Langzi Co., Ltd. intends to acquire the entire equity of Zhengzhou Jimei, and the national layout of medical beauty strategy is accelerating
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Faced with the booming medical beauty industry, Langzi Co., Ltd. (002612) has taken another step forward in its medical beauty layout and further expanded its medical beauty business segment.
On the evening of February 28, Langzi Shares issued an announcement that its wholly-owned subsidiary Beijing Langzi Medical Management had entered into cooperation with Wuhu Bochen No.9 Equity Investment Partnership (Limited Partnership) (hereinafter referred to as “Bochen No.9”) and Wuhu Juhao respectively. Jin Fashion Industry Investment Partnership (Limited Partnership) (hereinafter referred to as “Wuhu Jujin”) and Wu Hongming respectively signed the “Equity Transfer Agreement”. Beijing Langzi Medical Management plans to acquire Zhengzhou Jimei Medical Beauty held by the three parties in cash. Hospital Co., Ltd. (hereinafter referred to as “Zhengzhou Jimei”) has 70%, 18% and 12% equity.
After the completion of this transaction, Beijing Langzi Medical Management, a wholly-owned subsidiary of Langzi Co., Ltd., will hold 100% of the equity of the target company and include it in the consolidated statements of the listed company.
Internal and external dual drives accelerate the layout of the pan-fashion industry
According to the announcement, Zhengzhou Jimei was established in 2020. Its main business includes surgery, stomatology, dermatology, medical cosmetology, anesthesiology, medical laboratory, X-ray diagnosis, ultrasonic diagnosis, etc.
In recent years, the target company has specialized in medical beauty services, with a total business area of 6,586 square meters, and has departments such as plastic surgery, minimally invasive beauty, and cosmetic dermatology. Its business scope mainly includes plastic surgery, micro plastic surgery, and skin beauty. Currently, it has It is a second-class beauty specialty hospital approved by the Henan Provincial Department of Health.
Currently, the Zhengzhou campus of the target company is being renovated and upgraded. After the renovation is completed, it will have 6 laminar flow operating rooms, 10 standard wards, 3 VIP wards, 25 skin treatment rooms, 5 VIP treatment rooms, and 8 injection rooms. , 2 private treatment rooms, etc. At the same time, the Zhengzhou campus is equipped with plastic surgery, micro-surgery, dermatology, stomatology, intimate surgery, traditional Chinese medicine treatment, etc., and provides high-quality beauty-loving people from multiple perspectives such as technology and services in line with high-standard international requirements. , comprehensive and refined medical beauty services.
Relying on its advantages in brand awareness, professional medical team, high-quality medical level and excellent customer experience, the target company has continued to expand its business scale in recent years. In the most recent year, its operating income and net profit were 106 million yuan and 7.6928 million yuan respectively. . The current customer structure of Zhengzhou Jimei shows that men account for 6% and women account for 94%; the age of customers is concentrated between 25 and 45 years old, of which 46% are between 25 and 35 years old, 19% are between 36 and 45 years old, and 25 26% are under the age of 45 and 9% are over 45 years old.
Looking forward to the future, the target company will deeply explore customer value by increasing the repurchase rate of old customers, and actively expand new customers by combining new ways of attracting traffic and attracting customers to expand its market share.
According to the evaluation report issued by Yinxin Asset Appraisal Co., Ltd., taking December 31, 2023 as the evaluation base date, the target company’s evaluation value using the income method is 155 million yuan. Based on the above evaluation results, after consensus reached by all parties to the transaction, the transfer prices for the 70%, 18%, and 12% equity interests in the target company were RMB 108 million, RMB 28 million, and RMB 19 million respectively, totaling RMB 155 million.
It should be pointed out that the actual controllers of Langzi Asiana Asset Management Co., Ltd. (hereinafter referred to as “Asiana Asset Management”) and Langzi Co., Ltd. are Shen Dongil and Shin Jinhua, and Asiana Asset Management serves as the executive of Bochen No. 9 Business partners and fund managers, according to relevant regulations, this transaction constitutes a related transaction.
In response to this transaction, Bochen No. 9 made a performance commitment to the target company. From 2024 to 2026, the non-net profit levels will be no less than 10.54 million yuan, 12.82 million yuan, and 15.29 million yuan respectively. The cumulative at 38.65 million yuan. At the same time, Shen Dongri, the joint actual controller of Langzi Shares and Bochen No. 9, issued the “Performance Guarantee Commitment Letter from the Controlling Shareholder Regarding Bochen No. 9’s Performance Compensation Obligations”, promising that “if the performance is fulfilled in accordance with the “About Zhengzhou Jimei Medical Beauty Hospital Co., Ltd. The Equity Transfer Agreement stipulates that Bochen No.9 shall perform performance compensation obligations to Beijing Langzi Medical Management, and if the compensation paid by Bochen No.9 to the listed company within the payment period specified in the agreement is less than the agreed compensation amount, the difference shall be I will make up the amount within 30 days after the expiration of the payment period stipulated in the agreement in the same manner. Before Bochen No. 9 and I fail to pay the compensation in full, I will suspend receiving the cash dividends from the listed company until the promised obligations are fulfilled.”
Langzi shares stated that the target company for this acquisition is to accelerate the layout of the pan-fashion industry under the dual drive of endogenous + external expansion, enhance the scale and industry competitiveness of the medical beauty business, and accelerate the national layout and expansion of Langzi’s medical beauty business. Another important step to strive to become an industry leader. After the completion of this transaction, the target company will become a wholly-owned subsidiary of Langzi Co., Ltd. The financial status of the listed company’s medical aesthetic business is expected to be further optimized and improved, and the asset scale, revenue scale and profit scale of the medical aesthetic business will continue to increase.
New medical beauty institutions bring bright performance growth
As the first high-end women’s clothing listed company in China, Langzi Co., Ltd. has been committed to the design, production and sales of branded women’s clothing since its establishment. After experiencing a decline in its main clothing business in 2014 and 2015, Langzi Co., Ltd. adapted to the fashion industry in 2016. The new trend of development has officially entered the medical beauty industry, and after years of training, it has successfully built three major business sectors: fashionable women’s clothing, medical beauty and green infants and children.
After thorough domestic and foreign market research and judgment on the good development prospects of the domestic medical beauty market, in 2016, the company successfully invested in the Korean plastic surgery management organization “Dream Medical Group Co., Ltd.” and the well-known plastic surgery hospital “Dream Plastic Surgery”. It officially entered the domestic medical beauty market that year and owns the high-end medical beauty comprehensive brand “Milan Baiyu” and the light medical beauty chain brand “Jingshu Medical Beauty”; in early 2018, it acquired the well-known medical beauty plastic surgery “Gao Yisheng” brand in Xi’an; in 2019 In August 2020, the company acquired a controlling stake in Xi’an Meilifang Medical Cosmetology Hospital, and renamed it “Xi’an Milan Baiyu Plastic Surgery Hospital” in 2021; in 2022, the company acquired a controlling stake in Kunming Hanchen Medical Cosmetology Hospital Co., Ltd.; in 2023, the company Acquired controlling shares of Wuhan Wuzhou Plastic Surgery Hospital Co., Ltd. and Wuhan Hanchen Medical Cosmetology Hospital Co., Ltd.
Through the above series of operations, the brand matrix and international synergy of Langzi’s medical beauty business have gradually formed, and a two-wheel-driven development model of extensional expansion and connotation growth has gradually been formed.
As of the end of the third quarter of 2023, Langzi Co., Ltd. has 34 medical beauty institutions, including 9 general hospitals and 25 outpatient departments or clinics, mainly located in Chengdu, Xi’an, Kunming, Chongqing, Shenzhen, Wuhan, Changsha, and Baoji. and Xianyang and other regions, currently operating well-known domestic medical beauty brands such as “Milan Baiyu”, “Jingskin Medical Beauty”, “Gao Yisheng”, “Hanchen Medical Beauty” and “Wuhan Wuzhou”.
Langzi Co., Ltd.’s medical beauty brands such as “Milan Baiyu”, “Jingshu Medical Beauty”, “Gao Yisheng”, “Hanchen Medical Beauty” and “Wuhan Wuzhou” focus on different fields of medical beauty and have already established themselves in their respective fields. It has high brand awareness and market share in the regional market. The regional scale of Langzi Medical Aesthetics has been formed, and it has initially achieved the stage goal of becoming a regional leading medical aesthetics brand and radiating to South China, Central China and other southwestern regions. This acquisition The completion will take the company another major step towards the strategic layout of national medical aesthetics.
Langzi Co., Ltd. has been committed to the management of medical beauty institutions for many years, and has accumulated a relatively scientific and complete set of medical diagnosis and treatment, business processes and after-sales service systems, and has a replicable management and control model for medical beauty institutions. In the future, the company will further integrate and expand domestic high-quality medical beauty resources, achieve the accumulation of core resources and competitiveness such as advanced medical beauty technology, high-end medical beauty brands and standardized operating capabilities, and promote and chain the medical beauty brands across the country. After that, it quickly occupied the market and strived to become the first group in the domestic medical beauty industry at a relatively fast speed.
From a performance perspective, in 2020, 2021, 2022 and January to September 2023, the medical beauty sector achieved operating income of approximately 812 million yuan, 1.287 billion yuan, 1.406 billion yuan and 1.590 billion yuan respectively. Revenue achieved rapid growth.
According to the 2023 annual performance forecast, Langzi Shares is expected to achieve a net profit attributable to the parent company of 200 million to 250 million yuan, a year-on-year increase of 835.99% to 1069.99%; after deducting non-profit expenses, the net profit attributable to the parent company is 190 million to 240 million yuan. A year-on-year increase of 2866.44% ~ 3647.08%. Langzi shares stated that during the reporting period, the new institutions Wuhan Wuzhou and Wuhan Hanchen in the medical beauty sector brought new performance to the listed company and improved the overall performance of the new institutions of the same caliber.
China’s medical beauty market is expected to exceed 400 billion yuan in 2025
Medical cosmetology is essentially a type of medical service. The medical cosmetology industry has also evolved from initially only having medical attributes to the dual attributes of “medical treatment” + “consumption”.
In my country, although medical cosmetology has an industry history of nearly 30 years, the industry market concentration is not high, and most medical cosmetology institutions are small in scale. However, with the improvement of residents’ income level and awareness of beauty, more and more people are willing and able to continue to invest in “becoming beautiful”.
Judging from the development of the global medical beauty industry, the medical beauty industry is typically knowledge-intensive and capital-intensive. The technological progress of the industry is mainly driven by doctors and related medical device manufacturers. Changes in consumer demand determine the technological progress of the industry. The constantly improving technology makes medical cosmetology more and more safe and convenient, and also promotes the industry from the perspective of supply. growth in demand.
According to SoYoung’s big data, women are currently the main force in medical beauty consumption, and the male medical beauty consumer group continues to grow; medical beauty has become a daily life, and people’s acceptance of medical beauty is getting higher and higher with the liberation of their minds. SoYoung’s big data results show that more than 80% of the respondents in 2021 are highly receptive to medical aesthetics, and almost no respondents cannot accept medical aesthetics at all. With the changes in people’s aesthetic trends, the “appearance economy” continues to be strong, and beauty seekers have higher and higher requirements for “beauty”. Gradually, from “medical” to “trend beauty” to “natural beauty”, medical beauty projects are gradually becoming more sophisticated. ization, medical aesthetic services are gradually upgraded, especially light medical aesthetics, which is widely favored by the public.
According to Frost & Sullivan research report statistics, in terms of service revenue, the size of the global medical beauty market will increase from US$125.8 billion in 2017 to US$141.7 billion in 2021, with a compound annual growth rate of 3.0%, and it is expected to grow from US$125.8 billion in 2017 to US$141.7 billion in 2021. The compound annual growth rate from 2021 to 2030 is 10.9%, and will reach US$360.2 billion in 2030.
According to data from Essence International, China has become the world’s second largest medical beauty market, with the market size growing from 99.3 billion yuan in 2017 to 189.1 billion yuan in 2021. Moreover, China’s medical beauty service industry is in a growth stage, and there is huge room for improvement in penetration rate. . China’s medical beauty market has a compound annual growth rate of 15.8% from 2018 to 2021, and is expected to have a compound annual growth rate of 14.5% from 2022 to 2030. The market size is expected to reach 638.2 billion yuan in 2030.
Another agency predicts that China’s medical beauty market will reach 410.8 billion yuan in 2025. Among them, with the growing demand of consumers and the characteristics of non-surgical medical beauty projects such as less risk, shorter recovery period, and natural results, the non-surgical medical beauty market has always maintained high growth and expanded and squeezed the surgical market. The market size will reach 75.2 billion yuan in 2021, and it is expected that the market size will rise to 227.9 billion yuan in 2025 (CAGR from 2021 to 2025 is 31.9%), and it is expected to become the main market for medical beauty.
Some market participants believe that the country’s strong supervision of medical aesthetics will continue in 2024. The core of medical aesthetics supervision is the continuous improvement of quality and safety. Effective national supervision will benefit medical aesthetics companies that operate in compliance and allow the market share of compliant medical aesthetics to continue to increase.
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