童颜针“九国杀”在即，爱美客如何直面博弈

Group 1 - The core viewpoint is that Aimeike (300896.SZ) is facing increased pressure in the medical beauty industry, with significant declines in revenue and net profit in the first half of the year [1] - In the first half of 2023, Aimeike's revenue and net profit attributable to shareholders reached 1.299 billion yuan and 789 million yuan, representing year-on-year declines of 21.59% and 29.57% respectively [1] - The main products, including injection solutions and gels, saw revenues drop by nearly 25% year-on-year, primarily due to a slowdown in consumer spending and increased competition from newly approved products [1] Group 2 - Aimeike's acquisition of the aesthetic product AestheFill is a key focus for the second half of the year, following the completion of a $190 million acquisition of 85% of a Korean medical beauty company [2] - After terminating the agreement with *ST Suwu (600200.SH), Aimeike regained exclusive distribution rights for AestheFill in mainland China, which is expected to boost its revenue [2] - AestheFill generated over 400 million yuan in sales in mainland China from April 2024 to March 2025, indicating potential for significant revenue growth in the second half of the year [3] Group 3 - The increasing number of approved aesthetic products may lead to price reductions in the second half of the year, creating a competitive pricing environment [3] - Aimeike is currently the only upstream medical beauty materials company with both the RuBaiTianSheng and AestheFill products, which may allow it to leverage price adjustments to increase sales volume [3]