“医美茅”爱美客跌落

Core Viewpoint - Aimeike, once a leading player in the medical beauty industry, is facing significant challenges with declining performance and ongoing disputes over product agency rights, leading to a critical management transition [1][2]. Group 1: Company Performance - In the first half of 2025, Aimeike reported its first negative growth, with Q3 revenue at 566 million yuan and net profit at 304 million yuan, down 21.27% and 34.61% year-on-year, respectively [2]. - The company's market capitalization has dropped to approximately 45 billion yuan, a decline of over 100 billion yuan from its peak [2]. - The core products, including the solution-based injection products and gel-based injection products, have seen revenue declines of 23.79% and 23.99% respectively in the first half of 2025 [6]. Group 2: Management Changes - The recent board reshuffle saw Jian Jun re-elected as chairman, while the resignation of the board secretary, Jian Yong, and the appointment of Li Dongmei as the new secretary raised market interest [1][2]. - The new management faces the challenge of addressing the company's declining performance and resolving the ongoing agency disputes [2][12]. Group 3: Product Development and Market Dynamics - Aimeike's growth was initially driven by innovative products, such as the first domestically developed hyaluronic acid injection, which captured significant market share [3][4]. - The company has expanded its product matrix, with gel-based products showing substantial growth, achieving revenue of 1.158 billion yuan in 2023, a year-on-year increase of 81.43% [5]. - However, increased competition in the medical beauty sector has diluted the uniqueness of Aimeike's core products, leading to a more challenging market environment [6][7]. Group 4: Strategic Initiatives - Aimeike is pursuing diversification in its product offerings, including the launch of new products like the medical-grade polyethylene glycol gel [8]. - The company has also engaged in strategic acquisitions, such as the 190 million USD purchase of a majority stake in REGEN, to enhance its product portfolio and market competitiveness [9][10]. Group 5: Agency Disputes - Aimeike is embroiled in a significant agency dispute over the AestheFill product, which has implications for its market strategy and financial performance [10][11]. - The conflict escalated with the termination of the exclusive distribution agreement by Jiangsu Wuzhong, leading to potential legal ramifications and financial claims [11][12]. - The resolution of this dispute is critical for Aimeike's management to demonstrate its capability to navigate challenges and restore growth [13].