证券研究报告 | 公司点评 | 医疗美容 ❑ 24 年年报：业绩符合预期，未来 3 年高分红+股权激励彰显发展信心。 24 年业绩符合预期。24 年收入/净利润 25.7/2.5 亿元，同比+19.9%/+9.7%。 24 年 毛利率/净利率 46.3%/9.8%，同比+0.7pp/-0.9pp。销售/管理/研发费用率同比 +0.3pp/+0.2pp/-0.2pp。 公司承诺，自公告日起未来三个完整财年期间将不少于 50%的归母净利用于分 红，也将充分利用管理层股权激励计划，考核指标涵盖未来三年营业收入及利润 提升。 ❑ 基石业务内生稳健增长，医美新客拓展持续，女性特护超预期增长。 24 年收入拆分：生美及保健 56%+医美 36%+亚健康医疗服务 8%。 1） 生美及保健：基石业务内生稳健增长，加码身体护理与智能美养。 24 年收入 14.4 亿（+21%，括号内为同比，下同），毛利率 40.7%（+1.1pcts），具 体来看：①量为主要驱动，全年到店人次/活跃会员人数同增 19.5%/45%。②直营 /加盟收入同增 21%/21%，门店数量分别为 239/276 家。③公司于 24H2 收购奈瑞 儿，新 ...

证券研究报告 美丽田园医疗健康 (2373 HK) 24 年业绩彰显强韧性 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 08 日│中国香港 | 零售 | 2024 年公司营收 25.72 亿/yoy+19.9%，归母净利润 2.28 亿/yoy+5.9%。归 母净利率 8.9%/yoy-1.2pct，经调整净利润 2.52 亿/yoy+4.6%。2H24 奈瑞 儿正式并表，贡献收入 2.87 亿/利润 0.2 亿。内生方面，公司业务基石美容 与保健业务强韧性，医美客户渗透率持续提升，亚健康医疗服务板块快速放 量。外延方面，奈瑞儿 24 年已贡献业绩增量，后续公司有望凭借自身优势 持续整合市场提份额。宣派末期股息 1.13 亿，对应分红率 50%，并宣布未 来 3 年除特殊情况外分红率将不低于 50%。未来将引入长期战略投资者构 建健康多元股东生态体系。展望长期，公司仍有望持续积累优质客户，并通 过三美业务矩阵深度挖潜用户价值。维持"买入"评级。 美容与保健服务基本盘发展良好，亚健康医疗服务增速亮眼 24 年美容与保健服务营收 1 ...

请务必阅读正文后的声明及说明 [Table_Info1] 美丽田园医疗健康(02373.HK) 医疗美容/美容护理 [Table_Date] 发布时间：2025-03-28 [Table_Title] 证券研究报告 / 港股公司报告 内生外延双轮驱动，市场领导地位持续强化 美丽田园医疗健康公布 2024 年度业绩，2024 年公司实现营业收入 25.72 亿元/+19.91%，归母净利润 2.28 亿元/+5.94%。2024H2 公司实现营业收 入 14.35 亿元/+29.44%，归母净利润 1.13 亿元/+8.87%。拟每股派发现金 红利 0.48 元。 点评： 内生+外延双轮驱动，收入维持快速增长。2024 年公司实现营业收入 25.72 亿元/+19.91%，分项目看：1）美容和保健服务营收 14.43 亿元/占 比 56.11%/+20.91% ； 包 括 高 端 美 容 直 营 收 入 11.44 亿 元 / 占 比 44.46%/+5.91%；高端智能美养服务直营收入 1.62 亿元/占比 6.30%；加 盟商及其他收入 1.38 亿元/占比 5.35%/+20.87%；高端美容服务单店继续 ...

2025 年 3 月 28 日 公司研究 深化"内生+外延"双轮驱动，"双美+双保健"业务模式焕发光彩 ——美丽田园医疗健康（2373.HK）2024 年年报点评 买入（维持） 当前价：18.10 港元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 wuziqian@ebscn.com 市场数据 | 总股本(亿股) | 2.36 | | --- | --- | | 总市值(亿港元)： | 42.68 | | 一年最低/最高(港元)： | 13.03/19.88 | | 近 3 月换手率： | 11.66% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 4.60 | -12.75 | 24.88 | | 绝对 | 2.77 | 7.61 | 25.30- | | 资料来源：Wind | | | - | 相关研报 中国双美模式龙头企业，稳扎稳打开拓美与 健康大市场——美丽田园医疗健康 （2373.HK）首次覆 ...

——美丽田园医疗健康（2373.HK）2024 年年报点评 买入（维持） 当前价：18.10 港元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 2025 年 3 月 28 日 公司研究 深化"内生+外延"双轮驱动，"双美+双保健"业务模式焕发光彩 wuziqian@ebscn.com 市场数据 | 总股本(亿股) | 2.36 | | --- | --- | | 总市值(亿港元)： | 42.68 | | 一年最低/最高(港元)： | 13.03/19.88 | | 近 3 月换手率： | 11.66% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 4.60 | -12.75 | 24.88 | | 绝对 | 2.77 | 7.61 | 25.30- | | 资料来源：Wind | | | - | 相关研报 中国双美模式龙头企业，稳扎稳打开拓美与 健康大市场——美丽田园医疗健康 （2373.HK）首次覆 ...

公司研究 深化"内生+外延"双轮驱动，"双美+双保健"业务模式焕发光彩 ——美丽田园医疗健康（2373.HK）2024 年年报点评 2025 年 3 月 28 日 买入（维持） 当前价：18.10 港元 作者 | 总股本(亿股) | 2.36 | | --- | --- | | 总市值(亿港元)： | 42.68 | | 一年最低/最高(港元)： | 13.03/19.88 | | 近 3 月换手率： | 11.66% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 4.60 | -12.75 | 24.88 | | 绝对 | 2.77 | 7.61 | 25.30- | | 资料来源：Wind | | | - | 相关研报 中国双美模式龙头企业，稳扎稳打开拓美与 健康大市场——美丽田园医疗健康 （2373.HK）首次覆盖报告（2023-06-02） 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 wuziqian ...

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。 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） – 1 – （股份代號：2373） 截至2024年12月31日止年度 全年業績公告 | 財務概要 | | --- | | | | 截至12月31日止年度 | | | --- | --- | --- | --- | | | 2024年 | 2023年 | 變動 | | | (i) 人民幣千元 | (i) 人民幣千元 | | | 直營門店活躍會員人數 | 137,027 | 93,667 | 46.3% | | 直營門店客流 | 1,517,701 | 1,260,352 | 20.4% | | 收入 | 2,572,199 | 2,145,068 | 19.9% | | 毛利 | 1,189,995 | 977,102 | 21.8% | | 毛利率 ...

Investment Rating - The report assigns a rating of "Buy" to the company, with a target price raised to HKD 22.88, reflecting a 16x PE for 2025 [9][17]. Core Insights - The company is expected to complete the integration of the second-largest beauty service brand, Nairui, by 2024, enhancing its "Double Beauty + Double Health" business model and accelerating market consolidation [3][9]. - The company reported a revenue of RMB 1.138 billion in H1 2024, a year-on-year increase of 9.7%, with beauty and health service revenue growing by 13.6% [9]. - The integration of Nairui is projected to significantly expand the customer base, with a total of 150 stores expected to be consolidated [9]. Financial Summary - Revenue for 2023 is reported at RMB 2,153.25 million, with a projected increase to RMB 2,608.26 million in 2024, reflecting a growth rate of 21.1% [7]. - The net profit for 2023 is RMB 215.66 million, with an expected increase to RMB 249.24 million in 2024, indicating a growth of 15.6% [7]. - The company’s gross margin for H1 2024 is reported at 47.0%, an increase of 0.9 percentage points year-on-year [9].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,137,694,000, representing a 9.7% increase from RMB 1,036,870,000 in the same period of 2023[9]. - Gross profit increased to RMB 534,200,000, up 11.7% from RMB 478,106,000 year-over-year, with a gross profit margin of 47.0%[9]. - Adjusted net profit for the first half of 2024 was RMB 131,837,000, a slight increase of 0.5% from RMB 131,217,000 in the same period of 2023[9]. - Net profit for the period was RMB 126,067,000, reflecting a 4.1% increase from RMB 121,120,000 year-over-year[9]. - Basic earnings per share increased to 0.50 from 0.49, indicating a positive trend in profitability[9]. - Revenue from cornerstone beauty and wellness services increased to RMB 622 million, up 13.6% year-over-year, driven by increased single store membership and enhanced private domain traffic[22]. - Revenue from aesthetic medical services reached RMB 441 million, with a gross profit margin of 55.1%[37]. - Revenue from subhealth medical services surged to RMB 74 million, marking a 50% year-over-year increase[22]. Client Engagement - The number of client visits to direct stores rose to 684,659, an increase of 11.6% compared to 613,668 in the previous year[9]. - Active members served at direct stores grew by 10.3%, reaching 81,531 from 73,919[9]. - The annual retention rate for active members reached an impressive 79.0% in the first half of 2024[19]. - The number of active members at direct stores reached 81,531, an increase of 10.3% year-over-year, with an average spending of RMB 12,608 per active member[21]. - Active members in beauty and wellness services grew to 78,868, reflecting a 9.9% increase compared to the previous year[34]. - Average spending per active member in beauty and wellness services was RMB 6,771, slightly up from RMB 6,693 in the same period last year[34]. Strategic Acquisitions and Partnerships - The company announced the acquisition of a 70% equity interest in Guangzhou Naturade Health Management Co., Ltd. for RMB 350 million, enhancing its market position in the wellness sector[12]. - All 150 Naturade stores have been integrated into the company's network under a franchise model, significantly increasing market share in China's Greater Bay Area[13]. - The company completed the acquisition of 70% of Guangzhou Nairier Health Management Co., Ltd. for RMB 350 million, integrating all 150 Nairier stores into its brand matrix[15]. - A strategic partnership with French brand LPG led to the successful launch of the LPG® BF+ initiative, achieving nearly 60% of the annual sales target within two months[32]. - The acquisition of Naturade, a leader in AI-powered wellness solutions, is expected to enhance brand influence and product competitiveness in the wellness market[32]. Business Model and Market Strategy - The company is shifting to a "dual beauty + dual wellness" business model, expanding its service offerings to include lifestyle wellness alongside traditional beauty services[14]. - The new "dual beauty + dual wellness" business model is expected to significantly enhance customer numbers in the wellness segment[15]. - The company plans to explore mergers and acquisitions as a major strategic opportunity to expand its membership base in key cities[17]. - The company plans to add 150 direct and franchised stores following the integration of Naturade, enhancing market share in the Greater Bay Area[24]. - The company aims to expand its membership base and revenue through strategic acquisitions, exemplified by its success in Xi'an, which has become the fifth-largest city by revenue contribution[52][53]. Operational Efficiency and Cost Management - Selling expenses rose from RMB 166.9 million in the first half of 2023 to RMB 189.7 million in the first half of 2024, driven by increased staff and marketing costs[75]. - The increase in costs of sales and services from RMB 558.8 million in the first half of 2023 to RMB 603.5 million in the first half of 2024 was mainly due to business growth and increased service offerings[69]. - General and administrative expenses increased from RMB 165.8 million in H1 2023 to RMB 181.1 million in H1 2024, primarily due to increased staff costs driven by business growth[77]. Cash Flow and Financial Position - The Group generated RMB 222.4 million in net cash from operating activities in H1 2024, a slight increase compared to the same period last year[88]. - Net cash used in investing activities was RMB 195.9 million in H1 2024, mainly due to a RMB 105.0 million payment for the Naturade acquisition[88]. - Cash and cash equivalents as of June 30, 2024, amounted to RMB 196.0 million, with term deposits over three months totaling RMB 486.1 million[83]. - The Group's net cash used in financing activities was RMB 54.5 million in H1 2024, primarily for lease liabilities payments[88]. Corporate Governance and Compliance - The Company has complied with all code provisions set out in the Corporate Governance Code during the Reporting Period[118]. - The Company continues to enhance information disclosure and transparency by regularly publishing financial reports and operational conditions[119]. - The Company has adopted a clear code of ethical conduct and incorporated compliance with occupational ethics into employee performance appraisals[120]. - The Company emphasizes compliance and anti-corruption work to ensure integrity and a clean operational style[121]. Shareholder Structure and Incentives - As of June 30, 2024, the company had 235,795,568 shares issued, with various directors holding significant interests[147][148]. - The concert party agreement among Mr. Li, Ms. Li, Mr. Lian, Niu Guifen, Cui Yuanjun, and Yuan Huimin collectively holds voting rights for 114,987,000 shares, which is 48.77% of the issued share capital[154]. - The company has adopted a 2022 Share Incentive Plan to motivate and retain eligible employees, with grants available to employees and prospective employees[161]. - The Share Incentive Plan is valid for ten years starting from January 16, 2023, allowing for the issuance of awards during this period[166].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 19.6, while the current price is HKD 16.22 [6]. Core Insights - The company achieved a revenue of RMB 1.14 billion and a net profit attributable to shareholders of RMB 120 million in the first half of 2024, with significant growth in the women's care center business [1][2]. - Revenue growth was driven by franchise stores and sub-health services, with women's care center revenue increasing over 200% year-on-year [2]. - The acquisition of 150 stores from Nairu, covering the Greater Bay Area, further expands the company's business footprint and complements its existing services [4]. Financial Performance - For the first half of 2024, the company reported a revenue increase of 9.7% year-on-year, while net profit grew by 3.2% [2]. - The gross margin slightly increased by 0.9 percentage points to 47.0%, attributed to increased customer traffic and economies of scale [2]. - The company forecasts net profits for 2024-2026 to be RMB 250 million, RMB 320 million, and RMB 370 million, respectively, with corresponding P/E ratios of 14.1x, 10.9x, and 9.5x [4]. Store Expansion and Customer Engagement - The company has expanded its store count to over 559, including 150 Nairu stores, with a significant increase in customer traffic and active membership [3]. - Direct store traffic reached 680,000 visits, a 12% increase year-on-year, while active members grew by 10% to 82,000, maintaining a high retention rate of 79% [3].