Market Performance - The medical beauty sector rose by 2.11% on September 11, with Ai Meike leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Individual Stock Performance - Ai Meike (300896) closed at 201.00, with a gain of 3.10% and a trading volume of 46,300 shares, amounting to a transaction value of 909 million yuan [1] - Huaxi Biological (688363) closed at 59.51, up 0.86%, with a trading volume of 47,500 shares, totaling 279 million yuan [1] - ST Meigu (000615) remained unchanged at 3.14, with a trading volume of 55,800 shares, amounting to 17.45 million yuan [1] - Jinbo Biological (832982) closed at 307.80, down 0.03%, with a trading volume of 7,759.81 shares, totaling 237 million yuan [1] Capital Flow Analysis - The medical beauty sector saw a net inflow of 35.23 million yuan from institutional investors, while retail investors experienced a net outflow of 45.10 million yuan [1] - Ai Meike had a net inflow of 35.43 million yuan from institutional investors, but a net outflow of 40.20 million yuan from retail investors [2] - Huaxi Biological experienced a net inflow of 1.46 million yuan from institutional investors, with a net outflow of 6.54 million yuan from retail investors [2] - ST Meigu had a net outflow of 1.66 million yuan from institutional investors, but a net inflow of 1.64 million yuan from retail investors [2]

Mergers and Acquisitions - Dongyangguang plans to jointly increase capital in Yichang Dongshu No.1 Investment Co., Ltd. with an associated party, with capital increases of 3.5 billion and 4 billion yuan respectively. The company intends to acquire 100% equity of Qinhuai Data's China operations through its wholly-owned subsidiary [1] - Aimeike has completed the acquisition of controlling interest in South Korea's REGEN Biotech, Inc., obtaining 59.5% equity after the completion of the transaction [2] - Longzi Co., Ltd. plans to acquire 67.5% equity of Chongqing Time through a cash payment of 92.475 million yuan [3] Shareholding Changes - Hongbai New Materials' controlling shareholder plans to reduce its stake by up to 3%, which includes a maximum of 6.5 million shares through centralized bidding and 13 million shares through block trading [4] - BYD executives and core personnel collectively increased their holdings by 488,200 shares, with a total investment of 52.3278 million yuan [5] - Sichuan Road and Bridge's controlling shareholder intends to reduce its stake by up to 2%, equating to a maximum of 17.4 million shares [6] Regulatory Issues - Baiyin Nonferrous Metals has received a notice from the China Securities Regulatory Commission regarding an investigation for suspected violations of information disclosure [7] - Huangting International's wholly-owned subsidiary's asset, the Crystal Island International Shopping Center, was put up for auction but ultimately failed to sell [8]

Mergers and Acquisitions - Dongyangguang plans to jointly increase capital in Yichang Dongshu No.1 Investment Co., Ltd. with an associated party, with capital increases of 3.5 billion and 4 billion yuan respectively. The company intends to acquire 100% equity of Qinhuai Data's China operations through its wholly-owned subsidiary Yichang Dongshu No.3 Investment Co., Ltd. [1] - Aimeike has completed the acquisition of controlling interest in South Korea's REGEN Biotech, Inc. Aimeike International now holds 85% of REGEN, translating to an actual ownership of 59.5% by Aimeike. [2] - Longzi Co., Ltd. plans to acquire 67.5% equity of Chongqing Milan Baiyu Time Aesthetic Medical Hospital Co., Ltd. for 92.475 million yuan. [3] Shareholding Changes - Hongbai New Materials' controlling shareholder plans to reduce its stake by up to 3%, which includes a maximum of 6.5 million shares through centralized bidding and 13 million shares through block trading. [4] - BYD executives and core personnel collectively increased their holdings by 488,200 shares of A-shares, with a total investment of 52.3278 million yuan. [5] - Sichuan Road and Bridge's controlling shareholder plans to reduce its stake by up to 2%, equating to a maximum of 17.4 million shares. [6]

Core Viewpoint - Aimei Ke's REGEN company has expanded its overseas product offerings, including AestheFill and PowerFill, and is experiencing steady production growth from its new factory in South Korea [1] Group 1 - REGEN company currently sells two products overseas: AestheFill and PowerFill [1] - The new factory in South Korea has been operational and is steadily increasing its production capacity [1]

Core Viewpoint - The company has successfully completed the acquisition of 85% of REGEN Biotech, Inc. for $190 million, enhancing its international market presence and future profitability [1] Group 1 - The acquisition was executed through the company's wholly-owned subsidiary, Aimeike Hong Kong, in collaboration with Aisheng Shourui (HK) Limited [1] - The transaction has been fully settled, resulting in the company obtaining a 59.5% stake in REGEN Biotech, Inc. [1] - This strategic move is expected to strengthen the company's core competitiveness and expand its international market reach [1]

证券代码：300896 证券简称：爱美客 公告编号：2025-037 号 爱美客技术发展股份有限公司 关于收购韩国 REGEN Biotech,Inc.公司控股权进展 暨交割完成的公告 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。 一、交易概述 截至 2025 年 6 月 30 日，标的公司已经完成董事会改选，爱美客国际公司作 为控股股东在标的公司董事会中拥有多数席位，已经实际控制标的公司的日常运 营。作为爱美客国际公司的控股股东，公司已能够控制标的公司，并已将其纳入 公司合并报表范围。具体内容详见公司于 2025 年 7 月 2 日在巨潮资讯网披露的 《关于收购韩国 REGEN Biotech,Inc.公司控股权进展的公告》。 2025 年 8 月 26 日，爱美客国际按股权收购协议的约定完成韩国 REGEN 项目 剩余 5%交易对价款的支付。 截至本公告日，爱美客国际已完成韩国 REGEN 项目 100％交易对价款的支付。 三、本次交割完成情况 截至 2025 年 9 月 10 日，本次收购韩国 REGEN 控股权项目已经完成交割。爱 美客国际已取得韩国 ...

Group 1 - The core viewpoint of the article is that the company Aimei Ke (爱美客) has confirmed that its REGEN subsidiary is currently selling products overseas, specifically AestheFill and PowerFill [2] - REGEN's new factory in South Korea has been steadily increasing its production output since it began operations [2]

从资金流向上来看，当日医疗美容板块主力资金净流出1330.27万元，游资资金净流入621.46万元，散户 资金净流入708.81万元。医疗美容板块个股资金流向见下表： 证券之星消息，9月9日医疗美容板块较上一交易日下跌0.43%，爱美客领跌。当日上证指数报收于 3807.29，下跌0.51%。深证成指报收于12510.6，下跌1.23%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 832982 | 锦波生物 | 304.30 | 2.15% | 1.25万 | | 3.81亿 | | 688363 | 华熙生物 | 59.97 | -0.05% | 6.26万 | | 3.73亿 | | 000615 | *ST美谷 | 3.11 | -0.32% | 6.54万 | | 2034.38万 | | 300896 | 爱美客 | 197.42 | -0.69% | 3.50万 | | 6.88亿 | | 代码 | | | 名称 │主力净流入（元）│ ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Insights - The company is currently experiencing a transitional phase in its product matrix, leading to a temporary decline in performance. In H1 2025, the operating revenue was 1.3 billion (down 22% year-on-year), and the net profit attributable to the parent company was 790 million (down 30%) [1][4] - The acquisition of REGEN is expected to open new growth avenues and enhance global expansion efforts [3][11] - The company plans to distribute a cash dividend of 12 yuan per 10 shares, totaling 360 million, which accounts for 46% of the net profit attributable to the parent company [1] Financial Performance - In H1 2025, the gross margin was 93.4% (down 1.5 percentage points year-on-year), and the net margin was 60.9% (down 6.8 percentage points year-on-year) [2] - For Q2 2025, the gross margin decreased to 93.0% (down 2.3 percentage points year-on-year), and the net margin fell to 54.6% (down 15.3 percentage points year-on-year) [2] - The company has adjusted its profit forecast, expecting net profits for 2025, 2026, and 2027 to be 1.725 billion, 1.948 billion, and 2.235 billion respectively, with year-on-year changes of -11.9%, +12.9%, and +14.7% [4][6] Future Outlook - The introduction of potential new products such as 臻爱塑菲 and botulinum toxin is anticipated to contribute positively to revenue starting next year [4][11] - The company is focusing on enhancing its product pipeline and expanding its market presence, particularly with the REGEN acquisition and the launch of new products [3][11]

Group 1 - The core viewpoint is that medical device stocks are experiencing significant gains, with companies like United Imaging Healthcare rising over 11%, and others such as Mindray, Aimeike, Yuyue Medical, and BGI Genomics increasing by more than 4% [1] - Multiple medical-related ETFs have also seen an increase of over 3% due to market influences [1] Group 2 - Specific ETF performance includes: - Medical Device Index ETF (code: 159898) at 0.616, up 3.88% - Huatai-PineBridge Medical ETF (code: 516790) at 0.659, up 3.62% - Medical Services ETF (code: 516610) at 0.549, up 3.58% - Medical Device ETF Fund (code: 159797) at 0.864, up 3.23% - Other ETFs also showing positive growth [2] - Analysts indicate that increasing internationalization will provide more investment opportunities in the medical device sector, with several companies expected to see high growth in international business by 2025, leading to a sustained increase in revenue share [2] - The Hong Kong stock market has shown strong performance in medical devices this year, which is expected to reflect positively on the A-share market, suggesting that investment opportunities in both markets will continue to be prominent [2]