2026年1月19日，美丽田园医疗健康（02373.HK，以下简称"美丽田园"）发布2025年度正面盈利预告。根据公告内容，公司预计2025年全年收入不少于30亿 元，较2024年同期增长不少于16%；经调整净利润不少于3.8亿元，同比增长不少于40%；净利润不少于3.4亿元，同比增长不少于34%。 具有较高毛利率，这一结构变化对整体净利率水平产生了一定影响。 在战略层面，2025年11月，美丽田园对外公布了三项战略方向，分别为"超级品牌"、"超级连锁"和"超级数字化"。公司将这三项战略定位为面向未来的发展 方向，并表示希望借此在高端美容服务领域进行探索。 关于未来发展，集团在公告中表示，将继续推进"内生增长+外延收购"的双轮驱动策略，并深化"双美+双保健"的商业模式。此外，公司还提及了资本市场价 值提升计划，但未在本次公告中披露具体细节。 本文系观察者网独家稿件，未经授权，不得转载。 截图来自公告 对于上述业绩预期，公司董事会在公告中给出了相关解释，认为主要受到两方面因素影响。 首先是外延并购带来的业务扩张。集团近年来采取"内生增长+外延收购"的双轮驱动策略。2024年，公司完成了对中国美容行业第二大品牌奈 ...

本报讯 （记者梁傲男）1月19日，美丽田园医疗健康产业有限公司（以下简称"美丽田园"）发布2025年正面盈利预告。公 司预计2025年收入不少于30亿元，较2024年同期增长不少于16%；经调整净利润不少于3.8亿元，同比增长不少于40%；净利润 不少于3.4亿元，同比增长不少于34%。 美丽田园穿越经济周期波动，以强劲的业绩增长展现出强大韧性与发展潜力。董事会认为，业绩增长主要缘于两大原因。 一是外延扩张加速。美丽田园坚定践行"内生增长+外延收购"双轮驱动增长战略，2024年成功并购中国美容行业第二大品 牌奈瑞儿。随着奈瑞儿全面融入美丽田园品牌矩阵，公司业务版图快速渗透大湾区核心城市及周边重点区域，市场占有率显著 提升。此次收购，推动公司商业模式战略升级为"双美+双保健"立体化生态布局。收购后的整合协同效应持续释放，2025年上 半年，奈瑞儿经调整净利率从收购前的6.5%大幅跃升至10.4%，以亮眼业绩充分印证了公司强大的资源整合能力和运营赋能能 力。 2025年，公司完成对行业第三大美容服务品牌思妍丽的收购，这是继收购奈瑞儿之后的又一重大举措。至此，行业前三大 品牌齐聚美丽田园麾下，公司门店网络迅速扩张， ...

2026年1月19日，美丽田园医疗健康(02373.HK，以下简称"美丽田园")发布2025年正面盈利预告。公司 预计2025年收入不少于30亿元，较2024年同期增长不少于16%；经调净利润不少于3.8亿元，同比增长 不少于40%；净利润不少于3.4亿元，同比增长不少于34%。 2025年，我们完成对行业第三大美容服务品牌思妍丽的收购，这是继收购奈瑞儿之后的又一重大举措。 至此，行业前三大品牌齐聚美丽田园麾下，集团门店网络迅速扩张，门店数量突破734家，在中国20个 一线及新一线城市的456家高端商业中占据"半壁江山"。 其二，内生增长势能强劲。美丽田园精准洞察高线城市女性"悦己消费"升级趋势，围绕客户美与健康核 心需求，有效推动同店收入逆势增长。凭借独特商业模式护城河优势，集团不断升级医疗业务能力， 2025 年高毛利医疗业务收入占比稳步提升；叠加精细化运营体系的持续提升，集团净利率水平稳步攀 升。 2025年11月，美丽田园正式官宣面向未来的三大超级战略——超级品牌、超级连锁、超级数字化，作为 美与健康行业领航者，与行业伙伴一起，重新定义高端美容服务，重塑美容行业价值新空间。 未来，集团将持续践行"内生 ...

公告称，集团将持续践行"内生增长+外延收购"双轮驱动策略，持续深化"双美+双保健"的商业模式，随 着集团资本市场价值提升计划的落地实施，为客户、员工和股东创造可持续的共赢未来。 美丽田园医疗健康(02373)公布，该集团预期2025年实现收入不少于人民币30亿元，较2024年同期相比 增长不少于16%;经调整净利润不少于人民币3.8亿元，较2024年同期相比增长不少于40%;净利润不少于 人民币3.4亿元，较2024年同期相比增长不少于34%。 董事会认为业绩提升乃主要由于以下原因：1)外延扩张加速：作为行业龙头加速行业整合进程，收购中 国美容行业排名第二的品牌奈瑞儿，提升市场占有率，增厚集团营收与利润。2)内生增长强劲：品牌势 能扩大，客户数量增长推动内生收入增长，以及高毛利医疗业务收入占比提高，叠加精细化运营效能释 放，共同驱动利润率进一步增长。 ...

公告称，集团将持续践行"内生增长+外延收购"双轮驱动策略，持续深化"双美+双保健"的商业模式，随 着集团资本市场价值提升计划的落地实施，为客户、员工和股东创造可持续的共赢未来。 智通财经APP讯，美丽田园医疗健康(02373)公布，该集团预期2025年实现收入不少于人民币30亿元，较 2024年同期相比增长不少于16%; 经调整净利润不少于人民币3.8亿元，较2024年同期相比增长不少于 40%; 净利润不少于人民币3.4亿元，较2024年同期相比增长不少于34%。 董事会认为业绩提升乃主要由于以下原因：1) 外延扩张加速：作为行业龙头加速行业整合进程，收购 中国美容行业排名第二的品牌奈瑞儿，提升市场占有率，增厚集团营收与利润。 2) 内生增长强劲：品 牌势能扩大，客户数量增长推动内生收入增长，以及高毛利医疗业务收入占比提高，叠加精细化运营效 能释放，共同驱动利润率进一步增长。 ...

Core Viewpoint - Meili Tianyuan Medical Health (02373) announced the acquisition of 100% equity of Shanghai Siyuanli Industrial for a total consideration of 1.25 billion RMB, marking a key step in its "internal growth + external acquisition" strategy [1] Transaction Structure - The acquisition is structured as a "cash + acquisition loan + share issuance" plan, with cash consideration of approximately 840 million RMB, consisting of 330 million RMB from internal cash and 510 million RMB from bank financing; share consideration is about 410 million RMB, with the issuance of approximately 15.798 million shares at a price of 28.71 HKD per share [2] - After the transaction, Siyuanli will become a wholly-owned subsidiary of Meili Tianyuan, and its performance will be consolidated into the group's financial statements; existing shareholders' stakes will be diluted, with the controlling shareholder's stake expected to decrease by 3.07% to 45.70% post-transaction [2] Market Position and Brand Integration - The acquisition significantly strengthens Meili Tianyuan's market share, increasing the number of stores from 552 to 734, consolidating three leading brands in the Chinese beauty service market: Meili Tianyuan, Nairui, and Siyuanli [3] - The beauty service market in China is substantial, with the top 20 core cities accounting for about 40% of the market size; the acquisition will increase the number of stores in these cities from 360 to 491 [3] Competitive Advantage in High-End Market - The merger will enhance Meili Tianyuan's competitive edge in the high-end beauty market, with over 42% coverage of high-end commercial properties in the top 20 cities; the integration of 60,000 high-quality members from Siyuanli will increase the overall membership by 44% [4] - The integration of medical beauty resources will elevate service capabilities, with both companies having over 90% of their revenue from the top 20 cities [4] Valuation and Financial Attractiveness - Siyuanli's valuation is attractive, with a LTM P/E ratio of 14.8, lower than Meili Tianyuan's 29.5 and the industry average of 23.3, providing a safety margin for investors [5] - The acquisition is expected to replicate the successful integration path of Nairui, with potential for significant revenue enhancement and operational efficiency [5] Expected Outcomes - The acquisition is projected to be completed by December this year, with consolidation into financial statements expected in January 2026; the synergy effects are anticipated to drive EPS growth and enhance shareholder returns [6]

Core Viewpoint - The acquisition of 100% equity in Shanghai Siyuanli by Meili Tianyuan for a total consideration of 1.25 billion RMB is a key step in its "organic growth + external acquisition" strategy [1] Transaction Structure - The acquisition is structured as a diversified plan involving "cash + acquisition loan + share issuance," with cash consideration of approximately 840 million RMB, consisting of 330 million RMB from internal cash and 510 million RMB from bank financing [2] - The share consideration is about 410 million RMB, with the company issuing approximately 15.798 million shares at a price of 28.71 HKD per share to the seller [2] - Post-transaction, Siyuanli will become a wholly-owned subsidiary of Meili Tianyuan, and its performance will be consolidated into the group's financial statements [2] Market Position and Growth - The acquisition significantly strengthens Meili Tianyuan's market share, increasing the number of stores from 552 to 734, thereby solidifying its leading position in China's high-end beauty service market [3] - The top three brands in the Chinese beauty service market are Meili Tianyuan, Nairui, and Siyuanli, and the combined store network will enhance competitive advantages [3] Brand Integration and Competitive Advantage - The acquisition will facilitate the integration of three major brands, enhancing Meili Tianyuan's competitive edge in the high-end beauty market [4] - The combined coverage of high-end commercial properties in the top 20 core cities will exceed 42%, allowing access to nearly half of the high-end business districts [4] - The integration of 60,000 high-quality members from Siyuanli will increase the overall membership base by 44%, providing a foundation for cross-selling [4] Financial Attractiveness - Siyuanli's valuation is attractive, with a LTM P/E ratio of 14.8, lower than Meili Tianyuan's 29.5 and the industry average of 23.3, providing a safety margin for investors [5] - Siyuanli has a solid financial position with 360 million RMB in cash, sufficient to cover the initial payment, and an average annual operating cash flow of 240 million RMB to support loan repayments [5] Synergy and Future Growth - The company expects to replicate the successful integration path of Nairui, with potential for significant operational improvements and profit growth [5] - The anticipated synergies from the acquisition are expected to drive EPS growth even after considering dilution, benefiting both performance and shareholder returns [6]