投资界消息，2026年1月7日，美丽田园医疗健康（02373.HK，以下简称"美丽田园"）宣布，公司12.5亿 元收购上海思妍丽实业股份有限公司（简称"思妍丽"）100%股权事项已顺利落定。至此，思妍丽正式 成为美丽田园旗下全资附属公司，其经营业绩及财务状况将并入集团综合财务报表。 值得一提的是，这是美丽田园自去年收购行业第二大品牌奈瑞儿之后又一次重大收并购行为。2025年上 半年，奈瑞儿经调整净利率由2023年的6.5%跃升至10.4%，以亮眼业绩印证了集团深度赋能的有效性。 依托于奈瑞儿整合经验，集团未来将从两大维度发力推动思妍丽实现"增收+增效"双突破： 其一，系统性输出医疗美容及亚健康医疗服务的成熟能力，覆盖客户美与健康全周期需求；其二，以客 户精细化运营、数智化转型及供应链整合三大抓手，优化运营效率，驱动盈利水平提升。 作为2025年美容行业最大收购案，此次项目收购落定也构建起"三强聚合"的新格局，为行业发展开启全 新篇章。 2024年，思妍丽实现收入8.5亿元，净利润8100万元。本次交易完成后，集团门店网络迅速扩张，总数 已达734家。此次扩张不仅推动了集团行业地位与市场影响力提升，也为集团收入 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [4]. Core Insights - The company is focusing on a dual-driven strategy of organic growth and acquisitions, with a particular emphasis on three major strategic areas: Super Brand, Super Chain, and Super Digitalization [6]. - The acquisition of 100% of the shares of Siyanli for 1.25 billion RMB (approximately 1.369 billion HKD) is expected to enhance market share and accelerate the company's strategic layout [4]. - The company has increased its stake in Nairui to 90%, with significant improvements in operational efficiency post-acquisition, reflected in a rise in adjusted net profit margin from 6.5% to 10.4% [5]. Financial Data and Earnings Forecast - The company forecasts revenue growth from 2,145 million RMB in 2023 to 4,541 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 31.16% [8]. - Adjusted net profit is projected to increase from 241 million RMB in 2023 to 540 million RMB in 2027, with a notable growth rate of 53.18% in 2023 [8]. - The adjusted earnings per share (EPS) is expected to rise from 1.05 RMB in 2023 to 2.29 RMB in 2027, reflecting a strong upward trend in profitability [8].

Investment Rating - The report assigns an "Outperform" rating to Beauty Farm Medical and Health Industry, expecting a relative return exceeding 10% over the next 12-18 months [24]. Core Insights - Beauty Farm has articulated a clear strategy centered around the "Three Super" initiatives: Super Brand, Super Chain, and Super Digitalization, aiming to build core competitive advantages in the beauty services industry [2][9]. - The company targets to establish operational entities with revenues exceeding RMB 100 million in 20 core cities, which contribute approximately 40% of the industry revenue, with a solid foundation already in place as 8 cities have achieved this target [3][10]. - Recent operational performance shows strong momentum, with same-store sales growth of 6-8% and collection growth accelerating to low double digits, indicating robust endogenous growth [4][11]. Summary by Sections Strategic Overview - The "Three Super" strategy focuses on enhancing brand value, expanding chain operations, and leveraging digitalization to deepen customer relationships and operational efficiency [2][9]. - The company has integrated three premium brands to secure a strong position in the high-end market and aims to enhance customer experience through personalized services [2][9]. Growth Strategy - The goal is to increase the number of cities generating over RMB 100 million in revenue from 8 to 20 in the near term, with a focus on developing Shanghai and Beijing into "super cities" with revenues exceeding RMB 1 billion each [3][10]. - The growth will be driven by both organic growth and strategic acquisitions, leveraging successful past experiences in markets like Chongqing and Xi'an [3][10]. Financial Performance - The company has demonstrated exceptional profit enhancement capabilities, with significant improvements in revenue per store and profit margins post-acquisition [4][11]. - Strong cash flow generation is projected, with estimated operating cash flow of approximately RMB 1 billion for FY25, supporting future shareholder returns and strategic acquisitions [4][11]. Industry Context - The beauty services industry in China is highly fragmented, with nearly 90% of operations being single-store, presenting significant opportunities for consolidation driven by branding, chainification, and digitalization [5][12]. - The company anticipates a decrease in the total number of industry stores, while the market share and profitability of leading players with strong branding and digital capabilities will increase significantly [5][12]. M&A Strategy - Proven M&A integration capabilities are a key engine for executing the Super Chain strategy, with over 30 successful transactions completed historically [6][13]. - The recent integration of Naturade has validated the effectiveness of the company's platform-based empowerment model, with expectations of similar success from the newly acquired DECLÉOR [6][13].

Core Viewpoint - Meili Tianyuan Medical Health Industry Co., Ltd. is positioning itself as a key player in the high-end beauty market, observing consumer trends through its extensive network of stores in major cities [1] Group 1: Super Brand Strategy - The beauty service industry is highly fragmented, with many regional and small brands lacking influence and consumer trust [2] - Differentiation through branding is essential for success in a mature and competitive market [3] - Meili Tianyuan's acquisition of 100% of Siyuanli for 1.25 billion yuan positions it among the top three beauty brands in China, alongside its existing brand Nairui [3] - National brand stores have a 2.1 times higher consumer recharge willingness compared to small brands, with an average recharge amount 60% higher [3] - Enhancing brand awareness can increase customer spending by 20% to 50% for each level of recognition [3] - The company aims to redefine customer experience by focusing on sensory engagement and establishing industry standards [4] Group 2: Super Chain Strategy - The beauty industry is characterized by a high degree of market fragmentation, with 89% of beauty institutions being single stores [5] - Meili Tianyuan's business model focuses on "Double Beauty + Double Health," aiming to create sustainable growth through both internal and external strategies [5] - The company currently has nine cities generating over 100 million yuan in revenue and plans to expand this to 20 core cities [5] - Supply chain capabilities are crucial for chain enterprises, and Meili Tianyuan will enhance partnerships with quality suppliers to offer high-quality products at better prices [5] Group 3: Super Digitalization Strategy - Many beauty service providers still rely on manual record-keeping, which limits data integration and business empowerment [7] - Digitalization is viewed as a critical tool for future decision-making, shifting from traditional customer acquisition to precise online targeting [7] - The company has invested over 200 million yuan in the past five years to build a 90-member IT team, focusing on digital integration across all operations [7] - Meili Tianyuan categorizes over 200 customer attributes and launches more than 2,000 targeted marketing campaigns annually, achieving double-digit growth in new memberships [8] - The company aims to leverage medical beauty resources and digital supply chain capabilities to create a transformative effect in the industry [8]

Core Insights - The company, Meili Tianyuan, announced three major strategic upgrades: Super Brand, Super Chain, and Super Digitalization, aiming to redefine high-end beauty services and reshape the industry's value space [1][18]. Super Brand - The beauty service industry is highly fragmented, with many regional and small brands lacking influence, leading to high consumer trust costs and low loyalty [4]. - Brand differentiation is crucial for standing out in a saturated market, as evidenced by data showing that consumers are 2.1 times more willing to recharge at national brands compared to smaller ones, with average recharge amounts being 60% higher [4]. - Meili Tianyuan's Super Brand strategy leverages its position as the umbrella for the top three brands in China's beauty industry, aiming to enhance customer experience and brand recognition [4][5]. Super Chain - The beauty industry is characterized by a high degree of fragmentation, with 89% of beauty institutions being single stores [8]. - The low entry barriers and lack of economies of scale hinder the growth of larger chains [8]. - Meili Tianyuan's Super Chain strategy focuses on creating 20 "1 billion revenue Clubs" in key cities, building on its existing nine cities with over 1 billion in revenue [8][9]. Super Digitalization - Many beauty service providers still rely on manual processes, with digitalization seen as essential for future decision-making and customer service enhancement [12]. - Meili Tianyuan has invested over 200 million in digitalization over the past five years, establishing a 90-member IT team to integrate digital solutions across its operations [12][13]. - The company has developed over 200 customer attribute classifications and maintains a member retention rate of 80%, with customer acquisition costs remaining below 2% [12][13]. Acquisition of Siyuanli - The acquisition of Siyuanli is viewed as a strategic move to consolidate the top three brands in the high-end beauty sector under Meili Tianyuan, following the successful integration of the second-largest brand, Nairui [15][16]. - The structural similarities and customer overlap between Meili Tianyuan and Siyuanli provide a strong foundation for synergy and enhanced resource utilization [16]. Industry Outlook - The beauty and health sector is positioned for significant growth, driven by consumer demand for self-care and wellness, with Meili Tianyuan leading the charge with its strategic initiatives [18].