Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 37.36 [1][10]. Core Insights - The company reported strong growth in its sub-health management business, with a revenue of HKD 1.459 billion for the first half of 2025, representing a year-on-year increase of 28.2%. The adjusted net profit reached HKD 191 million, up 37.8% year-on-year, with an adjusted net profit margin of 13.1% [6][10]. - The company's "Double Beauty + Double Health" business model is expected to continue benefiting from the rising consumer awareness among women and the emotional value associated with beauty and health [6][10]. - The company has received NMPA approval for several Class III medical devices for use in the medical beauty sector, and ongoing innovations in upstream research and development are expected to enhance the product offerings for downstream leading institutions [6][10]. Financial Performance - For the first half of 2025, the beauty and health services segment generated revenue of HKD 807 million, a year-on-year increase of 29.6%. The number of direct and franchise stores reached 238 and 276, respectively, with active membership in direct stores increasing by 45.7% year-on-year [7]. - The medical beauty segment reported revenue of HKD 499 million, a year-on-year increase of 13.0%, with 27 medical beauty stores and a 27.6% increase in active membership [7]. - The sub-health medical services segment saw revenue growth of 107.8% year-on-year, reaching HKD 154 million, with 11 stores and a 93.4% increase in active membership [7]. Strategic Initiatives - The company has increased its stake in Nairui'er by 20%, which is expected to enhance its market share through effective integration capabilities [8]. - A capital market value enhancement plan was initiated, focusing on long-term shareholder return mechanisms, attracting strategic investors, and implementing equity incentive plans to align management and shareholder interests [9]. Earnings Forecast and Valuation - The company maintains its earnings forecast, expecting net profits of HKD 320 million, HKD 369 million, and HKD 420 million for 2025, 2026, and 2027, respectively. The target price is set at 25x PE for 2025, reflecting the company's sustainable competitive advantages and clear long-term shareholder return mechanisms [10][19].
美丽田园医疗健康(02373):亚健康管理业务强劲增长