本报记者 梁傲男 11月18日，美丽田园医疗健康产业有限公司（以下简称"美丽田园"或"集团"）宣布，以4000万元收购珠海和东莞的19家奈 瑞儿加盟门店。收购完成后，奈瑞儿正式将珠海和东莞两个城市纳入直营区域，带动公司直营门店新增19家，其中包括2家医 疗美容门店及17家生活美容门店。 提升大湾区覆盖密度 随着奈瑞儿品牌的加入，2024年，集团商业模式全面升级为"双美+双保健"的立体商业模式。这一变革极大拓宽了流量入 口，为增值业务铺设了坚实的增长基石。在双美+双保健的商业模式下，2025年上半年，集团20%的美容和保健会员购买了医 疗美容或亚健康医疗服务。 本次收购事项将带动奈瑞儿新增2家医疗美容门店及17家生活美容门店。这是集团"双美+双保健"商业模式下又一次成功实 践。通过统一的运营标准和会员体系，实现美容与亚健康医疗服务的整合扩容及高效协同，持续优化资源配置，提升整体运营 效率，为业绩增长注入新动力。 三大抓手持续赋能 2024年，美丽田园迎来并购史上一大里程碑，成功完成对美容行业第二大品牌奈瑞儿的全面收购。2025年上半年，奈瑞儿 经调整净利率从收购前的6.5%跃升至10.4%，以亮眼业绩印证了集团 ...

美丽田园医疗健康(2373.HK)现涨4.88%至28.38港元，市值66.7亿港元。消息面上，美丽田园医疗健康公 告，其非全资附属公司奈瑞儿医疗器械及奈瑞儿健康管理已与广州蓓旻晟企业管理有限公司签署股权转 让协议。根据协议，卖方拟向买方转让目标业务——包括东莞及珠海相关标的的全部股权，交易总代价 为人民币4000万元。交易完成后，美丽田园将持有目标公司90%股权，使其成为集团的非全资附属公 司。 此次收购将为美丽田园带来19家直营门店的新增版图，其中包含2家医疗美容门店及17家生活美容门 店，直营门店总规模进一步拓展，大湾区核心城市辐射密度将进一步加深，同步带动集团收入的显着提 升。(格隆汇) ...

美丽田园医疗健康(02373)盘中涨近5%，截至发稿，涨3.47%，报28港元，成交额570.75万港元。 消息面上，11月18日，美丽田园医疗健康宣布，以4000万元人民币收购珠海和东莞的19家奈瑞儿加盟门 店。收购完成后，奈瑞儿正式将珠海和东莞两个城市纳入直营区域，带动公司直营门店新增19家，其中 包括2家医疗美容门店及17家生活美容门店。公司指，此次奈瑞儿新增直营城市后，集团在大湾区核心 城市的辐射密度进一步加深，预计为集团带来近7500万元新增收入、750万元新增税后净利润。 ...

Core Viewpoint - Meili Tianyuan Medical Health (02373) has entered into a share transfer agreement to acquire 100% equity of medical businesses in Dongguan and Zhuhai for a total consideration of RMB 40 million (approximately HKD 44 million) [1] Group 1 - The acquisition will result in the company owning 90% of the target company, which will become a non-wholly owned subsidiary of the company [1] - Following the completion of the acquisition, the group will add 19 new direct-operated stores, including two medical beauty stores and 17 lifestyle beauty stores, further expanding its direct-operated store scale [1] - The acquisition is expected to significantly enhance the group's revenue by deepening its market presence in key cities of the Greater Bay Area [1] Group 2 - The medical targets in Dongguan and Zhuhai are primarily operated by Guangzhou Nairui Health Medical Investment Co., Ltd., which manages medical clinics in both cities [1] - The Zhuhai target, Zhuhai Nairui Naimei Beauty Technology Co., Ltd., operates eight Nairui brand beauty and health service stores [1] - The Dongguan target, Nairui Beauty Chain (Dongguan) Co., Ltd., operates nine Nairui brand beauty and health service stores [1]

于收购事项完成后，公司将拥有目标公司90%的股权，该等公司将成为公司非全资附属公司。本次收购 事项将带动集团直营门店新增19家，其中包括两家医疗美容门店及17家生活美容门店，直营门店总规模 进一步拓展，大湾区核心城市辐射密度将进一步加深，同步带动集团收入的显着提升。 格隆汇11月18日丨美丽田园医疗健康(02373.HK)公布，于2025年11月18日，买方奈瑞儿医疗器械及奈瑞 儿健康管理(各为公司的一家非全资附属公司)与卖方广州蓓旻晟企业管理有限公司订立股权转让协议， 据此(其中包括)，卖方有条件同意出售，而买方有条件同意收购目标业务(包含东莞和珠海医疗标的 100%股权、珠海标的及东莞标的100%股权)，总代价为人民币4000万元(相当于约4400万港元)。 美丽田园在中国美丽与健康服务行业经营超30年。集团坚持通过内生增长及战略性收购拓展业务规模， 拥有丰富的行业收购整合经验。收购事项标志着集团旗下智能美养品牌奈瑞儿正式将珠海和东莞两个城 市纳入直营区域，带动集团直营门店新增19家，其中包括两家医疗美容门店及17家生活美容门店。作为 大湾区国内生产总值(GDP)发展水平排名前列的城市，此次珠海和东莞两个 ...

格隆汇11月18日丨美丽田园医疗健康(02373.HK)公布，于2025年11月18日，买方奈瑞儿医疗器械及奈瑞 儿健康管理(各为公司的一家非全资附属公司)与卖方广州蓓旻晟企业管理有限公司订立股权转让协议， 据此(其中包括)，卖方有条件同意出售，而买方有条件同意收购目标业务(包含东莞和珠海医疗标的 100%股权、珠海标的及东莞标的100%股权)，总代价为人民币4000万元(相当于约4400万港元)。 于收购事项完成后，公司将拥有目标公司(东莞和珠海医疗标的、珠海标的及东莞标的)90%的股权，该 等公司将成为公司非全资附属公司。本次收购事项将带动集团直营门店新增19家，其中包括两家医疗美 容门店及17家生活美容门店，直营门店总规模进一步拓展，大湾区核心城市辐射密度将进一步加深，同 步带动集团收入的显着提升。 美丽田园在中国美丽与健康服务行业经营超30年。集团坚持通过内生增长及战略性收购拓展业务规模， 拥有丰富的行业收购整合经验。收购事项标志着集团旗下智能美养品牌奈瑞儿正式将珠海和东莞两个城 市纳入直营区域，带动集团直营门店新增19家，其中包括两家医疗美容门店及17家生活美容门店。作为 大湾区国内生产总值(GDP ...

Group 1 - The target company is owned by Shanghai Lingfeng Medical (51%), Shanghai Huashi (30%), and Shanghai Dasheng Management (19%), with the group holding a 19% indirect interest classified as an investment in an associate [1] - Following the completion of the transaction, the company will no longer hold any interest in the target company, which will be wholly owned by Shanghai Lingfeng Medical, and the target company will cease to be an associate of the company [1] - The group aims to recover and reallocate capital through the sale, streamline its investment portfolio, and focus resources on core business operations to enhance operational efficiency and capital discipline [1] Group 2 - Shanghai Dasheng Management, a wholly-owned subsidiary of the company, has entered into a conditional equity transfer agreement with Shanghai Huashi and Shanghai Lingfeng Medical to sell a combined 49% stake in the target company, Shanghai Shanshi Medical Beauty Hospital Co., Ltd., for a total consideration of RMB 73.598 million [2]

Core Viewpoint - Langzi Co., Ltd. has disclosed significant financial guarantees and revenue composition, indicating potential risks and opportunities in its business operations [1] Financial Guarantees - The total guarantee amount for Langzi Co., Ltd. and its subsidiaries is 1.956 billion yuan, with an external guarantee balance of approximately 1.121 billion yuan, accounting for 40.22% of the company's audited net assets for 2024 [1] - Among the guarantees, the subsidiary Beijing Rhine Garment Co., Ltd. has a debt-to-asset ratio exceeding 70%, with a guarantee balance of 9.9 million yuan for subsidiaries with a debt-to-asset ratio above 70% [1] - The total guarantee balance provided to entities outside the consolidated financial statements is 360 million yuan, representing 12.92% of the company's audited net assets for 2024 [1] Revenue Composition - For the first half of 2025, the revenue composition of Langzi Co., Ltd. is as follows: Medical Beauty accounts for 47.81%, Fashion Women's Wear 35.44%, Green Baby Products 15.6%, and Other Businesses 1.16% [1] Market Capitalization - As of the report date, Langzi Co., Ltd. has a market capitalization of 9.2 billion yuan [1]

Core Viewpoint - The acquisition of Siyuanli is expected to significantly enhance the company's performance, leading to an upward revision of the net profit forecasts for 2025-2027 [1] Group 1: Financial Performance and Projections - The revised net profit estimates for Meili Tianyuan Medical Health (02373) are 320 million, 440 million, and 490 million RMB for 2025, 2026, and 2027 respectively, reflecting increases of 5%, 26%, and 21% [1] - Corresponding EPS for the same years are projected to be 1.36, 1.86, and 2.09 RMB, with current PE ratios of 20, 14, and 13 times [1] Group 2: Shareholder Return Plan - The company announced a long-term shareholder return plan, aiming to utilize up to 1.2 billion HKD over the next three years [2] - The return plan will be executed through two main methods: annual dividends of no less than 50% of the company's net profit and ongoing share buybacks [3] Group 3: Acquisition of Siyuanli - The company announced a strategic acquisition of 100% of Siyuanli for 1.25 billion RMB, which is the third-largest beauty service brand in China [4] - Following the acquisition, approximately 60,000 active members from Siyuanli will be integrated into the company's membership system, increasing the active membership base by over 44% [4] - The acquisition is expected to significantly enhance the company's market share in high-tier cities, solidifying its position as an industry leader [4] Group 4: Growth Strategy - The company employs a "dual growth" strategy, combining organic growth with acquisitions, which has successfully built a high-quality membership system [5] - The successful integration of the second-largest brand, Nairui, has demonstrated the company's capability in synergistic integration, with Nairui's net profit margin increasing from 6.5% to 10.4% post-acquisition [5] - The company anticipates that the acquisition of Siyuanli will further enhance operational efficiency and strengthen the competitive position of both Siyuanli and Meili Tianyuan brands [5]

Macro Insights - October CPI turned positive year-on-year, exceeding market expectations, driven by the weakening high base effect, seasonal food price increases, holiday effects, and medical price reforms impacting service prices [2] - PPI recorded its first month-on-month increase this year, attributed to improved supply-demand dynamics in industrial products and rising international metal prices [2] Trade Data - In October 2025, China's exports fell by 1.1% year-on-year, significantly down from the previous month, primarily due to high base effects. Integrated circuits and automobiles were key export drivers, while labor-intensive products contributed negatively [3] - The export growth rate is expected to remain affected by high base effects in the remaining months of the year, but supportive non-US economies and easing US-China trade relations are likely to maintain a favorable export outlook [3] Market Strategy - The current market position is seen as a potential starting point for a long-term bull market, with gradual improvements in fundamentals and industry highlights as the foundation. The inflow of resident funds and policy support will influence market trends [4][10] - The market may enter a wide-ranging consolidation phase in the short term, with a focus on defensive and consumer sectors, while mid-term attention remains on TMT and advanced manufacturing sectors [10] Bond Market - The secondary market for REITs showed a downward trend, with the weighted REITs index closing at 182.3, reflecting a return rate of -0.48% for the week [5] - Credit bond issuance totaled 334 bonds with a total scale of 363.4 billion yuan, a decrease of 7.66% week-on-week, while industrial bonds saw a 5.36% increase in issuance [6] Industry Research TMT Sector - The narrative around AI investments is shifting from "need to invest" to "need for returns," leading to a revaluation of AI visibility and realization. Major tech companies are experiencing accelerated growth in cloud computing revenue, validating AI demand [11] - Recommended stocks include Microsoft, with a focus on Google, Amazon, and Meta [11] Basic Chemicals - Strong demand for energy storage is tightening the supply-demand situation for iron phosphate, leading to improved prices and profitability for leading phosphate chemical companies [12] - Suggested stocks include Yuntianhua, Chuanheng, and Xingfa Group [12] Oil and Gas - OPEC+ announced a pause in production increases, which is expected to alleviate concerns over oil supply. Geopolitical tensions are likely to support oil prices [13] - The report highlights risks related to upstream capital expenditure growth and price volatility [13] Food and Beverage - Recommendations include strong brands with high dividend returns like Kweichow Moutai and Shanxi Fenjiu, as well as companies benefiting from structural upgrades in the beer sector [14] - Suggested stocks include Yihai International and Mengniu Dairy [14] Automotive - The automotive market showed strong performance in October, with NIO's monthly sales surpassing 40,000 units. Recommended stocks include NIO and XPeng Motors [15] - Suggested components include Fuyao Glass and Wuxi Zhenhua [15] Textile and Apparel - The textile and apparel sector is focusing on mitigating tariff impacts and enhancing market share among leading companies. Recommended stocks include Shenzhou International and Anta Sports [16] - The cosmetics sector is expected to highlight the capabilities of leading companies amid intensified competition [16] Company Research Hong Kong Stock Exchange - The company reported record high revenue and profit for the first three quarters of 2025, driven by active trading in the Hong Kong stock market [17] - The forecast for net profit from 2025 to 2027 is 17.3 billion, 18.5 billion, and 19.5 billion HKD, maintaining a "buy" rating [17] Farah Electronics - The company achieved a revenue of 1.445 billion yuan in Q3 2025, with a year-on-year growth of 9.31%. The market share in the new energy sector continues to rise [18] - The stock is rated as a "buy" with a projected PE of 20X, 16X, and 14X for 2025-2027 [18] Huahong Semiconductor - The company is entering a price increase cycle due to sustained demand recovery, with adjusted net profit forecasts for 2025-2027 of 70 million, 150 million, and 190 million USD [19] - The stock is rated as a "buy" based on market share growth and long-term revenue potential [19] Meili Tianyuan Medical Health - The acquisition of Siyanli is expected to enhance the company's performance, with revised net profit forecasts for 2025-2027 of 320 million, 440 million, and 490 million yuan [20] - The stock is rated as a "buy" with a focus on shareholder returns [20]