（原标题：美丽田园CFO周敏：未来将赋能中国美与健康行业） 近日，美丽田园CFO兼董秘周敏女士，介绍了集团进行收并购和战略升级背后的逻辑与考量。 围绕客户价值实现集团增长 "门店扩张并不是我们增长的主要驱动力。"作为一家全国连锁的服务品牌，周敏说出了这样一句听起来似乎反直觉的话。 从数据上来看，两年半的时间里，美丽田园的门店数量已增长了近60%。从2022年6月底的352家门店，截至2024年12月31日已达到554家。其中直 营门店数量275家；加盟及托管门店279家。 "我们提出来是在这样一个经济环境下如何提高单店的产出。" 周敏解释称："例如让年收入1000万的门店，成长为年收入1200万的门店，年收入 500万的，成长为800万的，以此类推。" 从生活美容到全面覆盖美与健康行业，从海南海口到全国所有经济发达城市。被誉为"中国高端美容第一品牌"的美丽田园开创了"双美模式"的先 河，并一步一步成为行业领先的龙头企业。 随着去年完成奈瑞儿的收购后，美丽田园"内生外延"双轮驱动战略进一步深化，并使业务全面升级为"双美+双保健"的立体商业模式，为集团的未 来发展铺设了坚实的增长基石。 相比于其他各大连锁品牌，美 ...

Core Insights - The company reported a revenue of 3.501 billion yuan for 2024, representing a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 723 million yuan, up 27.2% year-on-year [1] - In Q1 2025, the company achieved a revenue of 1.021 billion yuan, a 12.3% increase year-on-year, with a net profit of 217 million yuan, reflecting a 13.9% year-on-year growth [1] Business Performance - The orthopedic segment showed steady growth, with revenue of approximately 2.32 billion yuan in 2024, a 9.5% increase year-on-year, and a gross margin improvement of 3.9 percentage points [2] - The sales of the Tongluo Pain Relief Plaster exceeded 1 billion yuan, and the "Two Tigers" series products sold over 1 billion patches, indicating strong brand strength [2] - The cardiovascular segment generated about 450 million yuan in revenue, a 3.3% year-on-year increase, with the Peiyuan Tongnao capsule gradually gaining market traction [2] Product Expansion and Acquisitions - The tablet segment saw significant growth, with revenue of approximately 360 million yuan, a 35.6% increase year-on-year, driven by strong sales of Danlu Tongdu tablets [3] - The company acquired 90% of Yingu Pharmaceutical for 704 million yuan, enhancing growth potential and filling gaps in its nasal spray product line [3] - The acquisition is expected to strengthen the company's hospital sales capabilities and enhance the sales channels for Yingu's products [3] Dividend Policy - The company announced a cash dividend of 0.90 yuan per share for 2024, totaling approximately 510 million yuan, which represents 70.64% of the net profit attributable to shareholders [3] Financial Forecast - The orthopedic business is expected to benefit from an aging population, with projected revenues of 4.2 billion yuan, 4.68 billion yuan, and 5.23 billion yuan for 2025-2027, reflecting year-on-year growth rates of 19.9%, 11.6%, and 11.7% respectively [4] - The net profit attributable to shareholders is forecasted to be 840 million yuan, 950 million yuan, and 1.07 billion yuan for the same period, with growth rates of 15.9%, 13.1%, and 13.0% respectively [4] - The estimated earnings per share (EPS) for 2025-2027 are projected to be 1.48 yuan, 1.67 yuan, and 1.89 yuan, with corresponding price-to-earnings (PE) ratios of 15, 13, and 12 times [4]