导语：朗姿股份的模式——依赖资本驱动、通过快速并购整合形成连锁规模，忽略了医美行 业"医生和服务"的核心 。 增长考验 朗姿股份（ 002612.SZ ）曾因搭上医美风口而股价暴涨，不过，其打造 " 医美第二增长曲线 " 的雄心，正遭遇现实的严峻考验。 从表面业绩看，朗姿股份势头良好。公司近期披露的 2025 年半年度业绩预告显示，预计上半年 实现归母净利润 2.2 亿 -2.6 亿元，同比增长 31.74%-55.69% 。 | 项目 | 本报告期 | 上年同期 (追溯调整后) | | --- | --- | --- | | 归属于上市公司 | 盈利:22,000万元-26,000万元 | | | 股东的净利润 | 比上年同期上升:31.74% | 盈利:16.699.55 万元 | | | 55. 69% | | | 扣除非经常性损 益后的净利润 | 盈利:9,000万元 - 13,000.00 | 盈利:13,992.38 万元 | | | 万元 | | | | 比上年同期上升:-35.68% - | | | | 7. 09% | | | 基本每股收益 | 盈利:0.4972元/股 - 0.5876元 ...

Group 1 - The core point of the news is that Langzi Co., Ltd. plans to reduce its stake in Ruoyuchen by up to 3% within 15 trading days, following a previous cash-out of 217 million yuan, indicating a strategic move to support its expanding medical beauty business [1][4][6] - Ruoyuchen's stock price has surged by 534% over the past year, with a year-to-date increase of over 150%, prompting Langzi's decision to sell at a high point [1][4] - Langzi's investment in Ruoyuchen has yielded over 8 times returns, marking it as one of its most successful financial investments in recent years [4][6] Group 2 - Ruoyuchen, founded in 2011 and listed in September 2020, has seen a significant shift in its business structure, with traditional e-commerce operations declining while its own brand business is on the rise [4][5] - The revenue from Ruoyuchen's self-owned brands has grown from 73.97 million yuan in 2021 to approximately 263 million yuan in 2023, accounting for nearly 19.27% of total revenue [5] - The overall gross margin for Ruoyuchen reached 44.57% in 2024, with self-owned brands achieving a gross margin of 67%, significantly higher than its other business segments [5] Group 3 - Langzi's medical beauty business has become its main revenue driver, contributing 2.784 billion yuan in 2024, which is 48.92% of total revenue, surpassing its fashion women's wear segment [9][10] - Despite the growth, the gross margin for the medical beauty segment is only 54.42%, which is lower than the 63.45% margin for the women's wear segment [9][10] - Langzi's short-term borrowings have surged by 92.11% year-on-year, indicating increasing financial pressure as it expands its medical beauty operations [9][14] Group 4 - Langzi has faced compliance issues within its medical beauty operations, with several institutions under its umbrella encountering penalties for various violations [13] - The company is actively seeking funding to support its medical beauty expansion, which may include repaying upcoming debts and acquiring regional medical beauty institutions [13][14] - The medical beauty market in China has significant growth potential, with a penetration rate of only 3%-5%, compared to 20% in South Korea, but faces challenges from competitors and macroeconomic fluctuations [13][14]