Investment Rating - The report maintains a "Buy" rating for the company with a target price of 37.00 HKD [8][9]. Core Insights - The company's core competitive advantage lies in high-quality membership and comprehensive lifecycle management, with traditional beauty services as the foundation, complemented by medical beauty and sub-health services to extend customer lifecycles and enhance customer stickiness [1]. - The company is actively increasing its dividend payout ratio, optimizing its shareholder structure, and implementing long-term incentive mechanisms, which may improve liquidity and indicate potential for PE valuation recovery [1]. - The company is expected to continue industry consolidation and business acquisitions to enhance market share and strengthen economies of scale [2]. Financial Performance - The beauty and health services revenue for 2024 is projected to reach 1.443 billion RMB, with a year-on-year growth of 20.9%, and the company plans to increase the number of direct and franchise stores [2]. - Medical beauty and sub-health services revenue for 2024 is expected to reach 928 million RMB and 201 million RMB, respectively, with significant growth rates of 9.1% and 98.9% year-on-year [3]. - The company anticipates net profits for 2025, 2026, and 2027 to be 315.33 million RMB, 367.89 million RMB, and 418.15 million RMB, respectively, indicating a robust growth trajectory [5][20]. Strategic Initiatives - The company has outlined three strategic initiatives aimed at maximizing shareholder value: establishing a long-term shareholder return mechanism, attracting quality long-term institutional investors, and implementing a core management equity incentive plan [4]. - The company aims to allocate no less than 50% of annual net profit attributable to shareholders for dividends from 2025 to 2027, barring special circumstances [4]. Valuation Metrics - The report assigns a PE ratio of 25x for 2025, reflecting the company's position as a leading brand in beauty and health, with a target price of 37.00 HKD based on this valuation [5]. - The company’s cash position is strong, with nearly 1.4 billion RMB at the end of 2024, supporting its stable business development and ongoing market share enhancement [5].

美丽田园 20260626 美丽田园管理层对纳入港股通充满信心，认为公司换手率符合标准，流 动性持续改善，市值有望达标。计划通过并购重组加速整合优质品牌， 探索护肤品资产收购或国际大牌合作，增强盈利能力。 美丽田园拥有丰富的并购经验，分为重大并购（如奈瑞尔）、区域龙头 品牌并购和小型 0 元对价并购三类。公司将加速推进重大及区域龙头品 牌的收并购工作，预计未来三年收入保持两位数增长。 公司预计 2025 年实现 30 亿收入和 3.2 亿经调整净利润，并计划每年将 规模经营经调整净利润率至少提高 0.5 个百分点。通过提升供应链利润、 降低租金成本、提高人效等措施优化效率。 新引入的投资者有哪些，他们对公司的未来战略有何看法？ 美丽田园新引入了一系列投资者，包括外资长线医疗健康领域基金、科技创新 战略投资基金、国际领先长线基金、国际优质对冲基金以及国内优质百亿私募。 这些新加入的投资者对中国美丽健康产业黄金发展期表示坚定看好，对公司行 业领导地位和长期发展潜力予以认可，并愿意携手并肩陪伴公司走向港股通。 这些全球视野与产业资源显著提升了公司的资本生态厚度。 Q&A 美丽田园近期股权结构优化的具体情况是什么？ ...

然而，报告也指出，当前中国消费者权益保护工作还面临四方面突出问题，并建议针对这些重点问题， 持续推进消费者权益保护工作。 四是"一老一小"消费重点侵权问题需要持续跟进治理。老年群体医疗保健消费领域的欺诈现象比较突 出，老年保险消费还需要进一步改善，未成年人沉迷网络等非理性消费的问题亟待解决，儿童智能手表 信息安全和诱导消费问题较为突出。(完) 一是消费领域法治环境需要进一步优化。消费者权益保护的制度供给需要进一步加强，司法保护机制有 待完善，执法机制需要持续优化。 （文章来源：中国新闻网） 二是新型消费侵权问题需要进一步加强治理。互联网消费中出现消费侵权新问题，绿色消费领域消费侵 权问题需要引起关注，职业闭店人侵权问题需加强监管治理。 中新社北京6月20日电 中国消费者协会20日发布的《中国消费者权益保护状况年度报告(2024)》指出， 2024年中国消费者权益保护工作在立法、行政、司法及社会保护等方面取得积极进展，进一步提升中国 消费者权益保护水平，激发消费活力。 三是民生领域消费侵权问题依然突出。金融服务消费者保护力度亟须加大，电信服务不规范经营行为需 持续治理，服装用品虚假宣传问题较为突出，旅游业服务质 ...

6月18日，港股医美企业完美医疗（01830.HK）迎来一场血色星期三;，公司股价单日暴跌18.7%，报 1.87港元/股，公司市值仅剩23.49亿港元，单日蒸发数亿港元。 这一切的导火索，是一则看似普通的盈警公告：公司预计截至2025年3月31日的财年的归母净利润为 2.05亿港元至2.10亿港元，相比上一年度的3.16亿港元，同比下滑最多约35%。 业绩缩水三成，港股投资者直接用脚投票，先走为上。 对于完美医疗业绩变脸，主因或是香港经济不景气及消费情绪低迷;。 俗话讲市况唔好、银包紧;时，最先被削减的往往是医美消费这类非刚性需求。公司还坦言，越来越多 的本地消费者转身奔向深圳和韩国寻找性价比之选;。 资料显示，完美医疗主要业务包括医疗美容、生发医疗、痛症医疗、睡眠医疗等等，公司主营业务在香 港，该地区收入占比超过80%（截至2024年9月末的数据） 业内人士指出，深圳医美机构数量近年来激增，性价比较高，大量分流香港中高端客户，韩国在医疗美 容领域的统治力更不必说，其产业链高度成熟，面对中国客户推出种种优惠措施，这也导致北上消费; 成为风潮，在外部竞争挤压下，深耕香港的完美医疗受到波及，其美丽生意;面临失守 ...

waraji 11 on interestional in the 图 图 成 A ranger and tour PP ff Free 1 19.1 PA - 0 122 - 4 ar - Black 1 2025年6月13日，第25届山西国际美容美发化妆用品博览会在晋阳湖国际会展中心盛大开幕，与此同时，"晋彩美业，惠享生活——2025山西美业消费季"也 正式启动，为山西美业市场注入了强大的活力与创新动力。 o ITTA 00 ru 美业盛会规模空前，多元展示精彩纷呈 本届博览会展览面积达20000平方米，汇聚了来自国内外的2000多个品牌和600多家知名展商。展会划分特装形象区、国际展区、标准展位区等多个板块，全 面覆盖美业各领域。从专业美容、美发养发、美甲美睫等传统美业项目，到护肤、彩妆、香水等日化线产品，再到医疗美容、抗衰老、干细胞等大医美项 目，以及艾灸养生、亚健康管理等大健康产品，应有尽有。山西菩瑞德生物科技有限公司、广州贝雪尔生物科技有限公司等众多知名企业参展，展示了美业 最新成果与创新趋势。 媒体聚焦广泛宣传，扩大活动影响力 本次活动受到了媒体的高度关注，太原电视台官方平台进行直播，山西晚报、 ...

构建多元融合集聚区，支持打造全球首发中心，支持鼓励更多"小而美"的特色博物馆开放，支持东城、 西城、朝阳、丰台、大兴等区打造时尚消费品首发中心…… 培育健康休闲功能区，优化整合体育空间资源和赛事资源，打造精彩赛事、时尚运动、魅力健身、体育 休闲等各具特色的聚集区。利用山地优质资源，培育提升徒步、骑行、自驾、露营、冰雪、康养、农事 体验等近山消费新场景，丰富精品民宿、餐饮等消费配套。加强滨水空间提升改造，利用有条件的水 面、滩地、岸线空间，有序开展游船、龙舟、桨板、垂钓、观鸟等亲水活动。 打造特色消费街区，深入挖掘烟袋斜街、模式口等特色消费街区历史文化内涵，突出区域特色，把特色 消费街发展与历史文化遗产保护融为一体，推动传统文化融入现代生活。 鼓励各区因地制宜举办户外音乐节、灯光节 打造时尚类活动风向标，推动中国国际时装周、北京时装周提升国际化、专业化程度，与商圈商场、文 化旅游园区等联动，推出首发上新、时尚秀场等活动，增强"即秀即售"体验。优化北京国际电影节内容 设置和展现形式，推动电影艺术与时尚品牌、时尚产业交流融合发展，丰富多元融合消费供给。鼓励各 类市场主体在京举办艺术、设计、美术、珠宝等国际时尚展览和 ...

智通财经6月9日电，北京市商务局等4部门印发《北京市扩大时尚消费专项行动方案》。其中提出，挖 掘时尚智造优势。聚焦数智电子、智能出行等领域，应用新技术加速新品研发和产品迭代，提高产品美 观性与功能集成化，优化人机交互体验。支持家具家居企业转型，开发智能家居产品，发展全屋定制业 务。结合"未来美城"建设，鼓励医疗美容项目扩产和医疗美容产品研发创新，推出一批美丽健康产业个 性化服务沉浸式消费场景。鼓励企业积极应用虚拟现实、人工智能、元宇宙等新技术，创新推出VR购 物、AR试穿、虚拟模特、元宇宙体验等时尚消费场景。推动科技赋能旅游服务、商业服务等场景，鼓 励文旅场所、商业单位等运用人工智能技术提升服务水平。 北京：支持家具家居企业转型 发展全屋定制业务 ...

Core Viewpoint - The stock price of Beautiful Garden Medical Health (02373.HK) surged by 34.25% on June 4, 2023, reaching a new high of 24.3 HKD per share, driven by positive market sentiment and favorable industry conditions [1][2]. Group 1: Stock Performance - On June 4, 2023, Beautiful Garden Medical Health's stock price increased significantly, closing at 24.3 HKD per share, with a trading volume of 1.6 billion HKD [1]. - The year-to-date increase in the stock price reached 36.52%, surpassing the Hang Seng Index's gain of 17.92% during the same period [1]. Group 2: Market Drivers - The surge in Beautiful Garden Medical Health's stock is attributed to the overall rise in the Hong Kong consumer and medical beauty sectors, with several companies in these sectors hitting historical highs [2]. - The recent boom in the emerging consumer sector is driven by a combination of policy support, holiday effects, and self-care consumption trends [3]. Group 3: Company Developments - Beautiful Garden Medical Health has expanded its brand portfolio, which includes multiple brands such as Beautiful Garden, Beili Shi, and others, focusing on lifestyle beauty, medical beauty, and healthcare [3]. - As of December 31, 2024, the company operates over 554 stores, with 275 being direct-operated and 279 being franchised or managed [3]. - The company announced a plan to acquire an additional 20% stake in Guangzhou Nairui, increasing its ownership to 90%, which is expected to enhance its business model and competitive edge [4]. - Recent shareholder activity, including CITIC Securities' purchase of 147,000 shares, has bolstered market confidence in the company [4].

福建省人民政府办公厅印发《福建省提振消费专项行动实施方案》，其中提出，发展新型消费。实施促 进健康消费专项行动，支持健康体检、中医康养等新业态发展，规范有序发展医疗美容消费。加大品质 电商培育力度，举办2025年中国电商主播大赛，推广"直播＋产业带"模式。鼓励通过跨境电商进口优质 商品，2025年，举办中国跨境电商交易会和中国(厦门)国际跨境电商展览会。支持福州、泉州、三明等 申请民用无人驾驶航空试验区，推动发展低空旅游观光、空中摄影、无人机表演、海岛旅游等业态。 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Kangdai, a company in the medical device industry, which is currently facing challenges with a lower-than-average PE ratio compared to its peers [1][2] - As of May 22, Kangdai's closing price was 7.35 yuan, with a rolling PE ratio of 14.90 times and a total market capitalization of 3.21 billion yuan [1] - The average PE ratio for the medical device industry is 48.71 times, with a median of 35.37 times, placing Kangdai at the 34th position within the industry [1][2] Group 2 - As of the first quarter of 2025, seven institutions hold shares in Kangdai, with a total of 197.34 million shares valued at 1.446 billion yuan [1] - Kangdai's main business includes the research, production, sales, and service of medical devices such as puncture needles and infusion devices, with a diverse product range [1] - The latest financial report for the first quarter of 2025 shows Kangdai achieved a revenue of 548 million yuan, a year-on-year decrease of 3.82%, and a net profit of 60.70 million yuan, a year-on-year increase of 0.28%, with a gross profit margin of 32.02% [1]