Investment in CITIC Bank - As of December 31, 2023, the fair value of the investment in CITIC Bank's financial products was approximately RMB 190 million, representing 5.78% of the total assets of the company[3]. - The actual return rate from CITIC Bank's financial products ranged from 2.3% to 2.8% for the fiscal year ending December 31, 2023[5]. - The risk level of CITIC Bank's financial products is classified as "PR1," indicating the lowest risk level among similar products offered by CITIC Bank[5]. - The company has no other significant financial investments as of December 31, 2023, maintaining the information disclosed in the 2023 annual report[5]. - The investment strategy in CITIC Bank's financial products is aimed at achieving better returns compared to idle funds earning standard bank interest[5].

Company Overview - Beauty Farm Medical and Health Industry Inc. successfully listed on the Main Board of the Hong Kong Stock Exchange in January 2023, marking a significant milestone as the first public company in China's beauty industry utilizing the dual-beauty business model[8]. - The company celebrated its 30th anniversary in 2023, reflecting on its journey and commitment to becoming a century-old beauty brand[8]. - The company has expanded its operations from a single store in Haikou to over 400 stores nationwide, serving customers over one million times in 2023, primarily targeting women[12]. - The company has built a diverse business matrix catering to mid-to-high-end female customers in China's high-tier cities, enhancing its brand presence and market reach[12]. Financial Performance - In 2023, the company achieved a net income of RMB 230 million, representing a year-over-year increase of 108.2%[17]. - Revenue for 2023 reached RMB 2,145,068, an increase of 31.1% from RMB 1,635,414 in 2022[29]. - Gross profit for 2023 was RMB 977,102, representing a gross profit margin of 45.6%, up from 43.9% in 2022[29]. - Net profit for 2023 increased to RMB 230,139, with a net profit margin of 10.7%, compared to 6.8% in 2022[29]. - Adjusted net profit for 2023 was RMB 241,039, with an adjusted net profit margin of 11.2%, up from 9.6% in 2022[30]. - The company generated net cash from operating activities of RMB 626 million in 2023, an increase of 64% year-over-year[17]. - As of December 31, 2023, the company's cash and cash-like items amounted to RMB 1.57 billion[17]. Business Model and Strategy - The dual-beauty business model was recognized as the inaugural year in 2023, showcasing the company's resilience through the challenges posed by the pandemic and macroeconomic environment[10]. - Beauty Farm aims to achieve long-term, high dividends for shareholders while driving progress through internal growth and external acquisition initiatives[11]. - The company upgraded its traditional beauty services to beauty and wellness services in 2023, marking a strategic expansion into the wellness sector[14]. - The company aims to enhance customer lifetime value through a diversified growth matrix business model[14]. - Mergers and acquisitions were emphasized as a primary strategy for growth, including a strategic investment in Chengdu Youlan and an acquisition of Hangzhou Yanspa[67]. Market Position and Growth - The beauty and wellness industry is experiencing a booming demand, with the company positioned to seize opportunities in this growing market[7]. - The company maintains a strong brand moat amidst rising user traffic costs, ensuring competitive advantage in the industry[10]. - The company aims to continue leading industry development while creating social value as it celebrates its 30th anniversary[26]. - The Group anticipates continuous growth in customer demand for beauty and wellness solutions, indicating significant industry potential[71]. Customer Engagement and Services - The company successfully converted 25% of its beauty and wellness members into aesthetic medical or subhealth medical members, up four percentage points year-over-year[14]. - Revenue from aesthetic medical services reached RMB 850 million, up 37.1% year-over-year[38]. - Revenue from subhealth medical services was RMB 101 million, up 47.6% year-over-year[38]. - The number of active members in aesthetic medical services reached 24,474, a 30.6% increase year-over-year, with average annual spending per member of RMB 34,597, up RMB 1,493 from 2022[55]. Corporate Governance and Management - The Company has established an Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific aspects of its affairs[172]. - The Board comprises two executive Directors, three non-executive Directors, and three independent non-executive Directors as of the date of this annual report[146]. - The Company has adopted the Model Code for securities transactions to ensure compliance with insider trading regulations[145]. - The Company will continue to review and enhance its corporate governance practices to ensure compliance with corresponding provisions[145]. Employee and Workplace Culture - The Group employed a total of 3,941 employees, with 3,722 females and 219 males, indicating a high female representation in the workforce[196]. - The total employee welfare expenses increase of approximately 22.5% from 2022 to 2023 indicates a focus on enhancing employee benefits in line with business growth[108]. - The development of female leadership is a core focus, helping female employees achieve career development and economic independence[198]. - The Group is committed to creating a fair, respectful, and inclusive working environment for all employees[198]. Environmental, Social, and Governance (ESG) - The company emphasizes its commitment to ESG principles, aiming to create value for society and promote sustainable development[20]. - The Company plans to establish an Environmental, Social, and Governance (ESG) Committee to manage ESG-related matters[152].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Insights - The company, Meili Tianyuan Medical Health, reported a revenue of 2.145 billion yuan in 2023, representing a year-on-year growth of 31.2%. The net profit attributable to the parent company was 216 million yuan, a significant increase of 109.2%. The adjusted net profit reached 241 million yuan, up by 53.2%. The diluted EPS was 0.94 yuan, and the operating cash flow net amount was 626 million yuan, reflecting a growth of 63.9% [4][5][9]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.145 billion yuan, with a year-on-year increase of 31.2%. The net profit was 216 million yuan, marking a 109.2% increase. The adjusted net profit was 241 million yuan, up 53.2%. The diluted EPS was 0.94 yuan, and the operating cash flow net amount was 626 million yuan, reflecting a growth of 63.9% [4][5][7]. Business Segments - The beauty and health business generated revenue of 1.194 billion yuan, a growth of 26.1%, accounting for 55.6% of total revenue. The medical beauty business achieved 850 million yuan in revenue, up 37.1%, while the sub-health medical business reached 101 million yuan, growing by 47.6% [5][9]. Cost and Profitability - The gross margin increased by 1.7 percentage points to 45.6%, while the expense ratio decreased by 3.5 percentage points to 34.1%. The net profit margin rose by 3.8 percentage points to 10.1% [5][9]. Growth Drivers - The company has seen steady growth in new customer acquisition and repurchase rates, driven by its medical beauty services. The number of active members and customer traffic increased significantly, with a 41.5% growth in customer visits and a 30.6% rise in active members for medical beauty services [5][6]. Future Outlook - The company plans to expand its store network, having surpassed 400 stores, including 201 direct-operated and 199 franchised stores. It has also engaged in strategic acquisitions to enhance market share and service offerings [9][10]. The revenue forecast for 2024-2026 is projected to be 2.741 billion yuan, 3.391 billion yuan, and 3.774 billion yuan, respectively, with expected growth rates of 27.8%, 23.7%, and 11.3% [9][12].

Table_Title Table_BaseInfo 2024 年 3 月 29 日 公司动态 美丽田园医疗健康（2373.HK） 证券研究报告 收入利润再创新高，收购奈瑞儿巩固龙头地位 医美 2023年公司业绩再创新高，净利润翻一倍。2024年3月，公司收购中国美业第二名 投资评级： 买入 奈瑞儿，增厚公司业绩。我们认为，公司凭借成熟的“双美”模式和运营能力，不 断扩张门店网络，龙头地位稳固，故维持“买入”评级。 目标价格： 19.6 港元 报告摘要 现价(2024-3-28)： 15.46港元 收入及利润再创新高，净利润翻一倍。 2023年公司实现收入21.5亿元，同比增长31.2%，净利润为2.3亿元，同比增长 总市值(百万港元) 3,645.40 95,217.68 108.2%，经调整净利润为2.4亿元，同比增长53.2%，业绩强势的表现得益于公司品 总股本(百万股) 235.80 247.45 牌影响力、产品、服务竞争力及运营能力的提升。随着规模效应逐步显现，2023年 12个月低/高(港元) 9.4/31.9 169.5/450 经营费用率（销售、管理、研发费用总和）为34.1%，较2022年同 ...

2024年03月28日 公 司点评 公 买入 / 维持 司 美丽田园医疗健康 研 (02373) 究 目标价: 昨收盘:15.44 2023 年业绩点评：业绩亮眼，收购龙二奈瑞儿巩固市场地位 事件：公司近期公布2023年年报，2023年收入21.5亿元/同比+31%， ◼ 走势比较 净利润2.3亿元/同比+108%，经调整净利润2.4亿元/同比53%；H2收入 11亿元/同比+23%，净利润1.1亿元/同比+20%，经调整净利润1.10亿元 20% /+2.92%。业绩表现亮眼。 太 2% 客流驱动增长，双美转化率提升。收入拆分来看，1）美容和保健服 (16%)82/3/32 9/6/32 12/8/32 2/11/32 41/1/42 72/3/42 平 务收入11.9亿元/同比+26.1%，其中直营店10.8亿元/同比+29.23%，加 盟商及其他 1.14 亿元/同比+2.4%。直营到店客流人次 117.19 万/同比 洋 (34%) +32%，平均到店次数10次，直营活跃会员数量9.05万人/同比+19%，人 证 (52%) 均消费1.13万/同比+8.8%；2）医疗美容服务收入8.5亿元/同比+37 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of HKD 21.5, compared to the current price of HKD 15.46 [1]. Core Insights - The company achieved a revenue of HKD 2.145 billion in 2023, representing a year-on-year growth of 31.2%, and a net profit of HKD 230 million, which is a 108.2% increase year-on-year [1]. - The adjusted net profit for 2023 was HKD 241 million, reflecting a growth of 53.2% year-on-year [1]. - The gross margin stood at 45.6%, up by 1.7 percentage points, while the net margin was 10.7%, an increase of 4.0 percentage points [1]. - The company plans to distribute a dividend of HKD 0.47 per share, totaling HKD 110 million, with a payout ratio of approximately 45.3% [1]. Summary by Sections Financial Performance - Revenue for H2 2023 was HKD 1.111 billion, a 23.0% increase year-on-year, with a net profit of HKD 110 million [1]. - The three main business segments—beauty, medical aesthetics, and sub-health—generated revenues of HKD 1.19 billion, HKD 850 million, and HKD 100 million, respectively, with growth rates of 26.1%, 37.1%, and 47.6% [1]. - The average annual visit frequency for active members increased from 9.5 to 10.6 times, leading to an 11.3% rise in average annual spending per member to HKD 21,000 [1]. Business Expansion - The company opened 19 new stores and acquired 31 franchise stores in 2023, bringing the total to 201 direct-operated stores and 199 franchise stores by year-end [1]. - The acquisition of the Narier brand for HKD 350 million is expected to enhance the company's presence in the Greater Bay Area and complement its existing business model [1]. Future Outlook - The company is projected to continue its growth trajectory, with revenue estimates for 2024, 2025, and 2026 at HKD 2.418 billion, HKD 2.734 billion, and HKD 3.096 billion, respectively, reflecting growth rates of 12.7%, 13.1%, and 13.2% [2]. - Net profit forecasts for the same period are HKD 270 million, HKD 311 million, and HKD 362 million, with respective growth rates of 17.3%, 15.1%, and 16.3% [2].

2024 年 03 月 28 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 年营收及净利润创新高，拟收购中国生美 2023 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 马川琪 S0350523050001 TOP2 奈瑞儿 macq@ghzq.com.cn 联系人 ： 廖小慧 S0350122080035 ——美丽田园医疗健康（ ） 年业绩点 liaoxh@ghzq.com.cn 02373 2023 评 最近一年走势 事件 : 美丽田园医疗健康（2373.HK）于2024年3月26日公布2023全年业 绩：2023全年收入21.5亿元，同比+31.2%，经调整净利润为2.4亿元， 同比+53.2%，经调整净利率为11.2%，较上年+1.6pct，毛利率为45.6%， 较上年+1.7pct，摊薄EPS为0.94元，去年同期为0.52元，公司拟派息 每股0.47港元。 投资要点 : 相对恒生指数表现 2024/03/28  生活美容业务稳健增长，营收及净利润再创新高。公司2023年总营 表现 1M 3M 12M 收为21 ...

3月26日，美丽田园医疗健康产业有限公司（下称"美丽田园"）发布公告称，将以3.5亿元对价战略投资奈瑞儿 健康科技有限公司（下称"奈瑞儿"）。交易完成后，美丽田园将拥有奈瑞儿70%的股权。值得关注的是，这也 是今年以来，国内美业领域的最大一笔收购案。 国内第一、第二美容服务商合体 根据美丽田园发布的收购公告，该公司旗下全资子公司将以3.5亿元收购奈瑞儿70%股权。收购完成后，奈瑞 儿将成为美丽田园旗下间接非全资附属公司，前者的业绩、资产和负债也将并入到美丽田园的业绩报告中。 香港交易及结算所有限公司及香港聯合交易所有限公司對本公告之政容概不負責 對其準確性或完整性亦不發表任何套明·並明確表示··概不對因本公告全部或任何 部分内容而產生或因倚艱該等內容而引致之任何損失承擔任何責任· 贝黎诗 Beauty Farm Medical and Health Industry Inc. 美麗田園醫療健康產業有限公司* 財務顧問 华泰国际 截自美丽田园发布的公告 公开信息显示，美丽田园成立于1993年，该公司旗下旗舰品牌"美丽田园"主要提供传统生活美容服务，即日 常面部及身体护理服务。自2011年起，美丽田园通过第二个品 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 15.44 HKD [3]. Core Insights - The company achieved a total revenue of 2.15 billion RMB in 2023, representing a year-on-year growth of 31.2%. The net profit reached 230 million RMB, up 108.2% year-on-year, while the net profit attributable to the parent company was 216 million RMB, also up 109.2% [2]. - The beauty and health services showed steady growth, with rapid revenue increases in medical beauty and sub-health services. The revenue from medical beauty services reached 850 million RMB, growing by 37.1% year-on-year, and sub-health medical services revenue was 101 million RMB, up 47.6% [2]. - Active membership numbers increased significantly, with the beauty and health services business seeing a 19.4% rise in active members to 90,468. The average annual spending per member increased by 905 RMB to 11,288 RMB [2]. - The company expanded its store network, surpassing 400 stores by the end of 2023, including 201 direct-operated stores and 199 franchise stores. A total of 50 new or acquired stores were added during the year [2]. - The gross profit margin improved to 45.6%, up 1.7 percentage points year-on-year, driven by revenue growth and optimized business structure [2]. - A strategic investment of 350 million RMB was made in the second-largest beauty brand in China, Nai Rui Er, which is expected to enhance revenue and market share significantly [2]. Summary by Sections Financial Performance - In 2023, the company reported revenues of 2,145 million RMB, with a growth rate of 31.2%. The net profit attributable to the parent company was 216 million RMB, reflecting a growth rate of 109.2% [3][7]. - Forecasts for 2024 to 2026 predict revenues of 2,691 million RMB, 3,346 million RMB, and 3,864 million RMB, respectively, with corresponding net profits of 275 million RMB, 348 million RMB, and 409 million RMB [3][7]. Membership and Customer Engagement - The active membership in beauty and health services reached 90,468, with a 19.4% increase year-on-year. The average annual spending per member rose to 11,288 RMB, an increase of 905 RMB [2]. - In medical beauty services, active members increased by 30.6% to 24,474, with average spending per member at 34,597 RMB, up 1,493 RMB [2]. Business Expansion - The company expanded its store network to over 400 locations, including 201 direct-operated and 199 franchise stores, with 50 new or acquired stores added in 2023 [2]. - The strategic investment in Nai Rui Er is expected to significantly boost the company's revenue and market presence [2].

股 票 研 究 [Table_industryInfo] 家庭及个人用品 [ Table_Main[美I Tnaf 丽bol]e 田_Ti园tle]医 疗健康（2373） [评Tab级le_：Inv est] 增持 当前价格（港元）： 14.88 业绩逆势高增，收购奈瑞儿加速市场整合 2024.03.27 海 ——美丽田园医疗健康2023 年财报点评 [ 交Ta易bl数e_M据a rket] 外 訾猛(分析师) 杨柳(分析师) 闫清徽(分析师) 52周内股价区间（港元） 9.42-31.85 当前股本（百万股） 236 公 021-38676442 021-38038323 021-38031651 当前市值（百万港元） 3,509 司 zimeng@gtjas.com yangliu@gtjas.com yanqinghui@gtjas.com 证书编号 S0880513120002 S0880521120001 S0880522120004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2023年公司业绩逆势高增，各项经营指标持续向好，体现出高端美容服务行业韧性。 美丽 ...