Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 237.90 RMB [8][9]. Core Views - The company reported a revenue of 3.026 billion RMB for 2024, a year-on-year increase of 5.45%, and a net profit attributable to the parent company of 1.958 billion RMB, also up by 5.33% year-on-year. However, the Q4 2024 revenue was 650 million RMB, down 7% year-on-year, and net profit was 372 million RMB, down 15% year-on-year, which was below previous expectations due to pressure on the medical aesthetics sector [1]. - The acquisition of 85% of Korean Regen Company for 190 million USD (approximately 1.386 billion RMB) is expected to inject performance momentum and boost market confidence. This marks the company's first overseas acquisition since its listing [1][4]. - Short-term recovery in the medical aesthetics sector may provide room for performance and valuation recovery, while long-term global resource integration and pipeline expansion are anticipated to create new growth trajectories [1]. Revenue and Profit Forecast - The company’s revenue is projected to grow to 3.643 billion RMB in 2025, representing a 20.41% increase, and net profit is expected to reach 2.398 billion RMB, a 22.52% increase. The EPS for 2025 is estimated at 7.93 RMB [5][7]. - The company’s estimated PE for 2025 is 30 times, with a target price of 237.90 RMB based on this valuation [5]. Product Performance - The revenue from gel products reached 1.216 billion RMB, growing by 5.01% year-on-year, driven mainly by the launch of new products. The solution category generated 1.744 billion RMB, with a stable growth of 4.4% year-on-year [2]. Regional Expansion - The company has significant expansion potential in regions such as North China, Central China, and South China, with North China showing a revenue increase of 33.21% year-on-year [3].