IMEIK(SZ:300896) Xin Lang Cai Jing·2025-08-20 00:44Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, while continuing to invest heavily in R&D and pursuing international expansion through acquisitions [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 1.299 billion yuan, a decrease of 22% year-on-year, and a net profit attributable to the parent company of 789 million yuan, down 30% year-on-year [1]. - For Q2 2025, revenue was 636 million yuan, a decline of 25% year-on-year, with a net profit of 346 million yuan, down 42% year-on-year [1]. Business Segmentation - In H1 2025, revenue from solution injection products was 744 million yuan (down 24% year-on-year) with a gross margin of 93.15%, while gel injection products generated 493 million yuan (down 24% year-on-year) with a gross margin of 97.75% [2]. - The company invested 157 million yuan in R&D in H1 2025, representing a R&D expense ratio of 12.05%, an increase of 4.46 percentage points year-on-year [2]. Pipeline Development - The company is advancing its pipeline with key products such as A-type botulinum toxin and minoxidil lotion in the final review stage for registration, and the application for lidocaine and dibucaine cream has been accepted [2]. Acquisition and Global Strategy - The company acquired 85% of South Korean REGEN for 190 million USD, enhancing its regenerative product matrix and leveraging REGEN's established international distribution network to accelerate its own product's global expansion [3]. Profit Forecast and Valuation - The company revised its profit forecast, expecting net profits of 1.891 billion, 2.094 billion, and 2.273 billion yuan for 2025-2027, with corresponding EPS of 6.10, 6.93, and 7.52 yuan, maintaining a "buy" rating [4].