8月26日晚间，美丽田园医疗健康产业有限公司(以下简称"美丽田园")交出2025年上半年业绩报告。上 半年，美丽田园营收为14.6亿元，同比增长28.2%；净利润为1.7亿元，同比增长35.5%；毛利率升至 49.3%，同比提升2.3个百分点。 截至6月30日，集团现金及类现金资产金额达20亿元，同比增长27.5%；上半年经营性现金流4.1亿元， 同比增长84.4%。 三大业务板块稳定增长 美丽田园业务分为美容与保健服务、医疗美容服务和亚健康医疗服务三大板块。 其中，美容与保健服务作为公司基石业务，是连接消费者多元需求的流量入口。上半年。美容与保健业 务收入8.1亿元，同比增长29.6%，基石业务持续释放增长动能；毛利率达42.1%，提升1.8个百分点；直 营门店客流量85万人次，同比增长48.6%；直营活跃会员数增至11.2万名，同比增长45.7%。 作为集团第二增长曲线，医疗美容服务强劲增长。2025年上半年收入提升至5.0亿元，同比增长13.0%； 毛利率达56.9%，同比增加1.8个百分点。上半年门店接待客流达5.0万人次，同比增长28.0%；活跃会员 数上升至2.4万名，同比增长27.6%。 当今， ...

Core Viewpoint - The company maintains its net profit forecast for 2025-2026, with the current stock price corresponding to a P/E ratio of 20x and 18x for the non-deductible net profit for 2025-2026, indicating a 29% upside potential to the target price of HKD 37 [1] Financial Performance - The company expects a revenue of no less than HKD 1.45 billion for 1H25, representing a year-on-year increase of at least 27%, and a net profit of no less than HKD 170 million, reflecting a growth of at least 35%. The adjusted net profit is projected to be no less than HKD 175 million, with a growth of at least 33% [2] - The performance exceeds expectations due to revenue structure optimization leading to improved gross margins, scale effects, and operational efficiency enhancing net profit margins [2] Revenue Growth Drivers - The company anticipates a revenue growth of at least 27% for 1H25, driven by both internal and external factors. Internally, customer traffic is expected to grow by over 10%. Externally, the acquisition of Naieryer is projected to contribute approximately HKD 276 million in revenue, with single-store revenue increasing by over 10% compared to pre-acquisition levels [3] - By business segment, the company expects a net consumption growth of about 30% in lifestyle beauty and health, over 10% in medical beauty, and over 100% in sub-health medical services, with internal net consumption also increasing by over 50% [3] Margin Improvement - The company projects a gross margin increase of 0.8 percentage points and a net margin increase of 0.6 percentage points to 11.7% for 1H25. The net profit margins for internal business and Naieryer are expected to increase by 1 percentage point and 3 percentage points, respectively [4] - The improvement in profitability is attributed to a higher proportion of high-margin business revenue, reduced procurement costs from scale purchasing and deeper collaborations, as well as cost reductions in rent and operational efficiencies driven by digitalization [4] Growth Outlook - The company is optimistic about its growth prospects driven by a dual engine of internal and external growth. Internally, it aims to enhance single-store operational efficiency and increase the penetration of value-added services through digital marketing [5] - Externally, the company is actively exploring merger and acquisition opportunities to enhance market share, with expectations of continued expansion of membership assets and nationwide layout [5]

Core Viewpoint - The company is expected to achieve a revenue of no less than 1.45 billion yuan in 25H1, representing a year-on-year increase of 27%, and an adjusted net profit of no less than 175 million yuan, reflecting a year-on-year growth of 33% [1] Group 1: Performance and Growth - The company maintains strong performance growth despite a complex industry backdrop, showcasing resilience as a market leader [1] - The core business segments, beauty and health, show stable internal growth and external market share expansion, with a year-on-year increase in internal customer flow of 10% in 25H1 [1] - The health management segment is experiencing robust growth driven by functional medicine and women's health services [1] Group 2: Business Model and Strategy - The company employs a "Double Beauty + Double Health" model, providing customers with both emotional and functional value throughout their lifecycle, indicating significant potential for customer base expansion and value enhancement [1] - The board attributes performance improvement to the refinement of the "Double Beauty + Double Health" business model, which has increased the proportion of high-margin business revenue, thereby optimizing the revenue structure and improving gross margin levels [1] Group 3: Shareholder Value and Market Confidence - The company has executed a share buyback, purchasing 60,500 shares for a total transaction amount of 1.762 million HKD, with an average transaction price of approximately 29.12 HKD, reflecting management's confidence in the company's long-term development [1] - The share buyback is expected to enhance the company's market value and shareholder return capabilities [1] Group 4: Profit Forecast and Valuation - The company's net profit forecasts for 25-27 are adjusted to 320 million, 369 million, and 420 million yuan respectively, with a compound annual growth rate (CAGR) of 22% [2] - The target price for the company is set at 37.36 HKD, based on a 25x price-to-earnings ratio for 25, reflecting its status as a leading brand in beauty and health [2]

Summary of the Conference Call for Meili Tianyuan Company Overview - **Company**: Meili Tianyuan - **Industry**: Health and Beauty, specifically focusing on wellness, beauty care, and medical aesthetics Key Points and Arguments Financial Performance - In the first half of 2025, Meili Tianyuan's overall operations met expectations, with both equity capital and net consumer traffic increasing by approximately 20% [2][5] - The sub-sector of sub-health showed outstanding performance with a year-on-year growth of 50% [2][5] - The beauty and health business grew by 20%, while the medical aesthetics business grew by 10%, primarily driven by offline customer traffic [2][5] - The company is confident in achieving its annual revenue target of 2 billion and profit target of 320 million [2][6][7] Business Strategy - The company will not adjust its annual performance expectations and anticipates a 30%-40% growth in the sub-health business [2][8] - The store opening strategy is "one city, one store," focusing on beauty and health memberships, with stable store numbers but increased single-store efficiency through upgrades and expansions [2][9] - Meili Tianyuan aims to enhance its net profit margin by 0.5 percentage points through supply chain optimization, digitalization, and backend cost reduction [2][11] Profitability Metrics - The gross margin for the beauty and health business is approximately 30%, with an operating profit margin of 5%-10% [2][11] - The medical aesthetics business has a gross margin exceeding 50% and an operating profit margin close to 40% [2][11] - The sub-health business has recently surpassed a gross margin of 50%, with potential to align with medical aesthetics in the future [2][11] Market Position and Growth - Currently, the market share is about 0.04%, and the company plans to increase this through organic growth, store openings, membership expansion, and mergers and acquisitions [3][14] - Meili Tianyuan has become a leader in the chain industry, having acquired a top-five player, Nairui, in 2024 [13][14] Shareholder Changes - A significant shareholder, CPE, has exited, transferring shares to other core institutional shareholders, which has improved liquidity and resolved previous low trading volume issues [4][12] Future Plans - The company is optimistic about its long-term growth and plans to continue integrating and optimizing Nairui's operations [15][21] - Future acquisitions will focus on high-quality suppliers and compatible brands that align with customer profiles [21][23] Marketing and Customer Engagement - Meili Tianyuan has three major promotional events planned for the year, with a focus on overall growth rather than individual events [27] - Customer traffic has increased across all segments, with new product launches contributing to revenue growth [28] Brand Positioning - The company is viewed as an attractive growth-oriented chain in the market, with stable growth reinforcing brand strength [29] Additional Important Information - The company is currently meeting the turnover rate requirements for the Hong Kong Stock Connect and is working towards meeting market capitalization coverage requirements [12] - The average spending per visit in the medical aesthetics sector is around 30,000 yuan, with customers visiting three to four times a year [25]