Core Viewpoint - Aimeike, once a leading player in the medical beauty industry, is facing significant challenges with declining performance and ongoing disputes over product agency rights, prompting a recent board reshuffle to address these issues [2][3][20]. Company Overview - Aimeike's actual controller, Jian Jun, has been re-elected as chairman, with a stable core management team, while the new board secretary, Li Dongmei, is seen as a fresh face amid the company's current challenges [2]. - The company has experienced a dramatic decline in performance, with a first-time negative growth reported in the first half of 2025, and significant year-on-year drops in revenue and net profit [3][13]. Financial Performance - In the third quarter of 2025, Aimeike reported revenue of 566 million yuan and a net profit of 304 million yuan, representing declines of 21.27% and 34.61% year-on-year, respectively [3]. - As of November 21, 2025, Aimeike's stock price is 148 yuan per share, with a market capitalization of 44.8 billion yuan, down over 100 billion yuan from its peak [4]. - The company's financial struggles have also impacted Jian Jun's wealth, which has decreased significantly over the past two years [6]. Historical Growth Trajectory - Aimeike's growth trajectory has been closely tied to its innovative product development, with significant milestones including the launch of its first self-developed product in 2009 and the introduction of several key products that drove revenue growth [9][10]. - The company saw explosive growth from 2021 to 2023, with revenues increasing from 1.448 billion yuan in 2021 to 2.869 billion yuan in 2023, and net profits rising from 958 million yuan to 1.858 billion yuan during the same period [7][10]. Current Challenges - The company is now facing a decline in growth momentum, with projections for 2024 showing single-digit growth rates, and a significant drop in revenue and net profit in the first half of 2025 [13]. - The decline is attributed to the weakening performance of its core products, particularly the HiTi and Luhua Tianzi, which have seen substantial year-on-year revenue declines [13][14]. Market Competition - The competitive landscape in the medical beauty industry is intensifying, with new entrants and increased product offerings leading to a dilution of Aimeike's previous competitive advantages [14][19]. - The recent launch of competing products has further pressured Aimeike's market share, particularly in the neck wrinkle treatment segment [13][14]. Strategic Responses - In response to these challenges, Aimeike is focusing on diversifying its product offerings and enhancing its research and development capabilities, including the introduction of new products and expansion into biopharmaceuticals [15][17]. - The company has also pursued strategic acquisitions, such as the purchase of a majority stake in REGEN, to bolster its product portfolio and enhance its competitive position in the global market [17][18]. Agency Dispute - Aimeike is embroiled in a significant dispute over the agency rights for its AestheFill product, which has led to legal actions and could impact its market performance [18][20]. - The resolution of this dispute is critical for Aimeike's management team, as it seeks to stabilize the company amid declining market conditions and increasing competition [20].

Core Viewpoint - Aimeike, once a leading player in the medical beauty industry, is facing significant challenges with declining performance and ongoing disputes over product agency rights, prompting a leadership change and strategic reassessment [4][6][20]. Company Overview - Aimeike's stock price peaked at 1331 yuan in February 2021, with a market capitalization exceeding 150 billion yuan, earning it the nickname "the Moutai of women" [4]. - The company has seen a dramatic decline in performance, with a 21.27% drop in revenue and a 34.61% drop in net profit in Q3 2025 compared to the previous year [6][8]. Financial Performance - Aimeike's financial performance over the past five years shows a significant decline, with 2025 projections indicating a drop in revenue and net profit by over 20% [9][13]. - The company's revenue and net profit for 2025 are expected to be 18.65 billion yuan and 10.93 billion yuan, respectively, marking a substantial decrease from previous years [9][13]. Product Development and Market Position - Aimeike's growth was initially driven by innovative products like the "Hi Body" and "Moisturizing Angel," which captured significant market share [10][11]. - However, competition has intensified, particularly in the high-end segment, leading to a dilution of the unique advantages of core products [12][14]. Strategic Response - In response to market challenges, Aimeike is diversifying its product offerings and has initiated a shift towards biopharmaceuticals and chemical drugs [15]. - The company has also pursued acquisitions, such as the purchase of a majority stake in REGEN, to enhance its product portfolio and market competitiveness [17][18]. Agency Dispute - Aimeike is embroiled in a significant dispute over the agency rights for its product AestheFill, which has implications for its market strategy and financial performance [18][19]. - The resolution of this dispute is critical for Aimeike's management to demonstrate their capability to navigate challenges and restore growth [20].

Core Viewpoint - Aimeike, once a leading player in the medical beauty industry, is facing significant challenges with declining performance and ongoing disputes over product agency rights, leading to a critical management transition [1][2]. Group 1: Company Performance - In the first half of 2025, Aimeike reported its first negative growth, with Q3 revenue at 566 million yuan and net profit at 304 million yuan, down 21.27% and 34.61% year-on-year, respectively [2]. - The company's market capitalization has dropped to approximately 45 billion yuan, a decline of over 100 billion yuan from its peak [2]. - The core products, including the solution-based injection products and gel-based injection products, have seen revenue declines of 23.79% and 23.99% respectively in the first half of 2025 [6]. Group 2: Management Changes - The recent board reshuffle saw Jian Jun re-elected as chairman, while the resignation of the board secretary, Jian Yong, and the appointment of Li Dongmei as the new secretary raised market interest [1][2]. - The new management faces the challenge of addressing the company's declining performance and resolving the ongoing agency disputes [2][12]. Group 3: Product Development and Market Dynamics - Aimeike's growth was initially driven by innovative products, such as the first domestically developed hyaluronic acid injection, which captured significant market share [3][4]. - The company has expanded its product matrix, with gel-based products showing substantial growth, achieving revenue of 1.158 billion yuan in 2023, a year-on-year increase of 81.43% [5]. - However, increased competition in the medical beauty sector has diluted the uniqueness of Aimeike's core products, leading to a more challenging market environment [6][7]. Group 4: Strategic Initiatives - Aimeike is pursuing diversification in its product offerings, including the launch of new products like the medical-grade polyethylene glycol gel [8]. - The company has also engaged in strategic acquisitions, such as the 190 million USD purchase of a majority stake in REGEN, to enhance its product portfolio and market competitiveness [9][10]. Group 5: Agency Disputes - Aimeike is embroiled in a significant agency dispute over the AestheFill product, which has implications for its market strategy and financial performance [10][11]. - The conflict escalated with the termination of the exclusive distribution agreement by Jiangsu Wuzhong, leading to potential legal ramifications and financial claims [11][12]. - The resolution of this dispute is critical for Aimeike's management to demonstrate its capability to navigate challenges and restore growth [13].