公司名稱: 美麗田園醫療健康產業有限公司 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 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 呈交日期: 2025年10月8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 | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | 本月底法定/註冊股本總額： ...

Core Viewpoint - Huachuang Securities reports that Meili Tianyuan Medical Health (02373) is a leading company in the domestic beauty and medical beauty service sector, with a strong brand reputation and operational capabilities. The company is expected to see performance growth due to deepening digital transformation, improved industry chain layout, and store expansion [1] Financial Overview - For the first half of 2025, the company reported revenue of 1.46 billion (up 28% year-on-year) and a net profit attributable to shareholders of 160 million (up 35%). Adjusted net profit reached 190 million (up 38%) [2] - The gross margin was 49.3% (up 2 percentage points), and the net margin was 11.7% (up 0.6 percentage points). The expense ratios for sales, management, and R&D were 17.2%, 16.2%, and 1.4%, respectively [2] Business Segmentation - Revenue breakdown: 55% from beauty services (51% from direct stores and 5% from franchises), 34% from medical beauty, and 11% from sub-health services. - Beauty services generated 810 million (up 30%) with a gross margin of 42.1% (up 2 percentage points) [3] - Medical beauty services generated 500 million (up 13%) with a gross margin of 56.9% (up 2 percentage points) [3] - Sub-health services generated 150 million (up 108%) with a gross margin of 63.1% (up 9 percentage points) [3] Operational Data - The company continues to expand its brand influence, with stable growth in store and membership numbers. - Beauty: 238 direct stores (down 1 from the end of 2024) and 276 franchise stores (unchanged), with membership increasing by 46% to 112,000 [4] - Medical beauty: 27 stores (down 1) [4] - Sub-health: 11 stores (unchanged) [4] Digital Transformation and Supply Chain - The company is accelerating its digital transformation by building online capabilities for customers, business, and organization, enhancing operational efficiency and customer service experience. Additionally, it is investing in upstream supply chains to ensure stable supply and cost advantages for core products [5] Team and Service Innovation - The core management and technical team remains stable, providing strong support for the company's development. The company continues to innovate in services by launching new beauty, medical beauty, and sub-health adjustment projects to meet diverse consumer needs, with a focus on expanding store presence in first- and second-tier cities [6]

Core Viewpoint - Meili Tianyuan Medical Health (02373) is a leading company in the domestic beauty and medical beauty service sector, with strong brand reputation and operational capabilities. The company is expected to see performance growth driven by deepening digital transformation, improved industry chain layout, and store expansion [1] Financial Overview - For the first half of 2025, the company reported revenue of 1.46 billion (up 28% year-on-year) and a net profit attributable to shareholders of 160 million (up 35%). Adjusted net profit reached 190 million (up 38%) [2] - The gross margin was 49.3% (up 2 percentage points), and the net margin was 11.7% (up 0.6 percentage points). The expense ratios for sales, management, and R&D were 17.2%, 16.2%, and 1.4%, respectively [2] Business Segmentation - Revenue breakdown: 55% from beauty services (51% from direct stores and 5% from franchises), 34% from medical beauty, and 11% from sub-health services. - Beauty services generated 810 million (up 30%) with a gross margin of 42.1% (up 2 percentage points) [3] - Medical beauty services generated 500 million (up 13%) with a gross margin of 56.9% (up 2 percentage points) [3] - Sub-health services generated 150 million (up 108%) with a gross margin of 63.1% (up 9 percentage points) [3] Operational Data - The company continues to expand its brand influence, with stable growth in store and membership numbers. - Beauty: 238 direct stores (down 1 from the end of 2024) and 276 franchise stores (unchanged), with membership increasing by 46% to 112,000 [4] - Medical beauty: 27 stores (down 1) [4] - Sub-health: 11 stores (unchanged) [4] Strategic Initiatives - The company is accelerating its digital transformation, enhancing online capabilities for customers, business, and organization to improve operational efficiency and customer service experience [5] - The company is also investing in upstream supply chains to ensure stable supply and cost advantages for core products and consumables, laying a solid foundation for long-term business development [5] Team and Innovation - The core management and technical teams remain stable, providing strong support for the company's development. The company continues to innovate in services, launching new beauty, medical beauty, and sub-health adjustment projects to meet diverse consumer needs [6] - Store expansion is focused on increasing presence in first- and second-tier cities to broaden market coverage [6]

Financial Performance - Revenue for the six months ended June 30, 2025, reached RMB 1,459,013, representing a 28.2% increase from RMB 1,137,694 in 2024[13]. - Gross profit increased by 34.7% to RMB 719,788, with a gross profit margin of 49.3%, up from 47.0% in the previous year[13]. - Net profit for the period was RMB 170,772, a 35.5% increase from RMB 126,067 in 2024[13]. - Adjusted net profit rose by 37.8% to RMB 190,593, compared to RMB 138,332 in the same period last year[13]. - Basic and diluted earnings per share increased by 36.0% to RMB 0.68, up from RMB 0.50 in 2024[13]. - The financial summary indicates a strong operational performance, with significant growth in both revenue and profit metrics[13]. - Cash flow from operating activities reached RMB 410 million, expanding 84.4% year-over-year, with total cash and cash-like items growing to RMB 2 billion, a net increase of 27.5%[42]. - The Group's net cash generated from operating activities increased from RMB 222 million in the first half of 2024 to RMB 410 million in the first half of 2025, representing a year-over-year increase of 84.4%[118]. - Adjusted net profit margin improved from 12.2% in the first half of 2024 to 13.1% in the first half of 2025[111]. Client Engagement - The number of client visits to direct stores increased by 47.8% to 918,069 in the six months ended June 30, 2025, compared to 621,136 in the same period of 2024[13]. - The number of active members of direct stores rose by 46.5% to 118,932, up from 81,188 year-on-year[13]. - Client visits at direct stores reached 920,000, up 47.8% year-over-year, while active members surged by 46.5% to 120,000[40]. - The number of client visits at direct stores for beauty and wellness services surged to 850,000, up 48.6% year-over-year[52]. - Active members of direct beauty and wellness stores increased to 112,000, reflecting a growth of 45.7% year-over-year[52]. - The number of client visits at direct stores for subhealth medical services reached 19,000, representing a year-over-year increase of 75.5%[67]. - The total number of active members for direct stores surged to 7,014, marking a 93.4% year-over-year growth[67]. Strategic Initiatives - The company continues to focus on enhancing its market presence and operational efficiency through strategic initiatives[15]. - The company announced a 20% equity acquisition in Naturade, increasing ownership to 90%, enhancing control and shareholder value[30]. - The "AI-Powered Wellness System 2.0" was launched at Naturade, integrating modern diagnostic technologies with traditional Chinese medicine approaches[34]. - The Group aims to replicate the successful acquisition and integration of Naturade to explore further industry consolidation opportunities[78]. - The Group is focusing on AI applications in beauty and health services to drive innovation and digital transformation[78]. Revenue Breakdown - Revenue from beauty and wellness services increased by 29.6% to RMB 806 million, with direct store revenue rising by 31.0% to RMB 739 million[86][87]. - Revenue from aesthetic medical services grew by 13.0% from RMB 441 million to RMB 499 million[91]. - Revenue from subhealth medical services surged by 107.8% from RMB 74 million to RMB 154 million[92]. - In the first half of 2025, revenue from beauty and wellness services reached RMB 807 million, representing a year-over-year increase of 29.6%[50]. - Revenue from the functional medicine segment surged by 122.0% year-over-year in the first half of 2025, demonstrating strong growth momentum[71]. Cost Management - Selling expenses grew from RMB 190 million in the first half of 2024 to RMB 251 million in the first half of 2025, primarily due to increased staff costs and marketing expenses[101]. - R&D expenses rose from RMB 16 million in the first half of 2024 to RMB 21 million in the first half of 2025, driven by increased investment in digitization[103]. - General and administrative expenses increased from RMB 181 million in the first half of 2024 to RMB 237 million in the first half of 2025, mainly due to higher staff costs and consulting expenses[107]. Supply Chain Management - The company has established four major goals in supply chain management, including inventory control and procurement cost reduction, integrated into the departmental KPI assessment system[173]. - Implementation of intelligent procurement control has been initiated, utilizing the Economic Order Quantity (EOQ) model to prevent unreasonable procurement[176]. - A dynamic monitoring system has been established to provide real-time data support for management decision-making across the procurement-inventory-sales chain[177]. - Precise inventory management measures have been implemented, reducing risks of stagnant stock and stockouts through automated reporting[178]. - The overall operational efficiency of the supply chain has significantly improved, laying a solid foundation for stable operation and profit growth[179]. Employee Engagement - The Group has implemented a three-tiered incentive system for employees, with 6,185,568 shares granted to the management team under the Share Incentive Scheme as of June 30, 2025[150]. - The Group has established a dual-track career development framework and launched thousands of online courses to support employee growth[149][151]. - The Group has recognized the importance of female employees in its workforce and is committed to providing fair promotion opportunities and supportive benefits[155][156]. Market Outlook - The emotional economy in China is projected to reach RMB 2.3 trillion by 2025, indicating substantial growth potential for the industry[35]. - The emotional economy market in China is projected to reach RMB 2.3 trillion by 2025, creating significant growth opportunities for the industry[38]. Investment and Capital Management - The company plans to utilize 67.6% of net proceeds (HKD 377.5 million) for expanding and upgrading its service network by December 31, 2026[161]. - Strategic mergers and acquisitions of franchised stores will account for 10.2% of net proceeds (HKD 57.0 million), with full utilization expected by December 31, 2026[161]. - Further investment in IT systems is projected to use 12.3% of net proceeds (HKD 68.7 million), with completion anticipated by December 31, 2026[161]. - Working capital and other general corporate purposes will consume 9.9% of net proceeds (HKD 55.3 million), expected to be fully utilized by December 31, 2026[161]. - As of June 30, 2025, the unused net proceeds were HKD 106.6 million, with an expected timeline for full utilization by December 31, 2026[170].

Group 1 - The core viewpoint of the report is that Meili Tianyuan Medical Health (02373) is expected to maintain strong financial performance, with projected revenues of 3.05 billion, 3.41 billion, and 3.76 billion RMB for 2025-2027, and net profits of 320 million, 380 million, and 440 million RMB respectively [1] - The company achieved record high adjusted net profit in H1 2025, with revenues, net profit, and adjusted net profit reaching 1.46 billion, 170 million, and 190 million RMB respectively, representing year-on-year growth of 28%, 36%, and 38% [1] - The operating cash flow for H1 2025 was 410 million RMB, an increase of 84% year-on-year, with cash and cash equivalents amounting to 2 billion RMB, up 28% [1] Group 2 - The beauty and health services segment generated 810 million RMB in revenue, a year-on-year increase of 30%, while the medical beauty services segment achieved 500 million RMB, growing by 13% [1] - The sub-health medical services segment saw a remarkable revenue increase of 108%, reaching 150 million RMB, with the number of outpatient clinics expanding to 11 [1] - The Women's Health Center, a key part of the sub-health medical business, reported a revenue growth of 173% in H1 2025 [1] Group 3 - The company increased its stake in Nairu to 90%, enhancing profitability, with Nairu's revenue reaching 280 million RMB in H1 2025 and adjusted net profit margin rising from 6.5% to 10.4% [2] - Nairu, recognized as the "First Brand of Intelligent Beauty and Health" by Frost & Sullivan, is implementing an AI-driven transformation project called "Intelligent Beauty and Health 2.0 System" [2] Group 4 - The company has announced a "Capital Market Value Enhancement Plan" aimed at increasing shareholder returns, optimizing capital structure, and promoting sustainable development, with a total of 300 million RMB in dividends declared over the past three years [3] - The first dividend payment from the shareholder return plan is scheduled to be distributed by September 26, 2025, at a rate of 0.52 HKD per share [3]

Core Viewpoint - The company maintains its financial forecast for Meili Tianyuan Medical Health (02373), projecting revenues of 3.05 billion, 3.41 billion, and 3.76 billion RMB for 2025-2027, with net profits of 320 million, 380 million, and 440 million RMB respectively, assigning a target price of 45 HKD for 2025 based on a 30x PE ratio [1] Financial Performance - In H1 2025, the company achieved record high adjusted net profits of 1.9 billion RMB, with total revenues of 14.6 billion RMB, reflecting year-on-year growth of 28%, 36%, and 38% respectively [3] - Operating cash flow reached 4.1 billion RMB, an increase of 84% year-on-year, with cash and cash-equivalent assets totaling 2 billion RMB, up 28% [3] Business Segmentation - The beauty and wellness services segment generated 8.1 billion RMB in revenue, a 30% increase year-on-year, while medical beauty services brought in 5 billion RMB, growing 13% [3] - The sub-health medical services segment saw a remarkable revenue increase of 108%, reaching 1.5 billion RMB, with the number of outpatient clinics expanding to 11 [3] - The Women's Care Center, a key part of the sub-health medical business, reported a 173% year-on-year revenue growth in H1 2025 [3] Strategic Acquisitions - The company increased its stake in Nairu to 90% by acquiring an additional 20% share, resulting in enhanced profitability, with Nairu's revenue reaching 2.8 billion RMB and adjusted net profit margin rising from 6.5% to 10.4% [4] Shareholder Returns - The company has announced a "Capital Market Value Enhancement Plan" aimed at improving shareholder returns, optimizing capital structure, and promoting sustainable development, with a total of 300 million RMB in dividends declared over the past three years [5]

Core Viewpoint - The latest data from the Hong Kong Stock Exchange indicates that shareholders of Meili Tianyuan Medical Health (02373) deposited shares worth HKD 536 million into Galaxy Securities Hong Kong, representing 6.29% of the total [1] Financial Performance - For the six months ending June 30, 2025, the company reported revenue of RMB 1.459 billion, reflecting a year-on-year growth of 28.2% [1] - The profit attributable to the owners of the company was RMB 156 million, an increase of 34.9% compared to the previous year [1] - Basic earnings per share stood at RMB 0.68 [1] Segment Revenue Breakdown - Revenue from beauty and health services amounted to RMB 807 million, showing a year-on-year growth of 29.6% [1] - Revenue from sub-health medical services reached RMB 150 million, with a significant year-on-year increase of 107.8% [1]

Core Viewpoint - The recent performance of Meili Tianyuan Medical Health (02373) shows significant growth in revenue and profit, indicating a positive trend in the company's financial health and operational efficiency [1] Financial Performance - For the six months ending June 30, 2025, the company reported a revenue of 1.459 billion RMB, representing a year-on-year increase of 28.2% [1] - The profit attributable to the owners of the company was 156 million RMB, which is a 34.9% increase compared to the previous year [1] - Basic earnings per share were reported at 0.68 RMB [1] Segment Performance - Revenue from beauty and health services reached 807 million RMB, marking a year-on-year growth of 29.6% [1] - Revenue from sub-health medical services surged to 150 million RMB, reflecting a remarkable year-on-year increase of 107.8% [1] Shareholder Activity - On September 9, shareholders of Meili Tianyuan Medical Health deposited shares into Galaxy Securities Hong Kong, with a market value of 536 million HKD, accounting for 6.29% of the total shares [1]

Core Insights - The company reported a revenue of 1.46 billion yuan for the first half of 2025, representing a year-on-year increase of 28.2%, and a net profit of 170 million yuan, up 35.5% year-on-year [1] - The company's three main business segments showed strong growth, with the sub-health medical service revenue doubling [1] Revenue Breakdown - Beauty and health services generated 810 million yuan, a year-on-year increase of 29.6%, accounting for 55.2% of total revenue, driven by improved same-store sales and the acquisition of the smart beauty brand Nairui [1] - Medical beauty services achieved 500 million yuan in revenue, up 13.0% year-on-year, representing 34.2% of total revenue, supported by the execution of the "internal growth + external acquisition" strategy [1] - Sub-health medical services reached 150 million yuan, a significant increase of 107.8% year-on-year, making up 10.6% of total revenue, attributed to the strategy attracting members and refined operations [1] Profitability Metrics - The gross margin for the first half of 2025 was 49.3%, an increase of 2.3 percentage points year-on-year [2] - The net profit margin stood at 11.70%, reflecting a year-on-year increase of 0.62 percentage points [2] - The company maintained a stable expense ratio, with sales, management, and R&D expense ratios at 17.19%, 16.22%, and 1.44%, respectively [2] Strategic Initiatives - The company emphasized its "internal growth + external acquisition" strategy, with the acquisition of Nairui, the second-largest brand in China's beauty industry, expected to be completed by July 2024 [2] - Nairui contributed 277 million yuan in revenue during the first half of 2025, with an adjusted net profit margin increasing from 6.5% to 10.4% post-acquisition [2] - The company plans to enhance Nairui's core advantages and implement its first AI digital transformation project, the "Smart Beauty 2.0 System" [2] Membership Growth - The company reported a 47.8% year-on-year increase in customer traffic to 920,000 visits at direct stores, and active membership grew by 46.5% to 120,000 [3] - Approximately 20% of beauty and health service members upgraded to medical beauty or sub-health services, driving higher-value business penetration [3] Investment Outlook - The company is expected to achieve net profits of 330 million yuan, 380 million yuan, and 430 million yuan for 2025-2027, representing year-on-year growth of 43.9%, 17.0%, and 12.2% respectively [3] - The current stock price corresponds to a price-to-earnings ratio of 23X, 20X, and 18X for 2025-2027 [3]

Group 1 - The event "Big Consumption Investment Summit and 2025 Zhitong Xingyao Autumn Joint Strategy Meeting" was held in Hangzhou, focusing on the theme "New Consumption Species: The Evolution of Hong Kong Stocks" [1] - In 2025, China's consumption market is witnessing a blend of tradition and innovation, with electric vehicle penetration exceeding 47%, smart home sales growing in double digits, and rural consumption growth outpacing urban by 0.8 percentage points [1] - The Hong Kong stock market is becoming a witness to consumer power, with a 100-fold subscription for consumer IPOs in the first half of the year and 71% of new stocks closing higher on their first day [1] Group 2 - The main venue will feature keynote speeches and roundtable discussions on trends, while the sub-venue will showcase opportunities from 30 top companies [2] - Keynote speakers include executives from Tencent, GF Securities, and various leading companies, sharing insights and practical experiences [4] - The sub-venue will host presentations from 30 leading companies, including China Duty Free Group, Maogeping, and others, focusing on their business opportunities [5]