[Table_Page] 跟踪研究|可选消费 证券研究报告 | [Table_Title] 【广发纺服&医药&海外】美丽田园 | | --- | | 医疗健康（02373.HK） | 战略合作资生堂中国，携手强化科技美肤 [Table_Summary] 核心观点： 盈利预测：*本文如无特殊说明，货币单位均为人民币，1HKD=0.88CNY | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 2,145 | 2,572 | 3,008 | 4,022 | 4,913 | | 增长率（ % ） | 31.2% | 19.9% | 16.9% | 33.7% | 22.2% | | EBITDA | 623 | 704 | 842 | 983 | 1,170 | | 归母净利润 | 216 | 228 | 344 | 458 | 600 | | 增长率（ % ） | 109.2% | 5.9% | 50.6% | 33.0% | 3 ...

2月27日，港股上市公司美丽田园医疗健康（02373.HK）宣布，与资生堂中国达成战略合作协议。美丽田园将成为资生堂中国旗下品牌RQ PYOLOGY律曜 （以下简称"RQ律曜"）的院线战略首发平台。这是该公司在完成多宗行业并购、业绩实现高速增长之后，进一步深化高端品牌生态布局的又一动作。 RQ律曜是资生堂中国针对亚洲肌肤需求推出的科技美肤品牌，此次为首次进入国内高端生活美容院线渠道。根据双方协议，美丽田园将在旗下门店网络中 引入RQ律曜的产品与服务体系，双方还将在会员数据层面实现一定程度的共享，涵盖肌肤需求、护理习惯及产品反馈等信息，以期提升服务定制化水平。 推动这一增长的核心驱动力之一，是公司近年来加速推进的外延并购战略。2024年，美丽田园完成对国内美容连锁行业第二大品牌奈瑞儿的收购，借此快速 渗透大湾区核心城市及周边市场。根据公司披露，整合推进较为顺利，奈瑞儿的经调整净利率从收购前的6.5%提升至2025年上半年的10.4%。2025年，公司 进一步完成对行业第三大品牌思妍丽的收购，至此国内连锁美容服务行业前三大品牌均纳入美丽田园旗下。密集的并购使公司门店数量在较短时间内突破 730家，在高端商业物业中 ...

此外，公司通过北京贝黎诗及上海美丽田园医疗健康，分别于2025年11月21日根据11月21日认购自浦发 银行认购金额为人民币7000万元;于2025年11月28日根据11月28日认购自浦发银行认购金额为人民币 1000万元;及于2025年12月30日根据12月30日认购自浦发银行认购总金额为人民币8000万元的保本理财 产品。上述所有产品于本公告日期均仍尚未到期。 美丽田园医疗健康(02373)发布公告，于2026年2月13日，为有效利用闲置资金，集团的非全资附属公司 北京贝黎诗根据2月13日认购自浦发银行认购总金额为人民币8000万元的保本理财产品。 ...

Core Viewpoint - Meili Tianyuan Medical Health (02373.HK) announced the investment of idle funds into a principal-protected financial product from Shanghai Pudong Development Bank, amounting to RMB 80 million [1] Group 1 - The board of directors has made a decision to effectively utilize idle funds [1] - The investment is made by the non-wholly owned subsidiary Beijing Beili Shi [1] - The financial product subscription date is set for February 13, 2026 [1]

Core Viewpoint - Meili Tianyuan Medical Health (02373) announced the investment of idle funds into principal-protected financial products from Pudong Development Bank, totaling RMB 80 million [1] Group 1: Investment Details - The company’s non-wholly owned subsidiary, Beijing Beilish, subscribed to a principal-protected financial product from Pudong Development Bank for a total amount of RMB 80 million on February 13, 2026 [1] - Additionally, the company, through Beijing Beilish and Shanghai Meili Tianyuan Medical Health, subscribed to several other principal-protected financial products from Pudong Development Bank, including RMB 70 million on November 21, 2025, RMB 10 million on November 28, 2025, and RMB 80 million on December 30, 2025 [1] - All the aforementioned financial products are still outstanding as of the date of the announcement [1]

Beauty Farm Medical and Health Industry Inc. 美麗田園醫療健康產業有限公司 * （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2373） 須予披露交易 認購理財產品 認購理財產品 董事會宣佈，於2026年2月13日，為有效利用閒置資金，北京貝黎詩根據2月13日 認購自浦發銀行認購總金額為人民幣80.0百萬元的保本理財產品。 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之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 此外，本公司通過北京貝黎詩及上海美麗田園醫療健康，分別(i)於2025年11月21 日根據11月21日認購自浦發銀行認購金額為人民幣70.0百萬元；(ii)於2025年11月 28日根據11月28日認購自浦發銀行認購金額為人民幣10.0百萬元；及(iii)於2025 年12月30日根據12月30日認購自浦發銀行認購總金額為人民幣80.0百萬元的保本 理財產品。上述所有產品於本公告日期均仍尚未到期。有關11月2 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 美麗田園醫療健康產業有限公司 截至月份: 2026年1月31日 狀態: 新提交 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02373 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.000005 | USD | | 50,000 ...

Core Viewpoint - The company forecasts a significant increase in adjusted net profit for 2025, driven by a dual strategy of organic growth and external acquisitions, leading to improved profitability and operational efficiency [1][2]. Group 1: Financial Performance Forecast - The company expects 2025 revenue to be no less than 3 billion yuan, representing a year-on-year growth of at least 16% [1]. - Adjusted net profit is projected to be no less than 380 million yuan, with a year-on-year increase of at least 40%, while net profit is expected to be no less than 340 million yuan, reflecting a growth of at least 34% [1]. - The performance forecast aligns with expectations due to the company's effective dual strategy and operational improvements [1]. Group 2: Growth Drivers - The company anticipates robust organic growth and contributions from acquisitions, with revenue growth expected to be driven by double-digit growth in beauty and health services, and high growth in sub-health medical services [1][2]. - The integration of the acquired company, Nai Rui Er, is expected to enhance operational efficiency and contribute to revenue growth in 2025 [1][2]. - The company reported strong performance during the year-end "Double Festival" period, with revenue from its main business segments showing positive year-on-year growth [1]. Group 3: Profitability Enhancement - The company forecasts an adjusted net profit margin of 12.7% for 2025, an increase of 2 percentage points year-on-year, driven by a higher proportion of high-margin medical services and operational efficiency improvements [2]. - The integration of Nai Rui Er is expected to further enhance profitability through effective resource integration and operational empowerment [2]. Group 4: Strategic Outlook - The company completed the acquisition of Si Yan Li on January 7, 2026, which will contribute to revenue growth and operational efficiency, leveraging the integration experience from Nai Rui Er [2]. - The company is optimistic about its growth potential under the "super brand, super chain, super digitalization" strategy, which is expected to enhance market bargaining power [2]. Group 5: Earnings Forecast and Valuation - The company maintains its profit forecast for 2025 and has increased the 2026 net profit estimate by 20% to 430 million yuan, with projections for 2027 at 540 million yuan [2]. - The current stock price corresponds to a price-to-earnings ratio of 13x for 2026 and 10x for 2027, with a target price of 42 HKD, indicating a potential upside of 57% [2].

美丽田园医疗健康(02373)公布，2026年1月28日耗资约125.63万港元回购4.65万股股份。 ...

智通财经APP讯，美丽田园医疗健康(02373)公布，2026年1月28日耗资约125.63万港元回购4.65万股股 份。 ...