Core Viewpoint - Meili Tianyuan Medical Health (02373.HK) announced a strategic acquisition of 100% equity in Shanghai Siyuanli Industrial Co., Ltd. for a consideration of 1.25 billion RMB, marking it as the largest acquisition in the beauty industry this year [1][6]. Acquisition Details - The acquisition price of 1.25 billion RMB includes 325 million RMB for domestic acquisition and 511 million RMB for overseas acquisition, along with the issuance of 15,798,147 shares at a price of 28.71 HKD per share, representing a discount of 19.67% from the last trading price of 35.74 HKD [6][8]. - The independent valuation firm Jinzheng evaluated Siyuanli at 1.395 billion RMB, indicating that Meili Tianyuan's acquisition price is 89.6% of Siyuanli's valuation [8]. - Following the acquisition, Meili Tianyuan will have over 734 stores and approximately 60,000 active members from Siyuanli integrated into its membership system [8]. Financial Performance of Siyuanli - Siyuanli's revenue for the years 2022, 2023, 2024, and the first half of 2025 is reported as 565 million RMB, 818 million RMB, 849 million RMB, and 423 million RMB respectively, with net profit/loss figures of -36.4 million RMB, 69.4 million RMB, 81 million RMB, and 44 million RMB [12][13]. Market Reaction - The market response to the acquisition was lukewarm, with Meili Tianyuan's stock opening at 36.5 HKD but closing down 5.43% at 33.8 HKD on the announcement day [4]. Strategic Positioning - This acquisition follows Meili Tianyuan's previous acquisition of Guangzhou Nairui Health Management Co., Ltd., positioning it among the top three beauty service brands in China [14]. - Meili Tianyuan aims to leverage its portfolio of brands, including Meili Tianyuan, Beili Shi, Nairui, and Siyuanli, to strengthen its market presence in high-end sectors [14]. Future Outlook - The company has completed over 30 acquisitions to date and anticipates further opportunities, projecting revenues to exceed 4 billion RMB and adjusted net profits to surpass 500 million RMB by 2026 [15]. - As of the first half of 2025, Meili Tianyuan reported revenues of 1.459 billion RMB and net profits of 170.8 million RMB, reflecting a growth of 28.2% and 35.5% respectively compared to the previous year [16]. Consumer Complaints - Meili Tianyuan and its brands, including Nairui and Siyuanli, have faced consumer complaints related to refund difficulties and service quality, prompting the company to enhance its customer service response [17][20].

Group 1 - The core point of the article is that Meili Tianyuan Medical Health Industry Co., Ltd. announced a strategic acquisition of 100% equity in Shanghai Siyuanli Industrial Co., Ltd. for 1.25 billion yuan, further consolidating its position in the Chinese beauty industry [1] - Following the acquisition, Meili Tianyuan, along with its brand Nairui, will hold top positions in the Chinese beauty industry, as per Frost & Sullivan data [1] - The acquisition will integrate approximately 60,000 active members from Siyuanli into Meili Tianyuan's membership system, significantly increasing its active member base and enhancing its "Double Beauty + Double Health" business model [1] Group 2 - Meili Tianyuan's CEO emphasized the importance of occupying high-end beauty markets in major cities, leveraging scarce resources to build a competitive advantage [2] - The company has adopted a dual strategy of "internal growth + external mergers and acquisitions," completing over 30 industry acquisitions since 2014 [2] - Siyuanli, a leading player in the high-end beauty service sector, is expected to contribute significantly to Meili Tianyuan's revenue and profit, with projected revenues of 850 million yuan and net profits of 81 million yuan in 2024 [2] Group 3 - The beauty and health industry is viewed as a rapidly growing market, with opportunities for leading companies to expand due to its fragmented nature [3] - Meili Tianyuan's management is optimistic about future growth, projecting revenues to exceed 4 billion yuan and adjusted net profits to surpass 500 million yuan by 2026 [3]

Investment Rating - The report assigns a positive outlook on Beauty Farm Medical and Health Industry, indicating a strong potential for growth following the acquisition of Siyanli [1][5]. Core Insights - The acquisition of Siyanli for RMB 1.25 billion is a strategic move to enhance Beauty Farm's market position in the premium beauty sector, consolidating its leadership alongside Narui'er and Siyanli [1][10]. - The transaction structure includes a mix of cash, acquisition loans, and share issuance, ensuring financial stability and effective integration of Siyanli's operations [2][9]. - The merger is expected to significantly increase the number of stores in key urban areas, enhancing market share and operational synergies [3][10]. - The integration of Siyanli's customer base and resources is projected to boost overall membership and revenue potential, particularly in high-end commercial properties [4][11]. - Siyanli's valuation is attractive, with a lower P/E ratio compared to Beauty Farm and the industry average, providing a margin of safety for investors [5][12]. Summary by Sections Acquisition Details - Beauty Farm announced the acquisition of 100% equity in Siyanli for RMB 1.25 billion, marking a key step in its growth strategy [1][8]. - The acquisition is financed through a combination of internal cash, bank loans, and share issuance, with a total cash consideration of approximately RMB 840 million [2][9]. Market Position - The acquisition will increase Beauty Farm's store network from 552 to 734, solidifying its position as a leader in China's high-end beauty services market [3][10]. - The top 20 core cities contribute about 40% of the beauty services market, with significant revenue generated from first-tier cities [3][10]. Integration and Synergies - The merger is expected to enhance competitive advantages by integrating three leading brands and increasing coverage in high-end commercial properties [4][11]. - The addition of Siyanli's 60,000 members will increase the overall member base by 44%, facilitating cross-selling opportunities [4][11]. Financial Impact - Siyanli's valuation at 14.8x LTM P/E is significantly lower than Beauty Farm's 29.5x, indicating a favorable investment opportunity [5][12]. - The acquisition is anticipated to replicate the successful integration of Narui'er, with potential for improved operational efficiency and profitability [5][14].

摘要 美丽田园收购丝妍丽，巩固其在中国高端美容行业的领导地位，尤其是 在高价值城市集群和超一线城市市场份额显著提升，与丝妍丽超过 90% 的门店收入来自一线和新一线城市高度契合。 收购显著增厚美丽田园的收入和利润，思妍丽 2024 年营收 8.5 亿元， 净利润 8,100 万元。通过精细运营、数字化转型和供应链协同，预计将 进一步提升思妍丽的经营效率，并带动活跃会员规模增长 44%。 本次交易采用现金加发股方式，总价 12.5 亿元，市盈率 14.8 倍，低于 美丽田园及同业可比公司。交易结构设计巧妙，实现了最小资金占用最 大化资本市场价值，并增厚每股收益。 美丽田园在北上广深等重点城市门店收入占比高，收购后双方在 20 个 一线和新一线城市中有 16 城覆盖，占总收入的 94%，为资源整合奠定 基础，放大团队组织力、医疗业务能力及获客能力。 收购思妍丽后，新增约 44%的直营活跃会员，为医疗业务带来直接增长 机会。计划未来三年内升级旗下半数医疗门店，引入先进设备、扩展科 室和服务内容，提高服务标准并引进优秀人才。 Q&A 美丽田园收购丝妍丽的具体情况和意义是什么？ 美丽田园以 12.5 亿元的价格收购了丝 ...

今年中国美业最大收购案。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据IPO早知道消息，10月15日，美丽田园（2373.HK）发布公告，公司与子公司上海美丽田园医疗 健康签署协议，以12.5亿元人民币（约13.69亿港元）全资收购上海思妍丽实业股份有限公司（下 称"思妍丽"）。 此次收购采用"现金+股权"组合支付。 除8.359亿元现金外，美丽田园将向卖方SYL Holding发行 1579.8万股新股，每股作价28.71港元，较最后交易日收市价折让19.67% 。独立估值机构金证评 估采用市场法，参考包括美丽田园自身在内的四家上市公司数据，思妍丽最终估值13.95亿元。 思妍丽创立于1996年，据弗若斯特沙利文数据，以2024年收入规模计，思妍丽是中国第三大美容服 务品牌。2024年思妍丽实现收入8.5亿元，净利润8100万元。 截至2025年6月30日，思妍丽在全 国48个城市运营163家生活美容门店（包括直营门店118家及加盟门店45家）及19家医美门诊， 2024年超过90%的总收入来自其位于中国前20个一线和新一线城市的门店。 收购完成后，美丽田园门店总数将增至7 ...

Core Viewpoint - The acquisition of Shanghai Siyuanli Industrial Co., Ltd. by Meili Tianyuan Medical Health is a strategic move to reshape the competitive landscape of the high-end beauty industry in China's high-tier cities, following the successful acquisition of Nairui in 2024 [1][3]. Group 1: Acquisition Details - Meili Tianyuan Medical Health and its subsidiaries have agreed to acquire 100% of the issued shares of Shanghai Siyuanli for a consideration of RMB 1.25 billion [1]. - The acquisition will involve the issuance of 15.7981 million shares to SYL Holding, representing approximately 6.70% of the total issued shares as of the announcement date [1]. Group 2: Target Company Overview - Shanghai Siyuanli, established on December 31, 2009, is a leading brand in China's high-end beauty service industry, focusing on skincare products and professional beauty experiences for women in high-tier cities [2]. - As of June 30, 2025, the target company operates 163 beauty stores and 19 medical beauty clinics across 48 cities in China, with over 90% of its revenue coming from stores in the top 20 first-tier and new first-tier cities [2]. Group 3: Strategic Implications - The acquisition is expected to significantly expand the store network to 734 locations, enhancing the customer base and market share of Meili Tianyuan [3]. - The integration will leverage five core capabilities, including chain management, customer lifecycle management, medical service upgrades, AI transformation, and supply chain integration, to maximize synergies and drive revenue and profit growth [3].

Group 1 - The company, 美丽田园医疗健康, has entered into a conditional share purchase agreement to acquire 100% of the issued shares of 上海思妍丽实业 for a consideration of RMB 1.25 billion (approximately HKD 1.369 billion) [1] - As part of the consideration, 15.7981 million shares will be issued to SYL Holding, representing about 6.70% of the total issued shares as of the announcement date, and approximately 6.28% of the total issued shares post-acquisition [1] - The target company, 思妍丽, is a leading brand in China's high-end beauty service industry, operating 163 beauty stores and 19 medical beauty clinics across 48 cities as of June 30, 2025 [2] Group 2 - The acquisition is seen as a significant milestone for the company, following the successful acquisition of 奈瑞儿 in 2024, and is expected to reshape the competitive landscape of the high-end beauty industry in China's top-tier cities [2] - Post-acquisition, the company's store network will expand to 734 locations, significantly increasing its membership base and enhancing its market position [2] - The company plans to leverage five core capabilities, including chain management and AI transformation, to maximize synergies and drive revenue and profit growth [3]

Core Viewpoint - The acquisition of 100% equity in Shanghai Siyuan Lishi by Meili Tianyuan Medical Health is a strategic move to enhance its position in the high-end beauty service industry in China, with a total consideration of RMB 1.25 billion (approximately HKD 1.369 billion) [1][2]. Group 1: Acquisition Details - The agreement involves the conditional sale of shares by SYL Holding and Shanghai Anyan, with Meili Tianyuan Medical Health and Shanghai Meili Tianyuan as the buyers [1]. - The acquisition will result in the issuance of 15.7981 million consideration shares, representing approximately 6.70% of the total issued shares as of the announcement date [1]. - The company will apply for the listing and trading of the consideration shares on the Stock Exchange [1]. Group 2: Target Company Overview - The target company, established in December 2009, is a leading brand in China's high-end beauty service sector, known for its skincare products and services [2]. - As of June 30, 2025, the target company operates 163 beauty stores and 19 medical beauty clinics across 48 cities in China, with over 90% of its revenue coming from first-tier and new first-tier cities [2]. - According to Frost & Sullivan, the target company's brand ranks as the third-largest beauty service brand in China based on 2024 revenue [2]. Group 3: Strategic Implications - This acquisition marks a significant milestone for the company, following its successful acquisition of Nairui'er in 2024, and is expected to reshape the competitive landscape of the high-end beauty industry in high-tier cities [3]. - Post-acquisition, the company's store network will expand to 734 locations, significantly increasing its membership base [3]. - The integration will leverage five core capabilities, including chain management and AI-driven transformation, to maximize synergies and enhance revenue and profit growth [3].

庭审中，美容公司对此予以否认，辩称向朱女士提供的仅是纯手法按摩服务，因对效果不满意，朱女士 对公司进行了投诉，经协商一致，美容公司退还了服务费，朱女士撤销了投诉，双方不再有纠纷。同 时，朱女士虽向多部门投诉，但相关投诉内容均未被查证属实，公司不存在朱女士所述的违规违法行 为，不存在欺诈行为，不应支付相应的赔偿，更不同意支付朱女士在其他美容机构整容的开销。 房山法院经审理查明，朱女士在美容公司接受眼部服务。服务结束后，美容公司曾提醒朱女士"勿沾 水""忌辛辣"等明显超出普通生活美容服务的常规注意事项；在朱女士眼部出现不适，双方交涉期间， 美容公司多次使用"拆点位""抽根线"等带有明显手术操作性质的行业隐语进行回应搪塞；在朱女士前往 其他医美机构进行修复时，《手术知情同意书》中"术前诊断"载明"双侧重睑线不一致。重睑术后(埋 线)。"直接印证了朱女士在美容公司接受的"眼角提升保养"服务，实为医疗美容范畴内的"埋线"项目。 法院指出，根据相关法律规定，"埋线"属于医疗美容服务，经营者必须具备相应的医疗美容资质。而美 容公司并无医疗美容经营资质，却故意隐瞒，将非法医疗美容项目包装成"无创按摩保养"进行推销，已 构成欺 ...

Group 1 - Chengdu Qingyang District Enyan Meisu Center has been established as an individual business entity with a registered capital of 50,000 RMB [1] - The legal representative of the center is Wei Xiaoqun [1] - The business scope includes licensed projects such as life beauty services, food sales, and food internet sales, which require approval from relevant authorities [1] Group 2 - General projects include sales of health food (pre-packaged), internet sales (excluding goods requiring licenses), cosmetics retail, and maternal and infant products sales [1] - The center also offers information consulting services (excluding licensed information consulting services) and personal internet live streaming services [1] - The center can independently conduct business activities based on its business license, except for projects that require approval [1]