Core Viewpoint - The company maintains its financial forecast for Meili Tianyuan Medical Health (02373), projecting revenues of 3.05 billion, 3.41 billion, and 3.76 billion RMB for 2025-2027, with net profits of 320 million, 380 million, and 440 million RMB respectively, assigning a target price of 45 HKD for 2025 based on a 30x PE ratio [1] Financial Performance - In H1 2025, the company achieved record high adjusted net profits of 1.9 billion RMB, with total revenues of 14.6 billion RMB, reflecting year-on-year growth of 28%, 36%, and 38% respectively [3] - Operating cash flow reached 4.1 billion RMB, an increase of 84% year-on-year, with cash and cash-equivalent assets totaling 2 billion RMB, up 28% [3] Business Segmentation - The beauty and wellness services segment generated 8.1 billion RMB in revenue, a 30% increase year-on-year, while medical beauty services brought in 5 billion RMB, growing 13% [3] - The sub-health medical services segment saw a remarkable revenue increase of 108%, reaching 1.5 billion RMB, with the number of outpatient clinics expanding to 11 [3] - The Women's Care Center, a key part of the sub-health medical business, reported a 173% year-on-year revenue growth in H1 2025 [3] Strategic Acquisitions - The company increased its stake in Nairu to 90% by acquiring an additional 20% share, resulting in enhanced profitability, with Nairu's revenue reaching 2.8 billion RMB and adjusted net profit margin rising from 6.5% to 10.4% [4] Shareholder Returns - The company has announced a "Capital Market Value Enhancement Plan" aimed at improving shareholder returns, optimizing capital structure, and promoting sustainable development, with a total of 300 million RMB in dividends declared over the past three years [5]

证券之星消息，9月18日医疗美容板块较上一交易日下跌2.15%，华熙生物领跌。当日上证指数报收于 3831.66，下跌1.15%。深证成指报收于13075.66，下跌1.06%。医疗美容板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000615 | *ST美谷 | 3.08 | -0.32% | 6.70万 | 2077.22万 | | 832982 | 锦波生物 | 298.48 | -0.41% | 6828.58 | 2.04亿 | | 300896 | 爱美客 | 186.61 | -1.74% | 4.52万 | 8.50亿 | | 688363 | 华熙生物 | 56.31 | -2.88% | 5.78万 | 3.28亿 | 从资金流向上来看，当日医疗美容板块主力资金净流出9636.81万元，游资资金净流入4312.4万元，散户 资金净流入5324.41万元。医疗美容板块个股资金流向见下表： | 代码 | | | 名称 | | | | | --- | --- ...

调研基本信息 此次投资者关系活动类别为特定对象调研，于2025年9月17日在南京市鼓楼区集庆门大街270号公司49楼 会议室举行 。参与单位包括国泰海通证券的曾佳敏、国盛证券的夏陶等多家机构及相关人员。苏宁环 球接待人员有董事、副总裁、董事会秘书蒋立波，财务负责人刘得波，医美集团马国义以及证券部王 燕、赵亚洲、刘艳。 9月17日，苏宁环球接待了包括国泰海通证券、国盛证券、西南证券等在内的20家机构的调研。本次调 研就公司整体业务、地产业务、医美板块等方面展开交流，透露了苏宁环球地产、医美双主业发展的诸 多要点。 责任编辑：小浪快报 点击查看公告原文>> 苏宁环球业务发展要点双主业发展战略：苏宁环球以房地产开发与销售为主营业务，持续推进地产、医 美双主业发展战略。地产业务布局全国，深耕长三角区域；同时大力拓展医美领域，推进双主业协同发 展。地产业务经营情况：2025年房地产行业承压，但苏宁环球凭借三十年深耕，具备较强战略决策与规 划能力。公司持续深耕长三角，聚焦产品与服务，升级项目品质，构建全梯度产品体系，保障交付品 质。公司土地储备充足，总建面约155多万平方米，多位于长三角经济发达地区，土地成本低，抗风险 ...

证券代码：000718 证券简称：苏宁环球 苏宁环球股份有限公司 投资者关系活动记录表 5、公司地产业务的竞争优势 公司依托深厚的品牌积淀、优质的土地储备、卓越的管理 能力以及健康稳健的财务结构，构建起多维度、差异化的综合 竞争优势。2025 年半年度末，公司资产负债率仅为 29.74%， 扣除合同负债后的资产负债率低至 27.43%，财务安全边际较 高，良好健康的财务状况，为公司管理运营、业务发展及战略 投资提供坚实保障。公司践行"品质为先，以客户需求为中心" 的项目开发理念，持续优化产品结构，匠心打造精品项目。同 时公司着力优化地产业务营销体系，重点提升周边城市客群和 老带新客户等方式，在降低成本同时，有效提升增强营销效果， 在售项目如滨江雅园、荣锦瑞府等销售情况居于区域头部，持 续热销。 6、公司对投资者回报的规划 公司高度重视股东回报，持续多年进行现金分红，分红股 息率在全市场稳居前列，2022 年以来公司现金分红总额累计达 9.66 亿元，已实施完毕 8.75 亿元，未来公司将持续以良好的 经营业绩和分红回报广大股东。 | ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 投资 ...

| 代码 | | | 名称 | | | | | --- | --- | --- | --- | --- | --- | --- | | 000615 *ST美谷 | -816.02万 | -34.93% | 325.27万 | 13.92% | 490.75万 | 21.01% | | 688363 华熙生物 | -2980.80万 | -12.87% | 1401.94万 | 6.05% | 1578.86万 | 6.82% | | 300896 爱美客 | -9072.07万 | -14.75% | 570.74万 | 0.93% | 8501.33万 | 13.82% | | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688363 | 华熙生物 | 57.98 | -0.77% | 3.99万 | | 2.32 Z | | 000615 | *ST美谷 | 3.09 | -1.28% | 7.53万 | | 2336.03万 | | 300896 | 爱美客 | 189. ...

证券之星消息，9月16日医疗美容板块较上一交易日下跌1.45%，华熙生物领跌。当日上证指数报收于 3861.87，上涨0.04%。深证成指报收于13063.97，上涨0.45%。医疗美容板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 832982 | 锦波生物 | 304.60 | 0.66% | 5747.36 | 1.7514 | | 000615 | *ST美谷 | 3.13 | 0.00% | 6.81万 | 2128.98万 | | 300896 | 爱美客 | 192.49 | -0.81% | 3.21万 | 6.16亿 | | 688363 | 华熙生物 | 58.43 | -2.45% | 4.82万 | 2.83亿 | | 代码 | | | 名称 | | | | | --- | --- | --- | --- | --- | --- | --- | | 000615 *ST美谷 | -40.85万 | -1.92% | -37.02万 | -1.74% ...

Market Overview - The medical beauty sector increased by 0.3% on September 15, with Huaxi Biological leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Individual Stock Performance - Huaxi Biological (688363) closed at 59.90, up 1.34%, with a trading volume of 56,000 shares and a transaction value of 334 million [1] - *ST Meigu (000615) closed at 3.13, up 0.32%, with a trading volume of 58,300 shares and a transaction value of 18.19 million [1] - Aimeike (300896) closed at 194.07, down 0.43%, with a trading volume of 28,800 shares and a transaction value of 561 million [1] - Jinbo Biological (832982) closed at 302.60, down 3.69%, with a trading volume of 15,400 shares and a transaction value of 471 million [1] Capital Flow Analysis - The medical beauty sector experienced a net outflow of 46.726 million from institutional investors, while retail investors saw a net inflow of 27.246 million [1] - The sector's overall capital flow indicates a mixed sentiment, with retail investors showing interest despite institutional outflows [1]

2025年7月11日至13日，全球医美界瞩目的国际医学（000516）美容抗衰老大会（IMCAS）于上海成功 举办。作为医美领域最具影响力的国际学术盛会，本届大会汇聚了近200位全球顶尖专家及数千名行业 精英，围绕整形外科、注射美容等前沿议题展开深入交流与探讨。英卡思大会始终致力于搭建全球医美 专业人士的学术桥梁，通过汇集国际前沿科研成果与创新理念，推动跨地域、跨学科的深度协作，持续 突破现有治疗技术的边界，为求美者带来更安全、更精准的医疗美容解决方案。 图1：2025·国际医学美容抗衰老大会（IMCAS）现场 7月13日，在注射并发症专场，薛志强博士发表了题为《胶原刺激剂引发结节肉芽肿的等离子射频消融 治疗》的学术演讲。这也是他本次大会针对馒化修复的第二场深度报告。薛志强博士在演讲中指出，随 着医美行业的快速发展，注射美容并发症的发生率正逐年上升，其中以玻尿酸、胶原刺激剂等注射物残 留所导致的团块和结节问题尤为常见。他强调，此类修复的关键在于精准定位与针对性处理，盲目操作 不仅难以解决问题，还可能进一步加重组织损伤。 针对胶原刺激剂（再生材料）引发的结节或肉芽肿，俊泰医疗薛志强博士提出了分级治疗策略："我们 ...

| 代码 | | | 名称 | | | | | --- | --- | --- | --- | --- | --- | --- | | 688363 华熙生物 | 714.97万 | 2.62% | 1269.34万 | 4.66% | -1984.31万 | -7.28% | | 000615 *ST美谷 | -322.59万 | -17.05% | 238.25万 | 12.59% | 84.34万 | 4.46% | | 300896 爱美客 | -5281.66万 | -5.76% | 1911.13万 | 2.08% | 3370.53万 | 3.67% | 从资金流向上来看，当日医疗美容板块主力资金净流出4889.28万元，游资资金净流入3418.72万元，散户 资金净流入1470.56万元。医疗美容板块个股资金流向见下表： 证券之星消息，9月12日医疗美容板块较上一交易日下跌2.03%，爱美客领跌。当日上证指数报收于 3883.69，上涨0.22%。深证成指报收于12996.38，上涨0.13%。医疗美容板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交 ...

Market Performance - The medical beauty sector rose by 2.11% on September 11, with Ai Meike leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Individual Stock Performance - Ai Meike (300896) closed at 201.00, with a gain of 3.10% and a trading volume of 46,300 shares, amounting to a transaction value of 909 million yuan [1] - Huaxi Biological (688363) closed at 59.51, up 0.86%, with a trading volume of 47,500 shares, totaling 279 million yuan [1] - ST Meigu (000615) remained unchanged at 3.14, with a trading volume of 55,800 shares, amounting to 17.45 million yuan [1] - Jinbo Biological (832982) closed at 307.80, down 0.03%, with a trading volume of 7,759.81 shares, totaling 237 million yuan [1] Capital Flow Analysis - The medical beauty sector saw a net inflow of 35.23 million yuan from institutional investors, while retail investors experienced a net outflow of 45.10 million yuan [1] - Ai Meike had a net inflow of 35.43 million yuan from institutional investors, but a net outflow of 40.20 million yuan from retail investors [2] - Huaxi Biological experienced a net inflow of 1.46 million yuan from institutional investors, with a net outflow of 6.54 million yuan from retail investors [2] - ST Meigu had a net outflow of 1.66 million yuan from institutional investors, but a net inflow of 1.64 million yuan from retail investors [2]