Core Viewpoint - The long-standing "high-profile divorce case" involving Liren Lizhuang has concluded, with the share transfer completed, marking a significant change in the company's ownership structure [2][4]. Group 1: Shareholder Changes - On August 21, Liren Lizhuang announced that the share transfer related to the divorce dispute between Huang Tao and his ex-wife Weng Shuhua has been completed. Huang Tao's shareholding decreased from 32.46% to 28.28%, while Weng Shuhua became a significant shareholder with 16,747,538 shares, accounting for 4.18% of the total shares [4][5]. - The market value of the shares obtained by Weng Shuhua is approximately 172 million yuan, reflecting an increase of over 40% since the court ruling [6]. Group 2: Business Performance - Liren Lizhuang's revenue has drastically declined from 4.155 billion yuan in 2021 to 1.728 billion yuan in 2024, a reduction of nearly 60%. The company is projected to incur a loss of 30 to 42.5 million yuan in the first half of 2025, reversing from profit to loss year-on-year [9]. - The termination or shift to a light operation model of partnerships with international brands like L'Oreal and Sulwhasoo in 2024 has led to a 38.39% drop in traditional e-commerce retail revenue [10]. - The company's transformation process is lagging behind its peers, with Tmall platform revenue still accounting for 73.43% in 2024, while emerging channels like Douyin only represent 18%. Although self-owned brands like Yuyongchun and Meiyitang saw a 140% revenue increase, they still contribute less than 10% to total revenue [12]. Group 3: Recent Shareholder Transactions - In April, Liren Lizhuang announced that Alibaba's subsidiary, Hangzhou Haoyue, transferred 70.38 million shares (17.57% of total shares) to Beijing Linlang Huancai Consulting Partnership at a price of 6.9 yuan per share, totaling 486 million yuan. This transaction marked the end of Alibaba's investment relationship with Liren Lizhuang since 2012 [14][16]. - Linlang Huancai, established in March 2025, has a registered capital of 515 million yuan, but its financial data appears weak, with only 5,036 yuan in revenue and a net profit of 5,010 yuan in 2024, and no revenue with a net loss of 74 yuan in the first quarter of 2025 [17][18].