爱美客不再有“躺赢”的日子

Core Viewpoint - Aimeike (300896.SZ), a leading player in the medical beauty industry, is experiencing a decline in revenue and net profit, indicating a loss of its competitive edge as new entrants flood the market [1][2]. Financial Performance - In Q3 2025, Aimeike reported revenue of 1.865 billion yuan, a year-on-year decrease of 21.49%, and net profit of 1.093 billion yuan, down 31.05% [1][2]. - The company's gross margin remains high at 93.4%, consistent over the past three years [3][7]. - The company's market capitalization has dropped over 70% from its peak of 172.2 billion yuan in 2021 to 48.4 billion yuan as of October 31, 2025 [7]. Business Challenges - Aimeike's two main business lines, represented by "Haitai" and "Ruhua Tianzi," which account for over 95% of its revenue, are facing significant challenges with a revenue decline of around 20% in the first half of 2025 [2][3]. - Increased competition from new products, such as "Runzhi·Gegge" and "Tongyan Needle," has diluted Aimeike's previous market dominance [2][3]. Strategic Responses - Aimeike plans to enhance market competitiveness by focusing on core business, diversifying product lines, and improving service levels [1][6]. - The company has begun expanding into skincare and cosmetic raw materials, launching the "Haitai Skincare" series and filing for new cosmetic ingredients [6][7]. - Aimeike acquired REGEN Biotech for nearly 1.4 billion yuan to strengthen its gel injection product line, although this acquisition has led to disputes over exclusive agency rights [3][4]. Future Outlook - Aimeike aims to transform into a diversified international giant covering both medical and beauty sectors, with ongoing research in biopharmaceuticals and surgical repair [6][7]. - The contribution of its two main business lines to total revenue has decreased from 98.1% in mid-2024 to 95.3% in mid-2025, indicating a gradual shift towards other business areas [7].