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 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12月31日 狀態: 新提交 呈交日期: 2026年1月6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： ...

Group 1 - CITIC Securities maintains a "Buy" rating for Huahong Semiconductor (01347.HK) with a target price of HKD 100, highlighting its leading position in specialty process wafer foundry and strong growth potential from capacity expansion and acquisitions [1] - CITIC Securities also maintains a "Buy" rating for SiHuan Pharmaceutical (00460.HK) with a target price of HKD 1.6, noting rapid growth in its medical aesthetic products and strong sales performance of new regenerative products [1] - GF Securities maintains a "Buy" rating for Yum China (09987.HK) with a target price of HKD 453.62, citing improved same-store sales and growth driven by new product iterations and marketing strategies [1] Group 2 - GF Securities initiates coverage on Laoputang Gold (06181.HK) with a "Buy" rating and a target price of HKD 775.64, emphasizing its leading position in handcrafted gold jewelry and strong growth potential from store expansion [2] - GF Securities initiates coverage on Yue Yuen Industrial (00551.HK) with a "Buy" rating and a target price of HKD 19.99, highlighting its status as the largest athletic shoe manufacturer and expected performance recovery [3] Group 3 - Cinda International maintains a "Buy" rating for Hesai Technology (02525.HK), noting its leadership in the global LiDAR market and significant growth in production and market share [4] - Zhongtai Securities initiates coverage on China Resources Land (01109.HK) with an "Accumulate" rating, reporting strong revenue and profit growth along with a healthy financial structure [5] Group 4 - First Shanghai initiates coverage on Jaxin International Resources (03858.HK) with a "Buy" rating and a target price of HKD 82.4, highlighting its world-class tungsten resources and strong profit growth potential [6] - Kaiyuan Securities initiates coverage on Beautiful Pastoral Medical Health (02373.HK) with a "Buy" rating, emphasizing its differentiated business model and effective customer acquisition strategies [7] Group 5 - CICC maintains an "Outperform" rating for Standard Chartered Group (02888.HK), noting better-than-expected Q2 2025 performance driven by significant growth in non-interest income [8]

开源证券发布研报称，首次覆盖，给予美丽田园医疗健康(02373)"买入"评级，美丽田园是国内领先的 高端美容与健康服务集团，已形成"双美+双保健"业务体系。公司会员资产优质，未来依托高效数字化 与整合管理能力推进"内生+外延"战略布局，有望实现收入规模及盈利能力进一步提升。 开源证券主要观点如下： 生美构筑信任资产，"双美+双保健"业务实现价值升级 (1)客群资产：公司生活美容业务持续深耕高端客户，通过优质项目体验和精细化客户维护，将一次性 消费沉淀为长期关系，实现高质量客户的获取与留存。 (2)转化逻辑：高端客户通过生活美容建立信任心智，通过一站式服务转化至高客单价的医美及保健业 务，同时为医美术后修复提供保障，增强客户粘性。客户转向医美年均消费三倍提升，实现以较低的边 际成本撬动高盈利业务。公司"双美+双保健"业务协同，2025H1整体获客成本仅2%且呈现持续下降趋 势，通过生活美容业务向医美进行客流转化，形成获客端的重要竞争壁垒。 强整合能力打通"内生+外延"发展路径 (1)内生：公司通过"直营+加盟"双轨并行模式稳步拓店，截至2025H1直营门店增至273家、加盟及托管 门店达279家，同店收入、客流 ...

开源证券发布研报称，首次覆盖，给予美丽田园医疗健康(02373)"买入"评级，美丽田园是国内领先的 高端美容与健康服务集团，已形成"双美+双保健"业务体系。公司会员资产优质，未来依托高效数字化 与整合管理能力推进"内生+外延"战略布局，有望实现收入规模及盈利能力进一步提升。 开源证券主要观点如下： 生美构筑信任资产，"双美+双保健"业务实现价值升级 (1)客群资产：公司生活美容业务持续深耕高端客户，通过优质项目体验和精细化客户维护，将一次性 消费沉淀为长期关系，实现高质量客户的获取与留存。 (2)转化逻辑：高端客户通过生活美容建立信任心智，通过一站式服务转化至高客单价的医美及保健业 务，同时为医美术后修复提供保障，增强客户粘性。客户转向医美年均消费三倍提升，实现以较低的边 际成本撬动高盈利业务。公司"双美+双保健"业务协同，2025H1整体获客成本仅2%且呈现持续下降趋 势，通过生活美容业务向医美进行客流转化，形成获客端的重要竞争壁垒。 强整合能力打通"内生+外延"发展路径 (2)外延：公司具备丰富整合经验并已沉淀出成熟并购方法论，即能够在短期内完成降本提效并释放协 同效应，强劲整合能力已通过奈瑞儿等案例得到 ...

Investment Rating - The report maintains a "Positive" investment rating for the beauty and personal care industry, specifically focusing on PDRN applications [6]. Core Insights - The report highlights that PDRN (Polydeoxyribonucleotide) is expected to unleash stronger commercial potential due to increasing registrations and search metrics. The extraction of PDRN is transitioning from animal sources to microbial fermentation and synthetic biology, laying a solid foundation for accelerated applications in the medical beauty and skincare sectors [3][4]. - The report emphasizes that domestic beauty companies are likely to redefine the value boundaries of PDRN, with leading firms accelerating their strategies in this competitive landscape [3][4]. Summary by Sections PDRN Overview - PDRN, derived from salmon and other sources, has a high similarity to human DNA (98%) and is known for its skin repair and cell regeneration properties. Its historical development spans from the 15th century to its current applications in medical aesthetics and cosmetics [8][13][19]. Market Growth Potential - The PDRN market is projected to grow significantly, with estimates indicating an increase from USD 0.72 billion in 2024 to USD 8.55 billion by 2031, reflecting a CAGR of 43%. The demand for anti-aging products is a core driver of this growth [8][30]. Competitive Landscape - Domestic companies are actively entering the PDRN medical and skincare sectors, with significant advancements in extraction technologies. Companies like Huaxi Biological and Lepu Medical are leading the charge in developing PDRN-based products [8][30][34]. Key Mechanisms and Benefits - PDRN operates through two main mechanisms: acting as an agonist for the adenosine A2A receptor to suppress inflammation and providing nucleotides for DNA synthesis, thus promoting cell regeneration and tissue repair [34][36]. - The primary benefits of PDRN include skin repair, anti-inflammatory effects, and anti-aging properties, making it suitable for various cosmetic and medical applications [34][39].

美丽田园医疗健康(02373)发布公告，于2025年12月30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。 此外，公司通过北京贝黎诗及上海美丽田园医疗健康，(i)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;(ii)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;(iii)于2025年10月9日根据10月9日认购自浦发银行认购金额为人民币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。 ...

此外，公司通过北京贝黎诗及上海美丽田园医疗健康，(i)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;(ii)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;(iii)于2025年10月9日根据10月9日认购自浦发银行认购金额为人民币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。 智通财经APP讯，美丽田园医疗健康(02373)发布公告，于2025年12月30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。 ...

此外，公司通过北京贝黎诗及上海美丽田园医疗健康，(i)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；(ii)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；(iii)于2025年10月9日根据10月9日认购自浦发银行认购金额为人民币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。 格隆汇12月30日丨美丽田园医疗健康(02373.HK)公告，于2025年12月30日，为有效利用闲置资金，北京 贝黎诗根据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。 ...

美麗田園醫療健康產業有限公司 * 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. 董事會宣佈，於2025年12月30日，為有效利用閒置資金，北京貝黎詩根據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。 此外，本公司通過北京貝黎詩及上海美麗田園醫療健康，(i)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；(ii)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；(iii)於2025年10 月9日根據10月9日認購自浦發銀行認購金額為人民幣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。 上市規則的涵義 根據上市規則第14.07條計算的有關10月9日認購、11月21日認購、11月28日認購 及12月30日認購各自的所有適用百分比率均低於 ...

Group 1 - China Merchants Securities maintains an "Accumulate" rating for JD Health (06618.HK), highlighting its "medicine + pharmacy" dual-driven model and leading market share in retail pharmacies, with O2O delivery times as fast as 9 minutes [1] - China Everbright Securities International maintains an "Accumulate" rating for Biren Technology (06082.HK), noting its position as the first company in China to use 2.5D chip packaging technology and its strong commercial progress with over 2 billion yuan in unfulfilled orders [1] - Huachuang Securities maintains a "Strong Buy" rating for Hesai Technology (02525.HK), emphasizing its leadership in the global LiDAR market and significant cost reductions achieved through self-developed chips, with a delivery target of 200,000 units by 2025 [1] Group 2 - CICC maintains an "Outperform" rating for Haidilao (06862.HK), reporting stable table turnover rates in H2 and better-than-expected cost optimization, with new brand strategies accelerating growth [2] - CICC maintains an "Outperform" rating for Shuangdeng Co. (06960.HK), identifying it as a leader in communication and data center energy storage, benefiting from increased capital expenditure in global AIDC and the trend of lithium battery replacing lead-acid [2] Group 3 - CITIC Securities maintains a "Buy" rating for Kintor Group (00148.HK), noting the positive impact of price increases on its CCL business and the expected growth in PCB business volume [3] - CITIC Securities maintains a "Buy" rating for Shougang Resources (00639.HK), highlighting its resource scarcity and leading cost control, with expected performance growth amid rising coking coal prices in 2026-27 [3] - Shenwan Hongyuan maintains a "Buy" rating for Beautiful Garden Medical Health (02373.HK), emphasizing its accelerated industry consolidation through acquisitions and a significant increase in store numbers [3] - China Merchants Securities maintains an "Accumulate" rating for Baiguoyuan Group (02411.HK), noting its stock incentive plan and strategic upgrades aimed at restoring same-store growth and opening pace [3]