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锦波生物狂吃“独家”红利
Hua Er Jie Jian Wen· 2025-04-23 01:27
重组胶原蛋白企业的业绩正在持续狂飙。 2024年,境内"重组胶原蛋白第一股"锦波生物(832982.BJ)的收入、归母净利润分别为14.43亿元、 7.32亿元,分别同比增长了84.92%、144.27%。 增势还在延续。2025年一季度收入、归母净利润分别为3.66亿元、1.69亿元,同比增幅均超6成。 不过锦波生物的产品出厂价正出现微弱松动。 信风以销量和收入测算,以A型重组人源化胶原蛋白为核心成分的植入剂产品薇旖美(下称"薇旖美", 即注射重组III型人源化胶原蛋白产品)为例,其售价整体呈现下滑趋势,2024年出厂价为910元/支,同 比下滑了近7%。 下游医美机构不断通过低价引流的背景下,薇旖美的终端售价也在不断走低。 这或许都在给锦波生物带来更多价格压力。 "首证"的红利期 尽管业绩坚挺,出厂价仍在面临一定压力。 2024年,薇旖美出厂价为910元/支,同比下滑了近7%。 与此同时,终端售价还在不断走低。 锦波生物吸金能力,正在让昔日的"医美三剑客"汗颜。 2024年,薇旖美创收11.28亿元,同比增长了99.69%。 相比之下,华熙生物(688363.SH)、昊海生科(688366.SH)和爱美客 ...
爱美客(300896);Q4业绩承压 收购韩国公司迈向国际化
Xin Lang Cai Jing· 2025-03-24 06:37
Core Insights - The company reported a total revenue of 3.03 billion yuan in 2024, representing a year-on-year growth of 5.4%, while the net profit attributable to shareholders was 1.96 billion yuan, also up by 5.3% [1][2] - However, Q4 performance showed a decline, with revenue decreasing by 7.0% year-on-year and 9.5% quarter-on-quarter, and net profit down by 15.5% year-on-year and 19.9% quarter-on-quarter [1][2] Financial Performance - For the full year 2024, the company achieved a gross margin of 94.6%, a slight decrease of 0.5 percentage points compared to the same period in 2023, while the net profit margin remained stable at 64.7% [2] - The company distributed a total cash dividend of 1.15 billion yuan to all shareholders, with a dividend payout ratio of 58.5% of the net profit attributable to shareholders [2] R&D and Product Development - The company increased its R&D expenditure to 10.0% of revenue in 2024, up by 1.3 percentage points from 2023 [3] - Several products are in various stages of development, including A-type botulinum toxin and minoxidil topical solution, which are currently in the registration application phase [3] Strategic Acquisition - The company announced plans to acquire 85% of REGEN Biotech for 190 million USD, marking a significant step towards international expansion [4] - REGEN Biotech is a leading South Korean aesthetic product company, with its products AestheFill and PowerFill approved in 34 and 24 countries respectively [4]
爱美客:Q4业绩承压,收购韩国公司迈向国际化-20250324
国证国际证券· 2025-03-24 06:37
Investment Rating - The report assigns a "Buy" rating for the company, expecting a future investment return of 5% to 15% over the next six months [4]. Core Insights - The company achieved a revenue of 3.03 billion RMB in 2024, representing a year-on-year growth of 5.4%, while the net profit attributable to shareholders was 1.96 billion RMB, also up by 5.3% year-on-year [2][5]. - In Q4, the company experienced a revenue decline of 7.0% year-on-year and a net profit decrease of 15.5% year-on-year, which was slightly below market expectations [2][4]. - The company is increasing its R&D efforts, with a research and development expense ratio of 10.0% in 2024, up by 1.3 percentage points from the previous year [3]. Financial Performance Summary - For 2024, the company reported a gross margin of 94.6%, a slight decrease of 0.5 percentage points compared to the same period in 2023, while the net profit margin remained stable at 64.7% [2][5]. - The company plans to distribute a total cash dividend of 1.15 billion RMB to shareholders, which accounts for 58.5% of the net profit attributable to shareholders [2]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 2.09 billion RMB, 2.34 billion RMB, and 2.59 billion RMB, respectively, with corresponding growth rates of 6.8%, 12.0%, and 10.6% [4][5]. Strategic Developments - The company is making strides towards internationalization by acquiring 85% of the Korean company REGEN Biotech for 190 million USD, which is expected to enhance future performance [4]. - The company has several products in the registration and clinical trial stages, including A-type botulinum toxin and minoxidil topical solution, indicating a strong pipeline for future growth [3].
爱美客去年盈利近20亿元 累计分红预超IPO募资
Zheng Quan Shi Bao Wang· 2025-03-20 05:38
同时,公司抛出每10股派38元的历史最高分红方案,派现接近2024年归母净利润的60%,大手笔分红彰 显了公司持续盈利的信心。 财报显示,2024年公司经营活动现金流净额达19.27亿元,净现比接近1:1,这也使公司现金流常年覆盖 分红。 "嗨体"销售突破2000万支 从收入结构看,爱美客核心产品持续稳步增长。"嗨体"作为颈纹修复领域的"国民单品"累计销售超过 2000万只,助推溶液类产品再创新高,2024年实现营收17.44亿元,同比增长4.4%;而在同质化显现的 透明质酸钠凝胶赛道,爱美客凭借再生类产品突出重围,"双生天使"引领面部年轻化市场的"新趋势", 2024年公司凝胶类产品营收12.16亿元,同比增长5.01%。 爱美客的费用管控能力持续优化,2024年管理费用同比下降14.86%;而销售费用率仅为9.15%,显著低 于行业平均水平,品牌价值驱动效应显著。这再次印证了爱美客的增长逻辑,实现了从"成本控 制"到"价值创造"的质变,为产品研发和品牌建设释放了更多资源。 研发投入持续加码 医美市场的核心竞争力主要是产品落地的能力,辅以精细化的渠道运营体系。爱美客的爆品打造能力 从"嗨体""濡白天使"等明 ...
爱美客:收购韩国REGEN,再生医美&国际化布局再突破-20250314
Soochow Securities· 2025-03-14 07:45
Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is acquiring 85% of REGEN Biotech for $190 million, enhancing its position in the regenerative medical aesthetics sector and facilitating international expansion [6] - REGEN Biotech is a leading South Korean company in medical aesthetics, known for its innovative products like AestheFill, which has a strong market presence in 34 countries [6] - The acquisition is expected to strengthen the company's market leadership in high-end regenerative medical aesthetics and optimize costs through synergies in R&D and supply chain management [6] - The company has a robust pipeline of products, including a recently approved medical-grade hyaluronic acid gel and various injectables, which supports its sustainable growth [6] Financial Summary - The company's total revenue is projected to grow from 2,869 million RMB in 2023 to 3,987 million RMB in 2026, reflecting a compound annual growth rate (CAGR) of approximately 12.35% [1][7] - Net profit attributable to the parent company is expected to increase from 2,084 million RMB in 2024 to 2,656 million RMB in 2026, with a CAGR of about 12.97% [1][7] - The earnings per share (EPS) is forecasted to rise from 6.14 RMB in 2024 to 8.78 RMB in 2026, indicating a positive trend in profitability [1][7] - The price-to-earnings (P/E) ratio is projected to decrease from 29 times in 2024 to 22.81 times in 2026, suggesting an attractive valuation as earnings grow [1][7]
戚薇承认了!张檬哭求“别整容”!肉毒素频翻车,你还敢跟风吗?
21世纪经济报道· 2025-03-14 04:14
Core Viewpoint - The article discusses the rising concerns and incidents related to the use of botulinum toxin (commonly known as Botox) in cosmetic procedures, highlighting the risks associated with unregulated products and practices in the medical beauty industry. Group 1: Incidents and Risks - Recent incidents involving celebrities, such as actress Qi Wei and actor Du Chun's wife, illustrate the potential dangers of excessive botulinum toxin injections and allergic reactions [1][2] - There has been a noticeable increase in discussions about botulinum toxin poisoning on the internet, with legal consultations regarding such cases rising significantly [4] - Many cases of poisoning stem from excessive dosages or counterfeit products, with reports of severe reactions including dizziness, weakness, and swallowing difficulties [4][10] Group 2: Market Dynamics - The botulinum toxin market in China is experiencing rapid growth, with projections indicating an increase from 3.9 billion yuan in 2020 to 11.4 billion yuan by 2025 [22] - The market has evolved from a dual-competitor landscape to a more diversified one, with multiple companies entering the space, including Huons, Hugel, and others [22][23] - Despite strict regulatory policies, the prevalence of counterfeit products remains high, posing significant safety risks to consumers [25][10] Group 3: Consumer Awareness and Safety - Consumers are often misled by unqualified practitioners and may not be aware of the products being used or their potential side effects [28][29] - It is crucial for consumers to verify the qualifications of medical institutions and practitioners, as well as the legitimacy of the products being used [28] - Recommendations for safe practices include ensuring the use of licensed medical facilities, qualified physicians, and legitimate products to mitigate risks associated with botulinum toxin injections [28][30]
爱美客(300896):收购韩国REGEN,再生医美、国际化布局再突破
Soochow Securities· 2025-03-13 23:32
证券研究报告·公司点评报告·医疗美容 执业证书:S0600520090006 wujc@dwzq.com.cn 爱美客(300896) 收购韩国 REGEN,再生医美&国际化布局再 突破 买入(维持) | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 1939 | 2869 | 3164 | 3549 | 3987 | | 同比(%) | 33.91 | 47.99 | 10.26 | 12.18 | 12.35 | | 归母净利润(百万元) | 1264 | 1858 | 2084 | 2351 | 2656 | | 同比(%) | 31.90 | 47.08 | 12.12 | 12.83 | 12.97 | | EPS-最新摊薄(元/股) | 4.18 | 6.14 | 6.89 | 7.77 | 8.78 | | P/E(现价&最新摊薄) | 47.95 | 32.60 | 29.08 | 25.77 | 22.81 | ...
江苏吴中:AestheFill(艾塑菲)中国境内代理权相关事项存在一定的不确定性
Zheng Quan Shi Bao Wang· 2025-03-12 12:52
Core Viewpoint - Jiangsu Wuzhong (600200) has issued a risk alert regarding the potential equity transfer of its partner in the medical aesthetics product AestheFill, while maintaining its exclusive agency rights in China until August 28, 2032 [1] Group 1: Company Information - The exclusive agency rights for AestheFill in China remain unchanged, and sales are proceeding normally [1] - AestheFill generated sales revenue of 195 million yuan in the first three quarters of 2024, accounting for 11.86% of the company's total operating income [1] - The company is actively communicating with Regen Biotech, Inc. and related parties regarding the sustainability of its agency rights in China, acknowledging potential uncertainties [1]
【爱美客(300896.SZ)】拟收购AestheFill源头公司,进一步提升国内再生市场话语权——收购事件点评(姜浩)
光大证券研究· 2025-03-12 09:07
Core Viewpoint - The article discusses the acquisition of 85% stake in REGEN Biotech, Inc. by Aimeike International, a subsidiary of Aimeike, which aims to enhance the company's regenerative medical aesthetics system and expand its international market presence [2][3]. Group 1: Acquisition Details - Aimeike International will pay $190 million in cash for the acquisition, with Aimeike Hong Kong contributing $133 million (70%) and Shou Rui Hong Kong contributing $57 million (30) [3]. - After the transaction, Aimeike will hold a 59.5% stake in REGEN Biotech, Inc., gaining actual control over the company [3]. Group 2: Product and Market Impact - REGEN Biotech, Inc. is known for its leading aesthetic products, including AestheFill and PowerFill, which have received regulatory approvals in multiple countries [4]. - AestheFill, the first imported "youthful needle" approved in China, is expected to enhance Aimeike's existing product offerings and increase the proportion of high-end product revenue [3][4]. Group 3: International Expansion - The acquisition will facilitate resource integration between Aimeike and REGEN Biotech, aiding in the rapid expansion into overseas markets [4]. - REGEN Biotech's products have been recognized for their safety and effectiveness in international markets, having received approvals in 34 countries for AestheFill and 24 countries for PowerFill [4].
如何看爱美客上市后首次重大跨境并购
2025-03-12 07:52
Summary of Conference Call Records Company and Industry Overview - **Company**: 爱美客 (Aimeike) - **Industry**: Medical Aesthetics Key Points and Arguments 1. **Acquisition of Region Biot**: Aimeike acquired 85% of South Korea's Region Biot for $190 million, with plans to acquire the remaining 15% later, marking a significant step in building an overseas investment platform [1][3][4] 2. **Region Biot's Core Products**: Region Biot's main products include S feel and Power view, both of which are approved in multiple countries. S feel leads the market in Taiwan with a 30% share, while Power view targets male intimate area filling [1][5] 3. **Financial Performance of Region Biot**: In 2023, Region Biot reported revenue of 81.99 million RMB and a profit of 50 million RMB, with a net profit margin of 61%. However, the net profit margin is expected to drop to 41% in the first three quarters of 2024 due to increased depreciation from capacity expansion [1][6][7] 4. **Market Growth**: The global regenerative product market is projected to grow at a CAGR of 14% from 2023 to 2027, reaching $840 million by 2027, with increasing consumer acceptance in China [1][9] 5. **Capacity Expansion**: Region Biot's capacity is limited in 2024, but a new factory is expected to be operational by Q2 2025, increasing total capacity to 1.2 million units, which could lead to revenues close to 1 billion RMB if fully utilized [1][10] 6. **Investment Logic**: Aimeike's investment strategy leverages its dual attributes in the medical aesthetics industry, combining pharmaceutical and consumer characteristics, which positions it for high growth [2] 7. **Projected Financials**: Aimeike maintains profit forecasts of 2.6 billion RMB for 2025 and 3.2 billion RMB for 2026, with a target market valuation of 79.3 billion RMB based on a 30x earnings multiple [3][18] 8. **Impact of Direct Sales Model**: Transitioning to a direct sales model in China could significantly enhance profitability, with potential revenues of 1.9 billion RMB and net profits of 740 million RMB [13][14] 9. **Negotiation with Jiangsu Wuzhong**: Aimeike's negotiation with Jiangsu Wuzhong, which holds exclusive rights for S feel in China until 2032, may lead to a shift in distribution strategy, potentially increasing profitability [14][15] 10. **Strategic Significance of Acquisition**: The acquisition of Region Biot is a milestone for Aimeike, enhancing its global presence and product innovation capabilities, particularly in a fast-evolving market like South Korea [16][22] Additional Important Insights - **Market Dynamics**: The high-end medical aesthetics market has faced challenges, with companies like Allergan and Galderma reporting lower-than-expected performance due to a decline in demand in China [16][21] - **Profit Margin Considerations**: As Aimeike expands internationally, initial profit margins may decrease due to reliance on distribution models, but overall profitability could still improve with new product contributions [19][20] - **Future Growth Potential**: Despite current pressures, there is optimism for recovery in high-end medical aesthetics products, particularly as macroeconomic conditions improve [21]