Macro Strategy - The report discusses the "K-shaped differentiation" in China's consumption market, highlighting the split between high-end quality consumption and high cost-performance consumption driven by changes in income structure and generational shifts [6][8] - The K-shaped differentiation reflects a shift in consumer behavior, where emotional value is increasingly prioritized alongside practical value, leading to diverse consumption choices [6][8] - Retailers are adapting to this differentiation by adjusting their brand strategies and product offerings to cater to both ends of the consumer spectrum [6][8] Fixed Income - The report analyzes the current state of urban investment bonds in Fujian Province, indicating a high-pressure regulatory environment aimed at consolidating debt reduction achievements [2][12] - Fujian's economic performance is solid, with a GDP of 57,761 billion yuan and a growth rate of 5.50% in 2024, alongside a strong fiscal position with a public budget revenue of 3,615.29 billion yuan [2][12] - The report suggests a strategy of "regional digging → duration selection → rating down" for investment in urban investment bonds, emphasizing the importance of extending durations and focusing on platforms with strong debt repayment capabilities [2][12] Industry Analysis - The report highlights the growth potential of Meili Tianyuan Medical Health (02373.HK), which has established a comprehensive ecosystem in beauty and health management, showing strong revenue growth and profitability [4][13] - The company is expected to achieve net profits of 3.1 billion, 4.1 billion, and 5.2 billion yuan from 2025 to 2027, with corresponding growth rates of 36.67%, 31.79%, and 25.86% [4][13] - MINIMAX-WP (00100.HK) is positioned as a benchmark for AI export from China, with projected revenues of 0.81 billion, 1.95 billion, and 3.99 billion USD from 2025 to 2027, reflecting a compound growth rate exceeding 130% [5][15]

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 ...

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。 ...

天眼查App显示，近日，昆明市空港经济区芫吉丽美容品门市部（个体工商户）成立，法定代表人为熊 艳，注册资本8万人民币，经营范围为一般项目：化妆品零售；化妆品批发。（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）许可项目：生活美容服务。（依法须经批准的项目，经相关部 门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

Core Insights - Changsha Shunxi'er Life Service Co., Ltd. has been established with a registered capital of 200,000 RMB [1] - The company is engaged in various business activities including daily necessities sales, nail services, internet sales, cosmetics retail, and hair accessories sales [1] - The company is also authorized to provide beauty services, subject to relevant approvals [1] Company Overview - The legal representative of the company is Huang Shuang [1] - The business scope includes general projects and licensed projects, indicating a diverse service offering [1] - The company operates under the principle of conducting business activities autonomously with the necessary licenses [1]

Core Insights - Nanjing Yaoyangju Health Industry Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Guo Wenyi [1] Business Scope - The company is involved in various licensed projects including beauty services, which require approval from relevant authorities before operation [1] - General projects include health consulting services (excluding medical treatment), wellness services (non-medical), and educational consulting services (excluding licensed training activities) [1] - The company also engages in the sale of pre-packaged food, health food (pre-packaged), cosmetics retail, and first-class medical device sales [1] - Additional activities include daily necessities sales, internet sales (excluding licensed goods), brand management, enterprise management consulting, marketing planning, and technical services [1] - The company provides daily living services for residents and organizes meetings and exhibitions (excluding projects requiring approval) [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]

Core Viewpoint - Meili Tianyuan Medical Health (02373) has seen a stock price increase of nearly 5% during trading, currently up 3.47% at HKD 28, with a trading volume of HKD 5.7075 million [1] Group 1: Acquisition Details - On November 18, Meili Tianyuan Medical Health announced the acquisition of 19 Naieryer franchise stores in Zhuhai and Dongguan for RMB 40 million [1] - Following the acquisition, Naieryer will officially include Zhuhai and Dongguan as part of its direct operation area, adding 19 new direct-operated stores, which consist of 2 medical beauty stores and 17 lifestyle beauty stores [1] Group 2: Financial Impact - The company expects the new direct-operated cities to generate approximately RMB 75 million in additional revenue and RMB 7.5 million in additional net profit after tax [1]

Core Viewpoint - A new individual business named Xu Zhou Tong District Zong Ting Ting E-commerce Business has been established, focusing on various services and retail sectors [1] Group 1: Company Overview - The business is registered with a capital of 200,000 RMB [1] - The legal representative of the business is Zong Ting Ting [1] Group 2: Business Scope - The business operates in several licensed and general project areas, including life beauty services, clothing retail, cosmetics retail, nail services, and cultural activities [1] - Additional services include market marketing planning, corporate image planning, social economic consulting, food sales (only pre-packaged food), housekeeping services, wedding ceremony services, takeaway delivery services, and personal internet live streaming [1]