Core Viewpoint - The company reported a decline in revenue and net profit for the first half of the year, reflecting the overall slowdown in the industry and intensified competition [2][3]. Group 1: Financial Performance - The company achieved operating revenue of 1.3 billion yuan, a year-on-year decrease of 21.59% [2]. - The net profit for the first half was 791 million yuan, down 29.44% year-on-year [2]. - The company plans to distribute a cash dividend of 12 yuan per 10 shares (including tax), totaling 362 million yuan [4][5]. Group 2: Industry Trends - The Chinese medical aesthetics industry is experiencing a transition from scale expansion to value reconstruction, with market growth continuing but at a slower pace [3]. - Increased competition is noted due to a rise in approved medical beauty product registrations, leading to a more fragmented consumer demand [3]. - The high-end and mass markets are showing signs of differentiation, with new injectable products becoming industry focal points [3]. Group 3: Research and Development - The company increased its R&D expenses to 157 million yuan, a year-on-year growth of 24.47%, accounting for 12.05% of revenue [4]. - New products, including a medical-grade gel, were launched, and several products are in various stages of clinical trials and regulatory approval [4]. - The company holds 12 approved Class III medical device products and 7 approved Class II medical device products, with a total of 182 effective authorized patents [4]. Group 4: Strategic Acquisitions - The company made a strategic investment by acquiring 85% of South Korean REGEN for 190 million USD, enhancing its global market presence [6]. - REGEN is recognized for its polylactic acid-based skin filler products, which complement the company's existing product offerings [6]. - The acquisition is expected to provide diverse solutions for consumers and drive future revenue growth [6].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of the year, reflecting the overall slowdown in the industry and intensified competition [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 1.3 billion yuan, a year-on-year decrease of 21.59% [1]. - The net profit for the first half was 791 million yuan, down 29.44% year-on-year [1]. - The company plans to distribute a cash dividend of 12 yuan per 10 shares (including tax), totaling 362 million yuan [3]. Group 2: Industry Trends - The Chinese medical aesthetics industry is experiencing a strategic transformation from scale expansion to value reconstruction, with market growth continuing but at a slower pace [2]. - Increased competition is noted due to a rise in approved medical beauty product registrations, leading to a more fragmented consumer demand [2]. - The high-end market and mass market are showing signs of differentiation, with new injectable products becoming industry focal points [2]. Group 3: Research and Development - The company increased its R&D expenses to 157 million yuan, a year-on-year growth of 24.47%, accounting for 12.05% of revenue [3]. - New products, including a medical-grade gel, were launched, and several products are in various stages of clinical trials and regulatory approval [3]. - The company holds 12 approved Class III medical devices and 7 approved Class II medical devices, with a total of 182 effective authorized patents [3]. Group 4: Strategic Acquisitions - The company made a strategic investment by acquiring 85% of South Korean REGEN for 190 million USD, enhancing its global market presence [4]. - REGEN is recognized for its polylactic acid-based skin filler products, which have received approvals in multiple countries [4]. - The acquisition is expected to complement the company's existing product matrix and provide diverse solutions for consumers [4][5].

Core Viewpoint - Aimeike faces significant performance challenges, with a sharp decline in revenue and net profit in the first half of 2025, marking the most severe performance challenge since its listing [2][3]. Financial Performance - Aimeike reported a revenue of 1.299 billion yuan, a year-on-year decrease of 21.59% [3][4]. - The net profit attributable to shareholders was 789 million yuan, down 29.57% year-on-year [3][4]. - Basic earnings per share decreased to 2.62 yuan, a reduction of 29.57% [3][4]. - Operating cash flow net amount was 655 million yuan, down 43.06% year-on-year [3][4]. - The weighted average return on equity fell to 10.10%, a decrease of 6.52 percentage points [4]. Product Performance - Core products, including the solution-type product "Haitai" and gel-type product "Ruhbai Tianzi," experienced significant revenue declines, with solution-type products generating 744 million yuan (down 23.79%) and gel-type products generating 493 million yuan (down 23.99%) [7][8]. - The gross margin for solution-type products was 93.15%, while for gel-type products it was 97.75% [8]. Market Dynamics - Aimeike attributes the poor performance of its core products to intensified competition and market transformation within the medical aesthetics industry [9][10]. - The report highlights a growing divide between high-end and mass markets, with new materials for injection products becoming industry focal points [9][10]. Strategic Moves - Aimeike announced a dividend plan, proposing a cash dividend of 12 yuan per 10 shares, totaling approximately 362 million yuan, which accounts for 45.9% of net profit [5]. - The company acquired 85% of South Korea's REGEN for 1.9 billion USD, gaining production rights for "Tongyan Needle," aiming to alleviate capacity bottlenecks and enhance its product matrix [12][13]. - Aimeike is expanding its product line to include weight loss products, with clinical trials for Semaglutide and Deoxycholic Acid injections underway [13][14].

Core Insights - Aimeike's revenue and net profit have significantly declined in the first half of 2025, with revenue dropping by 21.59% to 1.299 billion yuan and net profit decreasing by 29.57% to 789 million yuan, marking the most severe performance challenge since its listing [2][3][4] Financial Performance - The company's operating cash flow also saw a substantial decline, down 43.06% to 655 million yuan [2][3] - Basic earnings per share fell to 2.62 yuan, a decrease of 29.57% compared to the previous year [2][3] - The weighted average return on equity decreased by 6.52 percentage points to 10.10% [3] Product Performance - Core products, including the solution-type product "Haitai" and gel-type product "Ruhbai Tianzi," experienced poor performance, with solution-type products generating 744 million yuan (down 23.79%) and gel-type products generating 493 million yuan (down 23.99%) [4][5] - The overall gross margin for solution-type and gel-type products remained high at 93.15% and 97.75%, respectively, despite the revenue decline [5] Industry Context - The medical aesthetics industry is facing intensified competition due to an increase in product registrations and a shift in consumer demand, leading to a more fragmented market [6][4] - The emergence of new materials for injection products, such as polylactic acid and polycaprolactone, has become a focal point in the industry [4] Strategic Moves - Aimeike has made strategic acquisitions, including the purchase of 85% of South Korean REGEN for 190 million USD, aiming to enhance its product offerings and address production capacity issues [9] - The company is also expanding its product line to include weight management products, with clinical trials underway for semaglutide and deoxycholic acid injections [10][11]

证券日报网讯 8月18日晚间，爱美客发布关于2025年半年度利润分配预案的公告称，公司拟以2025年6 月30日总股本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，向全体股东每10股派发现金股利12元（含税），合计派发现金股利36，171.14万元（含 税），现金分红金额占2025年半年度公司合并报表归属于母公司所有者净利润的45.82%。 （文章来源：证券日报） ...

证券日报网讯 8月18日晚间，爱美客发布公告称，公司第三届监事会第十六次会议审议通过了《关于 〈公司2025年半年度报告〉及〈摘要〉的议案》等多项议案。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 8月18日晚间，爱美客发布公告称，公司第三届董事会第二十次会议审议通过了《关于 〈公司募集资金2025年半年度存放、管理与使用情况的专项报告〉的议案》等多项议案。 ...

格隆汇8月18日丨爱美客(300896.SZ)公布2025年半年度报告，上半年公司实现营业收入12.99亿元，同比 下降21.59%；归属于上市公司股东的净利润7.89亿元，同比下降29.57%；归属于上市公司股东的扣除非 经常性损益的净利润7.22亿元，同比下降33.70%；基本每股收益2.62元；拟向全体股东每10股派发现金 红利12元(含税)。 ...

北京商报讯（记者 王寅浩 实习记者 宋雨盈）8月18日，爱美客发布公告称，2025年上半年实现营业收 入12.99亿元，同比下降21.59%；归属于上市公司股东的净利润为7.89亿元，同比下降29.57%；归属于 上市公司股东的扣除非经常性损益的净利润7.22亿元，同比下降33.7%。 ...

Core Viewpoint - The medical aesthetics industry is undergoing a critical transformation from scale expansion to quality deepening, with the company Aimeike facing significant performance challenges since its IPO, reporting a 21.6% year-on-year decline in revenue and a 29.6% drop in net profit attributable to shareholders in the first half of 2025 [1] Financial Performance - Revenue for the first half of 2025 was 1.29918 billion yuan, a decrease of 21.59% year-on-year [5] - Net profit attributable to shareholders was 789.46 million yuan, down 29.57% year-on-year [5] - Gross margin remained high at 93.43%, with solution products at 93.15% and gel products at 97.75% [5] - Operating cash flow net amount was 654.88 million yuan, a decline of 43.06% year-on-year [5] Product Line Performance - Major product lines experienced significant shrinkage: revenue from solution injection products was 744 million yuan, down 23.79% year-on-year; revenue from gel injection products was 493.27 million yuan, down 23.99% year-on-year [3][5] - Despite revenue declines, the company maintained high gross margins, indicating strong pricing power and cost control [3] Industry Environment - The overall growth rate of the medical aesthetics market in China is slowing, with a need for new growth drivers [3] - Increased competition due to a rise in approved medical aesthetic injection products by the National Medical Products Administration [3] Research and Development - R&D investment increased by 24.47% to 156.55 million yuan, accounting for 12.05% of revenue [4][5] - The company completed 22 patent applications and has several important products in registration or clinical trial stages [4] - The company has submitted a registration application for botulinum toxin, which could provide new growth opportunities upon approval [4] Strategic Moves - The company acquired 85% of South Korea's REGEN for 190 million USD, gaining production rights for the "童颜针" (youthful face needle) [4] - New product "医用含聚乙烯醇凝胶微球的交联透明质酸钠凝胶" (brand name: 嗗科拉) launched in May, expanding the product line [4] Digital Transformation - The company is accelerating its digital transformation with initiatives like "全轩课堂," which has served 29,000 certified doctors and built a resource library of 2,219 academic content items [6] - The "爱美客伙伴" customer management platform has registered 18,000 institutional users, converting offline processes to online self-service [6] Financial Health - Total assets at the end of the period were 8.76521 billion yuan, an increase of 5.09% from the beginning of the period [8] - Cash and cash equivalents amounted to 1.17472 billion yuan, providing sufficient funding for future development [8] Shareholder Returns - The company plans to distribute a cash dividend of 12 yuan for every 10 shares, with a payout ratio of 45.82%, reflecting a commitment to shareholder returns [9]