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 ...

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 ...

Financial Performance - Total revenue for the year ended December 31, 2023, reached RMB 2,145,068,000, representing a year-on-year increase of 31.2%[2] - Net profit for the year was RMB 230,139,000, a significant increase of 108.2% compared to RMB 110,532,000 in 2022[2] - The gross profit margin improved to 45.6%, up from 43.9% in the previous year[2] - The adjusted net profit (non-HKFRS measure) was RMB 241,039,000, up 53.2% from RMB 157,359,000 in 2022[4] - Total revenue for the company increased by 31.2% from RMB 1,635.4 million in 2022 to RMB 2,145.1 million in 2023[25] - The company reported a net profit of RMB 230,139 thousand for the year ended December 31, 2023, compared to RMB 110,532 thousand in 2022, which is an increase of 108.1%[49] - The gross profit for the year ended December 31, 2023, was RMB 977,102 thousand, up from RMB 717,842 thousand in 2022, indicating a growth of 36.2%[48] - Net profit surged by 108.2% from RMB 110.5 million in 2022 to RMB 230.1 million in 2023, with net profit margin increasing from 6.8% to 10.7%[40] Revenue Breakdown - Revenue from beauty and health services reached RMB 1,193,675,000, accounting for 55.6% of total revenue, with a year-on-year growth of 26.1%[8] - Medical beauty services generated RMB 850,356,000 in revenue, reflecting a 37.1% increase compared to the previous year[8] - Revenue from beauty and wellness services was RMB 1.19 billion in 2023, a year-on-year increase of 26.1%[12] - Revenue from medical beauty services was RMB 850 million in 2023, reflecting a year-on-year growth of 37.1%[15] - Revenue from sub-health medical services reached RMB 101,037,000, marking a 47.6% increase year-on-year[8] - Revenue from beauty and wellness services through direct stores increased by 29.2% from RMB 835.6 million in 2022 to RMB 1,079.9 million in 2023, driven by brand influence and digital tools enhancing customer acquisition efficiency[27] - Revenue from sub-health medical services rose by 47.6% from RMB 68.5 million in 2022 to RMB 101.0 million in 2023, reflecting heightened customer health awareness post-pandemic[29] Membership and Customer Engagement - Active members in direct-operated stores increased to 93,667, up 19.6% from 78,318 in 2022[2] - The number of active members at direct-operated stores reached 94,000 in 2023, representing a year-on-year growth of 19.6%[9] - The average annual spending per active member at direct-operated stores was RMB 20,695, an increase of RMB 2,109 compared to 2022[9] - Active membership in sub-health medical services increased by 36.5% year-on-year to 4,191 members, with each member visiting an average of 4.0 times per year, up by 0.5 visits compared to 2022[18][19] - The average annual spending per active member in medical beauty services was RMB 34,597, an increase of RMB 1,493 compared to 2022[15] Operational Expansion - The company expanded its store network to over 400 stores by December 31, 2023, including 201 direct-operated and 199 franchise stores[10] - In 2023, the company received 1.26 million customer visits at direct-operated stores, a year-on-year increase of 33.1%[9] - The company plans to expand its store count and increase market share in core regions while exploring acquisition opportunities in high-performing franchise areas[23][24] Cash and Financial Position - Cash and cash equivalents reached RMB 1.57 billion by December 31, 2023, an increase of RMB 660 million year-on-year[10] - The total assets as of December 31, 2023, amounted to RMB 3,302,006 thousand, a significant increase from RMB 2,495,389 thousand in 2022, representing a growth of 32.3%[50] - The company had cash and cash equivalents of RMB 224,277 thousand at the end of 2023, compared to RMB 164,120 thousand at the end of 2022, marking a 36.7% increase[42] - The total cash and bank balances as of December 31, 2023, were RMB 619,657,000, significantly higher than RMB 294,050,000 as of December 31, 2022, marking an increase of 110.7%[81] Strategic Initiatives - Strategic acquisitions and investments were emphasized as a key strategy for business expansion, including a strategic agreement with Chengdu Youlan and the acquisition of Hangzhou Yanguangfang[21][22] - The company aims to enhance its digital capabilities to improve operational efficiency and decision-making processes[20][24] - The company developed and launched 33 important information management systems, with 22 of them being self-developed[20] Corporate Governance and Compliance - The company has complied with all code provisions under the corporate governance code during the reporting period[90] - The audit committee, consisting of one non-executive director and two independent non-executive directors, has been established to oversee financial reporting and internal controls[95] - The company adheres to the corporate governance code as per the listing rules[101] Shareholder Returns - The company proposed a final dividend of HKD 0.47 per share, totaling approximately HKD 110.8 million, subject to shareholder approval[5] - The total dividends declared to shareholders for the year ended December 31, 2023, amounted to RMB 86,313,000, a decrease of 56.5% from RMB 198,742,000 in 2022[74] - The proposed final dividend per share for the year ended December 31, 2023, is HKD 0.47, compared to HKD 0.39 in 2022, representing an increase of 20.5%[75]

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

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。 NEOLOG Y 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6月30日止六個月中期業績公告 董事會欣然宣佈本集團截至2023年6月30日止六個月的未經審核簡明綜合中期業績，連 同如下2022年同期的比較數字。該等中期業績已由審核委員會及本公司管理層審閱。 於本公告內，「我們」指本公司及倘文義另有指明，則指本集團。 | --- | --- | --- | --- | |-------------------------------------------|-----------------------------------|---------------------------------|--------| | | | | | | | ...

Financial Performance - For the year ended December 31, 2022, the company generated revenue of RMB 1.64 billion and an adjusted net profit of RMB 157 million, serving nearly one million customers[12]. - Revenue for 2022 was RMB 1,635,414, a decrease of 8.1% from RMB 1,780,740 in 2021[40]. - Gross profit for 2022 was RMB 717,842, with a gross profit margin of 43.9%, down from 46.8% in 2021[40]. - Net profit for 2022 was RMB 110,532, a decline of 47% compared to RMB 208,341 in 2021[40]. - The Group's total revenue decreased by 8.2% from RMB 1,780.7 million in 2021 to RMB 1,635.4 million in 2022 due to the Pandemic[104]. - The adjusted profit for the year (non-HKFRS measure) was RMB 157.4 million, down from RMB 226.7 million in 2021, reflecting a decrease of 30.6%[44]. - The Group's selling expenses decreased from RMB 299.5 million in 2021 to RMB 287.2 million in 2022, primarily due to reductions in staff costs and travel expenses related to the impact of the Pandemic[120]. - Net cash generated from operating activities was RMB 382.0 million in 2022, down from RMB 669.9 million in 2021[138]. Market Position and Strategy - The company aims to capitalize on opportunities in the beauty and health management industry as the Chinese economy recovers[13]. - The beauty and health management services market in China is expected to grow steadily, with the company confident in future market share growth[35]. - The company plans to open over 50 new direct and franchised stores for traditional beauty services in 2023, expanding its service network and customer base[92]. - Mergers and acquisitions are identified as key strategies for rapid growth and market consolidation, focusing on leading chain brands in direct sales areas[95]. - The company is expanding its market presence, targeting an increase in market share by 15% in the next year[166]. Operational Efficiency and Development - The company has focused on enhancing operational efficiency and unifying its team to achieve stable revenues despite challenges from the COVID-19 pandemic[12]. - The company aims to enhance multi-business collaboration and standardize service processes to further improve operational management and customer satisfaction[26]. - The Group maintained its original store-opening plan and focused on employee training and digital construction to enhance competitiveness[47]. - The company aims to improve operational efficiency and customer experience through standardization and digitalization initiatives in 2023[98]. Customer Engagement and Loyalty - The average number of visits per active member at direct stores was nearly 10, with a high repeat purchase rate of 83.2% across three business lines, indicating strong customer loyalty[21]. - The average number of visits per active member increased to 3.5 in 2022 from 3.3 in 2021, reflecting improved customer engagement[65]. - The Group's proactive measures during the pandemic included promoting services through online channels, which helped maintain stable demand for prepaid packages[67]. Innovation and R&D - The company launched a series of popular women's body care and health procedures, and obtained five national medical utility model patents related to aesthetic medical services[20]. - The aesthetic medical business obtained five national medical utility model patents in 2022, enhancing its research and innovation capabilities[76]. - The Group has invested $5 million in research and development for new technologies in the medical beauty sector[166]. Corporate Governance - The company was listed on the Main Board of the Stock Exchange on January 16, 2023, and has complied with all applicable code provisions of the Corporate Governance Code since that date[181]. - The Board consists of two executive Directors, three non-executive Directors, and three independent non-executive Directors, meeting the requirements of the Listing Rules[185]. - The company has established three Board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, with plans to create an Environmental, Social, and Governance (ESG) Committee[187]. - The company emphasizes the importance of Board independence, with more than one third of the Board comprising independent non-executive Directors[192]. Employee Development and Culture - The Group launched nearly 3,000 learning projects in 2022, with over 50,000 cumulative participants and more than 100,000 effective learning hours[83]. - The establishment of BeautyFarm Training Centers has provided over 13,000 courses to service personnel, enhancing service quality[102]. - New employees are required to attend orientation and training programs to understand the corporate culture and policies[174]. - Regular employee meetings and seminars are held to communicate the company's values, performance expectations, and strategic goals[175]. Future Outlook - The company provided guidance for the next fiscal year, projecting revenue growth of 20% to $180 million[166]. - The implementation of supportive economic policies in China is anticipated to create new opportunities for the company's development in 2023[36]. - The company aims to adapt to market changes and promote continuous and stable performance growth[37].

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。 NE O L O G Y 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2022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 | | | | 2022 年 | 2021 年 | 變動 | | | 人民幣千元 | 人民幣千元 | | | 收入 | 1,635,414 | 1,780,740 | –8.2% | | 毛利 | 717,842 | 833,786 | –13 ...