美丽田园20250827

Summary of the Conference Call for Meili Tianyuan Company Overview - Company: Meili Tianyuan - Industry: Beauty and Health Services Key Financial Metrics - Adjusted net profit margin reached 13.1%, a historical high [2] - Operating cash flow increased by 84% to ¥410 million [2] - Cash and cash equivalents grew by 28% to ¥2 billion [2] - Revenue for the first half of 2025 was ¥1.46 billion, a 28.2% year-on-year increase [3] Business Segment Performance - Lifestyle Beauty and Health: Revenue of ¥810 million, up 30%; active membership increased by 46% to 112,000 [2][4] - Medical Aesthetics: Revenue of ¥500 million, a 13% increase; active medical beauty membership rose by 28% to 24,000 [5] - Sub-health Medical Services: Revenue doubled to ¥154 million, accounting for over 10% of total revenue [5] Market Dynamics - Super First-tier Cities: Contributed 60% of total revenue, with a growth rate exceeding 50% in the first half of 2025; pre-tax profit margin reached 25% [6] - Four core cities achieved single-store revenue exceeding ¥100 million [6] Acquisition and Integration - Nairui Integration: Post-acquisition revenue of ¥277 million; adjusted net profit margin improved from 6% to 10.5% [7] - Annualized revenue per store increased from ¥5.8 million to ¥7.2 million [7] Future Growth Strategy - Revenue Growth Target: Full-year revenue expected to maintain strong growth, with adjusted net profit projected to increase by 30% year-on-year [8] - Expansion Plans: Focus on both organic growth and acquisitions, targeting leading lifestyle beauty institutions and regional leaders [12] Digital Transformation - Nairui upgraded its digital capabilities from Smart Beauty 1.0 to 2.0, enhancing customer experience through a closed-loop model of detection, conditioning, and re-detection [9][10] - Revenue from mini-program distribution reached ¥50 million in the first half of 2025 [10] Operational Efficiency - Overall gross margin improved from 47% to 49.3% [19] - The company aims to enhance operational efficiency through supply chain optimization and increased penetration of value-added services [18] Market Positioning - The company is focused on high-potential markets, particularly in super first-tier cities, to maximize operational efficiency and brand influence [14] - Plans to penetrate new first-tier cities with significant growth potential [16] Customer Engagement - Customer traffic increased by over 45% in 2025, with same-store sales growth exceeding 5% [28] - Average customer visits per month are 6, with semi-annual spending around ¥12,000 to ¥13,000 [28] Conclusion - Meili Tianyuan is positioned for robust growth in the beauty and health services sector, leveraging strategic acquisitions, digital transformation, and operational efficiencies to enhance profitability and market share. The company is optimistic about achieving its ambitious revenue and profit targets for the remainder of 2025 and beyond.