Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has made significant progress in its internationalization strategy by planning to acquire 85% of REGEN Biotech, Inc., a leading South Korean medical aesthetics company [1][2] - The acquisition is expected to enhance the company's competitive edge in the medical aesthetic injection market and facilitate the integration of R&D, production, and sales resources, thereby driving future growth [3] - The financial forecasts have been adjusted, with projected revenues for 2024, 2025, and 2026 expected to be 31.7 billion, 37.1 billion, and 43.9 billion RMB respectively, and net profits expected to be 20.4 billion, 23.7 billion, and 27.6 billion RMB, reflecting year-on-year growth rates of 9.5%, 16.4%, and 16.6% [3] Financial Summary - The company's revenue for 2022 was 1,939 million RMB, with a projected increase to 2,869 million RMB in 2023 and further growth to 3,172 million RMB in 2024, representing a year-on-year growth rate of 33.9% in 2022 and 48.0% in 2023 [4] - The net profit for 2022 was 1,264 million RMB, expected to rise to 1,858 million RMB in 2023 and 2,035 million RMB in 2024, with growth rates of 31.9% and 9.5% respectively [4] - The company's earnings per share (EPS) is projected to be 6.73 RMB in 2024, increasing to 7.83 RMB in 2025 and 9.13 RMB in 2026 [4] Acquisition Details - The acquisition of REGEN Biotech, Inc. will be executed through a cash payment of 190 million USD, with the company holding a 59.5% stake post-acquisition [1][3] - REGEN Biotech, Inc. has established a strong distribution network and has received regulatory approvals for its products in multiple countries, including China [3][4]

证券研究报告 | 公司点评 gszqdatemark 2025 03 11 年 月 日 爱美客（300896.SZ） 国际化布局取得关键进展，拟收购韩国 REGEN 事件：爱美客 3 月 10 日发布公告，全资子公司爱美客香港与首瑞香港共同设立爱 美客国际（其中：爱美客香港占总股数的 70%，首瑞香港持有占总股数的 30%， 爱美客国际为公司合并报表范围内子公司），拟通过爱美客国际收购韩国 REGEN Biotech,Inc.公司 85%的股权，标的公司主要从事医用材料、医疗器械及医药等相 关产品的研发、生产与销售。爱美客国际拟以现金方式支付对价，以 1.90 亿美元 收购 Mount Beacon、IRC、Mr.Choi 持有的标的公司 85%的股权（其中爱美客香 港出资 1.33 亿美元，折合人民币约 9.7 亿元，首瑞香港出资 0.57 亿美元）。本次 收购完成后，爱美客国际合计持有标的公司 1536 万股股份，持股比例为 85%， 公司通过爱美客香港及爱美客国际最终持有标的公司的股权比例为 59.5%。 事件分析：标的公司 REGEN Biotech, Inc.为韩国领先的医美公司，2000 年成立于 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][5][10] Core Views - The company announced its intention to acquire 85% of the shares of South Korean REGEN Biotech, Inc. for a cash consideration of $190 million, which will enhance its position in the regenerative materials sector and support its international expansion strategy [4][6][10] - The acquisition will allow the company to integrate two key products, AestheFill and PowerFill, into its portfolio, further solidifying its leadership in the medical aesthetics market [5][10] - The financial performance of REGEN Biotech shows promising results, with revenues of approximately 819.85 million yuan and net profits of about 501.51 million yuan in 2023, indicating strong growth potential post-acquisition [9][10] Summary by Sections Acquisition Details - The company plans to establish a subsidiary, Aimeike International, with a 70% stake to facilitate the acquisition of REGEN Biotech [4][6] - AestheFill has received regulatory approval in 34 countries, including China, while PowerFill has been approved in 24 countries but not yet in China [7][9] Financial Projections - The company maintains its net profit forecasts for 2024-2026 at 2.122 billion, 2.493 billion, and 2.868 billion yuan, respectively, with corresponding P/E ratios of 24.9, 21.2, and 18.4 [5][10] - The acquisition is expected to enhance the company's earnings performance significantly after consolidation [4][5] Market Position - REGEN Biotech is recognized as the first in South Korea and the third globally to obtain registration for polylactic acid-based dermal fillers, indicating a strong competitive position in the market [4][6][9]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或 任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 UNI-BIO SCIENCE GROUP LIMITED 聯 康 生 物 科 技 集 團 有 限 公 司* （於開曼群島註冊成立之有限公司） （股份代號：0690） 自願性公佈 重組膠原蛋白二類醫療器械獲批 肌顏態®醫療美容產品上市 二零二四年十二月二日 — 聯康生物科技集團有限公司（「本公司」），連同其附屬 公司統稱（「本集團」）董事會（「董事會」）欣然宣佈兩項重要里程碑，展示了本集團 在醫療美容和皮膚解決方案領域的持續增長和創新。 本 集 團 與 重 慶 民 濟 醫 療 器 械 有 限 公 司 的 戰 略 合 作 產 品 — 醫 用 重 組 膠 原 蛋 白 敷 料，已成功獲批二類醫療器械註冊證，註冊證編號為「渝械注准20242140377」。與 此同時，本集團自主研發的纖連蛋白醫療美容產品 — 肌顏態®也正式上市。這些 成就凸顯了聯康 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Sisram Medical Ltd 復䢇醫療科技有限公司* （ 於 以 色 列 註 冊 成 立 的 有 限 公 司 ） （股份代號：1696） 自願公告 本公告乃由復銳醫療科技有限公司（「本公司」）自願發佈。 香港，二零二四年十一月五日 於本公告日期，本公司董事會成員包括執行董事劉毅先生及Lior Moshe DAYAN 先生；非執行董事吳以芳先生及馮蓉麗女士；獨立非執行董事方香生先生、陳志 峰先生、陳怡芳女士及廖啟宇先生。 * 僅供識別 本公司欣然宣佈推出其屢獲殊榮的美容平台Alma Harmony的全新版本（「新Alma Harmony」）。 新Alma Harmony採用現代化設計，並進行了大幅升級，為客戶提供更多的治療 選擇和簡單智能的使用體驗。其革新的患者個性化功能融合了五項最受歡迎的技 術及增強的能量，能夠提供全面的治療方案。 新Alma Harmony的設計重點在於提升效率、簡易性及易用 ...