Core Insights - The article highlights that only 13 women globally have become billionaires by founding healthcare companies, with 7 of them from China, indicating a significant presence of Chinese female entrepreneurs in the healthcare sector [1][3]. Industry Overview - The Chinese biopharmaceutical industry is experiencing a transformative phase, referred to as the "DeepSeek moment," as it evolves from being a "generic drug powerhouse" to a competitive force against Western innovation in pharmaceuticals [2]. - In 2024, over 1,250 new drug candidates are expected to enter the research and development phase in China, surpassing the European Union and nearly matching the United States' 1,440 candidates [2]. - Nearly one-third of the drug candidates licensed by large pharmaceutical companies in 2024 are from Chinese firms, a significant increase from zero in 2019 [3]. Company Highlights - **Hansoh Pharmaceutical Group**: Founded by Zhong Huijuan, the company reported a total revenue of approximately 12.26 billion yuan in 2024, with a year-on-year growth of about 21.3% [7]. - **Aimeike**: Founded by Jian Jun, the company specializes in hyaluronic acid production and was listed on the A-share market in 2020, achieving a market value exceeding 170 billion yuan [10]. - **Qizheng Tibetan Medicine**: Founded by Lei Jufang, the company generated sales revenue of 1.655 billion yuan in 2024, with a year-on-year growth of 16.31% [14]. - **Haisco Pharmaceutical Group**: Co-founded by Fan Xiulian, the company reported a revenue of 3.721 billion yuan in 2024, with a year-on-year increase of 10.92% [17]. - **Teva Biopharmaceuticals**: Founded by Yang Ying, the company has shown rapid growth, with revenues increasing from 1.527 billion yuan in 2022 to 2.817 billion yuan in 2024 [18]. - **Kangfang Biopharmaceutical**: Founded by Xia Yu, the company has developed several innovative drugs and is recognized for its leading position in the biopharmaceutical sector [23]. - **Xinlitai**: Co-founded by Liao Qingqing, the company has shifted focus to self-research and development, achieving a revenue of 4.012 billion yuan in 2024, with a year-on-year growth of 19.22% [26].

Core Viewpoint - Aimeike, led by founder Jian Jun, is pursuing international expansion through the acquisition of REGEN Biotech, Inc. to navigate challenges in the domestic medical aesthetics market [1][6]. Company Overview - Aimeike was founded in 2004 by Jian Jun, who transitioned from a successful career in international trade to the medical aesthetics industry after witnessing the effects of hyaluronic acid injections [2][3]. - The company initially faced significant competition from foreign brands in the hyaluronic acid market but successfully launched its first product in 2009, breaking the market monopoly [3]. Financial Performance - Aimeike's stock price surged post-IPO, reaching a peak of 1300 CNY per share in July 2021, with a market capitalization exceeding 1800 billion CNY [5]. - In 2021, the company reported a revenue increase of 104.13% to 1.448 billion CNY and a net profit increase of 117.81% to 958 million CNY [5]. - By 2023, revenue rose to 2.869 billion CNY and net profit reached 1.858 billion CNY, showcasing sustained high growth [5]. Market Challenges - The medical aesthetics industry is experiencing increased competition and regulatory scrutiny, leading to a slowdown in growth for Aimeike, with revenue and net profit growth rates dropping to single digits in 2024 [6]. - Despite achieving record revenues of 3.026 billion CNY and net profits of 1.958 billion CNY in 2024, the growth rates were only 5.45% and 5.33%, respectively [6]. Strategic Initiatives - Aimeike is focusing on international market expansion as a growth strategy, having initiated a Hong Kong IPO in 2021, although it has faced challenges in this endeavor [6]. - The acquisition of REGEN Biotech, Inc. for approximately 1.4 billion CNY, representing a 13-fold premium, is part of Aimeike's strategy to enhance its product line and accelerate global market penetration [6].

Core Viewpoint - The article discusses whether hyaluronic acid (HA) has become "outdated" in the industry and capital markets, emphasizing its ongoing technological breakthroughs and potential for further industrial application [1][4]. Group 1: Industry Overview - China has become the world's largest producer of hyaluronic acid, accounting for over 84% of global sales in 2023, with major companies like Huaxi Biological and Furuida leading the market [4][12]. - The application of hyaluronic acid spans various fields, including medical aesthetics, pharmaceuticals, skincare, and food, indicating a broad market potential [9][10]. Group 2: Technological Advancements - Technological breakthroughs have significantly reduced production costs and expanded application scenarios for hyaluronic acid, with production efficiency increasing from 3g/L to 12-14g/L through fermentation technology [13][19]. - The introduction of cross-linking technology has transformed hyaluronic acid from a liquid to a gel state, enhancing its utility in minimally invasive aesthetic procedures [8][18]. Group 3: Market Dynamics - The market for hyaluronic acid is experiencing increased competition, leading to price wars and a decline in product differentiation, with injection products priced between 600-800 RMB, and some below 100 RMB [14]. - Major companies like Huaxi Biological and Aimeike are facing challenges in revenue growth due to price reductions and market saturation, despite some product lines performing well [14][16]. Group 4: Future Directions - The future of hyaluronic acid lies in expanding its applications in medical devices, cosmetics, and food products, with a focus on developing new formulations and improving compliance with regulatory standards [17][18]. - Companies are exploring regenerative capabilities of hyaluronic acid, aiming to enhance its effectiveness and comfort in applications, indicating a shift from mere filling to regenerative functions [18][19].

Core Viewpoint - The article discusses the significant decline in the wealth of Jian Jun, the leader of Aimeike, a prominent player in the medical beauty industry, highlighting the challenges faced by the company amid increasing competition and changing market dynamics [2][3]. Group 1: Wealth Decline of Jian Jun - Jian Jun's wealth has decreased from 525 billion yuan in 2023 to 220 billion yuan in 2025, a loss of 305 billion yuan over two years [2][3]. - Aimeike, under Jian Jun's leadership, has become a leading company in the medical beauty sector, forming a competitive landscape with Huaxi Biological and Haohai Biological, known as the "three swordsmen of hyaluronic acid" [2][3]. - Despite previous high growth rates, Aimeike's revenue and net profit growth have slowed to single digits in 2024, with both metrics turning negative in Q1 2025 [2][10]. Group 2: Aimeike's Business Performance - Aimeike's revenue surged by 104.13% in 2021, reaching 1.448 billion yuan, with net profit increasing by 117.81% to 958 million yuan [10]. - In 2023, Aimeike's revenue reached 2.869 billion yuan, and net profit was 1.858 billion yuan, but growth rates fell to 5.45% and 5.33% respectively in 2024 [11]. - The company's gross margin has also declined, from 95.09% in 2023 to 93.85% in Q1 2025 [11]. Group 3: Strategic Moves and Acquisitions - In March 2025, Aimeike announced plans to acquire 85% of South Korean REGEN Biotech, Inc. for 1.9 billion USD, aiming to enhance its international presence and product offerings [12][13]. - The acquisition is seen as a strategic move to solidify Aimeike's leading position in the injectable product market and to drive future growth [13][14]. - Analysts believe that this overseas acquisition could provide new growth opportunities for Aimeike amid a challenging domestic market [12][13].