美丽田园20250826

Summary of the Conference Call for Meili Tianyuan Company Overview - Company: Meili Tianyuan - Industry: Beauty and Health Services Key Financial Performance - Revenue: 14.59 billion RMB in H1 2025, up 28.2% YoY [2][3][18] - Net Profit: 1.7 billion RMB, a 35% increase YoY [2][3][18] - Adjusted Net Profit Margin: 13%, a historical high [3][18] - Gross Margin: Increased to 49.3%, up 2.3 percentage points YoY [3][18] - Customer Metrics: - Store traffic: 920,000, up 48% YoY [3] - Active members: 120,000, up 47% YoY [3] Business Model and Strategy - Innovative Model: Introduced the "Double Beauty Plus Double Health" model, integrating beauty and health services to maximize customer value [2][5] - Customer Acquisition: - Private domain operations contributed over 46% of new members, reducing customer acquisition costs [4][10] - Plans to engage members as brand ambassadors to enhance brand visibility [4][10] - Long-term Shareholder Returns: Committed to distributing at least 50% of net profit for dividends over the next three years [4][16] Acquisition and Integration - Acquisition of Nairui: - Revenue from Nairui reached 2.77 billion RMB in H1 2025, with adjusted net profit margin rising from 6.5% to 10.4% [6][26] - Increased ownership in Nairui to 90% and plans for AI digital transformation [6][26] Market Trends and Consumer Behavior - Emotional Economy: The emotional economy market is projected to reach 23 trillion RMB by 2025 and exceed 45 trillion RMB by 2029 [2][8] - Target Demographic: Focus on high-end female clientele in major cities, combining technology-driven skincare with immersive wellness experiences [2][8] Future Growth Strategy - Core City Focus: Continued emphasis on high-line cities, with 57% of stores located in major urban areas [22] - Revenue Growth: Targeting revenue growth from 1 billion to 2 billion RMB in key cities [22][24] - Operational Efficiency: Plans to enhance efficiency while maintaining rapid revenue growth through improved supply chain and digital capabilities [24] Membership and Customer Engagement - Membership Growth: Active membership increased by 46%, with average spending per member at 6,200 RMB [20][21] - High-Value Customer Engagement: 91% of revenue derived from active members, indicating strong customer loyalty [20][21] Industry Outlook - Market Potential: The beauty and health industry is projected to grow significantly, particularly in major urban centers where wealth and population are concentrated [19] Conclusion - Market Positioning: Meili Tianyuan is well-positioned to capitalize on market trends and consumer demands, with a robust growth strategy and innovative business model aimed at enhancing shareholder value and customer satisfaction [24][27]