医美茅爱美客承压：营收净利双降、子公司涉16亿代理权仲裁案

Core Viewpoint - Aimeike (300896), one of the "three swordsmen" in the medical beauty industry, is experiencing a decline in performance, with both revenue and net profit decreasing significantly in the first half of 2025, indicating potential challenges ahead for the company [1][2]. Financial Performance - In the first half of 2025, Aimeike reported a revenue of 1.299 billion yuan, a year-on-year decrease of 21.59%, and a net profit of approximately 789 million yuan, down 29.57% [1]. - The company's cash flow from operating activities also fell by 43.05%, indicating pressure on profit quality [1]. - Aimeike's revenue growth slowed significantly in 2024, with a mere 5.45% increase to 3.026 billion yuan and a net profit growth of 5.33% to approximately 1.958 billion yuan [2]. Product Performance - The company's solution and gel injection products have seen a substantial decline, with solution products generating 744 million yuan in revenue, down 23.79%, and gel products at 493 million yuan, down 23.99% [4]. - The decline in revenue is attributed to increased competition and a shift in the industry towards quality and effectiveness, as more medical beauty injection products receive regulatory approval [3][4]. Market Competition - The medical beauty market is becoming increasingly competitive, with more approved products providing consumers with a wider range of compliant options [3]. - Aimeike's core products are facing challenges due to the introduction of competing products, such as the "Renzhi·Gegge" injection launched by Huaxi Biological, which directly competes with Aimeike's "Haitai" [4]. Legal Challenges - Aimeike's subsidiary Regen is involved in a significant arbitration case regarding the agency rights for the "AestheFill" product, which could result in a claim of 1.6 billion yuan [1][8]. - The arbitration stems from a dispute over the exclusive sales rights for AestheFill, with potential implications for Aimeike's future product strategy and market positioning [7][8].