IMEIK(SZ:300896) GOLDEN SUN SECURITIES·2025-09-09 05:59Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Insights - The company is currently experiencing a transitional phase in its product matrix, leading to a temporary decline in performance. In H1 2025, the operating revenue was 1.3 billion (down 22% year-on-year), and the net profit attributable to the parent company was 790 million (down 30%) [1][4] - The acquisition of REGEN is expected to open new growth avenues and enhance global expansion efforts [3][11] - The company plans to distribute a cash dividend of 12 yuan per 10 shares, totaling 360 million, which accounts for 46% of the net profit attributable to the parent company [1] Financial Performance - In H1 2025, the gross margin was 93.4% (down 1.5 percentage points year-on-year), and the net margin was 60.9% (down 6.8 percentage points year-on-year) [2] - For Q2 2025, the gross margin decreased to 93.0% (down 2.3 percentage points year-on-year), and the net margin fell to 54.6% (down 15.3 percentage points year-on-year) [2] - The company has adjusted its profit forecast, expecting net profits for 2025, 2026, and 2027 to be 1.725 billion, 1.948 billion, and 2.235 billion respectively, with year-on-year changes of -11.9%, +12.9%, and +14.7% [4][6] Future Outlook - The introduction of potential new products such as 臻爱塑菲 and botulinum toxin is anticipated to contribute positively to revenue starting next year [4][11] - The company is focusing on enhancing its product pipeline and expanding its market presence, particularly with the REGEN acquisition and the launch of new products [3][11]