On the morning of October 15, BeautyFarm Medical and Health Industry Inc. (stock code: 2373.HK), a leading beauty and wellness services brand in China, announced that it will strategically acquire 100% of the issued shares of Shanghai Siyanli Industrial Co., Ltd. (“Siyanli”) for a total consideration of RMB 1.25 billion (approx. USD 171 million). This marks the largest acquisition in China’s beauty industry since the beginning of 2025.
According to the announcement, based on 2024 revenue, BeautyFarm, Naturade (a subsidiary of BeautyFarm), and Siyanli ranked as the top three beauty service brands in China. Upon completion of the transaction, all three brands will come under the BeautyFarm umbrella, reshaping the competitive landscape of the high-end beauty service sector in high-tier cities across the Chinese Mainland.
In 2024, BeautyFarm announced the acquisition of a 70% equity stake in the core assets of its peer Naturade Health Technology Co., Ltd. for RMB 350 million (approx. USD 48 million).
Under the relevant Share Purchase Agreement, the buyers of this transaction are BeautyFarm and its indirectly wholly-owned subsidiary, Shanghai BeautyFarm Medical Health. The sellers are Siyanli’s existing shareholders, SYL Holding, and Shanghai Anyan.
The total transaction price is RMB 1.25 billion (approx. HKD 1.369 billion), to be paid through a combination of cash and newly issued shares:
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Cash portion: RMB 835.9 million (approx. HKD 915.6 million)
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Equity portion: BeautyFarm will allot and issue 15,798,147 consideration shares to SYL Holding at an issue price of HKD 28.71 per share
After the transaction is completed, Siyanli will become an indirectly wholly-owned subsidiary of BeautyFarm. Its financial results, assets, and liabilities will be consolidated into the BeautyFarm Group’s financial statements.
Founded in 1996, Siyanli is recognized as one of the benchmark brands in China’s high-end beauty service industry. According to Frost & Sullivan data cited in the announcement, Siyanli ranked as the third-largest beauty service brand in China by revenue in 2024.
As of June 30, 2025, Siyanli operated 163 beauty service stores across 48 cities in the Chinese Mainland, including 118 directly operated stores and 45 franchised stores, along with 19 medical aesthetic clinics. The company’s business is highly concentrated in high-tier cities, with over 90% of its total revenue in 2024 coming from the top 20 first-tier and emerging first-tier cities.
Financial data shows that in the fiscal year 2024 (ending December 31), Siyanli recorded revenue of RMB 848.5 million (approx. USD 116 million) and post-tax profit of RMB 81 million (approx. USD 11 million).
In the announcement, BeautyFarm outlined the strategic rationale and expected benefits of the acquisition, stating that this move marks another major milestone following its successful acquisition of NERRY in 2024. The acquisition is expected to both strengthen BeautyFarm’s industry leadership and significantly expand its market share.
According to the Board, the key expected benefits of the acquisition include:
Significantly boosting market share and reinforcing leadership position:
With China’s top three beauty service brands consolidated under BeautyFarm, the company anticipates a substantial leap in market share, particularly in the top 20 first-tier and emerging first-tier cities, which are strategic core areas, thus disrupting the existing market landscape.
Capturing the high-end beauty segment in premium urban areas and strengthening presence in core commercial zones:
BeautyFarm and Siyanli have highly synergistic footprints in premium commercial properties. According to the announcement, of the 456 high-end commercial properties across 20 top-tier cities in China, the two brands collectively operate 191 stores, accounting for 42%. The acquisition will further solidify their presence in premium retail zones and enhance competitive barriers.
Fully reinforcing the “Dual Beauty + Dual Wellness” business model:
The transaction is expected to bring around 60,000 active members from Siyanli’s directly operated stores to BeautyFarm, representing a 44% increase in its active membership base compared to 2024. This provides a high-quality traffic entry point for the Group’s distinctive “Dual Beauty + Dual Wellness” business model. Additionally, the highly synergistic store layout will accelerate the integration and operational efficiency of regional medical resources.
Synergistic collaboration to enhance financial performance and shareholder returns:
The announcement highlights that Siyanli has a solid foundation of profitability. Its revenue and profit will directly contribute to the Group’s performance post-acquisition. Drawing on its successful integration experience with NERRY, BeautyFarm plans to systematically transfer its capabilities in medical aesthetics and sub-health medical services to Siyanli, while also empowering the brand through refined customer operations, AI-driven digital transformation, and supply chain integration—unlocking value and driving greater returns for shareholders.
| Source: Official Announcement
| Image Credit: BeautyFarm official website, Siyanli official website
| Editor: LeZhi
