Investment Rating - The report assigns a rating of "Buy" to the company, with a target price raised to HKD 22.88, reflecting a 16x PE for 2025 [9][17]. Core Insights - The company is expected to complete the integration of the second-largest beauty service brand, Nairui, by 2024, enhancing its "Double Beauty + Double Health" business model and accelerating market consolidation [3][9]. - The company reported a revenue of RMB 1.138 billion in H1 2024, a year-on-year increase of 9.7%, with beauty and health service revenue growing by 13.6% [9]. - The integration of Nairui is projected to significantly expand the customer base, with a total of 150 stores expected to be consolidated [9]. Financial Summary - Revenue for 2023 is reported at RMB 2,153.25 million, with a projected increase to RMB 2,608.26 million in 2024, reflecting a growth rate of 21.1% [7]. - The net profit for 2023 is RMB 215.66 million, with an expected increase to RMB 249.24 million in 2024, indicating a growth of 15.6% [7]. - The company’s gross margin for H1 2024 is reported at 47.0%, an increase of 0.9 percentage points year-on-year [9].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,137,694,000, representing a 9.7% increase from RMB 1,036,870,000 in the same period of 2023[9]. - Gross profit increased to RMB 534,200,000, up 11.7% from RMB 478,106,000 year-over-year, with a gross profit margin of 47.0%[9]. - Adjusted net profit for the first half of 2024 was RMB 131,837,000, a slight increase of 0.5% from RMB 131,217,000 in the same period of 2023[9]. - Net profit for the period was RMB 126,067,000, reflecting a 4.1% increase from RMB 121,120,000 year-over-year[9]. - Basic earnings per share increased to 0.50 from 0.49, indicating a positive trend in profitability[9]. - Revenue from cornerstone beauty and wellness services increased to RMB 622 million, up 13.6% year-over-year, driven by increased single store membership and enhanced private domain traffic[22]. - Revenue from aesthetic medical services reached RMB 441 million, with a gross profit margin of 55.1%[37]. - Revenue from subhealth medical services surged to RMB 74 million, marking a 50% year-over-year increase[22]. Client Engagement - The number of client visits to direct stores rose to 684,659, an increase of 11.6% compared to 613,668 in the previous year[9]. - Active members served at direct stores grew by 10.3%, reaching 81,531 from 73,919[9]. - The annual retention rate for active members reached an impressive 79.0% in the first half of 2024[19]. - The number of active members at direct stores reached 81,531, an increase of 10.3% year-over-year, with an average spending of RMB 12,608 per active member[21]. - Active members in beauty and wellness services grew to 78,868, reflecting a 9.9% increase compared to the previous year[34]. - Average spending per active member in beauty and wellness services was RMB 6,771, slightly up from RMB 6,693 in the same period last year[34]. Strategic Acquisitions and Partnerships - The company announced the acquisition of a 70% equity interest in Guangzhou Naturade Health Management Co., Ltd. for RMB 350 million, enhancing its market position in the wellness sector[12]. - All 150 Naturade stores have been integrated into the company's network under a franchise model, significantly increasing market share in China's Greater Bay Area[13]. - The company completed the acquisition of 70% of Guangzhou Nairier Health Management Co., Ltd. for RMB 350 million, integrating all 150 Nairier stores into its brand matrix[15]. - A strategic partnership with French brand LPG led to the successful launch of the LPG® BF+ initiative, achieving nearly 60% of the annual sales target within two months[32]. - The acquisition of Naturade, a leader in AI-powered wellness solutions, is expected to enhance brand influence and product competitiveness in the wellness market[32]. Business Model and Market Strategy - The company is shifting to a "dual beauty + dual wellness" business model, expanding its service offerings to include lifestyle wellness alongside traditional beauty services[14]. - The new "dual beauty + dual wellness" business model is expected to significantly enhance customer numbers in the wellness segment[15]. - The company plans to explore mergers and acquisitions as a major strategic opportunity to expand its membership base in key cities[17]. - The company plans to add 150 direct and franchised stores following the integration of Naturade, enhancing market share in the Greater Bay Area[24]. - The company aims to expand its membership base and revenue through strategic acquisitions, exemplified by its success in Xi'an, which has become the fifth-largest city by revenue contribution[52][53]. Operational Efficiency and Cost Management - Selling expenses rose from RMB 166.9 million in the first half of 2023 to RMB 189.7 million in the first half of 2024, driven by increased staff and marketing costs[75]. - The increase in costs of sales and services from RMB 558.8 million in the first half of 2023 to RMB 603.5 million in the first half of 2024 was mainly due to business growth and increased service offerings[69]. - General and administrative expenses increased from RMB 165.8 million in H1 2023 to RMB 181.1 million in H1 2024, primarily due to increased staff costs driven by business growth[77]. Cash Flow and Financial Position - The Group generated RMB 222.4 million in net cash from operating activities in H1 2024, a slight increase compared to the same period last year[88]. - Net cash used in investing activities was RMB 195.9 million in H1 2024, mainly due to a RMB 105.0 million payment for the Naturade acquisition[88]. - Cash and cash equivalents as of June 30, 2024, amounted to RMB 196.0 million, with term deposits over three months totaling RMB 486.1 million[83]. - The Group's net cash used in financing activities was RMB 54.5 million in H1 2024, primarily for lease liabilities payments[88]. Corporate Governance and Compliance - The Company has complied with all code provisions set out in the Corporate Governance Code during the Reporting Period[118]. - The Company continues to enhance information disclosure and transparency by regularly publishing financial reports and operational conditions[119]. - The Company has adopted a clear code of ethical conduct and incorporated compliance with occupational ethics into employee performance appraisals[120]. - The Company emphasizes compliance and anti-corruption work to ensure integrity and a clean operational style[121]. Shareholder Structure and Incentives - As of June 30, 2024, the company had 235,795,568 shares issued, with various directors holding significant interests[147][148]. - The concert party agreement among Mr. Li, Ms. Li, Mr. Lian, Niu Guifen, Cui Yuanjun, and Yuan Huimin collectively holds voting rights for 114,987,000 shares, which is 48.77% of the issued share capital[154]. - The company has adopted a 2022 Share Incentive Plan to motivate and retain eligible employees, with grants available to employees and prospective employees[161]. - The Share Incentive Plan is valid for ten years starting from January 16, 2023, allowing for the issuance of awards during this period[166].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 19.6, while the current price is HKD 16.22 [6]. Core Insights - The company achieved a revenue of RMB 1.14 billion and a net profit attributable to shareholders of RMB 120 million in the first half of 2024, with significant growth in the women's care center business [1][2]. - Revenue growth was driven by franchise stores and sub-health services, with women's care center revenue increasing over 200% year-on-year [2]. - The acquisition of 150 stores from Nairu, covering the Greater Bay Area, further expands the company's business footprint and complements its existing services [4]. Financial Performance - For the first half of 2024, the company reported a revenue increase of 9.7% year-on-year, while net profit grew by 3.2% [2]. - The gross margin slightly increased by 0.9 percentage points to 47.0%, attributed to increased customer traffic and economies of scale [2]. - The company forecasts net profits for 2024-2026 to be RMB 250 million, RMB 320 million, and RMB 370 million, respectively, with corresponding P/E ratios of 14.1x, 10.9x, and 9.5x [4]. Store Expansion and Customer Engagement - The company has expanded its store count to over 559, including 150 Nairu stores, with a significant increase in customer traffic and active membership [3]. - Direct store traffic reached 680,000 visits, a 12% increase year-on-year, while active members grew by 10% to 82,000, maintaining a high retention rate of 79% [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has achieved revenue growth of 9.7% year-on-year in the first half of 2024, with total revenue reaching 1.14 billion RMB [2][3] - Adjusted net profit for the same period is 130 million RMB, reflecting a slight increase of 0.5% year-on-year, with an adjusted net profit margin of 11.6% [2][3] - The company is expanding its "Double Beauty + Double Health" model, which is expected to enhance its market position and customer base [6] Financial Performance - The company's revenue breakdown shows that beauty and health services generated 620 million RMB, up 13.6% year-on-year, accounting for 54.7% of total revenue [3] - Medical beauty services contributed 440 million RMB, a modest increase of 0.3%, while sub-health medical services surged by 50% to 70 million RMB [3] - The gross profit margin improved to 47.0%, an increase of 0.9 percentage points compared to the previous year [2][3] Market Position and Strategy - The company has successfully integrated the acquisition of the leading smart beauty brand, Nairui'er, which is expected to significantly enhance its market share [6] - As of mid-2024, the company operates over 409 stores, with 202 being direct-operated and 207 franchised [6] - The report forecasts revenue growth for 2024-2026 at 22%, 24%, and 14% respectively, with net profit growth of 12%, 25%, and 12% [6][8]

Investment Rating - The report maintains a "Recommend" rating for Beautiful Land Medical Health (2373 HK) [1] Core Views - Beautiful Land Medical Health achieved revenue of RMB 1 138 billion in H1 2024 a YoY increase of 9 7 with a gross margin of 47 0 up 0 84 pct YoY and adjusted net profit of RMB 132 million a YoY increase of 0 5 [1] - The company's beauty and wellness business showed steady growth with revenue of RMB 622 million in H1 2024 a YoY increase of 13 6 while the sub-health business revenue surged by 50 0 to RMB 74 million [1] - The company completed the acquisition of Nai Rui Er expanding its total number of stores to over 550 and upgrading its business model from "Three Beauty" to "Double Beauty + Double Health" [1] Financial Performance - Revenue for 2024E is projected at RMB 2 605 billion a YoY increase of 21 4 with net profit attributable to the parent company expected to reach RMB 238 million a YoY increase of 10 2 [1][2] - The company's gross margin for H1 2024 was 46 95 a YoY increase of 0 84 pct while the net margin was 11 08 a YoY decrease of 0 60 pct [1] - The EPS for 2024E is forecasted at RMB 1 01 with a P E ratio of 15x [2] Business Segments - Beauty and wellness services contributed RMB 622 million in H1 2024 with direct-operated stores generating RMB 564 million a YoY increase of 11 2 and franchise stores contributing RMB 58 million a YoY increase of 43 8 [1] - Medical beauty services revenue was RMB 441 million in H1 2024 a slight YoY increase of 0 3 with active members increasing by 12 1 to 19 000 [1] - Sub-health services revenue reached RMB 74 million in H1 2024 a YoY increase of 50 0 with per capita spending of active members increasing by RMB 2 835 to RMB 15 000 [1] Store Expansion - As of H1 2024 the company had a total of 409 stores including 376 beauty and wellness stores 24 medical beauty stores and 9 sub-health stores [1] - The acquisition of Nai Rui Er added 150 stores bringing the total number of stores to over 550 [1] Strategic Initiatives - The company strategically expanded its health product SKUs and partnered with French LPG to launch the LPG® BF+ program [1] - The acquisition of Nai Rui Er is expected to enhance the company's market coverage brand influence and operational efficiency through economies of scale [1] Financial Projections - Revenue for 2025E is projected at RMB 3 128 billion a YoY increase of 20 1 with net profit attributable to the parent company expected to reach RMB 285 million a YoY increase of 20 0 [2] - Revenue for 2026E is projected at RMB 3 576 billion a YoY increase of 14 3 with net profit attributable to the parent company expected to reach RMB 330 million a YoY increase of 15 8 [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Views - The company demonstrated revenue and profit growth in the first half of 2024, with revenue reaching 1.138 billion yuan, a year-on-year increase of 9.7%, and net profit attributable to shareholders of 115 million yuan, up 3.2% year-on-year [3][4] - The company's business model shows strong synergy, particularly in the beauty and health sectors, with significant growth in sub-segments such as sub-health management services, which grew by 50% year-on-year [4][5] - The company is expanding its market presence through both organic growth and acquisitions, enhancing operational efficiency through digital marketing tools [7] Revenue Performance - The company's revenue for 1H2024 was 1.138 billion yuan, with a year-on-year growth of 9.7% [3] - The adjusted net profit for the same period was 1.32 billion yuan, reflecting a 0.5% increase year-on-year [3] - Revenue breakdown by business segments shows beauty and health services at 620 million yuan, medical beauty services at 440 million yuan, and sub-health medical services at 70 million yuan, with respective year-on-year growth rates of 13.6%, 0.3%, and 50.0% [4] Operational Efficiency - The company reported an increase in gross margin to 47.0%, up 0.9 percentage points year-on-year, while the net profit margin slightly decreased to 10.1%, down 0.6 percentage points [4][5] - The gross margins for the beauty and health, medical beauty, and sub-health business segments were 40.3%, 55.1%, and 54.4%, respectively, with notable improvements in the sub-health segment [5] Market Data - The total market capitalization of the company is 3.754 billion HKD, with a total share count of 236 million shares [3] - The stock price has fluctuated between 9.11 and 17.50 HKD over the past year [3] Financial Forecast - The company is projected to achieve revenues of 2.596 billion yuan in 2024, with a growth rate of 21.03%, and net profit of 250 million yuan, reflecting a growth rate of 15.91% [8][9] - The earnings per share (EPS) are expected to be 1.06 yuan in 2024, with a price-to-earnings (P/E) ratio of 14 [8][12]

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 6-month target price of HKD 17.37 [5][8]. Core Insights - The company achieved a revenue of RMB 1.138 billion in the first half of 2024, representing a year-on-year increase of 9.7%, and a net profit of RMB 115 million, up by 2.7% [1]. - The company is expanding its market presence through the acquisition of a 70% stake in the second-largest beauty brand, Nairui'er, which is expected to enhance its market share and brand synergy [4][8]. - The company has transitioned to a "dual beauty + dual health" business model, focusing on both beauty and health services [4]. Financial Performance - In the first half of 2024, the company's gross profit margin improved to 47.0%, an increase of 0.9 percentage points, driven by a higher proportion of high-margin businesses [2]. - The adjusted net profit for the first half of 2024 was RMB 132 million, reflecting a modest increase of 0.5% [1]. - Cash and cash-equivalent assets rose significantly by 137.1% to RMB 196 million [1]. Membership and Store Expansion - The number of active direct members reached 81,500, a growth of 10.3%, while the average annual spending per member decreased by 2.1% to RMB 12,600 [3]. - The total number of stores increased to 409, with a net addition of 14 stores in the first half of 2024 [3]. Business Segmentation - Revenue from beauty and health services was RMB 622 million, up 13.6%, accounting for 54.7% of total revenue, with a gross margin of 40.3% [4]. - Medical beauty services generated RMB 441 million, representing a slight increase of 0.33%, while health assessment and intervention services saw a significant growth of 50.0% to RMB 74 million [4].

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].