Core Insights - The trading volume of Aimeike reached 1.708 billion yuan, marking the highest level since March 17, 2025 [2] - The latest stock price increased by 5.12%, with a turnover rate of 5.22% [2] - The previous trading day's total transaction volume was 465 million yuan [2] Company Overview - Aimeike Technology Development Co., Ltd. was established on June 9, 2004, with a registered capital of 3,025.92061 million yuan [2]

巨子生物(02367)反弹逾6%。截至发稿，涨4.1%，报40.1港元，成交额4.11亿港元。 国泰海通证券发布研报称，受舆情、达播结构以及竞争影响，主品牌可复美双十一排名下滑、护肤品业 务或阶段性承压。我们认为，公司品牌资产和运营基础较好，关注后续渠道调整及推新情况。此外，重 组胶原具备抗衰、修复等功效，成分认知基础好，公司具备医美渠道基础，产品上市后有望贡献第二增 长曲线。 消息面上，今年10月，巨子生物申报的首个三械医美产品重组I型a1亚型胶原蛋白冻干纤维获批，用于 面部真皮组织填充以纠正额部动力性皱纹，包括眉间纹、额头纹和鱼尾纹。此外公司目前在研3款医美 产品，包括面部水光、颈纹及填充增容产品。 ...

Core Viewpoint - Aimeike is at a critical transformation juncture, facing significant challenges after reporting its worst half-year and quarterly results, leading to a substantial decline in market confidence and valuation [2][3][12]. Financial Performance - In Q3 2025, Aimeike reported revenue of 565 million, a year-on-year decline of 21.27%, and a net profit of 304 million, down 34.61%. For the first nine months of 2025, revenue totaled 1.865 billion, a decrease of 21.49%, with net profit at 1.09 billion, down 31.05% [3][5]. - The company's market capitalization has plummeted to approximately 48.5 billion, a staggering drop of about 131.5 billion from its peak valuation of 180 billion in 2021, representing a cumulative decline of 73% [3][5]. Product Performance - Aimeike's core products, "Haitai" and "Ruhua Tianzi," have seen significant revenue declines. In the first half of 2025, "Haitai" generated 744 million, down 23.79%, while "Ruhua Tianzi" brought in 493 million, down 23.99% [6][8]. - Despite maintaining high gross margins above 90%, the revenue drop has raised concerns about the sustainability of Aimeike's growth model [8][10]. Competitive Landscape - The competitive advantage of Aimeike's core products is diminishing, with new entrants like Huaxi Biological's "Runzhi·Gege" entering the market, challenging the previously monopolistic position of "Haitai" [10][11]. - The emergence of alternative technologies, such as recombinant collagen, poses a threat to Aimeike's market share in the hyaluronic acid segment, further pressuring its performance [11]. Strategic Moves - To seek new growth avenues, Aimeike acquired 85% of South Korean company REGEN for 1.9 billion USD, aiming to enhance its product portfolio and international market access [12][13]. - This acquisition has led to a significant increase in goodwill from 278 million at the end of 2024 to 1.65 billion by the end of Q3 2025, marking a 493.44% increase [12]. Legal Challenges - Aimeike is embroiled in a legal dispute with REGEN's former distributor, which could impact the integration and future profitability of the acquisition, as the distributor is seeking 1.6 billion in damages [13].

Core Viewpoint - The company's performance in Q3 2025 continues to show weakness, primarily due to ongoing macroeconomic consumption demand issues and significant market competition pressures in the "Hi-Body" and regenerative product segments [5]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 1.86 billion, a year-on-year decline of 21.5%, and a net profit attributable to shareholders of 1.09 billion, down 31.0% [4]. - Q1, Q2, and Q3 2025 revenues were 660 million, 640 million, and 570 million respectively, reflecting year-on-year declines of 17.9%, 25.1%, and 21.3%. Net profits for the same quarters were 440 million, 350 million, and 300 million, with year-on-year declines of 15.9%, 41.7%, and 34.6% [4]. Profitability Metrics - The gross margin for the first three quarters of 2025 decreased by 1.4 percentage points to 93.4%, while the net profit margin attributable to shareholders fell by 8.1 percentage points to 58.6%. In Q3 2025, the gross margin was 93.2%, down 1.4 percentage points year-on-year, and the net profit margin was 53.7%, down 11.0 percentage points [6]. - The decline in gross margin is attributed to a lower proportion of high-priced product sales and increased competition from new compliant products in the market [6]. Expense Analysis - The company's expense ratio for the first three quarters of 2025 increased by 12.5 percentage points to 31.8%. The breakdown includes sales, management, R&D, and financial expense ratios of 12.4%, 6.4%, 12.7%, and 0.3%, respectively, with year-on-year increases of 3.7, 2.5, 4.8, and 1.4 percentage points [7]. - In Q3 2025, the expense ratio rose to 38.6%, up 18.2 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 15.4%, 8.8%, 14.3%, and 0.1%, respectively [7]. Taxation Impact - The company paid 23.3 million in taxes and additional fees for the first three quarters of 2025, reflecting a year-on-year increase of 59.1% due to higher value-added tax payments [8]. Product Development and Market Expansion - The company is progressively enhancing its aesthetic medical product lineup, having launched a new bone filler product "Kola" and completed the acquisition of REGEN Biotech, Inc. to enrich its regenerative product matrix [9]. - The company is also advancing its pipeline for botulinum toxin and semaglutide injection products, and has entered the hair medical market with the registration of minoxidil lotion [9]. - In October, the company completed the filing of a new cosmetic raw material "Glycyrrhizin A," aiming to penetrate the "medical-grade skincare" sector, with expectations for "pharmaceutical-cosmetic synergy" to create new growth avenues [9].

Core Insights - The company reported a revenue of 1.86 billion yuan for the first three quarters of 2025, a year-on-year decrease of 21.5%, and a net profit attributable to shareholders of 1.09 billion yuan, down 31.1% year-on-year [1] - The decline in performance is attributed to industry growth slowdown and intensified competition [1] Financial Performance - Q3 revenue was 570 million yuan, a year-on-year decline of 21.3%, with a net profit of 300 million yuan, down 34.6% year-on-year [1] - The gross margin in Q3 decreased by 1.4 percentage points to 93.2%, while the sales expense ratio increased by 6.4 percentage points to 15.4% [2] - The net profit margin and non-GAAP net profit margin in Q3 fell by 11.0 and 16.5 percentage points to 53.7% and 45.0%, respectively [2] Industry Trends - Industry growth is under pressure due to intensified competition, although the revenue decline in Q3 showed a narrowing compared to Q2 [2] - The company is actively adjusting its sales team and strategies to enhance education for doctors and institutions, aiming for improvement in future performance [2] Product Pipeline and International Expansion - The company has received approval for Minoxidil lotion and has several products at various stages of development, including Lidocaine and Dexamethasone cream, which are under review [3] - The ongoing integration of Regen and global channel expansion is expected to support the company's long-term growth in the global aesthetic medicine market [3] Profit Forecast and Valuation - The profit forecast for 2025-2026 has been revised down by 11% and 5% to 1.65 billion and 1.92 billion yuan, respectively [4] - The current stock price corresponds to a P/E ratio of 29x for 2025 and 25x for 2026, with a target price of 221 yuan, indicating a potential upside of 38% [4]

Core Viewpoint - Huaxi Biological Technology Co., Ltd. announced a settlement regarding arbitration with Medytox Inc., leading to the termination of the arbitration process and the planned dissolution of their joint venture, Medybloom Limited, with an expected positive financial impact from asset recovery [1][2][3] Group 1: Arbitration Background and Settlement Progress - The joint venture, Medybloom Limited, was established in May 2015, with both parties holding 50% stakes, focusing on the development and sales of Medytox's medical aesthetic products in mainland China [2] - Due to the inability to achieve the cooperation objectives, Gentix Limited initiated arbitration in January 2023 [2] - The settlement agreement stipulates the termination of arbitration by October 29, 2025, with all related claims withdrawn within ten days of signing [2] Group 2: Joint Venture Dissolution and Financial Impact - Medybloom Limited will be dissolved after the distribution of remaining assets, with Huaxi Biological expecting to recover approximately 9.6 million Hong Kong dollars, positively affecting current profits [3] - The company had previously fully impaired its long-term equity investment in Medybloom by the end of 2023 [3] - The settlement is seen as beneficial for maintaining a cooperative relationship with Medytox, avoiding additional costs associated with arbitration [3]

Core Viewpoint - The company has received approval for its recombinant type I α1 collagen freeze-dried fibers, marking a significant advancement in its medical aesthetics segment and enhancing its product portfolio [1] Group 1: Product Approval - The product "recombinant type I α1 collagen freeze-dried fibers" has been approved by NMPA on October 21, with registration number 20253132049, making it the first recombinant type I natural sequence collagen injection product in China [1] - The product is characterized as a white or off-white sponge-like solid composed of recombinant type I α1 collagen, utilizing a specific amino acid sequence of 753 amino acids [1] - It is indicated for facial dermal tissue filling to correct dynamic wrinkles, including frown lines, forehead lines, and crow's feet [1] Group 2: Financial Forecast - The company is projected to achieve net profits attributable to the parent company of 2.52 billion, 3.16 billion, and 3.81 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 22.2%, 25.3%, and 20.5% [2] - The recombinant collagen segment is expected to experience high growth potential, especially following the recent approval of the medical aesthetics product, which may provide significant marginal catalytic elasticity [2] - The company maintains a "buy" rating despite recent challenges faced by its cosmetics brand due to public opinion events [2]

Core Viewpoint - Aimeike Technology Development Co., Ltd. announced an organizational restructuring aimed at enhancing governance efficiency and operational effectiveness, pending shareholder approval [1][2]. Group 1: Organizational Changes - The company will eliminate the supervisory board and its functions will be transferred to the audit committee of the board of directors, simplifying governance layers and improving internal supervision [1]. - The term "shareholders' meeting" will be standardized to "shareholders' assembly" to clarify institutional positioning and align with legal requirements [2]. Group 2: Strategic Goals - The restructuring is aligned with the company's strategic development goals and operational needs, aiming to enhance management levels and operational efficiency while providing a solid organizational foundation for sustainable development [2].

Core Insights - Aimeike (300896) demonstrates strong resilience in a challenging industry environment, achieving revenue of 1.865 billion yuan and net profit of 1.093 billion yuan in Q3 2025, with a gross margin of 93.36% [1] Financial Performance - The company's core products, "Haitai" and "Rubai Angel," have established a dual moat of technological barriers and brand recognition, contributing to stable revenue and customer loyalty [1] - As of September 2025, Aimeike's cash reserves stood at 1.18 billion yuan, with a low debt-to-asset ratio of 8.20%, providing ample space for future R&D investments and strategic expansions [1] - The net cash flow from operating activities reached 1.073 billion yuan in the first three quarters, highlighting efficient working capital management [2] Shareholder Returns - Aimeike has implemented seven rounds of cash dividends since its IPO in 2020, totaling 3.887 billion yuan, reflecting management's confidence in long-term profitability [2] Strategic Initiatives - The company has increased R&D investment to 237 million yuan in the first three quarters of 2025, a 26.67% year-on-year increase, with R&D expenses accounting for 12.73% of revenue [2] - New product launches include "Kekola" for chin contouring and a minoxidil solution for hair health, expanding the product pipeline [3] - Aimeike's subsidiary has successfully registered a new cosmetic ingredient, marking its entry into the cosmetic raw materials sector [3] - The acquisition of 85% of South Korea's REGEN Biotech, Inc. enhances Aimeike's regenerative medicine offerings and opens international market channels [3] Industry Outlook - The medical beauty industry is expected to see increased differentiation, necessitating players to build high-profit resilience and maintain clear strategic layouts and robust pipeline reserves [4]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **collagen injection products** within the **medical aesthetics industry**, highlighting the growth and competitive landscape of this sector [1][5][6]. Company Insights 聚子生物 (Juzi Bio) - **Regulatory Approval**: Juzi Bio has obtained a Class III medical device certificate, enhancing market confidence. New products with increased weight are expected to launch by the end of this year or early next year, albeit at higher prices [1][3]. - **Product Development**: The company plans to introduce multiple collagen-related products, with 1-2 new products expected to be approved in 2026 and another in 2027, creating a comprehensive product matrix to boost market competitiveness [1][4]. - **Sales Performance**: Recent stock price declines are attributed to weaker sales performance during the Double Eleven shopping festival, impacted by competition from international brands and ongoing public sentiment issues [2]. 锦波公司 (Jinbo Company) - **Market Performance**: Jinbo's collagen freeze-dried fiber series has performed well, but profit margins have decreased due to increased competition and falling terminal prices. The introduction of more recombinant collagen products may intensify competition but could also expand market demand [1][8][10]. - **Sales Strategy**: Jinbo is focusing on expanding application ranges and reducing costs to drive market growth. The company is also collaborating with leading institutions for OEM production to enhance product lines [10][22]. Market Dynamics - **Growth Trends**: The collagen injection product line is the third largest in the medical aesthetics market, with a growth rate exceeding 50% since 2022. The micro-aesthetic series is expected to maintain a strong growth trajectory [1][5]. - **Product Pricing and Profitability**: High-margin products like the 10 mg and 12 mg variants have effectively compensated for the slowdown in the 4 mg product line, stabilizing overall growth [1][7]. - **Consumer Trends**: A decline in terminal prices is anticipated to attract younger and lower-tier market customers, expanding the overall market size while reducing the space for non-compliant products [12]. Competitive Landscape - **Market Share**: Recombinant collagen fillers have the potential to replace animal-derived fillers, especially for cost-sensitive consumers. Currently, recombinant collagen occupies 20%-30% of the market share, with significant growth potential remaining [14][15]. - **Unique Advantages**: Recombinant collagen offers lower prices and stable supply compared to animal-derived products, along with compliance and safety advantages, making it a preferred choice in the current regulatory environment [18][19]. Future Outlook - **Market Expansion**: The future growth of recombinant collagen products is promising, with expectations of increased usage as new lower-priced products are introduced and consumer education improves [16]. - **Sales Strategies**: Companies are encouraged to enhance their marketing strategies and strengthen partnerships with medical institutions to improve brand recognition and market acceptance [20][21]. Conclusion - The medical aesthetics industry, particularly in collagen injection products, is poised for significant growth driven by regulatory approvals, innovative product offerings, and strategic market positioning. Companies like Juzi Bio and Jinbo are adapting to competitive pressures while exploring new market opportunities.