沪指9月4日下跌1.25%，申万所属行业中，今日上涨的有11个，涨幅居前的行业为商贸零售、美容护 理，涨幅分别为1.63%、1.19%。美容护理行业位居今日涨幅榜第二。跌幅居前的行业为通信、电子， 跌幅分别为8.48%、5.08%。 资金面上看，两市主力资金全天净流出925.47亿元，主力资金净流入的行业仅有3个，银行行业净流入 资金29.25亿元；商贸零售行业净流入资金18.65亿元；美容护理行业净流入资金8332.65万元。 （文章来源：证券时报网） 美容护理行业今日上涨1.19%，全天主力资金净流入8332.65万元，该行业所属的个股共29只，今日上涨 的有24只，涨停的有2只；下跌的有5只。以资金流向数据进行统计，该行业资金净流入的个股有19只， 其中，净流入资金超千万元的有7只，净流入资金居首的是依依股份，今日净流入资金7621.29万元，紧 随其后的是拉芳家化、青岛金王，净流入资金分别为2132.63万元、2029.14万元。美容护理行业资金净 流出个股中，资金净流出超千万元的有5只，净流出资金居前的有爱美客、嘉亨家化、水羊股份，净流 出资金分别为4899.63万元、1238.29万元、1129. ...

Market Overview - The medical beauty sector experienced a decline of 1.3% on September 4, with Jinbo Biological leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Individual Stock Performance - ST Meigu closed at 3.15, with a slight increase of 0.32% and a trading volume of 95,700 shares, amounting to a transaction value of 30.34 million yuan [1] - Huaxi Biological closed at 55.35, down 0.66%, with a trading volume of 46,700 shares and a transaction value of 25.9 million yuan [1] - Aimeike closed at 184.07, down 1.83%, with a trading volume of 41,200 shares and a transaction value of 763 million yuan [1] - Jinbo Biological closed at 305.00, down 3.81%, with a trading volume of 9,732.97 shares and a transaction value of 301 million yuan [1] Capital Flow Analysis - The medical beauty sector saw a net outflow of 58.64 million yuan from institutional investors, while retail investors had a net inflow of 24.48 million yuan [1] - The overall capital flow indicates a mixed sentiment, with retail investors showing some interest despite the institutional outflow [1]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is experiencing a temporary decline in performance, with a significant drop in both revenue and profit in the first half of 2025. Revenue decreased by 21.59% year-on-year to 1.299 billion yuan, and net profit fell by 29.57% to 789 million yuan [1][2] - The acquisition of REGEN, a South Korean company, is expected to enhance the company's core competitiveness and facilitate its transition from a domestic market leader to a global industry participant [3][4] Financial Summary - **Revenue and Profit Forecasts**: - 2023A: Revenue of 2,869 million yuan, net profit of 1,858 million yuan - 2024A: Revenue of 3,026 million yuan, net profit of 1,958 million yuan - 2025E: Revenue of 2,740 million yuan, net profit of 1,794 million yuan - 2026E: Revenue of 3,343 million yuan, net profit of 2,180 million yuan - 2027E: Revenue of 3,811 million yuan, net profit of 2,488 million yuan [1][10] - **Growth Rates**: - Revenue growth rates: 48.0% (2023A), 5.4% (2024A), -9.4% (2025E), 22.0% (2026E), 14.0% (2027E) - Net profit growth rates: 47.1% (2023A), 5.3% (2024A), -8.3% (2025E), 21.5% (2026E), 14.1% (2027E) [1][10] - **Profitability Metrics**: - Gross margin for H1 2025 was 93.44%, down 1.48 percentage points year-on-year - Net profit margin for H1 2025 was 60.90%, down 6.78 percentage points year-on-year [2] - **Valuation Ratios**: - P/E ratios: 30.5 (2023A), 29.0 (2024A), 31.6 (2025E), 26.0 (2026E), 22.8 (2027E) - P/B ratios: 8.9 (2023A), 7.3 (2024A), 6.7 (2025E), 5.8 (2026E), 5.0 (2027E) [1][10] Strategic Initiatives - The company has made a strategic investment in the overseas market by acquiring 85% of REGEN for 190 million USD, which is expected to enhance its product offerings and market reach [3][4] - The core products from REGEN, AestheFill and PowerFill, are anticipated to complement the company's existing product lines and provide a broader range of solutions for customers [3]

Core Viewpoint - The company, Aimeike (300896), reported that as of August 29, 2025, the number of shareholders reached 55,078 [1] Summary by Relevant Categories - **Shareholder Information** - As of August 29, 2025, the total number of shareholders is 55,078 [1]

Core Viewpoint - The performance of listed medical beauty companies in China shows significant divergence in the first half of 2025, with major players in the hyaluronic acid market facing growth bottlenecks, while companies in the recombinant collagen segment are experiencing substantial growth [1][2][7]. Group 1: Performance of Major Companies - Huaxi Biological reported revenue of 2.261 billion yuan, a year-on-year decline of 19.57%, and a net profit of 221 million yuan, down 35.38% [1][2]. - Haohai Biological achieved revenue of 1.304 billion yuan, a decrease of 7.12%, with a net profit of 211 million yuan, down 10.29% [1][2]. - Aimeike's revenue was 1.299 billion yuan, down 21.59%, with a net profit of 789 million yuan, a decline of 29.57% [1][2]. - In contrast, Jinbo Biological, the first stock of recombinant collagen on the Beijing Stock Exchange, reported revenue of 859 million yuan, an increase of 42.43%, and a net profit of 392 million yuan, up 26.65% [1][2]. - Giant Biological's revenue reached 3.113 billion yuan, a year-on-year increase of 21.66%, with a net profit of 1.182 billion yuan, up 20.23% [1][2]. Group 2: Market Trends and Competition - The medical beauty market in China has seen rapid growth, with the market size increasing from 99.3 billion yuan in 2017 to 189.2 billion yuan in 2021, reflecting a compound annual growth rate of 17.5% [4]. - The competition in the hyaluronic acid sector has intensified, leading to price reductions and impacting the performance of leading companies [4][6]. - The demand for aesthetic products is evolving, with a shift towards user-oriented solutions and a growing emphasis on product innovation and technology [3][7]. Group 3: Strategic Adjustments and Innovations - Huaxi Biological is shifting its marketing strategy to focus on brand building and consumer engagement through platforms like Xiaohongshu and WeChat, moving away from price-driven promotions [5]. - Haohai Biological is also adapting its product offerings, with new high-end hyaluronic acid products showing promising market performance [6]. - The recombinant collagen market is projected to grow significantly, with estimates suggesting it will reach 585.7 billion yuan by 2025, driven by new product launches and market expansion [8][9]. Group 4: Regulatory and International Expansion - The medical beauty industry is witnessing an increase in compliant products, with several companies obtaining third-class medical device registration certificates, enhancing market offerings [10][11]. - Companies like Huaxi Biological and Haohai Biological are actively pursuing international markets, with Huaxi reporting significant revenue from overseas operations [11][12]. - Aimeike's acquisition of a majority stake in a South Korean company highlights the trend of domestic firms expanding their global footprint [12].

Core Viewpoint - The performance of listed medical beauty companies in China shows significant divergence in the first half of 2025, with major players in the hyaluronic acid market facing growth bottlenecks while companies in the collagen reconstruction sector are experiencing substantial growth [1][2]. Group 1: Performance of Major Companies - Huaxi Biological reported revenue of 2.261 billion yuan, a year-on-year decline of 19.57%, and a net profit of 221 million yuan, down 35.38% [2]. - Haohai Biological achieved revenue of 1.304 billion yuan, a decrease of 7.12%, with a net profit of 211 million yuan, down 10.29% [2]. - Aimeike's revenue was 1.299 billion yuan, down 21.59%, with a net profit of 789 million yuan, a decline of 29.57% [2]. - In contrast, Jinbo Biological, the first stock of collagen reconstruction on the Beijing Stock Exchange, reported revenue of 859 million yuan, an increase of 42.43%, and a net profit of 392 million yuan, up 26.65% [1][2]. Group 2: Market Dynamics - The medical beauty industry is undergoing a transformation driven by increasing aesthetic demands and technological upgrades, necessitating higher core technology and product innovation capabilities from companies [3]. - The competition in the hyaluronic acid sector has intensified, with a significant increase in supply and aggressive pricing strategies from downstream medical beauty institutions [4]. - The market for collagen reconstruction products is rapidly growing, with projections indicating a compound annual growth rate of 44.93%, reaching 585.7 billion yuan by 2025 [9][10]. Group 3: Strategic Adjustments - Companies like Huaxi Biological are shifting from a traffic-driven sales model to a brand communication strategy based on scientific validation, aiming to enhance brand efficacy and customer acquisition [5][6]. - Haohai Biological is focusing on high-end hyaluronic acid products, with the "Haimeiyuebai" product showing promising market performance despite overall revenue declines in its hyaluronic acid segment [7]. - Aimeike acknowledges the shift towards a user-oriented market, emphasizing the importance of product innovation and systematized competition [8]. Group 4: Regulatory and International Expansion - The medical beauty industry is witnessing an increase in compliant products, with several companies obtaining third-class medical device registration certificates, enhancing market options [11][12]. - Companies are actively pursuing international markets, with Huaxi Biological reporting 331 million yuan in international raw material business revenue, accounting for 52.93% of its raw material income [12][13]. - Aimeike's acquisition of a majority stake in a South Korean company marks its strategic entry into the global regenerative injection market [13].

Core Viewpoint - The stock price of Aimeike has experienced fluctuations, with a recent decline of 2.03% on September 2, 2023, and a total market capitalization of 58.37 billion yuan [1]. Financial Performance - For the first half of 2025, Aimeike reported a revenue of 1.299 billion yuan, representing a year-on-year decrease of 21.59%, and a net profit attributable to shareholders of 789 million yuan, down 29.57% year-on-year [2]. - Cumulative cash dividends since Aimeike's A-share listing amount to 3.525 billion yuan, with 2.65 billion yuan distributed over the past three years [3]. Stock Market Activity - As of September 2, 2023, Aimeike's stock price was 192.90 yuan per share, with a trading volume of 349 million yuan and a turnover rate of 0.86% [1]. - The stock has increased by 7.94% year-to-date, with a 2.43% decline over the last five trading days, a 4.87% increase over the last 20 days, and a 12.09% increase over the last 60 days [1]. Shareholder Information - As of August 29, 2023, Aimeike had 55,100 shareholders, a decrease of 0.89% from the previous period, with an average of 3,787 circulating shares per shareholder, an increase of 0.90% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 6.9808 million shares (a decrease of 1.0906 million shares), and Huabao CSI Medical ETF, holding 5.0610 million shares (an increase of 60,700 shares) [3].

Summary of Aimeike's Conference Call Company Overview - Aimeike is one of the largest publicly listed companies in the medical aesthetics industry in China, transitioning from a single product model to a platform-based company by acquiring the Korean company Region [4][5] Financial Performance - In the first half of 2025, Aimeike's net profit attributable to the parent company, excluding non-recurring items, was 722 million yuan, a year-on-year decline of 33.7% - The decline in net profit accelerated in Q2 2025, dropping to 320 million yuan, a decrease of 42.8% compared to the previous year, primarily due to a slowdown in market conditions and pressure on terminal demand [2][4] Market Competition - Core products such as the "Milky Angel" and "Happy" series are facing increasing competition, which is expected to impact overall performance [2][4] New Product Development - The new product "Zhen Ai Su Fei" has begun team recruitment and shipping, with expectations to reach about one-third of the sales volume of the medical aesthetics group's "Tong Yan" series [2][5] - Aimeike is hiring experienced professionals in high-end medical aesthetic injection products to accelerate the product launch cycle and improve market engagement [6] Sales Strategy - Aimeike employs a direct sales and distribution model, achieving the highest channel engagement rate in the Chinese medical aesthetics industry [3][8] - The company is implementing sales incentive mechanisms to boost team morale and performance, which is expected to solidify market position and facilitate rapid market entry for new products [3][8] Future Outlook - Investors should monitor the trend of stabilizing declines in old business lines, with expectations for improvement in Q4 2025 - The new product "Zhen Ai Su Fei" is projected to generate several hundred million yuan in revenue this year, with potential to reach higher levels in 2026 [7] - Future product launches, including botulinum toxin and fat reduction products, are anticipated to create synergistic effects with existing channels, enhancing profitability [7] Overall Investment Sentiment - The overall net profit expectation for Aimeike in 2025 is approximately 1.6 billion yuan, reflecting a relatively positive outlook despite current challenges [7]

Group 1 - The medical beauty sector increased by 0.59% on August 29, with Jinbo Biological leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] - Jinbo Biological's closing price was 312.48, reflecting a rise of 4.41%, with a trading volume of 14,200 lots and a transaction value of 442 million [1] Group 2 - The medical beauty sector saw a net inflow of 60.73 million in main funds, while retail funds experienced a net outflow of 21.81 million [1] - Aimei Ke reported a closing price of 193.98, with a gain of 1.90%, and a trading volume of 48,700 lots, totaling 946 million in transaction value [1] - Huaxi Biological's stock price decreased by 1.00% to 57.20, with a trading volume of 64,200 lots and a transaction value of 36.9 million [1]

Group 1 - The core viewpoint of the news highlights the strong performance of the medical device sector, with the medical device ETF fund (159797) seeing significant net subscriptions and capital inflow [1] - The medical device ETF fund (159797) has accumulated over 160 million yuan in net subscriptions in the past 20 days, indicating strong investor interest [1] - Major stocks within the medical device ETF fund have shown positive performance, with notable gains from companies like Tsinghua Tongfang and Jimin Health [1][2] Group 2 - According to Everbright Securities, there is an expectation for supportive policies from the drug regulatory authority to drive growth in high-end imaging equipment, surgical robots, and AI+medical sectors, benefiting leading companies in these niches [3] - The medical device industry, particularly in equipment, has seen a significant recovery in demand since the second half of 2024, with expectations for continued growth in company financials [3] - The investment strategy for 2025 emphasizes structural selection of investment opportunities based on payment willingness and ability, focusing on three main payment channels: hospital payments, out-of-pocket payments, and overseas payments [3] Group 3 - Guotai Junan Securities notes that the global brain-computer interface market is at a critical turning point, with projections for the medical application market to reach $40 billion by 2030 and $145 billion by 2040 [4] - The brain-computer interface industry is expected to accelerate due to supportive policies, with key technology breakthroughs anticipated by 2027 [4][5] - The establishment of clear pricing standards for brain-computer interface services by the National Medical Insurance Bureau is expected to enhance hospital procurement confidence and facilitate the application of this technology in healthcare [5] Group 4 - The medical device ETF fund (159797) covers a wide range of sectors including medical equipment, in vitro diagnostics, and high-value consumables, with the top ten weighted stocks accounting for nearly 44% of the fund [6] - The top weighted stocks in the medical device ETF include Mindray Medical, United Imaging, and Aimeike, indicating a diverse portfolio within the medical device sector [6]