日美妆大鳄转型艰难 董事长离婚又被分走1.7亿元

Core Viewpoint - The divorce case of Huang Tao, the controlling shareholder of Liren Lizhuang, has drawn market attention, particularly due to the transfer of shares amidst declining performance in the beauty industry [2][10]. Company Performance - Liren Lizhuang's revenue for Q1 this year was 361 million yuan, a year-on-year decline of 23.58% [2]. - The company expects a net loss attributable to shareholders of 30 million to 42.5 million yuan for the first half of 2025 [2]. - Since its IPO in September 2020, Liren Lizhuang's revenue has consistently decreased, from a peak of 4.155 billion yuan in 2021 to an estimated 1.728 billion yuan in 2024, representing a decline of over 50% [2][5]. - The company's market capitalization is approximately 4.1 billion yuan [2]. Business Model and Strategy - Liren Lizhuang, known as the "first stock of beauty e-commerce operation," shifted from a commission-based model to a high-risk, high-reward model by signing sales agreements with brands and managing operations directly [3]. - The company has faced challenges due to increased competition in the beauty market and a shift in consumer behavior, particularly with the rise of platforms like Douyin and Xiaohongshu [5]. - In 2024, Liren Lizhuang's revenue fell by 37.44% to 1.728 billion yuan, primarily due to the termination of partnerships with several brands and a shift in operational models [5]. Shareholder Changes - Following the divorce proceedings, Huang Tao's shareholding decreased from 32.46% to 28.28%, while his ex-wife, Weng Shuhua, acquired 4.18% of the shares, valued at approximately 170 million yuan [2][10]. - The divorce case has had a notable impact on the company's stock performance, with previous instances showing a negative market reaction to similar events [10]. Transition to New Business Models - To address declining performance, Liren Lizhuang has begun incubating its own brands, such as Yuru and Meiyitang, focusing on niche markets within the beauty sector [7]. - Despite these efforts, the company continues to face financial challenges, leading to a transition from a buyout model to a lighter operational model to reduce inventory and financial risks [9].