Core Viewpoint - Multiple companies in China conducted share buybacks on October 17, 2025, with Xiaomi Group-W leading in terms of buyback amount and quantity [1][2] Group 1: Buyback Details - Xiaomi Group-W (01810) repurchased 10.70 million shares for a total of 494 million yuan, with a year-to-date total of 27.30 million shares, representing 0.110% of its total share capital [2] - Four Seasons Pharmaceutical (00460) repurchased 15 million shares for 21.76 million yuan, with a year-to-date total of 59.60 million shares, representing 0.647% of its total share capital [2] - Mengniu Dairy (02319) repurchased 1.20 million shares for 16.97 million yuan, with a year-to-date total of 18.52 million shares, representing 0.473% of its total share capital [2] Group 2: Other Notable Buybacks - VITASOY International (00345) repurchased 1.02 million shares for 8.20 million yuan, with a year-to-date total of 566.60 million shares, representing 0.540% of its total share capital [2] - Zhongtong Express-W (02057) repurchased 445,000 shares for 8.41 million yuan, with a year-to-date total of 5.07 million shares, representing 0.630% of its total share capital [2] - Huazhong Media (00685) repurchased 500,000 shares for 50,000 yuan, with a year-to-date total of 225.60 million shares, representing 0.139% of its total share capital [2]

Company Overview - The company announced on October 15 a strategic acquisition of 100% equity in Siyuanli for a consideration of 1.25 billion yuan, with a transaction valuation of 14.8x P/E (LTM) [1] - The payment structure includes 330 million yuan in cash, 510 million yuan in acquisition loans, and 410 million yuan in share payments, with shares issued at 28.71 HKD per share, representing 6.70% of the total issued shares, subject to a lock-up period of 6 months to 1 year [1] Market Position - Siyuanli is projected to be the third-largest beauty service brand in China in 2024, with revenues and net profits of 850 million yuan and 80 million yuan respectively, and a net profit margin of 9.6% [2] - The company operates 163 beauty service stores and 19 medical beauty clinics across 48 cities in China, with over 90% of its revenue coming from the top 20 first-tier and new first-tier cities [2] - Post-acquisition, the combined entity will cover 42% of high-end commercial properties in the top 20 cities, enhancing market share in the high-end beauty service sector [2] Operational Synergies - The company has over 30 successful acquisition integration experiences over 32 years, which is expected to enable systematic output of mature medical beauty and sub-health services to Siyuanli [3] - The focus will be on optimizing operational efficiency and profitability through refined customer operations, digital transformation, and supply chain integration [3] Growth Potential - The acquisition of Siyuanli, along with previous acquisitions of the second brand Nairui, strengthens the company's leading position in the beauty and health industry, creating a larger member flow and denser high-end commercial network [3] - The "dual beauty + dual health" business model is expected to open up significant growth opportunities for the company [3] Financial Forecast and Valuation - The company maintains its profit forecast for 2025-2026, with the current stock price corresponding to 25/22x P/E for those years [3] - The target price has been raised by 5% to 42 HKD, reflecting a 25% upside potential based on the strengthened leading position [3]

智通财经APP讯，美丽田园医疗健康(02373)发布公告，公司于2025年10月17日于市场购回6万股公司股 份，总交易金额约194.29万港元，交易平均价约每股32.38港元。自2025年10月15日至本公告日期止期 间，公司已购回共14万股股份，总对价约464.87万港元。 ...

格隆汇10月17日丨美丽田园医疗健康(02373.HK)公告，10月17日耗资194万港元回购6万股。 ...

FF305 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10月17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 | | 已發行股份（不包括庫存股份） ...

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. 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股東回報能力。本次股份購回符合 本公司及其股東的整體利益。 董事會本次回購是通過於2025年6月27日舉行的本公司股東週年大會（「股東週年大 會」）通過的股東（「股東」）決議案取得購回本公司股份（「股份」）的一般授權（「購回授 權」）進行。根據購回授權，本公司可購回最多23,579,556股股份，佔股東週年大會 日期已發行股份數目的10%。 * 僅供識別 – 1 – （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 ...

Summary of Key Points Core Viewpoint - A total of 30 companies conducted share buybacks on October 16, 2025, with Xiaomi Group-W leading in terms of buyback amount and quantity [1] Group 1: Buyback Details - Xiaomi Group-W (01810) repurchased 4 million shares for a total of 192 million [1] - Mengniu Dairy (02319) repurchased 1 million shares for 14.44 million [2] - Yun Gongchang (N23027) repurchased 2.01 million shares for 8.19 million [2] Group 2: Cumulative Buyback Data - Xiaomi Group-W has a cumulative buyback of 16.59 million shares, representing 0.060% of total share capital [2] - Mengniu Dairy has a cumulative buyback of 17.32 million shares, representing 0.443% of total share capital [2] - Yun Gongchang has a cumulative buyback of 20.62 million shares, representing 4.483% of total share capital [2] Group 3: Other Notable Buybacks - Lianyi Rong Technology-W (09959) repurchased 2.39 million shares for 7.48 million, with a cumulative total of 60.47 million shares, representing 2.830% of total share capital [2] - Kangning Jiere Pharmaceutical-B (09966) repurchased 400,000 shares for 5.48 million, with a cumulative total of 801,000 shares, representing 0.083% of total share capital [2] - Guisheng Tongqiao-B (02190) repurchased 50,000 shares for 1.24 million, with a cumulative total of 330,350 shares, representing 1.009% of total share capital [2]

Core Viewpoint - The company maintains its profit forecast for 2025-2026, with the current stock price corresponding to a P/E ratio of 25/22x for those years, and has raised its target price by 5% to HKD 42, indicating a 25% upside potential [1] Group 1: Company Current Situation - On October 15, the company announced a strategic acquisition of 100% equity in Siyuanli for a consideration of HKD 1.25 billion, with a transaction valuation of 14.8x P/E (LTM). The payment structure includes HKD 330 million in cash, HKD 510 million in acquisition loans, and HKD 410 million in share payments, with shares issued at HKD 28.71 per share, representing 6.70% of the total issued shares, subject to a lock-up period of 6 months to 1 year. The transaction is expected to be completed by December 2025, after which Siyuanli will be consolidated into the company's financial statements [2] Group 2: Market Position Enhancement - The acquisition of Siyuanli, the third-largest beauty service brand in China, is expected to further enhance market share. According to Sullivan, Siyuanli's projected revenue and net profit for 2024 are HKD 850 million and HKD 80 million, respectively, with a net profit margin of 9.6%. As of the first half of 2025, Siyuanli operates 163 beauty service stores and 19 medical beauty clinics across 48 cities in China, with over 90% of its revenue coming from the top 20 first-tier and new first-tier cities. Post-acquisition, the combined entity will cover 42% of high-end commercial properties in these cities, expanding its market share in high-end beauty services and increasing the number of active members by 44% compared to 2024 [3][5] Group 3: Operational Efficiency and Synergy - The company has over 30 successful acquisition integration experiences over its 32 years in the industry, indicating its capability to systematically provide mature medical beauty and sub-health services to Siyuanli. This will cover the full cycle of customer beauty and health needs, optimizing operational efficiency and profitability through refined customer operations, digital transformation, and supply chain integration [4] Group 4: Strengthening Leadership Position - The company has strengthened its leadership position in the beauty and health industry through the acquisitions of the second brand Nairui and the third brand Siyuanli within 2024-2025. This strategy enhances the "dual beauty + dual health" business model by providing a larger member flow, denser high-end commercial networks, and stronger medical service capabilities, indicating a broad growth potential for the company [5]

Core Viewpoint - The report from CICC maintains the profit forecast for Meili Tianyuan Medical Health (02373) for 2025-2026, with the current stock price corresponding to a P/E ratio of 25/22x for those years. The target price is raised by 5% to HKD 42, indicating a 25% upside potential [1]. Company Status - On October 15, the company announced a strategic acquisition of 100% equity in Siyuanli for a consideration of RMB 1.25 billion, with a transaction valuation of 14.8x P/E (LTM). The payment structure includes RMB 330 million in cash, RMB 510 million in acquisition loans, and RMB 410 million in share payments, with shares issued at HKD 28.71 each, representing 6.70% of the total issued shares, subject to a lock-up period of 6 months to 1 year. The transaction is expected to be completed by December 2025, after which Siyuanli will be consolidated into the company's financial statements [2]. Market Position Enhancement - Siyuanli is recognized as the third-largest beauty service brand in China for 2024, with projected revenues and net profits of RMB 850 million and RMB 80 million, respectively, and a net profit margin of 9.6%. The company operates 163 beauty service stores and 19 medical beauty clinics across 48 cities in China, with over 90% of its revenue coming from the top 20 first-tier and new first-tier cities. Post-acquisition, the combined entity will cover 42% of high-end commercial properties in these cities, enhancing market share in the high-end beauty service sector [3]. Operational Efficiency and Synergy - With over 30 successful acquisition integration experiences over 32 years, the company is expected to systematically provide mature medical beauty and sub-health services to Siyuanli, addressing the full cycle of customer beauty and health needs. The focus will be on optimizing operational efficiency and profitability through refined customer operations, digital transformation, and supply chain integration [4]. Strengthening Market Leadership - The company has acquired the second and third brands in the beauty service industry, Nairui and Siyuanli, respectively, within 2024-2025. This strategy enhances the "Double Beauty + Double Health" business model by increasing member traffic, expanding high-end commercial networks, and strengthening medical service capabilities, further solidifying its leadership position in the beauty and health industry [5].

Core Viewpoint - The acquisition of 100% equity of Siyuanli by Meili Tianyuan for 1.25 billion RMB marks a significant consolidation in China's high-end beauty service market, following the acquisition of another brand, Nairui'er, in 2024. This transaction is notable for its innovative financing structure, which includes a combination of cash, acquisition loans, and share payments, resulting in a "zero cash occupation" acquisition [1][4]. Financial Structure - The deal involves 330 million RMB in cash, 510 million RMB in acquisition loans, and 410 million RMB in share payments, effectively utilizing Siyuanli's 360 million RMB cash reserves to cover the cash component [4]. - The acquisition corresponds to a price-to-earnings (PE) ratio of approximately 14.8 times for Siyuanli, significantly lower than Meili Tianyuan's PE of 29.5 times and the industry average of 23.3 times, indicating a valuation arbitrage opportunity [4]. Market Positioning - Meili Tianyuan's acquisition strategy positions it strongly within the high-end beauty market, with a total of 734 stores post-acquisition, effectively doubling its store count since its IPO. The company will control three of the top four brands in the industry [1][5]. - The acquisition allows Meili Tianyuan to capture a significant share of high-value commercial properties in first-tier and new first-tier cities, with a combined presence in 191 out of 456 core commercial properties, representing 42% coverage [5]. Membership and Customer Base - The acquisition of Siyuanli will add approximately 60,000 active members, resulting in a 44% increase in Meili Tianyuan's total active membership, surpassing 200,000 members [6][8]. - The geographical overlap of Siyuanli's medical beauty clinics with Meili Tianyuan's existing locations facilitates resource integration and operational synergies [6]. Competitive Landscape - Post-acquisition, Meili Tianyuan will hold a dominant position in the market, with significant revenue contributions from major cities, enhancing its competitive edge against other brands [6][7]. - The presence of multiple brands under Meili Tianyuan raises challenges regarding differentiation and internal competition, which management acknowledges as a potential issue [7]. Integration and Synergies - The management emphasizes that the acquisition is not merely additive but aims for systemic integration, focusing on member flow, medical business integration, and backend empowerment [8]. - Plans to upgrade half of Siyuanli's medical clinics over the next three years will require substantial investment, raising concerns about funding sources amid existing acquisition loan obligations [8]. Long-term Strategy - The acquisition is part of a broader strategy of aggressive expansion through acquisitions, which may lead to increased operational complexity and integration challenges in the future [9].