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].

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 ...