IMEIK(SZ:300896) 3 6 Ke·2025-10-30 01:25Core Insights - The latest financial report from Aimeike shows a decline in both revenue and net profit for the first three quarters of 2025, indicating a challenging market environment for the company [1][4][8]. Financial Performance - For the period of January to September 2025, Aimeike reported a revenue of 1.865 billion yuan, a year-on-year decrease of 21.49% [2]. - The net profit attributable to shareholders was 1.093 billion yuan, down 31.05% compared to the same period last year [2]. - The gross profit margin stood at 93.36% [1]. - In Q3 2025, revenue was 566 million yuan, reflecting a 21.27% decline year-on-year, while net profit was 304 million yuan, down 34.61% [2][6]. Cash Flow and Investment - Operating cash flow for the first three quarters was 1.073 billion yuan, despite a 30.12% decline year-on-year, indicating strong cash generation capabilities [9][11]. - The company’s cash and cash equivalents at the end of September 2025 amounted to 1.18 billion yuan, with a significant improvement in investment cash flow due to the redemption of financial products, which increased by 85.95% [11]. Research and Development - Aimeike's R&D expenses reached 237 million yuan, a 26.68% increase year-on-year, with the R&D expense ratio rising to 12.72%, the highest since its listing [12][3]. Acquisitions and Goodwill - The acquisition of REGEN Biotech, Inc. led to a substantial increase in goodwill by 493.44%, amounting to 1.651 billion yuan [16]. - The company also saw a 233.54% increase in intangible assets and a 47.75% increase in fixed assets due to the expanded consolidation scope from the acquisition [16]. Organizational Changes - Aimeike announced a restructuring to optimize governance and improve operational efficiency, including the abolition of the supervisory board and the delegation of its functions to the audit committee [33][36]. - This restructuring aims to enhance decision-making efficiency and support the company's dual domestic and international operational strategy [36]. Market Challenges - The company faces significant challenges in a competitive market, with declining revenue and profit margins, necessitating effective strategies to convert R&D investments into competitive advantages and ensure that acquisitions drive growth [31][36].