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 - The report from First Shanghai highlights that Meili Tianyuan Medical Health (02373) is enhancing its operational and integration capabilities through a dual approach of "internal growth + external expansion," with a target price of HKD 43.7 and an initial buy rating [1]. Group 1: Business Model and Ecosystem - Meili Tianyuan has established a "Double Beauty + Double Health" collaborative business model, creating a comprehensive beauty and health ecosystem that includes brands like Meili Tianyuan, Nairui'er, Xiuker, and Yanyuan, covering a full lifecycle of services from high-end beauty to health management [2]. - The core services focus on "lifestyle beauty + medical beauty + sub-health management," guiding customers from lifestyle beauty to high-value medical and health services, thus achieving comprehensive lifecycle management [2]. Group 2: Growth Strategy - The company employs a dual strategy of "internal growth + external expansion" to enhance operational and integration capabilities, utilizing 38 self-developed systems for refined operations, maintaining a customer repurchase rate above 80%, and keeping customer acquisition costs below 2% [3]. - On the external front, the company has made strategic acquisitions of Nairui'er and Siyanli, leveraging strong cash flow to significantly increase membership scale and net profit margins, showcasing strong synergy and integration capabilities [3]. Group 3: Industry Trends - Meili Tianyuan is positioned to lead the transformation of the beauty industry, which is trending towards branding, chain operations, and digitalization, by leveraging its multi-brand strategy, nationwide store network, and advanced digital systems [4]. - The company aims to transition the industry from a fragmented state to a more consolidated and robust structure, enhancing customer value through its "Double Beauty + Double Health" ecosystem [4]. Group 4: Financial Performance - In the first half of 2025, the company reported strong performance with direct store traffic reaching 920,000, a year-on-year increase of 47.8%, and active members rising to 120,000, up 46.5% [5]. - Revenue reached RMB 1,459 million, reflecting a year-on-year growth of 28.2%, while adjusted net profit was RMB 191 million, achieving a record high adjusted net profit margin of 13.1%, demonstrating exceptional profitability resilience amid macro pressures [5]. Group 5: Profit Forecast - The company has significant growth potential driven by both internal growth and acquisition capabilities, with its true growth boundary dependent on management capabilities [6]. - Using a discount rate of 10% and a perpetual growth rate of 3%, the estimated fair value of the company is HKD 10.3 billion, with a target price of HKD 43.7, indicating a potential upside of 65.4% from the previous closing price, corresponding to PE ratios of 29.8 and 24.5 for 2025 and 2026 respectively, thus receiving a buy rating [6].

Core Viewpoint - The company maintains its profit forecast for 2025-2026, with the current stock price corresponding to a P/E ratio of 25/22x for those years, and has raised its target price by 5% to HKD 42, indicating a 25% upside potential [1] Group 1: Company Current Situation - On October 15, the company announced a strategic acquisition of 100% equity in Siyuanli for a consideration of HKD 1.25 billion, with a transaction valuation of 14.8x P/E (LTM). The payment structure includes HKD 330 million in cash, HKD 510 million in acquisition loans, and HKD 410 million in share payments, with shares issued at HKD 28.71 per share, representing 6.70% of the total issued shares, subject to a lock-up period of 6 months to 1 year. The transaction is expected to be completed by December 2025, after which Siyuanli will be consolidated into the company's financial statements [2] Group 2: Market Position Enhancement - The acquisition of Siyuanli, the third-largest beauty service brand in China, is expected to further enhance market share. According to Sullivan, Siyuanli's projected revenue and net profit for 2024 are HKD 850 million and HKD 80 million, respectively, with a net profit margin of 9.6%. As of the first half of 2025, Siyuanli operates 163 beauty service stores and 19 medical beauty clinics across 48 cities in China, with over 90% of its revenue coming from the top 20 first-tier and new first-tier cities. Post-acquisition, the combined entity will cover 42% of high-end commercial properties in these cities, expanding its market share in high-end beauty services and increasing the number of active members by 44% compared to 2024 [3][5] Group 3: Operational Efficiency and Synergy - The company has over 30 successful acquisition integration experiences over its 32 years in the industry, indicating its capability to systematically provide mature medical beauty and sub-health services to Siyuanli. This will cover the full cycle of customer beauty and health needs, optimizing operational efficiency and profitability through refined customer operations, digital transformation, and supply chain integration [4] Group 4: Strengthening Leadership Position - The company has strengthened its leadership position in the beauty and health industry through the acquisitions of the second brand Nairui and the third brand Siyuanli within 2024-2025. This strategy enhances the "dual beauty + dual health" business model by providing a larger member flow, denser high-end commercial networks, and stronger medical service capabilities, indicating a broad growth potential for the company [5]

Core Viewpoint - The report from CICC maintains the profit forecast for Meili Tianyuan Medical Health (02373) for 2025-2026, with the current stock price corresponding to a P/E ratio of 25/22x for those years. The target price is raised by 5% to HKD 42, indicating a 25% upside potential [1]. Company Status - On October 15, the company announced a strategic acquisition of 100% equity in Siyuanli for a consideration of RMB 1.25 billion, with a transaction valuation of 14.8x P/E (LTM). The payment structure includes RMB 330 million in cash, RMB 510 million in acquisition loans, and RMB 410 million in share payments, with shares issued at HKD 28.71 each, representing 6.70% of the total issued shares, subject to a lock-up period of 6 months to 1 year. The transaction is expected to be completed by December 2025, after which Siyuanli will be consolidated into the company's financial statements [2]. Market Position Enhancement - Siyuanli is recognized as the third-largest beauty service brand in China for 2024, with projected revenues and net profits of RMB 850 million and RMB 80 million, respectively, and a net profit margin of 9.6%. The company operates 163 beauty service stores and 19 medical beauty clinics across 48 cities in China, with over 90% of its revenue coming from the top 20 first-tier and new first-tier cities. Post-acquisition, the combined entity will cover 42% of high-end commercial properties in these cities, enhancing market share in the high-end beauty service sector [3]. Operational Efficiency and Synergy - With over 30 successful acquisition integration experiences over 32 years, the company is expected to systematically provide mature medical beauty and sub-health services to Siyuanli, addressing the full cycle of customer beauty and health needs. The focus will be on optimizing operational efficiency and profitability through refined customer operations, digital transformation, and supply chain integration [4]. Strengthening Market Leadership - The company has acquired the second and third brands in the beauty service industry, Nairui and Siyuanli, respectively, within 2024-2025. This strategy enhances the "Double Beauty + Double Health" business model by increasing member traffic, expanding high-end commercial networks, and strengthening medical service capabilities, further solidifying its leadership position in the beauty and health industry [5].

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Insights - The company achieved record high revenue and profit, driven by significant growth in its sub-healthcare segment [5]. - The company's revenue for H1 2025 reached 1.459 billion RMB, a year-on-year increase of 28.2%, with a net profit of 171 million RMB, up 35.5% year-on-year [5]. - The "internal + external" strategy is expected to continue driving growth, with projected revenues of 3 billion RMB in 2025, 3.4 billion RMB in 2026, and 3.7 billion RMB in 2027 [5]. Financial Performance - The company reported a gross margin of 49.3% for H1 2025, an increase of 2.3 percentage points year-on-year [5]. - The operating cash flow for H1 2025 was 410 million RMB, reflecting an 84.4% increase year-on-year [5]. - As of June 30, 2025, the company had cash and cash equivalents totaling 2 billion RMB, a 27.5% increase year-on-year [5]. Business Segments - The beauty and wellness services segment generated revenue of 807 million RMB in H1 2025, a year-on-year increase of 29.6% [5]. - The medical beauty segment reported revenue of 499 million RMB, up 13.0% year-on-year, driven by increased patient visits [5]. - The sub-healthcare services segment saw remarkable growth, with revenue reaching 154 million RMB, a 107.8% increase year-on-year [5]. Membership Growth - The company experienced a 46.5% year-on-year increase in active members, reaching 120,000 members [5]. - The number of visitors to direct-operated stores exceeded 920,000 in H1 2025, representing a 47.8% increase year-on-year [5]. Future Projections - The company forecasts revenue growth of 18% in 2025, followed by 10% in 2026 and 9% in 2027 [5]. - The projected net profit for 2025 is 300 million RMB, with expected growth rates of 34% in 2025, 15% in 2026, and 15% in 2027 [5].

Core Viewpoint - The company reported strong performance in 1H25, exceeding previous forecasts and expectations, driven by scale effects and operational efficiency improvements [1][2]. Financial Performance - Revenue for 1H25 reached 1.46 billion yuan, a year-on-year increase of 28.2% - Net profit attributable to shareholders was 160 million yuan, up 34.9% - Adjusted net profit was 190 million yuan, reflecting a 37.8% increase [1] - Gross margin improved by 2.4 percentage points to 49.3%, attributed to scale effects reducing procurement costs and diluting fixed costs [2] - Adjusted net profit margin reached a historical high of 13.1%, up 0.9 percentage points year-on-year [2] Business Segments - Beauty and health services generated 810 million yuan in revenue, a 29.6% increase, with direct store traffic up 48.6% to 850,000 visits [1] - Medical beauty services revenue was 500 million yuan, a 13.0% increase, with active membership rising 27.6% to 24,000 [1] - Sub-health medical services saw revenue growth of 107.8% to 150 million yuan, with active members increasing 93.4% to 7,014 [1] Growth Strategy - The company is expanding its store network, adding 69 direct/franchise beauty and health service stores, 3 medical beauty stores, and 2 sub-health stores in 1H25 [1] - The company is focusing on enhancing operational efficiency and exploring acquisition opportunities to increase market share [3] - Recent changes in shareholder structure, including the entry of quality medical capital, are expected to support long-term growth [3] Valuation and Outlook - The company maintains its profit forecasts for 2025-2026, with current stock price corresponding to 25/21x P/E for those years [3] - Target price has been raised by 8% to 40 HKD, indicating a 21% upside potential based on the company's strong business model and growth opportunities [3]