证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-01-09 [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观深度报告 20260108："该省省、该花花"——中国消费的"K 型分 化" 高端品质消费与高性价比消费的分化 #海外政治：从委内瑞拉事件看特朗普"唐罗主义"下的外交战略重心转 变 核心观点：特朗普对委内瑞拉的军事突袭，本质上是其《国家安全战略》 及其背后"唐罗主义"的一次实践。特朗普政府的外交政策范式并非单纯 对门罗主义的复刻而是升级：于核心地区（西半球）寻求绝对主导权，非 核心地区（欧洲、中东等）寻求"以小成本换大利益"的"唐罗主义"。 向前看，尽管特朗普在面对委内瑞拉问题时采取了激进的军事"斩首"行 动，但在欧洲和中东等"非核心"地区上，特朗普仍将以有限介入的方式 处理地区冲突，避免事态失控给美国带来"额外的负担"，因此未来美国 在这些地区主动制造紧张局势的情形或将大幅减少。但需注意，这并不意 味着市场高度关注的俄乌冲突及中东局势所蕴含的地缘政治风险将随之 缓释：美国战略收缩带来的"权力真空"与特朗普外交手腕上偏爱的"极 限施压"或反而增大欧洲与中东的 ...

美丽田园医疗健康（02373.HK） 双美+双保健生态成型，内生外延驱动高成长 2026 年 01 月 08 日 证券研究报告·海外公司深度·其他医疗保健(HS) 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,145 | 2,572 | 3,037 | 3,915 | 4,578 | | 同比(%) | 31.16 | 19.91 | 18.07 | 28.92 | 16.93 | | 归母净利润（百万元） | 215.66 | 228.46 | 312.24 | 411.49 | 517.92 | | 同比(%) | 109.15 | 5.94 | 36.67 | 31.79 | 25.86 | | EPS-最新摊薄（元/股） | 0.86 | 0.91 | 1.24 | 1.64 | 2.06 | | P/E（现价&最新摊薄） | 26.84 | 25.33 | 18.54 | 14.07 | 11.1 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任 何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 誠如2025年中期報告「所得款項用途」一節所披露，所得款項淨額擬用作以下用途： 上市所得款項淨額為約81.7百萬港元（經扣除包銷佣金及相關成本及開支後）。 1 Raily Aesthetic Medicine International Holdings Limited 瑞麗醫美國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2135） 更改所得款項淨額用途 茲提述(i) 瑞麗醫美國際控股有限公司（「本公司」）日期為2020年12月15日有關本 公司股份於香港聯合交易所有限公司上市（「上市」）的招股章程（「招股章程」）， 當中詳述（其中包括）於刊發招股章程時發行本公司新股份所得款項淨額（「所得 款項淨額」）的擬定用途；(ii)本公司日期為2025年3月28日之截至2024年12月31日止 年度之年度報告（「2024年年報」）；(iii) 日期為2025年10月10日之有關2024年年報 ...

格隆汇12月31日丨德斯控股(08437.HK)公告，于2025年12月31日，公司(作为卖方)与买方Yan Xianchang 订立买卖协议，据此，卖方同意出售而买方同意购买目标公司德斯(香港)控股的全部已发行股本，代价 为1港元。 目标公司为一间于香港注册成立有限公司，并为公司直接全资附属公司。其主要从事提供医疗美容服务 及护肤品销售。 董事会认为，出售事项将不会对集团整体的财务状况及营运造成任何重大不利影响。出售事项将使集团 能够(i)藉减少负债及降低资产负债率，提升其财务状况；(ii)精简业务营运；及(iii)重新分配现有资源以 重点发展其核心业务。董事会认为出售事项的条款为正常商业条款，属公平合理且符合公司及其股东的 整体利益。 完成后，目标公司将不再为公司附属公司，而公司亦将不再持有目标公司任何已发行股本。因此，目标 公司的财务业绩将不再综合并入集团的综合财务报表。 ...

Core Viewpoint - 九州通 has successfully completed the restructuring investment plan for Aoyuan Meigu, acquiring its core assets for 706 million yuan, marking a strategic entry into the medical beauty sector [1][2][4] Group 1: Company Overview - Aoyuan Meigu, established in 1993 and formerly known as Hubei Jinhui, transitioned into the medical beauty industry after being acquired by Aoyuan Group in 2020 [2] - The company primarily focuses on bio-based fibers and medical beauty services, operating two high-end medical beauty hospitals with over 330,000 members and 80,000 active members annually [2] - In 2024, Aoyuan Meigu's medical beauty business is projected to generate 624 million yuan in revenue, accounting for 57% of total revenue [2] Group 2: Financial and Operational Challenges - Aoyuan Meigu has faced continuous operating losses and a debt crisis, leading to its stock being marked with "delisting risk warning" in 2023 [2] - The company was unable to repay due debts, prompting creditors to apply for restructuring in November 2024, which was approved by the court in December [3][4] Group 3: Strategic Implications for 九州通 - 九州通, as a leading private pharmaceutical distribution company, has built a comprehensive supply chain service platform and has been involved in the medical beauty sector for over 10 years [5][6] - The acquisition of Aoyuan Meigu allows 九州通 to establish a full-chain layout from upstream procurement to downstream service terminals, enhancing its competitive edge [6][7] - The domestic medical beauty market has surpassed 300 billion yuan, with an annual growth rate exceeding 18%, presenting significant opportunities for 九州通 to leverage its supply chain and improve profitability [6][7]

每经头条（nbdtoutiao）——左手"欠款"右手"豪购"！杨陵江收购"国内酒庄第一股"，1919是否重启上 市？"吹太多牛都实现了，但千亿还没实现，我很着急" 每经AI快讯，朗姿股份（SZ 002612，收盘价：19.73元）12月24日晚间发布公告称，公司第五届第三十 六次董事会会议于2025年12月24日以通讯及现场会议方式召开。会议审议了《关于医美股权投资基金延 期的议案》。 2025年1至6月份，朗姿股份的营业收入构成为：医疗美容占比47.81%，时尚女装占比35.44%，绿色婴 童占比15.6%，其他业务占比1.16%。 截至发稿，朗姿股份市值为87亿元。 （记者 王晓波） ...

序号股东名称持股比例1南昌添润医疗美容门诊部有限公司100% 企业名称南昌添润悦己综合门诊有限公司法定代表人杨健平注册资本200万人民币国标行业卫生和社会 工作>卫生>医院地址江西省南昌市西湖区朝阳洲中路199号利民佳苑公建2号楼5层企业类型有限责任公 司（非自然人投资或控股的法人独资）营业期限2025-12-16至无固定期限登记机关南昌市西湖区市场监 督管理局 来源：市场资讯 经营范围含许可项目：医疗服务，医疗美容服务，生活美容服务（依法须经批准的项目，经相关部门批 准后在许可有效期内方可开展经营活动，具体经营项目和许可期限以相关部门批准文件或许可证件为 准）化妆品零售，第一类医疗器械销售，卫生用品和一次性使用医疗用品销售，健康咨询服务（不含诊 疗服务），消毒剂销售（不含危险化学品），市场营销策划（除依法须经批准的项目外，凭营业执照依 法自主开展经营活动） 天眼查显示，近日，南昌添润悦己综合门诊有限公司成立，法定代表人为杨健平，注册资本200万人民 币，由南昌添润医疗美容门诊部有限公司全资持股。 ...

Core Viewpoint - Perfect Medical (01830.HK) reported a 21.7% decrease in revenue to HKD 486 million for the six months ending September 30, 2025, with a profit attributable to equity holders of HKD 94.8 million, reflecting a 32.7% decline year-on-year, although a 43.4% increase compared to the previous six-month period [1] Financial Performance - Revenue decreased by 21.7% to HKD 486 million [1] - Profit attributable to equity holders was HKD 94.8 million, down 32.7% year-on-year but up 43.4% from the previous six-month period [1] - Basic earnings per share were HKD 0.075 [1] - Proposed interim dividend is HKD 0.076 per share, with a payout ratio of 101.3% [1] - The company has maintained a payout ratio of 100% or above for eleven consecutive years [1] Market Environment - The core Hong Kong market continues to face structural challenges impacting discretionary spending in service categories [1] - Although overall retail sales have shown slight recovery since May 2025 due to inbound tourism, the recovery is primarily in retail goods rather than medical beauty services [1] - The increase in outbound travel and overseas spending by local residents has significantly affected the company's performance by draining discretionary income from the local service market [1] - A cooling labor market and changing consumer habits have led to a more cautious overall consumption sentiment, resulting in a noticeable decline in consumer willingness to spend on medical beauty and beauty services [1] - Multiple factors have temporarily limited revenue growth and significantly impacted the company's mid-term financial performance [1]

Core Insights - Meili Tianyuan Medical Health Industry Co., Ltd. announced the acquisition of 19 Nai Rui Er franchise stores in Zhuhai and Dongguan for 40 million yuan, expanding its direct operation in these cities with 2 medical beauty stores and 17 lifestyle beauty stores [1] Group 1: Business Expansion - The acquisition significantly enhances the company's business scale and revenue in the Greater Bay Area, with the new stores expected to generate approximately 75 million yuan in additional revenue and 7.5 million yuan in net profit after tax [2] - The company now operates beauty and health stores in 20 key first-tier and new first-tier cities, strategically located in prime areas [2] Group 2: Business Model Upgrade - The business model will transition to a "Dual Beauty + Dual Health" framework in 2024, broadening customer engagement and laying a solid foundation for value-added services [3] - The integration of Nai Rui Er's stores will facilitate the consolidation of beauty and sub-health medical services, enhancing operational efficiency and resource allocation [3] Group 3: Performance Improvement - Following the acquisition, Nai Rui Er's adjusted net profit margin increased from 6.5% to 10.4%, demonstrating the effectiveness of the company's empowerment strategies [4] - The company aims to enhance operational efficiency and profitability through brand empowerment, refined customer operations, digital transformation, and supply chain integration [4]

Core Viewpoint - Meili Tianyuan Medical Health (2373.HK) has announced a significant acquisition that will enhance its market presence and revenue potential in the Greater Bay Area [1] Group 1: Acquisition Details - Meili Tianyuan's subsidiary, Nairui Medical Devices and Nairui Health Management, has signed a share transfer agreement with Guangzhou Beiminsheng Enterprise Management Co., Ltd. [1] - The total transaction value for the acquisition is RMB 40 million [1] - Upon completion of the transaction, Meili Tianyuan will hold a 90% stake in the target company, making it a non-wholly owned subsidiary of the group [1] Group 2: Business Expansion - The acquisition will add 19 new direct-operated stores to Meili Tianyuan's portfolio, including 2 medical beauty stores and 17 lifestyle beauty stores [1] - This expansion will deepen the company's market penetration in key cities of the Greater Bay Area, significantly enhancing its revenue potential [1]