Group 1: Company Overview - 美丽田园 (2373) is a leading one-stop beauty and health management service provider, focusing on a "dual beauty + dual health" collaborative business model[7] - The company operates multiple brands, including 美丽田园, 奈瑞儿, and 秀可儿, covering a full lifecycle of services from beauty to health management[7] - The company has a market capitalization of HKD 61.2 billion and a total share capital of 235 million shares[6] Group 2: Financial Performance - For the first half of 2025, the company reported total revenue of RMB 1,459 million, a year-on-year increase of 28.2%[8] - Adjusted net profit reached RMB 191 million, with an adjusted net profit margin of 13.1%, marking a historical high[8] - The company’s EPS for 2025 is projected at HKD 1.476, with a growth rate of 34.5%[10] Group 3: Valuation and Ratings - The target price for 美丽田园 is set at HKD 43.7, representing a potential upside of 65.4% from the current price of HKD 26.36[9] - The company is rated as "Buy," with a PE ratio of 29.8 for 2025 and 24.5 for 2026[9] - The valuation is based on a discounted cash flow model with a 10% discount rate and a 3% perpetual growth rate, yielding a reasonable value of HKD 103 billion[9] Group 4: Market Trends and Strategy - 美丽田园 is positioned to lead the industry transformation towards branding, chain operations, and digitalization, capitalizing on its multi-brand strategy and extensive store network[8] - The company maintains a customer repurchase rate of over 80% and an acquisition cost below 2%, indicating strong operational efficiency[7] - The company is actively pursuing both organic growth and strategic acquisitions to enhance its market presence and profitability[7]