Shanghai Lily&Beauty (SH:605136) Nan Fang Du Shi Bao·2025-09-30 07:43Core Viewpoint - The ongoing divorce and property dispute involving Huang Tao, the actual controller of Liren Lizhuang, has led to a new court notification regarding the transfer of shares to his children, potentially impacting the company's financial standing and Huang's ownership stake [1][2][4]. Shareholder Changes - Huang Tao received a court notification regarding a request from his ex-wife, Weng Shuhua, to transfer 16,747,538 shares to their child, Huang Yiqi [2][4]. - Following a previous court ruling in August, Huang's shareholding decreased from approximately 32.46% to 28.28%, while Weng's stake increased to 4.18% [4][6]. - If the court supports Weng's current request, Huang could face a loss exceeding 300 million yuan [6]. Financial Performance - Liren Lizhuang reported a revenue of 831 million yuan for the first half of 2025, a decrease of 13.98% year-on-year, with a net profit loss of 32.76 million yuan [9][10]. - The company experienced a significant decline in cash flow, with a net cash flow from operating activities of 63.34 million yuan, down 54.27% [9]. - The revenue drop was attributed to underperformance of cooperative brands and the termination of partnerships with certain Korean brands [10]. Company Background - Liren Lizhuang, established in May 2010, specializes in online retail of cosmetics, primarily through Tmall [7]. - The company went public on the Shanghai Stock Exchange in September 2020 after a previous failed IPO attempt in 2018 [8].