Core Viewpoint - Aimeike, once a leading player in the medical beauty industry, is facing significant challenges with declining performance and ongoing disputes over product agency rights, prompting a recent board reshuffle to address these issues [2][3][20]. Company Overview - Aimeike's actual controller, Jian Jun, has been re-elected as chairman, with a stable core management team, while the new board secretary, Li Dongmei, is seen as a fresh face amid the company's current challenges [2]. - The company has experienced a dramatic decline in performance, with a first-time negative growth reported in the first half of 2025, and significant year-on-year drops in revenue and net profit [3][13]. Financial Performance - In the third quarter of 2025, Aimeike reported revenue of 566 million yuan and a net profit of 304 million yuan, representing declines of 21.27% and 34.61% year-on-year, respectively [3]. - As of November 21, 2025, Aimeike's stock price is 148 yuan per share, with a market capitalization of 44.8 billion yuan, down over 100 billion yuan from its peak [4]. - The company's financial struggles have also impacted Jian Jun's wealth, which has decreased significantly over the past two years [6]. Historical Growth Trajectory - Aimeike's growth trajectory has been closely tied to its innovative product development, with significant milestones including the launch of its first self-developed product in 2009 and the introduction of several key products that drove revenue growth [9][10]. - The company saw explosive growth from 2021 to 2023, with revenues increasing from 1.448 billion yuan in 2021 to 2.869 billion yuan in 2023, and net profits rising from 958 million yuan to 1.858 billion yuan during the same period [7][10]. Current Challenges - The company is now facing a decline in growth momentum, with projections for 2024 showing single-digit growth rates, and a significant drop in revenue and net profit in the first half of 2025 [13]. - The decline is attributed to the weakening performance of its core products, particularly the HiTi and Luhua Tianzi, which have seen substantial year-on-year revenue declines [13][14]. Market Competition - The competitive landscape in the medical beauty industry is intensifying, with new entrants and increased product offerings leading to a dilution of Aimeike's previous competitive advantages [14][19]. - The recent launch of competing products has further pressured Aimeike's market share, particularly in the neck wrinkle treatment segment [13][14]. Strategic Responses - In response to these challenges, Aimeike is focusing on diversifying its product offerings and enhancing its research and development capabilities, including the introduction of new products and expansion into biopharmaceuticals [15][17]. - The company has also pursued strategic acquisitions, such as the purchase of a majority stake in REGEN, to bolster its product portfolio and enhance its competitive position in the global market [17][18]. Agency Dispute - Aimeike is embroiled in a significant dispute over the agency rights for its AestheFill product, which has led to legal actions and could impact its market performance [18][20]. - The resolution of this dispute is critical for Aimeike's management team, as it seeks to stabilize the company amid declining market conditions and increasing competition [20].

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 ...

"医美茅"爱美客跌落 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"名号响彻市场。 爱美客的成长轨迹，与简军的个人经历深度绑定。 公开资料显示 ...

Core Viewpoint - Aimeike, once a leading player in the medical beauty industry, is facing significant challenges with declining performance and ongoing disputes over product agency rights, prompting a recent board reshuffle to address these issues [1][2][6]. Company Overview - Aimeike's actual controller, Jian Jun, was re-elected as chairman, while the management team remains stable, with Li Dongmei being promoted to a key role amid the company's current challenges [1][2]. - The company has seen a drastic decline in stock price and market capitalization, dropping from a peak of over 150 billion yuan to around 45 billion yuan [2][6]. Financial Performance - In the first half of 2025, Aimeike reported a revenue of 5.66 billion yuan and a net profit of 3.04 billion yuan, marking declines of 21.27% and 34.61% year-on-year, respectively [2][6]. - The company experienced its first negative growth in 2025, with revenue and net profit both declining over 20% [6][7]. Product Development and Market Position - Aimeike's growth has been closely tied to its innovative product development, with key products like "HiTi" and "Luhua Tianzi" driving significant revenue [3][5]. - The company has expanded its product matrix, with "HiTi" achieving a revenue share increase from 15.34% in 2017 to 43.5% in 2019 [4]. Competitive Landscape - The medical beauty industry is undergoing rapid changes, with increased competition leading to a dilution of Aimeike's product advantages, particularly for "HiTi" and "Luhua Tianzi" [7][8]. - New entrants in the market have intensified competition, with the number of approved "童颜针" products increasing to seven, further squeezing Aimeike's growth potential [8][9]. Strategic Initiatives - Aimeike is diversifying its product offerings, including the launch of new products like "Kela" and expanding into biopharmaceuticals and chemical drugs [9][10]. - The company has also pursued acquisitions, such as the purchase of a majority stake in REGEN, to enhance its product portfolio and market competitiveness [10][11]. Legal and Regulatory Challenges - Aimeike is embroiled in a significant dispute over the agency rights for its product "AestheFill," which could impact its market performance and brand partnerships [11][12]. - The ongoing arbitration with Jiangsu Wuzhong over the exclusive distribution rights of "AestheFill" highlights the complexities of brand ownership and distribution in the medical beauty sector [12][15].

Core Viewpoint - Aimeike, once hailed as the "beauty medical leader," is facing severe challenges since its IPO, with continuous declines in both revenue and net profit over four consecutive quarters, reflecting deeper operational crises amid intensified market competition [1][2][4]. Financial Performance - In Q3 2025, Aimeike's revenue decreased by 21.27% year-on-year to 1.865 billion yuan, while net profit attributable to shareholders fell by 34.61% to 1.093 billion yuan [2][4]. - The company has experienced a downward trend in revenue and net profit since Q4 2024, with respective declines of 7%, 17.9%, 25.11%, and 21.27% for revenue, and 15.47%, 15.87%, 41.75%, and 34.61% for net profit in the last four quarters [4][6]. Inventory and Efficiency - Aimeike's inventory scale has been increasing, with a 41.66% year-on-year growth in inventory size to 96 million yuan in the first three quarters of 2025, while inventory turnover efficiency has significantly declined, with turnover days extending to 185 days, an increase of 56 days compared to the previous year [6][7]. Product Performance - The decline in Aimeike's performance is primarily attributed to the poor sales of its two core products: solution and gel injection products, which saw revenue drops of 23.79% and 23.99% respectively in the first half of 2025 [6][7]. Strategic Acquisitions - To seek growth, Aimeike has engaged in high-premium acquisitions, including a notable acquisition of REGEN Biotech for approximately 1.9 billion USD, which resulted in a significant increase in goodwill to about 1.651 billion yuan [7][10]. - The acquisition has led to legal complications, including a 1.6 billion yuan arbitration case related to the exclusive distribution rights of AestheFill, a key product from REGEN [10][11]. Market Dynamics - The injection beauty market in China is characterized by high competition and increasing numbers of approved products, which has diminished Aimeike's first-mover advantage in the hyaluronic acid injection sector [7][8]. - The company has been actively expanding its product line through mergers and acquisitions to maintain its competitive edge in the injection beauty field [8][9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In Q3 2025, the company achieved operating revenue of 566 million yuan, a year-on-year decrease of 21.27%. The net profit attributable to the parent company was 304 million yuan, down 34.61% year-on-year, while the net profit excluding non-recurring items was 255 million yuan, a decline of 42.37% year-on-year [2][6]. - The revenue decline has narrowed sequentially due to the consolidation of REGEN Company, with revenue declines in Q1, Q2, and Q3 being 17.9%, 25.11%, and 21.27% respectively. The main reason for the narrowing decline is the lower revenue base starting from Q3 of the previous year [11]. - The company's gross profit margin for Q3 was 93.2%, a year-on-year decrease of 1.4 percentage points, while the net profit margin attributable to the parent company was 53.7%, down 11 percentage points year-on-year. This decline in profitability is attributed to revenue pressure and relatively rigid expense inputs [11]. - The internationalization strategy is expected to bring new growth. The consolidation of REGEN has introduced products that complement the existing product matrix, enhancing the company's offerings in the aesthetic medicine sector [11]. - The company forecasts EPS for 2025, 2026, and 2027 to be 4.92 yuan, 5.62 yuan, and 6.20 yuan respectively, indicating a positive outlook despite current pressures [11]. Financial Summary - For 2025, the company expects total revenue of 2.515 billion yuan, with a gross profit of 2.345 billion yuan, resulting in a gross margin of 93% [17]. - The projected net profit for 2025 is 1.489 billion yuan, with an EPS of 4.92 yuan [17]. - The company’s cash flow from operating activities is expected to be 1.499 billion yuan in 2025 [17].

Core Insights - The report maintains a neutral rating for the pharmaceutical and biotechnology industry, indicating that while there are pressures on performance, there are also opportunities in specific segments that are experiencing growth [5][30]. Market Performance Review - In the first ten months of 2025, the SW pharmaceutical and biotechnology index increased by 21.10%, outperforming the CSI 300 index by approximately 2.26 percentage points, ranking 12th among all Shenwan primary industries [14][19]. - Most sub-sectors within the industry recorded positive returns, with the medical research outsourcing and chemical preparation sectors leading with increases of 60.54% and 40.80%, respectively. Conversely, the blood products and vaccine sectors saw declines of 7.89% and 1.60% [15][19]. - As of October 31, 2025, the overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 53.97 times, which is 4.06 times higher than the CSI 300 index, indicating an increase in industry valuation [19][20]. Policy Outlook for H1 2026 - The 11th batch of national drug centralized procurement is expected to be fully implemented in the first half of 2026, involving 55 varieties and 272 companies, with a selection rate of 57% [30][31]. - The procurement results show a high match between selected brands and clinical needs, with strong supply capabilities from mainstream companies [30]. Sub-sector Highlights Innovative Drugs - Continuous policy optimization supports the development of innovative drugs, with a comprehensive approach to enhance pricing management, insurance coverage, and investment [38]. - The industry is gradually moving away from homogeneous competition, with a significant increase in the proportion of First-in-Class new drug development, which rose by 23 percentage points to 35% since 2020 [38][39]. - Domestic innovative drugs are gaining international recognition, with outbound licensing transactions reaching $66 billion in the first half of 2025, reflecting a growing global presence [41][44]. Medical Devices - The aging population in China is projected to exceed 400 million by 2035, driving demand for medical services and supporting stable growth in the medical device market [50]. - The global medical device market is expected to grow at a compound annual growth rate (CAGR) of 5.7%, reaching $869.7 billion by 2030 [52]. - China's medical device market is rapidly expanding, with projected revenues of 187.5 billion yuan by 2025, indicating significant growth potential [53]. Aesthetic Medicine - The domestic aesthetic medicine market is expected to steadily increase, supported by various policies aimed at promoting healthy industry development and improving market concentration [39]. Synthetic Biology - The market size for synthetic biology is anticipated to approach $40 billion by 2027, driven by multiple factors including technological advancements and increased investment [39].

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 position [2][5][8]. 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][8]. - The company's stock price fell to 157.05 yuan per share on the day of the report, a drop of 3.97%, and has since decreased by 73% from its peak market value of 180 billion in 2021, now valued at approximately 48.5 billion [2][5]. Product Performance - Aimeike's core products, "Haitai" and "Ruhua Tianzi," have seen significant revenue declines. For the first half of 2025, "Haitai" generated 744 million, down 23.79%, while "Ruhua Tianzi" brought in 493 million, down 23.99% [8][9]. - Despite maintaining high gross margins above 90%, the revenue drop and slight margin decline indicate growing concerns about the company's revenue structure and overall growth momentum [9][10]. Competitive Landscape - Aimeike's market dominance is being challenged as competitors like Huaxi Biological have introduced similar products, eroding the unique advantages previously held by "Haitai" [11][13]. - The emergence of alternative technologies, such as recombinant collagen, poses a threat to Aimeike's core offerings, further pressuring its performance [13]. Strategic Moves - Aimeike's acquisition of REGEN aims to enhance its product portfolio and international market access, but it has led to a significant increase in goodwill from 278 million to 1.65 billion, a rise of 493.44% [14][15]. - The company is currently embroiled in a legal dispute with its former distributor, which could impact the integration of REGEN and future revenue streams [15]. Conclusion - Aimeike is at a critical juncture, facing declining performance from its flagship products while struggling to establish new growth drivers amidst increasing competition and technological advancements [15].