Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 37.36 [1]. Core Insights - The company achieved a revenue of CNY 3.001 billion in 2025, representing a year-on-year increase of 16.7%, and a net profit attributable to shareholders of CNY 318 million, up 39.0%, which aligns with expectations [6]. - The company continues to show strong fundamentals, with same-store sales growth of 6.9% and a high dividend payout ratio, with a year-end dividend of HKD 0.72 per share [6]. - The company is positioned as a leader in the beauty and health chain service sector, benefiting from a "dual beauty + dual healthcare" strategy, and is expected to leverage high-end consumption recovery trends for mid-term growth [6][10]. Financial Performance - Revenue projections for 2026 and 2027 have been revised upwards to CNY 39.15 billion and CNY 43.15 billion, respectively, reflecting increases of 18.6% and 21.5% [10]. - The company’s gross margin improved to 49.1% in 2025, up 2.8 percentage points year-on-year, driven by cost optimization and acquisitions [8]. - Operating cash flow for 2025 reached CNY 1.0 billion, marking a 25.4% increase year-on-year, demonstrating strong cash generation capabilities [9]. Business Segments - The beauty and wellness services segment generated revenue of CNY 1.658 billion in 2025, up 14.9%, with direct and franchise income growing by 15.8% and 5.9%, respectively [7]. - The medical beauty services segment reported revenue of CNY 1.017 billion, a year-on-year increase of 9.6%, with significant growth in customer traffic and average spending [7]. - The sub-health medical services segment saw remarkable growth, achieving revenue of CNY 326 million, up 62.2%, contributing to 10.9% of total revenue [7]. Valuation Metrics - The company’s projected PE ratio for 2026 is set at 19 times, reflecting its leading position in the beauty chain sector and expected growth from both organic and acquisition strategies [10]. - The report indicates a projected EPS of CNY 1.76 for 2026, with a continued focus on enhancing profitability through operational efficiencies [10].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 3.0 billion yuan in 2025, representing a year-on-year growth of 16.7%, with a net profit attributable to shareholders of 320 million yuan, up 39.0% year-on-year [5] - The company's three main business segments—beauty and health services, medical beauty services, and sub-health medical services—showed strong performance, with revenue growth rates of 14.9%, 9.6%, and 62.2% respectively [6] - The company is expected to continue its growth trajectory, with adjusted net profit forecasts for 2026 and 2027 raised to 450 million yuan and 510 million yuan respectively, reflecting a 3% upward adjustment [11] Revenue Performance - In 2025, the company reported a total revenue of 3.0 billion yuan, with a breakdown of 1.46 billion yuan in the first half and 1.54 billion yuan in the second half, showing growth rates of 28.2% and 7.5% respectively [5] - The beauty and health services segment generated 1.66 billion yuan, while medical beauty services and sub-health services contributed 1.02 billion yuan and 330 million yuan respectively [6] Profitability Metrics - The gross margin for the company improved by 2.8 percentage points to 49.1% in 2025, with net profit margin increasing by 1.7 percentage points to 10.6% [8] - The gross margins for the three business segments were 41.9%, 55.9%, and 64.3% respectively, indicating improvements across all areas [9] Business Expansion - The total number of stores reached 550 by the end of 2025, with expectations to exceed 700 stores in 2026 following the integration of additional brands [8] - The company is focusing on expanding its service offerings in women's health, particularly in functional medicine and gynecological anti-aging [7] Financial Forecasts - The company is projected to achieve revenues of 4.19 billion yuan in 2026 and 4.63 billion yuan in 2027, with corresponding net profits of 452 million yuan and 508 million yuan [12] - The earnings per share (EPS) are expected to be 1.79 yuan in 2026 and 2.02 yuan in 2027, with a price-to-earnings (P/E) ratio of 10 and 9 respectively [12]

开源证券发布研报称，首次覆盖，给予美丽田园医疗健康(02373)"买入"评级，美丽田园是国内领先的 高端美容与健康服务集团，已形成"双美+双保健"业务体系。公司会员资产优质，未来依托高效数字化 与整合管理能力推进"内生+外延"战略布局，有望实现收入规模及盈利能力进一步提升。 开源证券主要观点如下： 生美构筑信任资产，"双美+双保健"业务实现价值升级 (1)客群资产：公司生活美容业务持续深耕高端客户，通过优质项目体验和精细化客户维护，将一次性 消费沉淀为长期关系，实现高质量客户的获取与留存。 (2)转化逻辑：高端客户通过生活美容建立信任心智，通过一站式服务转化至高客单价的医美及保健业 务，同时为医美术后修复提供保障，增强客户粘性。客户转向医美年均消费三倍提升，实现以较低的边 际成本撬动高盈利业务。公司"双美+双保健"业务协同，2025H1整体获客成本仅2%且呈现持续下降趋 势，通过生活美容业务向医美进行客流转化，形成获客端的重要竞争壁垒。 强整合能力打通"内生+外延"发展路径 (1)内生：公司通过"直营+加盟"双轨并行模式稳步拓店，截至2025H1直营门店增至273家、加盟及托管 门店达279家，同店收入、客流 ...

开源证券发布研报称，首次覆盖，给予美丽田园医疗健康(02373)"买入"评级，美丽田园是国内领先的 高端美容与健康服务集团，已形成"双美+双保健"业务体系。公司会员资产优质，未来依托高效数字化 与整合管理能力推进"内生+外延"战略布局，有望实现收入规模及盈利能力进一步提升。 开源证券主要观点如下： 生美构筑信任资产，"双美+双保健"业务实现价值升级 (1)客群资产：公司生活美容业务持续深耕高端客户，通过优质项目体验和精细化客户维护，将一次性 消费沉淀为长期关系，实现高质量客户的获取与留存。 (2)转化逻辑：高端客户通过生活美容建立信任心智，通过一站式服务转化至高客单价的医美及保健业 务，同时为医美术后修复提供保障，增强客户粘性。客户转向医美年均消费三倍提升，实现以较低的边 际成本撬动高盈利业务。公司"双美+双保健"业务协同，2025H1整体获客成本仅2%且呈现持续下降趋 势，通过生活美容业务向医美进行客流转化，形成获客端的重要竞争壁垒。 强整合能力打通"内生+外延"发展路径 (2)外延：公司具备丰富整合经验并已沉淀出成熟并购方法论，即能够在短期内完成降本提效并释放协 同效应，强劲整合能力已通过奈瑞儿等案例得到 ...