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].

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].