内生外延驱动业绩提升，稳步释放龙头效应 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 单位/百万人民币 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 2,572 | 3,020 | 3,986 | 4,584 | | 增长率（%） | 19.9 | 17.4 | 32.0 | 15.0 | | 经调整净利润 | 252 | 385 | 510 | 600 | | (+/-)(%) | 4.6 | 52.8 | 32.4 | 17.6 | | EPS(基于经调整净利润） | 1.00 | 1.53 | 2.03 | 2.38 | | P/E(基于经调整净利润） | 26 | 17 | 13 | 11 | | P/B | 7.0 | 5.7 | 4.1 | 3.1 | 资料来源：Wind，国联民生证券研究所预测（注：股价为 2026 年 1 月 22 日收盘价,汇率 1HKD=0.92RMB） 2026 年 01 月 22 日 推荐 维持评级 当前价格： 28.62 港元 ...

智通财经APP获悉，开源证券发布研报称，考虑美丽田园医疗健康(02373)坚定"内生+外延"双轮驱动战 略，清晰的战略路径有望重塑美业价值新空间，该行上调盈利预测，预计公司2025-2027年归母净利润 为3.42/4.36/4.91亿元（原值为3.10/4.06/4.72亿元），对应EPS为1.36/1.73/1.95元，当前股价对应PE为 18.0/14.1/12.5倍，维持"买入"评级。 开源证券主要观点如下： 公司发布正面盈利预告，预计2025年净利润同比增长不低于34% 公司发布业绩预告：2025年预计实现收入不少于30亿元（同比+16%及以上），经调净利润不低于3.8亿 元（同比+40%及以上）；净利润不低于3.4亿元（同比+34%及以上），业绩增长强劲，展现出穿越经 济周期的强大韧性和发展潜力。 打通"内生+外延"发展路径，高整合能力驱动规模扩张 （1）外延扩张加速：公司收购贝黎诗、奈瑞儿等优质品牌并实现成功整合，逐步完善"双美+双保健"业 务版图。其中，2025H1奈瑞儿经调净利率从收购前6.5%大幅跃升至10.4%，充分印证公司的资源整合与 运营赋能能力。此外，2025年10月15日，美丽田 ...

公司发布正面盈利预告，预计2025 年净利润同比增长不低于34% 通过连锁克服行业高度分散格局，公司将从"1 到N"在中国20 个核心城市打造"1 亿元收入Club"并强化 供应链自主可控能力；（3）超级数字化：美丽田园的精准推送活动以低于2%的获客费用撬动高达80% 的新会员次年留存率，公司将持续推动数智融合发展，将AI 能力融入产品创新。 风险提示：门店整合效果不及预期，门店拓展不及预期，医疗事故风险。 公司发布业绩预告：2025 年预计实现收入不少于30 亿元（同比+16%及以上），经调净利润不低于3.8 亿元（同比+40%及以上）；净利润不低于3.4 亿元（同比+34%及以上），业绩增长强劲，展现出穿越 经济周期的强大韧性和发展潜力。考虑公司坚定"内生+外延"双轮驱动战略，清晰的战略路径有望重塑 美业价值新空间，我们上调盈利预测，预计公司2025-2027 年归母净利润为3.42/4.36/4.91亿元（原值为 3.10/4.06/4.72 亿元），对应EPS 为1.36/1.73/1.95 元，当前股价对应PE 为18.0/14.1/12.5 倍，维持"买 入"评级。 机构：开源证券 （1）外延扩张 ...

Group 1: Industry Insights - The silicon photonics industry is experiencing clear trends, with accelerated development in CPO (Co-Packaged Optics) technology. NVIDIA's recent announcements at CES 2026 highlight advancements in supercomputing and optical devices, indicating a growing demand for CPO and related technologies [6][11][12] - The Vera Rubin cabinet features significant technological advancements, including 20 trillion transistors and enhanced memory capacities, which are expected to drive demand for CPO, optical modules, and liquid cooling solutions [6][11][12] - The CPO industry is evolving rapidly, with potential growth in demand for silicon photonics components, including optical engines and related manufacturing processes. Key sectors benefiting from this trend include optical interconnects and passive components [13][14] Group 2: Company Updates - Ji Hong Co., Ltd. (吉宏股份) - Ji Hong Co., Ltd. forecasts a 50%-60% year-on-year increase in net profit for 2025, with expected net profit ranging from 273 to 291 million yuan. The Q4 2025 net profit is projected to be between 57 to 75 million yuan, reflecting strong performance [7][16] - The company's growth is driven by its dual strategy of packaging and cross-border social e-commerce, leveraging AI technology to enhance operational efficiency and expand market reach [17][18] Group 3: Company Updates - Beautiful Pastoral Medical Health (美丽田园医疗健康) - Beautiful Pastoral Medical Health anticipates a net profit growth of no less than 34% for 2025, with expected revenue of at least 3 billion yuan, reflecting a strong resilience and growth potential [8][20] - The company is focusing on a dual growth strategy of internal development and external acquisitions, successfully integrating brands to enhance its market position and operational capabilities [21][22] Group 4: Company Updates - Poly Developments (保利发展) - Poly Developments expects a slight decline in revenue for 2025, with net profit significantly impacted by impairment provisions. However, the company maintains a leading sales position and continues to optimize its land reserve structure [9][25][26] - The company projects a net profit of 1.03 billion yuan for 2025, down 79.5% year-on-year, primarily due to increased impairment losses. Despite this, the company remains optimistic about future performance as low-cost project completions are expected to drive recovery [25][26][27]

2025年10月15日，港股"美容院第一股"美丽田园医疗健康（02373.HK）宣布以12.5亿元人民币的对价， 全资收购上海思妍丽实业股份有限公司。这不仅是2025年中国美业规模最大的一笔收购案，更标志着一 个新时代的到来：行业前三的品牌——美丽田园、奈瑞儿、思妍丽——首次齐聚于同一资本麾下。 交易采用"现金+股份"的支付方式，其中现金支付约8.36亿元，并向思妍丽原控股股东SYL Holding配发 约1579.8万股对价股份，使其成为美丽田园持股约6.28%的股东。 战略图谱：为何是思妍丽？解码12.5亿收购案的核心逻辑 交易达成只是第一步，真正的考验在于整合。市场用股价泼了一盆冷水：收购公告当日，美丽田园股价 高开低走，最终收跌5.43%。这折射出资本市场对巨无霸合并后协同效应能否实现的深层疑虑。 首当其冲的挑战是"品牌协同与内部竞争"。美丽田园旗下已拥有美丽田园、贝黎诗、奈瑞儿等多个定位 高端的品牌，如今再加入思妍丽，难免令人担忧品牌间会左右互搏、争夺客源。 此次收购并非一次冲动之举，而是美丽田园基于清晰的行业判断和自身发展战略，进行的一次精密布 局。其背后，是公司对高端美容市场"赢家通吃"未来的坚 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Insights - The company has released a positive earnings forecast, expecting a net profit growth of no less than 34% year-on-year for 2025, with projected revenue of at least 3 billion yuan (up 16% or more) [6]. - The company is implementing a dual-driven strategy of "internal growth + external expansion," which is expected to reshape the beauty industry's value landscape [6][7]. - The company has successfully integrated acquired brands, enhancing its operational capabilities and expanding its market presence [7]. - The strategic acquisition of brands has led to significant improvements in profitability, with net profit margins increasing post-acquisition [7]. - The company aims to establish a "super brand, super chain, and super digitalization" strategy to enhance its competitive edge and customer experience [8]. Financial Summary and Valuation Metrics - Revenue projections for 2025 are set at 3,007 million yuan, with a year-on-year growth of 16.9% [10]. - The expected net profit for 2025 is 342 million yuan, reflecting a year-on-year increase of 49.6% [10]. - The company's gross margin is projected to be 47.7% in 2025, with a net margin of 12.3% [10]. - The earnings per share (EPS) for 2025 is estimated at 1.4 yuan, with a price-to-earnings (P/E) ratio of 18.0 times [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has released a positive earnings forecast, expecting a net profit growth of no less than 34% year-on-year for 2025, with projected revenue of at least 3 billion HKD (up 16% or more) and adjusted net profit of no less than 3.8 billion HKD (up 40% or more) [6] - The company is focusing on a dual-driven strategy of "internal growth + external expansion," which is expected to reshape the value of the beauty industry [6] - The company has successfully integrated acquired brands, enhancing its operational capabilities and expanding its business footprint [7] - The company aims to establish a "super brand, super chain, and super digitalization" strategy to create new value spaces in the beauty industry [8] Financial Summary and Valuation Metrics - For 2025, the company is projected to achieve a revenue of 3,007 million HKD, representing a year-on-year growth of 16.9% [10] - The net profit for 2025 is expected to be 342 million HKD, reflecting a year-on-year increase of 49.6% [10] - The projected EPS for 2025 is 1.4 HKD, with a corresponding P/E ratio of 18.0 times [10]

（文章来源：每日经济新闻） 每经AI快讯，美丽田园医疗健康(02373.HK)续涨超6%，截至发稿涨6.04%，报28.46港元，成交额950.31 万港元。 ...

公司指出，随着奈瑞儿全面融入美丽田园品牌矩阵，集团业务版图快速渗透大湾区核心城市及周边重点 区域，市场占有率实现显著提升。收购后的整合协同效应持续释放，2025年上半年，奈瑞儿经调整净利 率从收购前的6.5%大幅跃升至 10.4%。此外，凭借独特商业模式护城河优势，集团不断升级医疗业务能 力，2025 年高毛利医疗业务收入占比稳步提升；叠加精细化运营体系的持续提升，集团净利率水平稳 步攀升。 消息面上，近日，美丽田园医疗健康发布2025年正面盈利预告。公司预计2025年收入不少于30亿元，同 比增长不少于16%；经调净利润不少于3.8亿元，同比增长不少于40%；净利润不少于3.4亿元，同比增 长不少于34%。董事会认为业绩提升主要由于外延扩张加速及内生增长势能强劲。 美丽田园医疗健康(02373)续涨超6%，截至发稿，涨6.04%，报28.46港元，成交额950.31万港元。 ...

消息面上，近日，美丽田园医疗健康发布2025年正面盈利预告。公司预计2025年收入不少于30亿元，同 比增长不少于16%；经调净利润不少于3.8亿元，同比增长不少于40%；净利润不少于3.4亿元，同比增 长不少于34%。董事会认为业绩提升主要由于外延扩张加速及内生增长势能强劲。 公司指出，随着奈瑞儿全面融入美丽田园品牌矩阵，集团业务版图快速渗透大湾区核心城市及周边重点 区域，市场占有率实现显著提升。收购后的整合协同效应持续释放，2025年上半年，奈瑞儿经调整净利 率从收购前的6.5%大幅跃升至 10.4%。此外，凭借独特商业模式护城河优势，集团不断升级医疗业务能 力，2025 年高毛利医疗业务收入占比稳步提升；叠加精细化运营体系的持续提升，集团净利率水平稳 步攀升。 智通财经APP获悉，美丽田园医疗健康(02373)续涨超6%，截至发稿，涨6.04%，报28.46港元，成交额 950.31万港元。 ...