Summary of Aimeike's Conference Call Company Overview - Aimeike has established a leading position in the niche market with its Hi-Tech series, particularly the neck wrinkle injection product [2][3] - The company has been continuously launching new indication products such as Panda Needle and Thai Bubble Needle to strengthen its technological and channel advantages [2] Core Insights and Arguments - **Performance Decline**: Since Q1 2023, Aimeike's growth rate has slowed down, and its valuation has decreased due to a lack of blockbuster new products, weak consumer demand, and increased competition from upstream products like hyaluronic acid, leading to over 20% declines in gel and solution products [2][4][5] - **Acquisition of Regen**: In March 2023, Aimeike acquired Regen, which is expected to enhance production capacity and expand international channels in the short term. Regen reported a revenue of 80 million RMB and a profit of 50 million RMB in 2023 [2][6][7] - **Product Capacity Expansion**: The acquisition is projected to increase the production capacity of S-FILM products by five times, driving rapid growth in product offerings [2][8] - **Market Trends**: The medical aesthetics market is expected to improve, with Aimeike's profits projected to be 1.72 billion RMB in 2025, a decline of about 10%, but expected to exceed 2 billion RMB in 2026 with a growth rate close to 20% [4][9] Future Development Outlook - **International Expansion**: Aimeike plans to leverage Regen's international production capacity and channels to launch existing products like Hightide and Bonida globally, marking a significant step towards internationalization [2][9] - **New Product Cycle**: Aimeike is entering a new product cycle, with botulinum products expected to be approved and sold in Q4 2023 or Q1 2024. Following a low performance in 2025 due to high base effects from 2024, a gradual improvement is anticipated in Q3 and Q4 of 2025, leading to steady growth starting in 2026 [9][10] - **Valuation Impact**: The integration of Regen is expected to influence Aimeike's valuation, with projected multiples of 30x in 2025 and around 25x in 2026, driven by core product fundamentals, R&D pipeline, and international acquisition synergies [4][10] Additional Important Points - **Market Competition**: The domestic market has over 80 approved hyaluronic acid products, intensifying competition in the regenerative materials market [5] - **Sales Channel Development**: Aimeike is working on reclaiming domestic distribution rights and has a sales network covering 4,000 to 5,000 institutions nationwide, with good growth momentum for SFE products in both domestic and international markets [8]

Core Viewpoint - Aimeike, led by founder Jian Jun, is pursuing international expansion through the acquisition of REGEN Biotech, Inc. to navigate challenges in the domestic medical aesthetics market [1][6]. Company Overview - Aimeike was founded in 2004 by Jian Jun, who transitioned from a successful career in international trade to the medical aesthetics industry after witnessing the effects of hyaluronic acid injections [2][3]. - The company initially faced significant competition from foreign brands in the hyaluronic acid market but successfully launched its first product in 2009, breaking the market monopoly [3]. Financial Performance - Aimeike's stock price surged post-IPO, reaching a peak of 1300 CNY per share in July 2021, with a market capitalization exceeding 1800 billion CNY [5]. - In 2021, the company reported a revenue increase of 104.13% to 1.448 billion CNY and a net profit increase of 117.81% to 958 million CNY [5]. - By 2023, revenue rose to 2.869 billion CNY and net profit reached 1.858 billion CNY, showcasing sustained high growth [5]. Market Challenges - The medical aesthetics industry is experiencing increased competition and regulatory scrutiny, leading to a slowdown in growth for Aimeike, with revenue and net profit growth rates dropping to single digits in 2024 [6]. - Despite achieving record revenues of 3.026 billion CNY and net profits of 1.958 billion CNY in 2024, the growth rates were only 5.45% and 5.33%, respectively [6]. Strategic Initiatives - Aimeike is focusing on international market expansion as a growth strategy, having initiated a Hong Kong IPO in 2021, although it has faced challenges in this endeavor [6]. - The acquisition of REGEN Biotech, Inc. for approximately 1.4 billion CNY, representing a 13-fold premium, is part of Aimeike's strategy to enhance its product line and accelerate global market penetration [6].

此次收购是爱美客国际化战略的关键举措，旨在进一步巩固其在医美注射填充产品市场的领先地位。 REGEN Biotech的产品已在全球 34个 国家和地区获得注册批准，并建立了广泛的分销体系。 收购完成后，爱美客将整 合双方的研发、生产和销售资源，发挥协同效应，推动产品走向国际市场。此外，REGEN Biotech的核心产品 AestheFill 已于2024年1月获得中国国家药品监督管理局（NMPA）的注册批准，并在中国市场实现销售。 根据公告，爱美客计划在交割完成后的18个月内，收购REGEN Biotech剩余的15%股权，从而实现全资控股。 此次收购不仅有助于爱美客扩大资产规模，还将增强其未来盈利能力及核心竞争力。 # 关于REGEN Biotech REGEN Biotech 成立于2000年4月，总部位于韩国大田市，是一家专注于医用材料、医疗器械及医药相关产品 研发、生产与销售的高科技企业。公司与韩国科学技术院（KAIST）医学科学中心等多个领先研究机构合作， 拥有世界领先的生物可降解高分子微粒及其制备方法的相关专利。REGEN Biotech是韩国第一家、全球第三家 获得聚乳酸类皮肤填充剂产品注册证 ...