IMEIK(SZ:300896) Xin Lang Cai Jing·2025-10-30 00:47Core Viewpoint - The company reported a decline in revenue and net profit for Q3 2025, leading to a downward revision of profit forecasts for 2025-2027, while maintaining a "buy" rating due to a rich product matrix and ongoing internationalization efforts [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.87 billion yuan, a year-on-year decrease of 21.5%, and a net profit attributable to shareholders of 1.09 billion yuan, down 31.1% [1]. - In Q3 alone, revenue was 570 million yuan, a decline of 21.3%, with a net profit of 300 million yuan, down 34.6% [1]. - The gross margin for Q1-Q3 2025 was 93.4%, slightly down by 1.4 percentage points compared to the previous year [2]. Cost and Expense Analysis - The overall expense ratio increased, with sales, management, R&D, and financial expense ratios rising by 3.7 percentage points, 2.5 percentage points, 4.8 percentage points, and 1.4 percentage points respectively [2]. - The increase in management expenses was primarily due to higher labor and consulting service costs, while financial expenses were impacted by foreign exchange losses from overseas investments [2]. Product and Market Development - The company launched a new anti-aging product targeting high-net-worth individuals, aiming to lead the anti-aging market [3]. - The successful registration of a new cosmetic raw material and the approval of a minoxidil topical solution broaden the company's product diversity and drug development matrix [3]. - The company is enhancing its domestic market presence through a robust B2B channel network and leveraging self-media for operational efficiency and sales growth [3]. International Expansion - The new REGEN factory has commenced production, facilitating the international expansion of products like "Hi Body" and "Moisture White Angel" [3].