Core Viewpoint - Meili Tianyuan Medical Health (02373) has seen a significant stock price increase, reaching a new high of 35.06 HKD, driven by strong financial performance and market sentiment [1] Financial Performance - For the six months ending June 30, 2025, the company reported revenue of 1.459 billion RMB, representing a year-on-year growth of 28.2% [1] - The profit attributable to the company's owners was 156 million RMB, up 34.9% year-on-year, with basic earnings per share of 0.68 RMB [1] - Revenue from beauty and health services amounted to 807 million RMB, reflecting a year-on-year increase of 29.6% [1] - Revenue from sub-health medical services reached 150 million RMB, showing a substantial year-on-year growth of 107.8% [1] Market Trends and Business Model - The company is benefiting from the rising consumer awareness of self-care among women, supported by its evolving "dual beauty + dual health" business model [1] - Since 2025, multiple Class III medical device products have received NMPA approval for use in the medical beauty sector, indicating ongoing innovation and regulatory support [1] - Continuous advancements in upstream research and development, including effective raw materials, photonic instruments, and AI skincare, are expected to enhance the product offerings of leading downstream institutions [1]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant revenue and profit growth, showcasing the effectiveness of its business model and strategic initiatives [1][24]. Financial Performance - Revenue for the first half of 2025 reached 1.46 billion yuan, a year-on-year increase of 28.2% [1] - Net profit rose to 170 million yuan, reflecting a substantial growth of 35.5% year-on-year [1] - Adjusted net profit was 191 million yuan, up 37.8% year-on-year, with an adjusted net profit margin of 13.1%, marking a historical high [1] - Cash and cash-equivalent assets amounted to 2 billion yuan, a 27.5% increase year-on-year, with operating cash flow of 410 million yuan, up 84.4% year-on-year [1] Business Segments - The core beauty and health services generated 810 million yuan in revenue, a 29.6% increase year-on-year, with a gross margin of 42.1% [3] - Medical beauty services achieved revenue of 500 million yuan, a 13.0% increase year-on-year, with a gross margin of 56.9% [5] - The sub-brand for sub-health medical services saw explosive growth, with revenue of 150 million yuan, a 107.8% increase year-on-year, and a gross margin of 63.1% [8] Strategic Initiatives - The company has enhanced its digital marketing and multi-channel operations, with private domain operations contributing over 46% of new memberships [5] - The acquisition of a 90% stake in the brand Nairu has shown significant integration effects, with Nairu's revenue reaching 277 million yuan and an adjusted net profit margin increasing from 6.5% to 10.4% [11] - The opening of a flagship clinic in Guangzhou, covering nearly 5,000 square meters, aims to meet the deep health and wellness needs of customers in the Greater Bay Area [14] Shareholder Structure and Market Value - The company has optimized its shareholder structure, with new significant investors enhancing strategic development [18] - A capital market value enhancement plan has been proposed, including a commitment to distribute at least 50% of annual net profit as dividends over the next three fiscal years [18] - The company's market capitalization has increased by 90% year-to-date, reflecting strong market recognition of its value [18] Business Model - The company has developed a unique "dual beauty + dual health" business model, which integrates beauty and medical services to create a competitive advantage [20] - This model allows for efficient collaboration across business segments, maximizing long-term value for members and addressing high customer acquisition costs [21] - The average annual revenue per direct store has exceeded 10 million yuan, with medical beauty and sub-health services accounting for over 45% of total revenue [22]

智通财经APP讯，美丽田园医疗健康(02373)发布截至2025年6月30日止六个月业绩，收入14.59亿元(人 民币，下同)，同比增长28.2%;公司拥有人应占溢利1.56亿元，同比增长34.9%;每股基本盈利0.68元。 会员数量增长驱动公司收入和利润再创新高。2025年上半年总收入同比增长28.2%。随着收入的稳步提 升，规模效应日益显著，推动毛利率同比提升2.3个百分点，达49.3%。 ...

美丽田园医疗健康(02373)发布截至2025年6月30日止六个月业绩，收入14.59亿元(人民币，下同)，同比 增长28.2%;公司拥有人应占溢利1.56亿元，同比增长34.9%;每股基本盈利0.68元。 会员数量增长驱动公司收入和利润再创新高。2025年上半年总收入同比增长28.2%。随着收入的稳步提 升，规模效应日益显著，推动毛利率同比提升2.3个百分点，达49.3%。 ...

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） （股份代號：2373） 截至2025年6月30日止六個月中期業績公告 董事會欣然宣佈本集團截至2025年6月30日止六個月的未經審核簡明綜合中期業績，連 同如下2024年同期的比較數字。該等中期業績已由審核委員會及本公司管理層審閱。 於本公告內，「我們」指本公司及倘文義另有指明，則指本集團。 | 業績概要 | | | | | --- | --- | --- | --- | | | | 截至6月30日止六個月 | | | | 2025年 | 2024年 | 變動 | | | 人民幣千元 (i) | 人民幣千元 (i) | | | | （未經審核） | （未經審核） | | | 直營門店客流 | 918,069 | 621,136 | 47.8% | ...

美丽田园医疗健康(02373)发布公告，本公司进一步获中信产业投资基金管理有限公司(CPE)通知，其已 于2025年8月18日完成该公告所述股份出售。截至2025年8月18日，CPE已通过一系列交易，出售大部分 其所持有的本公司股份，CPE已不再作为本公司主要股东。 因CPE已不再作为本公司主要股东，胡腾鹤先生(胡先生)及耿嘉琦先生(耿先生)已决定辞去现任非执行 董事职务并已于2025年8月18日递交辞呈并于同日生效。 本公司获得国内外长线优质资金投入，新股东加入不仅带来丰富的产业资源协同与国际化视野，更通过 战略经验与资源网络的注入，为本公司业务拓展与资本市场价值提升增添新动能。 董事会欣然宣布，胡先生及耿先生辞任后，董事会委任高建明先生(高先生)及易琳女士(易女士)为非执 行董事，自2025年8月18日起生效。 作为早期投资人，CPE在本集团发展历程中提供了重要战略指导，助力本集团成功登陆资本市场。本公 司谨此向CPE致以诚挚感谢。 本次CPE退出对本公司股东结构调整有关键帮助，释放多重积极效应：一，私募股权基金股东平稳退 出，股权结构稳定性显著增强;二，引入背景多元的优质长期投资者，进一步完善公司治理体 ...

智通财经APP讯，美丽田园医疗健康(02373)发布公告，本公司进一步获中信产业投资基金管理有限公司 (CPE)通知，其已于2025年8月18日完成该公告所述股份出售。截至2025年8月18日，CPE已通过一系列 交易，出售大部分其所持有的本公司股份，CPE已不再作为本公司主要股东。 本次CPE退出对本公司股东结构调整有关键帮助，释放多重积极效应：一，私募股权基金股东平稳退 出，股权结构稳定性显著增强;二，引入背景多元的优质长期投资者，进一步完善公司治理体系，有效 提振资本市场对本公司长期价值的信心;三，通过股权结构优化提升流通股比例，增强市场流动性。 本公司获得国内外长线优质资金投入，新股东加入不仅带来丰富的产业资源协同与国际化视野，更通过 战略经验与资源网络的注入，为本公司业务拓展与资本市场价值提升增添新动能。 作为早期投资人，CPE在本集团发展历程中提供了重要战略指导，助力本集团成功登陆资本市场。本公 司谨此向CPE致以诚挚感谢。 因CPE已不再作为本公司主要股东，胡腾鹤先生(胡先生)及耿嘉琦先生(耿先生)已决定辞去现任非执行 董事职务并已于2025年8月18日递交辞呈并于同日生效。 董事会欣然宣布，胡 ...

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） （股 份 代 號：2373） 獨立非執行董事 范銘超先生 劉騰先生 江華先生 * 僅供識別 – 1 – 董事會設立三個委員會。下表提供各董事會成員於該等委員會所擔任職位的成員資 料。 董事名單與其角色和職能 美麗田園醫療健康產業有限公司的董事會（「董事會」）成員載列如下。 執行董事 李陽先生 連松泳先生 非執行董事 李方雨女士 高建明先生 易琳女士 2025年8月18日 – 2 – | 董事 | 委員會 | 審核 | 薪酬 | 提名 | | --- | --- | --- | --- | --- | | | | 委員會 | 委員會 | 委員會 | | 李陽先生 | | | | | | 連松泳先生 | | | | | | 李方雨女士 | | M | | M | | 高建明先生 | | | M | | | 易琳女士 | | | | | | 范銘超先生 | | M | C | C | | 劉騰先生 | | C | | | | 江華先生 ...

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的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 部分內容所產生或因依賴該等內容而引致的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） （股 份 代 號：2373） (1)主要股東完成出售股份； (2)非執行董事辭任； (3)委任非執行董事；及 (4)薪酬委員會組成變動 主要股東完成出售股份 茲提述美麗田園醫療健康產業有限公司（「本公司」，連同其附屬公司，「本集團」）日 期為2025年6月25日的公告（「該公告」）。本公司進一步獲中信產業投資基金管理有 限公司（「CPE」）通知，其已於2025年8月18日完成該公告所述股份出售。截至2025 年8月18日，CPE已通過一系列交易，出售大部分其所持有的本公司股份，CPE已 不再作為本公司主要股東。 本次CPE退出對本公司股東結構調整有關鍵幫助，釋放多重積極效應：一，私募股 權基金股東平穩退出，股權結構穩定性顯 ...

Group 1 - The core viewpoint of the articles highlights the performance of Meili Tianyuan Medical Health, which saw a significant stock price increase of 9.06% despite a recent monthly decline of 7.45% [1][2] - As of August 14, the Hang Seng Index fell by 0.37%, closing at 25,519.32 points, while Meili Tianyuan Medical Health's stock closed at 30.08 HKD per share with a trading volume of 1.1356 million shares and a turnover of 33.8276 million HKD [1] - Financial data for Meili Tianyuan Medical Health shows total revenue of 2.572 billion CNY for the year ending December 31, 2024, representing a year-on-year growth of 19.91%, and a net profit of 228 million CNY, up 5.94% [1] Group 2 - Guohai Securities Co., Ltd. has given a "Buy" rating for Meili Tianyuan Medical Health, indicating positive sentiment towards the company's stock [2] - The average price-to-earnings (P/E) ratio for the healthcare equipment and services industry is 0.68 times, with a median of 1.38 times, while Meili Tianyuan Medical Health has a P/E ratio of 26.35 times, ranking 31st in the industry [2] - Meili Tianyuan Medical Health was established in 1993 and is one of the long-standing domestic chain brands in China's beauty and health management service industry, with a service network covering 352 stores, including 177 direct-operated and 175 franchised stores [2]