Investment Rating - The report assigns a "BUY" rating for the company, indicating a positive outlook for potential price appreciation [4]. Core Insights - The company plans to acquire 85% of South Korean Regen Biotech for approximately USD 190 million (around RMB 970 million), enhancing its international competitiveness [4]. - Regen Biotech is a leading aesthetic medicine company in South Korea, with a projected revenue of approximately RMB 82 million and a net profit of around RMB 50 million for 2023 [4]. - The acquisition is expected to improve operational efficiency and reduce production costs due to the company's experience in production management [4]. - The core products of Regen Biotech have received regulatory approvals in multiple countries, providing a competitive edge in the market [4]. - The company maintains its profit forecast, expecting net profits of RMB 2.03 billion, RMB 2.26 billion, and RMB 2.62 billion for 2024, 2025, and 2026, respectively, with corresponding EPS of RMB 6.71, RMB 7.48, and RMB 8.65 [4][6]. Financial Summary - The company reported a net profit of RMB 1.86 billion for 2023, with a year-on-year growth of 47.08% [6]. - Revenue is projected to grow from RMB 2.87 billion in 2023 to RMB 4.05 billion by 2026, reflecting a steady increase in sales [7]. - The company's P/E ratio is expected to decrease from 20 in 2023 to 20 in 2026, indicating a stable valuation [6][7]. - The dividend per share (DPS) is projected to be RMB 1.81, RMB 2.02, and RMB 2.34 for 2024, 2025, and 2026, respectively, with a dividend yield around 1.04% to 1.34% [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company is acquiring 85% of REGEN Biotech, Inc. for $190 million, with the total equity valuation of the target company at approximately $224 million [1]. - The target company has two mature products and is expected to enhance the company's international market presence and product offerings [2][3]. - Revenue projections for the company are adjusted to reflect a net profit of 2.18 billion, 2.64 billion, and 3.14 billion RMB for 2024-2026, with respective year-on-year growth rates of 17%, 21%, and 19% [4][7]. Summary by Sections Acquisition Overview - The acquisition involves a cash investment of $190 million to acquire 85% of REGEN Biotech, which specializes in medical materials and devices [1]. - The target company has two operational factories in South Korea, with one factory expected to commence production in Q2 2025 [2]. Financial Projections - The company’s revenue is projected to grow from 2.87 billion RMB in 2023 to 4.67 billion RMB in 2026, reflecting a compound annual growth rate (CAGR) of approximately 18% [7]. - The diluted earnings per share (EPS) are forecasted to be 7.21, 8.73, and 10.38 RMB for 2024-2026 [4][7]. Market Positioning - The acquisition is expected to leverage the target company's market channels and brand influence to enhance the company's visibility in the global aesthetic medicine market [3]. - The core products of the target company complement the existing product line, potentially meeting diverse consumer needs [3].

事件简评 爱美客技术发展股份有限公司(下称"公司")全资子公司 Imeik （HK）Limited（下称"爱美客香港"）与 Aisheng Shourui (HK) Limited 共同设立 Imeik InternationalLimited（下称"爱美客 国际"），拟通过爱美客国际收购注册地址位于韩国大田市的 REGEN Biotech,Inc.公司（下称"标的公司"）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。 交易概述：爱美客国际拟以现金方式出资，以 1.90 亿美元收购 Mount Beacon、IRC、Mr.Choi 持有的韩国 REGEN 85%的股权，标 的公司股权估值约为 2.24 亿美元。其中爱美客香港出资 1.33 亿 美元，首瑞香港出资 0.57 亿美元。 事件分析 标的公司拥有两款成熟产品，第一厂产能充足，第二工厂即将投 产。标的公司 2023/2024Q3 的营收分别为 8199 万与 7223 万元人 民币，净利润分别为 5015 万/2950 万。标的公司已获批上市的产 品主要包括：AestheFill（主要应用部位为面部）与 Powe ...

Core Viewpoint - The internal speech by Zhao Yan, chairman of Huaxi Biological, highlights the urgent need for organizational reform and accountability within the company, amidst significant performance declines and internal turmoil [1][3][5]. Financial Performance - Huaxi Biological reported a revenue of 5.37 billion yuan for 2024, a year-on-year decrease of 11.6%, and a net profit of 164 million yuan, down 72.27% compared to the previous year [4][12]. - The company experienced a significant drop in its core functional skincare product revenue, which fell by over 18% for two consecutive years, with a 29.74% decline in the first half of 2024 [12][24]. Internal Challenges - The company has faced a high turnover of key technical personnel, with seven executives leaving in the past two years, including core technical staff [10][11]. - Zhao Yan's speech indicated a crisis within the organization, with terms like "problems" and "reform" frequently mentioned, reflecting the urgency of addressing internal management issues [5][6]. Strategic Shifts - Zhao Yan emphasized a return to a "start-up" mentality, focusing on operational aspects and addressing the need for a more agile and responsive organizational structure [5][21]. - The company is undergoing a significant internal restructuring, which has already cost over 270 million yuan, raising concerns about its financial health and future profitability [11][17]. Market Context - The broader pharmaceutical and biotechnology industry has seen a total market value decline of 14.3% in 2024, indicating a challenging environment for Huaxi Biological and its peers [20][21]. - The medical beauty industry, once characterized by high growth, is now facing a period of adjustment, with competitors also reporting declines in net profits [18][21]. Future Outlook - Zhao Yan expressed excitement and caution regarding the integration of AI in the life sciences sector, suggesting potential for significant changes in consumer engagement and decision-making processes [18][24]. - The company plans to introduce new talent and possibly restructure its core team to enhance its operational effectiveness and restore investor confidence [25].

Financial Data and Key Metrics Changes - In 2024, the company achieved global net revenue of $266.3 million, a 32% increase over 2023, exceeding the guidance range of $260 million to $266 million [31] - The fourth quarter revenue was $79 million, reflecting a 30% increase compared to Q4 2023 [31] - The company reported a gross margin of 68.5% for the full year, with an adjusted gross margin of 69.6%, consistent with guidance [32] - Non-GAAP operating income for Q4 was $6.7 million, a significant improvement from a loss of $3.7 million in Q4 2023 [36] Business Line Data and Key Metrics Changes - The company added over 2,900 new accounts in 2024, bringing the total to more than 15,000 purchasing accounts, representing half of the toxin market [10] - The US market share approached 14% by the end of 2024, exceeding previous guidance [80] - The Evolys injectable gels are expected to contribute 8% to 10% of total revenue in 2025 [41] Market Data and Key Metrics Changes - The total addressable market for the company's products is approximately $6.2 billion, projected to grow to $10 billion by 2028 [40] - The company anticipates the US toxin market to grow in the mid to high single-digit range through 2028 [51] Company Strategy and Development Direction - The launch of Evolys is a top priority, with plans to commercialize in early Q2 2025 [13] - The company aims to achieve at least $700 million in revenue by 2028, with a non-GAAP operating income margin of at least 20% [20] - The company is focusing on integrating Evolys into its existing portfolio, leveraging a cash pay model and co-branded media benefits [17] Management's Comments on Operating Environment and Future Outlook - Management noted that despite challenging market conditions, the toxin market has shown consistent growth, particularly among younger consumers [48] - The company expressed confidence in its ability to capture market share and drive growth through innovative products and strategic partnerships [82] - Management highlighted the importance of the new weight loss label for Evolys, which is expected to attract new patients [52] Other Important Information - The company achieved profitability for the full year 2024, one year ahead of its goal [7] - The Evolys injectable gels utilize proprietary Coldex technology, which is expected to differentiate them from competitors [22] Q&A Session Summary Question: How does the company view the market conditions for US facial injectables? - Management acknowledged challenging market conditions but noted strong growth in the toxin market, particularly among younger consumers [48] Question: What are the expectations for the subscription model's performance? - The subscription model has shown good early results, but the company plans to wait for a full year cycle before sharing detailed metrics [56] Question: What are the growth expectations for the US toxin market in 2025? - Management projected a healthy growth rate for the toxin market, with expectations of mid to high single-digit growth [68] Question: How does the company plan to train accounts for the new Evolys products? - The company has developed a comprehensive training program and plans to train a significant number of accounts quickly [102] Question: What is the significance of the weight loss label for Evolys? - The weight loss label is expected to be a powerful marketing tool, attracting new patients seeking facial injectables [52]

Investment Rating - The industry investment rating is "Increase" (maintained) [9] Core Viewpoints - The report highlights the approval of China's first CaHA facial filler, Aphranel® by Moyang Bio, which is expected to perform well in the market due to its innovative micro-sphere structure and high biocompatibility [2] - Jinbo Bio reported a significant revenue increase of 85.40% year-on-year, reaching 1.447 billion yuan, with a net profit growth of 144.65% to 733 million yuan, driven by new product development and market expansion [3][4] - The report emphasizes the long-term potential for medical aesthetics penetration to continue increasing, suggesting a focus on companies like Giant Bio, Jinbo Bio, and others in the sector [9] Summary by Sections New Product Approvals - The report discusses the approval of Aphranel® as the first CaHA injection in China, noting its superior clinical performance and safety profile [2] - Jinbo Bio launched the world's first collagen net product, targeting eye area rejuvenation through advanced technology [4] Financial Performance - Jinbo Bio's financial results for 2024 show a revenue of 1.447 billion yuan, marking an 85.40% increase, and a net profit of 733 million yuan, reflecting a 144.65% growth [3] Market Trends - The report indicates a growing trend in the medical aesthetics market, with an expectation for increased penetration rates and competitive dynamics among brands [9] - It highlights the differentiation in cosmetic channels and the competitive landscape, suggesting that leading domestic brands are likely to continue outperforming [9]

以下文章来源于互联网那些事 ，作者互联网那些事 《2023年医美人群洞察报告》指出， 我国在2022年共有2093万名医美消费者，在2023年共有2354万 名医美消费者，涨幅数据为12.5%。倘若站在城市县级角度去观察市场，我们就会发现四级及以下城 市体验医美的人最多，用户占比数据高达38.4%。 黑医美围剿县城贵妇 随着人们生活水平的不断提高，医美已经不再是"都市丽人"和"时尚弄潮儿"的专属，它已经无缝融入 了普通人的日常消费版图。 这场消费趋势的"版本大更新"除了让医美市场规模突破了2300亿大关外，还吸引了部分黑心商人的目 光，间接导致这些不法逐利者将"黑医美"概念推向了乡镇、县域市场。 据光明网报道，较比于那些集中在大城市的医美乱象，如今寄生在乡镇的黑医美则更显狂野。 互联网那些事 . 新态度，深角度。 作者： 互联网那些事 来源： 互联网那些事（ID： hlw0823 ) 在这里，部分医美机构不仅没有登记注册，其相关人员也没有职业资格，堪称是彻头彻尾的"草台班 子"。 02 黑医美凭什么渗透县乡镇 和一线城市的医美消费群体不同，县乡医美的主流消费人群一般为40岁以上的中老年女性。这不仅意 味着县级 ...