Core Insights - Company Aimeike (300896.SZ) reported a revenue of 3.026 billion yuan and a net profit of 1.958 billion yuan for 2024, reflecting year-on-year growth of 5.45% and 5.33% respectively [1] - The company announced a record-high dividend plan of 38 yuan per 10 shares, amounting to nearly 60% of the 2024 net profit, showcasing confidence in sustained profitability [1] Financial Performance - The net cash flow from operating activities reached 1.927 billion yuan, with a net cash ratio close to 1:1, ensuring that cash flow consistently covers dividends [1] - Management expenses decreased by 14.86% year-on-year, while the sales expense ratio stood at 9.15%, significantly lower than the industry average, indicating effective cost control and value creation [2] Product Performance - The core product "Haitai" achieved cumulative sales of over 20 million units, contributing to a revenue of 1.744 billion yuan for solution products, a year-on-year increase of 4.4% [2] - Revenue from gel products reached 1.216 billion yuan, growing by 5.01% year-on-year, driven by the success of the "Shuangsheng Tiangshi" product in the facial rejuvenation market [2] Research and Development - R&D investment increased to 304 million yuan, a year-on-year growth of 21.41%, accounting for 10.04% of total revenue, with a focus on developing new market opportunities over the next 3-5 years [3] - The company has made significant progress in various R&D projects, including obtaining clinical trial approvals for several injection products and a Class III medical device registration for a new gel product expected to launch in Q2 2025 [3] Strategic Initiatives - Aimeike has 11 Class III medical devices approved for market, with a total of 163 valid patents, including 49 invention patents, indicating a strong technological foundation [4] - The company has a robust financial position with approximately 6 billion yuan in cash and financial assets, and a debt-to-asset ratio reduced to 4.68%, providing ample resources for domestic and international strategic acquisitions [4] Mergers and Acquisitions - Aimeike plans to acquire 85% of South Korean REGEN Biotech Inc. for approximately 190 million USD, enhancing its portfolio in regenerative injection products [4] - The acquisition is expected to position Aimeike favorably in the rapidly growing global market for regenerative fillers, which has outpaced the growth of hyaluronic acid fillers [4] Future Outlook - The company is expected to establish a "technology accumulation - merger integration - global output" development model with the completion of an 810 million yuan project by 2027, aiming to compete with international giants [5] - Since its IPO in 2020, Aimeike has distributed a total of 2.38 billion yuan in dividends, with the latest dividend plan pushing the total dividends beyond the initial fundraising amount [5]