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Chinese company with three businesses: women's fashion brands, medical-aesthetics clinics and baby and children's brands (Agabang, Ettoi).
Chinese company with three businesses: women's fashion brands, medical-aesthetics clinics and baby and children's brands (Agabang, Ettoi).
Medical aesthetics, run through clinics the group owns, is now the largest by revenue, ahead of the women's fashion brands that built the company. A third arm sells baby and children's wear and gear under the Agabang and Ettoi names. The founder, Shen Dongri, is the controlling shareholder.
Moat: narrow (brand, distribution). Established fashion brands and a clinic network; consumer demand and fashion cycles limit durability.
Headquarters: Beijing, China · Employees: 5,938
Size Lancy (002612.SZ) is a China Consumer Discretionary company (Apparel/Footwear) with a market value of $1.19B, the 1982nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥17.91 on 6 Nov 2026.
Performance Over six months the shares gained 11.3%, against -8.8% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 9.3% over the last twelve months (peer median +8.8%); the operating margin is 10.3% (peer median 7.8%).
Valuation It trades at 22.4× forward earnings against a peer median of 29.3× (9th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.3 points above its cost of capital (6.4% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.38B | CN¥5.98B | CN¥5.82B | CN¥5.69B | CN¥4.13B |
| Revenue growth | — | +3% | +2% | +38% | — |
| Gross profit | CN¥4.14B | CN¥3.50B | CN¥3.36B | CN¥3.20B | CN¥2.21B |
| EBITDA | n/a | CN¥819M | CN¥775M | CN¥695M | CN¥346M |
| Net income | CN¥214M | CN¥999M | CN¥261M | CN¥254M | CN¥21.4M |
| Free cash flow | CN¥522M | CN¥364M | CN¥473M | CN¥787M | CN¥109M |
| Capital expenditure | CN¥93.2M | CN¥105M | CN¥158M | CN¥131M | CN¥183M |
| Total debt | CN¥2.61B | CN¥2.56B | CN¥2.52B | CN¥2.11B | CN¥2.15B |
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| Measure | 002612.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.4% | -5.1% | 7th highest of 21 |
| 6-month return | +11.3% | -8.8% | 4th highest of 21 |
| Distance from 52-week high | -24.2% | -39.1% | 6th highest of 21 |
| Revenue growth (TTM) | +9.3% | +8.8% | 10th highest of 21 |
| Operating margin | 10.3% | 7.8% | 7th highest of 21 |
| Forward P/E | 22.4× | 29.3× | 9th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -1.2% | 8.9% | 7th least demanding of 15 |
| Growth delivered (Del g) | +15.9% | +2.2% | 3rd highest of 14 |
| Hurdle (Req g minus delivered) | -17.0 pp | +2.0 pp | 3rd least demanding of 14 |
| ROIC minus cost of capital | +5.3 pp | +0.9 pp | 6th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lancy 002612.SZ | China | $1.19B | +11% | +9% | 10% | 22.4× | -1.2% | +15.9% |
| Toread 300005.SZ | China | $1.21B | -45% | +22% | -1% | 60.7× | n/a | n/a |
| Wacoal 3591.T | Japan | $1.21B | -21% | +2% | -1% | 36.5× | 35.7% | +2.4% |
| Salvatore Ferragamo SFER.MI | Italy | $1.22B | -19% | -2% | 3% | 202.8× | 22.5% | +2.2% |
| Tayho Advanced Materials 002254.SZ | China | $1.26B | -13% | +6% | -2% | 70.6× | 10.1% | +8.1% |
| Guangdong Golden Dragon Development 000712.SZ | China | $1.12B | -20% | -3% | -20% | n/a | n/a | n/a |
| Lai Yih Footwear 6890.TW | Taiwan | $1.11B | -7% | -11% | 8% | 12.0× | n/a | n/a |
| Xtep International 1368.HK | Hong Kong | $1.27B | -16% | +10% | 10% | 7.7× | -10.3% | +10.8% |
| Jihua 601718.SS | China | $1.10B | -43% | -22% | -10% | n/a | n/a | n/a |
| Human Made 456A.T | Japan | $1.10B | +39% | +27% | 30% | 45.5× | 7.7% | n/a |
| Pearl Global Industries PGIL.NS | India | $1.31B | +51% | +14% | 8% | 36.9× | 25.0% | +27.5% |
| Jiangsu Hongdou Industrial 600400.SS | China | $1.06B | +11% | +22% | -9% | 102.3× | 13.7% | -1.3% |
| 361 Degrees International 1361.HK | Hong Kong | $1.34B | -11% | +13% | 14% | 6.1× | -20.3% | +16.0% |
| Topscore Fashion 603608.SS | China | $1.05B | +28% | +9% | 4% | n/a | 51.6% | -9.4% |
| G-III Apparel GIII | United States | $1.35B | -1% | -9% | 8% | 13.0× | -9.5% | +7.5% |
| New Wave NEWA-B.ST | Sweden | $1.36B | +4% | +9% | 11% | 14.4× | n/a | n/a |
| Dazzle Fashion 603587.SS | China | $1.03B | +10% | +7% | 16% | 22.1× | -9.2% | -3.5% |
| YoungoneHoldings 009970.KS | South Korea | $1.42B | -11% | +14% | 15% | 6.5× | n/a | n/a |
| Zhonghong Pulin Medical Products 300981.SZ | China | $990M | +5% | +11% | 9% | n/a | -1.7% | -13.1% |
| JOEONE 601566.SS | China | $975M | +4% | +1% | 6% | 52.6× | -2.9% | +2.1% |
| Shanghai Puyuan Chemical Materials 603196.SS | China | $964M | -46% | +78% | 12% | 19.9× | 16.2% | -0.2% |