香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 * 僅供識別 Beauty Farm Medical and Health Industry Inc. 美麗田園醫療健康產業有限公司 * （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2373） 股東特別大會通告 茲通告美麗田園醫療健康產業有限公司（「本公司」）謹訂於2025年12月5日（星期五） 上午九時三十分正假座中國上海市虹口區東大名路1089號來福士辦公樓東塔12層上 海會議室舉行股東特別大會（「股東特別大會」），藉以考慮並酌情通過下列決議案為 本公司普通決議案（不論有否修訂）： 普通決議案 「動議： – 1 – (i) 批准、確認及追認本公司、上海美麗田園醫療健康產業（集團）有限公司（連同本 公司統稱「買方」）、SYL Holding Limited（「SYL Holding」）、上海安妍企業管 理有限公司（連同SYL Holding統稱「賣方」）之間訂立的日期 ...

美麗田園醫療健康產業有限公司 * （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2373） 將於2025年12月5日舉行的股東特別大會適用的代表委任表格 本人╱吾等 （姓名）（正楷） ， （地址） 為美麗田園醫療健康產業有限公司（「本公司」）股本中每股面值0.000005美元的股份 （見附註2） 股的持有人， 茲委任 （姓名） （地址） ， Beauty Farm Medical and Health Industry Inc. 日期： 簽署 （見附註5及6） : 附註： 1. 請用正楷填上本公司股東名冊所示全名及地址。 2. 請填寫以 閣下名義登記的股份數目；如無填寫數目，本代表委任表格將被視為與本公司股本中所有以 閣下名義登記的股份有關。 3. 一名股東可按其選擇委任超過一名委任代表。如委任代表，請刪去「大會主席」字樣，並在空欄內填上受委代表的姓名。本代表委任表格的任何更改須由簽署人 簡簽示可。為免生疑，本公司庫存股持有人（如有）須於本公司股東大會上就該等庫存股放棄投票。 或（如未能出席），則 （姓名） ， （地址） ， 或（如未能出席），則大會主席 （見附註3） 為本人╱ ...

此 乃 要 件 請 即 處 理 閣下對本通函任何方面或應採取的行動如有任何疑問，應諮詢 閣下的股票經紀或其他持牌證 券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下全部美麗田園醫療健康產業有限公司的股份，應立即將本通函連同隨 附代表委任表格交予買主或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉 交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本通函全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 本通函僅供參考，並不構成收購、購買或認購本公司任何證券之邀請或要約。 Beauty Farm Medical and Health Industry Inc. 美麗田園醫療健康產業有限公司 * （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2373） 有關涉及根據特別授權發行對價股份 收購目標公司100%已發行股份之主要交易 及 股東特別大會通告 財務顧問 美麗田園醫療健康產業有限公司將於2025年12月5日（星期五）上午九時 ...

Summary of the Medical Aesthetic Industry Conference Call Industry Overview - The medical aesthetic industry is experiencing intensified competition, with upstream companies facing profit erosion on single products and downstream chain medical aesthetic institutions accelerating mergers and acquisitions. Leading brands like Meili Tianyuan are emerging, indicating a shift from product-driven growth to user demand-driven growth, resulting in a transfer of power within the industry towards downstream players [1][2][16]. Key Points on Companies Juzhi Biotechnology - In the first half of 2025, Juzhi Biotechnology's sales were impacted by a public relations incident, with its brand Kefu Mei not recovering sales during the Double Eleven shopping festival. Contributing factors include underwhelming influencer marketing recovery and a 20% reduction in advertising budget. The GMV from Douyin channel dropped over 60% year-on-year, reflecting challenges in brand marketing strategies [1][4][3]. Jinbo Biotechnology - Jinbo Biotechnology's revenue and profit growth slowed in Q3 2025, primarily due to price erosion of its core product, the 4mg ultra-pure product, which saw its terminal price drop from a suggested retail price of 6,800 yuan to just over 1,000 yuan. The company is expanding its distribution channels to 4,000, which is lower than competitors like facial fillers. New product launches are facing high sales expense ratios, putting pressure on profits [1][5][8]. Meili Tianyuan - Meili Tianyuan has distinguished itself through excellent user operations, digital membership management, and effective acquisition strategies. The brand has maintained same-store growth of 5% to 6% over the past two years, with a 10% increase in user numbers offsetting a 5% decline in average transaction value. The company has expanded its scale through acquisitions, increasing its store count to around 700-800 [1][11][10]. Industry Dynamics - Downstream chain medical aesthetic institutions are enhancing their operational capabilities through mergers and acquisitions, which is increasing their bargaining power. Leading brands like Meili Tianyuan are establishing close ties with upstream companies through customized collaborations, achieving mutual growth [1][6][12]. Challenges and Opportunities - Upstream companies are facing increased competition and declining profits on single products, necessitating strategic adjustments to attract users. Downstream institutions are experiencing high customer acquisition costs and insufficient standardization of products, leading to increased survival pressure. However, those companies that can effectively manage user needs and supply chain advantages are likely to emerge successfully from the current challenges [1][9][16]. Conclusion - The medical aesthetic industry is transitioning from a phase of rapid growth to one characterized by demand stabilization and intensified competition. Downstream companies must adapt quickly to market changes, while upstream companies need to enhance their channel management capabilities. Despite the challenges, companies that excel in user demand understanding and membership operations are positioned to achieve new growth [1][16][15].

Core Viewpoint - The company is focusing on a dual-brand strategy through the acquisition and integration of Narier and Siyuanli, aiming to enhance operational efficiency and establish a strong presence in high-end commercial areas, with a significantly lower customer acquisition cost compared to industry averages [1] Event Summary - On October 15, the company announced a plan to acquire 100% equity of Siyuanli, the third-largest beauty service brand in China, for a consideration of 1.25 billion RMB [1] - On November 4, the company announced a commitment to distribute dividends of no less than 50% of the net profit attributable to shareholders for the next three complete fiscal years, barring any special circumstances [1] Business Integration - The acquisition of Siyuanli will enhance the company's mid-to-high-end market positioning, with Siyuanli projected to generate revenue of 849 million RMB in 2024 and operate 163 beauty service stores and 19 medical beauty clinics across 48 cities by mid-2025 [1] - The acquisition will consolidate the top three beauty service brands in the country, capturing 42% of high-end commercial properties in first and second-tier cities, thereby strengthening overall competitiveness and leveraging synergies [1] - Siyuanli's net profit is expected to reach 81 million RMB in 2024, with potential for profit margin improvement similar to Narier's post-acquisition performance [1] Financial Metrics - The acquisition price of 1.25 billion RMB corresponds to a TTM P/E ratio of approximately 17, which is lower than the valuation of listed companies, and the payment will be made through a combination of cash and share issuance [1] - The company has repurchased 605,500 shares recently, with plans to maintain a dividend payout ratio of at least 50% over the next three years, enhancing long-term return attractiveness [2] Profit Forecast - The company expects to optimize its business model further during the expansion process, with updated net profit projections for 2025-2027 at 372 million, 409 million, and 486 million RMB, corresponding to P/E ratios of 18X, 17X, and 14X respectively, maintaining a "buy" rating [2]

Core Viewpoint - Meili Tianyuan Medical Health (02373) is positioned as a leading enterprise in the domestic beauty and medical beauty service sector, with strong brand reputation and operational capabilities. The company is expected to see performance growth driven by deepening digital transformation, improved industry chain layout, and store expansion [1] Group 1: Acquisition Details - In October 2025, Meili Tianyuan announced plans to acquire 100% equity of Shanghai Siyuanli Industrial Co., Ltd. for a consideration of 1.25 billion RMB. Siyuanli is the third-largest beauty service brand in China, projected to achieve revenue of 850 million RMB and net profit of 81 million RMB in 2024 [1][2] - The acquisition follows Meili Tianyuan's previous acquisition of the second-largest beauty service brand, Nairui'er, in 2024, marking another significant acquisition [1] Group 2: Financial Metrics and Valuation - The acquisition is valued at 17.2X PE based on Siyuanli's projected net profit of 72.675 million RMB for the period from July 1, 2024, to June 30, 2025, which is significantly lower than Meili Tianyuan's current PE of approximately 29.2X and the industry average of 21.1X [3] - The payment structure includes 325 million RMB in cash, 510 million RMB in acquisition loans, and 415 million RMB in share payments, with the deal expected to close in December 2025 and be consolidated in January 2026 [3] - Post-acquisition, the expected EPS is projected to increase from 1.36 RMB to 1.62 RMB, representing an 18% enhancement [3] Group 3: Market Position and Synergy - The acquisition will consolidate Meili Tianyuan, Nairui'er, and Siyuanli as the top three players in the Chinese beauty service industry, with a total of over 734 stores and a market coverage of 42%, significantly enhancing the company's market influence [4] - The integration of Nairui'er’s operational experience is expected to enhance Siyuanli's efficiency through scale procurement, joint product development, and exclusive customization, potentially improving both gross and net profit margins [4]

Core Viewpoint - Meili Tianyuan Medical Health (02373) is positioned as a leading enterprise in the domestic beauty and medical beauty service sector, with strong brand reputation and operational capabilities. The company is expected to see significant performance growth due to deepening digital transformation, improved industry chain layout, and ongoing store expansion [1]. Group 1: Financial Projections - The projected net profit for Meili Tianyuan from 2025 to 2027 is estimated to be 337 million, 458 million, and 588 million RMB respectively, with previous estimates adjusted due to the acquisition's expected contribution [1]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 20.4, 15.0, and 11.7 for the years 2025, 2026, and 2027 respectively, with a target price set at 42.64 HKD based on a 20x PE for 2026 [1]. Group 2: Acquisition Details - Meili Tianyuan plans to acquire 100% of Shanghai Siyuanli Industrial Co., Ltd. for a total consideration of 1.25 billion RMB, marking a significant acquisition following the purchase of the second-largest beauty service brand, Nairui'er [2]. - Siyuanli is recognized as the third-largest beauty service brand in China, with projected revenues of 850 million RMB and a net profit of 81 million RMB for 2024 [2]. Group 3: Operational Insights - As of June 30, 2025, Siyuanli operates 163 high-end beauty service stores and 19 medical beauty clinics across 48 cities, with over 90% of its revenue generated from first-tier and new first-tier cities [3]. - The acquisition is expected to increase Meili Tianyuan's active direct member base by 44%, enhancing its "dual beauty + dual healthcare" business model [3]. Group 4: Transaction Highlights - The acquisition is valued at a PE ratio of 17.2, significantly lower than Meili Tianyuan's current PE of approximately 29.2 and the industry average of 21.1 [4]. - The payment structure includes 325 million RMB in cash, 510 million RMB in acquisition loans, and 415 million RMB in share payments, with the deal expected to close in December 2025 [4]. Group 5: Strategic Positioning - Post-acquisition, Meili Tianyuan, Nairui'er, and Siyuanli will collectively dominate the top three positions in China's beauty service industry, with over 734 stores and a market coverage of 42% [5]. - The integration of Nairui'er’s operational experience is anticipated to enhance Siyuanli's efficiency and profitability through supply chain collaboration and digital transformation efforts [5].

Core Viewpoint - The acquisition of Siyanli by Meili Tianyuan Medical Health (02373) is expected to solidify its position in the mid-to-high-end beauty care services market, with potential for further optimization in its business model through both organic and external growth strategies [1][2] Group 1: Acquisition Details - The company announced on October 15 that it will acquire 100% equity of Siyanli, the third-largest beauty service brand in China, for a consideration of 1.25 billion RMB [1] - Siyanli operates 163 beauty service stores and 19 medical beauty clinics across 48 cities in China, with approximately 60,000 active members [2] - The acquisition is expected to enhance the company's overall competitiveness and leverage synergies, as it will consolidate the top three beauty service brands in the country [2] Group 2: Financial Projections - The company updated its net profit forecasts for 2025-2027 to 372 million, 409 million, and 486 million RMB, respectively, with corresponding P/E ratios of 18X, 17X, and 14X [1] - Siyanli is projected to achieve a net profit of 81 million RMB in 2024, with expectations of improving its profit margin from 6.5% in 2023 to 10.4% by the first half of 2025 after integration [2] - The acquisition price corresponds to a TTM P/E valuation of approximately 17 times, which is lower than the valuation of the listed company [2] Group 3: Shareholder Returns - The company plans to maintain a dividend payout of no less than 50% of the net profit attributable to shareholders for the next three complete financial years [1][2] - The company has been actively repurchasing shares to support its market price, having repurchased 605,500 shares out of an authorized 23.58 million shares [2]

公司于10月15日公告将以12.5亿元人民币对价，收购目前中国第三大美容服务品牌思妍丽100%股权。 此外，公司于11月4日公告如无特殊情况，将在未来三个完整财年每年派息不低于当年本公司拥有人应 占净利润的50%或透过市场继续回购股份。 以2024年收入8.49亿元计，思妍丽是中国第三大美容服务品牌，截至2025H1，思妍丽在全国48个城市运 营163家生活美容门店(包括118家直营店和45家加盟店)以及19家医疗美容诊所，并且具有约6万名直营 活跃会员。收购后公司将集齐全国前三的美容服务品牌，并且占据42%的一二线高端商业物业。巩固公 司整体竞争力，并且充分发挥协同效应。2024年思妍丽实现净利润0.81亿元，参考公司收购奈瑞儿之后 通过双美模式将其利润率从2023年的6.5%提升到2025H1的10.4%，思妍丽进入体系内后亦有望提升利润 率水平。本次交易对价12.5亿元，对应PE(TTM)估值约17倍，低于上市公司估值，对价以现金+配股形 式支付。 中信建投（601066）发布研报称，美丽田园医疗健康(02373)此次收购思妍丽将形成对中高端美容护理 服务的地位巩固，该行预计公司凭借内生+外延模式拓展过 ...

智通财经APP获悉，光大证券发布研报称，考虑到收购思妍丽将直接增厚公司业绩，上调美丽田园医疗 健康(02373)2025-2027年归母净利润分别至3.2/4.4/4.9亿元(上调幅度分别为5%/26%/21%)，对应EPS分别 是1.36/1.86/2.09元，当前股价对应PE分别是20、14、13倍。公司作为中国生活美容与医疗美容的龙头企 业，业绩长期增长明确，公司高度重视股东回报，维持"买入"评级。 光大证券主要观点如下： 事件： "内生+外延"双轮驱动增长，上调盈利预测 内生维度，公司"双美+双保健"的商业模式，有效构建了高质量会员体系的护城河;外延维度，2024年公 司完成了对行业市占率第二的品牌奈瑞儿的收购，1H2025奈瑞儿经调净利率已从收购前的6.5%提升至 10.4%，奈瑞儿并购项目的成功充分展现了公司的整合协同能力，该行认为，待对思妍丽的收购项目完 成后，公司有望凭借丰富的并购整合经验，进一步提升思妍丽的经营效率，实现思妍丽和美丽田园品牌 的双向赋能，公司的行业影响力和竞争力有望持续提升。 风险提示：客流与客单价增长不及预期、开店进度不及预期、医疗事故风险、并购整合进展不及预期。 公司股东 ...