Lancy Co., Ltd.

Lancy Co., Ltd. is a manufacturing company listed on the Shenzhen Stock Exchange since 2011, specializing in the design, production, and sales of branded women's apparel. The company focuses on the mid-to-high-end market segment and has developed a diverse portfolio of fashion brands by leveraging over a decade of experience in brand development, design capabilities, and operational management. Lancy has also expanded its business model to include medical aesthetics and eco-friendly baby and children's products, creating a pan-fashion business ecosystem. The company's main business lines include fashion womenswear, medical aesthetics, and eco-friendly baby and children's wear. In the fashion womenswear segment, Lancy operates six proprietary brands and holds exclusive agency rights for a South Korean brand. Its medical aesthetics division offers a range of services, including cosmetic surgery and dermatology, with a presence in major Chinese cities. Additionally, Lancy became the largest shareholder of Agabang & Company, enhancing its offerings in the infant and toddler clothing market. The company's strategic acquisitions and digital transformation initiatives support its growth and competitiveness across these sectors.

(I) Fashion Brand Operations with Platform-based and global DNA Since the launch of LANCY brand in 2000, the Company has led China’s mid-to-high-end womenswear market and has consistently ranked among national top retailers. Over the years, we have continued to develop trend-setting fashion brands: In 2006, LIME is launched to response the shifting consumer demands from differentiated market segments. We have also restructured and upgraded our brand portfolio by launching LɅNCY for high-net-worth customers. We launched LiaaLancy, for casual and athleisure; and LANCY FROM25 for youth. With a global outlook, the Company was among the early entrants to international markets. Acknowledging Chinese women's preference for Japanese and Korean fashion, we secured the exclusive agency for MOJO S.PHINE in 2025, a well-known Daehyun Group’s South Korean fashion womenswear brand. The Company became the largest shareholder of Agabang & Company in 2014, a well-established and publicly listed South Korean childrenswear company with over 40 years of history,adding over 10 premium maternal and baby brands to its portfolio. After through market research and strategic analysis of the domestic medical aesthetics sector, the company entered the sector in 2016 by investing in Dream Medical Group Co., Ltd., a South Korean leading medical aesthetics organization, and Dream Plastic Surgery, a prestigious medical aesthetic institution. The same year, we launched BRAVOU and FRESKIN in China. In early 2018, we acquired Xi’an GONICE, a renowned plastic surgery brand.. In August 2019, the Company took control of Xi’an MYFUN Medical Cosmetology Hospital, renaming it Xi’an BRAVOU in 2020. From 2022 to 2024, the Company expanded through strategic acquisitions of Kunming HANJIN, Wuhan Wuzhou, Wuhan HANJIN, Zhengzhou Ji Mei, and Beijing Lidu (renamed Beijing BRAVOU) and Hunan Yamei. These moves aimed to accelerate its pan-fashion business ecosystem development, scale up medical aesthetics operations, enhance competitiveness, and expand nationwide to lead the medical aesthetics industry. Over the past eight years, Lancy has applied its digitalize fashion brand operations expertise to empower medical aesthetics business, demonstrating scalable replication and cross-regional expansion capabilities that significantly drive growth. (II) Digital-Driven Business Growth Pioneering digital transformation in fashion womenswear, the Company implemented a business-oriented digital strategy. Utilizing IPO funds and continued self-financing, it has successively introduced digital tools including AI, RFID, and BI to boost operational efficiency in product R&D, sales, inventory management,, business analytics, and CRM (customer relationship management). These digital assets have accelerated its e-commerce and new retail growth. Since entering the medical aesthetics sector, the Company built a digital platform connecting consumers, partners, and teams, leveraging CRM expertise. Its features include data control, ops-finance integration, and real-time operations tracking for compliance/standardization. A customized system spans the entire service chain to meet the institutional needs. This system integrates on-site operations, services, and products to enable real-time data flow and efficiency gains. Additionally, it facilitates customer profiles mining to transform vast customer data into actionable strategies, fueling scalable growth. RFID technology manages equipment/inventory (procurement to recycling). The CRM system integrates WeCom/Membership Platform for bi-directional engagement and protecting privacy. AI technologies enhances employee training, service, and client review. Third-party systems boost new customer acquisition, with influencers development on new media platforms such as Rednot. The “Brand Friends” program leverages customer feedback to grow the aesthetic community. (III) Apparel Sector Core Competitiveness 1. R&D Capabilities Lancy Co., Ltd., a National High-Tech Enterprise, maintains independent product R&D through its international design team. The team regularly participates in top international fashion weeks and runway shows, tracks global trends, and deeply engages in front-line marketing activities to align products with market needs. The Company operates a national postdoctoral research workstation and is recognized as Beijing Municipal Enterprise Technology Center. As of the end of the reporting period, its apparel R&D center had been granted 7 invention patents, 24 software copyrights, 2 design patents, and 24 utility model patents.Two new postdoctoral researchers joined the workstation during the reporting period. 2. Marketing Network Company developed 8-brand womenswear system with shared resource. As of the end of the reporting period, it had operated 465 offline/57 online stores in China’s premium locations.. Agabang runs 545 outlets (25 online), with South Korea stores in high-end malls, and domestic outlets across Beijing, Shanghai, Zhejiang, Jiangsu, Sichuan, Shaanxi, Heilongjiang, and other regions. 3. Supply Chain Management Leveraging decades of apparel industry, the Company maintains a robust supplier network and long-term partnerships. Enhanced digital infrastructure has boosted R&D, procurement, and production efficiency,strengthening supply chain collaboration and ensuring high-quality product delivery. (IV) Medical Aesthetics Business Core Competitiveness 1. Professional Medical Team and High-Quality Medical Services Lancy Co., Ltd. values medical talent as its core asset in medical aesthetics. Combining external recruitment and internal training, the Company has built a 1200+ member medical team with strong ethics and expertise. In recent years, the medical team has published multiple academic papers in top journals. Each medical aesthetics institution maintains complete diagnosis, treatment, and follow-up system, prioritizing safety,customized and high-quality solutions. The Company encourages medical innovation through advanced equipment, strict material standards,and regular knowledge-sharing activities like its annual Lancy Medical Aesthetics Academic Conference, industry and academic exchanges, internal case study seminars, and skill competitions. These efforts continuously elevate the medical team’s expertise and service capabilities, keeping pace with evolving aesthetic demands. As of the end of the reporting period, the Company had been granted 2 invention patents, 10 design patents, 145 utility model patents, and 37 software copyrights in the medical aesthetics. 2. High-Quality Customer Experience and Service Lancy Co., Ltd. upholds its commitment to premium medical aesthetics services, providing a high-quality experience at every touchpoint—facilities, service, and post-procedure care. Building on its “gold quality standard”, the Company creates tailored brand-specific spaces and refined support services aligned with each brand’s positioning. A robust monitoring system collects and addresses customer feedback for continuous refinement. The customer journey emphasizes professionalism and care: private pre-procedure consultations, comprehensive risk disclosure, transparent pricing, pain management, and detailed follow-ups. The Company ensures 30-minutes complaint resolution window, prioritizing customer-centric excellence in service delivery. Other value-added services include skincare education and customer salons, enhancing overall experience. The Company won the “2024 Selected Brand for Authentic Product Assurance” award at the China Medical Aesthetics Traceability Conference co-hosted by Industry Development, Supervision and Self-Discipline Committee of the CPCA and Meituan Medical Aesthetics. Additionally, its affiliated institutions also received the “Authentic Product Influence” recognition.