IMEIK(SZ:300896) 2 1 Shi Ji Jing Ji Bao Dao·2025-08-19 07:53Core Viewpoint - Aimeike (300896.SZ), one of the "three swordsmen" in the medical beauty industry, is facing its most severe performance downturn since its listing, with a significant decline in revenue and net profit in the first half of 2025 [2][3]. Financial Performance - In the first half of 2025, Aimeike reported revenue of 1.299 billion yuan, a year-on-year decrease of 21.59%, and a net profit of 789 million yuan, down 29.57% year-on-year, marking the first negative growth since its A-share debut in September 2020 [2][4]. - The company's revenue growth rates from 2021 to 2023 were 104.13%, 33.91%, and 47.99%, respectively, but have dropped to single digits in 2024, with projected growth rates of 5.45% for revenue and 5.33% for net profit [4]. Product Performance - Aimeike's two main product lines experienced significant declines in the first half of 2025: the solution injection products generated revenue of 744 million yuan, down 23.79%, while the gel injection products earned 493 million yuan, down 23.99% [5][4]. - The competitive landscape has intensified, particularly for the "Haitai" and "Ruhbai Tianzi" products, with new entrants in the market leading to increased pressure on sales [7]. Market Dynamics - The medical beauty industry is undergoing a transformation, shifting from rapid expansion to a focus on quality and effectiveness, with a slowdown in overall market growth [2][9]. - The Chinese medical beauty market grew from 99.3 billion yuan in 2017 to 189.2 billion yuan in 2021, but the high-growth phase is fading, leading to intensified competition and price pressures [9]. Strategic Moves - Aimeike has acquired an 85% stake in REGEN Biotech for $190 million to enhance its portfolio in regenerative injection products, although it faces challenges regarding distribution rights for key products [3][8]. - The company is also expanding into new areas, including biopharmaceuticals and chemical drugs, with ongoing projects such as the development of botulinum toxin and weight management injections [10][11]. Industry Outlook - The industry is expected to see a decline in prices for high-end products as competition increases, potentially leading to a more accessible "mass medical beauty" era [10]. - Aimeike's future growth will depend on its ability to navigate the competitive landscape and successfully implement its strategic adjustments [12].