美丽田园医疗健康（02373）：2025年报点评：业绩表现靓丽，三大业务板块协同向上

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 3.0 billion yuan in 2025, representing a year-on-year growth of 16.7%, with a net profit attributable to shareholders of 320 million yuan, up 39.0% year-on-year [5] - The company's three main business segments—beauty and health services, medical beauty services, and sub-health medical services—showed strong performance, with revenue growth rates of 14.9%, 9.6%, and 62.2% respectively [6] - The company is expected to continue its growth trajectory, with adjusted net profit forecasts for 2026 and 2027 raised to 450 million yuan and 510 million yuan respectively, reflecting a 3% upward adjustment [11] Revenue Performance - In 2025, the company reported a total revenue of 3.0 billion yuan, with a breakdown of 1.46 billion yuan in the first half and 1.54 billion yuan in the second half, showing growth rates of 28.2% and 7.5% respectively [5] - The beauty and health services segment generated 1.66 billion yuan, while medical beauty services and sub-health services contributed 1.02 billion yuan and 330 million yuan respectively [6] Profitability Metrics - The gross margin for the company improved by 2.8 percentage points to 49.1% in 2025, with net profit margin increasing by 1.7 percentage points to 10.6% [8] - The gross margins for the three business segments were 41.9%, 55.9%, and 64.3% respectively, indicating improvements across all areas [9] Business Expansion - The total number of stores reached 550 by the end of 2025, with expectations to exceed 700 stores in 2026 following the integration of additional brands [8] - The company is focusing on expanding its service offerings in women's health, particularly in functional medicine and gynecological anti-aging [7] Financial Forecasts - The company is projected to achieve revenues of 4.19 billion yuan in 2026 and 4.63 billion yuan in 2027, with corresponding net profits of 452 million yuan and 508 million yuan [12] - The earnings per share (EPS) are expected to be 1.79 yuan in 2026 and 2.02 yuan in 2027, with a price-to-earnings (P/E) ratio of 10 and 9 respectively [12]