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） 獨立非執行董事 范銘超先生 劉騰先生 江華先生 * 僅供識別 – 1 – 董事會設立三個委員會。下表提供各董事會成員於該等委員會所擔任職位的成員資 料。 董事名單與其角色和職能 美麗田園醫療健康產業有限公司的董事會（「董事會」）成員載列如下。 執行董事 李陽先生 連松泳先生 非執行董事 李方雨女士 高建明先生 易琳女士 2025年8月18日 – 2 – | 董事 | 委員會 | 審核 | 薪酬 | 提名 | | --- | --- | --- | --- | --- | | | | 委員會 | 委員會 | 委員會 | | 李陽先生 | | | | | | 連松泳先生 | | | | | | 李方雨女士 | | M | | M | | 高建明先生 | | | M | | | 易琳女士 | | | | | | 范銘超先生 | | M | C | C | | 劉騰先生 | | C | | | | 江華先生 ...

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的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 部分內容所產生或因依賴該等內容而引致的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） (1)主要股東完成出售股份； (2)非執行董事辭任； (3)委任非執行董事；及 (4)薪酬委員會組成變動 主要股東完成出售股份 茲提述美麗田園醫療健康產業有限公司（「本公司」，連同其附屬公司，「本集團」）日 期為2025年6月25日的公告（「該公告」）。本公司進一步獲中信產業投資基金管理有 限公司（「CPE」）通知，其已於2025年8月18日完成該公告所述股份出售。截至2025 年8月18日，CPE已通過一系列交易，出售大部分其所持有的本公司股份，CPE已 不再作為本公司主要股東。 本次CPE退出對本公司股東結構調整有關鍵幫助，釋放多重積極效應：一，私募股 權基金股東平穩退出，股權結構穩定性顯 ...

Group 1 - The core viewpoint of the articles highlights the performance of Meili Tianyuan Medical Health, which saw a significant stock price increase of 9.06% despite a recent monthly decline of 7.45% [1][2] - As of August 14, the Hang Seng Index fell by 0.37%, closing at 25,519.32 points, while Meili Tianyuan Medical Health's stock closed at 30.08 HKD per share with a trading volume of 1.1356 million shares and a turnover of 33.8276 million HKD [1] - Financial data for Meili Tianyuan Medical Health shows total revenue of 2.572 billion CNY for the year ending December 31, 2024, representing a year-on-year growth of 19.91%, and a net profit of 228 million CNY, up 5.94% [1] Group 2 - Guohai Securities Co., Ltd. has given a "Buy" rating for Meili Tianyuan Medical Health, indicating positive sentiment towards the company's stock [2] - The average price-to-earnings (P/E) ratio for the healthcare equipment and services industry is 0.68 times, with a median of 1.38 times, while Meili Tianyuan Medical Health has a P/E ratio of 26.35 times, ranking 31st in the industry [2] - Meili Tianyuan Medical Health was established in 1993 and is one of the long-standing domestic chain brands in China's beauty and health management service industry, with a service network covering 352 stores, including 177 direct-operated and 175 franchised stores [2]

格隆汇8月13日丨美丽田园医疗健康(02373.HK)宣布，本公司将于2025年8月26日（星期二）于中国香港 举行董事会会议，以（其中包括）考虑及批准本公司及其附属公司截至2025年6月30日止六个月的中期 业绩及其发布，以及考虑派付中期股息（如有）。 ...

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的內容概不負責， 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 部份內容而產生或因倚賴該等內容而引致的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） 董事會會議日期 及 截至2025年6月30日止六個月 中期業績公告發佈日期 美麗田園醫療健康產業有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將 於2025年8月26日（星期二）於中國香港舉行董事會會議，以（其中包括）考慮及批准 本公司及其附屬公司截至2025年6月30日止六個月之中期業績（「中期業績」）及其發 佈，以及考慮派付中期股息（如有）。 本公司管理層團隊將於香港時間2025年8月26日（星期二）下午七時正召開業績電話 會議，屆時管理層將討論中期業績並回答問題。電話會議詳情如下： 活動名稱：美麗田園醫療健康產業有限公司2025年度中期業績交流會 註冊鏈接（英文同聲傳譯）：h ...

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7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 美麗田園醫療健康產業有限公司 呈交日期: 2025年8月4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 - Meili Tianyuan Medical Health is expected to achieve significant revenue and profit growth in the first half of 2025, driven by both internal and external strategies [1][2] Group 1: Performance Forecast - The company anticipates revenue of no less than 1.45 billion yuan, representing a growth rate of at least 27% [1] - Adjusted net profit is projected to be no less than 175 million yuan, with a growth rate of at least 33% [1] - Net profit is expected to be no less than 170 million yuan, with a growth rate of at least 35% [1] Group 2: Internal and External Growth Strategies - Internal growth is supported by enhanced business models and operational efficiency, leveraging a unique commercial loop based on beauty services [1] - The company has invested in digital systems to improve standardized operational efficiency, facilitating rapid business model replication [1] - External growth is driven by a commitment to mergers and acquisitions to expand scale and integrate quality resources in the beauty industry [1] Group 3: Shareholder Confidence and Market Position - The company has optimized its shareholding structure, with early shareholder CPE reducing its stake by approximately 51.33 million shares (21.77% of total shares) [2] - A commitment to a dividend payout ratio of no less than 50% of net profit from 2025 to 2027 is expected to enhance shareholder returns [2] - The establishment of an equity incentive plan aims to align management interests with company growth, improving governance and development momentum [2] Group 4: Revenue and Profit Projections - Revenue projections for 2025-2027 are estimated at 3.064 billion, 3.344 billion, and 3.645 billion yuan, respectively [2] - Corresponding net profits for the same period are projected at 320 million, 362 million, and 413 million yuan [2] - The expected price-to-earnings ratios are 20, 18, and 16 times for the years 2025, 2026, and 2027, respectively [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase exceeding 15% over the next six months [6]. Core Insights - The company is projected to achieve a revenue of no less than 1.45 billion yuan in the first half of 2025, representing a growth rate of at least 27%. Adjusted net profit is expected to be no less than 175 million yuan, with a growth rate of at least 33% [1]. - The company's dual growth strategy, driven by both organic and external expansion, is effectively supporting steady revenue growth. Internally, the company is enhancing its business model and operational efficiency, while externally, it is committed to scaling through mergers and acquisitions [2]. - The optimization of the shareholding structure, high dividend commitments, and stock incentive plans reflect the company's confidence in its long-term development [3]. Financial Summary - The company’s projected revenues for 2025-2027 are 3.064 billion yuan, 3.344 billion yuan, and 3.645 billion yuan, respectively. Corresponding net profits are expected to be 320 million yuan, 362 million yuan, and 413 million yuan, with price-to-earnings ratios of 20, 18, and 16 times [3][5]. - The financial outlook shows a significant increase in revenue and net profit, with a projected revenue growth of 19.13% in 2025 and 9.13% in 2026 [5]. - The company is expected to maintain a dividend payout ratio of no less than 50% of net profit from 2025 to 2027, enhancing shareholder returns [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a net profit growth of over 35% year-on-year in H1 2025, driven by business structure optimization and scale effects [5] - The company expects H1 2025 revenue to be no less than 1.45 billion RMB, representing a growth of at least 27% year-on-year, with adjusted net profit expected to be no less than 175 million RMB, reflecting a growth of at least 33% [5] - The company's net profit margin for H1 2025 is projected at 11.7%, an increase of 0.6 percentage points compared to the same period last year [5] Summary by Sections Financial Performance - The company reported a significant increase in high-margin business revenue, leading to improved gross margins [5] - The net profit margin for the company is expected to continue rising due to scale effects [5] - The company anticipates a 10% year-on-year increase in internal customer traffic for H1 2025 [5] Business Segments - The beauty and health business is expected to see a net consumption growth of approximately 30% year-on-year, maintaining industry leadership [5] - The medical beauty segment is projected to grow over 10% in net consumption, with internal customer traffic also increasing by over 10% [5] - The sub-health medical services are expected to see a net consumption growth exceeding 100%, with internal net consumption growth over 50% [5] Future Projections - Revenue forecasts for 2025-2027 are set at 3 billion, 3.3 billion, and 3.6 billion RMB, representing year-on-year growth rates of 18%, 8%, and 9% respectively [7] - The projected net profit for the same period is 290 million, 340 million, and 390 million RMB, with growth rates of 28%, 17%, and 14% respectively [7] - The report indicates a price-to-earnings ratio (P/E) of 22X for 2025, 19X for 2026, and 17X for 2027 based on the closing price of 30.3 HKD on July 21, 2025 [5][9]

Group 1 - The report highlights the continuous growth of index ETF investments, with the total scale reaching 3.7 trillion yuan by the end of 2024, an 81% increase from the end of 2023 [5] - The report emphasizes the significant impact of index rebalancing on the market, particularly noting that most index funds begin rebalancing three days in advance, with trading volume peaking on the day before the rebalancing takes effect [10][22] - The report suggests a trading volume distribution strategy for index rebalancing, recommending a ratio of 2:3:5 for T-3, T-2, and T-1 days, respectively, to optimize trading costs and minimize market impact [34][47] Group 2 - The report provides detailed analysis of price and trading volume changes before and after index rebalancing, indicating that trading volume increases significantly in the days leading up to the rebalancing date [10][22] - It notes that the average daily return for stocks added to or removed from the index remains within ±1.5%, with the highest volatility observed on T-1 day [14][32] - The report recommends specific trading algorithms based on the liquidity and price deviation of different indices, suggesting MOC for high liquidity indices and TWAP/VWAP for those with lower liquidity [47][51] Group 3 - The report includes a backtesting section that analyzes the impact of stock liquidity, volatility, and market capitalization on trading costs, revealing that trading volume on T-1 day often exceeds historical averages by 1.5 to 3 times [35][38] - It discusses the market impact of different-sized ETFs, indicating that larger ETFs experience greater market impact during rebalancing, with the highest impact observed in the dividend index [40][42] - The report concludes with algorithmic trading recommendations for different indices, emphasizing the importance of timing and trading strategy to minimize costs [46][51]