美丽田园20260626

Summary of the Conference Call for 美丽田园 Company Overview - Company: 美丽田园 (Beautiful Pastoral) - Industry: Healthcare and Beauty Services Key Points and Arguments 1. Shareholder Structure and Investment - CPE has exited, stabilizing the shareholder structure and paving the way for long-term value release. New investors include long-term foreign healthcare funds and strategic investment funds [2][3][5] - The introduction of diverse investors enhances the capital ecosystem of the company, with a strong belief in the growth potential of the Chinese beauty and health industry [5][8] 2. Financial Performance and Growth - For the first five months of 2025, the company reported significant growth: - Membership revenue increased by over 20% - Sub-health medical services grew by over 50% - Beauty and health services rose by over 20% - Medical beauty services increased by 10% - Customer traffic grew by over 20% [2][12] - The company aims to achieve 3 billion in revenue and 320 million in adjusted net profit for 2025, with a target to improve adjusted net profit margin by at least 0.5 percentage points annually [4][19] 3. Capital Market Strategy - 美丽田园 has a three-year capital market plan: - A dividend mechanism distributing no less than 50% of annual net profit to shareholders, with the first dividend expected in August 2025 - Optimizing the shareholder structure to enhance liquidity and trading activity - Implementing a management equity incentive plan to align long-term interests with shareholders [2][6][19] 4. M&A Strategy - The company has extensive M&A experience, categorizing it into major acquisitions, regional leader acquisitions, and small zero-cost acquisitions. Plans include accelerating the acquisition of major and regional brands [4][15] - 美丽田园 has completed over 30 medium to large-scale acquisitions in the past decade, with ongoing negotiations for more than ten regional brands [15][20] 5. Integration of 奈瑞儿 - The integration of 奈瑞儿 is progressing well, focusing on traditional Chinese medicine-based smart beauty services. The average store revenue has reached 8 million, a 10% increase year-on-year, with a net profit margin exceeding 10% [2][10][11] - Future plans include creating a replicable health store model and expanding into the Yangtze River Delta region in 2026 [11] 6. Market Position and Future Outlook - The company is confident in meeting the criteria for inclusion in the Hong Kong Stock Connect, with a market capitalization expected to reach between 7 billion and 8 billion [13][18] - Management is committed to accelerating the integration of quality brands and exploring opportunities for skincare asset acquisitions or collaborations with international brands [4][13] 7. Challenges and Opportunities - Despite economic concerns, 美丽田园 is positioned to maintain over 10% growth in customer traffic and revenue through both organic growth and acquisitions [17] - The company is focused on optimizing efficiency through supply chain improvements, reducing rental costs, and enhancing employee productivity [17][22] 8. Investor Sentiment - New investors express high confidence in the company's fundamentals and recognize its undervalued market position, indicating a strong commitment to long-term growth [9][14] Additional Important Content - The company is actively working on enhancing its digital and supply chain capabilities, which have shown significant improvements in profitability and operational efficiency [21][22] - Ongoing challenges include optimizing underperforming stores and continuously improving employee capabilities [22]