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美丽田园医疗健康(2373.HK):亚健康管理业务强劲增长

Core Viewpoint - The company reported strong financial performance in the first half of 2025, exceeding its earnings forecast, driven by a robust business model and increasing consumer awareness in the beauty and health sectors [1][2] Financial Performance - In H1 2025, the company achieved revenue of 1.459 billion, a year-on-year increase of 28.2%, and an adjusted net profit of 191 million, up 37.8% year-on-year, with an adjusted net profit margin of 13.1%, an increase of 0.9 percentage points year-on-year [1] - The beauty and health services segment generated revenue of 807 million, a year-on-year increase of 29.6% [1] - The medical beauty segment reported revenue of 499 million, a year-on-year increase of 13.0% [1] - The sub-health management services segment saw revenue growth of 107.8%, reaching 154 million [1] Business Model and Growth Drivers - The company's "Double Beauty + Double Health" business model is expected to continue benefiting from the rise in consumer sentiment and women's self-care awareness [1] - The number of direct and franchise stores for beauty and health services reached 238 and 276, respectively, with active membership numbers increasing significantly [1] - The company has received NMPA approvals for multiple Class III medical devices for use in the medical beauty sector since 2025, enhancing its product offerings [1] Strategic Initiatives - The company announced plans to further increase its stake in Nairui'er by 20%, showcasing its strong acquisition and integration capabilities [2] - A capital market value enhancement plan was introduced, focusing on long-term shareholder returns, attracting strategic investors, and implementing equity incentive plans [2] - The company has committed to distributing at least 50% of its annual net profit to dividends over the next three fiscal years [2] Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 320 million, 369 million, and 420 million for 2025-2027 [2] - The target price is set at 37.36 HKD, based on a 25x PE ratio for 2025, reflecting the company's sustainable competitive advantages and clear long-term shareholder return mechanisms [2]