收购REGEN 交割完毕，关注新管线增量节奏。公司完成对韩国REGEN 的控股权，国内"臻爱塑菲"已 经开启销售，关注国内售卖过渡期起量进度；此外公司米诺地尔搽剂获批，26 年公司或迎来肉毒等新 管线的集中上市期，关注国内新管线进度条。 低景气度+竞争加剧背景下传统产品短期承压。预计单Q3 嗨体及凝胶类仍延续下滑趋势，短期受到终 端淡季景气度平淡及行业新品放量的影响。25Q1-3收入18.65 亿元/-21.49%，归母净利10.93 亿 元/-31.05%，扣非归母净利9.76 亿元/-36.20%。25Q3 收入5.66 亿元/-21.27%，归母净利3.04 亿 元/-34.61%，扣非归母净利2.55 亿元/-42.37%。25Q3 毛利率93.19%，同比-1.36pct，预计主系竞争加剧 背景下价格竞争压力加大。25Q3 销售费用率15.37%/+6.4pct，预计主系Q3 新品投放及宣传等费用增 加，管理费用率8.82%/+5.5pct，主因收购带来的整合费用及人工成本增加；研发费用率14.3%/+5.7pct。 25Q3 归母净利率53.7%/-11pct，扣非归母净利率44.98%/-16. ...

[Table_Title] 研究报告 Research Report 21 Nov 2025 爱美客 Imeik Technology Development (300896 CH) 25Q3 短期业绩承压，看好创新品种落地及出海 Short-term performance under pressure in 25Q3, optimistic about the launch of innovative products and overseas expansion 孟科含 Kehan Meng 孙旭东 Xudong Sun kh.meng@htisec.com xd.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 爱美客发布 2025Q3 业绩。 点评 受消费环境影响收入短期相对承压。2025Q3，公司实现收入 5.7 亿元（-21.3%），实现归母净利润 3.0 亿元 （-34.6%），扣非归母净利润 2.5 亿元（-42.4% ...

Core Viewpoint - The company is currently in the early stages of launching new products, and their market performance is not expected to significantly impact this year's financial results [2]. Group 1: New Product Performance - The new products, including Tamsulosin and Minoxidil topical solution, are in the initial launch phase [2]. - The company anticipates that the impact of these new products on this year's performance will not be particularly significant [2]. Group 2: Business Strategy and Management - The company aims to continue focusing on its core business while enhancing operational management performance [2]. - Plans are in place to optimize corporate governance, strengthen core competitiveness, improve information disclosure, and enhance investor relations management [2]. - These strategies are intended to strengthen market value management and ensure that market value reflects the company's true worth, thereby protecting investor rights [2].

Core Viewpoint - Minsheng Health's new products, including Tamsulosin and Minoxidil topical solution, are in the early stages of market launch, and their impact on the company's performance this year is expected to be limited [2] Group 1: Business Development - The company is committed to deepening its core business while actively promoting business development [2] - Minsheng Health aims to enhance operational management performance to facilitate high-quality and healthy growth [2] Group 2: Value Management - The company plans to strengthen its market value management through various strategies, including optimizing corporate governance and enhancing core competitiveness [2] - Minsheng Health will improve information disclosure and strengthen investor relations management to ensure that market value reflects the company's true worth and to protect investor rights [2]

Core Viewpoint - In Q3 2025, excluding the consolidation effects of Tian Shili and Kun Pharmaceutical, the company's core business revenue and profit are expected to grow, aligning with expectations [1][3]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 21.986 billion yuan, a year-on-year increase of 11.38%, while the net profit attributable to shareholders was 2.353 billion yuan, a decrease of 20.51% [2][3]. - In Q3 2025 alone, the company reported a revenue of 7.176 billion yuan, a year-on-year increase of 27.37%, and a net profit attributable to shareholders of 538 million yuan, a decrease of 4.26% [3]. CHC and Prescription Drug Performance - The CHC segment has stabilized, particularly in the core cold medicine category, despite some pressure, with sales gradually stabilizing as seasonal demand increases [4]. - The prescription drug segment continues to enhance the academic value and competitiveness of its product lines, showing steady performance [4]. R&D and Innovation - The company has increased R&D investments, focusing on a dual strategy of "brand + innovation" to expand its innovative product pipeline [5][6]. - Collaborations with other pharmaceutical companies are ongoing to advance clinical trials for new products, indicating a robust commitment to innovation [5][6]. Integration and Future Outlook - The integration of Tian Shili is progressing well, which is expected to enhance the company's innovative capabilities in prescription drugs [7]. - Looking ahead to 2025, the company aims to maintain stable sales trends in its core cold medicine category while expanding its product lines and digital transformation efforts [8]. Profitability and Financial Health - The company's gross margin for the first three quarters of 2025 was 53.52%, showing a slight increase, while operating cash flow has decreased due to the consolidation of Kun Pharmaceutical and Tian Shili [9]. - The company is projected to achieve revenue growth in the coming years, with expected revenues of 30.987 billion yuan, 35.109 billion yuan, and 38.611 billion yuan from 2025 to 2027 [10].

Core Viewpoint - The company's performance in Q3 2025 continues to show weakness, primarily due to ongoing macroeconomic consumption demand issues and significant market competition pressures in the "Hi-Body" and regenerative product segments [5]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 1.86 billion, a year-on-year decline of 21.5%, and a net profit attributable to shareholders of 1.09 billion, down 31.0% [4]. - Q1, Q2, and Q3 2025 revenues were 660 million, 640 million, and 570 million respectively, reflecting year-on-year declines of 17.9%, 25.1%, and 21.3%. Net profits for the same quarters were 440 million, 350 million, and 300 million, with year-on-year declines of 15.9%, 41.7%, and 34.6% [4]. Profitability Metrics - The gross margin for the first three quarters of 2025 decreased by 1.4 percentage points to 93.4%, while the net profit margin attributable to shareholders fell by 8.1 percentage points to 58.6%. In Q3 2025, the gross margin was 93.2%, down 1.4 percentage points year-on-year, and the net profit margin was 53.7%, down 11.0 percentage points [6]. - The decline in gross margin is attributed to a lower proportion of high-priced product sales and increased competition from new compliant products in the market [6]. Expense Analysis - The company's expense ratio for the first three quarters of 2025 increased by 12.5 percentage points to 31.8%. The breakdown includes sales, management, R&D, and financial expense ratios of 12.4%, 6.4%, 12.7%, and 0.3%, respectively, with year-on-year increases of 3.7, 2.5, 4.8, and 1.4 percentage points [7]. - In Q3 2025, the expense ratio rose to 38.6%, up 18.2 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 15.4%, 8.8%, 14.3%, and 0.1%, respectively [7]. Taxation Impact - The company paid 23.3 million in taxes and additional fees for the first three quarters of 2025, reflecting a year-on-year increase of 59.1% due to higher value-added tax payments [8]. Product Development and Market Expansion - The company is progressively enhancing its aesthetic medical product lineup, having launched a new bone filler product "Kola" and completed the acquisition of REGEN Biotech, Inc. to enrich its regenerative product matrix [9]. - The company is also advancing its pipeline for botulinum toxin and semaglutide injection products, and has entered the hair medical market with the registration of minoxidil lotion [9]. - In October, the company completed the filing of a new cosmetic raw material "Glycyrrhizin A," aiming to penetrate the "medical-grade skincare" sector, with expectations for "pharmaceutical-cosmetic synergy" to create new growth avenues [9].

Group 1 - The company reported Q3 2025 performance, meeting market expectations with improvements compared to Q2 2025. Revenue for the first three quarters of 2025 was 1.865 billion yuan, down 21.49% year-on-year, while net profit attributable to shareholders was 1.093 billion yuan, down 31.05% year-on-year [1] - In Q3 2025, the company achieved a single-quarter revenue of 566 million yuan, down 21.27% year-on-year, and a net profit of 304 million yuan, down 34.61% year-on-year [1] - The increase in sales expense ratio significantly impacted profitability, with Q3 2025 gross margin at 93.19% (down 1.36 percentage points year-on-year) and net margin at 55.88% (down 8.66 percentage points year-on-year) [1] Group 2 - The company is expanding its product matrix through acquisitions, enhancing efficiency through industrial synergy. A wholly-owned subsidiary received approval for minoxidil lotion, a first-line topical treatment for androgenetic alopecia and alopecia areata, covering the entire population with 2% and 5% specifications [2] - The company acquired 85% of South Korean REGEN for 190 million USD, with core products AestheFill and PowerFill approved in 35 and 23 countries respectively, creating synergy with existing products [2] - The company is increasing R&D investment, with a robust pipeline. New products include the chin filler "Gekela" launched in May, and ongoing projects such as injectable botulinum toxin in the registration phase and clinical trials for semaglutide injection and deoxycholic acid injection [2] Group 3 - The company is deeply engaged in the domestic medical aesthetics market, with strong barriers to entry and a solid core product matrix. Despite short-term performance fluctuations, the potential for new product launches and synergy with REGEN is promising [3] - Revenue forecasts for 2025-2027 have been adjusted to 2.53 billion, 2.91 billion, and 3.51 billion yuan respectively, with corresponding net profit forecasts of 1.46 billion, 1.74 billion, and 2.18 billion yuan [3] - The company maintains a "buy" rating despite the adjustments, with expected PE ratios of 33, 28, and 22 times for 2025-2027 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported Q3 2025 earnings that met market expectations, showing improvements compared to Q2 2025. For the first three quarters of 2025, revenue was 1.865 billion yuan, down 21.49% year-on-year, and net profit attributable to the parent company was 1.093 billion yuan, down 31.05% year-on-year. In Q3 2025 alone, revenue was 566 million yuan, down 21.27% year-on-year, and net profit was 304 million yuan, down 34.61% year-on-year [7] - The company is expanding its product categories through acquisitions and enhancing operational efficiency. It has entered the hair health sector with the approval of minoxidil topical solution and acquired 85% of South Korean REGEN for $190 million, which will synergize with existing products [7] - The company is increasing R&D investments and has a robust pipeline of new products, including a chin filler launched in May and several products in clinical trials [7] - Despite short-term earnings fluctuations, the company is expected to regain growth driven by new product launches and synergies from acquisitions [7] Financial Summary - Total revenue for 2025 is estimated at 2.533 billion yuan, with a year-on-year decline of 16.3%. Net profit is projected at 1.464 billion yuan, down 25.2% year-on-year. The company expects to recover with revenue estimates of 2.911 billion yuan in 2026 and 3.513 billion yuan in 2027 [6][9] - The gross margin for Q3 2025 was 93.19%, a decrease of 1.36 percentage points year-on-year, while the net profit margin was 55.88%, down 8.66 percentage points year-on-year [7]

Core Insights - The company reported a revenue of 1.86 billion yuan for the first three quarters of 2025, a year-on-year decrease of 21.5%, and a net profit attributable to shareholders of 1.09 billion yuan, down 31.1% year-on-year [1] - The decline in performance is attributed to industry growth slowdown and intensified competition [1] Financial Performance - Q3 revenue was 570 million yuan, a year-on-year decline of 21.3%, with a net profit of 300 million yuan, down 34.6% year-on-year [1] - The gross margin in Q3 decreased by 1.4 percentage points to 93.2%, while the sales expense ratio increased by 6.4 percentage points to 15.4% [2] - The net profit margin and non-GAAP net profit margin in Q3 fell by 11.0 and 16.5 percentage points to 53.7% and 45.0%, respectively [2] Industry Trends - Industry growth is under pressure due to intensified competition, although the revenue decline in Q3 showed a narrowing compared to Q2 [2] - The company is actively adjusting its sales team and strategies to enhance education for doctors and institutions, aiming for improvement in future performance [2] Product Pipeline and International Expansion - The company has received approval for Minoxidil lotion and has several products at various stages of development, including Lidocaine and Dexamethasone cream, which are under review [3] - The ongoing integration of Regen and global channel expansion is expected to support the company's long-term growth in the global aesthetic medicine market [3] Profit Forecast and Valuation - The profit forecast for 2025-2026 has been revised down by 11% and 5% to 1.65 billion and 1.92 billion yuan, respectively [4] - The current stock price corresponds to a P/E ratio of 29x for 2025 and 25x for 2026, with a target price of 221 yuan, indicating a potential upside of 38% [4]

Core Viewpoint - The company reported a decline in revenue and net profit for Q3 2025, leading to a downward revision of profit forecasts for 2025-2027, while maintaining a "buy" rating due to a rich product matrix and ongoing internationalization efforts [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.87 billion yuan, a year-on-year decrease of 21.5%, and a net profit attributable to shareholders of 1.09 billion yuan, down 31.1% [1]. - In Q3 alone, revenue was 570 million yuan, a decline of 21.3%, with a net profit of 300 million yuan, down 34.6% [1]. - The gross margin for Q1-Q3 2025 was 93.4%, slightly down by 1.4 percentage points compared to the previous year [2]. Cost and Expense Analysis - The overall expense ratio increased, with sales, management, R&D, and financial expense ratios rising by 3.7 percentage points, 2.5 percentage points, 4.8 percentage points, and 1.4 percentage points respectively [2]. - The increase in management expenses was primarily due to higher labor and consulting service costs, while financial expenses were impacted by foreign exchange losses from overseas investments [2]. Product and Market Development - The company launched a new anti-aging product targeting high-net-worth individuals, aiming to lead the anti-aging market [3]. - The successful registration of a new cosmetic raw material and the approval of a minoxidil topical solution broaden the company's product diversity and drug development matrix [3]. - The company is enhancing its domestic market presence through a robust B2B channel network and leveraging self-media for operational efficiency and sales growth [3]. International Expansion - The new REGEN factory has commenced production, facilitating the international expansion of products like "Hi Body" and "Moisture White Angel" [3].