Shanghai Lily&Beauty (SH:605136) Jing Ji Guan Cha Wang·2025-09-30 02:03Core Viewpoint - The ongoing legal disputes between Huang Tao, the controlling shareholder of Liren Lizhuang, and his ex-wife, Weng Shuhua, have raised uncertainties regarding the company's ownership structure and have coincided with a significant decline in the company's financial performance [1][3][5] Company Overview - Liren Lizhuang, founded in 2007 by Huang Tao and Weng Shuhua, transitioned from a "Taobao couple shop" to a publicly listed company in 2020, with an initial stock price of 12.23 yuan per share and a market capitalization exceeding 220 billion yuan shortly after listing [2][3] - The company has faced a substantial drop in revenue, with figures declining from 41.55 billion yuan in 2021 to 17.28 billion yuan in 2024, representing a nearly 60% decrease [3][5] Legal Issues - Weng Shuhua has initiated multiple lawsuits against Huang Tao, including a recent request to transfer 16.74 million shares (valued at approximately 1.67 billion yuan) to their children, which adds to the ongoing legal complexities surrounding the company's ownership [1][3] - Huang Tao's shares have been subject to judicial freezes and forced execution due to the ongoing divorce proceedings, impacting his ownership stake from 32.46% to 28.28% [3] Financial Performance - In the first half of 2025, Liren Lizhuang reported a revenue of 8.31 billion yuan, a year-on-year decline of 13.98%, and a net loss of 32.76 million yuan, attributed to reduced gross profit and increased impairment losses [5] - The company has emphasized its marketing efficiency and data analysis capabilities as key competitive advantages, particularly in response to the diminishing internet user growth and traffic [4]