Core Viewpoint - Meili Tianyuan Medical Health (02373.HK) announced a share buyback of 100,000 shares at a cost of HKD 2.38 million on November 27 [1] Group 1 - The company executed a buyback program, indicating confidence in its stock value [1] - The total expenditure for the buyback was HKD 2.38 million [1] - The number of shares repurchased was 100,000 [1]

第 1 頁 共 6 頁 v 1.3.0 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 美麗田園醫療健康產業有限公司 呈交日期： 2025年11月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02373 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | ...

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公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 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。 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） 自願公告 市場股份回購 本公告由美麗田園醫療健康產業有限公司（「本公司」，連同其附屬公司統稱「本集 團」）自願刊發。 承董事會命 本公司欣然公佈，本公司於2025年11月27日於市場購回100,000股本公司股份，總 交易金額約2,379,520港元，交易平均價約每股23.80港元。自2025年10月15日至本 公告日期止期間，本公司已購回共615,000股股份，總對價約18,684,970港元。 本公司董事（「董事」）會（「董事會」）認為，目前的股份成交價並不反映股份的內在價 值和本公司的實際業務前景。董事會相信，股份購回體現了管理層對企業長期價值 的堅定信心，有利於提升本集團資本市場價值及 ...

Group 1 - The stock of Meili Tianyuan Medical Health (02373) fell over 11% during the trading session [1] - The cumulative decline for the month exceeds 30% [1] - As of the report, the stock price is down 7.28%, trading at HKD 22.42, with a transaction volume of HKD 57.48 million [1]

Investment Rating - The investment rating for the social services industry is "Positive" (maintained) [1] Core Insights - The report highlights a strong performance in the tourism sector, with Ctrip achieving a revenue of 18.37 billion yuan, a year-on-year increase of 15.5% [17] - The report indicates a structural shift in the toy industry, with a net closure of 9 stores in October 2025, leading to a total of 3,967 stores [29] - The restaurant industry is experiencing a contraction in tea supply while coffee continues to grow, with Haidilao focusing on increasing its takeout sales [36] Summary by Sections Ctrip Performance - Ctrip's Q3 2025 revenue reached 18.37 billion yuan, reflecting a year-on-year growth of 15.5% [17] - The adjusted EBITDA for Ctrip was 6.35 billion yuan, up 11.7% year-on-year [22] - The revenue breakdown shows ticketing, accommodation, vacation, and business travel management growing by 11.6%, 18.3%, 3.1%, and 15.2% respectively [21] Toy Industry - As of October 2025, the number of offline toy stores in China was 3,967, with a net decrease of 9 stores [29] - The average store efficiency for toy brands increased by 10% year-on-year, with top brands like Pop Mart showing significant growth [31] Restaurant Industry - The tea beverage sector is entering a contraction phase, while the coffee sector is accelerating [36] - As of October 2025, the average monthly store efficiency for the tea industry was 212,400 yuan, a 5.8% increase year-on-year [39] - The coffee industry saw a net increase of 5,600 stores, with an average monthly store efficiency of 289,000 yuan, up 1.2% year-on-year [39]

Core Viewpoint - The company is focusing on strategic upgrades through branding, chain expansion, and digitalization to enhance its market position and profitability, supported by both organic growth and acquisitions [1][2]. Group 1: Company Strategy - The company held a strategic upgrade conference, introducing three main strategies: "super brand, super chain, and super digitalization" [1]. - Branding efforts will include upgrading service processes, enhancing brand promotion, and collaborating with high-end real estate and well-known brands to increase brand visibility [1]. - The chain strategy aims to deepen presence in 20 key economically developed cities in China, increasing the number of cities with annual revenues exceeding 100 million yuan from 8 to 12, and boosting revenues in Beijing and Shanghai from over 600 million yuan to over 1 billion yuan [1]. - Digitalization initiatives involve a self-developed team creating 38 digital systems, with a self-research ratio of 70%, aimed at improving operational efficiency through precise marketing and restructured customer interaction processes [1]. Group 2: Recent Acquisitions - The company announced the acquisition of 19 Naieryer franchise stores in Zhuhai and Dongguan for 40 million yuan, which will add 19 new stores to its direct operation, including 2 medical beauty and 17 beauty stores [2]. - This acquisition is expected to generate approximately 75 million yuan in new revenue and 7.5 million yuan in net profit after tax for the group [2]. Group 3: Shareholder Returns and Financial Outlook - The company has launched a long-term shareholder return plan, committing up to 1.2 billion HKD over the next three years, including annual dividends of no less than 50% of net profit attributable to shareholders and share buybacks [2]. - Based on operational efficiency improvements, the profit forecast for 2025-2026 has been raised by 5% and 8% to 300 million and 360 million yuan, respectively, with current stock prices reflecting a P/E ratio of 20x and 17x for 2025-2026 [2].

Core Viewpoint - 中金上调美丽田园医疗健康(02373)的归母净利润预测，预计2025年和2026年分别为3.0亿和3.6亿元，当前股价对应的市盈率为20x和17x [1] Group 1: Strategic Upgrades - 公司发布战略升级，提出"超级品牌、超级连锁、超级数字化"的三大战略 [2] - 在品牌化方面，公司计划通过新空间和新体验的升级，强化品牌推广及内容营销 [2] - 连锁化战略将深耕中国20个核心经济发达城市，计划将年收入超1亿元的城市数量从8个提升至12个 [2] - 数字化方面，公司已构建38个数字化系统，自研比例达70%，计划通过精准营销提升运营效率 [2] Group 2: Acquisitions and Revenue Growth - 公司以4,000万元人民币收购珠海和东莞的19家奈瑞儿加盟门店，预计新增近7,500万元收入和750万元税后净利润 [3] Group 3: Shareholder Returns - 公司发布长期股东回报计划，未来三年将动用最高12亿港币进行股东回报，包括每年派息不低于归母净利润的50%及回购股份 [4] - 中金看好公司在内生和外延驱动下的广阔成长空间 [4]

Core Viewpoint - 中金上调美丽田园医疗健康(02373)的归母净利润预测，预计2025年和2026年分别为3.0亿和3.6亿元，当前股价对应的市盈率为20x和17x，维持跑赢行业评级及目标价42港元，具有49%的上行空间 [1] Group 1: Strategic Upgrades - 公司发布战略升级，提出"超级品牌、超级连锁、超级数字化"的三大战略，旨在推动中长期成长 [2] - 在品牌化方面，公司计划通过升级服务流程和强化品牌推广，提升品牌声量 [2] - 在连锁化方面，公司计划在20个核心经济发达城市深耕，短期内将年收入超1亿元的城市数量从8个提升至12个 [2] - 在数字化方面，公司已构建38个数字化系统，自研比例达70%，计划通过精准营销提升运营效率 [2] Group 2: Acquisition and Revenue Growth - 公司以4,000万元人民币收购珠海和东莞的19家奈瑞儿加盟门店，预计将为集团新增近7,500万元收入和750万元税后净利润 [3] Group 3: Shareholder Returns - 公司发布长期股东回报计划，未来三年将动用最高12亿港币提供股东回报，包括每年派息不低于归母净利润的50%及回购公司股份 [4] - 中金看好公司在内生和外延驱动下的广阔成长空间 [4]

Investment Rating - The report assigns an "Outperform" rating to Beauty Farm Medical and Health Industry, expecting a relative return exceeding 10% over the next 12-18 months [24]. Core Insights - Beauty Farm has articulated a clear strategy centered around the "Three Super" initiatives: Super Brand, Super Chain, and Super Digitalization, aiming to build core competitive advantages in the beauty services industry [2][9]. - The company targets to establish operational entities with revenues exceeding RMB 100 million in 20 core cities, which contribute approximately 40% of the industry revenue, with a solid foundation already in place as 8 cities have achieved this target [3][10]. - Recent operational performance shows strong momentum, with same-store sales growth of 6-8% and collection growth accelerating to low double digits, indicating robust endogenous growth [4][11]. Summary by Sections Strategic Overview - The "Three Super" strategy focuses on enhancing brand value, expanding chain operations, and leveraging digitalization to deepen customer relationships and operational efficiency [2][9]. - The company has integrated three premium brands to secure a strong position in the high-end market and aims to enhance customer experience through personalized services [2][9]. Growth Strategy - The goal is to increase the number of cities generating over RMB 100 million in revenue from 8 to 20 in the near term, with a focus on developing Shanghai and Beijing into "super cities" with revenues exceeding RMB 1 billion each [3][10]. - The growth will be driven by both organic growth and strategic acquisitions, leveraging successful past experiences in markets like Chongqing and Xi'an [3][10]. Financial Performance - The company has demonstrated exceptional profit enhancement capabilities, with significant improvements in revenue per store and profit margins post-acquisition [4][11]. - Strong cash flow generation is projected, with estimated operating cash flow of approximately RMB 1 billion for FY25, supporting future shareholder returns and strategic acquisitions [4][11]. Industry Context - The beauty services industry in China is highly fragmented, with nearly 90% of operations being single-store, presenting significant opportunities for consolidation driven by branding, chainification, and digitalization [5][12]. - The company anticipates a decrease in the total number of industry stores, while the market share and profitability of leading players with strong branding and digital capabilities will increase significantly [5][12]. M&A Strategy - Proven M&A integration capabilities are a key engine for executing the Super Chain strategy, with over 30 successful transactions completed historically [6][13]. - The recent integration of Naturade has validated the effectiveness of the company's platform-based empowerment model, with expectations of similar success from the newly acquired DECLÉOR [6][13].

Core Insights - The company, Meili Tianyuan, announced three major strategic upgrades: Super Brand, Super Chain, and Super Digitalization, aiming to redefine high-end beauty services and reshape the industry's value space [1][18]. Super Brand - The beauty service industry is highly fragmented, with many regional and small brands lacking influence, leading to high consumer trust costs and low loyalty [4]. - Brand differentiation is crucial for standing out in a saturated market, as evidenced by data showing that consumers are 2.1 times more willing to recharge at national brands compared to smaller ones, with average recharge amounts being 60% higher [4]. - Meili Tianyuan's Super Brand strategy leverages its position as the umbrella for the top three brands in China's beauty industry, aiming to enhance customer experience and brand recognition [4][5]. Super Chain - The beauty industry is characterized by a high degree of fragmentation, with 89% of beauty institutions being single stores [8]. - The low entry barriers and lack of economies of scale hinder the growth of larger chains [8]. - Meili Tianyuan's Super Chain strategy focuses on creating 20 "1 billion revenue Clubs" in key cities, building on its existing nine cities with over 1 billion in revenue [8][9]. Super Digitalization - Many beauty service providers still rely on manual processes, with digitalization seen as essential for future decision-making and customer service enhancement [12]. - Meili Tianyuan has invested over 200 million in digitalization over the past five years, establishing a 90-member IT team to integrate digital solutions across its operations [12][13]. - The company has developed over 200 customer attribute classifications and maintains a member retention rate of 80%, with customer acquisition costs remaining below 2% [12][13]. Acquisition of Siyuanli - The acquisition of Siyuanli is viewed as a strategic move to consolidate the top three brands in the high-end beauty sector under Meili Tianyuan, following the successful integration of the second-largest brand, Nairui [15][16]. - The structural similarities and customer overlap between Meili Tianyuan and Siyuanli provide a strong foundation for synergy and enhanced resource utilization [16]. Industry Outlook - The beauty and health sector is positioned for significant growth, driven by consumer demand for self-care and wellness, with Meili Tianyuan leading the charge with its strategic initiatives [18].