Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a net profit growth of over 35% year-on-year in H1 2025, driven by business structure optimization and scale effects [5] - The company expects H1 2025 revenue to be no less than 1.45 billion RMB, representing a growth of at least 27% year-on-year, with adjusted net profit expected to be no less than 175 million RMB, reflecting a growth of at least 33% [5] - The company's net profit margin for H1 2025 is projected at 11.7%, an increase of 0.6 percentage points compared to the same period last year [5] Summary by Sections Financial Performance - The company reported a significant increase in high-margin business revenue, leading to improved gross margins [5] - The net profit margin for the company is expected to continue rising due to scale effects [5] - The company anticipates a 10% year-on-year increase in internal customer traffic for H1 2025 [5] Business Segments - The beauty and health business is expected to see a net consumption growth of approximately 30% year-on-year, maintaining industry leadership [5] - The medical beauty segment is projected to grow over 10% in net consumption, with internal customer traffic also increasing by over 10% [5] - The sub-health medical services are expected to see a net consumption growth exceeding 100%, with internal net consumption growth over 50% [5] Future Projections - Revenue forecasts for 2025-2027 are set at 3 billion, 3.3 billion, and 3.6 billion RMB, representing year-on-year growth rates of 18%, 8%, and 9% respectively [7] - The projected net profit for the same period is 290 million, 340 million, and 390 million RMB, with growth rates of 28%, 17%, and 14% respectively [7] - The report indicates a price-to-earnings ratio (P/E) of 22X for 2025, 19X for 2026, and 17X for 2027 based on the closing price of 30.3 HKD on July 21, 2025 [5][9]
美丽田园医疗健康（02373）：动态研究：“内生+外延”双轮驱动，25H1净利同比增超40%