Beauty Farm Medical and Health Industry (2373) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 28.2% YoY to RMB1,459.0m; net profit increased 35.5% to RMB170.8m and adjusted net profit rose 37.8% to RMB190.6m.

• Membership and visit growth, Naturade integration, and expansion across beauty and wellness, aesthetic medical, and subhealth medical services supported record results.

• The dual beauty and wellness model operated across 552 stores at June 30, 2025.

Financial highlights

• Revenue was RMB1,459.0m versus RMB1,137.7m; gross profit rose 34.7% to RMB719.8m.

• Net profit was RMB170.8m versus RMB126.1m; adjusted net profit was RMB190.6m versus RMB138.3m.

• Operating profit reached RMB224.1m versus RMB163.1m; profit before tax was RMB220.7m versus RMB160.5m.

• Basic and diluted EPS were RMB0.68, up from RMB0.50.

Outlook and guidance

• Priorities include organic growth, deeper penetration in key cities, a broader brand portfolio, expansion of medical services, and AI-enabled digital transformation.

• Further acquisitions and replication of the Naturade integration model are planned alongside scenario-based AI applications and intelligent beauty services.

• A three-year shareholder return plan targets dividends of at least 50% of annual profit attributable to parent shareholders, except in special circumstances.