美丽田园医疗健康（02373）：内生外延驱动，业绩亮眼高增

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company achieved rapid revenue and adjusted profit growth in 2025, completing the integration of Narier and announcing the acquisition of Siyuanli, indicating a strong outlook for market share expansion through both organic and external growth strategies [2][3] Financial Summary - Total revenue for 2025 is projected at 30.01 billion RMB, representing a year-on-year increase of 16.7% - Adjusted net profit for 2025 is expected to reach 3.81 billion RMB, up 41.0% year-on-year - Gross profit margin increased by 2.8 percentage points to 49.1%, with adjusted net profit margin rising by 2.2 percentage points to 12.7% - Operating cash flow for 2025 is forecasted at 9.99 billion RMB, a 25.4% increase year-on-year [4][9] Business Performance - The "Double Beauty + Double Health" model effectively enhances member value, with beauty and health services being the largest revenue sources, generating 16.58 billion RMB in 2025, a 14.9% increase, accounting for 55% of total revenue - The number of visitors to direct-operated stores reached 1.724 million, a 23.2% increase year-on-year, while active members grew by 11.8% to 146,400 - Medical beauty services generated 10.17 billion RMB, a 9.6% increase, with a gross margin improvement of 3.6 percentage points to 55.9% - Sub-health medical services saw revenue growth of 62.2% to 3.26 billion RMB, with a gross margin increase of 6.1 percentage points to 64.3% [9] Acquisition and Integration - The acquisition of Narier, the second-largest brand in the Chinese beauty industry, has shown positive integration results, with single-store revenue increasing from 5.75 million RMB pre-acquisition to 8.10 million RMB, and adjusted net profit margin rising from 6.5% to 10.5% - The company announced the acquisition of Siyuanli for 1.25 billion RMB, expected to close in January 2026, aiming to replicate the successful integration experience of Narier to achieve significant market share growth [9]