Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Insights - The beauty and personal care sector is transitioning from "single functional consumption" to "composite efficacy + emotional consumption," indicating enhanced consumer resilience [4] - The beauty industry is no longer reliant on a single traffic window, with narratives around channel efficiency strengthening [4] - Leading brands exhibit stronger resilience, with a positive outlook on companies with robust brand assets that can capitalize on channel and product cycles [4] Summary by Sections Industry Overview - The Double 11 shopping festival saw a total e-commerce sales of 16,950 billion yuan, reflecting a year-on-year growth of 14.2% [8] - Beauty and personal care sales reached 991 billion yuan, growing by 11.65% [8] - Instant retail sales surged to 670 billion yuan, marking a remarkable growth of 138.4% [8] Market Dynamics - Tmall leads in high-end beauty sales, while Douyin is becoming a significant platform for domestic brands [8] - The top five beauty brands on Tmall include Proya, Estée Lauder, Lancôme, L'Oréal, and SkinCeuticals, with Proya maintaining the top position for three consecutive years [8] - Douyin's beauty sales rankings show Han Shu at the top, followed by Proya and L'Oréal [8] Company Performance - Leading brands like Up Beauty, Ruo Yu Chen, and Mao Ge Ping have shown impressive performance during the Double 11 event [8] - Up Beauty's sales increased by 145% year-on-year, with significant growth on both Tmall and Douyin [8] - Ruo Yu Chen's sales saw a staggering 35-fold increase year-on-year, with Douyin sales growing by over 100% [8]

Core Viewpoint - Meili Tianyuan Medical Health (2373.HK) has announced a significant acquisition that will enhance its market presence and revenue potential in the Greater Bay Area [1] Group 1: Acquisition Details - Meili Tianyuan's subsidiary, Nairui Medical Devices and Nairui Health Management, has signed a share transfer agreement with Guangzhou Beiminsheng Enterprise Management Co., Ltd. [1] - The total transaction value for the acquisition is RMB 40 million [1] - Upon completion of the transaction, Meili Tianyuan will hold a 90% stake in the target company, making it a non-wholly owned subsidiary of the group [1] Group 2: Business Expansion - The acquisition will add 19 new direct-operated stores to Meili Tianyuan's portfolio, including 2 medical beauty stores and 17 lifestyle beauty stores [1] - This expansion will deepen the company's market penetration in key cities of the Greater Bay Area, significantly enhancing its revenue potential [1]

Core Viewpoint - Recently, Meili Tianyuan Medical Health announced the acquisition of 100% equity in Guangzhou Nairui Health Medical Investment Co., Ltd. and Zhuhai Nairui Naimei Beauty Technology Co., Ltd. for a total consideration of 40 million yuan, which will enhance the company's operational scale and revenue potential [1] Group 1 - The acquisition involves two non-wholly owned subsidiaries of the company, Guangzhou Nairui Medical Equipment Co., Ltd. and Guangzhou Nairui Health Management Co., Ltd. [1] - Upon completion of the acquisition, the company will hold 90% equity in the target companies, which will become non-wholly owned subsidiaries [1] - The acquisition will lead to the addition of 19 new direct-operated stores, including 2 medical beauty stores and 17 lifestyle beauty stores, further expanding the company's operational footprint [1] Group 2 - The expansion will deepen the company's market penetration in key cities of the Greater Bay Area, which is expected to drive revenue growth [1]

Core Viewpoint - Meili Tianyuan Medical Health (02373) has seen a stock price increase of nearly 5% during trading, currently up 3.47% at HKD 28, with a trading volume of HKD 5.7075 million [1] Group 1: Acquisition Details - On November 18, Meili Tianyuan Medical Health announced the acquisition of 19 Naieryer franchise stores in Zhuhai and Dongguan for RMB 40 million [1] - Following the acquisition, Naieryer will officially include Zhuhai and Dongguan as part of its direct operation area, adding 19 new direct-operated stores, which consist of 2 medical beauty stores and 17 lifestyle beauty stores [1] Group 2: Financial Impact - The company expects the new direct-operated cities to generate approximately RMB 75 million in additional revenue and RMB 7.5 million in additional net profit after tax [1]

Core Viewpoint - Meili Tianyuan Medical Health (02373) announced the acquisition of 19 Nai Rui Er franchise stores in Zhuhai and Dongguan for 40 million RMB, enhancing its direct operation presence in these cities and expected to generate significant additional revenue and profit [1] Group 1: Acquisition Details - The acquisition includes 2 medical beauty stores and 17 lifestyle beauty stores, expanding the company's direct operation network [1] - Following the acquisition, the company will have a total of 19 new direct-operated stores in the Greater Bay Area [1] Group 2: Financial Impact - The acquisition is projected to bring in approximately 75 million RMB in additional revenue and 7.5 million RMB in net profit after tax [1] - The stock price of Meili Tianyuan Medical Health increased by nearly 5% during trading, reflecting positive market sentiment regarding the acquisition [1]

Core Viewpoint - Meili Tianyuan Medical Health (02373) has entered into a share transfer agreement to acquire 100% equity of medical businesses in Dongguan and Zhuhai for a total consideration of RMB 40 million (approximately HKD 44 million) [1] Group 1 - The acquisition will result in the company owning 90% of the target company, which will become a non-wholly owned subsidiary of the company [1] - Following the completion of the acquisition, the group will add 19 new direct-operated stores, including two medical beauty stores and 17 lifestyle beauty stores, further expanding its direct-operated store scale [1] - The acquisition is expected to significantly enhance the group's revenue by deepening its market presence in key cities of the Greater Bay Area [1] Group 2 - The medical targets in Dongguan and Zhuhai are primarily operated by Guangzhou Nairui Health Medical Investment Co., Ltd., which manages medical clinics in both cities [1] - The Zhuhai target, Zhuhai Nairui Naimei Beauty Technology Co., Ltd., operates eight Nairui brand beauty and health service stores [1] - The Dongguan target, Nairui Beauty Chain (Dongguan) Co., Ltd., operates nine Nairui brand beauty and health service stores [1]

Core Viewpoint - Meili Tianyuan Medical Health (02373) announced a share transfer agreement to acquire 100% equity of medical businesses in Dongguan and Zhuhai for a total consideration of RMB 40 million (approximately HKD 44 million) [1] Group 1: Acquisition Details - The buyer, a non-wholly owned subsidiary of the company, will acquire 90% equity of the target company upon completion of the acquisition [1] - The acquisition will lead to the addition of 19 new direct-operated stores, including 2 medical beauty stores and 17 lifestyle beauty stores, expanding the company's direct store scale [1] - The acquisition is expected to enhance the company's revenue significantly and deepen its market penetration in core cities of the Greater Bay Area [1] Group 2: Target Business Operations - The medical targets in Dongguan and Zhuhai are operated by Guangzhou Nairui Health Medical Investment Co., Ltd., focusing on medical outpatient services [1] - The Zhuhai target, Zhuhai Nairui Naimei Beauty Technology Co., Ltd., operates 8 Nairui brand beauty and health service stores [1] - The Dongguan target, Nairui Beauty Chain (Dongguan) Co., Ltd., operates 9 Nairui brand beauty and health service stores [1]

Core Viewpoint - Meili Tianyuan Medical Health (02373.HK) has entered into a conditional equity transfer agreement to acquire 100% equity of medical targets in Dongguan and Zhuhai for a total consideration of RMB 40 million (approximately HKD 44 million), which will expand its direct store network by 19 new locations, enhancing revenue significantly [1][2] Group 1 - The acquisition will result in the company holding 90% equity in the target company, which will become a non-wholly owned subsidiary [1] - The new stores include two medical beauty stores and 17 lifestyle beauty stores, further expanding the company's direct store network [1][2] - This move aligns with the company's strategy to deepen its presence in high-value customer concentrated first-tier and new first-tier cities in the Greater Bay Area [2] Group 2 - Meili Tianyuan has over 30 years of experience in the beauty and health service industry in China, focusing on both organic growth and strategic acquisitions [2] - The acquisition signifies the formal inclusion of Zhuhai and Dongguan into the company's direct operational areas, enhancing its market footprint [2] - The cities of Zhuhai and Dongguan are among the top-ranked in terms of GDP development in the Greater Bay Area, supporting the company's strategic focus [2]

Group 1 - The core point of the article is that Meili Tianyuan Medical Health (02373.HK) has entered into a share transfer agreement to acquire 100% equity of medical targets in Dongguan and Zhuhai for a total consideration of RMB 40 million (approximately HKD 44 million) [1][2] - Upon completion of the acquisition, the company will hold 90% equity in the target company, which will become a non-wholly owned subsidiary of the company [1] - The acquisition will lead to the addition of 19 new direct-operated stores, including two medical beauty stores and 17 lifestyle beauty stores, thereby expanding the company's direct-operated store network [1][2] Group 2 - Meili Tianyuan has over 30 years of experience in the beauty and health service industry in China and aims to expand its business scale through organic growth and strategic acquisitions [2] - The acquisition signifies the formal inclusion of Zhuhai and Dongguan into the direct-operated area of the company's smart beauty brand, Nairui'er, aligning with the company's strategy to deepen its presence in high-net-worth customer concentrated first-tier and new first-tier cities [2]

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。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2373） 關連交易 Beauty Farm Medical and Health Industry Inc. 美麗田園醫療健康產業有限公司 * 收購營運奈瑞兒品牌的附屬公司的股權 收購事項 董事會欣然公佈，於2025年11月18日（聯交所交易時段後），買方（各為本公司的 一家非全資附屬公司）與賣方訂立股權轉讓協議，據此（其中包括），賣方有條件 同意出售，而買方有條件同意收購目標業務（包含東莞和珠海醫療標的100%股 權、珠海標的及東莞標的100%股權），總代價為人民幣40.0百萬元（相當於約44.0 百萬港元）。於收購事項完成後，本公司將擁有目標公司90%的股權，該等公司 將成為本公司非全資附屬公司。本次收購事項將帶動本集團直營門店新增19家， 其中包括兩家醫療美容門店及17家生活美容門店，直營門店總規模進一步拓展， 大灣區 ...