Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Views - The company experienced a revenue decline of 17.90% year-over-year in Q1 2025, with total revenue of 663 million yuan and a net profit of 444 million yuan, down 15.87% year-over-year [1]. - The gross margin remained stable at 93.85%, with a slight decrease of 0.70 percentage points year-over-year, while the net profit margin increased by 1.61 percentage points to 66.88% [2]. - The company is pursuing growth through acquisitions and international expansion, notably a planned acquisition of a Korean company for 190 million USD, which is expected to enhance its sales capabilities and open up overseas markets [3]. - The company has a robust pipeline of internal R&D projects, with 11 Class III medical device products already available, and several others in various stages of development, which is expected to support a return to growth [4]. Financial Summary - The company forecasts revenues of 3.29 billion yuan, 3.71 billion yuan, and 4.22 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 2.13 billion yuan, 2.40 billion yuan, and 2.73 billion yuan for the same years [4][10]. - The company’s financial metrics indicate a PE ratio of 25x for 2025, decreasing to 20x by 2027, reflecting an expected improvement in profitability [4][10].

Core Viewpoint - Aimeike Technology Development Co., Ltd. reported a decline in revenue and net profit for Q1 2025, indicating challenges in the medical aesthetics industry amid increased competition and regulatory pressures [1][2]. Financial Performance - In Q1 2025, Aimeike achieved revenue of 663 million yuan, a year-on-year decrease of 17.90% - The net profit attributable to shareholders was 444 million yuan, down 15.87% year-on-year [1]. Market Trends - The non-surgical light medical aesthetics market is expected to grow at a rate of 10% in 2024, down from previous highs in 2023, as the industry transitions from "technical dividends" to "comprehensive competitiveness" [2]. - Increased competition has led to a downward trend in product prices, while consumer decision-making periods for high-end medical aesthetics have lengthened due to macroeconomic uncertainties [2]. Strategic Positioning - Aimeike is one of the few leading companies not actively participating in price wars, maintaining a gross margin of 93.85% in Q1 2025, a slight decrease of 0.7 percentage points year-on-year [4]. - The company emphasizes brand value and product quality over short-term price advantages, aiming for long-term market resilience [4]. Research and Development - Aimeike's R&D expenses reached 58.54 million yuan in Q1 2025, accounting for 8.82% of revenue, an increase of 1.65% year-on-year, reflecting a strong commitment to innovation [4]. - Ongoing projects focus on cutting-edge areas such as regenerative materials and collagen, which may not yield immediate sales but are expected to drive long-term growth [4]. Product Expansion - Aimeike has received approval for a new product, a medical-grade gel for jawline filling, which will soon be launched, marking it as the third approved product in this category in China [5]. - The company is also expanding its market presence through the acquisition of 85% of South Korea's REGEN Biotech Inc. for approximately 190 million USD, positioning itself as the only domestic company with two regenerative medical aesthetics products [5].

Core Viewpoint - The company reported a positive operational recovery in Q1 2025, with revenue and net profit showing sequential growth despite industry adjustments [1][2] Financial Performance - In Q1 2025, the company achieved revenue of 663 million yuan and a net profit of 444 million yuan, reflecting a quarter-on-quarter increase of 2.06% and 19.26% respectively [1] - The gross margin remained high at 93.85%, indicating strong pricing power amid competitive pressures [1] Product Development and Innovation - The company invested 58.54 million yuan in R&D, accounting for 8.82% of revenue, which is an increase of 1.65% year-on-year [1] - A new product, a domestic jaw filler, is expected to launch soon, leveraging its safety and support features to enhance performance in the second half of the year [1] Global Expansion Strategy - The company is accelerating its global market presence by acquiring 85% of REGEN Biotech Inc. for approximately 190 million USD, which will enhance its access to high-end regenerative products [2] - The new production facility in South Korea will alleviate capacity constraints and facilitate product penetration in 34 countries [2] Financial Health - As of March 2025, the company had cash reserves of 3.546 billion yuan, a significant increase of 134.10% from the end of 2024, and total equity exceeding 8.393 billion yuan [2] - The company’s total liabilities decreased by 17.29% compared to the end of 2024, indicating a healthy financial structure [2] Industry Context - The medical aesthetics industry is facing challenges from supply-side reforms and extended consumer decision cycles, but the company’s diversified strategies in R&D, globalization, and financial stability position it for long-term growth [2]

Core Viewpoint - The company held its 2024 annual performance online briefing, where it faced numerous investor questions but did not provide responses to most inquiries, indicating a lack of transparency or communication strategy during challenging times [1][2][3]. Financial Performance - In 2024, the company achieved a revenue of 3.03 billion yuan and a net profit of 1.96 billion yuan, reflecting a year-on-year growth of 5.5% and 5.3% respectively [16]. - The company reported a significant decline in revenue and profit in the fourth quarter of 2024, raising concerns among investors about future performance [2][3]. Market Strategy - The company is focusing on international expansion, with plans to leverage the acquisition of REGEN Biotech, Inc. to enhance its global presence [18]. - The company is committed to maintaining its core business and improving product offerings without diversifying into downstream operations [11][19]. Product Development - A new product, a medical-grade polyvinyl alcohol gel microsphere, has received regulatory approval and is expected to launch in 2025 [6][22]. - The company is in the process of developing several products, including botulinum toxin, which is currently in the registration phase [14][22]. Investor Relations - The company received 43 questions from investors during the briefing but only answered 27, resulting in a response rate of 62.79% [1]. - Investors expressed concerns about stock buybacks and the need for measures to boost confidence amid declining stock prices [2][4].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [1][13]. Core Views - Despite macroeconomic impacts, the company's performance remains robust, with a projected revenue of 30.26 billion yuan in 2024, reflecting a year-on-year growth of 5.45%. The net profit is expected to grow by 5.33% to 19.58 billion yuan [1][3]. - The company is focusing on expanding its product line and has made significant progress in its product pipeline, including the approval of several medical devices and clinical trial applications [1][5]. - The company is enhancing its operational capabilities through digital platform development and supply chain improvements, which are expected to drive future growth [1][11]. Financial Summary - In 2024, the company anticipates a revenue of 30.26 billion yuan, with a net profit of 19.58 billion yuan, and a basic EPS of 6.5 yuan. The cash flow from operating activities is projected to be 19.27 billion yuan [1][4]. - The company reported a decline in Q4 revenue by 7% to 6.5 billion yuan, with a net profit decrease of 15.47% to 3.72 billion yuan. The gross margin for the quarter was 94.03%, and the net margin was 57.09% [4][9]. - The company’s financial projections for 2025 estimate revenues of 34.79 billion yuan and net profits of 22.09 billion yuan, with a corresponding P/E ratio of 26.6 [6][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][7]. Core Insights - The company reported a slight increase in annual revenue and profit, with a total revenue of 3.026 billion yuan, up 5.45% year-on-year, and a net profit attributable to the parent company of 1.958 billion yuan, up 5.33% year-on-year [1]. - The gross margin was 94.64%, a decrease of 0.46 percentage points year-on-year, while the net profit margin slightly increased to 64.66% [1]. - The company is actively expanding its product lines through mergers and acquisitions, including a recent acquisition of an 85% stake in a Korean company to enhance its product pipeline and international presence [3]. Financial Performance Summary - In Q4, the company experienced a decline in revenue and net profit, with a decrease of 7.00% and 15.47% respectively [1]. - The R&D expense ratio increased to 10.04%, reflecting a 1.32 percentage point rise year-on-year, indicating a commitment to innovation [1]. - The company plans to distribute a cash dividend of 38 yuan for every 10 shares, resulting in a dividend payout ratio of 58.51% [1]. Product Category Performance - Revenue from solution-type injection products reached 1.744 billion yuan, a year-on-year increase of 4.40%, with sales volume growing by 23.44% [2]. - Gel-type injection products generated 1.216 billion yuan in revenue, up 5.01% year-on-year, although sales volume decreased by 11.24% [2]. Research and Development Pipeline - The company has a rich pipeline of products under development, including several medical devices and drugs that have received regulatory approvals for clinical trials [3]. - The establishment of a joint venture in Hong Kong aims to facilitate further acquisitions and enhance the company's product offerings in the regenerative aesthetic market [3]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 7.55, 8.45, and 9.26 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 26, 23, and 21 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][7]. Core Insights - The company reported a slight increase in revenue and profit for the year 2024, with total revenue reaching 3.026 billion yuan, up 5.45% year-on-year, and net profit attributable to the parent company at 1.958 billion yuan, up 5.33% year-on-year [1][4]. - The company is actively expanding its product lines through mergers and acquisitions, enhancing its market position in the aesthetic medicine sector [3][4]. - The company plans to distribute a cash dividend of 38 yuan for every 10 shares, resulting in a dividend payout ratio of 58.51% [1]. Financial Performance Summary - In Q4 2024, the company experienced a decline in revenue and net profit, with revenue down 7.00% and net profit down 15.47% compared to the previous year [1]. - The gross profit margin for 2024 was 94.64%, a decrease of 0.46 percentage points year-on-year, while the net profit margin slightly increased to 64.66% [1]. - The company’s R&D expenses increased to 10.04% of revenue, reflecting a 1.32 percentage point rise year-on-year [1]. Product Category Performance - Revenue from solution-type injection products was 1.744 billion yuan, a year-on-year increase of 4.40%, with sales volume rising by 23.44% [2]. - Revenue from gel-type injection products reached 1.216 billion yuan, up 5.01% year-on-year, although sales volume decreased by 11.24% [2]. Research and Development Pipeline - The company has a rich pipeline of products under development, including several that have received clinical trial approvals and registration certificates [3]. - A significant acquisition is planned, with the company aiming to acquire 85% of the Korean REGEN Biotech, which is expected to enhance its product offerings in regenerative aesthetic medicine [3]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 7.55 yuan, 8.45 yuan, and 9.26 yuan for the years 2025, 2026, and 2027, respectively [4][6].

谢您的关注。 4、请问 25 年各大股东还有减持计划吗？ 答：尊敬的投资者您好，公司目前未收到相关股东减持计划的通知。 感谢您的关注。 5、你好，面对业绩增速下滑，公司有没有应对措施？后续有没有计 划在电商平台销售产品？ 答：尊敬的投资者您好，随着公司经营体量基数加大，增速有一定 程度下降，公司从 2025 年开始，研发完成交付上市的产品会渐次投放市 场，形成对公司发展和业绩的支撑；公司主销产品为三类植入医疗器械， 不能在普通的无三类医疗器械经营资质的电商平台开展销售服务。感谢 关注。 爱美客技术发展股份有限公司 投资者关系活动记录表 编号：2025-001 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 ☑业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 通过全景网"投资者关系互动平台"(http://ir.p5w.net)参与 2024 年 | | 人员姓名 | 度网上业绩说明会的投资者 | | 时间 2025 | 年 3 月 21 日 15: ...