美丽田园业绩盈喜！预计2025年营收净利再创新高

Core Viewpoint - Meili Tianyuan Medical Health (02373.HK) has announced a positive profit forecast for 2025, expecting revenue of at least 3 billion yuan, a year-on-year increase of no less than 16%, and a net profit of at least 3.4 billion yuan, reflecting strong resilience and growth potential amid economic fluctuations [1][3]. Group 1: Revenue and Profit Forecast - The company anticipates a revenue of no less than 3 billion yuan for 2025, representing a growth of at least 16% compared to 2024 [1]. - Adjusted net profit is expected to be no less than 3.8 billion yuan, indicating a year-on-year growth of at least 40% [1]. - Net profit is projected to be no less than 3.4 billion yuan, with a year-on-year increase of at least 34% [1]. Group 2: Strategic Expansion - The company is accelerating its external expansion through a dual growth strategy of "internal growth + external acquisitions," having successfully acquired the second-largest brand in China's beauty industry, Nairui'er, in 2024 [1]. - The integration of Nairui'er into Meili Tianyuan's brand matrix has significantly enhanced market share and business penetration in key areas of the Greater Bay Area [1]. - The acquisition has led to a strategic upgrade of the business model to a "dual beauty + dual healthcare" ecosystem, with Nairui'er’s adjusted net profit margin increasing from 6.5% before acquisition to 10.4% post-acquisition [1]. Group 3: Internal Growth and Market Position - Meili Tianyuan is capitalizing on the trend of "self-consumption" among women in high-tier cities, driving same-store revenue growth despite market challenges [3]. - The company is enhancing its medical business capabilities, with high-margin medical business revenue steadily increasing in 2025 [3]. - The store network has expanded to over 734 locations, capturing a significant market share in 20 first-tier and new first-tier cities [3]. Group 4: Future Strategies - The company will continue to implement its dual growth strategy of "internal growth + external acquisitions" and deepen the "dual beauty + dual healthcare" business model [5]. - A capital market value enhancement plan is set to be executed, aiming to create sustainable win-win outcomes for customers, shareholders, employees, and partners [5].