消息面上，美丽田园医疗健康发布截至2025年6月30日止六个月业绩，收入14.59亿元(人民币，下同)， 同比增长28.2%；公司拥有人应占溢利1.56亿元，同比增长34.9%；每股基本盈利0.68元。2025年上半 年，公司生美(美容和保健服务)营收8.07亿元，同比增长29.6%；亚健康医疗服务收入1.5亿元，同比增 长107.8%。 华泰证券指出，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，该行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。 美丽田园医疗健康(02373)涨超5%，高见35.06港元创上市新高。截至发稿，涨5.83%，报34.88港元，成 交额1674.72万港元。 ...

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]