IMEIK(SZ:300896) Changjiang Securities·2025-09-07 14:43Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a total revenue of 1.299 billion yuan for the first half of 2025, a year-on-year decrease of 21.59%, and a net profit attributable to shareholders of 789 million yuan, down 29.57% year-on-year [2][6]. - The revenue decline is attributed to a high base effect from the previous year, particularly in the second quarter, where revenue dropped by 25% compared to the same period last year [12]. - The company has made strategic acquisitions, including REGEN, which is expected to enhance its position in the medical aesthetics market and contribute to future growth [12]. Summary by Sections Financial Performance - In Q1 and Q2 of 2025, the company's quarterly revenues were 660 million yuan and 640 million yuan, respectively, with declines of 18% and 25% [12]. - The sales of solution and gel products in the first half of 2025 were 740 million yuan and 490 million yuan, both showing a 24% decline year-on-year [12]. - The net profit for Q2 2025 was 350 million yuan, reflecting a 42% decrease, with a net profit margin of 54.4%, down 15.5 percentage points [12]. Strategic Initiatives - The acquisition of REGEN is expected to strengthen the company's market position in medical aesthetics, with products that complement existing offerings [12]. - The company aims to leverage its international expansion to drive additional revenue growth [12]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 5.55 yuan, 6.48 yuan, and 7.46 yuan, respectively [12].