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 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 28 日 美 丽田园医疗健康(02373.HK) 证券研究报告 2023 业绩高增，拟收购奈瑞儿提高市 医疗及医学美容服务(HS) 投资评级 买入-A 场份额 维持评级 6个月目标价 17.33元 公司发布 2023 年度全年业绩公告： 股价 (2024-03-27) 15.44元 1）2023 年，公司实现收入人民币 21.45亿元/+31.2%，，净利润 2.30 亿元/+108.2%，经调整净利润人民币 2.41亿元/+53.2%。另外，现金 交易数据 及类现金资产人民币 15.7亿元/+72.9%，分红1.1亿港元。 总市值(百万元) 3,640.68 2）2023 年下半年，公司实现收入人民币 11.08亿元/+23.0%，，净利 流通市值(百万元) 3,640.68 润 1.09 亿元/+20.2%，经调整净利润人民币 1.10亿元/+2.9%。 总股本(百万股) 235.80 流通股本(百万股) 235.80 盈利能力显著提升，费用管控良好： 12个月价格区间 9.42/31.85元 1）2023 年，公司净 ...

美丽田园医疗健康（2373.HK）2023 年年报点评 23 年净利润同比+108%，战略投资中国第二名美容品牌奈瑞儿 2024 年 03 月 27 日 ➢ 事件概述：3 月 26 日，公司发布 2023 年全年业绩公告，2023 年，公司实现营业收入 21.5 亿 元，同比+31.2%；实现净利润 2.30 亿元，同比+108.2%；实现归母净利润 2.16 亿元，同比+109.2%。 ➢ 美容与保健服务稳健增长，医美与亚健康业务收入增长迅速。2023 年，集团全年总营业收入 达 21.5 亿元，同比+31.2%。分业务看，基石业务美容和保健服务稳健增长，实现收入 11.9 亿元， 同比+26.1%，其中，直营店收入 1.08 亿元，同比+29.2%；加盟商及其他收入 1.14 亿元，同比+2.4%。 增值服务收入加速增长，医疗美容服务收入达 8.5 亿元，同比+37.1%；亚健康医疗服务收入达 1.01 亿元，同比+47.6%。女性特护中心业务于 23 年正式登陆全国门诊，23 年收入同比增长超 200%。 随三大业务的互相引流，带动增值服务渗透率提升，医疗美容与亚健康服务收入占比有望继续提升。 ➢ 活跃 ...

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 ...

证券研究报告：美容护理 | 公司点评报告 2024年3月27日 股票投资评级 美丽田园医疗健康 （HK2373) 买入|维持 客流驱动收入业绩高增，收购奈瑞儿提升美业份额 个股表现 ⚫ 事件回顾 公司公布 2023 年业绩报告，2023 年实现收入 21.5 亿元，同增 1.2 1.1 31.2%，实现归母净利润2.2亿元，同增109.2%，实现经调整净利润 1 0.9 2.4亿元，同增53.2%，2023年EPS为0.94元，公司收入业绩快速增 0.8 长。公司公告拟以3.5亿元收购奈瑞儿70%股权，外延落地有望提升 0.7 0.6 公司美业市场份额，增厚业绩。 0.5 0.4 0.3 92-30-320241-40-320272-40-320211-50-320242-50-320270-60-320202-60-320240-70-320281-70-320213-70-3202 恒11-80-3202 生42-80-3202 指70-90-3202 数12-90-320250-01-320281-01-320210-11-320241-11-3202 美72-11-3202 丽80-21-3202 田 ...

[美Ta丽bl田e_园Tit医le疗] 健康（2373.HK）23年年报点评：会员积累&提升增 证券研究报告 值业务转化驱动收入增长，收购奈瑞儿继续巩固双美龙头地位 公司研究 [Table_ReportDate] 2024年03月27日 [Table_ReportType] 公司点评报告 [T事a件bl：e_公S司um发ma布ry2]0 23年年报：2023年实现收入21.45亿元/yoy+31.16%，实现归母净利 润2.16亿元/yoy+109.15%。H2来看，23H2实现收入11.08亿元/yoy+22.98%，实现归母 [美Ta丽ble田_S园to医ck疗An健dR康an（k] 2373.HK） 净利润1.04亿元/yoy+18.00%。2）收购奈瑞儿核心业务70%股权。本次公司以3.5亿元 对价收购奈瑞儿核心业务70%股份，2023年奈瑞儿收入/净利润分别为5.14/0.33亿元。 投资评级 买入 ➢ 生美业务稳健增长，盈利能力显著恢复。23年生美实现收入11.9亿元/yoy+26.1%， 23H2实现收入6.5亿元/yoy+24.5%；拆分23年活跃会员人数/活跃会员平均消费分别 上次评级 买入 ...

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。 研 源 医疗 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） 截至2023年12月31日止年度 全年業績公告 | --- | --- | --- | --- | |------------------------------------------|----------------|-------------------|--------| | | | | | | 財務概要 | | | | | | 截至 | 12 月 31 日止年度 | | | | 2023 年 | 2022 年 | 變動 | | | 人民幣千元 (i) | 人民幣千元 (i) | | | | | | | | 直營門店活躍會員人數 | 93,667 | 78,318 | 19.6% | | 直營門店客流 ...

Financial Performance - Revenue increased by 41.2% to RMB 1,036,870,000 in the first half of 2023 compared to the same period in 2022[11] - Gross profit rose by 52.5% to RMB 478,106,000, with a gross profit margin of 46.1%, up 3.3 percentage points[11] - Net profit surged by 510.2% to RMB 121,120,000, while adjusted net profit increased by 159.1% to RMB 131,217,000[11] - The company's revenue for the first half of 2023 was RMB1,036.9 million, a 41.2% increase compared to the same period in 2022[18] - Gross profit for the first half of 2023 was RMB478.1 million, with a gross profit margin of 46.1%, representing a 3.3 percentage point increase compared to the same period in 2022[18] - Revenue for the first half of 2023 increased to RMB 1,036.87 million, up 41.2% compared to RMB 734.32 million in the same period of 2022[155] - Gross profit for the first half of 2023 was RMB 478.11 million, a 52.3% increase from RMB 314.03 million in the first half of 2022[155] - Operating profit for the first half of 2023 surged to RMB 155.47 million, a 319.7% increase from RMB 37.05 million in the same period of 2022[155] - Net profit attributable to owners of the company for the first half of 2023 was RMB 111.83 million, a 639.6% increase from RMB 15.12 million in the first half of 2022[155] - Basic earnings per share for the first half of 2023 were RMB 0.49, compared to RMB 0.08 in the same period of 2022[155] - The company's total comprehensive income for the first half of 2023 was RMB 157.01 million, compared to RMB 19.78 million in the same period of 2022[157] - Total comprehensive income for the period reached RMB 147,719 thousand, with profit for the period contributing RMB 111,830 thousand and other comprehensive income adding RMB 35,889 thousand[163] - Total revenue for the six months ended June 30, 2023, was RMB 1,036,870 thousand, a significant increase from RMB 734,318 thousand in the same period in 2022[179] Store Operations and Customer Metrics - The number of active members served at direct stores grew by 21.3% to 73,919, with new active members increasing by 54.3%[14] - Client visits to direct stores increased by 33.3% to 613,668[11] - The company operates 196 direct stores, including 92 in tier-one cities and 80 in new tier-one cities, as of June 30, 2023[13] - The franchise network included 194 stores as of the same date[13] - The company's direct stores served 73,919 active members in the first half of 2023, a 21.3% increase compared to the same period in 2022[15] - The number of new active members joining in the first half of 2023 increased by 54.3% year-over-year, driven by improved efficiency in customer acquisition through digital investments[15] - Direct store client visits reached 613,668 in the first half of 2023, with an average of 6.6 visits per active member and an average spending of RMB12,882[16] - 79.6% of active members made multiple purchases of services in the first half of 2023, demonstrating high customer loyalty[16] - Franchised stores served 29,906 active members in the first half of 2023, a 28.3% increase compared to the same period in 2022[16] - The company expanded its store network to 196 direct stores and 194 franchised stores, opening 8 new direct stores and 14 franchised stores during the reporting period[34][35] - The company plans to open approximately 30 new direct and franchised stores in the second half of 2023, expanding and upgrading its store network[36][37] Digital and Online Initiatives - Digital investments improved customer acquisition efficiency, with online channels leveraging live broadcasts and private domains like WeCom and WeChat mini programs[14] - The company continued to improve its online-offline integrated operation platform, enhancing customer management and operational efficiency through digital tools[46][48] - The company launched a self-developed applet in WeCom to strengthen online organization and improve business operation, customer management, and decision-making capabilities[49] - The company launched a self-developed mini-program on WeChat Work to enhance operational efficiency and employee performance tracking[51] - The number of active members and client visits significantly increased post-pandemic, driven by the company's digital tools and brand influence[58] Service Offerings and Revenue Breakdown - The company offers diversified services, including traditional beauty, aesthetic medical, and subhealth assessment and intervention services[13] - Revenue from traditional beauty services reached RMB507.3 million in the first half of 2023, a 32.4% increase compared to the same period in 2022[23] - The number of active members for traditional beauty services was 71,787 in the first half of 2023, a 20.4% increase compared to the same period in 2022[23] - Traditional beauty services revenue increased by 32.4% to RMB 507.3 million for the six months ended June 30, 2023, with active members growing by 20.4% to 71,787[24][25] - Aesthetic medical services revenue surged by 59.6% to RMB 439.9 million, with active members increasing by 36.5% to 17,032 for the same period[28][29] - Subhealth assessment and intervention services revenue rose by 62.8% to RMB 33.5 million, with members growing by 57.3% to 2,710[30][31] - 23.4% of traditional beauty service active members purchased aesthetic medical or subhealth services, up 2.2 percentage points from the previous year[26][27] - Revenue from traditional beauty services at direct stores grew by 32.4% from RMB383.0 million in the first half of 2022 to RMB507.3 million in the first half of 2023[56][58] - Revenue from aesthetic medical services surged by 59.6% from RMB275.6 million in the first half of 2022 to RMB439.9 million in the first half of 2023[56][58] - Revenue from subhealth assessment and intervention services rose by 60.5% from RMB30.7 million in the first half of 2022 to RMB49.3 million in the first half of 2023[56][58] - Traditional beauty services contributed RMB 547,705 thousand in revenue, with direct store services accounting for RMB 472,987 thousand and product sales contributing RMB 34,351 thousand[179] - Subhealth assessment and intervention services generated RMB 49,296 thousand in revenue, with services recognized at a point in time contributing RMB 33,454 thousand and services recognized over time contributing RMB 15,842 thousand[179] - Aesthetic medical services, recognized at a point in time, contributed RMB 439,869 thousand to the total revenue[179] Strategic Investments and Acquisitions - Shanghai Beauty Farm made a strategic investment of RMB 4 million in Chengdu Youlan, acquiring a 20% equity stake in the relevant business project company[37][38] - In June 2023, the company completed the acquisition of three Changsha franchised stores for RMB 7 million, gaining a 51% equity stake and consolidating their results into the Group's financial statements[39][42] - The company received net proceeds of approximately HK$558.5 million from its global offering, with 67.6% (HK$261.7 million) allocated for expanding and upgrading its service network[91][94] - 10.2% (HK$39.5 million) of the net proceeds were allocated for strategic mergers and acquisitions of franchised stores[94] - 12.3% (HK$47.6 million) of the net proceeds were allocated for further investment in IT systems[94] - 9.9% (HK$38.4 million) of the net proceeds were allocated for working capital and other general corporate purposes, with HK$11.0 million remaining unutilized as of June 30, 2023[94] - The company plans to fully utilize the remaining net proceeds by December 31, 2026[94] New Service Launches and Innovations - The company introduced a new nursing care project focused on improving sleep disorders and regulating gastrointestinal health, combining traditional medicine with modern techniques[41][43] - A new anti-fatigue eye care service project was launched to address the increasing eye strain among clients[41][43] - The company developed and launched a women's pelvic floor health project in the Special Care Centre for Women, expanding its service scope[45][47] - The company is planning an energy intervention center, utilizing international advanced energy intervention technology to address health issues caused by aging[45][47] Expenses and Costs - The cost of sales and services increased from RMB420.3 million in H1 2022 to RMB558.8 million in H1 2023, driven by higher staff costs, increased product and consumable usage, and higher operation-related expenses[64] - Selling expenses rose from RMB120.2 million in H1 2022 to RMB166.9 million in H1 2023, primarily due to increased staff costs and higher promotion and marketing expenses[68] - R&D expenses increased from RMB15.0 million in H1 2022 to RMB17.2 million in H1 2023, mainly due to higher staff costs from increased R&D personnel[68] - General and administrative expenses decreased from RMB167.3 million in H1 2022 to RMB165.8 million in H1 2023, driven by a reduction in listing expenses of approximately RMB24.4 million, partially offset by higher staff costs[69] - Research and development expenses for the first half of 2023 were RMB 17.18 million, a 14.6% increase from RMB 14.99 million in the same period of 2022[155] - Selling expenses for the first half of 2023 were RMB 166.92 million, a 38.8% increase from RMB 120.24 million in the same period of 2022[155] - General and administrative expenses for the first half of 2023 were RMB 165.84 million, a slight decrease from RMB 167.26 million in the same period of 2022[155] - Employee benefits expenses increased to RMB 418,553 thousand for the six months ended June 30, 2023, up from RMB 332,621 thousand in the same period in 2022[192] - Total expenses for the six months ended June 30, 2023, were RMB 908,706 thousand, compared to RMB 722,777 thousand in the same period in 2022[192] Financial Position and Cash Flow - The company had cash and cash equivalents of RMB82.7 million and term deposits of RMB520.0 million as of June 30, 2023, with a significant portion held in RMB[76][77] - Net cash generated from operating activities increased by 72.8% to RMB222.3 million for the six months ended June 30, 2023, compared to RMB128.7 million in the same period in 2022[79][80] - Net cash used in investing activities was RMB653.4 million for the six months ended June 30, 2023, primarily due to the purchase of wealth management products and term deposits of approximately RMB1,066.0 million[82] - Net cash generated from financing activities was RMB337.2 million for the six months ended June 30, 2023, mainly due to proceeds of RMB506.5 million from the issuance of ordinary shares upon Global Offering[82] - The company's gearing ratio decreased to 1.6% as of June 30, 2023, from 67.2% as of June 30, 2022, primarily due to the decrease in liabilities resulting from the Global Offering proceeds[82] - The company had capital commitments of RMB21.4 million as of June 30, 2023, primarily related to leasehold improvements[82] - The company subscribed for wealth management products with an aggregate principal amount of RMB190.0 million in March and April 2023, with a fair value of RMB191.2 million as of June 30, 2023, representing approximately 6.1% of the company's total assets[84][85] - The company does not hedge against any fluctuation in foreign currency, as it is exposed to foreign exchange risk arising from currency exposures with respect to US dollars and HK dollars[85] - Total assets increased to RMB 3,111,459,000 as of June 30, 2023, compared to RMB 2,495,389,000 as of December 31, 2022, reflecting a significant growth in the company's asset base[158] - Current assets rose to RMB 1,832,650,000 as of June 30, 2023, up from RMB 1,247,783,000 as of December 31, 2022, driven by increases in inventories and financial assets at fair value through profit or loss[158] - Total equity surged to RMB 740,405,000 as of June 30, 2023, compared to RMB 203,109,000 as of December 31, 2022, primarily due to a substantial increase in share premium and retained earnings[158] - Non-current liabilities decreased slightly to RMB 380,110,000 as of June 30, 2023, from RMB 383,170,000 as of December 31, 2022, with a reduction in lease liabilities[160] - Current liabilities increased to RMB 1,990,944,000 as of June 30, 2023, from RMB 1,909,110,000 as of December 31, 2022, mainly due to higher trade payables and other payables[160] - Net current liabilities improved to RMB 158,294,000 as of June 30, 2023, compared to RMB 661,327,000 as of December 31, 2022, indicating better liquidity management[160] - Cash generated from operating activities increased to RMB 245,379 thousand, up from RMB 151,726 thousand in the same period last year[165] - Net cash inflow from operating activities was RMB 222,307 thousand, compared to RMB 128,685 thousand in the previous year[165] - The company raised RMB 506,545 thousand from the issuance of ordinary shares upon global offering[163] - Dividends declared amounted to RMB 84,009 thousand, with no dividends paid in the previous year[163] - Net cash used in investing activities was RMB 653,397 thousand, primarily due to purchases of property, plant, and equipment and other non-current assets[165] - Net cash generated from financing activities was RMB 337,205 thousand, driven by proceeds from the issuance of ordinary shares and capital injection from non-controlling interests[167] - Cash and cash equivalents at the end of the period stood at RMB 82,688 thousand, down from RMB 164,120 thousand at the beginning of the period[167] Corporate Governance and Shareholder Information - The company repurchased a total of 185,500 shares during the reporting period, with a total consideration of approximately HK$4,402,678.34[102][103] - The average price per share repurchased on June 29, 2023 was HK$23.382, with a total consideration of HK$292,275.00[104] - The average price per share repurchased on June 30, 2023 was HK$23.6909, with a total consideration of HK$4,098,525.70[104] - The company conducted internal audits on procurement and sales processes, identifying issues and proposing rectification suggestions[100] - The company established a mechanism for reviewing incompatible positions and a regular review mechanism to strengthen post-management[100] - The company has complied with all code provisions set out in the CG Code since the Listing Date and up to June 30, 2023[100] - The company will continue to review and enhance its corporate governance practices to ensure compliance with the CG Code[100] - The company has adopted the Model Code as its own code of conduct regarding dealings in the securities of the company[100] - The Audit Committee reviewed the unaudited interim condensed consolidated financial statements and the interim report of the Group for the Reporting Period[107] - As of the date of this interim report, there is no change in the Board and the information of Directors[108] - Li Yang holds 2,000,000 shares, representing 0.85% of the company's issued share capital[117] - Li Yang, together with another person, jointly holds 77,420,000 shares, representing 32.71% of the company's issued share capital[117] - Li Fangyu holds 42,400,000 shares, representing 17.92% of the company's issued share capital[117] - Li Fangyu, together with another person, jointly holds 72,580,000 shares, representing 30.67% of the company's issued share capital[117] - Lian Songyong holds 35,020,000 shares, representing 14.80% of the company's issued share capital[117] - Lian Songyong, together with another person, jointly holds 79,960,000 shares, representing 33.79% of the company's issued share capital[117] - The company has 236,661,068 shares in issue as of the date of this interim report[118] - Li Yang, Li Fangyu, Lian Songyong, and others collectively hold voting rights for 114,980,000 shares[118] - Li Yang is the power holder of Tiantian Trust, which holds 35,560,000 shares[118] - Li Fangyu is the power holder of Meimei Trust, which holds 42,400,000 shares[118] - Niu Guifen, Cui Yuanjun, and Yuan Huimin collectively hold 114,980,000 shares, representing 48.58% of the issued share capital[123] - LIY Management Holdings Limited holds 35,560,000 shares, representing 15.03% of the issued share capital[123] - LIFY Management Holdings Limited holds 42,400,000 shares, representing 17.92