美丽田园医疗健康2024 年中期报告

CONTENTS目錄 48Interim Condensed Consolidated Balance Sheet50Interim Condensed Consolidated Statement ofChanges in Equity52Interim Condensed Consolidated Statement ofCash Flows54Notes to the Interim Condensed ConsolidatedFinancial Statements93Definitions 2Corporate Information5Financial Summary6Management Discussion and Analysis28Other Information46Interim Condensed Consolidated Statement ofProfit or Loss47Interim Condensed Consolidated Statement ofComprehensive Income CORPORATE INFORMATION公司資料 BOARD OF DIRECTORS Executive DirectorsMr. LI Yang(Chairman of the Board)Mr. LIAN Songyong(Chief Executive Officer, Vice Chairman of the Board) Non-executive Directors 20248 2720248 27 Mr. GENG JiaqiMs. LI FangyuMr. HU Tenghe(appointed on August 27, 2024)Mr. ZHAI Feng(resigned on August 27, 2024) Independent Non-executive Directors Mr. FAN MingchaoMr. LIU TengMr. JIANG Hua AUDIT COMMITTEE Mr. LIU Teng(Chairperson)Ms. LI FangyuMr. FAN Mingchao REMUNERATION COMMITTEE 20248 2720248 27 Mr. FAN Mingchao(Chairperson)Mr. HU Tenghe(appointed on August 27, 2024)Mr. JIANG HuaMr. ZHAI Feng(resigned on August 27, 2024) NOMINATION COMMITTEE Mr. FAN Mingchao(Chairperson)Mr. LIAN SongyongMr. JIANG Hua (ACG, HKACG) JOINT COMPANY SECRETARIES Ms. ZHOU MinMs. KWOK Siu Ying Sarah(ACG, HKACG) AUTHORIZED REPRESENTATIVES Mr. LI YangMs. KWOK Siu Ying Sarah 2373 STOCK CODE2373 www.beautyfarm.com.cn COMPANY’S WEBSITEwww.beautyfarm.com.cn REGISTERED OFFICE Floor 4, Willow HouseCricket SquareGrand CaymanKY1-9010Cayman Islands Floor 4, Willow HouseCricket SquareGrand CaymanKY1-9010Cayman Islands HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN THE PRC 1089121206 Unit 1206, 12th FloorNo.1089 Dongdaming RoadHongkou DistrictShanghaiPRC PRINCIPAL PLACE OF BUSINESS INHONG KONG 33191901 Room 1901, 19/F, Lee Garden One33 Hysan AvenueCauseway BayHong Kong PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE IN CAYMAN ISLANDS Campbells Corporate Services LimitedFloor 4, Willow House, Cricket SquareGrand Cayman KY1-9010Cayman Islands Campbells Corporate Services LimitedFloor 4, Willow House, Cricket SquareGrand Cayman KY1-9010Cayman Islands HONG KONG BRANCH SHARE REGISTRAR 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchaiHong Kong HONG KONG LEGAL ADVISERS 131 O’Melveny & Myers31/F, AIA Central1 Connaught RoadCentralHong Kong AUDITOR 22 PricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor22/F, Prince’s BuildingCentralHong Kong COMPLIANCE ADVISER 113001–30063015–3016 Haitong International Capital LimitedSuites 3001–3006 and 3015–3016One International Finance CentreNo.1 Harbour View StreetCentralHong Kong MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 BUSINESS REVIEW Opportunitiesand challenges coexisted in the beauty and healthindustry in the first half of 2024. As a leading player in the industry,Beauty Farm boasts a broad network with deep roots across majorChinesecities,commanding a valuable,high-end customer base.Leveraging our unique business model and our distinction as China’sfirst public “dual-beauty” company, we have adeptly capitalized onindustry opportunities to drive sustained market share growth. 2024 2024335070%12 InMarch 2024,we announced the acquisition of a 70%equityinterestin the core assets of Guangzhou Naturade HealthManagementCo.,Ltd.for RMB350 million.Naturade,the second-largest brandnote 1of traditional beauty services in China as measuredbyrevenue,integrates traditional Chinese medicine concepts withcutting-edgeintelligent technology to offer a unique line of AI-powered,traditional Chinese medicine-based beauty and wellnessservice offering, building its robust moat in China’s Greater Bay Area.In addition, Naturade was also ranked this year by Frost & Sullivan asthe“Top AI-Powered Beauty and Wellness Brand in China,”note2highlightingits exceptional prowess in the field of“AI-poweredbeauty and wellness”. We are also pleased to announce that since September 1, 2024, theGroup absorbed the remaining 75 Naturade stores into its networkunder a franchise model. We have completed the integration of all150Naturade stores.Upon completion of this transaction,theNaturadebrand will be fully integrated into our diversified brandportfolio. This powerful alliance between the industry leader and thesecond-largest player will notably elevate the Group’s market share,enhance Beauty Farm’s competitive edge in the wellness sector, andadvance our strategic expansion across China’s Greater Bay Area. 20249175150 2024+++ The addition of Naturade’s AI-powered beauty and wellness offeringsprompted us to further refine our business model in 2024, shiftingfromour previous“dual-beauty”approach to an upgraded“dualbeauty + dual wellness” model. This strategic transformation broadensour customer acquisition channels from “lifestyle beauty” to “lifestylebeautyand lifestyle wellness,” with the increased t