IMEIK(SZ:300896) Xin Lang Cai Jing·2025-10-30 12:44Group 1 - The company reported Q3 2025 performance, meeting market expectations with improvements compared to Q2 2025. Revenue for the first three quarters of 2025 was 1.865 billion yuan, down 21.49% year-on-year, while net profit attributable to shareholders was 1.093 billion yuan, down 31.05% year-on-year [1] - In Q3 2025, the company achieved a single-quarter revenue of 566 million yuan, down 21.27% year-on-year, and a net profit of 304 million yuan, down 34.61% year-on-year [1] - The increase in sales expense ratio significantly impacted profitability, with Q3 2025 gross margin at 93.19% (down 1.36 percentage points year-on-year) and net margin at 55.88% (down 8.66 percentage points year-on-year) [1] Group 2 - The company is expanding its product matrix through acquisitions, enhancing efficiency through industrial synergy. A wholly-owned subsidiary received approval for minoxidil lotion, a first-line topical treatment for androgenetic alopecia and alopecia areata, covering the entire population with 2% and 5% specifications [2] - The company acquired 85% of South Korean REGEN for 190 million USD, with core products AestheFill and PowerFill approved in 35 and 23 countries respectively, creating synergy with existing products [2] - The company is increasing R&D investment, with a robust pipeline. New products include the chin filler "Gekela" launched in May, and ongoing projects such as injectable botulinum toxin in the registration phase and clinical trials for semaglutide injection and deoxycholic acid injection [2] Group 3 - The company is deeply engaged in the domestic medical aesthetics market, with strong barriers to entry and a solid core product matrix. Despite short-term performance fluctuations, the potential for new product launches and synergy with REGEN is promising [3] - Revenue forecasts for 2025-2027 have been adjusted to 2.53 billion, 2.91 billion, and 3.51 billion yuan respectively, with corresponding net profit forecasts of 1.46 billion, 1.74 billion, and 2.18 billion yuan [3] - The company maintains a "buy" rating despite the adjustments, with expected PE ratios of 33, 28, and 22 times for 2025-2027 [3]