[Table_Page] 跟踪研究|可选消费 证券研究报告 | [Table_Title] 【广发纺服&医药&海外】美丽田园 | | --- | | 医疗健康（02373.HK） | 战略合作资生堂中国，携手强化科技美肤 [Table_Summary] 核心观点： 盈利预测：*本文如无特殊说明，货币单位均为人民币，1HKD=0.88CNY | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 2,145 | 2,572 | 3,008 | 4,022 | 4,913 | | 增长率（ % ） | 31.2% | 19.9% | 16.9% | 33.7% | 22.2% | | EBITDA | 623 | 704 | 842 | 983 | 1,170 | | 归母净利润 | 216 | 228 | 344 | 458 | 600 | | 增长率（ % ） | 109.2% | 5.9% | 50.6% | 33.0% | 3 ...

2月27日，资生堂中国官方公众号发布资生堂中国与美丽田园达成战略合作的消息。当中披露，根据合 作协议，双方将整合资生堂集团的前沿科研技术与美丽田园的高端院线服务，共同为中国消费者提供以 科学为基础、覆盖全生命周期的护肤解决方案。此次合作标志着双方将共同打造科技美肤解决方案，并 将强化资生堂集团在中国快速发展的医疗美容及生活美容市场的战略布局。 本次合作标志着RQ律曜正式从医美专业场景延展至高端生活美容服务领域，实现了从专业治疗、术后 修护到日常养护的全链路打通。 推文还透露，作为本次战略合作的首个落地项目，双方联合推出的"光感透白"高端美白护理项目将于 2026年3月正式登陆美丽田园全国核心门店。该护理聚焦脆弱肌与医美后肌肤的修护及不同肤色定制化 焕白需求，定位高端科技美肤赛道。 推文提到，资生堂中国在此次战略合作中聚焦专为亚洲肌肤打造的科技美肤品牌RQ PYOLOGY律曜 （以下简称"RQ律曜"）。RQ律曜首发院线赛道，并引入基于临床实证、科技驱动的护肤方案，致力于 科学协同医美术后修护与日常长效维养，构建在中国的"资生堂医美恒采循环"。 ...

Group 1 - The core viewpoint of the news is that the company is focusing on innovation and brand development in the cosmetics sector, achieving significant revenue growth and maintaining a strong market position [1][2][4] - In Q1 2025, the cosmetics segment generated revenue of 526 million yuan with a gross margin of 61.06%, driven by key brands such as Yilian and Aier Doctor, which achieved revenues of 250 million yuan and 236 million yuan respectively [1] - The company launched 47 new products and obtained 12 new patents in the cosmetics segment during the reporting period, emphasizing a research-driven approach and technological innovation [1][2] Group 2 - The company is committed to a dual-brand strategy focusing on Yilian and Aier Doctor while optimizing the operations of other brands, transitioning from a single beauty business to a "beauty + medical beauty" model [3] - The company plans to enhance its core competitiveness through continuous R&D investment, with a projected R&D expenditure of 199 million yuan in 2024 and approximately 42 million yuan in Q1 2025 [2] - The company is advancing its product lines and brand strategies, including the introduction of innovative products and technologies, such as the membrane collagen technology launched by the Kemi brand [4]