Core Viewpoint - Meili Tianyuan Medical Health (02373) announced a share transfer agreement to acquire 100% equity of medical businesses in Dongguan and Zhuhai for a total consideration of RMB 40 million (approximately HKD 44 million) [1] Group 1: Acquisition Details - The buyer, a non-wholly owned subsidiary of the company, will acquire 90% equity of the target company upon completion of the acquisition [1] - The acquisition will lead to the addition of 19 new direct-operated stores, including 2 medical beauty stores and 17 lifestyle beauty stores, expanding the company's direct store scale [1] - The acquisition is expected to enhance the company's revenue significantly and deepen its market penetration in core cities of the Greater Bay Area [1] Group 2: Target Business Operations - The medical targets in Dongguan and Zhuhai are operated by Guangzhou Nairui Health Medical Investment Co., Ltd., focusing on medical outpatient services [1] - The Zhuhai target, Zhuhai Nairui Naimei Beauty Technology Co., Ltd., operates 8 Nairui brand beauty and health service stores [1] - The Dongguan target, Nairui Beauty Chain (Dongguan) Co., Ltd., operates 9 Nairui brand beauty and health service stores [1]

Core Viewpoint - Meili Tianyuan Medical Health (02373.HK) has entered into a conditional equity transfer agreement to acquire 100% equity of medical targets in Dongguan and Zhuhai for a total consideration of RMB 40 million (approximately HKD 44 million), which will expand its direct store network by 19 new locations, enhancing revenue significantly [1][2] Group 1 - The acquisition will result in the company holding 90% equity in the target company, which will become a non-wholly owned subsidiary [1] - The new stores include two medical beauty stores and 17 lifestyle beauty stores, further expanding the company's direct store network [1][2] - This move aligns with the company's strategy to deepen its presence in high-value customer concentrated first-tier and new first-tier cities in the Greater Bay Area [2] Group 2 - Meili Tianyuan has over 30 years of experience in the beauty and health service industry in China, focusing on both organic growth and strategic acquisitions [2] - The acquisition signifies the formal inclusion of Zhuhai and Dongguan into the company's direct operational areas, enhancing its market footprint [2] - The cities of Zhuhai and Dongguan are among the top-ranked in terms of GDP development in the Greater Bay Area, supporting the company's strategic focus [2]

Group 1 - The core point of the article is that Meili Tianyuan Medical Health (02373.HK) has entered into a share transfer agreement to acquire 100% equity of medical targets in Dongguan and Zhuhai for a total consideration of RMB 40 million (approximately HKD 44 million) [1][2] - Upon completion of the acquisition, the company will hold 90% equity in the target company, which will become a non-wholly owned subsidiary of the company [1] - The acquisition will lead to the addition of 19 new direct-operated stores, including two medical beauty stores and 17 lifestyle beauty stores, thereby expanding the company's direct-operated store network [1][2] Group 2 - Meili Tianyuan has over 30 years of experience in the beauty and health service industry in China and aims to expand its business scale through organic growth and strategic acquisitions [2] - The acquisition signifies the formal inclusion of Zhuhai and Dongguan into the direct-operated area of the company's smart beauty brand, Nairui'er, aligning with the company's strategy to deepen its presence in high-net-worth customer concentrated first-tier and new first-tier cities [2]

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。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2373） 關連交易 Beauty Farm Medical and Health Industry Inc. 美麗田園醫療健康產業有限公司 * 收購營運奈瑞兒品牌的附屬公司的股權 收購事項 董事會欣然公佈，於2025年11月18日（聯交所交易時段後），買方（各為本公司的 一家非全資附屬公司）與賣方訂立股權轉讓協議，據此（其中包括），賣方有條件 同意出售，而買方有條件同意收購目標業務（包含東莞和珠海醫療標的100%股 權、珠海標的及東莞標的100%股權），總代價為人民幣40.0百萬元（相當於約44.0 百萬港元）。於收購事項完成後，本公司將擁有目標公司90%的股權，該等公司 將成為本公司非全資附屬公司。本次收購事項將帶動本集團直營門店新增19家， 其中包括兩家醫療美容門店及17家生活美容門店，直營門店總規模進一步拓展， 大灣區 ...

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通告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何 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。 * 僅供識別 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） 股東特別大會通告 茲通告美麗田園醫療健康產業有限公司（「本公司」）謹訂於2025年12月5日（星期五） 上午九時三十分正假座中國上海市虹口區東大名路1089號來福士辦公樓東塔12層上 海會議室舉行股東特別大會（「股東特別大會」），藉以考慮並酌情通過下列決議案為 本公司普通決議案（不論有否修訂）： 普通決議案 「動議： – 1 – (i) 批准、確認及追認本公司、上海美麗田園醫療健康產業（集團）有限公司（連同本 公司統稱「買方」）、SYL Holding Limited（「SYL Holding」）、上海安妍企業管 理有限公司（連同SYL Holding統稱「賣方」）之間訂立的日期 ...

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） 將於2025年12月5日舉行的股東特別大會適用的代表委任表格 本人╱吾等 （姓名）（正楷） ， （地址） 為美麗田園醫療健康產業有限公司（「本公司」）股本中每股面值0.000005美元的股份 （見附註2） 股的持有人， 茲委任 （姓名） （地址） ， Beauty Farm Medical and Health Industry Inc. 日期： 簽署 （見附註5及6） : 附註： 1. 請用正楷填上本公司股東名冊所示全名及地址。 2. 請填寫以 閣下名義登記的股份數目；如無填寫數目，本代表委任表格將被視為與本公司股本中所有以 閣下名義登記的股份有關。 3. 一名股東可按其選擇委任超過一名委任代表。如委任代表，請刪去「大會主席」字樣，並在空欄內填上受委代表的姓名。本代表委任表格的任何更改須由簽署人 簡簽示可。為免生疑，本公司庫存股持有人（如有）須於本公司股東大會上就該等庫存股放棄投票。 或（如未能出席），則 （姓名） ， （地址） ， 或（如未能出席），則大會主席 （見附註3） 為本人╱ ...

此 乃 要 件 請 即 處 理 閣下對本通函任何方面或應採取的行動如有任何疑問，應諮詢 閣下的股票經紀或其他持牌證 券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下全部美麗田園醫療健康產業有限公司的股份，應立即將本通函連同隨 附代表委任表格交予買主或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉 交買主或承讓人。 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通函的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本通函全部或任何部分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。 本通函僅供參考，並不構成收購、購買或認購本公司任何證券之邀請或要約。 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） 有關涉及根據特別授權發行對價股份 收購目標公司100%已發行股份之主要交易 及 股東特別大會通告 財務顧問 美麗田園醫療健康產業有限公司將於2025年12月5日（星期五）上午九時 ...

Summary of the Medical Aesthetic Industry Conference Call Industry Overview - The medical aesthetic industry is experiencing intensified competition, with upstream companies facing profit erosion on single products and downstream chain medical aesthetic institutions accelerating mergers and acquisitions. Leading brands like Meili Tianyuan are emerging, indicating a shift from product-driven growth to user demand-driven growth, resulting in a transfer of power within the industry towards downstream players [1][2][16]. Key Points on Companies Juzhi Biotechnology - In the first half of 2025, Juzhi Biotechnology's sales were impacted by a public relations incident, with its brand Kefu Mei not recovering sales during the Double Eleven shopping festival. Contributing factors include underwhelming influencer marketing recovery and a 20% reduction in advertising budget. The GMV from Douyin channel dropped over 60% year-on-year, reflecting challenges in brand marketing strategies [1][4][3]. Jinbo Biotechnology - Jinbo Biotechnology's revenue and profit growth slowed in Q3 2025, primarily due to price erosion of its core product, the 4mg ultra-pure product, which saw its terminal price drop from a suggested retail price of 6,800 yuan to just over 1,000 yuan. The company is expanding its distribution channels to 4,000, which is lower than competitors like facial fillers. New product launches are facing high sales expense ratios, putting pressure on profits [1][5][8]. Meili Tianyuan - Meili Tianyuan has distinguished itself through excellent user operations, digital membership management, and effective acquisition strategies. The brand has maintained same-store growth of 5% to 6% over the past two years, with a 10% increase in user numbers offsetting a 5% decline in average transaction value. The company has expanded its scale through acquisitions, increasing its store count to around 700-800 [1][11][10]. Industry Dynamics - Downstream chain medical aesthetic institutions are enhancing their operational capabilities through mergers and acquisitions, which is increasing their bargaining power. Leading brands like Meili Tianyuan are establishing close ties with upstream companies through customized collaborations, achieving mutual growth [1][6][12]. Challenges and Opportunities - Upstream companies are facing increased competition and declining profits on single products, necessitating strategic adjustments to attract users. Downstream institutions are experiencing high customer acquisition costs and insufficient standardization of products, leading to increased survival pressure. However, those companies that can effectively manage user needs and supply chain advantages are likely to emerge successfully from the current challenges [1][9][16]. Conclusion - The medical aesthetic industry is transitioning from a phase of rapid growth to one characterized by demand stabilization and intensified competition. Downstream companies must adapt quickly to market changes, while upstream companies need to enhance their channel management capabilities. Despite the challenges, companies that excel in user demand understanding and membership operations are positioned to achieve new growth [1][16][15].

Core Viewpoint - The company is focusing on a dual-brand strategy through the acquisition and integration of Narier and Siyuanli, aiming to enhance operational efficiency and establish a strong presence in high-end commercial areas, with a significantly lower customer acquisition cost compared to industry averages [1] Event Summary - On October 15, the company announced a plan to acquire 100% equity of Siyuanli, the third-largest beauty service brand in China, for a consideration of 1.25 billion RMB [1] - On November 4, the company announced a commitment to distribute dividends of no less than 50% of the net profit attributable to shareholders for the next three complete fiscal years, barring any special circumstances [1] Business Integration - The acquisition of Siyuanli will enhance the company's mid-to-high-end market positioning, with Siyuanli projected to generate revenue of 849 million RMB in 2024 and operate 163 beauty service stores and 19 medical beauty clinics across 48 cities by mid-2025 [1] - The acquisition will consolidate the top three beauty service brands in the country, capturing 42% of high-end commercial properties in first and second-tier cities, thereby strengthening overall competitiveness and leveraging synergies [1] - Siyuanli's net profit is expected to reach 81 million RMB in 2024, with potential for profit margin improvement similar to Narier's post-acquisition performance [1] Financial Metrics - The acquisition price of 1.25 billion RMB corresponds to a TTM P/E ratio of approximately 17, which is lower than the valuation of listed companies, and the payment will be made through a combination of cash and share issuance [1] - The company has repurchased 605,500 shares recently, with plans to maintain a dividend payout ratio of at least 50% over the next three years, enhancing long-term return attractiveness [2] Profit Forecast - The company expects to optimize its business model further during the expansion process, with updated net profit projections for 2025-2027 at 372 million, 409 million, and 486 million RMB, corresponding to P/E ratios of 18X, 17X, and 14X respectively, maintaining a "buy" rating [2]

Core Viewpoint - Meili Tianyuan Medical Health (02373) is positioned as a leading enterprise in the domestic beauty and medical beauty service sector, with strong brand reputation and operational capabilities. The company is expected to see performance growth driven by deepening digital transformation, improved industry chain layout, and store expansion [1] Group 1: Acquisition Details - In October 2025, Meili Tianyuan announced plans to acquire 100% equity of Shanghai Siyuanli Industrial Co., Ltd. for a consideration of 1.25 billion RMB. Siyuanli is the third-largest beauty service brand in China, projected to achieve revenue of 850 million RMB and net profit of 81 million RMB in 2024 [1][2] - The acquisition follows Meili Tianyuan's previous acquisition of the second-largest beauty service brand, Nairui'er, in 2024, marking another significant acquisition [1] Group 2: Financial Metrics and Valuation - The acquisition is valued at 17.2X PE based on Siyuanli's projected net profit of 72.675 million RMB for the period from July 1, 2024, to June 30, 2025, which is significantly lower than Meili Tianyuan's current PE of approximately 29.2X and the industry average of 21.1X [3] - The payment structure includes 325 million RMB in cash, 510 million RMB in acquisition loans, and 415 million RMB in share payments, with the deal expected to close in December 2025 and be consolidated in January 2026 [3] - Post-acquisition, the expected EPS is projected to increase from 1.36 RMB to 1.62 RMB, representing an 18% enhancement [3] Group 3: Market Position and Synergy - The acquisition will consolidate Meili Tianyuan, Nairui'er, and Siyuanli as the top three players in the Chinese beauty service industry, with a total of over 734 stores and a market coverage of 42%, significantly enhancing the company's market influence [4] - The integration of Nairui'er’s operational experience is expected to enhance Siyuanli's efficiency through scale procurement, joint product development, and exclusive customization, potentially improving both gross and net profit margins [4]