美丽田园医疗健康（02373.HK） 双美+双保健生态成型，内生外延驱动高成长 2026 年 01 月 08 日 证券研究报告·海外公司深度·其他医疗保健(HS) 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,145 | 2,572 | 3,037 | 3,915 | 4,578 | | 同比(%) | 31.16 | 19.91 | 18.07 | 28.92 | 16.93 | | 归母净利润（百万元） | 215.66 | 228.46 | 312.24 | 411.49 | 517.92 | | 同比(%) | 109.15 | 5.94 | 36.67 | 31.79 | 25.86 | | EPS-最新摊薄（元/股） | 0.86 | 0.91 | 1.24 | 1.64 | 2.06 | | P/E（现价&最新摊薄） | 26.84 | 25.33 | 18.54 | 14.07 | 11.1 ...

復䢇醫療科技有限公司* Sisram Medical Ltd 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 於本公告日期，本公司董事會成員包括執行董事Lior Moshe DAYAN先生及李家 宏先生；非執行董事劉毅先生、馮蓉麗女士及Caroline Xiaokui JIN女士；獨立非 執行董事方香生先生、陳志峰先生、陳怡芳女士及廖啟宇先生。 （ 於 以 色 列 註 冊 成 立 的 有 限 公 司 ） （股份代號：1696） 自願公告 本公告乃由復銳醫療科技有限公司（「本公司」）自願發佈。 本公司欣然宣佈旗下獲再授權注射用A型肉毒毒素（DaxibotulinumtoxinA-lanm， 中國境內商標達希斐®，英文商標DAXXIFY®，項目代號RT002，以下簡稱「達希 斐」）已通過中華人民共和國（「中國」）食品藥品檢定研究院質量標準檢驗。該產品 適用於暫時性改善成人因皺眉肌和╱或降眉間肌活動引起的中度至重度眉間紋。 截至本公告發佈之日，於中國境內尚 ...

这是新消费智库第 2 7 3 8 期文章 新消费导读 1. 「 伊利」推出大蒜味乳饮料 2. 乐事推出全新春节限定系列 3. 屈臣氏推出 AI 设计的香港地标系列 4. 「喜茶」携手泡泡玛特 IP 星星人开启第二波联名 5. 伊利将推出 -196°C 速冻莓果味雪糕新品 6. 森林气泡水「冰爆小青柠」爆爽升级 7. 「农夫山泉」在山姆上新 纯透方冰 8. MANNER 推出冬季新品西柚热美式 9. 「古茗」门店开卖瓶装果汁 10. 徐福记请全国人民吃 1 亿颗糖 11. 京东发布全年龄段 AI 玩具 12. 东鹏饮料官宣闫妮代言 海岛椰 13. 奈雪霸气芝士草莓 10 年经典回归 ...... 一周新品 1. 「 伊利」推出大蒜味乳饮料 近日，伊利推出大蒜味乳饮料 优蒜乳，是优酸乳系列的全新创意口味产品。产品包装设计以紫绿撞色搭配夸张的卡通图案，还印有蒜了蒜了 都不容易 、 还是蒜了吧等趣味文案。 （ iBrandi 品创） 2. 乐事推出全新春节限定系列 近日，乐事推出全新的节庆产品与终端呈现，包装与陈列全链路升级。据称，春节限定系列引入功夫熊猫新年限定装的 IP 联名主题包装，以 节庆符号的视觉设计融入年 ...

Group 1 - The core viewpoint of the article highlights the surge in local consumption and transportation demand during the New Year holiday, with Didi reporting a projected taxi demand exceeding 80 million on December 31 [2] - The bathing industry is expected to experience significant growth in 2025, with a more than sixfold increase in search volume for keywords related to 24-hour bathing centers in the week leading up to New Year's [2] - Nanjing Jiuhua Spa's manager anticipates a record high in customer flow and transaction volume during the holiday, estimating a 40%-50% increase compared to the same period last year [2][3] Group 2 - The bathing experience has evolved from a traditional cleaning service to a comprehensive urban micro-vacation destination, appealing primarily to the 18-35 age group, which constitutes over 60% of the customer base [3] - KTV has emerged as a surprising growth area in service consumption, with transaction volume increasing nearly 30% in the two weeks leading up to New Year's, particularly among the post-2000 generation, which saw a growth rate exceeding 57% [4] - The demand for beauty services, including hair and nail treatments, has surged, with discussions about these services increasing by nearly 40% year-on-year, and beauty professionals experiencing nearly 100% income growth compared to last year [4]

Group 1: Local Consumption Trends - The demand for local consumption and ride-hailing services is surging as the New Year holiday approaches, with Didi reporting an expected ride-hailing demand exceeding 80 million on December 31 [1] - The bathing industry is projected to experience significant growth in 2025, with search volume for keywords related to 24-hour bathing centers increasing over six times year-on-year in the week leading up to New Year [1] Group 2: Bathing Industry Insights - The general manager of Nanjing Jiuhua Hot Spring Life Hall anticipates a record high in customer flow and transaction volume during the New Year period, estimating a 40%-50% increase compared to the same period last year [3] - The core customer demographic for Jiuhua Hot Spring is primarily young individuals aged 18-35, making up over 60% of the clientele, with family customers steadily increasing to 25% [3] - The establishment has evolved from a traditional bathing service to a comprehensive urban micro-vacation destination, enhancing customer experience with amenities like free tea and gaming areas, resulting in an average stay of 10 hours [3] Group 3: KTV and Beauty Industry Performance - The KTV industry has emerged as a surprising performer during the New Year holiday, with transaction volume increasing nearly 30% year-on-year in the two weeks leading up to the holiday, particularly in Taiyuan and Changsha where growth exceeded 70% [4] - The 00s generation is the fastest-growing demographic in KTV transactions, with a year-on-year increase of over 57% [4] - The beauty industry has also seen a surge in activity, with nearly 200,000 beauty service providers on platforms experiencing close to 100% income growth year-on-year during the weekend before New Year [5] Group 4: Ride-Hailing Demand Surge - Midnight ride-hailing demand spiked as many opted to celebrate New Year outside, with Didi predicting an 11% year-on-year increase in ride requests in the half-hour leading up to midnight [5] - The demand for high-quality transportation services, such as Didi's premium and luxury car options, is expected to rise significantly, with increases of 226% and 188% respectively compared to the previous week [5]

Core Insights - The leisure and entertainment consumption is experiencing a significant boost driven by the New Year atmosphere and winter weather conditions, with various sectors showing remarkable growth in search and transaction volumes [1][2]. Group 1: Consumption Trends - The search volume for beauty services, including hairdressing, nail art, and eyelash extensions, doubled in the week leading up to New Year's Day [1]. - KTV bookings saw a transaction scale increase of over 44% year-on-year, with new AI-driven entertainment options contributing to this growth [1]. - The keyword "24-hour bathing centers" experienced a search volume increase of over 6 times, indicating a strong interest in traditional winter leisure activities [1]. Group 2: Regional Performance - Harbin led the transaction growth for bathing centers with a remarkable increase of over 211% compared to the previous period, making it the city with the highest growth rate [1]. - Cities like Taiyuan and Changsha reported KTV transaction growth exceeding 70%, with the post-2000 generation showing the highest increase in participation, up over 57% year-on-year [2]. Group 3: Market Dynamics - The beauty service sector saw a nearly 40% increase in discussion and reviews, particularly among the 20-35 age group in major cities like Shanghai, Beijing, and Shenzhen [1]. - To further stimulate consumption during the New Year, the company plans to launch multiple promotional activities aimed at enhancing urban consumption vitality [2].

Core Insights - The New Year's consumption trend is shifting towards a more diversified and decentralized approach, with young consumers opting for home celebrations and experiences rather than traditional large gatherings [1][11] Group 1: Consumption Trends - Home-based celebrations are becoming popular among young consumers, with significant increases in sales of alcoholic beverages and digital products. For instance, craft beer and white wine sales have both seen over 100% year-on-year growth, while brandy sales surged by over 230%. Smartwatches and tablets also emerged as popular self-gifting items, with smartwatch sales increasing by 610% [3][5] - The search volume for unique and low-alcohol beverages has risen, indicating a shift in consumer preferences towards emotional value and participation rather than excessive drinking [5][11] Group 2: Service Consumption - Service consumption is trending towards collective relaxation, with significant increases in searches for beauty services such as haircuts, manicures, and eyelash extensions, which have doubled year-on-year. The popularity of KTV and bathing centers has also surged, with KTV transactions increasing by nearly 30% in the weeks leading up to New Year's [8][10][11] - The bathing industry is expected to experience significant growth by 2025, with a notable increase in transaction volumes during the winter season, particularly in cities like Harbin, where transaction growth exceeded 211% [10][11]

区块链赋能美业收银：交易可溯源，数据防篡改，是噱头还是真革命？ 【编者按】 我们持续关注美业数字化领域的发展与变革。在输出独立观察的同时，为力求内容的翔实与生动，我们会援引业内代表性企业（如简艺美业） 的实践作为案例支撑。希望我们的洞察能为您提供价值，也请您知悉文中存在的此类信息背景。 最近跟几个美业老板聊天，发现一个挺有意思的现象：大家嘴上都说要搞数字化，但一提到收银系统，不少人心里还是犯嘀咕。为啥？怕数据不安全，怕账 目对不上，怕员工私下搞小动作。这些"怕"，说到底，就是对传统收银系统背后那本"糊涂账"的不信任。 这时候，一个听起来有点"高大上"的技术——区块链，开始被提出来，说要给美业收银"动手术"。很多人第一反应是：这不就是炒概念吗？跟咱们开美容 院、美发店的有什么关系？今天咱们就来掰扯掰扯，区块链赋能美业收银，到底是画大饼，还是能解决真问题。 一、传统收银的"信任危机"：痛点在哪？ 咱们先别急着谈技术，看看老问题。传统收银系统，哪怕是上了SaaS软件的，数据说到底还是集中存储在服务商的服务器上。对老板来说，这就像把自家账 本交给了别人保管。虽然方便，但心里总有点不踏实： 数据"黑箱"：流水、折扣、员 ...

Core Insights - The service consumption sector is experiencing a significant surge as the New Year approaches, driven by festive atmosphere and winter weather conditions [1][2][5] Group 1: Trends in Leisure Consumption - The demand for leisure experiences among young consumers is evolving, with a notable increase in searches for services like hairdressing and beauty treatments, which saw a doubling in search volume [1] - KTV bookings have increased significantly, with a year-on-year growth of over 44% in transaction volume as new entertainment formats like AI-assisted singing gain popularity [1][7] - The bathing industry is projected to see substantial growth by 2025, with a 6-fold increase in searches for 24-hour bathing centers noted in the week leading up to New Year [2] Group 2: Regional Highlights - Major cities such as Shanghai, Beijing, and Shenzhen are leading in leisure transaction volumes, with a notable increase in the popularity of bathing centers during the winter season [1][2] - Harbin has emerged as a standout city, with a transaction volume growth rate exceeding 211%, the highest in the country, driven by winter tourism and local attractions [2][3] Group 3: Consumer Behavior and Preferences - Young consumers, particularly those aged 20-35, are increasingly investing in beauty services, with a nearly 100% year-on-year increase in income for beauty professionals during the holiday season [5] - The KTV industry has transformed into a comprehensive entertainment space, appealing to younger audiences, especially those born after 2000, who have shown a transaction growth rate of over 57% [7] Group 4: Company Initiatives - To capitalize on the holiday consumption trend, the company has launched various promotional activities aimed at enhancing consumer engagement and boosting city-wide consumption [10]

在周钰晟的推动下，东北与台湾的美业交流日益频繁。他从台湾引进专业设备与产品，邀请台湾资深美 业专家与大陆从业者展开研讨，已促成数百位两岸从业者深度互动。 "我的父亲周胜煌是第一波到大陆投资的台商，早年就在沈阳打拼。"周钰晟回忆，虽在台湾长大，但父 母长期在沈阳发展，聚少离多的经历让他对大陆始终满怀好奇。 2010年前后，周钰晟在深圳就职于一家台湾贸易公司。他在那里接触到许多优质美发品牌，偶然发现很 多产品在东北市场仍是空白，这让他看到两岸美业融合的契机。"当时大陆年轻人的创业热情深深触动 了我，我也想挑战自己。"周钰晟多次从深圳赶赴沈阳，走访美发沙龙、调研消费需求。 创业初期，周钰晟将公司产品定位在业界高端行列，主营专业美发产品与高端美容美发设备。"商品只 是工具，关键是要让从业者和顾客意识到，他们可以变得更好、更美。"周钰晟认为，专业技术的提升 才是行业生存发展的根本。 "技术无边界，美的追求是共通的。"在品牌逐渐稳定后，他着力于搭建两岸美业专业技术交流的平 台。"我们常常举办两岸美发师交流会，希望能汇聚不同地区的创意与技术，实现优势互补。" （来源：团结报） 转自：团结报 □ 姜月恒 "我要创造一个美丽事 ...