Core Viewpoint - The report from Minsheng Securities highlights that Aimeike's net profit attributable to shareholders for the first half of 2025 is 789 million yuan, representing a year-on-year decrease of 29.57% [1]. Financial Performance - In Q2 2025, the net profit attributable to shareholders is 346 million yuan, showing a year-on-year decline of 41.75% [1]. - The company distributed a cash dividend of 12 yuan per 10 shares (including tax), totaling 362 million yuan, which accounts for 45.82% of the net profit for the first half of the year [1]. Product Development and Market Strategy - The company has a rich pipeline of research products, with a more comprehensive product matrix [1]. - As of the end of H1 2025, the company and its subsidiaries have obtained 12 Class III medical device registration certificates, covering a diverse range of products including sodium hyaluronate fillers and polylactic acid fillers [1]. - The research pipeline has extended into biopharmaceuticals and chemical drugs, including products like botulinum toxin type A, second-generation facial implant lines, semaglutide injection, and hyaluronidase, employing a differentiated competition strategy to expand market space and ensure sustainable business growth [1]. Acquisition Activity - In the first half of the year, the company acquired 85% of South Korean REGEN for 190 million USD, with its core products AestheFill and PowerFill approved in 35 and 23 countries, respectively [1]. Rating - The report maintains a "recommended" rating for the company [1].