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）│ ...

证券研究报告 | 半年报点评 gszqdatemark 2025 09 09 年 月 日 爱美客（300896.SZ） 25H1 产品矩阵处过渡期，业绩阶段性承压 25Q2 收入及利润阶段性承压。 25H1：营业收入 13 亿（-22%，括号内为同比，下同）；归母净利 7.9 亿（-30%）； 扣非归母净利 7.2 亿（-34%）。25Q2：营业收入 6.4 亿（-25%）；归母净利 3.5 亿（-42%）；扣非归母净利 3.2 亿（-43%）。 25 年中期拟每 10 股派发现金股利 12 元（含税），合计派发 3.6 亿的现金股利， 占归母净利的 46%。 25H1 收入拆分：产品矩阵处新老交替过渡期，核心系列嗨体、濡白等有所承压。 盈利能力：毛利率下滑，保持研发等费用投入，净利率下行。 25H1：毛利率 93.4%（（同比-1.5pcts），净利率 60.9%（（同比-6.8%）；销售/管理 /研发费用率分别为 11.1%/5.3%/12.0%（同比+2.6pcts/+1.3pcts/+4.5pcts）。 25Q2：毛利率 93.0%（同比-2.3pcts，环比-0.8pcts），净利率 54.6%（同 ...

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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a total revenue of 1.299 billion yuan for the first half of 2025, 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][6]. - The revenue decline is attributed to a high base effect from the previous year, particularly in the second quarter, where revenue dropped by 25% compared to the same period last year [12]. - The company has made strategic acquisitions, including REGEN, which is expected to enhance its position in the medical aesthetics market and contribute to future growth [12]. Summary by Sections Financial Performance - In Q1 and Q2 of 2025, the company's quarterly revenues were 660 million yuan and 640 million yuan, respectively, with declines of 18% and 25% [12]. - The sales of solution and gel products in the first half of 2025 were 740 million yuan and 490 million yuan, both showing a 24% decline year-on-year [12]. - The net profit for Q2 2025 was 350 million yuan, reflecting a 42% decrease, with a net profit margin of 54.4%, down 15.5 percentage points [12]. Strategic Initiatives - The acquisition of REGEN is expected to strengthen the company's market position in medical aesthetics, with products that complement existing offerings [12]. - The company aims to leverage its international expansion to drive additional revenue growth [12]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 5.55 yuan, 6.48 yuan, and 7.46 yuan, respectively [12].

Investment Rating - The report maintains a "Buy" rating for the cosmetics and medical beauty sector, highlighting strong growth potential and investment opportunities in the industry [14][19]. Core Insights - The cosmetics and medical beauty sector has shown resilience, outperforming the market during the week of August 29 to September 5, 2025, with the Shenwan Beauty Care Index declining only 0.8% [3][4]. - The transition to autumn skincare marks the beginning of a consumption peak for the sector, with significant sales events such as the Autumn Beauty Consumption Festival and Double 11 approaching, creating new investment opportunities [9][10]. - Major companies in the sector are optimistic about their performance in the second half of 2025, as indicated by a recent conference involving over ten beauty care companies [9]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index remained stable, outperforming the Shenwan A Index by 1.4 percentage points, while the Shenwan Personal Care Index fell by 1.8%, underperforming the Shenwan A Index by 0.3 percentage points [3][4]. Key Company Reviews - **Mao Geping (1318HK)**: Reported a revenue of 2.59 billion yuan for H1 2025, a year-on-year increase of 31%, with a net profit of 670 million yuan, up 36%. The color cosmetics segment saw a revenue of 1.42 billion yuan, while skincare generated 1.09 billion yuan, reflecting strong brand momentum [10][11]. - **Shangmei Co. (02145HK)**: Achieved a revenue of 4.108 billion yuan in H1 2025, a 17.3% increase, with a net profit of 556 million yuan, up 34.7%. The main brand, Han Shu, contributed significantly to growth, with a revenue of 3.344 billion yuan [16][17]. Investment Recommendations - Recommended companies include Shangmei Co., Porlaia, and Shanghai Jahwa, which have strong brand matrices and relatively low PE multiples. Other notable mentions are Marubi Biological and Mao Geping, which are positioned well to benefit from the rise of domestic beauty brands [10][19]. - The report suggests focusing on companies with strong R&D capabilities and product pipelines, particularly in the upstream medical beauty segment, with a recommendation for Aimeike [10][19]. Market Trends - The report notes a significant increase in online sales, with H1 2025 online revenue for Mao Geping reaching 1.297 billion yuan, a 39% year-on-year increase, marking a shift in consumer purchasing behavior towards online platforms [12][18]. - The overall cosmetics retail market showed a 4.5% growth in July 2025, indicating a robust recovery in consumer spending [23][26]. Strategic Developments - Porlaia's investment in Huazhi Xiao reflects a strategic move to enhance its multi-brand strategy and capitalize on the influence of Gen Z consumers [28]. - The report highlights the competitive landscape, noting that domestic brands are increasingly capturing market share, with a notable shift in consumer perception from "value for money" to "quality choice" [32].

Group 1 - The medical beauty sector experienced a rise of 3.39% on September 5, with Ai Meike leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Major stocks in the medical beauty sector showed varied performance, with Ai Meike closing at 190.83, up 3.67%, and Huaxi Biological closing at 57.14, up 3.23% [1] Group 2 - The medical beauty sector saw a net inflow of 36.38 million yuan from institutional investors, while retail investors experienced a net outflow of 44.71 million yuan [1] - The trading volume for Ai Meike was 45,900 hands, with a transaction amount of 858 million yuan [1] - The stock performance of other companies in the sector included *ST Meigu, which closed at 3.17, up 0.63%, and Jinbo Biological, which closed at 302.39, down 0.86% [1]

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry [6][29]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 1.27% from August 22 to September 4, 2025, which is approximately 3.07 percentage points lower than the index [13][29]. - Most sub-sectors within the industry recorded negative returns during the same period, with the medical research outsourcing and chemical preparation sectors showing the highest gains of 12.17% and 5.45%, respectively. In contrast, the in vitro diagnostics and raw materials sectors experienced declines of 5.96% and 4.95% [16][19]. - Approximately 22% of stocks in the industry recorded positive returns, while around 78% experienced negative returns during the reporting period [17][19]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 55.41 times, with a relative PE ratio of 4.23 times compared to the CSI 300 index, indicating little change in industry valuation [20][29]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 1.27% from August 22 to September 4, 2025 [13]. - Most sub-sectors recorded negative returns, with medical research outsourcing and chemical preparations leading in gains [16]. - About 22% of stocks in the industry had positive returns, while 78% had negative returns [17]. 2. Industry News - The National Healthcare Security Administration announced the list of drugs for the 2025 National Basic Medical Insurance, with 718 submissions and 535 passing the initial review [27]. - The report highlights the upcoming national medical insurance negotiations and the analysis of 25 traditional Chinese medicine products [27]. 3. Company Announcements - Guangzhou Baiyunshan Pharmaceutical Group announced that its subsidiary received approval for a drug to pass the consistency evaluation for generic drugs [28]. 4. Industry Outlook - The report suggests focusing on investment opportunities in the innovative drug sector and related areas, including medical devices and traditional Chinese medicine [29][32].

Summary of Aimeike's Conference Call Company Overview - Aimeike has established a leading position in the niche market with its Hi-Tech series, particularly the neck wrinkle injection product [2][3] - The company has been continuously launching new indication products such as Panda Needle and Thai Bubble Needle to strengthen its technological and channel advantages [2] Core Insights and Arguments - **Performance Decline**: Since Q1 2023, Aimeike's growth rate has slowed down, and its valuation has decreased due to a lack of blockbuster new products, weak consumer demand, and increased competition from upstream products like hyaluronic acid, leading to over 20% declines in gel and solution products [2][4][5] - **Acquisition of Regen**: In March 2023, Aimeike acquired Regen, which is expected to enhance production capacity and expand international channels in the short term. Regen reported a revenue of 80 million RMB and a profit of 50 million RMB in 2023 [2][6][7] - **Product Capacity Expansion**: The acquisition is projected to increase the production capacity of S-FILM products by five times, driving rapid growth in product offerings [2][8] - **Market Trends**: The medical aesthetics market is expected to improve, with Aimeike's profits projected to be 1.72 billion RMB in 2025, a decline of about 10%, but expected to exceed 2 billion RMB in 2026 with a growth rate close to 20% [4][9] Future Development Outlook - **International Expansion**: Aimeike plans to leverage Regen's international production capacity and channels to launch existing products like Hightide and Bonida globally, marking a significant step towards internationalization [2][9] - **New Product Cycle**: Aimeike is entering a new product cycle, with botulinum products expected to be approved and sold in Q4 2023 or Q1 2024. Following a low performance in 2025 due to high base effects from 2024, a gradual improvement is anticipated in Q3 and Q4 of 2025, leading to steady growth starting in 2026 [9][10] - **Valuation Impact**: The integration of Regen is expected to influence Aimeike's valuation, with projected multiples of 30x in 2025 and around 25x in 2026, driven by core product fundamentals, R&D pipeline, and international acquisition synergies [4][10] Additional Important Points - **Market Competition**: The domestic market has over 80 approved hyaluronic acid products, intensifying competition in the regenerative materials market [5] - **Sales Channel Development**: Aimeike is working on reclaiming domestic distribution rights and has a sales network covering 4,000 to 5,000 institutions nationwide, with good growth momentum for SFE products in both domestic and international markets [8]