On March 26th, Hong Kong-listed Beauty Farm Medical and Health Industry Inc (referred to as “Beauty Farm”) released its annual performance announcement for 2023. The data showed that in 2023, Beauty Farm’s operating revenue reached 2.15 billion yuan, a year-on-year increase of 31.2%; net profit reached 230 million yuan, a year-on-year increase of over 108.2%.
According to the financial report, Beauty Farm has three major business formats: lifestyle beauty, medical beauty, and anti-aging medical services, with brands including Beauty Farm, Cellcare, NEOLOGY, and PALAISPA.
Among them, the cornerstone business of beauty and healthcare services maintained steady growth, with annual revenue reaching 1.19 billion yuan, a year-on-year increase of 26.1%. Value-added services accelerated, with revenue from medical beauty services reaching 850 million yuan, a year-on-year increase of 37.1%. Revenue from sub-healthy medical services reached 101 million yuan, a year-on-year increase of 47.6%. The increase in revenue brought about by scale effects and the continued optimization of the business structure drove the overall profitability of the company, with the group’s gross profit margin increasing from 43.9% in 2022 to 45.6%.
The announcement showed that by the end of 2023, the total number of stores exceeded 400, including 201 directly operated stores and 199 franchise stores. The company’s directly operated stores had a customer flow of over 1 million, with an average annual consumption per capita of 20,695 yuan in 2023, an increase of 2,109 yuan compared to the same period in 2022. Active members visited the stores an average of 10.6 times per year, an increase of 1.1 times year-on-year. The repurchase rate of active members reached 84.3% in the past 12 months, an increase of 1.1 percentage points year-on-year.
