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].

因此，美丽田园此次升级的第一大战略是超级品牌战略。 11月19日，美丽田园医疗健康产业有限公司（以下简称"美丽田园"或"集团"）在香港中环中心举行战略 升级发布会。 美丽田园副董事长兼CEO连松泳对《证券日报》记者在内的媒体表示："作为高端美业的重要代表，美 丽田园是观察高端消费趋势的一个关键窗口。目前，美丽田园与思妍丽、奈瑞儿共同布局高端市场，并 在全国20个核心城市约40%的高端商业消费环境中设有门店。这些顾客不仅在我们这里进行美容消费， 也活跃于其他高端消费场景，因此我们能从中观察到整体高端消费的变化。" 本次发布会上，美丽田园正式官宣集团面向未来的三大超级战略——超级品牌、超级连锁、超级数字 化。 超级品牌：行业前三齐聚 美容服务行业发展至今，仍被看作是高度分散的行业，行业内充斥着大量区域性品牌、小品牌甚至是无 品牌的门店。这些品牌的影响力有限，消费者信任成本高，难以形成溢价和忠诚度。同时，美容服务行 业又是一个相对成熟的行业，同质化竞争不可避免。 连松泳表示，当面对市场同质化竞争时，差异化是脱颖而出的关键，而品牌化正是终极的差异化手段。 10月份，美丽田园以12.5亿元对价战略收购思妍丽100%股权 ...

11月19日，美丽田园医疗健康(02373.HK)在香港中环中心重磅举行战略升级发布会。在线上线下超150位投资人、券商和媒体的见证下，美丽田园副董事 长兼CEO连松泳先生正式官宣集团面向未来的三大超级战略——超级品牌、超级连锁、超级数字化。作为美与健康行业的领航者，美丽田园将带领行业重 新定义高端美容服务，重塑美容行业价值新空间。美丽田园董事长李阳先生、首席财务官兼董事会秘书周敏女士及奈瑞儿市场研发中心总监高巍先生出席 活动现场并与投资人进行了深入交流。 超级品牌：行业前三齐聚，引领高端美容行业高质量发展 超级连锁：从"1到N"打造20个"1亿收入Club" 与其他行业相比，美容行业的一个显著特征就是市场高度分散。具体有多分散？根据美团的数据，目前89%的美容机构是单店。 连松泳指出，行业分散的主要原因，一是较低的进入门槛——开一家小店很容易，但做大很难；二是传统的美容服务行业规模经济不显著——高度依赖美 容师个人的手法和经验，加之店主个人管理半径有限，无法形成系统化的门店经营管理能力，进而难以形成规模效应。 但是今天，数字化与AI技术、行业标准化、价值链规模化等因素推动着美容服务行业的连锁化，并逐步成为克 ...