IMEIK(SZ:300896) Haitong Securities International·2025-11-21 11:00Investment Rating - The report maintains a positive outlook on the company, highlighting optimism regarding the launch of innovative products and overseas expansion [1]. Core Insights - The company's revenue faced short-term pressure due to the consumption environment, with Q3 2025 revenue at RMB 570 million, down 21.3% year-on-year, and net profit attributable to shareholders at RMB 300 million, down 34.6% year-on-year [2][8]. - For the first three quarters of 2025, total revenue was RMB 1.86 billion, a decrease of 21.5% year-on-year, and net profit attributable to shareholders was RMB 1.09 billion, down 31.1% year-on-year [2][8]. - The company has strong R&D capabilities and is focusing on the acquisition of South Korea's REGEN, which is expected to significantly contribute to revenue and profit in 2026 [3][10]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a net profit margin of 52.4%, down 12.1 percentage points year-on-year [2][8]. - The expense ratios increased due to profitability pressure, with sales expense ratio at 11.0% (+2.1 pp), administrative expense ratio at 4.9% (+0.2 pp), and R&D expense ratio at 10.1% (+3.3 pp) for the first three quarters of 2025 [2][9]. Strategic Developments - The proposed acquisition of an 85% stake in REGEN for USD 190 million is expected to enhance the company's product portfolio with two marketed products: AestheFill and PowerFill [3][10]. - The company has also received approval for its minoxidil liniment, which will further enrich its product matrix [3][10].