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 significant performance growth due to deepening digital transformation, improved industry chain layout, and ongoing store expansion [1]. Group 1: Financial Projections - The projected net profit for Meili Tianyuan from 2025 to 2027 is estimated to be 337 million, 458 million, and 588 million RMB respectively, with previous estimates adjusted due to the acquisition's expected contribution [1]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 20.4, 15.0, and 11.7 for the years 2025, 2026, and 2027 respectively, with a target price set at 42.64 HKD based on a 20x PE for 2026 [1]. Group 2: Acquisition Details - Meili Tianyuan plans to acquire 100% of Shanghai Siyuanli Industrial Co., Ltd. for a total consideration of 1.25 billion RMB, marking a significant acquisition following the purchase of the second-largest beauty service brand, Nairui'er [2]. - Siyuanli is recognized as the third-largest beauty service brand in China, with projected revenues of 850 million RMB and a net profit of 81 million RMB for 2024 [2]. Group 3: Operational Insights - As of June 30, 2025, Siyuanli operates 163 high-end beauty service stores and 19 medical beauty clinics across 48 cities, with over 90% of its revenue generated from first-tier and new first-tier cities [3]. - The acquisition is expected to increase Meili Tianyuan's active direct member base by 44%, enhancing its "dual beauty + dual healthcare" business model [3]. Group 4: Transaction Highlights - The acquisition is valued at a PE ratio of 17.2, significantly lower than Meili Tianyuan's current PE of approximately 29.2 and the industry average of 21.1 [4]. - 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 [4]. Group 5: Strategic Positioning - Post-acquisition, Meili Tianyuan, Nairui'er, and Siyuanli will collectively dominate the top three positions in China's beauty service industry, with over 734 stores and a market coverage of 42% [5]. - The integration of Nairui'er’s operational experience is anticipated to enhance Siyuanli's efficiency and profitability through supply chain collaboration and digital transformation efforts [5].

Core Viewpoint - The acquisition of Siyanli by Meili Tianyuan Medical Health (02373) is expected to solidify its position in the mid-to-high-end beauty care services market, with potential for further optimization in its business model through both organic and external growth strategies [1][2] Group 1: Acquisition Details - The company announced on October 15 that it will acquire 100% equity of Siyanli, the third-largest beauty service brand in China, for a consideration of 1.25 billion RMB [1] - Siyanli operates 163 beauty service stores and 19 medical beauty clinics across 48 cities in China, with approximately 60,000 active members [2] - The acquisition is expected to enhance the company's overall competitiveness and leverage synergies, as it will consolidate the top three beauty service brands in the country [2] Group 2: Financial Projections - The company updated its net profit forecasts for 2025-2027 to 372 million, 409 million, and 486 million RMB, respectively, with corresponding P/E ratios of 18X, 17X, and 14X [1] - Siyanli is projected to achieve a net profit of 81 million RMB in 2024, with expectations of improving its profit margin from 6.5% in 2023 to 10.4% by the first half of 2025 after integration [2] - The acquisition price corresponds to a TTM P/E valuation of approximately 17 times, which is lower than the valuation of the listed company [2] Group 3: Shareholder Returns - The company plans to maintain a dividend payout of no less than 50% of the net profit attributable to shareholders for the next three complete financial years [1][2] - The company has been actively repurchasing shares to support its market price, having repurchased 605,500 shares out of an authorized 23.58 million shares [2]

Core Viewpoint - The acquisition of Siyuanli by Meili Tianyuan Medical Health is expected to strengthen its position in the mid-to-high-end beauty care service market, with potential for further optimization in its business model through both organic and external growth strategies [1][2]. Group 1: Acquisition Details - The company announced the acquisition of 100% equity of Siyuanli for a consideration of 1.25 billion RMB [1]. - Siyuanli is the third-largest beauty service brand in China, with projected revenue of 849 million RMB in 2024 and operations in 48 cities with 163 beauty stores and 19 medical beauty clinics [2]. - The acquisition will consolidate the company’s competitive position by bringing together the top three beauty service brands and capturing 42% of high-end commercial properties in first- and second-tier cities [2]. Group 2: Financial Projections - The company updated its net profit forecasts for 2025-2027 to 372 million, 409 million, and 486 million RMB, respectively, with corresponding PE ratios of 18X, 17X, and 14X [1]. - Siyuanli is expected to achieve a net profit of 81 million RMB in 2024, with potential for profit margin improvement similar to the company’s previous acquisition of Nairui, which saw an increase from 6.5% in 2023 to 10.4% in the first half of 2025 [2]. Group 3: Shareholder Returns - The company plans to maintain a dividend payout of no less than 50% of the net profit attributable to shareholders for the next three complete financial years [1][2]. - The company has been actively repurchasing shares, having bought back 605,500 shares out of an authorized 23.58 million shares, to support its market price [2].

Core Viewpoint - The acquisition of Siyuanli is expected to significantly enhance the company's performance, leading to an upward revision of the net profit forecasts for 2025-2027 [1] Group 1: Financial Performance and Projections - The revised net profit estimates for Meili Tianyuan Medical Health (02373) are 320 million, 440 million, and 490 million RMB for 2025, 2026, and 2027 respectively, reflecting increases of 5%, 26%, and 21% [1] - Corresponding EPS for the same years are projected to be 1.36, 1.86, and 2.09 RMB, with current PE ratios of 20, 14, and 13 times [1] Group 2: Shareholder Return Plan - The company announced a long-term shareholder return plan, aiming to utilize up to 1.2 billion HKD over the next three years [2] - The return plan will be executed through two main methods: annual dividends of no less than 50% of the company's net profit and ongoing share buybacks [3] Group 3: Acquisition of Siyuanli - The company announced a strategic acquisition of 100% of Siyuanli for 1.25 billion RMB, which is the third-largest beauty service brand in China [4] - Following the acquisition, approximately 60,000 active members from Siyuanli will be integrated into the company's membership system, increasing the active membership base by over 44% [4] - The acquisition is expected to significantly enhance the company's market share in high-tier cities, solidifying its position as an industry leader [4] Group 4: Growth Strategy - The company employs a "dual growth" strategy, combining organic growth with acquisitions, which has successfully built a high-quality membership system [5] - The successful integration of the second-largest brand, Nairui, has demonstrated the company's capability in synergistic integration, with Nairui's net profit margin increasing from 6.5% to 10.4% post-acquisition [5] - The company anticipates that the acquisition of Siyuanli will further enhance operational efficiency and strengthen the competitive position of both Siyuanli and Meili Tianyuan brands [5]

Group 1 - The core viewpoint of the report is that the acquisition of Siyuanli will directly enhance the company's performance, leading to an upward revision of the net profit forecasts for 2025-2027 to 320 million, 440 million, and 490 million RMB, representing increases of 5%, 26%, and 21% respectively, with corresponding EPS of 1.36, 1.86, and 2.09 RMB, and current PE ratios of 20, 14, and 13 times [1] - The company announced a long-term shareholder return plan, expecting to utilize up to 1.2 billion HKD over the next three years to provide returns to shareholders [1] Group 2 - The shareholder return plan will be implemented through two main methods: first, an annual dividend of no less than 50% of the company's net profit attributable to shareholders; second, a continuous share buyback program [2] - This substantial shareholder return plan reflects the company's strong confidence in future development and highlights its solid cash flow foundation and overall strength [2] Group 3 - The company announced a strategic acquisition of 100% equity in Siyuanli for 1.25 billion RMB, which is the third-largest beauty service brand in China, with a significant presence in major cities [3] - Following the acquisition, approximately 60,000 active members from Siyuanli will be integrated into the company's membership system, leading to a more than 44% increase in active membership [3] - The company's market share in high-tier cities will significantly increase, further solidifying its position as an industry leader [3] Group 4 - The company's growth is driven by both internal and external factors, with a dual business model of "dual beauty + dual healthcare" effectively building a high-quality membership system [4] - The successful acquisition of the second-largest brand, Nairui, has demonstrated the company's integration and synergy capabilities, with Nairui's adjusted net profit margin increasing from 6.5% to 10.4% in the first half of 2025 [4] - The company is expected to leverage its extensive acquisition experience to enhance Siyuanli's operational efficiency and achieve mutual empowerment between the Siyuanli and Meili Tianyuan brands, thereby continuously improving its industry influence and competitiveness [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 美麗田園醫療健康產業有限公司 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02373 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | 本月底法定/註冊股本總額 ...

Core Viewpoint - Meili Tianyuan Medical Health (02373.HK) announced a significant shareholder return plan, intending to utilize up to HKD 1.2 billion over the next three years through dividends and share buybacks [2][3]. Group 1: Shareholder Return Plan - The company plans to distribute annual dividends amounting to no less than 50% of the net profit attributable to shareholders for the next three complete financial years [3]. - The company has received authorization to repurchase up to 23.5796 million shares under the existing buyback authorization, with 605,500 shares already repurchased as of November 4 [3][5]. Group 2: Market Reaction and Analysis - Following the announcement, the stock price of Meili Tianyuan rose by 3.13%, reaching HKD 30.34 per share [2]. - Analysts believe the feasibility of the shareholder return plan hinges on the company's ability to deliver stable performance, which is essential for sustaining shareholder returns [2][5]. - The management's decision to implement this plan is seen as a confidence signal in the company's long-term value, especially amid recent stock price declines [5]. Group 3: Future Considerations - The success of the shareholder return plan will ultimately depend on the company's ability to fulfill its commitments and demonstrate performance through quarterly results [5]. - Meili Tianyuan is also anticipated to be a contender for the "Top 100 Hong Kong Stocks" list, which could further enhance its market position [5].

Core Viewpoint - The company aims to enhance shareholder value by potentially utilizing up to HKD 1.2 billion over the next three years through dividends and share buybacks [1] Group 1: Dividend Policy - The company plans to declare annual dividends according to its current dividend policy, committing to distribute no less than 50% of the net profit attributable to shareholders each year during the next three complete financial years [1] Group 2: Share Buyback - The company intends to repurchase its shares through market buybacks, based on a general mandate granted at the shareholders' annual general meeting scheduled for June 27, 2025, following the expiration of the existing buyback authorization [1]

Core Viewpoint - The company, 美丽田园医疗健康 (02373), has announced a plan to enhance shareholder value by potentially utilizing up to HKD 1.2 billion over the next three years through dividends and share buybacks [1] Group 1: Shareholder Returns - The board has resolved to provide returns to shareholders via two main methods: (i) declaring annual dividends according to the current dividend policy, with a commitment to distribute no less than 50% of the net profit attributable to shareholders each year for the next three full financial years [1] - The second method involves share buybacks, which will be conducted under a general mandate granted at the upcoming annual general meeting on June 27, 2025, following the expiration of the current buyback authorization [1] Group 2: Financial Impact - The company plans to fund these initiatives through internal resources and expects that the implementation of these plans will not have a significant adverse impact on the group's working capital position [1] - As of the date of the announcement, the company has been authorized to repurchase 23,579,556 shares and has already repurchased a total of 605,500 shares under the existing buyback authorization [1]

Group 1 - The company, 美丽田园医疗健康 (02373), has announced a plan to enhance shareholder value by potentially utilizing up to HKD 1.2 billion over the next three years [1] - The company will provide returns to shareholders through two main methods: (i) declaring annual dividends based on the current dividend policy, with a commitment to distribute no less than 50% of the net profit attributable to shareholders each year for the next three fiscal years [1] - Alternatively, the company may repurchase its shares in the market, subject to general authorization granted at the upcoming annual general meeting [1] Group 2 - The funding for these plans will be sourced from the company's internal resources, and it is expected that the implementation will not significantly adversely affect the group's working capital [1] - The company has been authorized to repurchase a total of 23,579,556 shares under the existing buyback authorization, and as of the announcement date, it has repurchased a total of 605,500 shares [1]