中国化妆品原料信息平台上线，6个项目集中签约，北京"未来美城"、上海"东方美谷"、济南"北方美谷"、广州"白云美湾"、湖州"美妆小镇"共同发 布"美丽健康产业高质量发展北京宣言"……刚刚闭幕的中国化妆品原料创新大会暨北京"未来美城"发展大会上，昌平区推动多项利好美丽健康产业 发展的措施落地，释放信心足、前景好的积极信号。 化妆品是昌平区美丽健康产业三大赛道之一。2021年以来，昌平区重点布局医疗美容、化妆品、保健品三大赛道，全区美丽健康企业达到164家， 产业收入连续四年保持20%以上高速增长。昌平区不仅成为北京市美丽健康产业主阵地，在全国美丽健康产业版图中也愈发醒目。 未来美城产业创新基地 新质生产力成为产业新底色 即时查询各类化妆品原料、产品等信息，还能与厂商交流，一键安评，昌平区与中国香料香精化妆品工业协会共同建设的中国化妆品原料信息平台 上线后，化妆品行业的透明度、创新能力和监管效率进一步提升。 这是昌平区推动新质生产力成为产业主引擎迈出的重要一步。这些年，昌平区加速原始创新，尤其注重以原材料创新驱动全产业链创新，在医疗美 容、化妆品、保健品三大赛道描摹"新质底色"。 化妆品赛道上游原料创新研发优势明 ...

韩国童颜针，在中国掀起两大上市公司的生死对决。 2025年7月18日，江苏吴中（*ST苏吴（维权））控股孙公司达透医疗收到韩国Regen公司发来的《解约 函》，要求撤销艾塑菲（AestheFill）"童颜针"在中国大陆的独家经销权。而就在两周前，Regen已被爱 美客以13.86亿元收购85%股权完成控股。 这意味着江苏吴中失去了一季度贡献35.55%营收、45.77%毛利的核心产品。截至8月25日，其股价较解 约前暴跌超40%，市值仅剩7.68亿元，处于退市边缘。 Regen在解约函中提出两大理由： 业务违规转移：指责达透医疗将经销权转让给母公司吴中美学； 声誉风险加剧：江苏吴中因财务造假被证监会处罚，触发退市风险警示，恐损害产品形象。 爱美客进一步声明，达透医疗违约导致经济和商誉损失，"解约是法律赋予的权利"。 8月7日，达透医疗向深圳国际仲裁院提起仲裁，索赔金额高达16亿元，包括：已投入的4亿元临床注册 与市场开拓成本；因断供导致的客户违约赔偿；剩余8年独家代理期内的预期利益损失。 吴中在《严正宣告》中控诉爱美客**"资本霸凌，出尔反尔"** ，导致"千名员工生计悬于一线，千家合 作机构损失惨重"。 艾 ...

商贸零售 《武商集团布局仓储会员店，探索本 土化成长路径—行业周报》-2025.8.10 中报发布进行时，珠宝、美护优质品牌验证高景气 ——行业周报 黄泽鹏（分析师） 姚慕宇（联系人） huangzepeng@kysec.cn 商贸零售 2025 年 08 月 24 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2024-08 2024-12 2025-04 商贸零售 沪深300 相关研究报告 《7 月社零同比+3.7%，老铺黄金官宣 产品调价计划—行业周报》-2025.8.17 《7 月社零同比+3.7%，金银珠宝和化 妆 品 环 比 改 善 — 行 业 点 评 报 告 》 -2025.8.15 yaomuyu@kysec.cn 证书编号：S0790125040021 中报发布进行时，珠宝、美护优质品牌验证高景气 （1）黄金珠宝：从黄金珠宝板块标的中报来看，老铺黄金、潮宏基、莱绅通灵、 周六福、英皇钟表珠宝实现亮眼增长，其中老铺黄金实现营收 123.54 亿元 （+251.0%），归母净利润 22.68 亿元（+285.8%），潮宏基实现营收 41. ...

Core Viewpoint - The domestic medical beauty industry is undergoing significant changes, with major players experiencing a decline in performance due to market shifts and increased competition from new regenerative materials like collagen and "童颜针" (youthful needle) [4][7][14]. Group 1: Industry Performance - The three major companies in the medical beauty sector, including 华熙生物, 爱美客, and 昊海生科, reported substantial declines in revenue and net profit, with 爱美客's revenue dropping by 21.59% to 12.99 billion yuan and net profit decreasing by 29.57% to 7.89 billion yuan in the first half of 2024 [7][8]. - 爱美客's core products, including "嗨体" and "濡白天使," saw revenue declines of 23.79% and 23.99%, respectively, despite maintaining high gross margins of over 90% [6][7]. Group 2: Market Trends - The introduction of "童颜针," particularly the imported product 艾塑菲, has gained rapid popularity, with sales reaching 20,000 units and contributing over 800 million yuan in revenue within two months of its launch [5][17]. - The shift towards regenerative materials is evident, as "童颜针" offers longer-lasting effects and a different mechanism compared to traditional hyaluronic acid fillers, which are facing price declines due to increased competition [16][17]. Group 3: Strategic Moves - 爱美客's acquisition of REGEN, a Korean medical beauty company, for 1.386 billion yuan marks the largest cross-border acquisition in the domestic medical beauty industry, aiming to enhance its product portfolio and market presence [5][9]. - The ongoing dispute between 江苏吴中 and 爱美客 over the distribution rights of 艾塑菲 highlights the competitive landscape and the challenges of dependency on agency models in the medical beauty sector [19][20]. Group 4: R&D and Innovation - 爱美客 has increased its R&D investment to 1.57 billion yuan, representing 12.05% of its revenue, indicating a focus on enhancing its competitive edge through innovation [8]. - The company holds 182 valid patents, including 53 invention patents, showcasing its commitment to developing proprietary technologies [8].

2025年上半年，爱美客营收净利双降，同比降幅分别为21.59%和29.57% 投资时间网、标点财经研究员 吕贡 爱美客技术发展股份有限公司（下称爱美客，300896.SZ）童颜针代理权之争有了新进展。 2025年7月18日，爱美客控股子公司REGEN向*ST苏吴控股孙公司达透医疗送达《解约函》，宣布解除双方此前签订的独家经销协议，并撤销达透医疗 作为AestheFill（下称艾塑菲）产品在中国大陆地区独家经销商所有相关授权。 近日，爱美客公告称，2025年8月13日，REGEN向深圳国际仲裁院主动获取《仲裁通知》。该通知显示，达透医疗就这一经销纠纷提起仲裁申请，深 圳国际仲裁院于同年8月7日受理。 根据公告内容，达透医疗在仲裁申请中提出多项请求，一是裁决确认《独家代理权协议》有效，即达透医疗在独家代理权有效期（至2032年8月28日） 内享有艾塑菲产品的独家代理权；二是裁决REGEN继续履行《独家代理权协议》，特别是按约向达透医疗供应艾塑菲产品。 达透医疗进一步提出，若上述仲裁请求未得到仲裁庭支持，则要求裁决REGEN赔偿损失，暂计为16亿元。而达透医疗因本案支出的律师费、保全费等 全部法律费用，也要求由R ...

美容护理/医疗美容 爱美客（300896.SZ） 2025 年 08 月 21 日 投资评级：买入（维持） | 日期 | 2025/8/20 | | --- | --- | | 当前股价(元) | 188.50 | | 一年最高最低(元) | 282.72/132.81 | | 总市值(亿元) | 570.39 | | 流通市值(亿元) | 393.20 | | 总股本(亿股) | 3.03 | | 流通股本(亿股) | 2.09 | | 近 3 个月换手率(%) | 94.36 | 股价走势图 数据来源：聚源 -24% 0% 24% 48% 72% 96% 2024-08 2024-12 2025-04 爱美客 沪深300 相关研究报告 《2024 年利润稳健，管线丰富叠加海 外收购助力增长—公司信息更新报 告》-2025.3.24 《三季度增长承压，期待后续管线落 地打开成长空间—公司信息更新报 告》-2024.10.24 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 事件：公司 2025H1 归母净利润同比下滑 29.6%，业绩有所承压 公司发布半年 ...

Core Viewpoint - The beauty business, particularly in the medical aesthetics sector, is facing significant challenges, as evidenced by the declining performance of major players like Aimeike, which reported substantial drops in revenue and profit in the first half of 2025 [1][6]. Financial Performance - Aimeike's revenue for the first half of 2025 was 1.299 billion yuan, a year-on-year decrease of 21.59% [1] - The net profit attributable to shareholders was 789 million yuan, down 29.57% year-on-year [1] - The net profit after deducting non-recurring items was 722 million yuan, a decline of 33.7% [1] - Operating cash flow net amount was 655 million yuan, a significant drop of 43.06% [1] - In Q2 alone, revenue fell by 25.11% and net profit dropped by 41.75% year-on-year [1] Inventory and Receivables - Aimeike's accounts receivable reached a historical high of 213 million yuan by the end of June, an increase of 26.79% from the end of the previous year [1][5] - Inventory also hit a record high of 82 million yuan by the end of June [3] - The simultaneous rise in accounts receivable and inventory indicates challenges in product sales and suggests that the company's performance has not yet bottomed out [5] Industry Context - The entire medical aesthetics industry is experiencing a downturn, with competitors like Huaxi Biological also reporting significant declines, including a 58.13% drop in net profit in Q1 [6] Strategic Acquisitions - Aimeike announced the acquisition of 85% of South Korean REGEN for $190 million, aiming to expand its product offerings with "童颜针" (youthful needle) products [7][8] - REGEN is recognized for its AestheFill and PowerFill products, which are expected to complement Aimeike's existing product matrix [8] Legal Challenges - Following the acquisition, REGEN faced legal issues with a previous distributor, 达透医疗, which is seeking 1.6 billion yuan in damages due to alleged breaches of contract [11][13] - If the arbitration favors 达透医疗, Aimeike's cash reserves could drop below 1.5 billion yuan [13] Research and Development - Despite the declining performance, Aimeike increased its R&D investment to 1.566 billion yuan, a year-on-year increase of 24.47%, marking a record high for the period [14] - Ongoing projects include traditional medical aesthetic products as well as new weight loss and hair regeneration products [15] Market Expansion Efforts - In response to the industry's downturn, Aimeike is actively seeking to expand into new markets [16]

Core Viewpoint - The growth myth of Aimeike (300896.SZ), known as the "beauty medical king," is collapsing as the company faces significant revenue and profit declines amid intensified competition in the medical aesthetics industry [1][2][3]. Financial Performance - In the first half of this year, Aimeike's revenue dropped by 21.59% to 1.299 billion yuan, and net profit attributable to shareholders fell by 29.57% to 789 million yuan, marking the first time the company experienced a dual decline in mid-year performance since its listing [3][4]. - The second quarter saw a dramatic decline in net profit, plummeting by 41.75% to 346 million yuan, with revenue down 25.11% to 636 million yuan [3][4]. - Aimeike's cash flow from operating activities also showed a warning sign, decreasing by 43.06% from 1.15 billion yuan in the same period last year to 655 million yuan [3]. Market Competition - The medical aesthetics industry is entering a fully competitive phase, with numerous new entrants, including Huaxi Biological, which has disrupted Aimeike's monopoly on its flagship product "Haitai" [1][5]. - The core product "Haitai," which was once the market leader, is now facing declining sales and market share due to increased competition and the introduction of new products [5][6]. Product Performance - Aimeike's solution injection products generated revenue of 744 million yuan in the first half of the year, a decline of 23.79% year-on-year, primarily due to intensified industry competition [4][6]. - The revenue from gel injection products, represented by "Ruhua Tianzi," also showed signs of slowing growth, with a 23.99% decline in the first half of the year [6]. Strategic Moves - To overcome growth bottlenecks, Aimeike invested heavily in acquiring the Korean company REGEN, aiming to enter the "youthful needle" market [1][7]. - However, the acquisition has led to a significant arbitration dispute over agency rights, with potential financial implications of up to 1.6 billion yuan [8][9]. Industry Outlook - According to a report, the Chinese medical aesthetics industry is expected to experience continuous market growth but with a slowdown in growth rates, indicating a strategic transition from scale expansion to value reconstruction [5].

Core Insights - The company reported its 2025 mid-year results, showing revenue and profit under pressure, with performance below expectations [1] - The core injection product revenue declined, indicating challenges in the product line [2] - The company is increasing R&D investment and has a robust pipeline of products in development, which may drive future growth [3] Financial Performance - For the first half of 2025, revenue was 1.299 billion yuan, a year-on-year decrease of 21.59%; net profit attributable to shareholders was 789 million yuan, down 29.57%; and net profit excluding non-recurring items was 722 million yuan, down 33.70% [1] - In Q2 2025, revenue was 636 million yuan, a year-on-year decline of 25.11%; net profit attributable to shareholders was 346 million yuan, down 41.75%; and net profit excluding non-recurring items was 320 million yuan, down 42.83% [1] - The gross margin for H1 2025 was 93.44%, down 1.48 percentage points, and the net margin was 60.90%, down 6.78 percentage points [1] Product Performance - Revenue from solution injection products was 744 million yuan, accounting for 57.27% of total revenue, with a year-on-year decline of 23.79% [2] - Revenue from gel injection products was 493 million yuan, accounting for 37.95% of total revenue, also down 23.99% year-on-year [2] Strategic Developments - The company has expanded its product matrix through acquisitions, including a 1.9 billion USD acquisition of 85% of REGEN, enhancing its product offerings in the aesthetic field [2] - The digital platform "全轩课堂" serves 29,000 certified doctors, strengthening customer loyalty [2] R&D and Future Outlook - The company launched a new chin filler product "嗗科拉" in May 2025, enhancing its facial shaping offerings [3] - Several products are in the pipeline, including A-type botulinum toxin in the registration phase and others in clinical trials, indicating a strong commitment to R&D [3] - The company aims to leverage its strong market position and product matrix to return to growth, despite short-term performance fluctuations [3]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, while continuing to invest heavily in R&D and pursuing international expansion through acquisitions [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 1.299 billion yuan, a decrease of 22% year-on-year, and a net profit attributable to the parent company of 789 million yuan, down 30% year-on-year [1]. - For Q2 2025, revenue was 636 million yuan, a decline of 25% year-on-year, with a net profit of 346 million yuan, down 42% year-on-year [1]. Business Segmentation - In H1 2025, revenue from solution injection products was 744 million yuan (down 24% year-on-year) with a gross margin of 93.15%, while gel injection products generated 493 million yuan (down 24% year-on-year) with a gross margin of 97.75% [2]. - The company invested 157 million yuan in R&D in H1 2025, representing a R&D expense ratio of 12.05%, an increase of 4.46 percentage points year-on-year [2]. Pipeline Development - The company is advancing its pipeline with key products such as A-type botulinum toxin and minoxidil lotion in the final review stage for registration, and the application for lidocaine and dibucaine cream has been accepted [2]. Acquisition and Global Strategy - The company acquired 85% of South Korean REGEN for 190 million USD, enhancing its regenerative product matrix and leveraging REGEN's established international distribution network to accelerate its own product's global expansion [3]. Profit Forecast and Valuation - The company revised its profit forecast, expecting net profits of 1.891 billion, 2.094 billion, and 2.273 billion yuan for 2025-2027, with corresponding EPS of 6.10, 6.93, and 7.52 yuan, maintaining a "buy" rating [4].