DLK Advisory Limited
Miricor’s Hong Kong Medical Aesthetic Brands, CosMax+ and VITAE, Maintained Growth Driving Cash Level Up 78%

(29 June 2023 – Hong Kong) Miricor Enterprises Holdings Limited (“Miricor”, together with its subsidiaries, the “Group”, Hong Kong Stock Code: 1827) announced its consolidated results for the year ended 31 March 2023 (the “Year under review”) on 26 June 2023. Clouded by the 5th wave of COVID-19, unstablised international supply chain and uncertain economic environment, the business environment in Hong Kong remained difficult in the Year under review. Nevertheless, the Group did not slow down its pace of development and actively formulated development plans and made investments. Thanks to its strong reputation and solid foundation, the Group was able to maintain strong growth momentum in its major business segments, contributing revenue to increase by 27.3% to HK$463.1 million. In particular, revenue from CosMax+ and VITAE’s treatment services increased by 15.3% year-on-year (“yoy”) to HK$333.2 million. Sales of products increased, such as  the premium XOVĒ skincare products , driving segment revenue up 74.4% to HK$129.6 million. In terms of financial position, supported by the growh of all the major business segments, the Group maintained a strong cash flow with cash and cash equivalents increased by 78.0% to HK$116.9 million.

During the Year under review, XOVĒ partnered with Sephora, an internationally renowned beauty product retail group, and officially entered into Sephora’s Mainland China retail network in January 2023. The cooperation with Sephora only began in January 2023, just three months of operation has already increased the revenue in Mainland China for the Year under review by 1.33 times yoy, reflecting the initial success of the Group’s entry into Mainland China. As of today, the Group staged in over 150 Sephora stores in Mainland China, and is expected to cover the entire Sephora network of over 350 stores in 2023. In terms of Hong Kong operation, XOVĒ has 10 retail stores in first-tier shopping malls in Hong Kong. Leveraging its omni-channel advantages, XOVĒ launched several product promotion projects with celebrities and influencers to enhance brand awareness and customer loyalty. The Group will continue to upgrade its official website, optimize the interface and operation process to improve user experience. In the coming year, the Group plans to launch new product lines to further expand and improve the coverage of its products, and attract more potential customers.

The service quality of premium medical aesthetic centre CosMax+ and medical aesthetic brand VITAE have been recognised by the market. Both brands recorded notable growth in footfall and revenue despite the challenging business environment. In April 2022, CosMax+ expanded its Central branch and relocated the store to New World Tower. It also introduced new medical aesthetic equipment and products during the Year under review, creating a superior and more comfortable treatment experience for customers. Riding on the business growth momentum, the Group is actively considering the expansion of its existing business scope in order to further optimise customer experience. VITAE has continued to launch diversified medical aesthetic treatments, targeting the increasing awareness of health and beauty among the middle and upper class. These treatments aim to maintain a perfect balance between beauty and health, and emanate beauty from within. The brand is well received by from the market with a steadily growing customer base. Both CosMax+ and VITAE received the “Quality Service Recognition” from the Hong Kong Retail Management Association (HKRMA) in the fiscal year of 2022/2023, reaffirming the brands’ achievements in providing consumers with quality medical aesthetic services.

Looking ahead to the year of 2023/2024, the Group will leverage on its solid foundation to maintain its advantages in the Hong Kong medical aesthetic market by accelerating the development of both brands to provide more premium and better-quality services to a broader customer base while maintaining strong business growth. On the other hand, its premium skincare brand has established effective sales channel in Mainland China, as well as building up reputation and customer loyalty through its omni-channel. The premium skincare business in Mainland China will become the growth driver for the Group, and is expected to achieve leapfrog growth after reaching scalability.

About Miricor Enterprises Holdings Limited (Stock Code: 1827)

Miricor Enterprises Holdings Limited is a premium medical aesthetic services and products provider in Hong Kong and has three medical aesthetic centres operating in prime locations in Causeway Bay, Central and Tsim Sha Tsui under its brand, CosMax+. It offers a broad range of non-surgical medical aesthetic services and skin care products to clients with an aim to improve their skin conditions as well as to enhance their physical appearance. Launched in 2020, the Group operates three treatment centres under its brand, VITAE. The brand emphasises the need to maintain an optimal balance between beauty and health, so that customers have beauty that emanates from within. XOVĒ is a premium skincare product line developed by a team of Swiss skincare experts. In addition to meeting the daily skin care needs of customers, it can also be used with the treatment services provided by the group to achieve better results. As of 31 March 2023, the Group had 10 retail stores in first-tier shopping malls in Hong Kong selling XOVĒ. In January 2023, XOVĒ officially launched at Sephora, an internationally renowned beauty product retail group, in Mainland China.

For more information, please visit Company website: www.miricor.com