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HKEX 02373 · Unpaid pilot profile

Beauty Farm

Beauty Farm Medical and Health Industry Inc.

Beauty Farm operates beauty and wellness, aesthetic medical and subhealth medical services through direct, franchised and managed stores serving women in China’s high-tier cities. In 2025 it reported revenue of RMB3,000.539 million, net profit of RMB340.275 million and a gross margin of 49.1%; at year-end it had 550 stores, including 289 direct stores.

Disclosure through2026-07-15 Page reviewed2026-07-17 Listed onHong Kong Stock Exchange
Official investor-relations website ir@beautyfarm.com.cn Chairman’s statement · 2025 annual report · PDF page 12

This is an unpaid PureIR pilot independently prepared from formal disclosure. The company did not commission or pay for the profile and did not participate in any rating or investment judgement.

A beauty and health network that keeps growing 00

Press and let the service paths grow through the garden

  1. 01Beauty and wellness
  2. 02Aesthetic medical
  3. 03Subhealth medical
  4. 04Members and store network

An editorial metaphor for the disclosed service portfolio and network; it does not represent an individual service or medical outcome.

RMB999.1m Operating cash flow Year ended 31 December 2025 RMB2.59bn Cash and cash-like items As at 31 December 2025 Up to HK$1.2bn Three-year shareholder return plan The next three years from the announcement dated 4 November 2025 Continue through the disclosure

Disclosure highlights

2025 disclosure highlights

Cover of Beauty Farm 2025 annual report
Beauty Farm 2025 annual report · HKEX
01

Company disclosure

Operating cash flow

RMB999.1m

Net cash from operating activities increased by 25.4% in 2025.

Period: Year ended 31 December 2025Currency / unit: RMB millionHKEX PDF page 35
02

Company disclosure

Cash and cash-like items

RMB2.59bn

Comprises cash and cash equivalents, term deposits with original maturity over three months, and wealth-management products at fair value through profit or loss; up 41.6%.

Period: As at 31 December 2025Currency / unit: RMB millionHKEX PDF page 35
03

Company disclosure

Three-year shareholder return plan

Up to HK$1.2bn

The Board intends to implement the plan at its discretion through annual dividends or on-market repurchases; absent special circumstances, annual ordinary dividends are to be no less than 50% of net profit attributable to owners.

The plan is to be funded from internal resources. Implementation remains subject to operating performance, major acquisitions, market conditions and applicable requirements; no timing, quantity or price is assured.

Period: The next three years from the announcement dated 4 November 2025Currency / unit: HKD millionHKEX PDF page 1

Disclosure reading

How the operating model connects

The following is PureIR’s source-linked synthesis of company disclosure, not a rating or forecast.

01

PureIR disclosure synthesis

Dual beauty + dual wellness

The company uses beauty and wellness services as a client entry point and extends into aesthetic medical and subhealth medical services, forming a one-stop beauty and health offering for women in high-tier cities.

Type: company disclosure · PDF page 12
02

PureIR disclosure synthesis

Member relationships and value-added services

Direct-store visits and active membership continued to grow in 2025; the company disclosed that beauty and wellness entry points support conversion into consumer healthcare services.

Type: company disclosure · PDF page 27
03

PureIR disclosure synthesis

Organic growth and industry consolidation

The growth path combines higher revenue per store, network expansion and external acquisition integration. Naturade was consolidated in the second half of 2024; Siyanli began consolidation only in January 2026 and is therefore excluded from 2025 operating data.

Type: company disclosure · PDF page 14

Revenue structure

Three services, one client relationship

Beauty and wellness is the largest revenue line and a client entry point. Aesthetic medical and subhealth medical services extend the relationship into consumer healthcare.

Annual series

Revenue by service line

Revenue by service line, unit: RMB million 3,241 2,430 1,620 810 0 20212022202320242025 Beauty & wellness 2021: 1,046.8 RMB million Aesthetic medical 2021: 673.0 RMB million Subhealth medical 2021: 60.9 RMB million Beauty & wellness 2022: 946.7 RMB million Aesthetic medical 2022: 620.2 RMB million Subhealth medical 2022: 68.5 RMB million Beauty & wellness 2023: 1,193.7 RMB million Aesthetic medical 2023: 850.4 RMB million Subhealth medical 2023: 101.0 RMB million Beauty & wellness 2024: 1,443.3 RMB million Aesthetic medical 2024: 927.9 RMB million Subhealth medical 2024: 201.0 RMB million Beauty & wellness 2025: 1,658.0 RMB million Aesthetic medical 2025: 1,016.6 RMB million Subhealth medical 2025: 325.9 RMB million
Period: years ended 31 December; unit：RMB million；type: company disclosure. HKEX 2022 annual report, PDF page 16; HKEX 2023 annual report, PDF page 14; HKEX 2025 annual report, PDF page 27

Definition note: the 2021–2022 filings used “traditional beauty services” and “subhealth assessment and intervention services”; later reports use “beauty and wellness” and “subhealth medical services”.

Five-year disclosure

Scale, profit and margin

The 2025 annual report provides a consistent five-year comparison. Amounts below are RMB million.

Annual series

Revenue and gross profit

Revenue and gross profit, unit: RMB million 3,241 2,430 1,620 810 0 20212022202320242025 Revenue 2021: 1,780.7 RMB million Revenue 2022: 1,635.4 RMB million Revenue 2023: 2,145.1 RMB million Revenue 2024: 2,572.2 RMB million Revenue 2025: 3,000.5 RMB million Gross profit 2021: 833.8 RMB million Gross profit 2022: 717.8 RMB million Gross profit 2023: 977.1 RMB million Gross profit 2024: 1,190.0 RMB million Gross profit 2025: 1,471.9 RMB million
Period: years ended 31 December; unit：RMB million；type: company disclosure. HKEX annual report, PDF page 11

Annual series

Net profit

Net profit, unit: RMB million 367 276 184 92 0 20212022202320242025 Net profit 2021: 208.3 RMB million Net profit 2022: 110.5 RMB million Net profit 2023: 230.1 RMB million Net profit 2024: 252.5 RMB million Net profit 2025: 340.3 RMB million
Period: years ended 31 December; unit：RMB million；type: company disclosure. HKEX annual report, PDF page 11

Annual series

Gross margin

Gross margin, unit: percent 53 40 27 13 0 20212022202320242025 Gross margin 2021: 46.8% Gross margin 2022: 43.9% Gross margin 2023: 45.6% Gross margin 2024: 46.3% Gross margin 2025: 49.1%
Period: years ended 31 December; unit：percent；type: company disclosure. HKEX annual report, PDF page 11

2025 financial position

Operating scale

Stores, visits and active members

Store data are year-end counts. Visits and active members cover direct stores for each full year; several totals are disclosed in rounded form.

Annual series

Store network

Store network, unit: stores 598 449 299 150 0 2022202320242025 Total stores 2022: 378 stores Total stores 2023: 400 stores Total stores 2024: 554 stores Total stores 2025: 550 stores Direct stores 2022: 189 stores Direct stores 2023: 201 stores Direct stores 2024: 275 stores Direct stores 2025: 289 stores
Period: years ended 31 December; unit：stores；type: company disclosure. HKEX 2022 annual report, PDF page 15; HKEX 2023 annual report, PDF page 15; HKEX 2024 annual report, PDF page 14; HKEX 2025 annual report, PDF page 13

Annual series

Direct-store client visits

Direct-store client visits, unit: visits 2,008,800 1,506,600 1,004,400 502,200 0 2022202320242025 Direct-store client visits 2022: 947,274 visits Direct-store client visits 2023: 1,260,000 visits Direct-store client visits 2024: 1,520,000 visits Direct-store client visits 2025: 1,860,000 visits
Period: years ended 31 December; unit：visits；type: company disclosure. HKEX 2022 annual report, PDF page 15; HKEX 2023 annual report, PDF page 15; HKEX 2024 annual report, PDF page 13; HKEX 2025 annual report, PDF page 12

Annual series

Direct-store active members

Direct-store active members, unit: people 166,320 124,740 83,160 41,580 0 2022202320242025 Direct-store active members 2022: 78,318 people Direct-store active members 2023: 94,000 people Direct-store active members 2024: 137,027 people Direct-store active members 2025: 154,000 people
Period: years ended 31 December; unit：people；type: company disclosure. HKEX 2022 annual report, PDF page 15; HKEX 2023 annual report, PDF page 15; HKEX 2024 annual report, PDF page 13; HKEX 2025 annual report, PDF page 12

Leadership profile

Senior management

The 2025 annual report identifies four members of senior management. Three portraits are sourced from the official investor-relations website; no official portrait was located for the COO.

Official portrait of Li Yang

Company disclosure

Li Yang

Chairman of the Board and Executive Director

Joined the Group in 2003 and is responsible for overall management, business, strategy, and oversight of commercial suitability and sustainability; previously held senior roles at Hainan provincial development, real-estate and state-asset bodies.

Official portrait: company IR website

Type: company disclosure · PDF page 40
1 / 4

Official market reference

Latest market information

PureIR does not display or redistribute market-price data. View 02373 on HKEX’s official securities quote page.

View 02373 quote on HKEX This link leaves PureIR. Market data and applicable terms are provided and managed by HKEX.

Formal disclosure

Principal risks and uncertainties

01

Brand reputation and client disputes

The company discloses that negative brand perception and client complaints, claims or legal proceedings arising in ordinary operations may adversely affect the business.

Type: company disclosure · PDF page 84
02

Medical and industry regulation

The company must continue to obtain and renew relevant permits, licences and filings; regulatory reform may introduce stricter requirements, additional expense or penalties.

Type: company disclosure · PDF page 84
03

Prepaid-card and franchise exposure

Tighter regulation of prepaid-card and franchise activities may reduce cash flow, increase safeguarded funds and create exposure to liabilities owed to franchisees’ customers.

Type: company disclosure · PDF page 84
04

Acquisition goodwill and contractual arrangements

Goodwill or intangible assets arising from acquisitions may be impaired; parts of the business rely on contractual arrangements whose control effectiveness, tax treatment and regulatory interpretation remain uncertain.

Type: company disclosure · PDF page 97

Evidence

Formal sources and public data

The page uses HKEX annual reports, formal shareholder-return announcements and the company’s official investor-relations website. The public JSON contains page-level source metadata, not full filing text.

2025 Annual Report2026-04-27 · 286 PDF pages2024 Annual Report2025-04-24 · 266 PDF pages2023 Annual Report2024-04-24 · 258 PDF pages2022 Annual Report2023-04-24 · 366 PDF pages Shareholder Return Plan for the Next Three Years2025-11-04 · 2 PDF pages · Formal announcementPoll Results of the Annual General Meeting2026-06-26 · 4 PDF pages · Formal announcementNext Day Disclosure Return2026-07-15 · 7 PDF pages · Formal announcement

PureIR is an independent, unofficial information platform and does not represent Beauty Farm. This page is not investment advice and provides no rating, target price or undisclosed forecast.