经营稳步向上，提升奈瑞儿持股充实利润。2Q25 公司宣布拟进一步收购广州奈瑞儿20%股权，交易完 成后对该企业持股比例增至90%，体现公司持续完善"双美+双保健"商业模式、深耕大健康产业的决 心，预计将显著提升公司归母净利润及每股盈利能力。我们认为公司在美丽与健康管理领域拥有良好的 品牌力、渠道网络及客户基础，凭借双美协同的一站式美丽健康服务模式，突破行业高经营成本痛点。 高粘性客群、数字化中台助力单店提效，叠加高经营杠杆带来的利润弹性，以内生增长+外延并购协同 转化，有望进一步扩大领先优势，夯实龙头地位。 风险提示：客流低于预期、生美-医美导流不及预期、行业竞争恶化。 引入多方优质资金，国际化战投赋能公司视野。公司主要股东中信产业投资基金CPE 通过一系列相关 协议获完成相关交易，出售其所持有的约5133 万股本公司股份，交易对象包括外资长线医疗健康领域 基金、科技创新战略投资基金、国际领先的长线基金、国际优质对冲基金等，完成该系列交易后CPE 将不再作为公司主要股东。 坚定提升资本市场价值，稳健迈向港股通目标。公司于2025 年3 月推出资本市场价值提升计划，并通过 三大战略举措持续释放投资价值，已初见成 ...

股票研究 /[Table_Date] 2025.07.08 股东结构优化顺利，龙头经营稳步向上 美丽田园医疗健康(2373) 6935023 | 风险提示：客流低于预期、生美-医美导流不及预期、行业竞争恶化。 | | --- | | [Table_Finance] 财务摘要（百万人民币） | 2021 | 2022 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 1780.74 | 1635.41 | 2145.07 | 2572.20 | 3076.26 | 3313.03 | 3590.85 | | (+/-)% | 18.5 | -8.2 | 31.2 | 19.9 | 19.6 | 7.7 | 8.4 | | 毛利润 | 833.79 | 717.84 | 977.10 | 1190.00 | 1444.49 | 1557.17 | 1701.49 | | 净利润 | 193.48 | 103.11 | 215.66 | 228.46 | 307.65 ...

Core Viewpoint - The company has proposed a capital market value enhancement plan for 2025-2027, focusing on increasing dividend payouts, optimizing shareholder structure, and implementing long-term incentive mechanisms for management [1] Group 1: Capital Market Value Enhancement Plan - The company aims to use no less than 50% of its annual net profit attributable to shareholders for dividends from 2025 to 2027, barring special circumstances [1] - The company plans to attract high-quality long-term institutional investors to improve market liquidity and trading activity [1] - A core management equity incentive plan will be implemented, with performance indicators covering both revenue and profit growth for 2025-2027 [1] Group 2: Shareholder Structure Optimization - As of June 25, 2025, CPE has reached agreements to sell approximately 51 million shares (about 21.77% of total shares), with investors including foreign long-term healthcare funds and leading international hedge funds [1] - The exit of CPE is expected to alleviate upward pressure on the company's stock price and enhance market liquidity through the entry of long-term funds [1] Group 3: Business Growth and M&A Opportunities - The company has shown stable internal growth, with a 14.5% year-on-year increase in rights fees to 510 million yuan and a 9.7% increase in sales to 550 million yuan during the Goddess Festival promotion [1] - The company plans to increase its stake in Nairui by investing 100 million yuan to acquire 20% of its shares, raising its ownership to 90% [1] - The company is positioned to potentially acquire other leading beauty brands to further increase market share and performance [1] Group 4: Profit Forecast - The company has adjusted its profit forecast, expecting net profits attributable to shareholders to be 290 million, 340 million, and 380 million yuan for 2025-2027, representing year-on-year growth of 25%, 17%, and 14% respectively [2] - The corresponding price-to-earnings ratios based on the closing price on July 3 are projected to be 22, 19, and 16 times for the respective years [2]