| 日期 | 2025/8/29 | | --- | --- | | 当前股价(元) | 18.19 | | 一年最高最低(元) | 20.54/12.20 | | 总市值(亿元) | 80.48 | | 流通市值(亿元) | 46.34 | | 总股本(亿股) | 4.42 | | 流通股本(亿股) | 2.55 | | 近 3 个月换手率(%) | 332.94 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-09 2025-01 2025-05 朗姿股份 沪深300 纺织服饰/服装家纺 朗姿股份（002612.SZ） 2025H1 业绩有所承压，期待医美业务内生外延推进 2025 年 09 月 01 日 投资评级：买入（维持） 相关研究报告 《2024 年公司业绩稳健，医美内生外 延持续推进—公司信息更新报告》 -2025.4.30 《三季度略承压，医美业务版图进一 步扩张 — 公 司 信 息 更 新 报 告 》 -2024.10.27 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 2025H1 营收同比下滑 ...

Core Viewpoint - Langzi Co., Ltd. has been actively seeking bank loans to support its daily operational cash flow, indicating a focus on maintaining liquidity amid its expansion in the medical aesthetics sector [2][3]. Group 1: Loan Applications - On August 5, Langzi Co., Ltd. announced a loan application of 160 million yuan from Hangzhou Bank, following a previous application for 10 million yuan and 1 million yuan from other banks, totaling 360 million yuan in loans applied for within 40 days [2]. - Since 2025, Langzi has issued 15 announcements related to loan guarantees, including applications for bank credit lines and working capital loans, with a total borrowing amount of 232 million yuan in 2024 alone [2]. Group 2: Purpose of Loans - The company stated that the recent bank loans are primarily for daily operational cash flow, including employee salaries and supplier payments, with some funds potentially allocated for acquisition loans [3]. - The company has set a total external guarantee limit of 3.05 billion yuan for 2025, with different limits based on the subsidiaries' debt ratios [3]. Group 3: Financial Health - As of August 5, 2025, Langzi's total external guarantee balance is approximately 1.17 billion yuan, with 10 million yuan guaranteed for subsidiaries with a debt ratio exceeding 70% [4]. - The company has seven subsidiaries in the medical aesthetics sector with debt ratios above 70%, the highest being Chengdu Gaoxin Milan Baiyu Medical Aesthetic Hospital at 133.08% [4]. Group 4: Business Performance - Langzi Co., Ltd. transitioned into the medical aesthetics sector in 2016 and currently operates multiple brands across various cities, contributing significantly to its revenue [5]. - From 2022 to 2024, the company's debt ratio increased from 49.1% to 57.4%, with 2024 revenues reported at 5.691 billion yuan, a slight decrease of 0.24% year-on-year, while net profit increased by 1.38% to 257 million yuan [5]. - The medical aesthetics business generated 2.78 billion yuan in revenue in 2024, accounting for approximately 49% of the company's total revenue, with a 3.47% year-on-year growth [5].