（原标题：东吴证券：首予美丽田园医疗健康(02373)"买入"评级 双美+双保健生态成型） 行业层面，多赛道释放长期增长红利，公司多点布局接力成长 从公司目前所在的传统生美、轻医美、亚健康行业看，三者整体市场规模均持续扩大，据弗若斯特沙利 文预计，2030年分别达6402亿元/4157亿元/290亿元规模。由于年轻消费者逐渐更注重服务规范化、体 验更稳定，大企业龙头优势显著，集中度有望进一步提升。生美、轻医美消费群体大量重合，企业化的 机构相互引流，进店客群转化率更高，公司在传统生美业务通过收并购龙二、龙三，并提供标杆化服 务，进一步提升竞争优势。亚健康业务不断完善门店及热门服务，契合当下年轻人需求。 业务协同效应显著，内生外延双轮驱动 公司核心商业模式具备强大的协同效应：以覆盖面广、信任度高的生活美容业务作为前端流量入口，向 高客单价、高粘性的医疗美容和亚健康服务进行高效转化，2024年跨业务转化率已提升至28.7%。内生 增长方面，通过"直营树标杆、加盟扩覆盖"的策略，门店网络快速扩张，截至2024年末总数达554家。 外延扩张能力突出，公司拥有成熟的标的筛选体系和投后数字化整合能力，收购"奈瑞儿"后其净 ...

东吴证券发布研报称，首次覆盖，给予美丽田园医疗健康(02373)"买入"评级，公司作为中国美丽与健 康管理服务行业稀缺的龙头标的，其独特的"双美+双保健"生态模式、已验证的并购整合能力及卓越的 运营效率，有望使其持续领跑行业，实现跨越式增长。 国内消费市场复苏不及预期，行业竞争加剧，并购整合风险等。 从公司目前所在的传统生美、轻医美、亚健康行业看，三者整体市场规模均持续扩大，据弗若斯特沙利 文预计，2030年分别达6402亿元/4157亿元/290亿元规模。由于年轻消费者逐渐更注重服务规范化、体 验更稳定，大企业龙头优势显著，集中度有望进一步提升。生美、轻医美消费群体大量重合，企业化的 机构相互引流，进店客群转化率更高，公司在传统生美业务通过收并购龙二、龙三，并提供标杆化服 务，进一步提升竞争优势。亚健康业务不断完善门店及热门服务，契合当下年轻人需求。 业务协同效应显著，内生外延双轮驱动 公司核心商业模式具备强大的协同效应：以覆盖面广、信任度高的生活美容业务作为前端流量入口，向 高客单价、高粘性的医疗美容和亚健康服务进行高效转化，2024年跨业务转化率已提升至28.7%。内生 增长方面，通过"直营树标杆、加盟 ...

河北省皮肤病防治院又名河北省麻风病防治院，系河北省卫生健康委直属的专科防治机构，承担着华北 地区麻风病防治和全省皮肤病性病防治任务。近年来，该院积极探索麻风防治机构转型创新之路，走出 了一条麻风防治、皮肤病诊疗和医疗美容"三位一体"高质量融合发展的道路。 "十四五"期间，该院立足主责主业，推进各项工作高质量发展。该院积极对接京津优质医疗卫生资源， 持续提升专科诊疗能力，打造专科特色品牌，先后加入中国医学科学院整形外科医院医联体、京津冀医 联体、京津冀传染病防治工作联盟、中国麻风防治协会医防融合皮肤病防治专科联盟（核心单位）、中 日友好医院国家中西医结合医学中心毛发专病医联体、北京协和医院"互联网+医联体"、天津市中医皮 肤专科联盟、上海市皮肤病医院皮肤肿瘤专科联盟等医联体，培树6个皮肤科亚专科和12个专病门诊， 引进先进技术、优化服务流程，努力满足群众日益增长的健肤美肤需求。牵头成立保定市医疗美容质量 管理与控制中心，协助卫生健康部门规范医美市场，引领医美行业健康发展。 该院主动作为，积极发挥省级麻风防治专业机构职能，探索低流行地区麻风防治模式，组织医务人员深 入全省各地开展麻风防治宣传培训、流调、症状监测、 ...

第一上海发布研报称，美丽田园医疗健康(02373)通过"内生+外延"双轮驱动，持续提升运营与整合能 力，旗下拥有美丽田园、奈瑞儿、秀可儿、研源等多品牌，持续巩固高线城市优势。目标价43.7港元， 首次给于买入评级。 美丽田园以"生活美容+医疗美容+亚健康管理"为核心，打造"双美+双保健"协同生态，旗下拥有美丽田 园、奈瑞儿、秀可儿、研源等多品牌，覆盖从高端生活美容与身体护理、智能中医美养到高端非手术医 美、亚健康检测理疗及营养指导等全生命周期服务。该体系以生活美容为入口，逐步引导客户向高值医 疗与健康服务转化，实现客户全生命周期管理。 面对美容行业品牌化、连锁化、数字化趋势，美丽田园凭借多品牌布局、全国门店网络及领先数字化系 统，持续巩固高线城市优势，并通过"双美+双保健"生态拓展客户价值，有望持续引领行业从分散走向 集约，实现"小散乱"向"大而强"的转型升级。 第一上海主要观点如下： 会员与收入双高增长，盈利韧性突显 首创"双美+双保健"协同商业模式，构建全链路美丽健康生态 公司2025年上半年业绩表现强劲，直营门店客流量达92万人次，同比增长47.8%；直营门店活跃会员升 至12万名，同比增长46.5%。 ...

紧抓行业三化趋势，美丽田园引领格局重塑 （原标题：第一上海：首次覆盖美丽田园医疗健康(02373)予"买入"评级 目标价43.7港元） 智通财经APP获悉，第一上海发布研报称，美丽田园医疗健康(02373)通过"内生+外延"双轮驱动，持续 提升运营与整合能力，旗下拥有美丽田园、奈瑞儿、秀可儿、研源等多品牌，持续巩固高线城市优势。 目标价43.7港元，首次给于买入评级。 第一上海主要观点如下： 首创"双美+双保健"协同商业模式，构建全链路美丽健康生态 美丽田园以"生活美容+医疗美容+亚健康管理"为核心，打造"双美+双保健"协同生态，旗下拥有美丽田 园、奈瑞儿、秀可儿、研源等多品牌，覆盖从高端生活美容与身体护理、智能中医美养到高端非手术医 美、亚健康检测理疗及营养指导等全生命周期服务。该体系以生活美容为入口，逐步引导客户向高值医 疗与健康服务转化，实现客户全生命周期管理。 内生外延双轮驱动，供应链、数字化与并购整合共筑高效增长模式 公司通过"内生+外延"双轮驱动，持续提升运营与整合能力。内生层面，依托38个自研系统实现精细化 运营，客户复购率稳定在80%以上，获客成本低于2%；通过规模化集采优化供应链，提升利润空 ...

Core Viewpoint - Guangpu Co., Ltd. is a leading enterprise in the domestic LED optical application field, with significant advantages in product technology and quality, making it highly investable [1] Business Performance - In Q3 2025, Guangpu achieved a revenue of 619 million yuan, ranking 22nd among 30 companies in the industry. The top company, Sanan Optoelectronics, reported a revenue of 13.817 billion yuan, while the industry average was 2.474 billion yuan [2] - The main business composition includes semiconductor optical applications at 289 million yuan (72.14%), flexible circuit boards (FPC) at 56.7068 million yuan (14.15%), and medical beauty at 50.2757 million yuan (12.54%) [2] - The net profit for the same period was 42.1973 million yuan, ranking 14th in the industry, with the industry leader, Liyade, reporting a net profit of 295 million yuan [2] Financial Ratios - As of Q3 2025, Guangpu's debt-to-asset ratio was 32.48%, an increase from 23.95% year-on-year, which is lower than the industry average of 46.71%, indicating good solvency [3] - The gross profit margin for the period was 25.98%, down from 30.92% year-on-year, but still above the industry average of 20.22%, reflecting a certain profitability advantage [3] Executive Compensation - Chairman Lin Guobiao's compensation for 2024 was 993,000 yuan, an increase of 402,100 yuan from 2023 [4] - General Manager Lin Wenkun's compensation for 2024 was 1.1607 million yuan, an increase of 123,200 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 3.89% to 21,600, with an average holding of 10,200 circulating A-shares, a decrease of 3.75% [5]

Company Overview - Guangpu Co., Ltd. is located in Xiamen Torch High-tech Zone, Fujian Province, established on December 7, 1994, and listed on April 6, 2017 [1] - The company specializes in the design, research and development, manufacturing, and sales of robots and intelligent devices, as well as lighting equipment [1] - The revenue composition includes 72.14% from semiconductor optical applications, 14.15% from flexible printed circuits (FPC), 12.54% from medical beauty, and 1.17% from other sources [1] Stock Performance - As of October 24, Guangpu's stock price increased by 2.04%, reaching 13.48 CNY per share, with a market capitalization of 4.114 billion CNY [1] - Year-to-date, the stock price has risen by 22.58%, with an 8.27% increase over the last five trading days [1] - The stock has seen a trading volume of 52.4057 million CNY and a turnover rate of 1.77% [1] Financial Performance - For the period from January to September 2025, Guangpu reported a revenue of 619 million CNY, a year-on-year decrease of 3.32% [2] - The net profit attributable to shareholders was 44.2097 million CNY, reflecting a year-on-year decline of 38.35% [2] Shareholder Information - As of October 10, the number of shareholders decreased to 20,000, a reduction of 7.25% from the previous period [2] - The average number of tradable shares per shareholder increased by 7.82% to 11,041 shares [2] Dividend Information - Guangpu has distributed a total of 265 million CNY in dividends since its A-share listing, with 157 million CNY distributed over the past three years [3]

Core Viewpoint - QianYuan Pharmaceutical (300254.SZ) has stated that the company does not have any drugs or research and development technologies available for medical beauty or cosmetics [1] Company Summary - QianYuan Pharmaceutical clarified its position regarding the absence of products related to medical beauty and cosmetics [1]

Core Insights - The stock price of Haocen Medical reached 3.96 yuan as of August 20, 2025, marking an increase of 0.36 yuan from the previous trading day [1] - The company operates in the medical services sector, with business activities in medical beauty and smart grid [1] - Haocen Medical has a total market capitalization of 3.326 billion yuan, with circulating market value equal to total market value [1] Financial Performance - On August 20, 2025, the opening price was 3.64 yuan, with a high of 3.96 yuan and a low of 3.63 yuan [1] - The trading volume was 826,976 hands, with a total transaction amount of 322 million yuan [1] - The net inflow of main funds on August 20 was 114.32 million yuan, accounting for 3.44% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow reached 170.64 million yuan, representing 5.13% [1] - In the context of an overall net outflow of 8.096 billion yuan in the pharmaceutical and biotechnology industry, Haocen Medical ranked sixth in terms of net inflow within the sector [1]

Core Viewpoint - The article highlights the importance of accurate and responsible information disclosure by listed companies, using the case of Meili Tianyuan Medical Health Industry Co., Ltd. as an example of a company that made significant errors in its financial announcements, reflecting a lack of rigor in its reporting practices [1][2]. Financial Performance - Meili Tianyuan's preliminary performance forecast indicated expected revenue of at least RMB 14.5 billion for the six months ending June 30, 2025, representing a growth of at least 27% compared to the same period in 2024 [2]. - The adjusted net profit was initially reported as at least RMB 17.5 million, later corrected to RMB 175 million, showing a growth of at least 33% year-on-year [2][3]. - The company reported a net profit of at least RMB 17 million, later corrected to RMB 170 million, reflecting a growth of at least 35% compared to 2024 [2][3]. Business Strategy - Meili Tianyuan employs a "dual growth" strategy of "internal growth + external mergers," which has led to significant business expansion and market share increase [2][4]. - The company has seen steady growth in revenue and net profit since its listing, with revenues of RMB 21.45 billion and net profits of RMB 2.3 billion in 2023, and projected revenues of RMB 25.72 billion and net profits of RMB 2.52 billion in 2024 [4]. Market Position - The acquisition of a 70% stake in the second-largest beauty brand, Nairui Health Technology Co., Ltd., for RMB 350 million has enhanced Meili Tianyuan's market position and contributed to its revenue growth [4][5]. - As of December 31, 2024, the company had over 554 stores across more than 100 cities, indicating a robust expansion of its operational footprint [4]. Stock Market Performance - As of August 8, the stock price of Meili Tianyuan was HKD 27.2 per share, with a total market capitalization of HKD 64.14 billion [6].