医美并购的“朗姿教训”

Core Viewpoint - Langzi Co., Ltd. relies on capital-driven growth and rapid mergers and acquisitions to form a chain scale, neglecting the core of the medical beauty industry, which is "doctors and services" [1][30]. Financial Performance - Langzi Co., Ltd. reported a projected net profit of 220 million to 260 million yuan for the first half of 2025, representing a year-on-year growth of 31.74% to 55.69% [3][4]. - However, after excluding a 160 million yuan investment gain from the sale of Ruoyuchen, the actual operating net profit dropped to 90 million to 130 million yuan, a decline of 35.68% to 7.09% year-on-year [6][4]. - The first quarter of 2025 showed a decline in revenue, net profit, and cash flow from operating activities, indicating a downward trend [6][7]. Medical Aesthetics Business Challenges - The medical aesthetics segment, which was expected to be a new growth engine, has underperformed, with revenue and gross profit decreasing by 9.22% and 8.58% respectively in Q1 2025 [11][8]. - The gross profit margin of the medical aesthetics business is 55.05%, significantly lower than the traditional apparel and children's products segments, which have margins of 64.51% and 62.28% respectively [11][8]. - Among the seven medical aesthetics brands under Langzi, only the Jingfu Medical Beauty brand achieved positive growth in Q1 2025, while the other six brands experienced revenue and profit declines [13][11]. Industry Dynamics - The medical aesthetics industry has a complex value structure, with upstream pharmaceutical and equipment manufacturers capturing 50%-70% of the profits, while downstream service providers only retain 10%-25% [16][15]. - Operating a medical aesthetics institution is capital-intensive, requiring significant investment in equipment and facilities, with depreciation periods of 5-10 years [17][16]. - The industry faces increasing competition, with the number of specialized medical aesthetics institutions in China reaching 21,000 in January 2025, an increase of approximately 2,400 from the previous year [21][20]. Strategic Decisions and Market Trends - Despite the challenges, Langzi continues to invest in medical aesthetics, viewing it as a low-resistance entry point into the sector with high valuation potential [23][22]. - The medical aesthetics market in China has seen a compound annual growth rate of over 20% from 2011 to 2019, attracting significant capital investment [24][23]. - Langzi's strategy of rapid acquisitions in the medical aesthetics sector has not translated into sustainable growth, as the industry is moving towards a more decentralized model focused on individual practitioners and boutique institutions [30][29]. Conclusion - The fundamental conflict between capital-driven expansion and the intrinsic nature of the medical aesthetics industry may be the root cause of Langzi's current challenges [31][30].