Financial Performance - For the six months ended June 30, 2024, the company reported a revenue of RMB 1,137,694 thousand, representing a year-on-year increase of 9.7% compared to RMB 1,036,870 thousand in 2023[3]. - Adjusted net profit for the period was RMB 131,837 thousand, with an adjusted net profit margin of 11.6%[3]. - The company's revenue increased by 9.7% from RMB 1,036.9 million in the first half of 2023 to RMB 1,137.7 million in the first half of 2024[20]. - The profit attributable to the company's owners for the six months ended June 30, 2024, was RMB 115,421,000, compared to RMB 111,830,000 for the same period in 2023, representing a growth of approximately 2.5%[70]. - Total comprehensive income for the period was RMB 129,729 thousand, down 17.4% from RMB 157,009 thousand in the prior year[46]. Revenue Breakdown - Revenue for beauty and wellness services reached RMB 622 million in H1 2024, a year-on-year increase of 13.6%[10]. - Revenue from beauty and wellness services amounted to RMB 622,418,000, up from RMB 547,705,000, with a notable increase in service revenue from RMB 472,987,000 to RMB 533,986,000[57]. - Medical beauty services generated RMB 441,327,000 in revenue, slightly up from RMB 439,869,000, while sub-health medical services increased significantly from RMB 49,296,000 to RMB 73,949,000[57]. - Revenue from franchise and other beauty and wellness services surged by 43.8%, from RMB 40.4 million to RMB 58.0 million, driven by network expansion and new equipment launches[23]. - Revenue from sub-health medical services grew by 50.0%, from RMB 49.3 million to RMB 73.9 million, primarily due to rapid growth in women's specialty centers[25]. Member and Customer Metrics - The number of active members served by direct-operated stores increased to 81,531, up 10.3% from 73,919 in the same period last year[3]. - The total customer traffic for direct-operated stores reached 684,659, reflecting an 11.6% increase from 613,668 in the previous year[3]. - The average spending per active member was RMB 12,608, slightly down from RMB 12,882 in the same period last year[6]. - The number of active members served increased to 78,868, up 9.9% compared to the same period last year[12]. - The average spending per active member was RMB 6,771, slightly up from RMB 6,693 in the previous year[12]. Operational Efficiency and Growth Strategy - The company aims to optimize single-store operational efficiency and expand revenue in direct-operated cities as part of its growth strategy[19]. - The company plans to integrate all 150 Nairier stores into its brand matrix by September 1, 2024, significantly increasing market share in the Greater Bay Area[4]. - The company plans to open 150 new direct and franchise stores following the acquisition of Nairui, enhancing market share in the Greater Bay Area[10]. - The company is focused on expanding its direct-operated and franchise business while upgrading medical beauty and sub-health service locations[19]. - The company anticipates that 2024 will be a pivotal year for mergers and acquisitions in the beauty industry, focusing on expanding its core city member base[5]. Acquisition and Partnerships - The company announced the acquisition of 70% of the core assets of Guangzhou Nairier Health Management Co., Ltd. for RMB 350 million, enhancing its market position in the health sector[4]. - The company completed the acquisition of 70% equity in Guangzhou Nairu Health Management Co., Ltd. for RMB 350.0 million, with 75% of the payment already made by June 30, 2024[40][43]. - The company has entered a strategic partnership with LPG to enhance its product offerings in the health and beauty sector[11]. - The company plans to actively pursue potential acquisition opportunities to enhance brand influence and industry leadership[18]. Financial Position and Cash Flow - Cash and cash equivalents amounted to RMB 196.0 million, with time deposits over three months totaling RMB 486.1 million as of June 30, 2024[35]. - The net cash generated from operating activities was RMB 222.4 million, a slight increase from RMB 222.3 million in the same period of 2023[36]. - The net cash used in investing activities for the first half of 2024 was RMB 195.9 million, primarily due to the acquisition payment of RMB 105.0 million for Nairu Health Technology and RMB 87.8 million for purchasing non-current assets[36]. - The total assets increased to RMB 3,409,708 thousand as of June 30, 2024, compared to RMB 3,302,006 thousand at the end of 2023, reflecting a growth of 3.2%[47]. - The company's equity attributable to owners increased to RMB 829,498 thousand from RMB 801,896 thousand, reflecting a growth of 3.4%[47]. Corporate Governance and Compliance - The audit committee, including one non-executive director and two independent non-executive directors, reviewed the interim financial statements and confirmed compliance with applicable accounting standards[86]. - The company is committed to maintaining high levels of corporate governance to protect shareholder interests and enhance corporate value[85]. - The company has adopted the standard code for securities trading by directors and senior management, confirming compliance during the reporting period[85]. - The company will continue to review and improve its corporate governance practices to ensure adherence to the corporate governance code[85]. Research and Development - The company is focused on research and development to meet the evolving needs of customers throughout their lifecycle[92]. - The newly upgraded TimeSo "Differentiated Aesthetics" system was launched, marking a significant milestone in product innovation[14]. - The company has established a strong team of 60 experts in comprehensive minimally invasive procedures and dermatology[14]. Market Trends and Insights - The number of medical beauty service institutions in China reached 19,880, a 28% year-on-year increase, indicating a growing market[13]. - The women's health center has seen over 200% revenue growth, indicating strong market demand and customer loyalty[16]. - The company has a unique business model developed over 30 years, leveraging a nationwide beauty and health network to attract quality customers[90]. Shareholder Returns - The declared dividends for the six months ended June 30, 2024, amounted to RMB 105,161,000, up from RMB 84,009,000 in the previous year, reflecting a growth of approximately 25.1%[71]. - The company repurchased a total of 865,500 shares at a total cost of RMB 12,012,000, with 255,500 shares canceled on August 31, 2023, and 610,000 shares canceled on February 21, 2024[68].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 15.44 [1]. Core Insights - The company reported impressive performance for 2023, with revenue of 2.15 billion, a year-on-year increase of 31%, and a net profit of 0.23 billion, up 108% year-on-year [2]. - The acquisition of Long Er Nai Rui Er is expected to strengthen the company's market position, as it consolidates the largest and second-largest traditional beauty service providers in China [2][3]. - The company's business model, which includes a dual beauty approach and digital marketing tools, is anticipated to enhance market penetration and accelerate customer conversion [2][3]. Financial Performance Summary - Revenue for 2023 was 2.15 billion, with a growth rate of 31%. Projections for 2024, 2025, and 2026 are 2.68 billion, 3.25 billion, and 3.72 billion, respectively, with growth rates of 25%, 21%, and 14% [3]. - Net profit for 2023 was 0.216 billion, with a growth rate of 109%. Expected net profits for 2024, 2025, and 2026 are 0.284 billion, 0.347 billion, and 0.405 billion, with growth rates of 32%, 22%, and 16% [3]. - The diluted earnings per share for the upcoming years are projected to be 0.91, 1.20, 1.47, and 1.72, with corresponding price-to-earnings ratios of 16.9, 12.8, 10.5, and 9.0 [3]. Market Position and Strategy - The company has expanded its store count to over 400, with a net increase of 50 stores, indicating a strong growth trajectory [2]. - The report highlights the increasing penetration rate of the dual beauty model, which rose by 1.3 percentage points to 25.0%, showcasing the effectiveness of the company's strategy [2]. - The acquisition of Nai Rui Er, a significant player in the beauty industry, is expected to enhance the company's market share and operational synergies [2][3].

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].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved record high revenue and net profit in 2023, with total revenue reaching 2.15 billion RMB, a year-on-year increase of 31.2%, and adjusted net profit of 240 million RMB, up 53.2% [3][4] - The company plans to acquire a 70% stake in the second-largest beauty brand in China, Nairui'er, for 350 million RMB, which is expected to enhance its market share and operational scale [4][6] Revenue and Profitability - In 2023, the revenue breakdown shows that beauty and health services generated 1.19 billion RMB (55.6% of total revenue), medical beauty services contributed 850 million RMB (39.7%), and sub-health medical services accounted for 100 million RMB (4.7%) [4] - The adjusted net profit margin improved to 11.2%, up 1.6 percentage points from the previous year, while the gross margin increased to 45.6%, up 1.7 percentage points [3][4] Market Performance - The company's stock price as of March 28, 2024, is 15.46 HKD, with a market capitalization of 3.645 billion HKD [2] - Over the past month, the company's stock has outperformed the Hang Seng Index by 31.0% [2] Future Projections - Revenue forecasts for 2024-2026 are 2.674 billion RMB, 3.302 billion RMB, and 3.808 billion RMB, representing year-on-year growth rates of 25%, 23%, and 15% respectively [6][7] - The projected net profit for the same period is 270 million RMB, 339 million RMB, and 404 million RMB, with growth rates of 26%, 25%, and 19% respectively [6][7]

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 ...

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 ...