核心产品失速、代理权纠纷，爱美客半年报首现营收净利双降

Core Insights - The company reported its first half-year results since its IPO, showing declines in both revenue and net profit, with revenue at 1.299 billion yuan, down 21.59% year-on-year, and net profit at 789 million yuan, down 29.57% [1][2][3] Financial Performance - Revenue for the first half of 2025 was 1.299 billion yuan, a decrease of 21.59% compared to the same period last year [2] - Net profit attributable to shareholders was 789 million yuan, reflecting a decline of 29.57% year-on-year [2] - The net profit after excluding non-recurring items fell by 33.7% to 722 million yuan [2] - Operating cash flow decreased by 43.06% to 654 million yuan [2] - Basic earnings per share dropped to 2.62 yuan, down 29.57% [2] - The weighted average return on equity decreased by 6.52 percentage points to 10.10% [2] Business Segment Performance - The two core business segments, solution-based and gel-based injection products, experienced significant revenue declines, with solution products generating 744 million yuan (down 23.79%) and gel products generating 493 million yuan (down 23.99%) [1][3] Market Challenges - The company faces intensified competition in the medical aesthetics market, particularly for its flagship products "Hi-Body" and "Moisturizing Angel," which are under pressure from new entrants and price wars [4][5][6] - The medical aesthetics industry is experiencing a slowdown, with non-surgical procedures seeing reduced growth rates, compounded by changing consumer attitudes and regulatory pressures [5][6] Strategic Initiatives - To counteract declining core product growth, the company is increasing its R&D investment, which rose by 24.47% to 157 million yuan, representing 12.05% of revenue [7] - The company completed 22 patent applications and has several products in the registration or clinical trial stages [7] - The acquisition of 85% of Korean company REGEN for approximately 1.9 billion USD (about 13.86 billion yuan) aims to enhance product offerings and global market reach, despite concerns over the high acquisition price [8][10] Legal and Operational Risks - The acquisition of REGEN has led to disputes over distribution rights, particularly with Jiangsu Wuzhong, which could impact the company's market performance and introduce legal uncertainties [9][10][11] - The ongoing legal proceedings regarding distribution rights may affect the company's reputation and operational stability [10][11]