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。 ...

Core Viewpoint - Meili Tianyuan Medical Health (02373.HK) announced the investment of idle funds into principal-protected financial products from Pudong Development Bank, totaling RMB 80 million as of December 30, 2025 [1] Group 1: Investment Details - The company, through Beijing Beilish and Shanghai Meili Tianyuan Medical Health, subscribed to a principal-protected financial product from Pudong Development Bank for RMB 10 million on November 28, 2025 [1] - Additionally, the company subscribed for RMB 70 million on November 21, 2025, and RMB 80 million on October 9, 2025, all from Pudong Development Bank [1] - All aforementioned financial products remain outstanding as of the announcement date [1]

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]

Core Viewpoint - The "Annual Brand Value Award" was presented to Meili Tianyuan Medical Health (2373.HK) during the "Technology Empowerment · Capital Breakthrough" online sharing session hosted by Gelonghui, recognizing the company for its exceptional brand value in the capital market [1] Group 1 - The "Annual Brand Value Award" aims to honor companies with the highest brand value in the capital market [1] - The award evaluates brand value from multiple perspectives, including brand differentiation, brand awareness, and customer loyalty [1] - The selected companies have demonstrated innovation and outstanding practices in enhancing their brand value [1]

Core Insights - The "Golden Award" annual outstanding company selection by Gelonghui will reveal a list of notable companies, including Aneng Logistics, BYD, Oriental Yuhong, and others, recognized for their brand value in the capital market [1] - The "Annual Brand Value Award (Large Market Capitalization)" aims to honor companies with the highest brand value, emphasizing the importance of brand differentiation, recognition, and customer loyalty [1][2] Group 1: Award Recipients - Ten companies received the "Annual Brand Value Award (Large Market Capitalization)" including Aneng Logistics (09956.HK), BYD (002594.SZ/01211.HK), and Lenovo Group (00992.HK) [1] - The award selection process involved quantitative data analysis and expert review to determine the final results [1] Group 2: Evaluation Criteria - The evaluation of brand value considered multiple factors such as brand differentiation, recognition, and customer loyalty [1] - The aim of the award is to create a reference for the most valuable listed companies and unicorns in the investment community [2]

Core Viewpoint - The report from First Shanghai highlights that Meili Tianyuan Medical Health (02373) is enhancing its operational and integration capabilities through a dual approach of "internal growth + external expansion," with a target price of HKD 43.7 and an initial buy rating [1]. Group 1: Business Model and Ecosystem - Meili Tianyuan has established a "Double Beauty + Double Health" collaborative business model, creating a comprehensive beauty and health ecosystem that includes brands like Meili Tianyuan, Nairui'er, Xiuker, and Yanyuan, covering a full lifecycle of services from high-end beauty to health management [2]. - The core services focus on "lifestyle beauty + medical beauty + sub-health management," guiding customers from lifestyle beauty to high-value medical and health services, thus achieving comprehensive lifecycle management [2]. Group 2: Growth Strategy - The company employs a dual strategy of "internal growth + external expansion" to enhance operational and integration capabilities, utilizing 38 self-developed systems for refined operations, maintaining a customer repurchase rate above 80%, and keeping customer acquisition costs below 2% [3]. - On the external front, the company has made strategic acquisitions of Nairui'er and Siyanli, leveraging strong cash flow to significantly increase membership scale and net profit margins, showcasing strong synergy and integration capabilities [3]. Group 3: Industry Trends - Meili Tianyuan is positioned to lead the transformation of the beauty industry, which is trending towards branding, chain operations, and digitalization, by leveraging its multi-brand strategy, nationwide store network, and advanced digital systems [4]. - The company aims to transition the industry from a fragmented state to a more consolidated and robust structure, enhancing customer value through its "Double Beauty + Double Health" ecosystem [4]. Group 4: Financial Performance - In the first half of 2025, the company reported strong performance with direct store traffic reaching 920,000, a year-on-year increase of 47.8%, and active members rising to 120,000, up 46.5% [5]. - Revenue reached RMB 1,459 million, reflecting a year-on-year growth of 28.2%, while adjusted net profit was RMB 191 million, achieving a record high adjusted net profit margin of 13.1%, demonstrating exceptional profitability resilience amid macro pressures [5]. Group 5: Profit Forecast - The company has significant growth potential driven by both internal growth and acquisition capabilities, with its true growth boundary dependent on management capabilities [6]. - Using a discount rate of 10% and a perpetual growth rate of 3%, the estimated fair value of the company is HKD 10.3 billion, with a target price of HKD 43.7, indicating a potential upside of 65.4% from the previous closing price, corresponding to PE ratios of 29.8 and 24.5 for 2025 and 2026 respectively, thus receiving a buy rating [6].

Core Viewpoint - First Shanghai initiates coverage of Meili Tianyuan Medical Health (02373) with a "Buy" rating and a target price of HKD 43.7, highlighting the company's dual-driven growth strategy of "internal growth + external expansion" [1] Group 1: Business Model - Meili Tianyuan adopts a "Double Beauty + Double Health" collaborative business model, creating a comprehensive health ecosystem that includes brands like Meili Tianyuan, Nairui'er, Xiuker, and Yanyuan, covering a full lifecycle of services from lifestyle beauty to high-end non-surgical medical aesthetics and health management [2] Group 2: Growth Strategy - The company enhances operational and integration capabilities through a dual-driven approach. Internally, it utilizes 38 self-developed systems for refined operations, maintaining a customer repurchase rate above 80% and customer acquisition costs below 2%. Externally, it leverages strong cash flow for strategic acquisitions like Nairui'er and Siyuanli, significantly increasing membership and net profit margins [3] Group 3: Industry Trends - Meili Tianyuan is positioned to lead the transformation of the beauty industry, capitalizing on trends of branding, chain development, and digitalization. Its multi-brand strategy and extensive store network allow it to strengthen its presence in high-tier cities while expanding customer value through the "Double Beauty + Double Health" ecosystem [4] Group 4: Financial Performance - In the first half of 2025, the company reported strong performance with direct store traffic reaching 920,000, a year-on-year increase of 47.8%. Active members grew to 120,000, up 46.5% year-on-year. Total revenue reached RMB 1,459 million, a 28.2% increase, with adjusted net profit at RMB 191 million and an adjusted net profit margin of 13.1%, showcasing robust profitability under macroeconomic pressures [5] Group 5: Valuation - The company has significant growth potential driven by both internal growth and acquisition capabilities. Using a discount rate of 10% and a perpetual growth rate of 3%, the estimated fair value is HKD 10.3 billion, with a target price of HKD 43.7, indicating a 65.4% upside from the previous closing price, corresponding to PE ratios of 29.8 and 24.5 for 2025 and 2026 respectively [6]

Group 1 - The company announced the acquisition of 100% equity in Siyuanli for 1.25 billion RMB (approximately 1.369 billion HKD), aiming to further industry consolidation [1] - Siyuanli, established in 1996, is the third-largest beauty service brand in China, with 182 stores as of June 2024, including 163 beauty stores and 19 medical beauty stores across 48 cities [1] - Post-acquisition, the company's total store count will exceed 700, enhancing market share and accelerating the "Double Beauty + Double Healthcare" strategic layout [1] Group 2 - The company increased its stake in Nairui to 90% after acquiring 70% equity for a total consideration of 350 million RMB, with Nairui being the second-largest traditional beauty service brand in China [2] - In July 2024, the company announced the inclusion of 75 remaining Nairui stores through franchising, adding a total of 150 new stores to its network [2] - Nairui's revenue reached 277 million RMB in the first half of 2025, with adjusted net profit margin improving from 6.5% before acquisition to 10.4% post-acquisition [2] Group 3 - The company held a strategic upgrade conference on November 19, announcing three major strategies: Super Brand, Super Chain, and Super Digitalization [3] - The Super Brand strategy focuses on integrating the top three brands in the industry, including Meili Tianyuan, Nairui, and Siyuanli, to strengthen brand advantages [3] - The company has invested over 200 million RMB in digitalization, achieving double-digit growth in new member acquisition and maintaining a member retention rate of 80% in the following year [3] Group 4 - The company maintains a buy rating, adjusting the 2025 adjusted earnings per share forecast from 1.34 RMB to 1.59 RMB, with new forecasts for 2026 and 2027 set at 2.05 RMB and 2.29 RMB, respectively [3] - The target price has been raised from 19.84 HKD to 37.13 HKD, indicating a potential upside of 41% [3]