Core Viewpoint - Aimeike, once a leading player in the medical beauty industry, is facing significant challenges with declining performance and ongoing disputes over product agency rights, prompting a leadership change and strategic reassessment [4][6][20]. Company Overview - Aimeike's stock price peaked at 1331 yuan in February 2021, with a market capitalization exceeding 150 billion yuan, earning it the nickname "the Moutai of women" [4]. - The company has seen a dramatic decline in performance, with a 21.27% drop in revenue and a 34.61% drop in net profit in Q3 2025 compared to the previous year [6][8]. Financial Performance - Aimeike's financial performance over the past five years shows a significant decline, with 2025 projections indicating a drop in revenue and net profit by over 20% [9][13]. - The company's revenue and net profit for 2025 are expected to be 18.65 billion yuan and 10.93 billion yuan, respectively, marking a substantial decrease from previous years [9][13]. Product Development and Market Position - Aimeike's growth was initially driven by innovative products like the "Hi Body" and "Moisturizing Angel," which captured significant market share [10][11]. - However, competition has intensified, particularly in the high-end segment, leading to a dilution of the unique advantages of core products [12][14]. Strategic Response - In response to market challenges, Aimeike is diversifying its product offerings and has initiated a shift towards biopharmaceuticals and chemical drugs [15]. - The company has also pursued acquisitions, such as the purchase of a majority stake in REGEN, to enhance its product portfolio and market competitiveness [17][18]. Agency Dispute - Aimeike is embroiled in a significant dispute over the agency rights for its product AestheFill, which has implications for its market strategy and financial performance [18][19]. - The resolution of this dispute is critical for Aimeike's management to demonstrate their capability to navigate challenges and restore growth [20].

Core Viewpoint - Aimeike, once a leading player in the medical beauty industry, is facing significant challenges with declining performance and ongoing disputes over product agency rights, leading to a critical management transition [1][2]. Group 1: Company Performance - In the first half of 2025, Aimeike reported its first negative growth, with Q3 revenue at 566 million yuan and net profit at 304 million yuan, down 21.27% and 34.61% year-on-year, respectively [2]. - The company's market capitalization has dropped to approximately 45 billion yuan, a decline of over 100 billion yuan from its peak [2]. - The core products, including the solution-based injection products and gel-based injection products, have seen revenue declines of 23.79% and 23.99% respectively in the first half of 2025 [6]. Group 2: Management Changes - The recent board reshuffle saw Jian Jun re-elected as chairman, while the resignation of the board secretary, Jian Yong, and the appointment of Li Dongmei as the new secretary raised market interest [1][2]. - The new management faces the challenge of addressing the company's declining performance and resolving the ongoing agency disputes [2][12]. Group 3: Product Development and Market Dynamics - Aimeike's growth was initially driven by innovative products, such as the first domestically developed hyaluronic acid injection, which captured significant market share [3][4]. - The company has expanded its product matrix, with gel-based products showing substantial growth, achieving revenue of 1.158 billion yuan in 2023, a year-on-year increase of 81.43% [5]. - However, increased competition in the medical beauty sector has diluted the uniqueness of Aimeike's core products, leading to a more challenging market environment [6][7]. Group 4: Strategic Initiatives - Aimeike is pursuing diversification in its product offerings, including the launch of new products like the medical-grade polyethylene glycol gel [8]. - The company has also engaged in strategic acquisitions, such as the 190 million USD purchase of a majority stake in REGEN, to enhance its product portfolio and market competitiveness [9][10]. Group 5: Agency Disputes - Aimeike is embroiled in a significant agency dispute over the AestheFill product, which has implications for its market strategy and financial performance [10][11]. - The conflict escalated with the termination of the exclusive distribution agreement by Jiangsu Wuzhong, leading to potential legal ramifications and financial claims [11][12]. - The resolution of this dispute is critical for Aimeike's management to demonstrate its capability to navigate challenges and restore growth [13].

Investment Rating - The report maintains a positive outlook on the company, highlighting optimism regarding the launch of innovative products and overseas expansion [1]. Core Insights - The company's revenue faced short-term pressure due to the consumption environment, with Q3 2025 revenue at RMB 570 million, down 21.3% year-on-year, and net profit attributable to shareholders at RMB 300 million, down 34.6% year-on-year [2][8]. - For the first three quarters of 2025, total revenue was RMB 1.86 billion, a decrease of 21.5% year-on-year, and net profit attributable to shareholders was RMB 1.09 billion, down 31.1% year-on-year [2][8]. - The company has strong R&D capabilities and is focusing on the acquisition of South Korea's REGEN, which is expected to significantly contribute to revenue and profit in 2026 [3][10]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a net profit margin of 52.4%, down 12.1 percentage points year-on-year [2][8]. - The expense ratios increased due to profitability pressure, with sales expense ratio at 11.0% (+2.1 pp), administrative expense ratio at 4.9% (+0.2 pp), and R&D expense ratio at 10.1% (+3.3 pp) for the first three quarters of 2025 [2][9]. Strategic Developments - The proposed acquisition of an 85% stake in REGEN for USD 190 million is expected to enhance the company's product portfolio with two marketed products: AestheFill and PowerFill [3][10]. - The company has also received approval for its minoxidil liniment, which will further enrich its product matrix [3][10].

（文章来源：证券日报） 证券日报网讯爱美客11月21日在互动平台回答投资者提问时表示，截至2025年11月20日，公司股东人数 为60，941户。 ...

Market Overview - The medical beauty sector experienced a decline of 2.01% on November 21, with *ST Meigu leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Key stocks in the medical beauty sector showed the following performance: - Huaxi Biological (688363) closed at 48.87, down 1.81% with a trading volume of 25,700 shares and a turnover of 126 million yuan [1] - Aimeike (300896) closed at 148.00, down 1.88% with a trading volume of 29,100 shares [1] - Jinbo Biological (920982) closed at 220.01, down 4.88% with a trading volume of 11,000 shares [1] - *ST Meigu (000615) closed at 3.89, down 4.89% with a trading volume of 217,100 shares and a turnover of 85.48 million yuan [1] Capital Flow - The medical beauty sector saw a net outflow of 87.65 million yuan from main funds, while retail investors contributed a net inflow of 83.50 million yuan [1] - Detailed capital flow for key stocks includes: - *ST Meigu: Main funds net outflow of 12.38 million yuan, retail net inflow of 9.03 million yuan [2] - Huaxi Biological: Main funds net outflow of 24.09 million yuan, retail net inflow of 26.09 million yuan [2] - Jinbo Biological: Main funds net outflow of 32.71 million yuan, retail net inflow of 340,200 yuan [2] - Aimeike: Main funds net outflow of 51.18 million yuan, retail net inflow of 48.38 million yuan [2]

Investment Rating - The report maintains an "overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by more than 10% in the next six months [4][25]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index during the period from November 7 to November 20, 2025, with a decline of 1.51%, which is approximately 1.23 percentage points better than the CSI 300 index [11]. - Most sub-sectors within the industry recorded negative returns, with in vitro diagnostics and pharmaceutical distribution showing the highest gains of 2.37% and 2.27%, respectively, while medical R&D outsourcing and medical consumables experienced declines of 3.67% and 2.93% [12]. - Approximately 43% of stocks in the industry recorded positive returns during the same period, with the top performer, Hezhong China, seeing a weekly increase of 82.57% [16]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry as of November 20, 2025, was approximately 51.84 times, indicating a decrease in industry valuation [19]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a decline of 1.51% compared to the index's performance [11]. - Most sub-sectors recorded negative returns, with in vitro diagnostics and pharmaceutical distribution leading in gains [12]. - About 43% of stocks in the industry had positive returns, with significant variations in individual stock performance [16]. 2. Industry News - The report highlights the announcement from the Hebei Provincial Medical Products Procurement Center regarding the centralized procurement of 25 types of medical consumables, including biopsy needles and infusion ports [23]. 3. Company Announcements - Ningbo Tianyi Medical Devices Co., Ltd. received a medical device registration certificate for its blood dialysis concentrate products [24]. 4. Industry Outlook - The report suggests focusing on investment opportunities in the flu-related sector due to the onset of the flu season, recommending several companies across various segments, including medical devices, pharmaceutical commerce, and innovative drugs [25][27].

Core Viewpoint - Aimeike, once a leading player in the medical beauty industry, is facing significant challenges with declining performance and ongoing disputes over product agency rights, prompting a recent board reshuffle to address these issues [1][2][6]. Company Overview - Aimeike's actual controller, Jian Jun, was re-elected as chairman, while the management team remains stable, with Li Dongmei being promoted to a key role amid the company's current challenges [1][2]. - The company has seen a drastic decline in stock price and market capitalization, dropping from a peak of over 150 billion yuan to around 45 billion yuan [2][6]. Financial Performance - In the first half of 2025, Aimeike reported a revenue of 5.66 billion yuan and a net profit of 3.04 billion yuan, marking declines of 21.27% and 34.61% year-on-year, respectively [2][6]. - The company experienced its first negative growth in 2025, with revenue and net profit both declining over 20% [6][7]. Product Development and Market Position - Aimeike's growth has been closely tied to its innovative product development, with key products like "HiTi" and "Luhua Tianzi" driving significant revenue [3][5]. - The company has expanded its product matrix, with "HiTi" achieving a revenue share increase from 15.34% in 2017 to 43.5% in 2019 [4]. Competitive Landscape - The medical beauty industry is undergoing rapid changes, with increased competition leading to a dilution of Aimeike's product advantages, particularly for "HiTi" and "Luhua Tianzi" [7][8]. - New entrants in the market have intensified competition, with the number of approved "童颜针" products increasing to seven, further squeezing Aimeike's growth potential [8][9]. Strategic Initiatives - Aimeike is diversifying its product offerings, including the launch of new products like "Kela" and expanding into biopharmaceuticals and chemical drugs [9][10]. - The company has also pursued acquisitions, such as the purchase of a majority stake in REGEN, to enhance its product portfolio and market competitiveness [10][11]. Legal and Regulatory Challenges - Aimeike is embroiled in a significant dispute over the agency rights for its product "AestheFill," which could impact its market performance and brand partnerships [11][12]. - The ongoing arbitration with Jiangsu Wuzhong over the exclusive distribution rights of "AestheFill" highlights the complexities of brand ownership and distribution in the medical beauty sector [12][15].

证券之星消息，11月20日医疗美容板块较上一交易日下跌2.32%，爱美客领跌。当日上证指数报收于 3931.05，下跌0.4%。深证成指报收于12980.82，下跌0.76%。医疗美容板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 920982 | 锦波生物 | 231.29 | -0.55% | 6140.7 | | 1.43 Z | | 000615 | *ST美谷 | 4.09 | -1.21% | 26.65万 | | 1.09亿 | | 688363 | 华熙生物 | 49.77 | -1.54% | 2.02万 | | 1.01亿 | | 300896 | 爱美客 | 150.84 | -3.00% | 3.16万 | | 4.81亿 | 从资金流向上来看，当日医疗美容板块主力资金净流出1.04亿元，游资资金净流入1721.0万元，散户资金 净流入8685.88万元。医疗美容板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | ...

Market Overview - The Shanghai Composite Index fell by 0.40% on November 20, with 7 industries experiencing gains, led by construction materials and comprehensive sectors, which rose by 1.40% and 0.87% respectively [1] - The beauty and personal care industry had the largest decline, dropping by 2.39%, followed by the coal industry with a decrease of 2.10% [1] Capital Flow Analysis - The net outflow of capital from the two markets reached 47.655 billion yuan, with only 4 industries seeing net inflows [1] - The banking sector led the net inflow with 2.188 billion yuan and a daily increase of 0.86%, followed by the telecommunications sector with a net inflow of 1.000 billion yuan and a rise of 0.51% [1] Beauty and Personal Care Industry - The beauty and personal care industry saw a net outflow of 507 million yuan, with 29 stocks in the sector; only 2 stocks increased while 26 stocks declined [2] - The top net inflow stock in this sector was Jiaheng Jiahua, with an inflow of 7.3004 million yuan, followed by Yiyi Co., which had an inflow of 3.7708 million yuan [2] - Six stocks in the beauty and personal care sector experienced net outflows exceeding 30 million yuan, with the largest outflows from Aimeike (67.368 million yuan), Shuiyang Co. (60.040 million yuan), and Qingsong Co. (44.6899 million yuan) [2][3] Individual Stock Performance - Aimeike had a decline of 3.00% with a net outflow of 67.368 million yuan [2] - Shuiyang Co. dropped by 8.32% with a net outflow of 60.0396 million yuan [2] - Qingsong Co. fell by 3.78% with a net outflow of 44.6899 million yuan [2]

Core Insights - The Biotech Index (970038) closed at 2182.31 points, down 0.94%, with a trading volume of 13.462 billion yuan and a turnover rate of 1.08% [1] - Among the index constituents, 7 stocks rose while 42 stocks fell, with Xinlitai leading the gainers at 0.83% and Hualan Biological leading the decliners at 5.98% [1] Index Constituents Summary - The top ten constituents of the Biotech Index include: - Mindray Medical (sz300760) with a weight of 12.58%, latest price at 204.81, and a decline of 0.92% [1] - Changchun High-tech (sz000661) with a weight of 4.87%, latest price at 102.32, and a decline of 0.27% [1] - Shimeiao (sz002252) with a weight of 4.74%, latest price at 6.70, and a decline of 0.30% [1] - Kanglong Chemical (sz300759) with a weight of 4.55%, latest price at 29.16, and a decline of 1.22% [1] - Tigermed (sz300347) with a weight of 4.54%, latest price at 52.37, and a decline of 2.44% [1] - Shenzhen Technology (sz000021) with a weight of 4.16%, latest price at 23.90, and a decline of 1.77% [1] - Muyuan Foods (sz002714) with a weight of 3.62%, latest price at 48.45, and a decline of 0.31% [1] - Lepu Medical (sz300003) with a weight of 3.19%, latest price at 16.11, and a decline of 1.29% [1] - Aimeike (sz300896) with a weight of 3.16%, latest price at 155.51, and an increase of 0.58% [1] - Yuyue Medical (sz002223) with a weight of 3.07%, latest price at 35.28, and a decline of 0.20% [1] Capital Flow Analysis - The Biotech Index constituents experienced a net outflow of 1.382 billion yuan from major funds, while retail investors saw a net inflow of 1.358 billion yuan [1] - Notable capital flows include: - Aimeike (sz300896) had a net inflow of 26.5772 million yuan from major funds, but a net outflow from retail investors of 20.4422 million yuan [2] - Changchun High-tech (sz000661) saw a net inflow of 8.8418 million yuan from major funds, with a slight net inflow from retail investors of 186.25 thousand yuan [2] - Other stocks like Furuisi (sz300049) and Yuyue Medical (sz002223) also showed mixed capital flows with significant net outflows from retail investors [2]