IMEIK(SZ:300896) Hua Er Jie Jian Wen·2025-08-18 11:57Core 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]