朗姿股份：跨界医美，未能挽救业绩颓势

Core Insights - The medical aesthetics industry is facing significant challenges, with "difficult operations" becoming a consensus within the sector. Even large listed companies like Langzi Medical Beauty are struggling with performance growth [1][10] - Langzi Medical Beauty's revenue for 2024 was 5.691 billion yuan, showing a slight decline compared to the previous year, and the first quarter of 2025 continued to show weakness with a revenue of 1.399 billion yuan, down 7.77% year-on-year [1][10] Company Overview - Langzi Co., Ltd. initially focused on mid-to-high-end women's clothing, founded in 2000, and later expanded into children's clothing. However, the company faced significant challenges due to the rise of e-commerce and foreign luxury brands [1][2] - In 2016, Langzi entered the medical aesthetics market through strategic investments and acquisitions, including a notable investment in the Korean medical beauty service group DMG [2][3] Business Expansion - The company adopted an aggressive acquisition strategy, acquiring multiple medical aesthetics brands and institutions from 2016 onwards, including the acquisition of 100% of Shaanxi Gao Yisheng in 2017 and several others in subsequent years [3][4] - By 2024, the medical aesthetics segment contributed 49% of Langzi's revenue and 45% of its gross profit, surpassing its original women's clothing and children's business segments [4][5] Financial Performance - Despite the successful transition to the medical aesthetics sector, the expected high growth has not materialized. The company's net profit for 2024 was 218 million yuan, only slightly above the 204 million yuan net profit in 2013 when it focused on women's clothing [5][6] - The medical aesthetics business had a revenue of approximately 2.784 billion yuan in 2024, with a year-on-year growth of only 3.47%, and the lowest gross margin among the three business lines at 54.42% [5][7] Challenges and Risks - The company faces increasing competition in the medical aesthetics industry, with a general slowdown in growth and economic conditions impacting performance across all business lines [10] - Langzi's goodwill has significantly increased due to its acquisition strategy, with goodwill assets amounting to 1.781 billion yuan, representing 64% of its net assets. This raises concerns about potential impairment risks in the future [8][9] - The company's short-term debt has surged, with 1.323 billion yuan due within a year, while cash reserves stand at only 555 million yuan, indicating weak short-term solvency [9][10]