2、规模效应及经营提效带动毛利率同比优化，1H25 经调净利率提升至历史新高。1H25 公司毛利率同 比+2.4ppt 至49.3%，主因规模效应降低采购成本并摊薄固定成本，叠加毛利率相对更高的奈瑞儿智能美 养业务并表。费用端，1H25 销售费率同比+0.5ppt 至17.2%；管理费用率同比+0.3ppt 至16.9%；研发费 率同比持平至1.4%。此外，含政府补贴的其他收入占收入比例同比下降0.7ppt。最终，归母净利率同比 +0.5ppt 至10.7%，经调净利率同比+0.9ppt 至13.1%，经调净利率提升至历史新高。 3、股东结构优化落定、内生外延双轮驱动，看好"双美+双保健"业务模式的成长前景。展望后续：①内 生方面，公司持续优化单店运营效率，提升增值服务渗透率，借助数字化营销能力推动客户数量可持续 增长；②外延方面，公司积极探索行业收并购机会，提升市场占有率。此外，公司8 月18 日公告，CPE 已顺利完成5,132.9 万股公司股份的出售交割，德福资本和相关方、奈瑞儿分别以9.71%/7.21%的持股比 例成为公司股东，我们认为优质医疗资本及产业方的加持有望赋能公司长期高质量成长。我们看好公 ...

机构：华泰证券 研究员：樊俊豪/孙丹阳 公司公布上半年业绩：25H1 实现收入14.59 亿/yoy28.2%；经调整净利润1.91 亿/yoy37.8%，经调整净利 率13.1%/yoy0.9pct。公司上半年业绩超过业绩预告下限（预告25H1 收入不少于14.5 亿元/yoy27%，经调 整净利润不少于1.75 亿元/yoy33%）。情绪价值与女性悦己消费意识崛起背景下，公司已逐步迭代升级 的"双美+双保健"立体商业模式有望持续受益。2025年以来多款三类医疗器械产品获得NMPA 批准用于 医疗美容领域；功效原料/光电仪器/AI 护肤等上游研发创新不断推进，我们预计亦有利于下游龙头机构 提供更丰富产品组合。维持买入评级。 基石业务强韧性，亚健康管理服务增长强劲 25H1 生美（美容和保健服务）营收8.07 亿元/yoy29.6%。截至25H1 美容和保健服务直营/加盟门店数量 分别达238/276 家；直营门店活跃会员数量11.2 万人/yoy +45.7%；加盟门店会员数量5.3 万 人/yoy+70.1%。25H1 医美收入4.99 亿元/yoy13.0%，医美门店数量27 家，医美业务活跃会员数 y ...

证券研究报告 美丽田园医疗健康 (2373 HK) 亚健康管理业务强劲增长 | 华泰研究 | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | | 2025 年 | 8 月 27 日│中国香港 | | 目标价(港币): 零售 | 37.36 | | 公司公布上半年业绩：25H1 | | 实现收入 14.59 亿/yoy28.2%；经调整净利润 | 樊俊豪 SAC No. S0570524050001 | 研究员 fanjunhao@htsc.com | | 1.91 亿/yoy37.8%，经调整净利率 | | 13.1%/yoy0.9pct。公司上半年业绩超过 | SFC No. BDO986 | +(852) 3658 6000 | 孙丹阳 研究员 SAC No. S0570519010001 SFC No. BQQ696 sundanyang@htsc.com +(86) 21 2897 2038 洪洋* 联系人 SAC No. S0570125070021 hongyang@htsc.com +(86) 21 2897 2228 基本数据 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a net profit growth of over 35% year-on-year in H1 2025, driven by business structure optimization and scale effects [5] - The company expects H1 2025 revenue to be no less than 1.45 billion RMB, representing a growth of at least 27% year-on-year, with adjusted net profit expected to be no less than 175 million RMB, reflecting a growth of at least 33% [5] - The company's net profit margin for H1 2025 is projected at 11.7%, an increase of 0.6 percentage points compared to the same period last year [5] Summary by Sections Financial Performance - The company reported a significant increase in high-margin business revenue, leading to improved gross margins [5] - The net profit margin for the company is expected to continue rising due to scale effects [5] - The company anticipates a 10% year-on-year increase in internal customer traffic for H1 2025 [5] Business Segments - The beauty and health business is expected to see a net consumption growth of approximately 30% year-on-year, maintaining industry leadership [5] - The medical beauty segment is projected to grow over 10% in net consumption, with internal customer traffic also increasing by over 10% [5] - The sub-health medical services are expected to see a net consumption growth exceeding 100%, with internal net consumption growth over 50% [5] Future Projections - Revenue forecasts for 2025-2027 are set at 3 billion, 3.3 billion, and 3.6 billion RMB, representing year-on-year growth rates of 18%, 8%, and 9% respectively [7] - The projected net profit for the same period is 290 million, 340 million, and 390 million RMB, with growth rates of 28%, 17%, and 14% respectively [7] - The report indicates a price-to-earnings ratio (P/E) of 22X for 2025, 19X for 2026, and 17X for 2027 based on the closing price of 30.3 HKD on July 21, 2025 [5][9]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 37.36 HKD [6][7]. Core Views - The company is expected to achieve a revenue of at least 1.45 billion RMB in the first half of 2025, representing a year-on-year growth of 27%, and an adjusted net profit of at least 175 million RMB, reflecting a year-on-year increase of 33% [1][6]. - The company's business model, focusing on "Double Beauty + Double Health," is driving robust performance, with a 10% year-on-year increase in organic customer traffic for the first half of 2025 [1][2]. - The management's confidence in the company's long-term development is highlighted by a recent share buyback, which totaled 60,500 shares at an average price of approximately 29.12 HKD [3]. Summary by Sections Performance Forecast - The company has adjusted its net profit forecasts for 2025-2027 to 320 million, 369 million, and 420 million RMB respectively, with a compound annual growth rate (CAGR) of 22% [4][10]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.36, 1.57, and 1.78 RMB respectively [4][10]. Revenue Structure - The board attributes the performance improvement to the continuous refinement of the "Double Beauty + Double Health" business model, which has led to an increase in the proportion of high-margin business revenue [2][10]. Market Position - The company is positioned as a leader in the beauty and health sector, actively optimizing shareholder structure and exploring acquisition opportunities to enhance market value [4][10].