Core Insights - The company reported a revenue of 1.46 billion yuan for the first half of 2025, representing a year-on-year increase of 28.2%, and a net profit of 170 million yuan, up 35.5% year-on-year [1] - The company's three main business segments showed strong growth, with the sub-health medical service revenue doubling [1] Revenue Breakdown - Beauty and health services generated 810 million yuan, a year-on-year increase of 29.6%, accounting for 55.2% of total revenue, driven by improved same-store sales and the acquisition of the smart beauty brand Nairui [1] - Medical beauty services achieved 500 million yuan in revenue, up 13.0% year-on-year, representing 34.2% of total revenue, supported by the execution of the "internal growth + external acquisition" strategy [1] - Sub-health medical services reached 150 million yuan, a significant increase of 107.8% year-on-year, making up 10.6% of total revenue, attributed to the strategy attracting members and refined operations [1] Profitability Metrics - The gross margin for the first half of 2025 was 49.3%, an increase of 2.3 percentage points year-on-year [2] - The net profit margin stood at 11.70%, reflecting a year-on-year increase of 0.62 percentage points [2] - The company maintained a stable expense ratio, with sales, management, and R&D expense ratios at 17.19%, 16.22%, and 1.44%, respectively [2] Strategic Initiatives - The company emphasized its "internal growth + external acquisition" strategy, with the acquisition of Nairui, the second-largest brand in China's beauty industry, expected to be completed by July 2024 [2] - Nairui contributed 277 million yuan in revenue during the first half of 2025, with an adjusted net profit margin increasing from 6.5% to 10.4% post-acquisition [2] - The company plans to enhance Nairui's core advantages and implement its first AI digital transformation project, the "Smart Beauty 2.0 System" [2] Membership Growth - The company reported a 47.8% year-on-year increase in customer traffic to 920,000 visits at direct stores, and active membership grew by 46.5% to 120,000 [3] - Approximately 20% of beauty and health service members upgraded to medical beauty or sub-health services, driving higher-value business penetration [3] Investment Outlook - The company is expected to achieve net profits of 330 million yuan, 380 million yuan, and 430 million yuan for 2025-2027, representing year-on-year growth of 43.9%, 17.0%, and 12.2% respectively [3] - The current stock price corresponds to a price-to-earnings ratio of 23X, 20X, and 18X for 2025-2027 [3]

美丽田园医疗健康（02373.HK）2025 年半年报点评 ➢ 会员数量增长驱动整体收入利润再创新高。美丽田园持续深化"客户为先" 的理念，25H1 直营门店客流量达 92 万人次，同比+47.8%；活跃会员规模增至 12 万名，同比+46.5%。在"双美+双保健"商业模式驱动下，约 20%的美容及 保健服务会员升级购买医疗美容或亚健康医疗服务，推动高价值业务渗透率持续 提升，由此驱动报告期内收入利润再创新高。 业绩高增，"内生+外延"战略持续显效 2025 年 09 月 02 日 ➢ 事件：美丽田园发布 2025 年半年度报告。25H1 实现营收 14.6 亿元，同比 +28.2%；净利润 1.7 亿元，同比+35.5%；公司拥有人应占溢利 1.56 亿元，同 比+34.9%；每股基本盈利 0.68 元。 ➢ 三大业务协同高增，亚健康医疗营收翻倍。分业务来看：25H1，1）美容和 保健服务，实现营收 8.1 亿元，同比+29.6%，占总营收 55.2%，其中，直营店 收入 7.4 亿元，同比+31.0%，占总营收 50.6%，主要系高端美容服务同店收入 提升及收购整合智能美养品牌奈瑞儿所致，加盟及其他收入 ...

Core Viewpoint - The company reported strong performance in 1H25, exceeding previous forecasts and expectations, driven by scale effects and operational efficiency improvements [1][2]. Financial Performance - Revenue for 1H25 reached 1.46 billion yuan, a year-on-year increase of 28.2% - Net profit attributable to shareholders was 160 million yuan, up 34.9% - Adjusted net profit was 190 million yuan, reflecting a 37.8% increase [1] - Gross margin improved by 2.4 percentage points to 49.3%, attributed to scale effects reducing procurement costs and diluting fixed costs [2] - Adjusted net profit margin reached a historical high of 13.1%, up 0.9 percentage points year-on-year [2] Business Segments - Beauty and health services generated 810 million yuan in revenue, a 29.6% increase, with direct store traffic up 48.6% to 850,000 visits [1] - Medical beauty services revenue was 500 million yuan, a 13.0% increase, with active membership rising 27.6% to 24,000 [1] - Sub-health medical services saw revenue growth of 107.8% to 150 million yuan, with active members increasing 93.4% to 7,014 [1] Growth Strategy - The company is expanding its store network, adding 69 direct/franchise beauty and health service stores, 3 medical beauty stores, and 2 sub-health stores in 1H25 [1] - The company is focusing on enhancing operational efficiency and exploring acquisition opportunities to increase market share [3] - Recent changes in shareholder structure, including the entry of quality medical capital, are expected to support long-term growth [3] Valuation and Outlook - The company maintains its profit forecasts for 2025-2026, with current stock price corresponding to 25/21x P/E for those years [3] - Target price has been raised by 8% to 40 HKD, indicating a 21% upside potential based on the company's strong business model and growth opportunities [3]

Core Viewpoint - The company maintains its profit forecast for 2025-2026, with a target price increase of 8% to HKD 40, indicating a 21% upside potential based on its strong business model and growth opportunities [1] Financial Performance - The company reported 1H25 revenue of RMB 1.46 billion, a year-on-year increase of 28.2%, and a net profit attributable to shareholders of RMB 160 million, up 34.9% [2] - Adjusted net profit reached RMB 190 million, reflecting a 37.8% year-on-year growth, exceeding previous forecasts due to scale effects and operational efficiency improvements [2] Business Segments - Beauty and wellness services generated RMB 810 million in revenue, a 29.6% increase, with direct store traffic rising 48.6% to 850,000 visits [3] - Medical beauty services achieved RMB 500 million in revenue, up 13.0%, with active membership increasing 27.6% to 24,000 [3] - Sub-health medical services saw a remarkable revenue growth of 107.8% to RMB 150 million, with active members increasing 93.4% to 7,014 [3] Margin and Efficiency - The company's gross margin improved by 2.4 percentage points to 49.3% in 1H25, driven by scale effects and the inclusion of higher-margin businesses [4] - The adjusted net profit margin reached a historical high of 13.1%, with a year-on-year increase of 0.9 percentage points [4] Growth Strategy - The company is focused on enhancing operational efficiency and increasing service penetration through digital marketing [4] - It is also exploring acquisition opportunities to boost market share, with recent shareholder structure optimization expected to support long-term growth [4]

Core Viewpoint - Company maintains profit forecasts for 2025-2026, with a target price increase of 8% to HKD 40, indicating a 21% upside potential based on strong business model advantages and growth opportunities [1] Financial Performance - Company reported 1H25 revenue of RMB 1.46 billion, a year-on-year increase of 28.2%; net profit attributable to shareholders reached RMB 160 million, up 34.9%; adjusted net profit was RMB 190 million, reflecting a 37.8% increase, exceeding previous forecasts and expectations due to scale effects and operational efficiency [2] Business Segments - Beauty and wellness services generated RMB 810 million in revenue, a 29.6% increase, with direct store traffic up 48.6% to 850,000 and active membership rising 45.7% to 112,000; medical beauty services revenue was RMB 500 million, up 13.0%, with active members increasing 27.6% to 24,000; sub-health medical services revenue surged 107.8% to RMB 150 million, now accounting for over 10% of total revenue, with active members growing 93.4% to 7,014 [3] - The company expanded its store network, adding 69 direct/franchise beauty and wellness stores to reach 238/276, 3 medical beauty stores to total 27, and 2 sub-health stores to 11 [3] Profitability and Efficiency - Gross margin improved by 2.4 percentage points year-on-year to 49.3%, driven by scale effects that reduced procurement costs and diluted fixed costs; adjusted net profit margin reached a historical high of 13.1%, up 0.9 percentage points year-on-year [4] Growth Outlook - The company is focused on enhancing single-store operational efficiency and increasing value-added service penetration while exploring acquisition opportunities to boost market share; recent shareholder structure optimization is expected to support long-term quality growth [5]