Beauty Farm Announces 2025 Annual Results: Net Profit Surges 41%, with Strong Cash Flow Growth
HONG KONG, March 27, 2026 /PRNewswire/ -- On March 27, Beauty Farm Medical and Health Industry Inc. (02373.HK, "Beauty Farm" or the "Group") announced its annual results for 2025. During the year, the Group achieved high-quality growth across revenue, profit, and cash flow, with robust performance underscoring the strong growth resilience of an industry leader.
In 2025, Beauty Farm delivered a step-change in profitability. Total revenue reached RMB 3.0 billion, representing a year-on-year increase of 16.7%; the gross profit margin rose to 49.1%, an increase of 2.8 percentage points compared to the previous year. Adjusted net profit climbed to RMB 380 million, representing a significant year-on-year growth of 41.0%, while the adjusted net profit margin reached 12.7%, an increase of 2.2 percentage points, bringing the profitability to a new level.
Moreover, the Group continued to demonstrate strong cash-generating capabilities. In 2025, the Group's net cash generated from operating activities reached RMB 1.0 billion, representing a substantial year-on-year increase of 25.4%. As of December 31, 2025, the total amount of the Group's cash and cash equivalents reached RMB 2.59 billion, a net increase of 41.6% year-on-year, providing ample momentum for the Group's strategic investments and shareholder returns.
This outstanding performance, characterized by significant growth in both revenue and profit, is a successful manifestation of Beauty Farm's "organic growth + external acquisitions" business model, and serves as a powerful testament to the overall efficiency gains driven by lean management, quality and efficiency improvements, and digital intelligence empowerment.
"Dual Beauty + Dual Wellness" Model Deeply Empowers Core Businesses
As the cornerstone business, Beauty Farm's beauty and wellness services achieved high growth against the market trend. In 2025, the revenue of this segment reached RMB 1.66 billion, a year-on-year increase of 14.9%, with the gross profit margin increasing by 1.2 percentage points to 41.9%. While delivering high-quality performance growth, the Group also anchored its long-term development strategy. In 2025, the Group officially launched its "super supply chain" strategy. In the future, the approach to product innovation and research will expand into a three-pillar model: global selection, international brand collaboration, and joint R&D with top-tier international laboratories. In February 2026, Beauty Farm announced a strategic partnership with the world-renowned skincare brand Shiseido. The two parties will join forces across multiple dimensions, including brand influence, service experience, and joint R&D.
Consumer healthcare possesses both medical value and consumption elasticity, representing a premium track with long-term structural opportunities. Over the past 16 years, Beauty Farm has built its consumer healthcare capabilities from the ground up, with 38 consumer healthcare institutions currently established nationwide. In 2025, the total revenue of the consumer healthcare segment reached RMB 1.34 billion, a year-on-year increase of 18.9%, accounting for 44.8% of total revenue and becoming a key driver of the Group's growth.
Specifically, in 2025, the medical aesthetic service provider, CellCare achieved growth against the market trend, recording a revenue of RMB 1.02 billion, a year-on-year increase of 9.6%. Its gross profit margin rose significantly by 3.6 percentage points to 55.9%. Furthermore, CellCare has precisely positioned itself in the "specialized anti-aging" sector. In March 2026, the brand held a brand upgrade conference, unveiling a comprehensive life-cycle product blueprint covering "early-stage anti-aging, age-defying solutions, and rejuvenation-focused offerings", officially embarking on a new era of CellCare Specialized Anti-aging.
Meanwhile, in the field of subhealth medical services, Neology has experienced explosive growth. In 2025, Neology's revenue reached RMB 330 million, a significant year-on-year increase of 62.2%, with its revenue share exceeding 10% for the first time. The gross profit margin rose to 64.3%, up 6.1 percentage points year-on-year. Revenue from the functional medicine segment grew by 101% year-on-year. The Group stated that, amidst the AI wave, it will leverage its proprietary AI models to achieve highly personalized treatment plans and 24/7 service. The Women's Special Care Center segment saw a 64% increase. Simultaneously, Neology will continue to expand its service footprint, constructing a comprehensive Women's Special Care Center system encompassing "gynecological prevention, treatment, and anti-aging".
Comprehensive Upgrade of M&A Integration Strategy
At present, Beauty Farm has elevated investment and M&A to a core group-level strategy and remains committed to driving high-quality development in the beauty industry through an open and win-win approach. In March 2026, the Group held the "Seeking 100 partners in the beauty industry" strategic investment and industry empowerment conference, announcing a focus on beauty and health service institutions across 20 high-tier cities in China. Beauty Farm sincerely invites industry partners to integrate into its corporate ecosystem.
The confidence behind this strategic layout stems from the extensive practical experience and reproducible integration methodology accumulated by Beauty Farm through over 30 past M&A projects. In 2024, the Group completed the acquisition of Naturade, the brand with the second-largest market share in the industry. Through systematic and refined integration, Beauty Farm achieved simultaneous improvements in both revenue and profit for Naturade. In 2025, Naturade's per-store revenue increased from RMB 5.75 million before the acquisition to RMB 8.1 million, and its adjusted net profit margin rose significantly from 6.5% to 10.5%. This success not only validates Beauty Farm's robust M&A integration capabilities but also establishes a reproducible and scalable paradigm for industry consolidation.
In October 2025, Beauty Farm announced the acquisition of a 100% equity interest in Siyanli for RMB 1.25 billion, the third-largest brand in the industry. Siyanli was officially consolidated in January 2026. With the three major brands now united under Beauty Farm's group, the Group has achieved a leapfrog increase in market share, effectively reshaping the competitive landscape of China's beauty industry.
Establishing the Beauty Farm Business System to Strengthen the Foundation for Sustainable Growth
Through 33 years of continuous cultivation, Beauty Farm has gradually extended its reach from beauty services to consumer healthcare, successfully building an integrated beauty and health service platform for women in high-tier cities. In 2025, the Group established the Beauty Farm business system, once again constructing a sustainable growth model across multiple dimensions.
Among these, the customer value growth system has established a full-lifecycle operational closed-loop covering promotion, acquisition, conversion, member retention, value enhancement, repurchase, and referral, continuously create long-term value for customers. The strong platform + multi-brand system has formed a collaborative organizational system, providing solid support for the orderly expansion of multiple brands and the efficient synergy across various business lines. The M&A value growth system has established a full-cycle management framework of "investment + integration + growth", truly realizing seamless integration and value creation after acquisitions. The digital intelligence and AI system is dedicated to building a data-driven management system, serving as a sturdy pillar for the Group to navigate economic cycles and continuously lead industry development.
Enhancement of Capital Market Value Strategy
In March 2025, Beauty Farm officially unveiled three major initiatives focused on optimizing shareholder structure, maintaining a high dividend payout ratio, and implementing management incentives, continuously delivering long-term investment value to the capital market. Regarding shareholder structure optimization, in August 2025, the former PE shareholder, CITIC PE, officially exited the ranks of major shareholders, while high-quality long-term strategic investors were introduced, further solidifying the shareholder base. In terms of dividends, the board of directors proposed to maintain a high dividend payout ratio in 2026, allocating 50% of the 2025 net profit attributable to the parent company for dividend distribution, distributing HKD 0.72 per share, a year-on-year increase of 38.5%. This substantial cash return continuously strengthens shareholder rewards and demonstrates the Group's firm confidence in its own development. Regarding management incentives, the Group deeply linked its revenue and profit targets for the next three years with equity incentives in 2025. The first-year performance targets have been exceeded, fully validating the effectiveness of the incentive mechanism.
On this basis, the Group further raised the three-year performance targets corresponding to management equity incentives, creating long-term stable returns for investors. In November 2025, Beauty Farm was successfully included in the MSCI Global Small Cap Index, further increasing the Group's visibility among global passive and active funds and attracting broader attention from international investors.
Three Super Strategies Leading the Future Anchoring Long-term High-quality Development Goals
In November 2025, Beauty Farm officially announced its three major strategies: super brand, super chain, and super digitalization, charting the course for future high-quality development. Under the super brand strategy, the Group is committed to building a comprehensive beauty and health brand portfolio, continuously upgrading its professional capabilities, and creating ultimate experiences that exceed customer expectations. This initiative aims to reshape the value landscape of the beauty industry while actively driving the formulation of industry standards, elevating Beauty Farm's high standards into an industry-wide consensus. Under the super chain, the Group stated it will fully leverage the advantages of its "dual beauty + dual wellness" business model. Driven by both organic growth and external acquisitions, Beauty Farm aims to cultivate 20 core cities with annual revenues exceeding RMB 100 million each. Simultaneously, the Group will build its proprietary supply chain capabilities, integrating premium global selections with collaborative specialized research. This will provide women in China's high-tier cities with professional, personalized, and high-quality beauty and consumer healthcare products and services. Under the super digitalization, the Group is focused on constructing a data-driven corporate management system, striving to establish itself as a benchmark enterprise for digital-led beauty and health service chains.
Looking ahead, Beauty Farm will remain committed to its "customer-centric" original aspiration. Leveraging the "Beauty Farm business system" and guided by the "three super strategies", the Group will achieve multidimensional growth while continuously meeting the diverse needs of women in high-tier cities for beauty and health, driving the high-quality development of China's beauty and health industry.
About Beauty Farm
Beauty Farm Medical and Health Industry Inc. is a leading beauty and health management platform in China. Over the past 33 years, Beauty Farm has developed a unique "dual beauty + dual wellness" business model, covering customers' comprehensive beauty and health needs for their entire life cycle. We offer a diversified service matrix, including beauty and wellness brands Beauty Farm, Naturade, Siyanli and Palaispa, aesthetic medical brand CellCare, and subhealth medical services brand Neology. Our nationwide store network reaches over 100 cities with over 700 stores and serves millions of mid-to-high-end customers in top-tier cities in China. Beauty Farm was successfully listed on the Main Board of the Hong Kong Stock Exchange (stock code: 02373.HK) in January 2023.
For more information, please visit https://ir.beautyfarm.com.cn/.
For investor and media inquiries, please contact:
Beauty Farm Medical and Health Industry Inc.
Vivian Lu
Tel: +86 (21) 6095-3299
Email: [email protected]
EVER BLOOM (HK) COMMUNICATIONS CONSULTANTS GROUP LIMITED
Julia Liang
Tel: +852 3468 8434
Email: [email protected]
EVER BLOOM (HK) COMMUNICATIONS CONSULTANTS GROUP LIMITED
Yuvia Wang
Tel: +852 3468 8421
Email: [email protected]
SOURCE Beauty Farm Medical and Health Industry Inc.
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