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Beauty Farm Issues Positive Profit Alert for 2023

2024-02-02 19:43:00

HONG KONG, Feb. 2, 2024 /PRNewswire/ -- Beauty Farm Medical and Health Industry Inc. ("Beauty Farm" or the "Company") (02373.HK), one of the largest beauty and wellness services provider in China, recently issued a positive profit alert for the year ended December 31, 2023.

As disclosed, the Company anticipates revenue equal to or more than RMB2.12 billion for the year ended December 31, 2023, representing substantial growth of over 30% compared with full-year 2022. Based on a preliminary assessment of the unaudited results, Beauty Farm expects an adjusted net profit equal to or more than RMB240 million for the year ended December 31, 2023, indicating a robust increase greater than 53% from the prior year, and forecasts a net profit equal to or more than RMB221 million, showcasing an impressive surge of over 100% compared with the corresponding period in 2022.

The anticipated strength of the Company's 2023 performance was mainly attributable to the following factors:

  • Increased client visits, driven by expanded brand influence, enhanced products and services, and elevated online and offline marketing capabilities
  • Robust growth in revenue resulting from an increase in the number of active members
  • Improved net profit due to increased revenue and effective cost and expense control

Mr. Li Yang, Executive Director and Chairman of the Board, commented: "We are delighted to announce these outstanding preliminary financial results for 2023. Such a stellar performance demonstrates the adaptability and resilience of our business model despite the prevailing market conditions. Leveraging our innovative business model, we are optimistic that our strategy will support us in further expanding our brand influence and store network, improving the customer experience, and enhancing organizational efficiency. Going forward, Beauty Farm remains dedicated to providing customer-oriented beauty and wellness services to propel our long-term growth and create value for shareholders."

The information contained in this press release is only a preliminary assessment by the Board based on the unaudited consolidated management accounts of the Company and its subsidiaries for the year ended December 31, 2023, currently available to the Company, and is not based on any figures or information that have been reviewed or confirmed by the audit committee of the Board or reviewed or audited by the auditors of the Company. The actual results for the year ended December 31, 2023, may differ from those disclosed in this press release. As such, the above figures are strictly for information only and not for any other purposes.

About Beauty Farm

Beauty Farm Medical and Health Industry Inc. is a leading beauty and health management platform in China. Beauty Farm developed a unique business model in the past 30 years, the dual-beauty model, covering customer beauty and health needs along their lifetime cycle. We offer a diversified service matrix, including beauty and wellness brands Beauty Farm and Palaispa, aesthetic medical brand CellCare, and subhealth medical services brand Neology. Our nationwide store network reaches over 100 cities with over 400 stores and serves millions of mid-to-high-end customers in top-tier cities in China.

For more information, please visit https://ir.beautyfarm.com.cn/.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company's business plans and development and business outlook, which can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties, and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Further information regarding these and other risks, uncertainties, or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required under law.

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