Langsha brand, which used to be heavily advertised, has gradually faded out of consumers’ vision, just like its listing platform, Langsha shares (600137. SH), which has been abandoned by more and more A-share investors. < p > < p > in the fourth quarter of 2020, the total turnover of Langsha was 645 million yuan, which ranked third from the bottom in the whole A-share market excluding ST shares and new shares. < / P > < p > other indicators also show that its liquidity in the secondary market is worrying: the average daily turnover in the four seasons is 7.87 million yuan, the average daily turnover is 494000 shares, and the average daily turnover rate is 0.51%. < / P > < p > the brand of Langsha is a household name. In the past TV advertisements, most of them were silk stockings. Big s, Cecilia Cheung and many other stars have been spokesmen, and the symbolic red color on the packaging of Langsha stockings is deeply rooted in the hearts of the people. < / P > < p > Yes, there is no lack of A-share new fortune making line. After the second half of this year, the company’s share price has been going down all the way. Up to now, it has dropped nearly 40% from the highest point, with a market value of only 1.246 billion yuan. < p > < p > little known is that Langsha’s largest sock business is not in the listed company system. Langsha’s main business is underwear, shorts, bra, etc. < / P > < p > this obsession may be the main driving force to support the stock price of Langsha in the past ten years when the performance of Langsha has been in the doldrums. However, in the context of the overall downturn of the clothing industry and the “pyramid selling storm” of Langsha socks industry, the above expectation is no longer commendable. < p > < p > “Langsha has spent tens of millions on advertising in China’s powerful media, covering all parts of the country. The market share of Langsha products has reached one third of that of the whole country due to its complete and sound marketing network. Several major brands of the company have successfully entered thousands of households and become well-known brands. ” < / P > < p > in that era when she was keen on using famous spokesmen, Langsha successively used first-line stars such as Cecilia Cheung, Su Youpeng, Zhou Huajian, Li Xiaolu and big s as spokesmen. < / P > < p > in 2013, the company’s sales expenses reached 28.81 million yuan at one stroke. In this year, Langsha increased the proportion of TV shopping sales, resulting in an increase of 76.18% over the previous year. In 2014, the sales expenses of Langsha were still close to 20 million yuan. In 2015 and 2016, the expenses dropped to less than 10 million yuan. The company said that the sales expenses were mainly affected by the economic downturn and disordered competition in the industry Reduce the cost of advertising and business promotion. In 2017 and beyond, the cost remained between 10 million and 15 million. < / P > < p > before and after May 1, 2006, Langsha confirmed to participate in the restructuring of * ST long-term control. In August, Sichuan Yibin state owned assets company signed an equity transfer agreement with Langsha holdings, transferring 57.11% equity of * ST long-term holdings to Langsha holdings at a price of 70 million yuan. < p > < p > in March 2007, Langsha holdings became the owner of * ST long-term holding, which was approved by China Securities Regulatory Commission; on April 13, the stock price of * ST long-term holding, which had been suspended for nearly four months, rose continuously, from 7.18 yuan to 68.16 yuan. Among them, the highest rush to 85 yuan, the highest increase after the restoration of rights reached 1379.8%. < / P > < p > on May 30, 2007, * ST long-term control was officially changed to “* ST Langsha” and backdoor listing was completed. On this day, * ST Langsha’s share price will rise to 43.71 yuan / share, with a total market value of 3.1 billion yuan. < / P > < p > after nearly 14 years, the stock price of Langsha has been falling all the way, and only rebounded once at the end of 2016. After the second half of 2018, the stock price has never touched 20 yuan. In the fourth quarter of 2020, the total turnover of Langsha was 645 million yuan. Excluding ST shares and new shares, the total turnover ranked third from the bottom in the whole A-share market, with an average daily turnover of 7.87 million yuan, an average daily turnover of 494000 shares and a daily turnover rate of 0.51%. < p > < p > on January 8, when asked why the company has low liquidity and low turnover, the relevant person in charge of Langsha shares explained to the reporter of 21st century economic report: “we mainly because the majority shareholders and the second shareholders hold nearly 70% of the shares, and they all pledge (shares), so the liquidity of the shares is worse.” < / P > < p > according to the report of the first three quarters of the company, among the top ten shareholders, Langsha holding group holds 42.68% of the shares, and Tibet JuLang technology, the second largest shareholder, holds 19.84% of the shares, both of which are in the state of pledge, with a total pledge ratio of 62.52%. < / P > < p > in August 2020, according to the latest pledge announcement, the controlling shareholder Langsha pledged 8 million shares in order to supplement the working capital. On the other hand, according to the previous Reply of Langsha, Tibet JuLang, the second shareholder, is a financial investment company and does not participate in the operation of the company. < p > < p > Langsha shares once responded on the interactive platform that “the company’s secondary stock market has shown signs of being highly controlled by the main force. In particular, since JuLang in Tibet raised its brand, it has been obviously controlled by the main force. This is a market behavior, which deviates from the company’s fundamentals to a certain extent. ” < / P > < p > the data shows that at the end of 2018, the number of shareholders of Langsha shares was 13135, and it decreased to 12201 by the end of 2019. At the end of the third quarter of 2020, the number of shareholders decreased sharply, with the remaining 7996. < / P > < p > in 2019, the company realized an operating revenue of 331 million yuan, a year-on-year decrease of 14.59%; realized a net profit of 15.84 million yuan, a year-on-year decrease of 45.69%; realized a non net profit of 8.88 million yuan, a year-on-year decrease of 61.71%. In fact, most of the profits come from financing income. In 2019, the company will use its own funds for short-term entrusted financing to generate investment income, accounting for 41.78% of the net profit. < p > < p > in the first three quarters of 2020, the revenue and net profit of Langsha shares fell sharply again: the operating revenue was 195 million yuan, a year-on-year decrease of 12.9%. The attributable net profit was 14.35 million yuan, a year-on-year decrease of 15.27%. < / P > < p > “the predicament of Langsha almost represents the predicament of the industry. From its performance, in the past ten years since the backdoor listing, the revenue has almost been stagnant. If Langsha shares can not solve the problem of growth, it is likely to become a fairy stock and be forgotten by the market under the tide of the future registration system. ” A securities trader pointed out. < / P > < p > on the interactive platform of the Shanghai Stock Exchange, from time to time, some investors ask whether the company will consider injecting assets of Langsha socks. One investor put forward: “since Langsha’s backdoor listing, the listed companies have not developed much. Does the company have any relevant plans, such as increasing the market value or injecting assets. It is said that the market value of solid line billion is really small among the listed companies in Shanghai and Shenzhen. ” < p > < p > according to an administrative ruling issued by the people’s Court of Huangmei County, Hubei Province (Document No.: (2019) e 1127 Xing Shen No. 24), the market supervision and Administration Bureau of Huangmei County investigated and dealt with the case of Langsha knitting suspected of organizing pyramid selling. < p > < p > in the process of investigation, in order to prevent Langsha knitting from transferring or hiding illegal funds, Huangmei County market supervision and Administration Bureau filed an application to Huangmei County People’s Court on May 7, 2019, requesting to freeze the related capital account of Langsha knitting in financial institutions. < p > < p > after examination, the people’s Court of Huangmei County held that the application of the market supervision and Administration Bureau of Huangmei County was in line with the law, and ruled to freeze the related capital account of Langsha knitting in financial institutions in accordance with the relevant provisions. < p > < p > according to the financial report of china.com, Langsha group and its affiliated enterprises are not limited to Huangmei County, Hubei Province, but also Guangdong, Henan, Jiangxi, Sichuan, Shandong, etc. < p > < p > Langsha group expands its business in this way: it promotes the franchise stores of “Langsha e + life Pavilion” series all over the country. Next, to open a franchise store training for the purpose of training franchisees suspected of MLM organization mode and sales promotion mode. At the same time, the enterprises affiliated to Langsha group have produced a series of functional products, including Ms. Langsha’s comfortable and breathable palace closing underwear, Mr. Langsha’s magnetic energy stone functional underwear, Ms. Langsha’s adjustable body bra, and Langsha Tongluo physiotherapy socks, etc., which are used as “props” for suspected MLM businesses. < p > < p > at the end of 2019, Langsha Co., Ltd. responded that the business of “Langsha e + life Pavilion” franchise stores is a marketing mode carried out by shareholders and related parties, and the listed companies did not participate in it. Intelligent health care clothing is a series of functional products produced by shareholders and related parties, which is not involved by listed companies. < / P > < p > on March 26, 2019, Langsha underwear obtained the patent right of a hyaluronic acid moisturizing and curing one-piece suit (patent number: zl5), and on May 17, 2019, it obtained the patent right of a hyaluronic acid skin moisturizing vest and trousers (patent number: zl78), saying that both of them were treated with hyaluronic acid finishing agent, which can play a role in skin care. On January 17, 2020, he applied for the patent of high waist abdominal warming pants, claiming that there is a far-infrared cutting piece in the waist and abdomen, which can improve the body through the far-infrared effect. < / P > < p > some people in the industry have said frankly that “this may reflect the predicament of Langsha’s declining performance, so that they choose to take risks in the business of edge ball.” < p > < p > the purpose of this article is to convey more information, and it does not represent the views and positions of our website. The content of this article is for reference only, and does not constitute an investment proposal. Investors operate on this basis at their own risk.