FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 美麗田園醫療健康產業有限公司 呈交日期： 2026年3月31日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02373 | 說明 | 普通股 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of HKD 19.30 and a fair value of HKD 30.13 [5]. Core Insights - The company has achieved significant growth in 2025, with a revenue of RMB 3.001 billion, representing a year-on-year increase of 16.65%. The net profit reached RMB 340 million, up 34.77%, and the attributable net profit was RMB 318 million, reflecting a 39.00% increase. The adjusted net profit was RMB 381 million, showing a growth of 40.97% [8]. - The strong performance is attributed to accelerated external expansion, including the acquisition of the Nair brand, which enhances market share, and sustained organic growth driven by high-margin business segments [8]. - The company operates three main business segments: beauty and health services, medical beauty services, and sub-health medical services, all of which have shown growth in revenue and profitability [8]. Financial Summary - Revenue projections for 2024 to 2028 are as follows: RMB 2.572 billion (2024), RMB 3.001 billion (2025), RMB 4.013 billion (2026), RMB 4.786 billion (2027), and RMB 5.644 billion (2028), with growth rates of 19.9%, 16.7%, 33.7%, 19.3%, and 17.9% respectively [4][12]. - The company's EBITDA is projected to grow from RMB 704 million in 2024 to RMB 1.311 billion in 2028, with a notable increase in net profit from RMB 228 million in 2024 to RMB 651 million in 2028 [4][12]. - The report highlights a significant improvement in profitability metrics, with ROE expected to rise from 24.2% in 2024 to 35.8% in 2028 [4][12]. Business Performance - The beauty and health services segment generated RMB 1.658 billion in 2025, up 14.88%, while medical beauty services and sub-health medical services achieved revenues of RMB 1.017 billion and RMB 326 million, respectively, with growth rates of 9.56% and 62.16% [8]. - The gross margins for these segments were reported at 41.88%, 55.87%, and 64.31%, respectively, indicating an upward trend in profitability [8]. Strategic Outlook - The company is positioned as a leader in the industry, with a strong brand portfolio including Meili Tianyuan, Nair, and Siyuanli, which collectively enhance its competitive advantage [8]. - The dual strategy of organic growth and external acquisitions is expected to drive sustained high growth in the coming years, supported by refined operational efficiencies and scale effects [8].

表格類別： 股票 狀態： 新提交 公司名稱： 美麗田園醫療健康產業有限公司 呈交日期： 2026年3月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02373 | 說明 | 普通股 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][6]. Core Insights - The company achieved a revenue of 3.001 billion RMB in 2025, representing a year-over-year growth of 16.65%, with an adjusted net profit of 381 million RMB, up 40.96% year-over-year [2]. - The company's growth is driven by both organic and external factors, with three main business segments contributing to revenue: beauty and wellness services, medical beauty services, and sub-health medical services [3][5]. - The gross margin for 2025 was 49.05%, an increase of 2.79 percentage points year-over-year, driven by cost optimization and a shift towards higher-margin consumer medical services [4]. Revenue Breakdown - Beauty and wellness services generated 1.658 billion RMB, up 14.88% year-over-year, with direct store sales contributing 1.512 billion RMB, reflecting a 15.82% increase due to increased customer traffic and active membership [3]. - Medical beauty services accounted for 1.017 billion RMB, growing 9.56% year-over-year, supported by the "Double Beauty + Double Wellness" business model [3]. - Sub-health medical services saw significant growth of 62.16%, reaching 326 million RMB, attributed to an expanding membership base and a diversified product service matrix [3]. Financial Metrics - The adjusted net profit margin for 2025 was 12.69%, an increase of 2.19 percentage points year-over-year, reflecting improved operational efficiency [4]. - The company plans to continue its growth strategy through a combination of internal development and acquisitions, with expected revenues of 4.008 billion RMB in 2026, representing a 33.6% increase [5][6]. Future Projections - Revenue forecasts for 2026-2028 are 4.008 billion RMB, 4.519 billion RMB, and 4.897 billion RMB, with respective growth rates of 33.6%, 12.8%, and 8.4% [6]. - Adjusted net profits are projected to be 500 million RMB, 600 million RMB, and 693 million RMB for the same period, with growth rates of 31.2%, 20.1%, and 15.5% [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 37.36 [1]. Core Insights - The company achieved a revenue of CNY 3.001 billion in 2025, representing a year-on-year increase of 16.7%, and a net profit attributable to shareholders of CNY 318 million, up 39.0%, which aligns with expectations [6]. - The company continues to show strong fundamentals, with same-store sales growth of 6.9% and a high dividend payout ratio, with a year-end dividend of HKD 0.72 per share [6]. - The company is positioned as a leader in the beauty and health chain service sector, benefiting from a "dual beauty + dual healthcare" strategy, and is expected to leverage high-end consumption recovery trends for mid-term growth [6][10]. Financial Performance - Revenue projections for 2026 and 2027 have been revised upwards to CNY 39.15 billion and CNY 43.15 billion, respectively, reflecting increases of 18.6% and 21.5% [10]. - The company’s gross margin improved to 49.1% in 2025, up 2.8 percentage points year-on-year, driven by cost optimization and acquisitions [8]. - Operating cash flow for 2025 reached CNY 1.0 billion, marking a 25.4% increase year-on-year, demonstrating strong cash generation capabilities [9]. Business Segments - The beauty and wellness services segment generated revenue of CNY 1.658 billion in 2025, up 14.9%, with direct and franchise income growing by 15.8% and 5.9%, respectively [7]. - The medical beauty services segment reported revenue of CNY 1.017 billion, a year-on-year increase of 9.6%, with significant growth in customer traffic and average spending [7]. - The sub-health medical services segment saw remarkable growth, achieving revenue of CNY 326 million, up 62.2%, contributing to 10.9% of total revenue [7]. Valuation Metrics - The company’s projected PE ratio for 2026 is set at 19 times, reflecting its leading position in the beauty chain sector and expected growth from both organic and acquisition strategies [10]. - The report indicates a projected EPS of CNY 1.76 for 2026, with a continued focus on enhancing profitability through operational efficiencies [10].

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company achieved rapid revenue and adjusted profit growth in 2025, completing the integration of Narier and announcing the acquisition of Siyuanli, indicating a strong outlook for market share expansion through both organic and external growth strategies [2][3] Financial Summary - Total revenue for 2025 is projected at 30.01 billion RMB, representing a year-on-year increase of 16.7% - Adjusted net profit for 2025 is expected to reach 3.81 billion RMB, up 41.0% year-on-year - Gross profit margin increased by 2.8 percentage points to 49.1%, with adjusted net profit margin rising by 2.2 percentage points to 12.7% - Operating cash flow for 2025 is forecasted at 9.99 billion RMB, a 25.4% increase year-on-year [4][9] Business Performance - The "Double Beauty + Double Health" model effectively enhances member value, with beauty and health services being the largest revenue sources, generating 16.58 billion RMB in 2025, a 14.9% increase, accounting for 55% of total revenue - The number of visitors to direct-operated stores reached 1.724 million, a 23.2% increase year-on-year, while active members grew by 11.8% to 146,400 - Medical beauty services generated 10.17 billion RMB, a 9.6% increase, with a gross margin improvement of 3.6 percentage points to 55.9% - Sub-health medical services saw revenue growth of 62.2% to 3.26 billion RMB, with a gross margin increase of 6.1 percentage points to 64.3% [9] Acquisition and Integration - The acquisition of Narier, the second-largest brand in the Chinese beauty industry, has shown positive integration results, with single-store revenue increasing from 5.75 million RMB pre-acquisition to 8.10 million RMB, and adjusted net profit margin rising from 6.5% to 10.5% - The company announced the acquisition of Siyuanli for 1.25 billion RMB, expected to close in January 2026, aiming to replicate the successful integration experience of Narier to achieve significant market share growth [9]

Group 1: Stock Performance and Market Reactions - Power stocks declined across the board, with Huadian International down 5.86%, Longyuan Power down 3.62%, Huaneng International down 1.98%, and China Resources Power down 2.15% [1] - Shoucheng Holdings fell nearly 6% after reporting a revenue of HKD 1.437 billion for 2025, an increase of 18.24% year-on-year, and a proposed final dividend of HKD 0.0047 per share [1] - Meili Tianyuan Medical Health dropped over 11% post-earnings, with a year-to-date decline exceeding 30%, despite reporting a revenue of approximately CNY 3 billion, a 16.7% increase year-on-year [2] - Brilliance China experienced a drop of over 10%, reporting a revenue of CNY 1.182 billion for 2025, a 7.84% increase, but a net profit decline of 35.97% [2] - Photovoltaic stocks fell sharply, with Xinte Energy down 6.09% and Junda Co. down 5.04%, following the announcement of a 9% VAT export tax rebate cancellation on solar products [2] Group 2: Company Earnings and Financial Results - Muyuan Foods reported a revenue of CNY 144.145 billion for the year, a slight increase of 4.49%, but a net profit decline of 13.39% [3] - Yadea Holdings saw a rise of over 5% after announcing expected net profits of no less than CNY 2.9 billion for 2025, compared to CNY 1.27 billion in 2024 [3] - CRRC Corporation reported a revenue of CNY 273.063 billion for 2025, a 10.79% increase, but a net profit increase of only 6.40% [4] - Angelalign reported a total case count of 532,400 for 2025, a 48.1% increase, with revenue rising 37.8% to USD 370 million and net profit increasing 163% to USD 26.3 million [4] - Weigao Group's revenue was approximately CNY 13.389 billion, a 2.3% increase, but net profit fell by 22% [4] Group 3: Market Trends and Economic Indicators - Precious metals sector strengthened, with Coeur Mining up 5.94% and Pan American Silver up 4.13%, as gold prices surged over 3% to USD 4,538.25 per ounce [5] - Argan's stock surged 37.91% after reporting Q4 revenue of USD 262.1 million, exceeding market expectations [5] - Unity Software rose 13.54% after strong Q1 2026 financial performance expectations, with projected revenue between USD 505 million and USD 508 million [6] - AstraZeneca's stock increased by 2.74% following the approval of a new treatment for breast cancer in China [8] - Major U.S. indices opened lower, with the Nasdaq down 0.8%, as concerns about economic downturns increased due to geopolitical tensions [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 3.0 billion yuan in 2025, representing a year-on-year growth of 16.7%, with a net profit attributable to shareholders of 320 million yuan, up 39.0% year-on-year [5] - The company's three main business segments—beauty and health services, medical beauty services, and sub-health medical services—showed strong performance, with revenue growth rates of 14.9%, 9.6%, and 62.2% respectively [6] - The company is expected to continue its growth trajectory, with adjusted net profit forecasts for 2026 and 2027 raised to 450 million yuan and 510 million yuan respectively, reflecting a 3% upward adjustment [11] Revenue Performance - In 2025, the company reported a total revenue of 3.0 billion yuan, with a breakdown of 1.46 billion yuan in the first half and 1.54 billion yuan in the second half, showing growth rates of 28.2% and 7.5% respectively [5] - The beauty and health services segment generated 1.66 billion yuan, while medical beauty services and sub-health services contributed 1.02 billion yuan and 330 million yuan respectively [6] Profitability Metrics - The gross margin for the company improved by 2.8 percentage points to 49.1% in 2025, with net profit margin increasing by 1.7 percentage points to 10.6% [8] - The gross margins for the three business segments were 41.9%, 55.9%, and 64.3% respectively, indicating improvements across all areas [9] Business Expansion - The total number of stores reached 550 by the end of 2025, with expectations to exceed 700 stores in 2026 following the integration of additional brands [8] - The company is focusing on expanding its service offerings in women's health, particularly in functional medicine and gynecological anti-aging [7] Financial Forecasts - The company is projected to achieve revenues of 4.19 billion yuan in 2026 and 4.63 billion yuan in 2027, with corresponding net profits of 452 million yuan and 508 million yuan [12] - The earnings per share (EPS) are expected to be 1.79 yuan in 2026 and 2.02 yuan in 2027, with a price-to-earnings (P/E) ratio of 10 and 9 respectively [12]

| 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 美麗田園醫療健康產業有限公司 | | | 股份代號 | 02373 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年12月31日止年度之末期股息 | | | 公告日期 | 2026年3月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.72 HKD | | 股東批准日期 | 2026年6月26日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.72 HKD | | 匯率 | 1 HKD : 1 HKD | | ...

Financial Performance - For the fiscal year ending December 31, 2025, total revenue reached RMB 3,000.54 million, representing a year-on-year increase of 16.7%[3] - Gross profit for the year was RMB 1,471.88 million, with a gross margin of 49.1%, up 2.8 percentage points from 46.3% in 2024[3] - Adjusted net profit rose to RMB 380.80 million, reflecting a significant increase of 41.0% year-on-year, with an adjusted net margin of 12.7%[3] - The company's revenue increased by 16.7% from RMB 2,572 million in 2024 to RMB 3,001 million in 2025[33] - Net profit grew from RMB 252 million in 2024 to RMB 340 million in 2025, representing a year-on-year increase of 34.8%[54] - The net profit attributable to the company's owners was RMB 317,562 thousand, an increase of 39.0% compared to RMB 228,460 thousand in 2024[72] Membership and Customer Engagement - The number of active members served by direct-operated stores increased to 154,383, a growth of 12.7% compared to the previous year[3] - Direct-operated store traffic increased to 1.724 million visits, a year-on-year growth of 23.2%[18] - The number of active members in direct-operated stores rose to 146,370, up 11.8% year-on-year[18] - The average annual spending per active member in direct-operated stores increased by RMB 320, reaching RMB 9,738[16] - The company’s customer acquisition capabilities improved, with 45% of new members in 2025 coming from private domain acquisition strategies[19] Store Expansion and Acquisitions - As of December 31, 2025, the total number of stores reached 550, including 289 direct-operated stores and 261 franchise and managed stores[9] - The company announced the acquisition of the third-largest beauty service brand, Siyuanli, for RMB 1.25 billion, expected to enhance market share significantly[12] - The company completed the acquisition of 100% equity in Siyanli for a total consideration of RMB 1,250,000 thousand on October 15, 2025[67] - The company completed the acquisition of the smart beauty brand Nairuier in the second half of 2024, contributing to revenue growth and operational integration[35] - The company aims to achieve a thousand-store coverage in 20 major economic cities in China as part of its mid-term goals[31] Revenue from Services - In 2025, the revenue from beauty and health services reached RMB 1.658 billion, representing a year-on-year growth of 14.9%[16] - Revenue from health and beauty services reached RMB 1,658 million in 2025, a 14.9% increase from RMB 1,443 million in 2024[36] - Revenue from medical beauty services grew by 9.6% to RMB 1,017 million in 2025, up from RMB 928 million in 2024[39] - Revenue from sub-health medical services surged by 62.2%, reaching RMB 326 million in 2025, compared to RMB 201 million in 2024[40] Financial Position and Cash Flow - The company generated a net cash flow from operating activities of RMB 1,000 million, a substantial increase of 25.4% compared to the previous year[8] - Cash and cash equivalents reached RMB 2.59 billion by the end of 2025, up RMB 760 million or 41.6% from RMB 1.83 billion in 2024[59] - The company incurred cash outflows of RMB 396 million for investment activities in 2025, a 16.3% increase from RMB 341 million in 2024[61] - The total assets of the company as of December 31, 2025, were RMB 5,046,206 thousand, an increase from RMB 4,276,480 thousand in 2024[74] - Operating cash flow increased by 25.4%, from RMB 796,627 thousand in 2024 to RMB 999,094 thousand in 2025, reflecting improved profitability and operational quality[60] Strategic Initiatives - The company aims to establish 20 direct-operated cities with revenues exceeding RMB 100 million, with these cities contributing 93.2% of direct-operated revenue[8] - The company plans to empower industry partners through strategic investments and collaborations in 20 high-tier cities, promoting mutual growth[12] - The company announced a supply chain strategy in 2025, expanding product development methods to include "global selection," "international brand collaboration," and "joint research with top international laboratories"[19] - The company plans to lead the beauty industry service standard formulation, promoting the "Meitian Standard" as an industry consensus[21] Expenses and Liabilities - The company's cost of sales and services increased to RMB 1,529 million in 2025, with a cost-to-revenue ratio decreasing from 53.7% in 2024 to 50.9% in 2025[43] - Sales expenses increased to RMB 515 million in 2025, but the ratio of sales expenses to revenue decreased from 18.0% in 2024 to 17.2% in 2025[47] - Employee costs increased from RMB 278,186 thousand in 2024 to RMB 313,061 thousand in 2025, accounting for 10.4% of revenue, a decrease of 0.4 percentage points[49] - General and administrative expenses increased from RMB 388 million in 2024 to RMB 477 million in 2025, with the ratio to revenue rising from 15.1% to 15.9%[51] - Total liabilities increased to RMB 3,979,278 thousand in 2025, compared to RMB 3,301,240 thousand in 2024, representing a growth of 20.5%[75] Shareholder Returns - The company plans to distribute a final dividend of HKD 0.72 per share for the fiscal year 2025, representing a year-on-year increase of 38.5%[30] - The company declared a dividend of RMB 111,885,000 in 2025, compared to RMB 101,151,000 in 2024, an increase of 10.7%[99] - Proposed final dividend of HKD 0.72 per share for the year ended December 31, 2025, totaling HKD 180 million, compared to HKD 0.52 per share in 2024[109] Corporate Governance and Compliance - The audit committee, consisting of one non-executive director and two independent non-executive directors, has been established to assist the board in financial reporting processes and internal controls[116] - The company's auditor confirmed that the financial figures in the performance announcement are consistent with the audited consolidated financial statements for the year ending December 31, 2025[118] - The company will publish its annual report for the year ending December 31, 2025, on the Hong Kong Stock Exchange and its investor relations website[122] - The company has not conducted any significant matters after the reporting period and up to the date of this announcement[121]