Core Viewpoint - The company has issued a positive profit forecast, expecting a net profit growth of no less than 34% year-on-year for 2025, demonstrating strong resilience and growth potential through its "internal + external" dual-driven strategy [1] Group 1: Financial Performance - The company anticipates achieving a revenue of no less than 3 billion yuan in 2025, representing a year-on-year increase of at least 16% [1] - Adjusted net profit is expected to be no less than 380 million yuan, reflecting a year-on-year growth of at least 40% [1] - The net profit forecast is set at no less than 340 million yuan, indicating a year-on-year increase of at least 34% [1] - The company has revised its profit forecast for 2025-2027, projecting net profits of 342 million, 436 million, and 491 million yuan respectively, with corresponding EPS of 1.36, 1.73, and 1.95 yuan [1] Group 2: Growth Strategy - The company is accelerating external expansion by acquiring high-quality brands such as Beili Shi and Nai Rui Er, successfully integrating them to enhance its business landscape [1] - The adjusted net profit margin for Nai Rui Er increased significantly from 6.5% before acquisition to 10.4% post-acquisition, showcasing the company's resource integration and operational empowerment capabilities [1] - The strategic acquisition of Si Yan Li on October 15, 2025, solidifies the company's leading position, with the number of stores exceeding 734, covering 456 high-end commercial locations in first-tier and new first-tier cities [1] - The company is capitalizing on the "self-consumption" demand of women in high-tier cities, driving same-store revenue growth and enhancing its high-margin medical business capabilities [1] Group 3: Strategic Initiatives - The company has launched a "super brand, super chain, super digitalization" strategy to reshape the beauty industry [2] - The "super brand" initiative focuses on building a differentiated competitive edge through brand recognition and consumer experience [2] - The "super chain" strategy aims to overcome the highly fragmented industry landscape by establishing "1 billion yuan revenue Clubs" in 20 core cities in China, enhancing supply chain control [2] - The "super digitalization" approach includes leveraging AI capabilities in product innovation and achieving a new member retention rate of 80% with customer acquisition costs below 2% [2]
美丽田园医疗健康研究(02373.HK)：2025年业绩高增 内生+外延重塑美业价值新空间