爱美客：前三季度归母净利润达10.93亿元

Core Insights - The company reported a revenue of 1.865 billion yuan and a net profit of 1.093 billion yuan for the first three quarters of 2025, maintaining a high gross margin of 93.36% [1] - The company's cash balance reached 1.18 billion yuan, and trading financial assets amounted to 1.973 billion yuan, indicating strong liquidity [1] - Research and development (R&D) investment totaled 237 million yuan, a significant increase of 26.67% year-on-year, with R&D expenditure accounting for 12.73% of revenue [1] Group 1 - The company has expanded its product pipeline through continuous R&D investment, launching new products such as "Kekela" in May and obtaining approval for the hair health product minoxidil in September [1] - Several products are in the pipeline, including type A botulinum toxin, which is in the registration phase, and semaglutide injection, which is in clinical trials, laying the foundation for future product iterations [1] - A subsidiary successfully completed the filing of a new cosmetic raw material "Glycyrrhizin A" in October, marking the company's entry into the cosmetic raw material sector and transitioning towards a diversified international giant covering "medical + beauty" [1] Group 2 - The company has established a presence in the skincare sector with a clear strategy of "medical beauty transformation," launching multiple skincare brands such as "Aifuyuan," "Haitihufu," and "Haitixiongmao" to create new growth drivers [2] - To enhance global resource integration, the company completed the acquisition of 85% of South Korean REGEN Biotech, Inc., strengthening its position in the regenerative medical beauty sector and facilitating access to international sales channels [2]