格隆汇10月16日丨美丽田园医疗健康(02373.HK)公告，10月16日耗资101万港元回购3万股。 ...

美丽田园医疗健康(02373)发布公告，本公司于2025年10月16日于市场购回3万股本公司股份，总交易金 额约101.1万港元，交易平均价约每股33.701港元。自2025年10月15日至本公告日期止期间，本公司已购 回共8万股股份，总对价约270.58万港元。 ...

智通财经APP讯，美丽田园医疗健康(02373)发布公告，本公司于2025年10月16日于市场购回3万股本公 司股份，总交易金额约101.1万港元，交易平均价约每股33.701港元。自2025年10月15日至本公告日期止 期间，本公司已购回共8万股股份，总对价约270.58万港元。 ...

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 第 1 頁 共 6 頁 v 1.3.0 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16日 FF305 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 。 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯 ...

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 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 – 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。 本公司欣然公佈，本公司於2025年10月16日於市場購回30,000股本公司股份，總交 易金額約1,011,030港元，交易平均價約每股33.701港元。自2025年10月 ...

Core Viewpoint - The acquisition of Shanghai Siyuanli by Meili Tianyuan highlights the current revenue status of the beauty industry, indicating a trend towards consolidation in the sector as companies seek to capitalize on market opportunities amid regulatory changes [2][3]. Company Summary - Meili Tianyuan announced a full acquisition of Shanghai Siyuanli for 1.25 billion RMB (approximately 1.369 billion HKD), with a payment structure of cash and stock [3]. - The acquisition includes 835.9 million RMB in cash and the issuance of 15.798 million new shares at a price of 28.71 HKD per share, reflecting a 19.67% discount from the last trading day's closing price [3]. - Siyuanli's estimated valuation is 1.395 billion RMB, based on independent assessments [3]. - Siyuanli's projected revenues for 2022 to 2024 are 565 million RMB, 818 million RMB, and 849 million RMB, respectively, with net profits of -36.366 million RMB, 69.426 million RMB, and 81.036 million RMB [3]. - As of mid-2025, Siyuanli operates 163 beauty stores across 48 cities, including 118 direct-operated and 45 franchised stores, along with 19 medical beauty clinics [3]. Industry Summary - The beauty and health industry in China is undergoing rapid consolidation, with Meili Tianyuan's acquisition expected to significantly enhance its market share, increasing its total store count to 734 [3][4]. - Over 90% of Siyuanli's revenue in 2024 is anticipated to come from stores located in China's top 20 first-tier and new first-tier cities, which are key consumer markets [4]. - The beauty service industry benefits from strong cash flow due to prepayment models, with Siyuanli being a prime example of this advantageous structure [4]. - Meili Tianyuan reported a revenue of 1.46 billion RMB for the first half of 2025, marking a 28.2% year-on-year increase, with net profit rising by 35.5% to 170 million RMB [4]. - The beauty industry is experiencing a phase of "merger and clearing," with numerous acquisitions occurring among listed companies, indicating a shift towards consolidation as smaller brands face operational challenges [5][6]. - The industry remains fragmented, with 88.9% of beauty brands operating only one store, highlighting the low concentration and the challenges faced by smaller players [6].

Core Viewpoint - Meili Tianyuan Medical Health (02373) announced the acquisition of 100% equity of Shanghai Siyuanli Industrial for a total consideration of 1.25 billion RMB, marking a key step in its "internal growth + external acquisition" strategy [1] Transaction Structure - The acquisition is structured as a "cash + acquisition loan + share issuance" plan, with cash consideration of approximately 840 million RMB, consisting of 330 million RMB from internal cash and 510 million RMB from bank financing; share consideration is about 410 million RMB, with the issuance of approximately 15.798 million shares at a price of 28.71 HKD per share [2] - After the transaction, Siyuanli will become a wholly-owned subsidiary of Meili Tianyuan, and its performance will be consolidated into the group's financial statements; existing shareholders' stakes will be diluted, with the controlling shareholder's stake expected to decrease by 3.07% to 45.70% post-transaction [2] Market Position and Brand Integration - The acquisition significantly strengthens Meili Tianyuan's market share, increasing the number of stores from 552 to 734, consolidating three leading brands in the Chinese beauty service market: Meili Tianyuan, Nairui, and Siyuanli [3] - The beauty service market in China is substantial, with the top 20 core cities accounting for about 40% of the market size; the acquisition will increase the number of stores in these cities from 360 to 491 [3] Competitive Advantage in High-End Market - The merger will enhance Meili Tianyuan's competitive edge in the high-end beauty market, with over 42% coverage of high-end commercial properties in the top 20 cities; the integration of 60,000 high-quality members from Siyuanli will increase the overall membership by 44% [4] - The integration of medical beauty resources will elevate service capabilities, with both companies having over 90% of their revenue from the top 20 cities [4] Valuation and Financial Attractiveness - Siyuanli's valuation is attractive, with a LTM P/E ratio of 14.8, lower than Meili Tianyuan's 29.5 and the industry average of 23.3, providing a safety margin for investors [5] - The acquisition is expected to replicate the successful integration path of Nairui, with potential for significant revenue enhancement and operational efficiency [5] Expected Outcomes - The acquisition is projected to be completed by December this year, with consolidation into financial statements expected in January 2026; the synergy effects are anticipated to drive EPS growth and enhance shareholder returns [6]

Core Viewpoint - The acquisition of 100% equity in Shanghai Siyuanli by Meili Tianyuan for a total consideration of 1.25 billion RMB is a key step in its "organic growth + external acquisition" strategy [1] Transaction Structure - The acquisition is structured as a diversified plan involving "cash + acquisition loan + share issuance," with cash consideration of approximately 840 million RMB, consisting of 330 million RMB from internal cash and 510 million RMB from bank financing [2] - The share consideration is about 410 million RMB, with the company issuing approximately 15.798 million shares at a price of 28.71 HKD per share to the seller [2] - Post-transaction, Siyuanli will become a wholly-owned subsidiary of Meili Tianyuan, and its performance will be consolidated into the group's financial statements [2] Market Position and Growth - The acquisition significantly strengthens Meili Tianyuan's market share, increasing the number of stores from 552 to 734, thereby solidifying its leading position in China's high-end beauty service market [3] - The top three brands in the Chinese beauty service market are Meili Tianyuan, Nairui, and Siyuanli, and the combined store network will enhance competitive advantages [3] Brand Integration and Competitive Advantage - The acquisition will facilitate the integration of three major brands, enhancing Meili Tianyuan's competitive edge in the high-end beauty market [4] - The combined coverage of high-end commercial properties in the top 20 core cities will exceed 42%, allowing access to nearly half of the high-end business districts [4] - The integration of 60,000 high-quality members from Siyuanli will increase the overall membership base by 44%, providing a foundation for cross-selling [4] Financial Attractiveness - Siyuanli's valuation is attractive, with a LTM P/E ratio of 14.8, lower than Meili Tianyuan's 29.5 and the industry average of 23.3, providing a safety margin for investors [5] - Siyuanli has a solid financial position with 360 million RMB in cash, sufficient to cover the initial payment, and an average annual operating cash flow of 240 million RMB to support loan repayments [5] Synergy and Future Growth - The company expects to replicate the successful integration path of Nairui, with potential for significant operational improvements and profit growth [5] - The anticipated synergies from the acquisition are expected to drive EPS growth even after considering dilution, benefiting both performance and shareholder returns [6]

Core Viewpoint - Meili Tianyuan Medical Health (02373.HK) announced a strategic acquisition of 100% equity in Shanghai Siyuanli Industrial Co., Ltd. for a consideration of 1.25 billion RMB, marking it as the largest acquisition in the beauty industry this year [1][6]. Acquisition Details - The acquisition price of 1.25 billion RMB includes 325 million RMB for domestic acquisition and 511 million RMB for overseas acquisition, along with the issuance of 15,798,147 shares at a price of 28.71 HKD per share, representing a discount of 19.67% from the last trading price of 35.74 HKD [6][8]. - The independent valuation firm Jinzheng evaluated Siyuanli at 1.395 billion RMB, indicating that Meili Tianyuan's acquisition price is 89.6% of Siyuanli's valuation [8]. - Following the acquisition, Meili Tianyuan will have over 734 stores and approximately 60,000 active members from Siyuanli integrated into its membership system [8]. Financial Performance of Siyuanli - Siyuanli's revenue for the years 2022, 2023, 2024, and the first half of 2025 is reported as 565 million RMB, 818 million RMB, 849 million RMB, and 423 million RMB respectively, with net profit/loss figures of -36.4 million RMB, 69.4 million RMB, 81 million RMB, and 44 million RMB [12][13]. Market Reaction - The market response to the acquisition was lukewarm, with Meili Tianyuan's stock opening at 36.5 HKD but closing down 5.43% at 33.8 HKD on the announcement day [4]. Strategic Positioning - This acquisition follows Meili Tianyuan's previous acquisition of Guangzhou Nairui Health Management Co., Ltd., positioning it among the top three beauty service brands in China [14]. - Meili Tianyuan aims to leverage its portfolio of brands, including Meili Tianyuan, Beili Shi, Nairui, and Siyuanli, to strengthen its market presence in high-end sectors [14]. Future Outlook - The company has completed over 30 acquisitions to date and anticipates further opportunities, projecting revenues to exceed 4 billion RMB and adjusted net profits to surpass 500 million RMB by 2026 [15]. - As of the first half of 2025, Meili Tianyuan reported revenues of 1.459 billion RMB and net profits of 170.8 million RMB, reflecting a growth of 28.2% and 35.5% respectively compared to the previous year [16]. Consumer Complaints - Meili Tianyuan and its brands, including Nairui and Siyuanli, have faced consumer complaints related to refund difficulties and service quality, prompting the company to enhance its customer service response [17][20].

Core Viewpoint - The acquisition of 100% equity in Shanghai Siyuanli Industrial by Meili Tianyuan Medical Health for 1.25 billion yuan marks a significant milestone in reshaping the competitive landscape of the high-end beauty industry in China's first and new first-tier cities [1] Group 1: Acquisition Details - Meili Tianyuan will acquire 100% of Shanghai Siyuanli, with the target company previously held by SYL Holding (74%) and Shanghai Anyan (26%) [1] - The acquisition is valued at 1.25 billion yuan, and post-transaction, Siyuanli will become a wholly-owned subsidiary of Meili Tianyuan [1] Group 2: Company Background - Founded in 1996, Siyuanli is recognized as a benchmark brand in high-end beauty services, focusing on technology empowerment and effect-oriented principles [1] - According to Frost & Sullivan data, Siyuanli ranks as the third-largest beauty service brand in China based on projected revenue for 2024 [1] Group 3: Operational Footprint - As of June 30, 2025, Siyuanli operates 163 beauty stores across 48 cities in China, including 118 direct-operated and 45 franchised stores, along with 19 medical beauty clinics [1] - Over 90% of Siyuanli's total revenue is expected to come from stores located in China's top 20 first and new first-tier cities in 2024 [1] Group 4: Strategic Implications - This acquisition follows Meili Tianyuan's successful purchase of Nairui in 2024, further solidifying its position in the high-end beauty market [1] - The transaction will significantly expand Meili Tianyuan's store network to 734 locations, enhancing its membership base considerably [1]