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]

Major Events - Meili Tianyuan Medical Health (02373) acquires 100% of Shanghai Siyuanli Industrial for 1.25 billion yuan, aiming to capture the high-end beauty market in major cities [1] - Jinhai Medical Technology (02225) is actively preparing to participate in the 8th China International Import Expo [1] - China Biopharmaceutical (01177) has its selective MEK1/2 inhibitor TQ-B3234 included in the breakthrough therapy designation program [1] - Beijing Jiakesi plans to sell 90% of Jiakexi Health through capital increase and equity transfer agreements [1] - Green Power Environmental (01330) intends to invest in establishing a joint venture in Hong Kong to expand overseas environmental business [1] - Zhonghui Biotechnology (02627) applies for full circulation of H-shares [1] Operating Performance - Legend Holdings (03396) reports that its subsidiary, Legend New Science (003022.SZ), achieved a net profit attributable to shareholders of 232 million yuan in the first three quarters, an increase of 30.32% [1] - Mongol Mining (00975) reports total raw coal production of 3.6043 million tons from UHG and BN mines in the third quarter [1] - China Resources Power (00836) reports cumulative electricity sales of 161 million megawatt-hours from its subsidiary power plants in the first nine months, a year-on-year increase of 4.2% [1] - China Coal Energy (01898) reports coal sales of 19.66 million tons in September, a year-on-year decrease of 20.1% [1] - Air China (00753) reports a 1.2% year-on-year increase in passenger capacity input and a 5.6% year-on-year increase in passenger turnover in September [1]

Investment Rating - The report assigns a positive outlook on Beauty Farm Medical and Health Industry, indicating a strong potential for growth following the acquisition of Siyanli [1][5]. Core Insights - The acquisition of Siyanli for RMB 1.25 billion is a strategic move to enhance Beauty Farm's market position in the premium beauty sector, consolidating its leadership alongside Narui'er and Siyanli [1][10]. - The transaction structure includes a mix of cash, acquisition loans, and share issuance, ensuring financial stability and effective integration of Siyanli's operations [2][9]. - The merger is expected to significantly increase the number of stores in key urban areas, enhancing market share and operational synergies [3][10]. - The integration of Siyanli's customer base and resources is projected to boost overall membership and revenue potential, particularly in high-end commercial properties [4][11]. - Siyanli's valuation is attractive, with a lower P/E ratio compared to Beauty Farm and the industry average, providing a margin of safety for investors [5][12]. Summary by Sections Acquisition Details - Beauty Farm announced the acquisition of 100% equity in Siyanli for RMB 1.25 billion, marking a key step in its growth strategy [1][8]. - The acquisition is financed through a combination of internal cash, bank loans, and share issuance, with a total cash consideration of approximately RMB 840 million [2][9]. Market Position - The acquisition will increase Beauty Farm's store network from 552 to 734, solidifying its position as a leader in China's high-end beauty services market [3][10]. - The top 20 core cities contribute about 40% of the beauty services market, with significant revenue generated from first-tier cities [3][10]. Integration and Synergies - The merger is expected to enhance competitive advantages by integrating three leading brands and increasing coverage in high-end commercial properties [4][11]. - The addition of Siyanli's 60,000 members will increase the overall member base by 44%, facilitating cross-selling opportunities [4][11]. Financial Impact - Siyanli's valuation at 14.8x LTM P/E is significantly lower than Beauty Farm's 29.5x, indicating a favorable investment opportunity [5][12]. - The acquisition is anticipated to replicate the successful integration of Narui'er, with potential for improved operational efficiency and profitability [5][14].

Core Viewpoint - Meili Tianyuan Medical Health (02373) repurchased 50,000 shares on October 15, 2025, for a total transaction amount of approximately HKD 1.69481 million, with an average price of about HKD 33.90 per share [1] Summary by Category - **Share Repurchase Details** - The company repurchased 50,000 shares [1] - Total transaction amount was approximately HKD 1.69481 million [1] - The average price per share was about HKD 33.90 [1]

智通财经APP讯，美丽田园医疗健康(02373)公布，公司于2025年10月15日于市场购回5万股公司股份， 总交易金额约169.481万港元，交易平均价约每股33.90港元。 ...

Core Viewpoint - Meili Tianyuan Medical Health (02373.HK) announced a share buyback of 50,000 shares on October 15, 2025, for a total transaction amount of approximately HKD 1.6948 million, with an average price of about HKD 33.90 per share [1] Group 1 - The current share price does not reflect the intrinsic value of the shares and the actual business prospects of the company [1] - The board believes that the share buyback demonstrates management's strong confidence in the long-term value of the enterprise [1] - The buyback is expected to enhance the group's market value and shareholder return capabilities [1] Group 2 - The share buyback aligns with the overall interests of the company and its shareholders [1]

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15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）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/ ...