在内生+外延的双重驱动下，朗姿股份(002612)进一步加快了泛时尚产业布局速度，并推动朗姿医疗美 容业务的全国布局。 9月10日晚间，朗姿股份发布公告，拟斥资近亿元收购重庆米兰柏羽时光整形美容医院有限公司（下 称"重庆米兰柏羽"）控股权，上市公司医美业务盈利能力有望得到进一步优化与改善，且医美业务资产 规模、收入规模和利润规模将持续增加。 标的未来三年净利不低于3101万元 9月10日，朗姿股份下属全资子公司北京朗姿医疗管理有限公司（以下简称"北京朗姿医管"）与芜湖博 恒二号创业投资合伙企业（有限合伙）（下称"博恒二号"）签署了《股权转让协议》，北京朗姿医管拟 以现金方式收购博恒二号持有的重庆米兰柏羽67.50%的控股权。 根据资产评估报告显示，截至2025年3月31日，在采用收益法评估后，重庆米兰柏羽100%股权评估值结 果为1.37亿元。基于以上评估结果，经交易双方协商一致，重庆米兰柏羽67.50%股权的转让价格为 9247.50万元。此次股权转让完成后，北京朗姿医管将持有重庆米兰柏羽67.5%控股权，后者将纳入上市 公司合并报表范围。 据悉，重庆米兰柏羽是一家专业从事医疗美容服务，总营业面积达5600 ...

Group 1 - The core viewpoint of the report indicates that Langzi Co., Ltd. experienced a decline in revenue but a significant increase in net profit for the first half of 2025, with total revenue of 2.788 billion yuan, down 4.30% year-on-year, and net profit attributable to shareholders of 274 million yuan, up 64.09% year-on-year [2] - The fashion women's clothing segment enhanced brand strength through new product launches and digital transformation initiatives, achieving a total online payment amount of 1.65 billion yuan, a year-on-year increase of 30% [2] - In the medical aesthetics sector, the company focused on safety and quality, with 8 medical institutions receiving TUV-SQS certification and 5 obtaining 5A hospital qualifications, while also establishing 7 medical aesthetics acquisition funds with a total scale of 2.837 billion yuan [3][4] Group 2 - The company optimized its supply chain management, achieving a procurement rate of 91.5% in the medical aesthetics business, with a significant increase in the procurement rates of main materials and auxiliary materials [4] - Langzi Co., Ltd. reduced costs effectively, with a procurement price reduction rate of 9.1% [4] - The company expanded its medical aesthetics business nationwide, operating 42 medical beauty institutions by the end of the first half of the year, with a focus on community-based services [4]

Financial Performance - In Q1 2025, the company achieved total revenue of approximately 1.399 billion yuan, a year-on-year decrease of 7.77% [2] - Gross profit margin was 59.72%, an increase of 0.38 percentage points compared to the same period last year [2] - Net profit attributable to shareholders was approximately 61 million yuan, a year-on-year increase of 5.12% [2] - Net profit after deducting non-recurring items was approximately 73 million yuan, a year-on-year decrease of 6.89% [2] - Net cash flow from operating activities was approximately 174 million yuan, a year-on-year decrease of 23.43% [2] - Basic earnings per share were 0.2153 yuan, an increase of 5.13% year-on-year [2] - Return on equity was 3.36% [2] - As of March 31, 2025, total assets were approximately 8.004 billion yuan, a growth of 0.41% from the end of the previous year [3] - Net assets attributable to shareholders were approximately 2.883 billion yuan, an increase of 3.42% from the end of the previous year [3] Business Segment Performance - Medical beauty segment revenue was approximately 670 million yuan, a year-on-year decrease of 9.22% [3] - Medical beauty segment gross profit was approximately 369 million yuan, a decrease of 8.58% year-on-year, with a gross profit margin of 55.05% [3] - Women's clothing segment revenue was approximately 504 million yuan, a year-on-year decrease of 5.74% [3] - Women's clothing segment gross profit was approximately 325 million yuan, with a gross profit margin of 64.51%, an increase of 0.15 percentage points year-on-year [3] - Infant and child segment revenue was approximately 221 million yuan, a year-on-year decrease of 8.52% [3] - Infant and child segment gross profit was approximately 137 million yuan, with a gross profit margin of 62.28%, an increase of 1.78 percentage points year-on-year [3] Brand Performance - Milan Baiyu achieved revenue of approximately 302.62 million yuan, a year-on-year decrease of 8.74% [4] - Jingfu Medical achieved revenue of approximately 125.20 million yuan, a year-on-year increase of 1.13% [4] - Hanchen Medical achieved revenue of approximately 97.93 million yuan, a year-on-year decrease of 1.43% [4] - Wuhan Wuzhou achieved revenue of approximately 47.55 million yuan, a year-on-year decrease of 15.11% [4] - Changsha Yamei achieved revenue of approximately 40.70 million yuan, a year-on-year decrease of 28.61% [4] - Zhengzhou Jimei achieved revenue of approximately 25.68 million yuan, a year-on-year decrease of 16.26% [4] Inventory and Operations - As of Q1 2025, total inventory for women's clothing was approximately 646 million yuan, a decrease of 4.75% from the end of the previous year [5] - The net amount of inventory goods was approximately 512 million yuan, a decrease of 7.45% from the end of the previous year [5] - The structure of inventory improved in Q1 2025 [5]

Core Viewpoint - The medical beauty industry is facing significant challenges, with "difficult operations" becoming a consensus within the sector [1]. Company Performance - Langzi Medical Beauty Group, despite being a listed large chain, is struggling with performance growth. In 2024, the company reported revenue of 5.691 billion yuan, a slight decline from the previous year, and in Q1 2025, revenue further decreased to 1.399 billion yuan, down 7.77% year-on-year. The net profit after deducting non-recurring items was 73.2755 million yuan, a decrease of 6.89% [2]. - The company initially focused on mid-to-high-end women's clothing but faced challenges due to the rise of e-commerce and foreign luxury brands. Despite attempts to diversify into children's clothing, revenue and profit continued to decline [4][5]. - From 2013 to 2015, revenue fell from 1.379 billion yuan to 1.144 billion yuan, and net profit dropped from 204 million yuan to 33 million yuan [5]. Strategic Expansion - Langzi entered the medical beauty market in 2016 through strategic investments and acquisitions, including the purchase of the Korean medical beauty service group DMG and several brands [6][12]. - The company adopted an aggressive acquisition strategy, acquiring multiple medical beauty institutions from 2017 to 2024, aiming to become a leading player in the domestic medical beauty sector [6][8]. Revenue Contribution - By 2024, the medical beauty segment contributed 49% of Langzi's revenue and 45% of its gross profit, surpassing the original women's clothing and children's business contributions [8]. - Despite the successful transition to medical beauty, the expected high growth has not materialized, with the medical beauty segment's revenue growth only at 3.47% year-on-year in 2024 [9]. Profitability Concerns - The gross profit margin for the medical beauty business was 54.42%, lower than the women's clothing (63.45%) and children's business (61.76%) [9]. - The company’s net profit in 2024 was only slightly higher than in 2013, indicating that the transition has not significantly improved profitability [9][10]. Financial Risks - Langzi's goodwill reached 1.781 billion yuan in 2024, accounting for 64% of its net assets, raising concerns about potential impairment risks [13]. - The company faces short-term debt pressures, with 1.323 billion yuan in short-term debt and only 555 million yuan in cash, resulting in a cash-to-short-term-debt ratio of 0.42 [15]. Market Outlook - The medical beauty industry is experiencing intensified competition and slowing growth, compounded by economic challenges and underwhelming consumer recovery [17].