本报记者 梁傲男 11月18日，美丽田园医疗健康产业有限公司（以下简称"美丽田园"或"集团"）宣布，以4000万元收购珠海和东莞的19家奈 瑞儿加盟门店。收购完成后，奈瑞儿正式将珠海和东莞两个城市纳入直营区域，带动公司直营门店新增19家，其中包括2家医 疗美容门店及17家生活美容门店。 提升大湾区覆盖密度 随着奈瑞儿品牌的加入，2024年，集团商业模式全面升级为"双美+双保健"的立体商业模式。这一变革极大拓宽了流量入 口，为增值业务铺设了坚实的增长基石。在双美+双保健的商业模式下，2025年上半年，集团20%的美容和保健会员购买了医 疗美容或亚健康医疗服务。 本次收购事项将带动奈瑞儿新增2家医疗美容门店及17家生活美容门店。这是集团"双美+双保健"商业模式下又一次成功实 践。通过统一的运营标准和会员体系，实现美容与亚健康医疗服务的整合扩容及高效协同，持续优化资源配置，提升整体运营 效率，为业绩增长注入新动力。 三大抓手持续赋能 2024年，美丽田园迎来并购史上一大里程碑，成功完成对美容行业第二大品牌奈瑞儿的全面收购。2025年上半年，奈瑞儿 经调整净利率从收购前的6.5%跃升至10.4%，以亮眼业绩印证了集团 ...

Company Overview - The company announced on October 15 a strategic acquisition of 100% equity in Siyuanli for a consideration of 1.25 billion yuan, with a transaction valuation of 14.8x P/E (LTM) [1] - The payment structure includes 330 million yuan in cash, 510 million yuan in acquisition loans, and 410 million yuan in share payments, with shares issued at 28.71 HKD per share, representing 6.70% of the total issued shares, subject to a lock-up period of 6 months to 1 year [1] Market Position - Siyuanli is projected to be the third-largest beauty service brand in China in 2024, with revenues and net profits of 850 million yuan and 80 million yuan respectively, and a net profit margin of 9.6% [2] - 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 [2] - Post-acquisition, the combined entity will cover 42% of high-end commercial properties in the top 20 cities, enhancing market share in the high-end beauty service sector [2] Operational Synergies - The company has over 30 successful acquisition integration experiences over 32 years, which is expected to enable systematic output of mature medical beauty and sub-health services to Siyuanli [3] - The focus will be on optimizing operational efficiency and profitability through refined customer operations, digital transformation, and supply chain integration [3] Growth Potential - The acquisition of Siyuanli, along with previous acquisitions of the second brand Nairui, strengthens the company's leading position in the beauty and health industry, creating a larger member flow and denser high-end commercial network [3] - The "dual beauty + dual health" business model is expected to open up significant growth opportunities for the company [3] Financial Forecast and Valuation - The company maintains its profit forecast for 2025-2026, with the current stock price corresponding to 25/22x P/E for those years [3] - The target price has been raised by 5% to 42 HKD, reflecting a 25% upside potential based on the strengthened leading position [3]

Core Viewpoint - The acquisition of Shanghai Siyuanli Industrial Co., Ltd. by Meili Tianyuan Medical Health is a strategic move to reshape the competitive landscape of the high-end beauty industry in China's high-tier cities, following the successful acquisition of Nairui in 2024 [1][3]. Group 1: Acquisition Details - Meili Tianyuan Medical Health and its subsidiaries have agreed to acquire 100% of the issued shares of Shanghai Siyuanli for a consideration of RMB 1.25 billion [1]. - The acquisition will involve the issuance of 15.7981 million shares to SYL Holding, representing approximately 6.70% of the total issued shares as of the announcement date [1]. Group 2: Target Company Overview - Shanghai Siyuanli, established on December 31, 2009, is a leading brand in China's high-end beauty service industry, focusing on skincare products and professional beauty experiences for women in high-tier cities [2]. - As of June 30, 2025, the target company operates 163 beauty stores and 19 medical beauty clinics across 48 cities in China, with over 90% of its revenue coming from stores in the top 20 first-tier and new first-tier cities [2]. Group 3: Strategic Implications - The acquisition is expected to significantly expand the store network to 734 locations, enhancing the customer base and market share of Meili Tianyuan [3]. - The integration will leverage five core capabilities, including chain management, customer lifecycle management, medical service upgrades, AI transformation, and supply chain integration, to maximize synergies and drive revenue and profit growth [3].

Group 1 - The company, 美丽田园医疗健康, has entered into a conditional share purchase agreement to acquire 100% of the issued shares of 上海思妍丽实业 for a consideration of RMB 1.25 billion (approximately HKD 1.369 billion) [1] - As part of the consideration, 15.7981 million shares will be issued to SYL Holding, representing about 6.70% of the total issued shares as of the announcement date, and approximately 6.28% of the total issued shares post-acquisition [1] - The target company, 思妍丽, is a leading brand in China's high-end beauty service industry, operating 163 beauty stores and 19 medical beauty clinics across 48 cities as of June 30, 2025 [2] Group 2 - The acquisition is seen as a significant milestone for the company, following the successful acquisition of 奈瑞儿 in 2024, and is expected to reshape the competitive landscape of the high-end beauty industry in China's top-tier cities [2] - Post-acquisition, the company's store network will expand to 734 locations, significantly increasing its membership base and enhancing its market position [2] - The company plans to leverage five core capabilities, including chain management and AI transformation, to maximize synergies and drive revenue and profit growth [3]

Core Viewpoint - The acquisition of 100% equity in Shanghai Siyuan Lishi by Meili Tianyuan Medical Health is a strategic move to enhance its position in the high-end beauty service industry in China, with a total consideration of RMB 1.25 billion (approximately HKD 1.369 billion) [1][2]. Group 1: Acquisition Details - The agreement involves the conditional sale of shares by SYL Holding and Shanghai Anyan, with Meili Tianyuan Medical Health and Shanghai Meili Tianyuan as the buyers [1]. - The acquisition will result in the issuance of 15.7981 million consideration shares, representing approximately 6.70% of the total issued shares as of the announcement date [1]. - The company will apply for the listing and trading of the consideration shares on the Stock Exchange [1]. Group 2: Target Company Overview - The target company, established in December 2009, is a leading brand in China's high-end beauty service sector, known for its skincare products and services [2]. - As of June 30, 2025, the target company operates 163 beauty stores and 19 medical beauty clinics across 48 cities in China, with over 90% of its revenue coming from first-tier and new first-tier cities [2]. - According to Frost & Sullivan, the target company's brand ranks as the third-largest beauty service brand in China based on 2024 revenue [2]. Group 3: Strategic Implications - This acquisition marks a significant milestone for the company, following its successful acquisition of Nairui'er in 2024, and is expected to reshape the competitive landscape of the high-end beauty industry in high-tier cities [3]. - Post-acquisition, the company's store network will expand to 734 locations, significantly increasing its membership base [3]. - The integration will leverage five core capabilities, including chain management and AI-driven transformation, to maximize synergies and enhance revenue and profit growth [3].

Core Viewpoint - Meili Tianyuan Medical Health (02373) saw its stock price rise over 5%, reaching a new high of 35.06 HKD, driven by strong financial performance and market sentiment [1] Financial Performance - For the six months ending June 30, 2025, the company reported revenue of 1.459 billion RMB, a year-on-year increase of 28.2% [1] - The profit attributable to the company's owners was 156 million RMB, reflecting a year-on-year growth of 34.9% [1] - Basic earnings per share were reported at 0.68 RMB [1] - Revenue from beauty and health services amounted to 807 million RMB, up 29.6% year-on-year [1] - Revenue from sub-health medical services reached 150 million RMB, showing a significant increase of 107.8% year-on-year [1] Market Position and Strategy - Huatai Securities highlighted that the company's evolving "dual beauty + dual health" business model is expected to benefit from the rising consumer awareness among women regarding self-care [1] - Since 2025, several Class III medical device products have received NMPA approval for use in the medical beauty sector, indicating ongoing innovation and regulatory support [1] - Continuous advancements in upstream research and development, including effective raw materials, photonic instruments, and AI skincare, are anticipated to enhance the product offerings of leading downstream institutions [1] - The firm maintains a buy rating on the stock, reflecting confidence in the company's growth trajectory [1]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant revenue and profit growth, showcasing the effectiveness of its business model and strategic initiatives [1][24]. Financial Performance - Revenue for the first half of 2025 reached 1.46 billion yuan, a year-on-year increase of 28.2% [1] - Net profit rose to 170 million yuan, reflecting a substantial growth of 35.5% year-on-year [1] - Adjusted net profit was 191 million yuan, up 37.8% year-on-year, with an adjusted net profit margin of 13.1%, marking a historical high [1] - Cash and cash-equivalent assets amounted to 2 billion yuan, a 27.5% increase year-on-year, with operating cash flow of 410 million yuan, up 84.4% year-on-year [1] Business Segments - The core beauty and health services generated 810 million yuan in revenue, a 29.6% increase year-on-year, with a gross margin of 42.1% [3] - Medical beauty services achieved revenue of 500 million yuan, a 13.0% increase year-on-year, with a gross margin of 56.9% [5] - The sub-brand for sub-health medical services saw explosive growth, with revenue of 150 million yuan, a 107.8% increase year-on-year, and a gross margin of 63.1% [8] Strategic Initiatives - The company has enhanced its digital marketing and multi-channel operations, with private domain operations contributing over 46% of new memberships [5] - The acquisition of a 90% stake in the brand Nairu has shown significant integration effects, with Nairu's revenue reaching 277 million yuan and an adjusted net profit margin increasing from 6.5% to 10.4% [11] - The opening of a flagship clinic in Guangzhou, covering nearly 5,000 square meters, aims to meet the deep health and wellness needs of customers in the Greater Bay Area [14] Shareholder Structure and Market Value - The company has optimized its shareholder structure, with new significant investors enhancing strategic development [18] - A capital market value enhancement plan has been proposed, including a commitment to distribute at least 50% of annual net profit as dividends over the next three fiscal years [18] - The company's market capitalization has increased by 90% year-to-date, reflecting strong market recognition of its value [18] Business Model - The company has developed a unique "dual beauty + dual health" business model, which integrates beauty and medical services to create a competitive advantage [20] - This model allows for efficient collaboration across business segments, maximizing long-term value for members and addressing high customer acquisition costs [21] - The average annual revenue per direct store has exceeded 10 million yuan, with medical beauty and sub-health services accounting for over 45% of total revenue [22]

Core Viewpoint - The company maintains its net profit forecast for 2025-2026, with the current stock price corresponding to a P/E ratio of 20x and 18x for the non-deductible net profit for 2025-2026, indicating a 29% upside potential to the target price of HKD 37 [1] Financial Performance - The company expects a revenue of no less than HKD 1.45 billion for 1H25, representing a year-on-year increase of at least 27%, and a net profit of no less than HKD 170 million, reflecting a growth of at least 35%. The adjusted net profit is projected to be no less than HKD 175 million, with a growth of at least 33% [2] - The performance exceeds expectations due to revenue structure optimization leading to improved gross margins, scale effects, and operational efficiency enhancing net profit margins [2] Revenue Growth Drivers - The company anticipates a revenue growth of at least 27% for 1H25, driven by both internal and external factors. Internally, customer traffic is expected to grow by over 10%. Externally, the acquisition of Naieryer is projected to contribute approximately HKD 276 million in revenue, with single-store revenue increasing by over 10% compared to pre-acquisition levels [3] - By business segment, the company expects a net consumption growth of about 30% in lifestyle beauty and health, over 10% in medical beauty, and over 100% in sub-health medical services, with internal net consumption also increasing by over 50% [3] Margin Improvement - The company projects a gross margin increase of 0.8 percentage points and a net margin increase of 0.6 percentage points to 11.7% for 1H25. The net profit margins for internal business and Naieryer are expected to increase by 1 percentage point and 3 percentage points, respectively [4] - The improvement in profitability is attributed to a higher proportion of high-margin business revenue, reduced procurement costs from scale purchasing and deeper collaborations, as well as cost reductions in rent and operational efficiencies driven by digitalization [4] Growth Outlook - The company is optimistic about its growth prospects driven by a dual engine of internal and external growth. Internally, it aims to enhance single-store operational efficiency and increase the penetration of value-added services through digital marketing [5] - Externally, the company is actively exploring merger and acquisition opportunities to enhance market share, with expectations of continued expansion of membership assets and nationwide layout [5]

Group 1 - The company is addressing high operational costs in the industry through internal growth and external acquisitions, solidifying its leading position with advantages in brand strength, channel network, and customer base [1][2] - The major shareholder CPE has successfully exited, leading to an optimized shareholder structure [1] - The company plans to increase its stake in Guangzhou Nairui'er, which, along with the improved liquidity from the optimized shareholder structure, is expected to enhance valuation [1] Group 2 - The company aims to enhance its capital market value with a plan launched in March 2025, focusing on three strategic initiatives: increasing the dividend payout ratio, optimizing the shareholder structure, and implementing a long-term incentive mechanism for management [2] - The company announced plans to further acquire a 20% stake in Guangzhou Nairui'er, increasing its ownership to 90%, which is expected to significantly boost net profit and earnings per share [2] - The company is leveraging its strong brand, channel network, and customer base in the beauty and health management sectors to overcome high operational costs, aiming for further expansion and consolidation of its leading position [2]