IMEIK(300896) 华夏时报·2025-04-02 12:51Core Viewpoint - Aimeike, once celebrated as "the Moutai for women," is facing its most disappointing financial report since its IPO in 2024, with both revenue and net profit growth dropping to around 5%, marking the lowest record since its listing [1][3]. Financial Performance - In 2024, Aimeike reported revenue of 3.026 billion yuan, a year-on-year increase of 5.45%, and a net profit of 1.958 billion yuan, also up by 5.33% [3][9]. - The fourth quarter of 2024 saw a decline in both revenue and net profit, with revenue down 7.0% and net profit down 15.47% year-on-year, attributed to external environment and intensified industry competition [3][4]. - The core product "Haitai," which had previously driven significant revenue, saw a revenue increase of only 4.40% in 2024, compared to a 29.22% increase in 2023 [3][4]. Dividend Policy - Aimeike announced a cash dividend of 38 yuan per 10 shares, totaling approximately 1.145 billion yuan, which represents 58.51% of the company's net profit for 2024, the highest dividend payout since its IPO [9][11]. - Despite the slowdown in revenue growth, the increase in dividend payout indicates a preference for short-term shareholder returns, raising concerns about the adequacy of R&D investment [9][10]. R&D Investment - Aimeike's R&D investment for 2024 was 304 million yuan, accounting for 10.04% of revenue, which is relatively low compared to international peers like Allergan Aesthetics, which maintains a R&D expense ratio above 15% [10][11]. - The company has faced criticism for its limited R&D investment, which has historically remained below 10% of revenue, despite the growing emphasis on technological innovation in the domestic medical aesthetics sector [9][10]. Strategic Acquisition - Aimeike announced the acquisition of 85% of South Korean company REGEN Biotech for 1.9 billion USD (approximately 13.86 billion yuan), marking the largest cross-border acquisition in the domestic medical aesthetics industry [12][13]. - The acquisition aims to enhance Aimeike's product offerings, particularly in the regenerative injection market, but has raised concerns among investors regarding the high premium paid for REGEN [12][13]. - The core product of REGEN, known as "AestheFill" or "童颜针," has been in the market for over a decade, leading to skepticism about its growth potential in a competitive landscape [12][13][15].