证券研究报告 | 2025年04月25日 爱美客（300896.SZ） 优于大市 业绩一季度增长承压，海外并购有望打开新增长空间 一季度整体业绩增长承压。公司 2025 年一季度收入 6.64 亿元，同比-17.9%， 归母净利润 4.44 亿元，同比-15.87%，扣非净利润 4.02 亿元，同比-24.02%。 非经常性收益主要系对外投资公允价值变动及理财收益同比增加2821万元。 一季度在整体医美终端景气度承压下公司业绩亦有所下滑，未来海外并购有 望打开新成长空间。公司3 月公告拟收购并表韩国REGEN Biotech 公司59.5% 股权，强化再生类医美产品布局及借助收购打开国际市场的销售。 毛利率略有下降，研发投入强度进一步提升。公司 2025 年一季度毛利率 93.85%，同比略降 0.7pct，受产品结构变化影响。销售费用率/管理费用率 分别为 9.86%/4.73%，分别同比+1.52pct/+0.65pct。研发投入进一步提升， 研发费用率 8.82%，同比+1.7pct。一季度经营性现金流净额 3.33 亿元，同 比-37.99%，受净利润同比下降及营运资金变动所致。 风险提示：在研项目进 ...

证券研究报告 | 2025年04月25日 爱美客（300896.SZ） 优于大市 业绩一季度增长承压，海外并购有望打开新增长空间 一季度整体业绩增长承压。公司 2025 年一季度收入 6.64 亿元，同比-17.9%， 归母净利润 4.44 亿元，同比-15.87%，扣非净利润 4.02 亿元，同比-24.02%。 非经常性收益主要系对外投资公允价值变动及理财收益同比增加2821万元。 一季度在整体医美终端景气度承压下公司业绩亦有所下滑，未来海外并购有 望打开新成长空间。公司3 月公告拟收购并表韩国REGEN Biotech 公司59.5% 股权，强化再生类医美产品布局及借助收购打开国际市场的销售。 毛利率略有下降，研发投入强度进一步提升。公司 2025 年一季度毛利率 93.85%，同比略降 0.7pct，受产品结构变化影响。销售费用率/管理费用率 分别为 9.86%/4.73%，分别同比+1.52pct/+0.65pct。研发投入进一步提升， 研发费用率 8.82%，同比+1.7pct。一季度经营性现金流净额 3.33 亿元，同 比-37.99%，受净利润同比下降及营运资金变动所致。 风险提示：在研项目进 ...

本报讯 （记者李乔宇）4月25日，爱美客技术发展股份有限公司（以下简称"爱美客"）发布2025年一季度报告。公告显 示，爱美客今年第一季度实现营业收入6.63亿元，同比下降17.90%；实现归属于上市公司股东的净利润4.44亿元，同比下降 15.87%。 环比去年四季度，爱美客今年第一季度实现收入端与利润端增长。 这种战略定力彰显了爱美客对自身品牌价值的深刻认知。在行业竞争中，短期的价格优势或许能带来一时的销量提升，但 从长远来看，品牌的韧性才是赢得消费者信任、占据市场的关键所在。爱美客选择以品牌引领，在品质上精雕细琢，以差异化 的产品组合应对价格竞争，为公司的长期稳定发展奠定了坚实基础。 研发投入的持续加码也为广泛多元、全球领先的产品组合提供了关键支撑。2025年第一季度，爱美客研发费用达5854.19万 元，占营收比重为8.82%，同比提升1.65%，保持着较高的研发强度。在研项目覆盖再生材料、胶原蛋白、肉毒素、体重管理 等"延缓衰老"前沿领域，尽管这些投入无法在短期内转化为销售收入，一定程度上挤压了利润空间，但从长远来看，为业务持 续发展壮大注入了动能。 在医美消费市场，新品往往意味着新的增长机会。爱美 ...

Core Viewpoint - The company reported a significant decline in both revenue and net profit for Q1 2025, with revenue down 17.90% and net profit down 15.87% compared to the same period last year [1][2][5]. Financial Performance - Q1 revenue was 663.47 million yuan, a decrease of 17.90% from 808.09 million yuan in the same period last year [1][5]. - The net profit attributable to shareholders was 443.74 million yuan, down 15.87% from 527.44 million yuan year-on-year [1][5]. - The non-recurring profit and loss for Q1 reached 42.21 million yuan, which partially supported the performance, with significant contributions from government subsidies and financial asset gains [2][5]. - The net profit after deducting non-recurring items was 401.53 million yuan, reflecting a 24.02% decline compared to the previous year [1][2][5]. - Basic earnings per share were 1.47 yuan, a decrease of 16% from 2.45 yuan in the same period last year [1][5]. - The net cash flow from operating activities was 332.90 million yuan, down 37.99% year-on-year [1][2][5]. Asset and Investment Overview - Total assets at the end of the reporting period reached 8.72 billion yuan, an increase of 4.50% from the end of the previous year [1][2]. - The company's cash holdings increased significantly, with cash and cash equivalents amounting to 3.55 billion yuan, a rise of 134.10% compared to the beginning of the period [2]. - The company is actively engaging in external investments, as indicated by the increase in other receivables and equity investments [3].

Financial Performance - The company's revenue for Q1 2025 was CNY 663,474,487, representing a decrease of 17.90% compared to the same period last year[4]. - Net profit attributable to shareholders decreased by 15.87% to CNY 443,739,215.86[4]. - The net profit after deducting non-recurring gains and losses fell by 24.02% to CNY 401,528,493.18[4]. - Basic and diluted earnings per share were CNY 1.47, down 16.00% from the previous year[4]. - Total operating revenue decreased to ¥663,474,487 from ¥808,088,120, representing a decline of approximately 17.8% year-over-year[22]. - Operating profit fell to ¥520,128,143.75, down from ¥621,883,086.58, a decrease of about 16.4%[23]. - Net profit decreased to ¥443,999,419.94 from ¥528,090,559.82, reflecting a decline of approximately 15.9%[23]. - The total comprehensive income amounted to ¥442,563,634.89, down from ¥519,314,730.09, a decrease of approximately 14.8%[23]. Cash Flow - Operating cash flow net amount decreased by 37.99% to CNY 332,896,327.15[4]. - Net cash flow from operating activities decreased by 37.99% to 332,896,327.15, attributed to a decline in net profit[10]. - Cash flow from operating activities generated ¥332,896,327.15, down from ¥536,865,762.30, a decrease of about 38.0%[25]. - Net cash flow from investing activities surged by 295.97% to 1,705,607,528.56, mainly due to a higher number of redeemed financial products[10]. - Cash flow from investing activities increased significantly to ¥1,705,607,528.56 from ¥430,736,530.41, an increase of approximately 295.5%[25]. - The company reported a net increase in cash and cash equivalents of ¥2,031,190,850.63, compared to ¥962,713,579.31 in the previous period, an increase of about 111.1%[26]. Assets and Liabilities - Total assets increased by 4.50% to CNY 8,715,930,250.84 compared to the end of the previous year[4]. - The total current assets increased to ¥5,833,614,843.68 from ¥5,045,159,392.48, representing a growth of approximately 15.6%[19]. - The total liabilities decreased to ¥322,878,654.76 from ¥390,369,243.72, reflecting a reduction of approximately 17.3%[20]. - The total assets increased to ¥8,715,930,250.84 from ¥8,340,486,256.64, showing a growth of about 4.5%[21]. - The total equity attributable to shareholders rose to ¥8,239,734,607.23 from ¥7,797,060,228.15, indicating an increase of approximately 5.7%[21]. - The company's non-current assets totaled ¥2,882,315,407.16, down from ¥3,295,326,864.16, indicating a decrease of about 12.5%[20]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 60,509, with no preferred shareholders[12]. - The largest shareholder, Jian Jun, holds 31.09% of the shares, totaling 94,070,844[12]. - The company has no preferred stockholders and no changes in restricted shares during the reporting period[14]. Other Financial Metrics - The company reported a credit impairment loss of -2,403,130.30, an increase of 183.61% due to rising receivables[10]. - Other income increased to ¥21,711,399.60 from ¥3,291,586.30, a significant increase of approximately 560.5%[22]. - The company experienced a tax expense of ¥76,296,087.75, down from ¥94,006,060.96, a decrease of about 18.8%[23]. - Fair value changes resulted in a gain of 18,495,507.87, a significant improvement compared to a loss of 9,714,307.95 in the previous period, reflecting a 290.39% change[10]. - Other comprehensive income after tax showed a significant improvement, with a net change of 83.64% due to currency fluctuations affecting long-term equity investments[10]. - The cash and cash equivalents were negatively impacted by foreign exchange changes, with a decrease of 1,035,222.52, marking a -1287.77% change[10]. - Accounts receivable increased to ¥215,449,500.83 from ¥168,453,718.96, which is an increase of about 28%[19]. - Inventory decreased to ¥66,213,680.38 from ¥72,843,005.76, representing a decline of approximately 9.1%[19]. - The company's retained earnings increased to ¥4,819,235,628.42 from ¥4,375,496,412.56, reflecting a growth of approximately 10.1%[20].

证券代码：300896 证券简称：爱美客 公告编号：2025-021 号 爱美客技术发展股份有限公司 2、截至本公告披露日，公司回购专用证券账户中股份数量为 1,165,874股。 公司回购专用证券账户中的股份不享有利润分配、公积金转增股本等权利，公司 拟以2024年年末总股本302,592,061股扣除公司回购专用证券账户持有的股份 1,165,874股后的301,426,187股为基数进行本次权益分派。 3、根据公司2024年度利润分配方案，公司总股本折算每股现金红利如下：本 次 现 金 分 红 总 额 = 实 际 参 与 现 金 分 红 的 股 本 × 每 10 股 分 红 金 额 ÷ 10 股 =301,426,187股×38.000000元÷10股=1,145,419,510.60元，按照公司除权前总 股本（含回购股份）计算的每10股派息（含税）=1,145,419,510.60元÷ 302,592,061股*10=37.853587元。 在保证本次权益分派方案不变的前提下，公司2024年度权益分派实施后的除 权除息价格=（除权除息日前收盘价-按总股本（含回购股份）折算每股现金分红） ÷（1+每股转 ...

中国·北京 关于爱美客技术发展股份有限公司 2024 年度股东大会的法律意见书 北京市朝阳区建外大街甲 14 号广播大厦 5&9&10&13&17 层 邮编:100022 电话：(010)65219696 传真：（010）88381869 北京海润天睿律师事务所 法律意见书 北京海润天睿律师事务所 关于爱美客技术发展股份有限公司 2024 年度股东大会的法律意见书 致：爱美客技术发展股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受爱美客技术发展股份有 限公司（以下简称"公司"）的委托，指派律师李冬梅、潘仙出席公司 2024 年 度股东大会，并依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）等法律法规、规 范性文件及《爱美客技术发展股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，对本次股东大会相关事项依法进行见证并发表法律意见。 为出具本法律意见书，本所律师出席了公司本次股东大会，审查了公司提供 的召开本次股东大会的有关文件。公司已向本所及本所律师承诺，其所提供的文 件和所作的陈述、说明是完整、真实和有效的，无任何隐瞒、遗 ...

爱美客技术发展股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：300896 证券简称：爱美客 公告编号：2025-020 号 特别提示： 1、本次股东大会没有出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议通知： （1）公司董事会于 2025 年 3 月 20 日在中国证监会指定的创业板信息披露 网站巨潮资讯网（www.cninfo.com.cn）上刊登了《关于召开 2024 年度股东大会 的通知》（公告编号：2025-018）。 2、会议召开时间： （1）现场会议召开时间：2025 年 4 月 18 日 15:00 （2）网络投票时间：通过深圳证券交易所交易系统投票的时间为 2025 年 4 月 18 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00；通过深交所互联网投 票系统（http://wltp.cninfo.com.cn）投票的时间为 2025 年 4 月 18 日 9:15-15:0 ...

Summary of Conference Call Records Company and Industry Overview - The conference call discusses the acquisition of 85% of South Korean Region Biotech by Aimeike for $190 million, focusing on the aesthetic medicine industry, particularly injectable products [1] - Region Biotech is recognized as the first in South Korea and the third globally to obtain approval for poly-L-lactic acid dermal fillers, with its main products being Essafil and Powerfield [1] Key Points and Arguments - **Financial Performance**: In the first three quarters of 2023 and 2024, the revenue was $80 million and $72 million respectively [1] - **Production Capacity**: The annual production capacity is expected to reach approximately 200,000 units, with a new factory under construction aiming for a million units by Q2 2024 [2] - **Sales Goals**: The sales target for 2025 is projected to be around $800 million to $1 billion, with an estimated output of 200,000 units [2] - **Profit Margins**: Profit margins vary significantly based on sales models, with direct sales potentially yielding over 50% margins, while agency sales may yield around 30-40% [3] - **Global Expansion Challenges**: Despite having approvals in 34 and 24 countries for its products, supply limitations may hinder global expansion until the new factory is operational in 2025 [3] - **Market Dynamics**: The aesthetic medicine market is fragmented, requiring substantial local sales teams for effective promotion, which may limit short-term overseas revenue contributions [4] - **Exclusive Agency Rights**: Aimeike has secured a ten-year exclusive agency agreement for Essafil in China, limiting Region Biotech's ability to engage in related business during this period [5] - **Profit Outlook**: The potential sales volume for 2026 could reach 250,000 to 300,000 units, with profits exceeding $600 million, although factory output may limit actual contributions to around $150 million to $200 million [6] - **Market Valuation**: Aimeike's market capitalization increased by approximately 15%, reaching around $61 billion, with projected earnings for 2024 estimated at $2 billion [7] Additional Important Insights - **Sales Growth Projections**: The company anticipates steady growth in sales volume of around 10% to 15% for its products in 2025 [8] - **Product Pricing Trends**: A potential 10% decrease in product prices is expected, which may enhance sales volume through increased discounts [8] - **Marketing Improvements**: The company has improved its marketing strategies, focusing on targeted support for institutions and reallocating budget towards order subsidies [9] - **New Product Launches**: The company is actively pursuing clinical registrations for botulinum toxin, with expectations for market approval later in the year [9]

Summary of Conference Call Notes Company and Industry - The discussion revolves around the company Aimeike and its positioning within the global medical aesthetics industry, particularly focusing on its recent acquisition of Region and the implications for its market strategy and growth potential [1][6][19]. Core Points and Arguments 1. **Market Dynamics and Expectations** - There is a significant change in the market's expectations regarding the company's beta and alpha, indicating a potential misalignment with current market perceptions [1]. - The medical aesthetics industry is experiencing a supply-driven demand boom, with a PEG ratio exceeding 2, suggesting strong valuation potential [2]. 2. **Product Development Challenges** - Aimeike has faced challenges in product innovation, with no new product approvals from 2022 to 2024, relying solely on existing products for growth [3]. - The company’s growth rate was only 5% last year, lagging behind the industry average, due to competitive pricing pressures and supply chain issues [4]. 3. **Financial Performance and Projections** - The company anticipates a modest growth of less than 10% for the year, with expectations of a flat performance in the first half [5]. - Aimeike aims to capture 20% of the global market by 2030, with current market share at approximately 10% [9]. 4. **Global Expansion Strategy** - Aimeike is preparing to expand internationally, with plans to list in Hong Kong and use the proceeds for acquisitions and market entry into Southeast Asia [6][7]. - The company lacks global production capacity and sales channels, which are critical for competing with industry giants like Allergan and Qmatch [7]. 5. **Acquisition of Region** - The acquisition of Region is seen as a strategic move to enhance Aimeike's product offerings and market presence, with a focus on leveraging Region's patented technologies [18][19]. - The deal is expected to provide Aimeike with a competitive edge, allowing for better pricing strategies and market positioning [19]. 6. **Sales Channel Optimization** - Aimeike plans to reassess its sales channels and agent relationships to improve performance, with a focus on setting higher sales targets and potentially restructuring agent agreements [13][14]. - The company believes that enhancing overseas sales channels can significantly boost growth, as current performance in international markets is underwhelming [26]. 7. **Future Product Cycles** - Aimeike is entering a new product cycle, with expectations for several new product launches in the coming years, which could drive growth [23][24]. - The company is optimistic about recovering from a slowdown in growth, projecting a return to a compound annual growth rate of 20-30% by 2026-2027 [21][22]. Other Important but Overlooked Content - The company is facing a critical juncture with its product pipeline and market strategy, and the upcoming financial reports are expected to provide more clarity on these issues [25]. - There is a potential for significant valuation adjustments based on the success of the Region acquisition and the effectiveness of the new sales strategies [26]. This summary encapsulates the key insights from the conference call, highlighting Aimeike's strategic direction, market challenges, and growth opportunities within the medical aesthetics industry.