深圳证券交易所： 中信证券股份有限责任公司（以下简称"中信证券""保荐机构"）作为爱 美客技术发展股份有限公司（以下简称"爱美客""公司"）首次公开发行股票 并上市的保荐机构，根据《深圳证券交易所上市公司保荐工作指引》、《深圳证 券交易所股票上市规则》和《深圳证券交易所上市公司规范运作指引》等法规和 规则的相关规定以及爱美客的实际情况，认真履行保荐机构应尽的职责，对爱美 客的实际控制人、董事、监事、高级管理人员等相关人员进行了有计划、多层次 的后续培训，所培训的内容严格按照中国证券监督管理委员会及深圳证券交易所 有关持续督导的最新要求进行。 2024 年 3 月 15 日，中信证券相关人员按照《深圳证券交易所上市公司保荐 工作指引》的要求完成了对爱美客实际控制人、董事、监事、高级管理人员等相 关人员的持续培训工作，特向贵所报送培训工作报告。 中信证券股份有限公司 关于爱美客技术发展股份有限公司 2023 年持续督导培训情况的报告 一、培训的主要内容 2024 年 3 月 15 日，培训小组通过采取现场授课的方式对公司实际控制人、 董事、监事、高级管理人员等相关人员培训。本次培训重点介绍了《公司法》《证 券法》 ...

中信证券股份有限公司关于 爱美客技术发展股份有限公司持续督导 保荐总结报告书 保荐人编号：Z20374000 申报时间：2024 年 3 月 | 发行人名称 | 爱美客技术发展股份有限公司（以下简称"爱美客"） | | --- | --- | | 法定代表人 | 简军 | | 证券简称 | 爱美客 | | 证券代码 | 300896.SZ | | 上市交易所 | 深圳证券交易所 | | 股份总数 | 216,360,000 股 | | 注册地址 | 北京市昌平区科技园区白浮泉路 号北控科技大厦 层 室 10 4 416B | | 办公地址 | 北京市朝阳区建国路甲 92 号世茂大厦 C 座 21 层 | | 邮政编码 | 100022 | | 网址 | www.imeik.com/cn/ | | 电子信箱 | ir@imeik.com | 一、发行人基本情况 二、本次发行情况概述 中国证券监督管理委员会于2020年8月26日出具证监许可[2020]1937号文， 同意公司首次公开发行股票的注册申请。公司首次公开发行的人民币普通股（A 股）股票已于 2020 年 9 月 28 日在深圳证券交易所上市交易。 公司 ...

中信证券股份有限公司 关于爱美客技术发展股份有限公司 2023 年度持续督导定期现场检查报告 保荐人名称：中信证券股份有限公司 （以下简称"中信证券"或"保荐人"） 被保荐公司简称：爱美客 保荐代表人姓名：洪立斌 联系电话：010-60833043 保荐代表人姓名：王栋 联系电话：010-60833110 现场检查人员姓名：洪立斌、彭博 现场检查对应期间：2023 年 1 月 1 日-2023 年 12 月 31 日 现场检查时间：2024 年 3 月 15 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段： 查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董事、监事、 高级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公司控股 股东、实际控制人、董事、监事、高级管理人员的信息披露文件及相关变更决策 文件，查看上市公司生产经营场所，对上市公司董事、监事、高级管理人员进行 访谈。 1.公司章程和公司治理制度是否完备、合规 是 2.公司章程和三会规则是否得到有效执行 是 3.三会会议记录是否完整，时间、地点、出席人员及会议 内容等要件是否齐备，会议资料是否保 ...

中信证券股份有限公司 关于爱美客技术发展股份有限公司 2023年度跟踪报告 | 保荐机构名称：中信证券股份有限公司 | 被保荐公司简称：爱美客 | | --- | --- | | 保荐代表人姓名：洪立斌 | 联系电话：010-60833043 | | 保荐代表人姓名：王栋 | 联系电话：010-60833110 | | | 自律监管指引第2号——创业板上市公司规范 | | --- | --- | | | 运作》等规则要求，对上市公司信息披露、上 | | | 市公司治理、上市公司募集资金运用进行培 | | | 训。 | | 11.其他需要说明的保荐工作情况 | 无 | 二、保荐人发现公司存在的问题及采取的措施 | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 保荐人查阅了公司信息披露文件，投资者关系登记表，深圳 | 不适用 | | | 证券交易所互动易网站披露信息，重大信息的传递披露流程 | | | | 文件，内幕信息管理和知情人登记管理情况，信息披露管理 | | | | 制度，会计师出具的2023年度内部控制鉴证报告，检索公司 | | | | 舆情报道 ...

3月27日，他们抵达北京的时候，春天已经来到这座城市，从气候、到风景再到人文，这座城市始终拥 有一种独特的美感。正如美这个字眼无处不在，银河证券与财联社联合主办“金熠私享 财智弘行”走进 上市公司系列活动的第五站，也与美有关。 这一天，银河证券带领数十位高净值投资者、各界专家与投资机构代表，深入医美龙头爱美客调研考 察，在爱美客平谷生产基地了解公司最新业务发展及战略规划的同时，通过首席分析师、优质投顾等特 邀嘉宾的分享深度挖掘医美产业亮点，把握未来趋势与投资机遇。本次活动主题定为“美丽、价值皆无 界”，诠释了美需要时间沉淀，价值也在时间中得以淬炼的理念。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's 2023 performance met expectations, with revenue and net profit increasing by 48% and 47% year-on-year, respectively. The revenue reached 2.869 billion yuan, while the net profit was 1.858 billion yuan [1][2] - The company has a diversified product line that supports steady growth, with a focus on enhancing platform capabilities. The product lines include solution-type injection products and gel-type injection products, both showing significant revenue growth [1][2] - The company is expanding its pipeline and external layout, particularly in weight management and energy source equipment, with several projects in various stages of development [2] Financial Performance - In 2023, the company achieved a gross margin of 95.09%, a slight increase of 0.25 percentage points year-on-year. The sales, management, financial, and R&D expense ratios were 9.07%, 5.03%, -1.89%, and 8.72%, respectively [1][3] - The company plans to distribute a cash dividend of 23.23 yuan per 10 shares, totaling 500 million yuan, and will increase its capital stock by 4 shares for every 10 shares held [1] - Revenue projections for 2024-2026 are set at 3.954 billion, 5.274 billion, and 6.761 billion yuan, with net profits expected to be 2.504 billion, 3.308 billion, and 4.181 billion yuan, respectively [2][3] Product Line and Market Position - The solution-type injection products generated 1.671 billion yuan in revenue, accounting for 58.2% of total revenue, while gel-type injection products brought in 1.158 billion yuan, representing 40.3% of total revenue [1] - The company has significantly expanded its market presence, covering nearly 7,000 medical beauty institutions by the end of 2023, up from about 5,000 at the end of 2022 [1] Pipeline and Strategic Partnerships - The company currently holds 8 Class III medical device registration certificates and has multiple projects in development, including products for weight management and energy source equipment [2] - Collaborations with other firms, such as the partnership with Jeisys for energy source equipment, are part of the company's strategy to enhance its product offerings [2]

Group 1: Market Position and Growth - The company holds a 21.3% market share in the domestic hyaluronic acid-based filler market as of 2021, maintaining the top position among domestic enterprises since 2018 [2] - The Chinese aesthetic medicine market is projected to exceed 200 billion yuan in 2023, with a year-on-year growth rate of approximately 20% [4] - The market for hyaluronic acid fillers is expected to grow at a compound annual growth rate (CAGR) of 26.3% from 2020 to 2025, with a market size of around 100 billion yuan [10] Group 2: Financial Performance and Shareholder Returns - The company reported a capital reserve of 47,001,132.16 yuan, derived from equity-settled share payment fees [2] - The total distribution to shareholders for the year amounts to 1,004,754,481.52 yuan, which includes dividends for the 2022 fiscal year and the mid-year dividend for 2023 [2] - The company completed a share buyback plan with a total transaction amount of 399,685,203 yuan as of December 7, 2023 [6] Group 3: Product Development and Innovation - The company is in the registration phase for a new product, "medical polyethylene glycol gel microspheres modified hyaluronic acid gel" [5] - The company is actively developing its GLP-1 product line in collaboration with Beijing Zhi Peptide Biomedical Technology Co., holding a 4.89% stake in the company [7] - The company is focusing on expanding its product line, including the development of A-type botulinum toxin and energy source devices [4] Group 4: Sales and Marketing Strategy - The company employs a direct sales model, with direct sales accounting for 62.26% of revenue and distribution accounting for 37.74% [3] - The company has a professional sales team of over 400 members, covering approximately 7,000 medical beauty institutions across the country [3] - The company plans to enhance brand awareness for its leading products, "Hi Body" and "Angel," through increased marketing efforts [10] Group 5: Industry Trends and Competitive Landscape - The aesthetic medicine industry is experiencing rapid growth, driven by improving economic conditions and increasing social acceptance of medical beauty [4] - The competitive landscape is evolving, with an increase in domestic manufacturers and a growing emphasis on personalized consumer demands [4] - The company aims to leverage its core competencies and innovative capabilities to maintain its competitive edge in the market [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown steady revenue growth, with a focus on diversifying its product offerings in the medical beauty sector [4][6] - The company is expected to benefit from the ongoing industry growth, driven by increased penetration, domestic production, and upgraded consumer frequency [6] Financial Performance - In 2023, the company achieved a revenue of 2,869.35 million yuan, representing a growth of 47.99% year-on-year, and a net profit of 1,858.48 million yuan, up 47.08% [4][7] - The company's gross margin improved to 95.09% in 2023, up from 94.85% in 2022, driven by an increase in the revenue share of high-margin gel products [4][7] - The company forecasts revenues of 3,939.83 million yuan, 5,088.20 million yuan, and 6,083.35 million yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2,523.18 million yuan, 3,219.46 million yuan, and 3,800.81 million yuan [3][6] Product Development and Market Position - The company has signed a distribution agreement with Jeisys to promote and sell medical beauty equipment in mainland China, expanding its presence in the light and anti-aging market [5][6] - The company has a robust pipeline of products in various stages of clinical trials, indicating strong future growth potential [6] Valuation and Price Target - The target price for the company's stock is set between 349.8 yuan and 408.1 yuan, based on a projected P/E ratio of 30-35 times for 2024 [6][7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 396 CNY per share, indicating a potential upside from the current price of 338.60 CNY [5][3]. Core Insights - The company reported a significant year-on-year increase in net profit of 47.08% for 2023, with total sales revenue reaching 2.869 billion CNY (up 47.99% YoY) and net profit attributable to shareholders at 1.858 billion CNY [2][3]. - The gel product line, particularly the "Ruhai Angel" series, has shown remarkable growth, contributing to a sales revenue of 1.158 billion CNY (up 81.43% YoY) [2]. - Research and development investments increased by 44.49% in 2023, with several projects progressing through various stages of development, including products aimed at correcting chin retraction and new injectables [2]. Financial Summary - The company achieved a gross margin of 95.09% and a net margin of 64.65% in 2023, with slight declines of 0.21 percentage points and 0.58 percentage points respectively compared to the previous year [2]. - Forecasted earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 11.31 CNY, 15.03 CNY, and 19.40 CNY respectively, with corresponding price-to-earnings (P/E) ratios of 29.93, 22.52, and 17.46 [3][4]. - The company’s revenue is expected to grow from 3.822 billion CNY in 2024 to 6.472 billion CNY by 2026, reflecting growth rates of 33.2% and 28.5% respectively [4][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 338.60 CNY [1]. Core Insights - The company's performance in 2023 met expectations, with total revenue reaching 2.87 billion CNY, a year-on-year increase of 48%, and a net profit attributable to shareholders of 1.86 billion CNY, up 47.1% year-on-year [2]. - The gross margin remained stable, increasing slightly to 95.1%, while the net profit margin decreased to 64.6% [2]. - The product matrix is diversified, with a steady increase in market share, particularly in solution and gel injection products [2]. - The company continues to expand its product pipeline, with significant R&D investment and a rich reserve of products in development [2]. - Earnings forecasts for 2024-2026 predict net profits of 2.67 billion CNY, 3.33 billion CNY, and 4 billion CNY, respectively, with EPS of 12.34 CNY, 15.39 CNY, and 18.50 CNY [2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.87 billion CNY, a 48% increase year-on-year, and a net profit of 1.86 billion CNY, reflecting a 47.1% growth [2]. - The gross margin for 2023 was 95.1%, up 0.2 percentage points from the previous year, while the net profit margin decreased by 0.7 percentage points to 64.6% [2]. Product Development - The company reported a revenue of 1.67 billion CNY from solution injection products, a 29.2% increase year-on-year, and 1.16 billion CNY from gel injection products, an 81.4% increase year-on-year [2]. - R&D expenses for 2023 were 250 million CNY, representing 8.7% of total revenue, with 26.7% of the workforce dedicated to R&D [2]. Future Projections - Revenue projections for 2024-2026 are 4 billion CNY (up 39.6%), 5.14 billion CNY (up 28.4%), and 6.41 billion CNY (up 24.8%) [6]. - The net profit forecasts for the same period are 2.67 billion CNY (up 43.7%), 3.33 billion CNY (up 24.7%), and 4 billion CNY (up 20%) [6].