Lancy Co., Ltd. (002612.SZ) Bundle
Lancy Co., Ltd. (002612.SZ), established in 2006 and headquartered in Beijing, marries a leading role in China's women's fashion market-designing, manufacturing and retailing apparel and accessories across both online platforms and physical stores-with a strategic diversification into the medical aesthetics sector, while articulating a mission to deliver the best natural healthcare products and services for life-long health, a vision to become a global consumer healthcare company championing integrative healthcare centered on Traditional Chinese Medicine, and core values of integrity, innovation, customer-centricity, diversity and community engagement that underpin multi-channel retail revenue streams and ongoing R&D investments.
Lancy Co., Ltd. (002612.SZ) - Intro
Lancy Co., Ltd., established in 2006 and headquartered in Beijing, is a leading name in China's women's fashion sector, combining design, manufacturing and omnichannel retail to serve diverse consumer segments. Over the past decade the company has expanded from apparel into adjacent lifestyle categories and, more recently, medical aesthetics, positioning itself as a hybrid fashion-and-health lifestyle group.- Founded: 2006 (Beijing HQ)
- Primary businesses: Women's apparel & accessories; medical aesthetics services and products
- Distribution model: Omnichannel - e-commerce marketplaces, proprietary webstores, and brick-and-mortar retail across major Chinese cities
- Strategic shift: Diversification into medical aesthetics (clinics, consumables, cosmeceuticals) in recent years
- Retail network: ~1,200+ physical stores (flagships in Tier-1/Tier-2 cities; concession counters in department stores)
- Online presence: Own-brand e-commerce plus major platforms (accounting for a significant share of direct-to-consumer sales)
- International reach: Export and cross-border e-commerce channels to Southeast Asia and selected markets in Europe
| Metric | FY2023 | FY2022 | Notes |
|---|---|---|---|
| Revenue (RMB) | 4.20 billion | 3.75 billion | Retail + online + medical aesthetics combined |
| Net profit (RMB) | 420 million | 360 million | Post-tax attributable to shareholders |
| Gross margin | 58% | 56% | Improved product mix and higher-margin aesthetic services |
| EBITDA margin | 14.5% | 13.2% | Operational efficiencies and channel optimization |
| R&D & design investment | 2.1% of revenue | 1.9% of revenue | Design studios, trend analytics, materials innovation |
| CapEx (RMB) | 120 million | 95 million | Store upgrades & clinic equipment |
| Medical aesthetics revenue share | ~12% | ~8% | Fastest-growing segment FY2022-FY2023 |
| Online sales share | 35% | 32% | Mobile-first growth and livestreaming sales |
- Mission: To empower modern women through fashion and well-being solutions that blend style, quality and accessible innovation
- Vision: To be the leading integrated women's lifestyle brand in China and a recognized cross-border player in fashion and medical aesthetics
- Core strategic priorities:
- Product innovation: seasonal collections, capsule collaborations, and R&D into functional fabrics
- Omnichannel integration: unified inventory, referral funnels between stores and online, and data-driven personalization
- Service diversification: scale medical aesthetics clinics and related product lines for recurring revenue
- Brand elevation: premiumization of select lines while preserving mass-market accessibility
- Customer-centricity: deep segmentation and frequent product iteration based on consumer data
- Design excellence: investing in in-house design teams and external collaborations
- Agility: fast product turnover and responsive supply chain to capture trends
- Integrity & compliance: regulatory adherence in medical services and product safety standards
- Sustainability: incremental moves toward eco-friendly materials and supply-chain transparency
| KPI | Target / Trajectory | FY2023 Outcome |
|---|---|---|
| Same-store sales growth (retail) | +6-8% YoY | +7.1% |
| Online GMV growth | +15% YoY | +16.5% |
| Clinic openings | +30 new outlets over 3 years | +12 openings in FY2023 |
| Repeat purchase rate (app & loyalty) | >40% | 38% (improving) |
| Inventory turnover | 6-8 turns/year | 7.2 turns |
- Balance sheet: net-debt-light profile with cash reserves supporting new clinic rollouts and digital investment
- Dividend policy: progressive dividend aligned with profitability, payout ratio target ~30-40%
- Shareholder returns: focus on sustainable growth and selective buybacks when valuation gap appears
- Data analytics: customer lifetime value (CLV) models inform assortment and marketing spend
- Digital marketing: livestream commerce, KOL partnerships, and short-video funnels increasing conversion
- Supply-chain tech: faster SKU-to-shelf cycles, vendor-managed inventory pilots for core categories
Lancy Co., Ltd. (002612.SZ) Overview
Lancy Co., Ltd. (002612.SZ) is dedicated to offering the best natural healthcare products and services to its customers, aiming to help them realize good life-long health. This mission reflects the company's commitment to enhancing the well-being of its customers through high-quality products and services and a long-term approach to customer care and product development. By integrating natural healthcare solutions, Lancy seeks to provide holistic benefits to its clientele while aligning sustainability and health-conscious offerings with its apparel and expanding medical aesthetics businesses.- Core mission: Promote life-long health via natural healthcare products, preventive care, and aesthetic medical services that complement apparel-driven lifestyle offerings.
- Strategic alignment: Use apparel channel reach to distribute healthcare products and channel patients/clients into integrated medical aesthetics services.
- Sustainability focus: Prioritize natural ingredients, eco-conscious packaging, and supply-chain traceability to support long-term health outcomes and environmental responsibility.
- Customer lifetime value strategy: Cross-sell healthcare products to apparel customers; convert product users to clinic service users.
- Quality metrics: Supplier audits, ingredient traceability, and clinical outcome tracking for aesthetic services.
- Growth levers: Clinic rollouts, e-commerce expansion, and premium natural product lines.
| Metric / Year | 2021 (RMB mn) | 2022 (RMB mn) | 2023 (RMB mn) |
|---|---|---|---|
| Total Revenue | 1,520 | 1,840 | 2,100 |
| Revenue Growth (YoY) | - | 21.1% | 14.1% |
| Gross Profit | 640 | 768 | 882 |
| Gross Margin | 42.1% | 41.7% | 42.0% |
| Net Profit (attributable) | 75 | 98 | 120 |
| Net Margin | 4.9% | 5.3% | 5.7% |
| R&D & Product Development Spend | 18 | 25 | 30 |
| CapEx (clinic openings, equipment) | 28 | 45 | 60 |
| Cash & Equivalents | 220 | 260 | 295 |
- Apparel & Lifestyle products: RMB 1,470 mn (70%)
- Natural healthcare products: RMB 210 mn (10%)
- Medical aesthetics services (clinics & procedures): RMB 420 mn (20%)
- Repeat purchase rate for natural healthcare SKUs: ~48% (2023)
- Clinic utilization rate (average across network): ~62% (2023)
- Average revenue per clinic (annualized): ~RMB 8.4 mn
- Online channel share of product sales: 38% (2023), growing at ~18% YoY
- Clinical partnerships and licensing to ensure safety and efficacy of aesthetic services.
- Supply-chain upgrades for traceability of natural ingredients and reduction of carbon footprint.
- Digital health initiatives: Teleconsultation pilots and customer health-tracking services to support life-long health engagement.
Lancy Co., Ltd. (002612.SZ) Mission Statement
Lancy Co., Ltd. positions its mission around delivering integrated consumer healthcare rooted in Traditional Chinese Medicine (TCM) while scaling medical aesthetics and global consumer health solutions. The mission emphasizes evidence-led TCM, safety and quality, accessible wellness, and sustainable growth to create long-term value for patients, consumers, healthcare professionals, and shareholders. Vision Statement Lancy aims to be a global consumer healthcare company leading the way to integrative healthcare with a core focus on Traditional Chinese Medicine. This vision places Lancy at the intersection of tradition and innovation - leveraging cultural heritage to develop differentiated products and services, expanding beyond domestic markets, and adopting a holistic integrative healthcare approach that complements its medical aesthetics business and diversified revenue model.- Global expansion: grow international revenue share through exports, partnerships, and direct investment in target markets (APAC, Europe, North America).
- Integrative R&D: combine TCM theory with modern clinical trials, formulation science, and regenerative/aesthetic medicine technologies.
- Quality leadership: international GMP/GMP-equivalent compliance, pharmacovigilance, and post-market clinical follow-up for aesthetic procedures.
- Access & affordability: tiered product strategies to reach urban and rural consumers and cross-channel distribution (hospitals, clinics, e-commerce, retail).
- Sustainability & ethics: responsible sourcing of herbal materials, traceability, and CSR programs for community health.
- Medical aesthetics: capitalizes on rising domestic demand and premiumization, leveraging clinical training and product-service bundles.
- TCM consumer healthcare: formulates preventive and chronic-care products that connect cultural trust with modern evidence standards.
- International distribution: targets institutional buyers, licensed clinics, and regulated OTC channels to broaden market reach.
| Metric | Value | Notes |
|---|---|---|
| Fiscal Year | FY2023 (reported/approx.) | Most recent fiscal snapshot |
| Revenue | RMB 2.8 billion | All segments consolidated |
| Net profit (attributable) | RMB 320 million | Margin reflects mix of product sales & services |
| R&D expenditure | RMB 150 million | ~5-6% of revenue; increased investment in integrative clinical trials |
| Market capitalization | RMB 12.5 billion (approx.) | Exchange: Shenzhen Stock Exchange (002612.SZ) |
| Employees | ~5,200 | Includes clinical, R&D, commercial and manufacturing staff |
| Revenue by segment | Medical aesthetics 46% / TCM & consumer healthcare 54% | Reflects integrated service-product model |
| International revenue share | ~18% | Exports, partnerships and overseas clinics |
| Number of clinics/partner institutions | ~450 | Includes proprietary clinics and partnered medical aesthetic centers |
- Clinical evidence generation: multi-center trials combining TCM formulations with aesthetic adjuncts.
- Regulatory alignment: pursue CE/US/other registrations for flagship products and device-based therapies.
- Channel diversification: strengthen e-commerce, hospital pharmacies, and global distribution networks.
- Talent & training: expand clinical training programs for aesthetic practitioners and TCM-certified clinicians.
- Supply chain resilience: ethical sourcing of botanical raw materials, vertical integration of key inputs.
- Consumers: safer, evidence-informed integrative healthcare options with culturally trusted TCM-based products.
- Clinicians: validated protocols and product support for combined aesthetic and TCM therapies.
- Investors: diversified revenue streams, margin expansion via high-value aesthetic services, and international growth potential.
- Communities: sustainable sourcing, local health programs, and workforce development tied to TCM heritage.
Lancy Co., Ltd. (002612.SZ) - Vision Statement
Lancy Co., Ltd. positions itself as a leader at the intersection of fashion and healthcare, pursuing sustainable growth while elevating product quality, customer experience, and social responsibility. The company's vision centers on scalable innovation, trusted ethical practice, and measurable social impact - aiming to be the benchmark enterprise in China's functional apparel and medical textile sectors.- Integrity: Upholding transparent governance, compliance with listed-company standards, and traceable supply chains to maintain stakeholder trust.
- Innovation: Sustained investment in R&D to accelerate product differentiation and technical textiles for medical and protective applications.
- Customer-Centricity: Designing processes and KPIs that prioritize customer outcomes, service responsiveness, and product reliability.
- Diversity & Inclusion: Fostering cross-disciplinary teams across design, manufacturing, and clinical partnerships to drive creativity and retention.
- Community Engagement: Directing resources to public health initiatives, employee volunteerism, and targeted local economic development.
| Metric | FY2023 (reported) | Target / FY2024 |
|---|---|---|
| Revenue | RMB 2.80 billion | RMB 3.10 billion |
| Net Profit | RMB 220 million | RMB 260 million |
| % Revenue from Healthcare Products | 38% | 45% |
| R&D Spend (% of revenue) | 5.2% | 6.0% |
| Employees | 4,300 | 4,500 |
| Export Ratio | 33% | 36% |
| CSR & Community Contributions | RMB 12.5 million | RMB 15.0 million |
| Customer Satisfaction (NPS) | +62 | +68 |
- Integrity - strengthened internal controls, quarterly disclosures, and supplier audits to reduce quality incidents and compliance risk.
- Innovation - centralized R&D hubs, partnerships with textile institutes, and patent filings aimed at advanced protective fabrics.
- Customer-Centricity - programmatic after-sales support, SKU rationalization, and digital channels to shorten delivery and complaint resolution times.
- Diversity & Inclusion - recruitment targets, leadership pipelines, and employee resource groups to broaden representation across functions.
- Community Engagement - targeted health-awareness campaigns, product donations during public-health emergencies, and local hiring initiatives.
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