Core Viewpoint - Huachuang Securities reports that Meili Tianyuan Medical Health (02373) is a leading company in the domestic beauty and medical beauty service sector, with a strong brand reputation and operational capabilities. The company is expected to see performance growth due to deepening digital transformation, improved industry chain layout, and store expansion [1] Financial Overview - For the first half of 2025, the company reported revenue of 1.46 billion (up 28% year-on-year) and a net profit attributable to shareholders of 160 million (up 35%). Adjusted net profit reached 190 million (up 38%) [2] - The gross margin was 49.3% (up 2 percentage points), and the net margin was 11.7% (up 0.6 percentage points). The expense ratios for sales, management, and R&D were 17.2%, 16.2%, and 1.4%, respectively [2] Business Segmentation - Revenue breakdown: 55% from beauty services (51% from direct stores and 5% from franchises), 34% from medical beauty, and 11% from sub-health services. - Beauty services generated 810 million (up 30%) with a gross margin of 42.1% (up 2 percentage points) [3] - Medical beauty services generated 500 million (up 13%) with a gross margin of 56.9% (up 2 percentage points) [3] - Sub-health services generated 150 million (up 108%) with a gross margin of 63.1% (up 9 percentage points) [3] Operational Data - The company continues to expand its brand influence, with stable growth in store and membership numbers. - Beauty: 238 direct stores (down 1 from the end of 2024) and 276 franchise stores (unchanged), with membership increasing by 46% to 112,000 [4] - Medical beauty: 27 stores (down 1) [4] - Sub-health: 11 stores (unchanged) [4] Digital Transformation and Supply Chain - The company is accelerating its digital transformation by building online capabilities for customers, business, and organization, enhancing operational efficiency and customer service experience. Additionally, it is investing in upstream supply chains to ensure stable supply and cost advantages for core products [5] Team and Service Innovation - The core management and technical team remains stable, providing strong support for the company's development. The company continues to innovate in services by launching new beauty, medical beauty, and sub-health adjustment projects to meet diverse consumer needs, with a focus on expanding store presence in first- and second-tier cities [6]
华创证券：维持美丽田园医疗健康“强推”评级 目标价43.56港元