Core Viewpoint - Meili Tianyuan Medical Health announced a cash acquisition of 100% equity in Shanghai Siyuanli Industrial for 1.25 billion yuan, equivalent to approximately 1.369 billion HKD, which aims to strengthen its market share in the high-end beauty sector in first-tier cities [1] Group 1: Acquisition Details - The acquisition involves a share purchase agreement between Meili Tianyuan's wholly-owned subsidiary Shanghai Meili Tianyuan Medical Health and SYL Holding, along with Shanghai Anyan [1] - Upon completion of the transaction, Shanghai Siyuanli Industrial will become a wholly-owned subsidiary of Meili Tianyuan [1] - The sellers, SYL Holding and Shanghai Anyan, have committed to completing the transaction as per the agreement, pending customary conditions [1] Group 2: Market Impact - The acquisition is expected to further consolidate Meili Tianyuan's position in the high-end beauty market within first-tier cities [1]

Core Viewpoint - The acquisition of Shanghai Siyuanli Industrial Co., Ltd. by Meili Tianyuan Medical Health is a strategic move to reshape the competitive landscape of the high-end beauty industry in China's high-tier cities, following the successful acquisition of Nairui in 2024 [1][3]. Group 1: Acquisition Details - Meili Tianyuan Medical Health and its subsidiaries have agreed to acquire 100% of the issued shares of Shanghai Siyuanli for a consideration of RMB 1.25 billion [1]. - The acquisition will involve the issuance of 15.7981 million shares to SYL Holding, representing approximately 6.70% of the total issued shares as of the announcement date [1]. Group 2: Target Company Overview - Shanghai Siyuanli, established on December 31, 2009, is a leading brand in China's high-end beauty service industry, focusing on skincare products and professional beauty experiences for women in high-tier cities [2]. - As of June 30, 2025, the target company operates 163 beauty stores and 19 medical beauty clinics across 48 cities in China, with over 90% of its revenue coming from stores in the top 20 first-tier and new first-tier cities [2]. Group 3: Strategic Implications - The acquisition is expected to significantly expand the store network to 734 locations, enhancing the customer base and market share of Meili Tianyuan [3]. - The integration will leverage five core capabilities, including chain management, customer lifecycle management, medical service upgrades, AI transformation, and supply chain integration, to maximize synergies and drive revenue and profit growth [3].

Group 1 - The company, 美丽田园医疗健康, has entered into a conditional share purchase agreement to acquire 100% of the issued shares of 上海思妍丽实业 for a consideration of RMB 1.25 billion (approximately HKD 1.369 billion) [1] - As part of the consideration, 15.7981 million shares will be issued to SYL Holding, representing about 6.70% of the total issued shares as of the announcement date, and approximately 6.28% of the total issued shares post-acquisition [1] - The target company, 思妍丽, is a leading brand in China's high-end beauty service industry, operating 163 beauty stores and 19 medical beauty clinics across 48 cities as of June 30, 2025 [2] Group 2 - The acquisition is seen as a significant milestone for the company, following the successful acquisition of 奈瑞儿 in 2024, and is expected to reshape the competitive landscape of the high-end beauty industry in China's top-tier cities [2] - Post-acquisition, the company's store network will expand to 734 locations, significantly increasing its membership base and enhancing its market position [2] - The company plans to leverage five core capabilities, including chain management and AI transformation, to maximize synergies and drive revenue and profit growth [3]

Core Viewpoint - The acquisition of 100% equity in Shanghai Siyuan Lishi by Meili Tianyuan Medical Health is a strategic move to enhance its position in the high-end beauty service industry in China, with a total consideration of RMB 1.25 billion (approximately HKD 1.369 billion) [1][2]. Group 1: Acquisition Details - The agreement involves the conditional sale of shares by SYL Holding and Shanghai Anyan, with Meili Tianyuan Medical Health and Shanghai Meili Tianyuan as the buyers [1]. - The acquisition will result in the issuance of 15.7981 million consideration shares, representing approximately 6.70% of the total issued shares as of the announcement date [1]. - The company will apply for the listing and trading of the consideration shares on the Stock Exchange [1]. Group 2: Target Company Overview - The target company, established in December 2009, is a leading brand in China's high-end beauty service sector, known for its skincare products and services [2]. - As of June 30, 2025, the target company operates 163 beauty stores and 19 medical beauty clinics across 48 cities in China, with over 90% of its revenue coming from first-tier and new first-tier cities [2]. - According to Frost & Sullivan, the target company's brand ranks as the third-largest beauty service brand in China based on 2024 revenue [2]. Group 3: Strategic Implications - This acquisition marks a significant milestone for the company, following its successful acquisition of Nairui'er in 2024, and is expected to reshape the competitive landscape of the high-end beauty industry in high-tier cities [3]. - Post-acquisition, the company's store network will expand to 734 locations, significantly increasing its membership base [3]. - The integration will leverage five core capabilities, including chain management and AI-driven transformation, to maximize synergies and enhance revenue and profit growth [3].

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。 本公告僅供參考之用，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 財務顧問 收購事項 董事會欣然宣佈，於2025年10月15日（聯交所交易時段前），本公司、上海美麗田 園醫療健康、SYL Holding及上海安妍訂立股份購買協議，據此，（其中包括） SYL Holding及上海思妍（均作為賣方）有條件同意出售，而本公司及上海美麗田 園醫療健康（均作為買方）有條件同意收購上海思妍麗實業100%已發行股份，對 價為人民幣1,250.0百萬元（相當於約1,369.2百萬港元）。 – 1 – 作為對價的一部分，對價股份 ...

Core Insights - The article presents a ranking of 33 Hong Kong-listed medical service companies based on their stock price performance as of September 30, 2025, highlighting significant price increases and declines among these companies [1][2]. Group 1: Top Performers - The top performer is Brainstorm Cell Therapeutics (脑动极光-B) with a stock price of HKD 8.58, reflecting a remarkable increase of 166.46% [1]. - MediWound (麦迪卫康) ranks second with a stock price of HKD 1.23, showing a growth of 136.54% [1]. - Yonghe Medical (雍禾医疗) comes in third with a stock price of HKD 2.05, marking a rise of 127.78% [1]. Group 2: Notable Declines - The company with the largest decline is Yimeng Group (云康集团), with a stock price of HKD 1.28, experiencing a drop of 86.15% [1]. - Meizhong Jiahe (美中嘉和) follows with a stock price of HKD 3.20, down by 70.91% [1]. - Another significant decline is seen in Yimeng Sunshine (一昧阳光), which has a stock price of HKD 17.00, down by 76.06% [1]. Group 3: Market Capitalization - Fosun Pharma (复星医药) has the highest market capitalization at HKD 680.48 billion, with a stock price of HKD 25.78 [2]. - Far East Horizon (远东宏信) ranks second with a market cap of HKD 328.32 billion and a stock price of HKD 6.87 [2]. - Global Medical (环球医疗) holds a market cap of HKD 114.82 billion, with a stock price of HKD 6.07 [2].

公司名稱: 美麗田園醫療健康產業有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02373 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | 本月底法定/註冊股本總額： ...

Core Viewpoint - Huachuang Securities reports that Meili Tianyuan Medical Health (02373) is a leading company in the domestic beauty and medical beauty service sector, with a strong brand reputation and operational capabilities. The company is expected to see performance growth due to deepening digital transformation, improved industry chain layout, and store expansion [1] Financial Overview - For the first half of 2025, the company reported revenue of 1.46 billion (up 28% year-on-year) and a net profit attributable to shareholders of 160 million (up 35%). Adjusted net profit reached 190 million (up 38%) [2] - The gross margin was 49.3% (up 2 percentage points), and the net margin was 11.7% (up 0.6 percentage points). The expense ratios for sales, management, and R&D were 17.2%, 16.2%, and 1.4%, respectively [2] Business Segmentation - Revenue breakdown: 55% from beauty services (51% from direct stores and 5% from franchises), 34% from medical beauty, and 11% from sub-health services. - Beauty services generated 810 million (up 30%) with a gross margin of 42.1% (up 2 percentage points) [3] - Medical beauty services generated 500 million (up 13%) with a gross margin of 56.9% (up 2 percentage points) [3] - Sub-health services generated 150 million (up 108%) with a gross margin of 63.1% (up 9 percentage points) [3] Operational Data - The company continues to expand its brand influence, with stable growth in store and membership numbers. - Beauty: 238 direct stores (down 1 from the end of 2024) and 276 franchise stores (unchanged), with membership increasing by 46% to 112,000 [4] - Medical beauty: 27 stores (down 1) [4] - Sub-health: 11 stores (unchanged) [4] Digital Transformation and Supply Chain - The company is accelerating its digital transformation by building online capabilities for customers, business, and organization, enhancing operational efficiency and customer service experience. Additionally, it is investing in upstream supply chains to ensure stable supply and cost advantages for core products [5] Team and Service Innovation - The core management and technical team remains stable, providing strong support for the company's development. The company continues to innovate in services by launching new beauty, medical beauty, and sub-health adjustment projects to meet diverse consumer needs, with a focus on expanding store presence in first- and second-tier cities [6]

Core Viewpoint - Meili Tianyuan Medical Health (02373) is a leading company 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] Financial Overview - For the first half of 2025, the company reported revenue of 1.46 billion (up 28% year-on-year) and a net profit attributable to shareholders of 160 million (up 35%). Adjusted net profit reached 190 million (up 38%) [2] - The gross margin was 49.3% (up 2 percentage points), and the net margin was 11.7% (up 0.6 percentage points). The expense ratios for sales, management, and R&D were 17.2%, 16.2%, and 1.4%, respectively [2] Business Segmentation - Revenue breakdown: 55% from beauty services (51% from direct stores and 5% from franchises), 34% from medical beauty, and 11% from sub-health services. - Beauty services generated 810 million (up 30%) with a gross margin of 42.1% (up 2 percentage points) [3] - Medical beauty services generated 500 million (up 13%) with a gross margin of 56.9% (up 2 percentage points) [3] - Sub-health services generated 150 million (up 108%) with a gross margin of 63.1% (up 9 percentage points) [3] Operational Data - The company continues to expand its brand influence, with stable growth in store and membership numbers. - Beauty: 238 direct stores (down 1 from the end of 2024) and 276 franchise stores (unchanged), with membership increasing by 46% to 112,000 [4] - Medical beauty: 27 stores (down 1) [4] - Sub-health: 11 stores (unchanged) [4] Strategic Initiatives - The company is accelerating its digital transformation, enhancing online capabilities for customers, business, and organization to improve operational efficiency and customer service experience [5] - The company is also investing in upstream supply chains to ensure stable supply and cost advantages for core products and consumables, laying a solid foundation for long-term business development [5] Team and Innovation - The core management and technical teams remain stable, providing strong support for the company's development. The company continues to innovate in services, launching new beauty, medical beauty, and sub-health adjustment projects to meet diverse consumer needs [6] - Store expansion is focused on increasing presence in first- and second-tier cities to broaden market coverage [6]

Financial Performance - Revenue for the six months ended June 30, 2025, reached RMB 1,459,013, representing a 28.2% increase from RMB 1,137,694 in 2024[13]. - Gross profit increased by 34.7% to RMB 719,788, with a gross profit margin of 49.3%, up from 47.0% in the previous year[13]. - Net profit for the period was RMB 170,772, a 35.5% increase from RMB 126,067 in 2024[13]. - Adjusted net profit rose by 37.8% to RMB 190,593, compared to RMB 138,332 in the same period last year[13]. - Basic and diluted earnings per share increased by 36.0% to RMB 0.68, up from RMB 0.50 in 2024[13]. - The financial summary indicates a strong operational performance, with significant growth in both revenue and profit metrics[13]. - Cash flow from operating activities reached RMB 410 million, expanding 84.4% year-over-year, with total cash and cash-like items growing to RMB 2 billion, a net increase of 27.5%[42]. - The Group's net cash generated from operating activities increased from RMB 222 million in the first half of 2024 to RMB 410 million in the first half of 2025, representing a year-over-year increase of 84.4%[118]. - Adjusted net profit margin improved from 12.2% in the first half of 2024 to 13.1% in the first half of 2025[111]. Client Engagement - The number of client visits to direct stores increased by 47.8% to 918,069 in the six months ended June 30, 2025, compared to 621,136 in the same period of 2024[13]. - The number of active members of direct stores rose by 46.5% to 118,932, up from 81,188 year-on-year[13]. - Client visits at direct stores reached 920,000, up 47.8% year-over-year, while active members surged by 46.5% to 120,000[40]. - The number of client visits at direct stores for beauty and wellness services surged to 850,000, up 48.6% year-over-year[52]. - Active members of direct beauty and wellness stores increased to 112,000, reflecting a growth of 45.7% year-over-year[52]. - The number of client visits at direct stores for subhealth medical services reached 19,000, representing a year-over-year increase of 75.5%[67]. - The total number of active members for direct stores surged to 7,014, marking a 93.4% year-over-year growth[67]. Strategic Initiatives - The company continues to focus on enhancing its market presence and operational efficiency through strategic initiatives[15]. - The company announced a 20% equity acquisition in Naturade, increasing ownership to 90%, enhancing control and shareholder value[30]. - The "AI-Powered Wellness System 2.0" was launched at Naturade, integrating modern diagnostic technologies with traditional Chinese medicine approaches[34]. - The Group aims to replicate the successful acquisition and integration of Naturade to explore further industry consolidation opportunities[78]. - The Group is focusing on AI applications in beauty and health services to drive innovation and digital transformation[78]. Revenue Breakdown - Revenue from beauty and wellness services increased by 29.6% to RMB 806 million, with direct store revenue rising by 31.0% to RMB 739 million[86][87]. - Revenue from aesthetic medical services grew by 13.0% from RMB 441 million to RMB 499 million[91]. - Revenue from subhealth medical services surged by 107.8% from RMB 74 million to RMB 154 million[92]. - In the first half of 2025, revenue from beauty and wellness services reached RMB 807 million, representing a year-over-year increase of 29.6%[50]. - Revenue from the functional medicine segment surged by 122.0% year-over-year in the first half of 2025, demonstrating strong growth momentum[71]. Cost Management - Selling expenses grew from RMB 190 million in the first half of 2024 to RMB 251 million in the first half of 2025, primarily due to increased staff costs and marketing expenses[101]. - R&D expenses rose from RMB 16 million in the first half of 2024 to RMB 21 million in the first half of 2025, driven by increased investment in digitization[103]. - General and administrative expenses increased from RMB 181 million in the first half of 2024 to RMB 237 million in the first half of 2025, mainly due to higher staff costs and consulting expenses[107]. Supply Chain Management - The company has established four major goals in supply chain management, including inventory control and procurement cost reduction, integrated into the departmental KPI assessment system[173]. - Implementation of intelligent procurement control has been initiated, utilizing the Economic Order Quantity (EOQ) model to prevent unreasonable procurement[176]. - A dynamic monitoring system has been established to provide real-time data support for management decision-making across the procurement-inventory-sales chain[177]. - Precise inventory management measures have been implemented, reducing risks of stagnant stock and stockouts through automated reporting[178]. - The overall operational efficiency of the supply chain has significantly improved, laying a solid foundation for stable operation and profit growth[179]. Employee Engagement - The Group has implemented a three-tiered incentive system for employees, with 6,185,568 shares granted to the management team under the Share Incentive Scheme as of June 30, 2025[150]. - The Group has established a dual-track career development framework and launched thousands of online courses to support employee growth[149][151]. - The Group has recognized the importance of female employees in its workforce and is committed to providing fair promotion opportunities and supportive benefits[155][156]. Market Outlook - The emotional economy in China is projected to reach RMB 2.3 trillion by 2025, indicating substantial growth potential for the industry[35]. - The emotional economy market in China is projected to reach RMB 2.3 trillion by 2025, creating significant growth opportunities for the industry[38]. Investment and Capital Management - The company plans to utilize 67.6% of net proceeds (HKD 377.5 million) for expanding and upgrading its service network by December 31, 2026[161]. - Strategic mergers and acquisitions of franchised stores will account for 10.2% of net proceeds (HKD 57.0 million), with full utilization expected by December 31, 2026[161]. - Further investment in IT systems is projected to use 12.3% of net proceeds (HKD 68.7 million), with completion anticipated by December 31, 2026[161]. - Working capital and other general corporate purposes will consume 9.9% of net proceeds (HKD 55.3 million), expected to be fully utilized by December 31, 2026[161]. - As of June 30, 2025, the unused net proceeds were HKD 106.6 million, with an expected timeline for full utilization by December 31, 2026[170].