21新健康 . 21世纪传媒 · 公众号矩阵成员。 以下文章来源于21新健康 ，作者韩利明 昔日有着"医美茅"之称的爱美客（300896.SZ），在业绩持续下滑、重大仲裁案悬而未决的关键节点，新一届董事会换届工作于日前 落下帷幕。 公司实际控制人、62岁的简军毫无悬念连任董事长及法定代表人，石毅峰、勾丽娜、尹永磊组成的核心管理层保持稳定。颇受市场 关注的是，董事会秘书简勇（简军之弟）正式辞任所有职务，李冬梅以"副总经理兼董事会秘书"的身份跻身管理层，成为此次换届 中的"新面孔"。 这位自2025年6月起担任爱美客董事会事务及法务总监的李冬梅被快速提拔，与公司当前核心困境形成微妙呼应。 换届前夕，爱美 客与江苏吴中围绕童颜针产品AestheFill（艾塑菲）的代理权争夺战已进入白热化阶段，甚至有投资者打趣"新董秘的首要任务或是 推动代理权争议妥善解决"。 市场的这份关切，本质上源于爱美客日益迫切的增长压力。作为2020年9月登陆A股的医美龙头，爱美客曾创下资本市场神话： 118.27元/股的发行价开盘即飙升至320元，2021年2月19日股价触及1331元历史高点， 总市值一度突破1500亿元，"女人的茅台"名 ...

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 - Aimeike, known as the "Maotai of the medical beauty industry," has reported disappointing financial results, with significant declines in both revenue and net profit for Q3 2025, raising concerns about its growth prospects and market confidence [2][6][20]. Financial Performance - In Q3 2025, Aimeike's revenue was 565 million, a year-on-year decline of 21.27%, and net profit was 304 million, down 34.61%. For the first three quarters of 2025, revenue totaled 1.865 billion, a decrease of 21.49%, with net profit at 1.09 billion, down 31.05% [2][6]. - The company's stock price fell sharply after the earnings report, reaching a low of 157.05 per share, a drop of 3.97%, and currently has a market capitalization of approximately 48.5 billion, down 73% from its peak of 180 billion in 2021 [2][6]. Product Overview - Aimeike, established in 2004 and listed in 2020, focuses on hyaluronic acid products, with its two main offerings being the injection solution "Haitai" and the gel filler "Ruhua Tianzi," both of which previously held market advantages [4][5]. - Despite maintaining high gross margins above 90%, revenue from these core products has significantly declined, with "Haitai" seeing a 23.79% drop in revenue and "Ruhua Tianzi" down 23.99% in the first half of 2025 [8][9]. Market Challenges - Aimeike's competitive edge is diminishing as new entrants, such as Huaxi Biological's "Runzhi·Gege," have entered the market, challenging the exclusivity of its products [13]. - The company faces increasing competition from alternative technologies, such as recombinant collagen, which are gaining traction and threatening Aimeike's market share in the hyaluronic acid segment [14]. Strategic Moves - To seek new growth avenues, Aimeike acquired 85% of South Korean company REGEN for 190 million USD in 2025, aiming to enhance its product portfolio and leverage REGEN's global sales network [16][17]. - This acquisition has led to a significant increase in goodwill, rising from 278 million at the end of 2024 to 1.65 billion by September 2025, marking a 493.44% increase [18]. Legal Issues - Aimeike is embroiled in a legal dispute with REGEN's former distributor, Datuo Medical, over the termination of an exclusive distribution agreement, which could impact the integration and future profitability of the acquisition [19][20].

Core Viewpoint - Aimeike, known as the "Maotai of the medical beauty industry," has reported disappointing financial results, with significant declines in both revenue and net profit for Q3 2025, raising concerns about its growth prospects and market confidence [1][4]. Financial Performance - Q3 2025 revenue was 565 million, a year-on-year decline of 21.27%, while net profit was 304 million, down 34.61% [1]. - For the first three quarters of 2025, total revenue was 1.865 billion, a decrease of 21.49%, and net profit was 1.09 billion, down 31.05% [1]. - The company's market capitalization has plummeted to approximately 48.5 billion, a staggering drop of about 131.5 billion from its peak of 180 billion in 2021, representing a cumulative decline of 73% [1]. Product Overview - Aimeike specializes in hyaluronic acid products, with two core offerings: the injection solution "Haitai" and the gel filler "Ruhua Tianzi," both of which previously held market advantages [2]. - The company experienced explosive growth from 2016 to 2024, with revenue increasing from 141 million to 3 billion, a cumulative growth of approximately 2000%, and net profit soaring from 53.38 million to 1.956 billion, an increase of 3564% [3]. Market Challenges - Recent performance has shown a marked slowdown, with Q3 2025 results reflecting a significant decline in both revenue and net profit across all quarters [4]. - The revenue for the injection solution "Haitai" in the first half of 2025 was 744 million, down 23.79%, while "Ruhua Tianzi" generated 493 million, a decrease of 23.99% [5][6]. - Despite maintaining high gross margins above 90%, the decline in revenue and slight drop in gross margin have raised concerns about the company's growth momentum [6]. Competitive Landscape - Aimeike's core products are facing increased competition, particularly with the entry of new players like Huaxi Biological's "Runzhi·Gegge," which has disrupted the previously monopolistic market for "Haitai" [8]. - The market for regenerative injectables is becoming crowded, with competitors like Huadong Pharmaceutical and Changchun Shengboma launching similar products, posing a threat to Aimeike's market share [8][9]. Strategic Moves - In 2025, Aimeike acquired 85% of South Korean company REGEN for 1.9 billion USD to seek new growth avenues, aiming to leverage REGEN's technology and global sales network [10]. - This acquisition has led to a significant increase in goodwill from 278 million at the end of 2024 to 1.65 billion by September 2025, a rise of 493.44% [11]. - However, Aimeike is embroiled in a legal dispute with REGEN's former distributor, which could impact the integration and future profitability of the acquisition [12][13].

Core Viewpoint - The first-mover advantage of Aimeike is gradually diminishing, leading to a significant decline in revenue and net profit in recent quarters, indicating increased competition and changing market dynamics [3][4]. Group 1: Financial Performance - In Q3 2025, Aimeike reported a revenue of 1.865 billion yuan, a year-on-year decrease of 21.49%, and a net profit of 1.093 billion yuan, down 31.05% [3][5]. - The company's two main business segments, represented by "Ruhbai Angel" and "Haitai," which account for over 95% of revenue, have both seen a revenue decline of around 20% in the first half of the year [5][6]. - Aimeike's gross margin remains high at 93.4% for the first three quarters of this year, maintaining above 93% for the past three years [6]. Group 2: Market Challenges - The medical beauty industry is facing challenges such as insufficient consumer confidence and intensified competition, with new entrants diluting Aimeike's market share [3][5]. - Competitors have introduced similar products at significantly lower prices, such as Huaxi Biological's "Runzhi·Gege," which is priced at 30%-50% of "Haitai," directly impacting Aimeike's customer base [5][6]. - The number of approved products in the market has increased, leading to a more competitive landscape for Aimeike's offerings [6]. Group 3: Strategic Initiatives - Aimeike plans to enhance market competitiveness by focusing on core business, diversifying product lines, and improving service levels and brand influence [9][10]. - The company has begun expanding into skincare and cosmetic raw materials, launching the "Haitai Skincare" series and filing for new cosmetic ingredients [10][11]. - Aimeike has also made strategic acquisitions, such as the purchase of REGEN Biotech for nearly 1.4 billion yuan to strengthen its gel injection product line [6][10].

Core Viewpoint - Aimeike (300896.SZ), a leading player in the medical beauty industry, is experiencing a decline in revenue and net profit, indicating a loss of its competitive edge as new entrants flood the market [1][2]. Financial Performance - In Q3 2025, Aimeike reported revenue of 1.865 billion yuan, a year-on-year decrease of 21.49%, and net profit of 1.093 billion yuan, down 31.05% [1][2]. - The company's gross margin remains high at 93.4%, consistent over the past three years [3][7]. - The company's market capitalization has dropped over 70% from its peak of 172.2 billion yuan in 2021 to 48.4 billion yuan as of October 31, 2025 [7]. Business Challenges - Aimeike's two main business lines, represented by "Haitai" and "Ruhua Tianzi," which account for over 95% of its revenue, are facing significant challenges with a revenue decline of around 20% in the first half of 2025 [2][3]. - Increased competition from new products, such as "Runzhi·Gegge" and "Tongyan Needle," has diluted Aimeike's previous market dominance [2][3]. Strategic Responses - Aimeike plans to enhance market competitiveness by focusing on core business, diversifying product lines, and improving service levels [1][6]. - The company has begun expanding into skincare and cosmetic raw materials, launching the "Haitai Skincare" series and filing for new cosmetic ingredients [6][7]. - Aimeike acquired REGEN Biotech for nearly 1.4 billion yuan to strengthen its gel injection product line, although this acquisition has led to disputes over exclusive agency rights [3][4]. Future Outlook - Aimeike aims to transform into a diversified international giant covering both medical and beauty sectors, with ongoing research in biopharmaceuticals and surgical repair [6][7]. - The contribution of its two main business lines to total revenue has decreased from 98.1% in mid-2024 to 95.3% in mid-2025, indicating a gradual shift towards other business areas [7].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has shown significant improvement in profits in Q2 2025, with a notable recovery in net profit compared to Q1 2025 [1][10]. - The chairman's active involvement in management is expected to drive positive changes in the company's performance in the second half of the year [10]. - The company is undergoing a transformation towards an "efficiency-oriented" approach, which has led to a significant reduction in sales expense ratios [9][10]. Financial Performance Summary - For the first half of 2025, the company reported revenues and net profits of 2.26 billion and 220 million yuan, respectively, reflecting year-on-year declines of 19.6% and 35.4% [4]. - Q2 2025 saw revenues and net profits of 1.18 billion and 120 million yuan, with a year-on-year decline of 18.4% in revenue but a 20.9% increase in net profit [4]. - The company's gross margin for the first half of 2025 was 71.0%, down 3.5 percentage points year-on-year [8]. Business Segment Performance - The raw materials segment showed resilience, with revenue of 630 million yuan, a slight decline of 0.6% year-on-year, while the medical terminal products segment generated 670 million yuan, down 9.4% [5]. - The skin science innovation transformation business experienced a significant decline of 34.0% in revenue, totaling 910 million yuan, while the nutrition science innovation transformation business grew by 32.4% to 40 million yuan [5]. - The company launched several new medical aesthetic products in 2025, contributing to a diversified product matrix [6]. Market Outlook - The company is expected to return to a positive growth trajectory, with revenue forecasts adjusted to 4.825 billion, 5.631 billion, and 6.735 billion yuan for 2025, 2026, and 2027, respectively [11]. - The report anticipates that the company's earnings per share (EPS) will be 0.98, 1.23, and 1.66 yuan for 2025, 2026, and 2027, respectively [11]. - The chairman's plan to increase shareholding by 200 to 300 million yuan within six months reflects confidence in the company's future development [11].

Core Viewpoint - Aimeike, once hailed as the "beauty medical leader," is experiencing its first performance decline since its IPO, reflecting both industry-wide changes and internal challenges [2][3][4] Financial Performance - In the first half of 2025, Aimeike reported revenue of 1.299 billion yuan, a year-on-year decline of 21.59%, and a net profit of 789 million yuan, down 29.57% [3][4][6] - The company's revenue growth rate has decreased significantly from 104.13% in 2021 to 5.45% in 2024, culminating in a sharp drop in 2025 [4][6] Market Environment - The decline is attributed to macroeconomic pressures, including weak consumer spending and increasing consumption stratification, which have particularly impacted high-ticket items [7][8] - The average price of hyaluronic acid has dropped from 384 yuan to 330 yuan, indicating a shift in consumer behavior towards more cost-effective options [7] Core Products - Aimeike's two main products, "Haitai" and "Ruhbai Angel," saw significant revenue declines of 23.79% and 23.99%, respectively, together accounting for over 90% of total revenue [8][9] - The gross profit margins for these products have also decreased, raising concerns about their market competitiveness and potential lifecycle decline [9][10] Competitive Landscape - The market is becoming increasingly competitive, with new entrants and price wars threatening Aimeike's previously dominant position [10][14] - The approval of multiple similar products has intensified competition, leading to a potential reduction in profit margins [10][14] Strategic Moves - To address its product line limitations, Aimeike attempted to acquire South Korean company REGEN for $190 million (approximately 1.386 billion yuan), but this has led to legal disputes and potential financial liabilities [15][16][17] - The acquisition has significantly increased the company's goodwill from 278 million yuan to 1.594 billion yuan, raising concerns about financial risks [17][18] Future Outlook - Experts express concerns about Aimeike's ability to recover growth amidst declining core product sales and increasing competition [10][18] - The company needs to diversify its product offerings and enhance its R&D capabilities to mitigate risks associated with its current reliance on a few key products [10][18]

Core Viewpoint - Aimeike, one of the "three swordsmen" in the medical beauty industry, is experiencing a decline in both revenue and net profit, indicating a significant shift in its business performance and market position [1][2]. Financial Performance - For the first half of 2025, Aimeike reported a revenue decrease of 21.59% to 1.299 billion yuan and a net profit drop of 29.57% to approximately 789 million yuan [1]. - The company's cash flow from operating activities also fell by 43.05%, reflecting pressure on profit quality [1]. - In contrast, from 2020 to 2023, Aimeike had previously shown strong growth, with revenues increasing from 709 million yuan in 2020 to 2.869 billion yuan in 2023, and net profits rising from 440 million yuan to 1.858 billion yuan during the same period [2]. Product Performance - The revenue from solution-type injection products decreased by 23.79% to 744 million yuan, while the revenue from gel-type injection products fell by 23.99% to 493 million yuan in the first half of 2025 [4][5]. - The gross margin for solution-type products was 93.15%, and for gel-type products, it was 97.75%, both showing slight declines compared to the previous year [4]. Market Competition - The medical beauty industry is facing increased competition as more injection products receive regulatory approval, leading to a shift from scale expansion to a focus on quality and effectiveness [3][5]. - Aimeike's core products are currently in a transitional phase, which is impacting overall performance [5]. Legal Challenges - Aimeike's subsidiary Regen is involved in a significant arbitration case regarding the exclusive distribution rights of the "AestheFill" product, which could result in a potential claim of 1.6 billion yuan [8][9]. - The arbitration stems from a dispute with a partner company over the distribution rights, which could affect Aimeike's future product strategy and market positioning [9].

Core Viewpoint - Aimeike (300896), one of the "three swordsmen" in the medical beauty industry, is experiencing a decline in performance, with both revenue and net profit decreasing significantly in the first half of 2025, indicating potential challenges ahead for the company [1][2]. Financial Performance - In the first half of 2025, Aimeike reported a revenue of 1.299 billion yuan, a year-on-year decrease of 21.59%, and a net profit of approximately 789 million yuan, down 29.57% [1]. - The company's cash flow from operating activities also fell by 43.05%, indicating pressure on profit quality [1]. - Aimeike's revenue growth slowed significantly in 2024, with a mere 5.45% increase to 3.026 billion yuan and a net profit growth of 5.33% to approximately 1.958 billion yuan [2]. Product Performance - The company's solution and gel injection products have seen a substantial decline, with solution products generating 744 million yuan in revenue, down 23.79%, and gel products at 493 million yuan, down 23.99% [4]. - The decline in revenue is attributed to increased competition and a shift in the industry towards quality and effectiveness, as more medical beauty injection products receive regulatory approval [3][4]. Market Competition - The medical beauty market is becoming increasingly competitive, with more approved products providing consumers with a wider range of compliant options [3]. - Aimeike's core products are facing challenges due to the introduction of competing products, such as the "Renzhi·Gegge" injection launched by Huaxi Biological, which directly competes with Aimeike's "Haitai" [4]. Legal Challenges - Aimeike's subsidiary Regen is involved in a significant arbitration case regarding the agency rights for the "AestheFill" product, which could result in a claim of 1.6 billion yuan [1][8]. - The arbitration stems from a dispute over the exclusive sales rights for AestheFill, with potential implications for Aimeike's future product strategy and market positioning [7][8].