消息面上，美丽田园医疗健康发布截至2025年6月30日止六个月业绩，收入14.59亿元(人民币，下同)， 同比增长28.2%；公司拥有人应占溢利1.56亿元，同比增长34.9%；每股基本盈利0.68元。2025年上半 年，公司生美(美容和保健服务)营收8.07亿元，同比增长29.6%；亚健康医疗服务收入1.5亿元，同比增 长107.8%。 华泰证券指出，情绪价值与女性悦己消费意识崛起背景下，公司已逐步迭代升级的"双美+双保健"立体 商业模式有望持续受益。2025年以来多款三类医疗器械产品获得NMPA批准用于医疗美容领域；功效原 料/光电仪器/AI护肤等上游研发创新不断推进，该行预计亦有利于下游龙头机构提供更丰富产品组合。 维持买入评级。 美丽田园医疗健康(02373)涨超5%，高见35.06港元创上市新高。截至发稿，涨5.83%，报34.88港元，成 交额1674.72万港元。 ...

华泰证券指出，情绪价值与女性悦己消费意识崛起背景下，公司已逐步迭代升级的"双美+双保健"立体 商业模式有望持续受益。2025年以来多款三类医疗器械产品获得NMPA批准用于医疗美容领域；功效原 料/光电仪器/AI护肤等上游研发创新不断推进，该行预计亦有利于下游龙头机构提供更丰富产品组合。 维持买入评级。 智通财经APP获悉，美丽田园医疗健康(02373)涨超5%，高见35.06港元创上市新高。截至发稿，涨 5.83%，报34.88港元，成交额1674.72万港元。 消息面上，美丽田园医疗健康发布截至2025年6月30日止六个月业绩，收入14.59亿元(人民币，下同)， 同比增长28.2%；公司拥有人应占溢利1.56亿元，同比增长34.9%；每股基本盈利0.68元。2025年上半 年，公司生美（美容和保健服务）营收8.07亿元，同比增长29.6%；亚健康医疗服务收入1.5亿元，同比 增长107.8%。 ...

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, Meili Tianyuan, is actively expanding its business through acquisitions, reporting significant revenue and profit growth in the first half of 2025, with a year-on-year revenue increase of at least 27% and a net profit increase of at least 35% [1][3]. Group 1: Financial Performance - Meili Tianyuan's revenue for the first half of 2025 is projected to reach a new high, potentially approaching 3 billion yuan for the full year [1]. - The company's revenue growth is attributed to its "Double Beauty + Double Health" business model, which has increased the proportion of high-margin business revenue [1][3]. - The company has maintained a dual strategy of "internal growth + external expansion," leading to increased scale and market share [1][3]. Group 2: Business Model and Strategy - The "Double Beauty + Double Health" model focuses on acquiring customers through beauty services and smart beauty maintenance, then offering medical beauty and sub-health medical services, with gross margins exceeding 50% for the latter [1][3]. - Following the acquisition of Nai Rui Er in 2024, the company has expanded its store count to over 554, with Nai Rui Er providing differentiated services such as acupuncture and traditional Chinese medicine [3][6]. - The company is actively working on converting beauty service customers to medical beauty and health services, with 24.9% of beauty and health members having consumed medical beauty or sub-health services by 2024 [8]. Group 3: Market Trends and Challenges - The overall growth rate of the beauty industry is showing signs of fatigue, prompting Meili Tianyuan to invest more in higher-margin medical beauty and health management services [6]. - The beauty industry remains highly fragmented, with the top five companies holding only 0.7% market share, indicating significant room for consolidation [10]. - The industry is trending towards specialization and segmentation, with emerging vertical brands focusing on specific technologies potentially threatening traditional large-scale beauty institutions [10]. Group 4: Operational Management - To ensure service quality across its expanding franchise network, Meili Tianyuan implements a "one-year contract" system for franchisees, with regular evaluations and quality control measures [11]. - The company faces challenges in maintaining consistent service quality across its franchise locations, as the nature of offline beauty services emphasizes service quality over product offerings [11].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a net profit growth of over 35% year-on-year in H1 2025, driven by business structure optimization and scale effects [5] - The company expects H1 2025 revenue to be no less than 1.45 billion RMB, representing a growth of at least 27% year-on-year, with adjusted net profit expected to be no less than 175 million RMB, reflecting a growth of at least 33% [5] - The company's net profit margin for H1 2025 is projected at 11.7%, an increase of 0.6 percentage points compared to the same period last year [5] Summary by Sections Financial Performance - The company reported a significant increase in high-margin business revenue, leading to improved gross margins [5] - The net profit margin for the company is expected to continue rising due to scale effects [5] - The company anticipates a 10% year-on-year increase in internal customer traffic for H1 2025 [5] Business Segments - The beauty and health business is expected to see a net consumption growth of approximately 30% year-on-year, maintaining industry leadership [5] - The medical beauty segment is projected to grow over 10% in net consumption, with internal customer traffic also increasing by over 10% [5] - The sub-health medical services are expected to see a net consumption growth exceeding 100%, with internal net consumption growth over 50% [5] Future Projections - Revenue forecasts for 2025-2027 are set at 3 billion, 3.3 billion, and 3.6 billion RMB, representing year-on-year growth rates of 18%, 8%, and 9% respectively [7] - The projected net profit for the same period is 290 million, 340 million, and 390 million RMB, with growth rates of 28%, 17%, and 14% respectively [7] - The report indicates a price-to-earnings ratio (P/E) of 22X for 2025, 19X for 2026, and 17X for 2027 based on the closing price of 30.3 HKD on July 21, 2025 [5][9]

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]

Summary of the Conference Call for 美丽田园 Company Overview - **Company**: 美丽田园 (Beautiful Pastoral) - **Industry**: Healthcare and Beauty Services Key Points and Arguments 1. Shareholder Structure and Investment - CPE has exited, stabilizing the shareholder structure and paving the way for long-term value release. New investors include long-term foreign healthcare funds and strategic investment funds [2][3][5] - The introduction of diverse investors enhances the capital ecosystem of the company, with a strong belief in the growth potential of the Chinese beauty and health industry [5][8] 2. Financial Performance and Growth - For the first five months of 2025, the company reported significant growth: - Membership revenue increased by over 20% - Sub-health medical services grew by over 50% - Beauty and health services rose by over 20% - Medical beauty services increased by 10% - Customer traffic grew by over 20% [2][12] - The company aims to achieve 3 billion in revenue and 320 million in adjusted net profit for 2025, with a target to improve adjusted net profit margin by at least 0.5 percentage points annually [4][19] 3. Capital Market Strategy - 美丽田园 has a three-year capital market plan: - A dividend mechanism distributing no less than 50% of annual net profit to shareholders, with the first dividend expected in August 2025 - Optimizing the shareholder structure to enhance liquidity and trading activity - Implementing a management equity incentive plan to align long-term interests with shareholders [2][6][19] 4. M&A Strategy - The company has extensive M&A experience, categorizing it into major acquisitions, regional leader acquisitions, and small zero-cost acquisitions. Plans include accelerating the acquisition of major and regional brands [4][15] - 美丽田园 has completed over 30 medium to large-scale acquisitions in the past decade, with ongoing negotiations for more than ten regional brands [15][20] 5. Integration of 奈瑞儿 - The integration of 奈瑞儿 is progressing well, focusing on traditional Chinese medicine-based smart beauty services. The average store revenue has reached 8 million, a 10% increase year-on-year, with a net profit margin exceeding 10% [2][10][11] - Future plans include creating a replicable health store model and expanding into the Yangtze River Delta region in 2026 [11] 6. Market Position and Future Outlook - The company is confident in meeting the criteria for inclusion in the Hong Kong Stock Connect, with a market capitalization expected to reach between 7 billion and 8 billion [13][18] - Management is committed to accelerating the integration of quality brands and exploring opportunities for skincare asset acquisitions or collaborations with international brands [4][13] 7. Challenges and Opportunities - Despite economic concerns, 美丽田园 is positioned to maintain over 10% growth in customer traffic and revenue through both organic growth and acquisitions [17] - The company is focused on optimizing efficiency through supply chain improvements, reducing rental costs, and enhancing employee productivity [17][22] 8. Investor Sentiment - New investors express high confidence in the company's fundamentals and recognize its undervalued market position, indicating a strong commitment to long-term growth [9][14] Additional Important Content - The company is actively working on enhancing its digital and supply chain capabilities, which have shown significant improvements in profitability and operational efficiency [21][22] - Ongoing challenges include optimizing underperforming stores and continuously improving employee capabilities [22]