Q&A 美丽田园公司在传统美容服务行业的主要逻辑是什么？ 美丽田园公司以传统美容服务为主营业务，同时涉足医美和亚健康业务。通过 传统美容赛道积累的客户资源，输送到医美和亚健康业务，实现更高的净利润 率。公司自上市以来，经历了从直营、加盟扩张模式向收并购模式的转变。今 年（2025 年）通过收购奈瑞尔、斯严利等竞争对手，实现了显著的成长速度 提升。预计明年（2026 年）及未来几年，公司将在并购业态基础上实现更高 速增长。近期股价波动带来的超跌也提供了投资机会。 美丽田园 20251203 摘要 美丽田园通过收并购策略加速扩张，2025 年收购奈瑞尔、思妍丽等竞 争对手，门店总数达 734 家，预计未来几年将在并购基础上实现高速增 长，当前股价超跌或提供投资机会。 公司 2024 年总收入约 26 亿元，美容保健服务占比 55%，医美占比 34%，亚健康医疗服务占比 10%。2025 年预计收入增长 28%，达 14.6 亿元，思妍丽贡献约 8.5 亿元收入。 健康美容行业规模超 6,000 亿元，传统美容市场规模约 4,000 亿元，轻 医美市场规模约 2000 亿元，但增速放缓。行业竞争格局分散，连锁化 刚 ...

Core Viewpoint - Wanchen Group has demonstrated remarkable growth in its annual performance despite the absence of its chairman due to an ongoing investigation, showcasing significant revenue and profit increases in the snack retail sector [1][5]. Financial Performance - In 2024, Wanchen Group reported a revenue of 32.329 billion yuan, a year-on-year increase of 247.86% - The net profit attributable to shareholders reached 293.5 million yuan, marking a turnaround with a year-on-year increase of 453.95% - Total assets surged by 84.78% to 7.253 billion yuan [1]. Store Expansion - By the end of 2024, the number of stores reached 14,196, a dramatic increase from 4,726 at the end of 2023, representing a growth rate of over 206% - The company added 9,776 new stores within a year, surpassing the store growth of competitors like Mixue Ice City [2]. Business Transformation - Since transitioning from the edible fungus industry to the snack retail sector in 2022, Wanchen Group's revenue has seen exponential growth, jumping from 4.34 million yuan in 2021 to 5.49 million yuan in 2022, and then to approximately 9.294 billion yuan in 2023, reflecting a staggering year-on-year increase of 1,592.03% - The snack retail business alone generated 8.759 billion yuan in 2023, with a year-on-year growth of 13,057.81% [3]. Acquisition Strategy - The rapid store expansion has primarily been achieved through the acquisition of other snack brands, allowing for simultaneous growth across various regions - Key brands under Wanchen Group include "Lvxiaochan," "Haoxianglai," "Laiyoupin," and "Yadiyadi," with a unified branding strategy initiated in October 2023 [4]. Stock Performance - Wanchen Group's stock price has surged significantly, reaching approximately 128.35 yuan per share, with a total market capitalization of 23.102 billion yuan as of April 23, 2024, compared to about 8.27 billion yuan at the time of its IPO in 2021 [5][6]. Governance and Ownership - The company is a family-run business, with the controlling family holding at least 52.11% of the shares, translating to a family wealth of at least 12 billion yuan - The board consists of 14 members, with 5 being family members, raising questions about corporate governance amid the chairman's legal issues [6][7].