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]
美丽田园医疗健康(02373.HK)：业绩高增 “内生+外延”战略持续显效