Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 6-month target price of HKD 17.37 [5][8]. Core Insights - The company achieved a revenue of RMB 1.138 billion in the first half of 2024, representing a year-on-year increase of 9.7%, and a net profit of RMB 115 million, up by 2.7% [1]. - The company is expanding its market presence through the acquisition of a 70% stake in the second-largest beauty brand, Nairui'er, which is expected to enhance its market share and brand synergy [4][8]. - The company has transitioned to a "dual beauty + dual health" business model, focusing on both beauty and health services [4]. Financial Performance - In the first half of 2024, the company's gross profit margin improved to 47.0%, an increase of 0.9 percentage points, driven by a higher proportion of high-margin businesses [2]. - The adjusted net profit for the first half of 2024 was RMB 132 million, reflecting a modest increase of 0.5% [1]. - Cash and cash-equivalent assets rose significantly by 137.1% to RMB 196 million [1]. Membership and Store Expansion - The number of active direct members reached 81,500, a growth of 10.3%, while the average annual spending per member decreased by 2.1% to RMB 12,600 [3]. - The total number of stores increased to 409, with a net addition of 14 stores in the first half of 2024 [3]. Business Segmentation - Revenue from beauty and health services was RMB 622 million, up 13.6%, accounting for 54.7% of total revenue, with a gross margin of 40.3% [4]. - Medical beauty services generated RMB 441 million, representing a slight increase of 0.33%, while health assessment and intervention services saw a significant growth of 50.0% to RMB 74 million [4].
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