炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：新消费主张/cici 2025年上半年，爱美客交出上市以来最差中报成绩单。报告期内，公司营收、归母净利润双降，其中， 营业收入为12.99亿元，同比下降21.59%；归母净利润约7.89亿元，同比下降29.57%。从盈利能力角度 看，报告期内爱美客的销售毛利率、销售净利率均不同程度下滑，其中销售毛利率为93.44%，较去年 同期下降1.47个百分点；销售净利率为60.9%，较去年同期下降6.78个百分点。 值得关注的是，爱美客两大支柱业务销售额均纷纷下滑，其中，溶液类产品（含"嗨体"）营收 7.44亿 元，同比降23.79%；凝胶类产品（含"濡白天使"）营收4.93亿元，同比降23.99%。该两大业务营收占比 超90%，或暴露了爱美容产品迭代滞后与竞争壁垒弱化的深层危机。 最差中报：业绩双降、溶液类和凝胶类注射产品全线下降 库存压力加大 2025年上半年业绩披露，爱美客交出上市以来最差中报成绩单。拉长时间周期，我们可以看到，自2023 年中报后，爱美客的营收、归母净利润增速便开始下滑，2023年H1- ...

Group 1 - The medical beauty sector increased by 1.37% on August 21, with Jinbo Biological leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Group 2 - The medical beauty sector saw a net inflow of 457,400 yuan from main funds, while retail investors experienced a net outflow of 859,410 yuan [2] - Specific stock performances included Huaxi Biological with a net inflow of 7,907,300 yuan, while *ST Meigu and Aimeike had net outflows of 3,103,300 yuan and 4,346,600 yuan respectively [2]

（文章来源：每日经济新闻） 开源证券8月21日发布研报称，给予爱美客（300896.SZ，最新价：189.11元）买入评级。评级理由主要 包括：1）事件：公司2025H1归母净利润同比下滑29.6%，业绩有所承压；2）核心品类业绩承压，盈利 能力有所下滑；3）并购REGEN打造第二增长曲线，持续研发推动业绩修复。风险提示：终端需求疲 软、市场竞争加剧、产品获批或推广进度不及预期。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a decline in net profit attributable to shareholders by 29.6% year-on-year for H1 2025, indicating performance pressure [5] - Revenue for H1 2025 was 1.299 billion yuan, down 21.6% year-on-year, with Q2 2025 revenue at 636 million yuan, a decrease of 25.1% [5] - The company plans to distribute a cash dividend of 12.00 yuan per 10 shares (including tax), with a payout ratio of 45.82% [5] - Despite the competitive market, the company’s R&D pipeline is progressing steadily, and external expansion is expected to drive growth, leading to a reasonable valuation and a maintained "Buy" rating [5] Financial Performance Summary - For H1 2025, the company's solution products generated revenue of 744 million yuan (down 23.8%), with a gross margin of 93.2% [6] - Gel products achieved revenue of 493 million yuan (down 24.0%), with a gross margin of 97.8% [6] - The overall gross margin for H1 2025 was 93.4%, down 1.5 percentage points, and the net margin was 60.9%, down 6.8 percentage points [6] - The company’s sales, management, and R&D expense ratios were 11.1%, 5.3%, and 12.1%, respectively, with year-on-year increases of 2.6, 1.2, and 4.5 percentage points [6] Growth Drivers - The company is enhancing its growth trajectory through the acquisition of REGEN, which is expected to create a second growth curve [7] - The product line includes market-leading offerings and new products like the "Hao Ke La" launched in May 2025 [7] - The company has obtained 12 Class III medical device registrations, with the second-generation implant line nearing registration [7] - The acquisition of REGEN Biotech has expanded the product matrix, with approvals in 35 and 23 countries for its AestheFill and PowerFill products, respectively [7] Financial Projections - Revenue projections for 2025-2027 are 1.7 billion, 2.005 billion, and 2.325 billion yuan, respectively, with corresponding EPS of 5.62, 6.63, and 7.68 yuan [5][8] - The company’s P/E ratios for 2025-2027 are projected to be 33.5, 28.5, and 24.5 times, respectively [8]

Core Viewpoint - The report from Minsheng Securities highlights that Aimeike's net profit attributable to shareholders for the first half of 2025 is 789 million yuan, representing a year-on-year decrease of 29.57% [1]. Financial Performance - In Q2 2025, the net profit attributable to shareholders is 346 million yuan, showing a year-on-year decline of 41.75% [1]. - The company distributed a cash dividend of 12 yuan per 10 shares (including tax), totaling 362 million yuan, which accounts for 45.82% of the net profit for the first half of the year [1]. Product Development and Market Strategy - The company has a rich pipeline of research products, with a more comprehensive product matrix [1]. - As of the end of H1 2025, the company and its subsidiaries have obtained 12 Class III medical device registration certificates, covering a diverse range of products including sodium hyaluronate fillers and polylactic acid fillers [1]. - The research pipeline has extended into biopharmaceuticals and chemical drugs, including products like botulinum toxin type A, second-generation facial implant lines, semaglutide injection, and hyaluronidase, employing a differentiated competition strategy to expand market space and ensure sustainable business growth [1]. Acquisition Activity - In the first half of the year, the company acquired 85% of South Korean REGEN for 190 million USD, with its core products AestheFill and PowerFill approved in 35 and 23 countries, respectively [1]. Rating - The report maintains a "recommended" rating for the company [1].

Group 1 - The A-share market showed mixed results, with the medical device ETF fund (159797) rising nearly 1%, marking a strong push for five consecutive days of gains [1] - The medical device ETF fund (159797) received a net subscription of 12 million units during the day, achieving a net inflow for 12 consecutive days, totaling over 130 million yuan [1] - Major stocks within the medical device ETF fund saw significant gains, including Mindray Medical up 4.35% and Hotgen Biotech up 6% [2][5] Group 2 - Recent high-level research in Beijing emphasized the need for increased high-quality technological supply and policy support in the biopharmaceutical industry, aiming to enhance the quality and efficiency of drug development [2] - The total bid amount for medical devices in July reached 12.643 billion yuan, a year-on-year increase of 20%, with a total of 96.785 billion yuan for the first seven months, reflecting a 57% year-on-year growth [3] Group 3 - The brain-computer interface industry is expected to accelerate due to supportive policies, with a target for key technological breakthroughs by 2027 [4] - The global market for brain-computer interfaces in medical applications is projected to reach 40 billion USD by 2030 and exceed 145 billion USD by 2040 [6] Group 4 - The medical device ETF fund (159797) covers core areas of medical devices, including high-value consumables and in vitro diagnostics, with the top ten weighted stocks accounting for over 44% of the fund [7]

Group 1 - The medical device sector is experiencing a strong performance, with the CSI All Medical Device Index rising by 1.41% as of August 21, 2025, and notable stocks such as Meihua Medical increasing by 14.12% [1] - The Medical Device ETF (159797) has shown a consistent upward trend, achieving a 1.55% increase over the past week and a 1.17% rise on the day of reporting [1] - The Medical Device ETF has seen significant liquidity, with a turnover rate of 7.13% and nearly 20 million yuan in trading volume [1] Group 2 - The Medical Device ETF has reached a new high in scale at 255 million yuan and a new high in shares at 300 million, indicating strong investor interest [2] - Over the past 11 days, the ETF has experienced continuous net inflows, totaling 122 million yuan, with a peak single-day inflow of 31.28 million yuan [2] Group 3 - Recent government initiatives emphasize the importance of high-quality technological supply and policy support for the biopharmaceutical industry, aiming to enhance the quality and efficiency of medical products [5] - The total bid amount for medical devices in July reached 12.643 billion yuan, reflecting a year-on-year growth of 20%, with a total of 96.785 billion yuan for the first seven months, marking a 57% increase [5] - The Ministry of Industry and Information Technology has issued guidelines to promote the innovation of brain-computer interface technology, aiming for breakthroughs by 2027 [5] Group 4 - The brain-computer interface industry is expected to see significant growth driven by technological innovation, policy support, and capital investment, particularly in healthcare and consumer markets [6] - The Medical Device ETF encompasses a wide range of sectors, including high-value consumables and in-vitro diagnostics, with the top ten weighted stocks accounting for over 44% of the fund [6]

Core Viewpoint - The market is experiencing a rotation from high valuation sectors to reasonably valued sectors, with a notable rebound in core assets in the medical innovation space [1] Group 1: Market Performance - On August 21, the market showed a "high-low cut" trend, with medical devices, traditional Chinese medicine, and vaccines leading in gains [1] - The Medical Innovation ETF (516820.SH) rose by 1.28%, with key stocks such as Pizhou Pharmaceutical (600436) up 4.84%, Mindray Medical (300760) up 3.73%, and Yuyue Medical (002223) up 2.43% [1] Group 2: Investment Opportunities - Funds are shifting towards undervalued sectors, with core assets in medical innovation gradually rebounding [1] - The top ten component stocks in the Medical Innovation ETF are mostly valued below the historical 20th percentile, indicating a significant safety margin [1] - Investors who missed the first half of the medical sector rally can position themselves in the Medical Innovation ETF (516820) to capitalize on the recovery [1]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 188.50 CNY [6][11]. Core Insights - The company experienced short-term performance pressure, with H1 2025 revenue of 1.299 billion CNY, down 21.59% year-on-year, and a net profit of 789 million CNY, down 29.57% year-on-year [1]. - The company has a rich pipeline of products under development, including 12 approved Class III medical devices and new products in the biopharmaceutical and chemical drug sectors, which are expected to drive sustainable growth [2]. - The company is undergoing an internationalization transformation through acquisitions, notably acquiring 85% of Korean REGEN for 190 million USD, which will enhance its global presence and production capacity [4]. Financial Performance Summary - In H1 2025, the company's gross margin was 93.44%, a decrease of 1.48 percentage points year-on-year, with a net profit margin of 60.77%, down 6.88 percentage points year-on-year [3]. - Revenue projections for 2025-2027 are 3.213 billion CNY, 3.574 billion CNY, and 4.263 billion CNY, with corresponding net profits of 2.048 billion CNY, 2.303 billion CNY, and 2.778 billion CNY, reflecting growth rates of 4.6%, 12.4%, and 20.6% respectively [5][8]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 28X, 25X, and 21X respectively, indicating a favorable valuation trend [4][5].

转折出现在2024年，爱美客营收与净利润的增幅均放缓至个位数——营业收入同比增长5.45%至30.26亿 元，归母净利润约19.58亿元，同比增长5.33%，提前释放了业绩承压的信号。 今年上半年，爱美客"成长的烦恼"更加凸显。该公司在财报中坦言，报告期内，国家药监局批准颁发的 医美注射针剂产品注册证持续增多，为消费者提供了更丰富的合规选择，同时，市场竞争加剧，行业正 经历从规模扩张向质量与效果深耕的关键转型。 "医美三剑客"之一的爱美客逐渐失去往日光环。8月19日，爱美客技术发展股份有限公司（以下简称"爱 美客"）发布2025年半年度报告。报告期内，该公司营收与净利润双双下滑，其中，营业收入同比减少 21.59%至12.99亿元；归母净利润约7.89亿元，同比下滑29.57%。同时，其经营活动产生的现金流量净 额同比下滑43.05%，盈利质量承压。 除了自身业绩增长陷入瓶颈，爱美客子公司Regen公司还因"童颜针"AestheFill的代理权面临重大仲裁， 或被索赔16亿元。"内忧外患"的爱美客，接下来将何去何从？ 溶液类、凝胶类注射产品全线失速 官网信息显示，成立于2004年的爱美客主要从事生物医用材料及 ...