Company Overview - The original major shareholder CPE has reached a series of agreements to sell approximately 51.329 million shares, representing 21.77% of the company's total issued shares (excluding treasury shares), and will no longer be a major shareholder after the completion of this series of transactions [1][2] - The investors involved in this transaction include foreign long-term healthcare funds, strategic investment funds for technological innovation, leading international long-term funds, and high-quality international hedge funds [1] Comments on Shareholder Structure - The exit of CPE and the introduction of international long-term capital are expected to optimize the shareholder structure and improve market liquidity [2] - The entry of high-quality international investors is anticipated to bring rich industry resources and an international perspective, injecting new momentum into the company's business expansion and innovation [2] Business Performance - For the period from January to May 2025, the company reported a more than 20% year-on-year increase in both equity consumption and net consumption [2] - By business segment, the beauty and wellness sector grew by over 20%, medical beauty increased by 10%, and sub-health medical services surged by over 50% [2] - The integration of the acquired company Nairui is progressing smoothly, which is expected to enhance operational efficiency and improve profit margins [2] Growth Strategy - The company is focusing on a "dual beauty + dual wellness" model for synergistic development, with a positive outlook on growth driven by both internal and external factors [2] - Internally, the company is optimizing single-store operational efficiency and increasing the penetration rate of value-added services [2] - Externally, the successful integration of Nairui is expected to continue expanding membership assets and national layout through acquisitions [2] Management Incentives and Profit Distribution - The company has introduced equity incentives for the management team, with performance targets covering revenue and profit for the next three years [3] - A long-term shareholder return mechanism has been established, with plans to allocate no less than 50% of annual net profit attributable to shareholders for dividends from 2025 to 2027 [3] Profit Forecast and Valuation - The profit forecast for 2025-2026 remains unchanged, with the current stock price corresponding to a P/E ratio of 22x for 2025 and 20x for 2026 based on net profit excluding non-recurring items [3] - The target price has been raised by 68% to HKD 37, corresponding to a P/E ratio of 27x for 2025 and 24x for 2026, indicating a 22% upside potential [3]

机构：方正证券 研究员：周昕/谷寒婷 事件：CPE 出售21.77%股份退出主要股东，此前重要股价压制因素消退。 近期增持奈瑞儿20%股权，收购进一步完成关注经营指标持续调整优化，当前奈瑞儿在公司内部持续协 同优化，盈利指标持续向好，未来利润率有望对标美田自身；关注奈瑞儿的持续调整优化，未来有望成 为集团增长的重要动力。 投资建议：公司通过内生外延双轮驱动+"双美+双保健"业务协同构建逆周期增长引擎，奈瑞儿整合成 效持续兑现，亚健康业务爆发增长有效对冲医美景气度压力。同时CPE 退出重要股价压制因素消退， 预估25 年归母净利润约2.9 亿，同比增速约27%，对应估值23x，维持"强烈推荐"评级。 风险提示：行业竞争加剧；行业政策趋严风险；医疗事故风险；门店拓展不及预期等风险。 50%）、长效激励机制（2025-2027 年营业收入及利润双提升）两大战略仍将持续落地。 经营端稳定向好，关注奈瑞儿调整指标优化节奏。 公司基本面整体稳定，25H1 经营端完成度优异，我们预估公司增长仍将延续全年目标。 据公司公告披露，CPE 已达成一系列相关协议或完成相关交易，拟出售其所持有的约5132.9 万股本 （占公司总股本 ...

Core Insights - The company has a competitive advantage due to high-quality membership and comprehensive lifecycle management, with traditional beauty services as the foundation and medical beauty and sub-health services extending customer lifecycles, leading to high customer retention [1] - The company is focusing on increasing dividend ratios, optimizing shareholder structure, and implementing long-term incentive mechanisms, which may enhance liquidity and indicate potential for PE valuation recovery [1] - The company has raised its target price and maintains a buy rating [1] Business Performance - In 2024, the beauty and health service revenue reached 1.443 billion, a year-on-year increase of 20.9%, with organic growth of 6%. By the end of 2024, the number of direct and franchise stores reached 239 and 276, respectively, with net new openings of 68 and 77 stores during the year [1] - The company plans to further acquire 20% of Guangzhou Nairui's shares, increasing its stake to 90%, and is expected to continue industry consolidation and business acquisitions to enhance market share and scale effects [1] Medical and Sub-health Services - In 2024, revenue from medical beauty and sub-health services reached 928 million and 201 million, respectively, with year-on-year growth of 9.1% and 98.9%. The penetration rate of beauty members into medical beauty and sub-health services reached 24.9% [2] - The women's special care center generated over 100 million in revenue, with a year-on-year increase of over 300%, accounting for more than 50% of sub-health medical business revenue, and active membership increased by 200% year-on-year [2] Strategic Initiatives - The company is implementing three strategic initiatives to maximize shareholder value: establishing a long-term shareholder return mechanism, attracting quality long-term institutional investors, and implementing a core management equity incentive plan [2] Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders of 315 million, 368 million, and 418 million for 2025-2027, maintaining a strong cash position of nearly 1.4 billion by the end of 2024 [3] - The company is assigned a target price of 37.00 HKD for 2025, based on a 25x PE valuation, reflecting its position as a leading brand in beauty and health and its ongoing initiatives to enhance shareholder value [3]

证券研究报告 美丽田园医疗健康 (2373 HK) 内生扎实、外延提份额，上调目标价 华泰研究 更新报告 2025 年 6 月 27 日│中国香港 零售 三大战略举措释放股东价值 据公司官网 6 月 25 日披露，公司始终将股东价值最大化作为核心经营理念， 正布局三大战略举措：1）确立长期股东回报机制，2025-2027 年除特殊情 况外拟将年度归母净利润不低于 50%用于分红；2）持续吸引优质长线机构 投资者，构建更为健康多元的股东生态体系；3）实施核心管理层股权激励 计划，考核指标同时涵盖 2025-2027 年营业收入及利润提升的双重维度。 盈利预测与估值 我们预计 25-27 年归母净利润分别达 3.15/3.68/4.18 亿元（维持），公司账 面现金充沛（24 年底近 14 亿），主营业务发展稳健并持续内生外延提升份 额、亚健康管理业务快增。可比公司 25E 一致预测 PE 均值 17 倍，考虑公 司为美容与保健品牌龙头、正布局多举措提升股东价值，给予 25 年 25xPE， 目标价 37.00 HKD（汇率 0.91；前值 24.23HKD，对应 25 年 17 倍 PE）。 风险提示：会员向医 ...

Group 1 - Xianruida Medical - B (06669) surged over 18% after receiving registration approval from the National Medical Products Administration for its Armoni-HP® balloon dilation catheter [1] - Meili Tianyuan Medical Health (02373) rose nearly 3% as it announced plans to further acquire a 20% stake in Guangzhou Nairier [1] - Kingdee International (00268) increased over 3% due to adjustments in service fees expected to drive subscription ARR growth by 3% to 5% next year [1] - Sasa International (00178) fell over 5%, with its stock price dropping nearly 20% since its earnings report, as all mainland stores are set to close by the end of June [1] - Jingji Financial International (01468) dropped over 7% after issuing a profit warning, expecting a net loss of no more than HKD 125 million [1] - Kuaishou - W (01024) rose over 3%, with its AI subsidiary achieving an annualized revenue run rate exceeding USD 100 million [1] - Hengyue Holdings (01723) fell over 6% after a profit warning, anticipating a 90% decrease in annual profit attributable to shareholders [1] Group 2 - Military stocks rose against the market trend, with China Shipbuilding Defense (00317) up 7.27%, Aerospace Holdings (00031) up 2.44%, and AVIC (02357) up 1.68% [2] - Victory Securities (08540) soared over 61% as it actively expands into the virtual asset business [2] - Luoyang Molybdenum (03993) increased over 4% amid expectations that a new round of cobalt export bans from the Democratic Republic of Congo may exceed market expectations [2] - China Financial Leasing (02312) surged 229% yesterday and rose another 43% today after a premium acquisition of approximately 35% equity by Meitu's founder [2] - Guotai Junan International (01788) rose over 11% with a trading range of 104%, becoming the first Chinese broker to offer comprehensive virtual asset services [2] - Ganfeng Lithium (01772) increased over 3% as its new battery research institute and Pack integration project is set to begin trial production [2] Group 3 - Innovent Biologics (01801) fell over 4% after announcing a placement of 55 million shares at HKD 78.36 each, a discount of about 4.9% from the closing price on June 25, aiming to raise approximately HKD 4.265 billion [3] - Zhouliufu (06168) opened 11.25% higher on its debut, ranking fifth among jewelry brands in China by store count [3] - Rongchang Biologics (09995) opened nearly 15% lower after licensing its Taitasip to US Vor Bio for an upfront payment of USD 45 million [3] - Western Cement (02233) opened over 5% higher as it plans to sell its Xinjiang company and assets to release operational cash flow for expansion projects [3] - Yingtong Holdings (06883) opened 10.42% lower on its debut, being the largest non-branded perfume group in China [3] Group 4 - BP (BP.US) rose nearly 2% as Shell entered preliminary talks to acquire the company [4] - General Mills (GIS.US) saw its stock price drop over 5.1%, reaching a five-year low [4] - Brain Regen Technologies (RGC.US) fell over 5%, with a market cap shrinking to USD 10.7 billion [4] - Blackberry (BB.US) increased over 12% [4] - Google (GOOGL.US) rose over 2% after launching its first device robot model, Gemini Robotics On-Device [4] - Nvidia (NVDA.US) increased over 4% ahead of its online shareholder meeting, with Loop Capital noting that the AI trend driving Nvidia's stock price remains strong [4] - Chip stocks generally rose, with Supermicro (SMCI.US) up over 8%, Nvidia (NVDA.US) up over 4%, and AMD (AMD.US) up over 3% [4] - Novo Nordisk (NVO.US) fell over 4% as Spain's health ministry investigates whether it violated advertising laws for prescription drugs [4] Group 5 - Therapeutics (NKTR.US) surged nearly 30% after positive results from clinical trials for its eczema treatment [5] - Tesla (TSLA.US) dropped over 5.3% as new car registrations in the EU fell 40.5% year-on-year in May, marking the fifth consecutive month of significant decline [5] Group 6 - US cryptocurrency stocks collectively surged, with Sharplink Gaming (SBET.US) up nearly 6%, Coinbase (COIN.US) up over 3%, and Robinhood (HOOD.US) up over 0.9% [6] - Circle (CRCL.US), a stablecoin giant, continued its downward trend, falling over 10% [6] - Tiger Brokers (TIGR.US) surged nearly 22% as traditional financial institutions explore virtual assets, igniting market enthusiasm [6]

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料 进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订阅、接收或使用本资料中的信息。本资料难 以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 法律声明 联系人： 文若愚(LRsuperdope) 华 创 证券研究所 定 位 为 面 向 专 业 投 资 者的研究团队，本资料仅适用于经认可的 专 业 投 资 者 ， 仅 供 在 新 媒 体 背景下研究 观 点 的 及 时 交 流 。 华 创证券不因任何订阅本资料的行为而将订 阅 人 视 为 公 司 的 客 户 。 普 通 投资者若使 用 本 资 料 ， 有 可 能 因 缺乏解读服务而对报告中的关键假设、评 级 、 目 标 价 等 内 容 产 生 理 解 上的歧义， 进 而 造 成 投 资 损 失 。 本资料来自华创证券研究所已经发布的研究报告，若对报告的摘编产生歧义，应以报告发布当日的完整内容为 准。须注意的是，本资料仅代表报告发 ...

今日，港股大消费板块涨势喜人，美容护理、食品饮料等方向均表现不俗。其中，毛戈平 （01318.HK）、中烟香港（06055.HK）、古茗（01364.HK）、泡泡玛特（09992.HK）、蜜雪集团 （02097.HK）股价均于今日盘中创下历史新高；截至收盘，这几家公司涨幅依次为11.26%、8.75%、 8.06%、5.13%、5.03%。 沉寂多时的美丽田园医疗健康（02373.HK）在今日上演价值回归行情，其股价以旱地拔葱式飙升突破 箱体震荡格局，压抑已久的市场情绪瞬间点燃，一扫年内跑输恒生指数的低迷态势。 6月4日，美丽田园医疗健康股价放量大涨，截至收盘，该股涨幅为34.25%，报24.3 港元/股，创2023年6 月以来新高，单日成交额激增至1.6亿港元。 受今日股价强势上扬驱动，美丽田园医疗健康年内累计涨幅飙升至36.52%，一举超过恒生指数同期 17.92%的涨幅。 有分析认为，美丽田园医疗健康股价大涨或受港股消费及医美板块大涨，以及自身利好消息催化影响。 截至2024年12月31日，美丽田园门店总数已突破554家，其中直营门店数量达到275家，加盟及托管门店 279家。 此外，近日美丽田园医疗健 ...

Key Points - As of June 4, a total of 109 stocks reached their 52-week highs, with notable performers including 嘉鼎国际集团 (08153), 中国抗体－Ｂ (03681), and 升华兰德 (08106) achieving high rates of 37.84%, 32.89%, and 32.26% respectively [1] - The highest closing price among the top performers was 嘉鼎国际集团 at 0.405, while its peak price reached 0.510 [1] - 中国抗体－Ｂ closed at 2.850 with a peak of 2.990, and 升华兰德 closed at 0.142 with a peak of 0.164 [1] 52-Week High Rankings - 嘉鼎国际集团 (08153) had a high rate of 37.84% [1] - 中国抗体－Ｂ (03681) followed with a high rate of 32.89% [1] - 升华兰德 (08106) achieved a high rate of 32.26% [1] - Other notable stocks include 亿都（国际控股） with a high rate of 24.55% and 倍搏集团 with 23.59% [1] Additional Insights - The data indicates a strong performance in the market, with a significant number of stocks reaching new highs, suggesting potential bullish sentiment among investors [1] - The performance of these stocks may reflect broader trends in specific sectors, particularly in biotechnology and healthcare, as seen with the high rates of 中国抗体－Ｂ and 升华兰德 [1]

行业估值方面，医疗保健设备和服务行业市盈率（TTM）平均值为-21.43倍，行业中值0.3倍。美丽田园 医疗健康市盈率17.18倍，行业排名第29位；其他巨星医疗控股（02393.HK）为0.23倍、京玖康疗 （00648.HK）为0.38倍、永胜医疗（01612.HK）为3.97倍、环球医疗（02666.HK）为4.67倍、瑞慈医疗 （01526.HK）为5.5倍。 资料显示，美丽田园医疗健康产业有限公司引进国际美容理念,并使用先进的护理技术、产品仪器、质 控流程、服务标准,为每位客人带来舒适的美容美体护理服务。 公司于1993 年建立旗舰品牌美丽田园,该品牌是中国美丽与健康管理服务行业中成立已久的国内连锁品 牌之一。公司还建立了三个新兴品牌,即贝黎诗、研源及秀可儿。截至2022年6月30日,公司整体服务网络 涵盖352家门店,包括177家直营店及175家加盟店。于公司直接拥有的177家门店中,84家门店位于一线城 市及73家门店位于新一线城市。公司的直营店与加盟店共覆盖全国100座城市。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 5月22日，截至港股收盘，恒生指数 ...

Group 1 - The article highlights significant trading volume increases for various companies, indicating potential investment opportunities [1][2][3] - Notable companies with high trading volumes include卓越教育集团 (Zhuoyue Education Group) with a volume ratio of 2.45 and成交额 (transaction amount) of 27.16 million, and中国太保 (China Pacific Insurance) with a volume ratio of 2.29 and成交额 of 947.61 million [2][3] - Other companies showing substantial trading activity include维亚生物 (Viya Bio) with a volume ratio of 2.20 and成交额 of 16.22 million, and天津发展 (Tianjin Development) with a volume ratio of 2.17 and成交额 of 1.64 million [2][3] Group 2 - The data indicates that卓越教育集团 (Zhuoyue Education Group) and中国太保 (China Pacific Insurance) have both experienced a single day of increased trading volume, suggesting a potential trend [2][3] - Companies like弘业期货 (Hongye Futures) and招商证券 (China Merchants Securities) have shown consistent trading volume increases over multiple days, with弘业期货 recording a volume ratio of 1.50 and成交额 of 116.44 million, and招商证券 with a volume ratio of 1.70 and成交额 of 28.22 million [2][3] - The report also lists other companies with varying degrees of trading volume increases, such as顺丰同城 (SF Intra-city) and吉利汽车 (Geely Auto), indicating a broader market trend [2][3]