广州若羽臣科技股份有限公司（以下简称"若羽臣"）近日公告，原持股5%以上股东朗姿股份有限公司（以下简称"朗姿股份"）的减持计划已实施完毕。 商报君送福利 看推文多多留言 减持完成后，朗姿股份持股数量仍余1355.37万股，占若羽臣当前总股本约4.36%，正式退出持股5%以上的重要股东行列。 凭借中高端女装起家的朗姿股份，于2016年通过投资韩国整形医疗管理机构和整形医院正式进入国内医美市场，拥有了高端医美综合品牌"米兰柏羽"和轻 医美连锁品牌"晶肤医美"。 2015年5月，若羽臣进行第三次增资扩股，朗姿股份以 1.1亿元现金认购1500万股，取得20%股权成为若羽臣发起人股东。2020年9月，若羽臣在深交所主 板上市。2022年9月，朗姿股份便迫不及待开启了减持套现。据统计，至2025年9月，朗姿股份总共减持套现若羽臣近5亿元。 接二连三的减持套现，装饰着朗姿股份的业绩格外抢眼。2025年上半年，朗姿股份实现净利润2.74亿元，同比增长64.09%。然而，扣除减持带来的收益， 其净利润仅为1.36亿元，同比下降2.70%。由此计算，减持若羽臣带来的收益，贡献了朗姿股份50%以上的净利润。 半年报显示，2025 ...

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].

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]