根据港交所披露，美丽田园上半年引入的两大重要资本已正式成为公司股东：截至8月18日，德福资本 和相关方持股比例为9.71%，奈瑞儿健康科技有限公司（以下简称"奈瑞儿"）持股比例为7.21%。同 时，本次引入的两大重要资本分别向集团委派了具有深厚专业背景的董事，为公司战略发展提供双重赋 能。 8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"）宣布，已接获中信产业投资基金管 理有限公司（以下简称"CPE"）通知，截至8月18日，CPE已顺利完成5132.9万股公司股份的出售交割。 截至目前，CPE已不再作为公司主要股东。 美丽田园方面表示，本次CPE退出对公司股东结构调整释放多重积极效应：一是私募基金股东平稳退 出，股权结构稳定性显著增强；二是引入背景多元的优质长期投资者，进一步完善公司治理体系，有效 提振资本市场对公司长期价值的信心；三是通过股权结构优化提升流通股比例，增强市场流动性。 一是确立长期股东回报机制，承诺未来3个完整财年期间除特殊情况外，拟将年度归母净利润不低于 50%用于分红；二是持续引入长期战略投资者，构建更为健康多元的股东生态体系；三是继续利用股权 激励计划，建立管理层与股东价值 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has successfully addressed high operational costs in the industry, achieving both organic growth and external acquisitions to solidify its leading position. Its brand strength, channel network, and customer base advantages continue to be validated. Recently, major shareholder CPE has exited, leading to an ongoing optimization of the shareholder structure [2] Financial Summary - Current market capitalization is HKD 6,850 million [3] - Revenue projections show a growth trajectory from RMB 2,145.07 million in 2023 to RMB 3,590.85 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 8.4% [5][7] - Net profit is expected to increase from RMB 215.66 million in 2023 to RMB 417.03 million in 2027, indicating a significant growth rate of 93.4% over the period [5][7] - The company plans to increase its dividend payout ratio to at least 50% of annual net profit from 2025 to 2027, enhancing shareholder returns [6] Earnings Per Share (EPS) Forecast - The EPS estimates have been revised upwards for 2025-2027 to RMB 1.30, RMB 1.43, and RMB 1.77 respectively, reflecting a positive outlook on profitability [6] Shareholder Structure and Strategic Initiatives - The exit of CPE as a major shareholder has led to the introduction of high-quality institutional investors, improving market liquidity and trading activity. The company aims to build a healthier and more diversified shareholder ecosystem [6] - The company is implementing a long-term incentive plan for its core management team, aligning their performance with shareholder value growth [6] Business Model and Market Position - The company is enhancing its stake in Guangzhou Nairui'er by acquiring an additional 20%, increasing its ownership to 90%. This move is expected to significantly boost net profit and earnings per share [6] - The company leverages its strong brand and customer loyalty in the beauty and health management sectors, aiming to overcome high operational costs through a synergistic business model [6]