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].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the industry due to slowing growth and increased competition [1][2]. Financial Performance - For H1 2025, the company achieved a revenue of 1.299 billion yuan, down 21.59% year-on-year; net profit attributable to shareholders was 789 million yuan, down 29.57% year-on-year; and net profit excluding non-recurring items was 722 million yuan, down 33.70% year-on-year [1]. - In Q2 2025, revenue was 636 million yuan, down 25.11% year-on-year; net profit attributable to shareholders was 346 million yuan, down 41.75% year-on-year; and net profit excluding non-recurring items was 320 million yuan, down 42.83% year-on-year [1]. Profitability Metrics - The gross margin for H1 2025 was 93.44%, a decrease of 1.48 percentage points year-on-year; the net profit margin attributable to shareholders was 60.77%, down 6.88 percentage points year-on-year [2]. - In Q2 2025, the gross margin was 93.00%, down 2.26 percentage points year-on-year; the net profit margin attributable to shareholders was 54.38%, down 15.53 percentage points year-on-year [2]. Expense Ratios - The sales expense ratio for H1 2025 was 11.10%, an increase of 2.58 percentage points year-on-year; the management expense ratio was 5.34%, up 1.25 percentage points year-on-year; and the R&D expense ratio was 12.05%, up 4.46 percentage points year-on-year [2]. - In Q2 2025, the sales expense ratio was 12.39%, up 3.70 percentage points year-on-year; the management expense ratio was 5.99%, up 1.88 percentage points year-on-year; and the R&D expense ratio was 15.42%, up 7.38 percentage points year-on-year [2]. Product Performance - Revenue from solution-type injection products in H1 2025 was 744 million yuan, down 23.79% year-on-year, accounting for 57.27% of total revenue; gross margin was 93.15%, down 0.83 percentage points year-on-year [2]. - Revenue from gel-type injection products was 493 million yuan, down 23.99% year-on-year, accounting for 37.97% of total revenue; gross margin was 97.75%, down 0.23 percentage points year-on-year [2]. - Revenue from freeze-dried powder injection products was 19 million yuan, accounting for 1.50% of total revenue; revenue from facial implant lines was 3 million yuan, down 4.56% year-on-year, accounting for 0.26% of total revenue [2]. Other Income - Other income amounted to 39 million yuan, an increase of 38.88% year-on-year, accounting for 3.01% of total revenue [3]. R&D and Pipeline - The company has a strong R&D pipeline, with products such as botulinum toxin type A and minoxidil lotion submitted for review, and a local anesthetic cream application accepted for listing; other products are in clinical trials, which are expected to strengthen the company's leading position in the medical aesthetics sector [4]. Strategic Acquisition - The company completed the payment for 95% of the transaction price for the acquisition of South Korean REGEN, a key move in its internationalization strategy, which is expected to enhance its leading position in the medical aesthetic injection market and facilitate overseas business expansion [5]. Future Outlook - The company has adjusted its revenue and profit forecasts for 2025-2027 due to industry slowdown and increased competition, projecting revenues of 2.724 billion yuan, 3.190 billion yuan, and 3.715 billion yuan, and net profits of 1.630 billion yuan, 1.942 billion yuan, and 2.343 billion yuan for the respective years [5].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6][17]. Core Views - The company is experiencing a temporary pressure on performance in H1 2025, with a revenue of 1.299 billion yuan, down 21.59% year-on-year, and a net profit of 789 million yuan, down 29.57% year-on-year. The second quarter of 2025 also shows a decline in revenue and net profit [1][2]. - Despite the current challenges, the company has a rich pipeline of products and strong R&D capabilities, with several products in various stages of development, including the injection of botulinum toxin type A and minoxidil lotion [4]. - The acquisition of Korean company REGEN is a key strategic move for the company's international expansion, enhancing its position in the aesthetic injection market and facilitating the entry of its products into international markets [5]. Financial Performance - In H1 2025, the gross margin was 93.44%, a decrease of 1.48 percentage points year-on-year, while the net profit margin was 60.77%, down 6.88 percentage points year-on-year. The R&D expense ratio increased to 12.05%, up 4.46 percentage points year-on-year [2]. - The revenue from solution-type injection products was 744 million yuan, down 23.79% year-on-year, while gel-type injection products generated 493 million yuan, also down 23.99% year-on-year [3]. - The company expects revenues for 2025-2027 to be 2.724 billion yuan, 3.190 billion yuan, and 3.715 billion yuan respectively, with net profits of 1.630 billion yuan, 1.942 billion yuan, and 2.343 billion yuan respectively [5]. Market Position - The company is facing a slowdown in industry growth and intensified competition, which is impacting the growth of its core products [3]. - The company maintains a leading position in the aesthetic medical market, supported by its strong product pipeline and recent acquisitions [5].

Company Overview - Aimeike is a leading provider of medical beauty products in China, focusing on the research, production, and sales of biological medical materials [1] - The company's main products include sodium hyaluronate injection fillers and facial implant threads [1] Stock Performance - As of July 29, 2025, Aimeike's stock price was 187.95 yuan, down 0.73% from the previous trading day [1] - The trading volume for the day was 31,368 hands, with a transaction amount of 587 million yuan [1] Market Activity - On July 29, Aimeike experienced a net outflow of main funds amounting to 30.38 million yuan, ranking third among the stocks with net outflows in the beauty and personal care sector [1] - The overall beauty and personal care industry saw a decline of 0.71%, with a total net outflow of 231 million yuan [1]

Core Viewpoint - The company reported a revenue of 3.026 billion yuan for 2024, representing a year-over-year increase of 5.45%, and a net profit attributable to shareholders of 1.958 billion yuan, also up by 5.33% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 650 million yuan, down 7.00% year-over-year, and a net profit of 372 million yuan, down 15.47% year-over-year [1] - The gross margin for 2024 was 94.64%, a decrease of 0.46 percentage points year-over-year, with solution and gel products having gross margins of 93.76% and 97.98%, respectively [2] - The net profit margin for 2024 was 64.66%, showing a slight increase of 0.01 percentage points year-over-year [2] Product Performance - Revenue from solution injection products was 1.744 billion yuan, up 4.40% year-over-year, with volume increasing by 23% but price decreasing by 15% [1] - Revenue from gel injection products was 1.216 billion yuan, up 5.01% year-over-year, with volume decreasing by 11% and price increasing by 18% [1] - Revenue from facial implant lines was 6.8042 million yuan, up 14.95% year-over-year [1] Growth Potential - The company is expected to benefit from new product approvals and acquisitions, which may enhance growth certainty [3] - New products such as semaglutide injection and deoxycholic acid injection have received clinical trial approvals, with others entering the review stage [3] - The acquisition of REGEN is anticipated to be a key step in the company's global expansion strategy [3] Investment Outlook - The company’s growth rate is expected to slow down in 2024 due to increased competition in the medical aesthetics market and a relative lack of new products [4] - Profit forecasts for 2025-2027 are adjusted to 2.12 billion, 2.40 billion, and 2.65 billion yuan, representing year-over-year growth rates of 8.4%, 13.3%, and 10.2%, respectively [4] - The company maintains a "buy" rating based on the adjusted profit forecasts [4]

Core Insights - The company achieved a revenue of CNY 3.03 billion in 2024, representing a growth of 5.5%, and a net profit of CNY 1.96 billion, up by 5.3% [1] - The company maintained stable profitability with a gross margin of 94.6% and a net margin of 64.7% for the year [1] - In Q4 2024, the company reported a revenue of CNY 650 million, a decrease of 7.0%, and a net profit of CNY 370 million, down by 15.5% [1] Revenue and Profit Analysis - Revenue from solution products was CNY 1.74 billion, growing by 4.4% - Revenue from gel products reached CNY 1.22 billion, increasing by 5.0% - Revenue from facial implant lines was approximately CNY 6.804 million, up by 15.0% - Other revenues, including cosmetics, amounted to CNY 59.192 million, a significant increase of 68.5% [1] R&D and Acquisition Strategy - The company increased its R&D expense ratio to 10.0%, up by 1.3 percentage points, indicating a focus on product pipeline development [2] - The company announced plans to acquire 85% of South Korean REGEN for USD 19 million, which is expected to significantly contribute to revenue and profit by 2026 [2] - The acquisition includes two listed products, AestheFill and PowerFill, which are anticipated to enhance the company's market position [2] Earnings Forecast and Valuation - Revenue projections for 2025 and 2026 are CNY 3.30 billion and CNY 3.60 billion, reflecting year-on-year growth of 9.2% and 9.1% respectively [3] - Net profit forecasts for the same years are CNY 2.02 billion and CNY 2.18 billion, with growth rates of 3.1% and 7.7% [3] - The target price for the company is set at CNY 299.47 per share, based on a price-to-earnings ratio of 45x for 2025 and 42x for 2026 [3]

Investment Rating - The report maintains an "Outperform" rating for the company [1][2][7] Core Views - The company achieved steady growth in 2024, with revenue of Rmb 3.03 billion (+5.5%) and net profit of Rmb 1.96 billion (+5.3%), maintaining a gross profit margin of 94.6% [3][11] - The company is focusing on overseas mergers and acquisitions, particularly the proposed acquisition of REGEN in South Korea, which is expected to significantly contribute to revenue and profits in 2026 [4][16] Financial Performance - Revenue and profit growth for 2024: Revenue of Rmb 3,026 million, net profit of Rmb 1,958 million, with a gross profit margin of 94.6% [3][11] - Q4 2024 performance showed a revenue decline of 7.0% to Rmb 650 million and a net profit decline of 15.5% to Rmb 370 million [12] - Revenue by product category: Solution-based products Rmb 1.74 billion (+4.4%), Gel-based products Rmb 1.22 billion (+5.0%), Facial implant threads Rmb 6.804 million (+15.0%), Other revenue Rmb 59.192 million (+68.5%) [13][14] Research and Development - Increased R&D investment with a ratio of 10.0% in 2024, focusing on new product pipelines and clinical trials [4][15] - The company has received clinical trial approvals for several new products, indicating a commitment to innovation [15] Acquisition Strategy - The proposed acquisition of REGEN for US$190 million is expected to enhance the company's product offerings and production capacity, with the second factory in South Korea expected to start production in Q2 2025 [4][16] - The target company reported revenue of Rmb 72.23 million and net profit of Rmb 29.5 million from January to September 2024 [16] Earnings Forecast and Valuation - Revenue projections for 2025 and 2026 are Rmb 3.30 billion and Rmb 3.60 billion, respectively, with year-on-year growth of 9.2% and 9.1% [5][17] - The target price is set at Rmb 299.47 per share, corresponding to a P/E ratio of 45x for 2025 and 42x for 2026 [7][17]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Insights - In 2024, the company achieved revenue of 3.026 billion RMB, a year-on-year increase of 5.5%, and a net profit attributable to shareholders of 1.958 billion RMB, up 5.3% year-on-year [1]. - The company is experiencing a mixed performance in its product lines, with injection gel and solution products showing growth despite a weak overall market demand in the medical aesthetics sector [2]. - The company has made significant progress in its product pipeline, with multiple research and development projects advancing, which lays a foundation for future growth [3]. Financial Performance - The company reported a revenue of 30.26 billion RMB in 2024, with a net profit of 19.58 billion RMB, and a non-recurring net profit of 18.72 billion RMB [1]. - For the fourth quarter of 2024, the company recorded a revenue of 6.5 billion RMB, a decrease of 7% year-on-year, and a net profit of 3.72 billion RMB, down 15.5% year-on-year [1]. - The revenue from solution injection products was 17.44 billion RMB, growing by 4.4% year-on-year, while gel injection products generated 12.16 billion RMB, up 5.01% year-on-year [2]. Profit Forecast and Valuation - The profit forecast for 2025-2027 estimates net profits of 2.381 billion RMB, 2.874 billion RMB, and 3.368 billion RMB, representing year-on-year growth rates of 22%, 21%, and 17% respectively [4]. - The earnings per share (EPS) for the same period are projected to be 7.87 RMB, 9.50 RMB, and 11.13 RMB, with corresponding price-to-earnings (P/E) ratios of 24, 20, and 17 [4].

Investment Rating - The report maintains a "Buy-B" rating for the company [1][8]. Core Views - The company has a rich pipeline of products under development and is accelerating its international expansion through acquisitions [1][7]. - The company reported a revenue of 3.026 billion yuan in 2024, representing a year-on-year growth of 5.45%, with a net profit of 1.958 billion yuan, also up by 5.33% [4][10]. - The company plans to distribute a cash dividend of 38 yuan per 10 shares, which accounts for 58.51% of the net profit attributable to shareholders [4]. Financial Performance - The company achieved a gross margin of 94.64%, a decrease of 0.46 percentage points, and a net margin of 64.66%, an increase of 0.01 percentage points [6]. - The operating cash flow for the period was 1.927 billion yuan, down by 1.38% [6]. - The company’s revenue from gel products was 1.216 billion yuan, up by 5.01%, with a gross margin of 97.98%, an increase of 0.49 percentage points [5]. Product Development and Market Expansion - The company has three products in the registration application stage and three in clinical trials, indicating a robust product pipeline [5][7]. - The acquisition of an 85% stake in the South Korean medical aesthetics company Regen Biotech for 190 million USD is expected to enhance the company's product offerings and accelerate its international presence [7]. Market Data - As of March 21, 2025, the company's closing price was 190.10 yuan, with a total market capitalization of 57.523 billion yuan [3]. - The company’s earnings per share (EPS) for 2024 was reported at 6.50 yuan [4]. Future Projections - The projected EPS for 2025, 2026, and 2027 are 7.06 yuan, 7.93 yuan, and 8.66 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 26.9, 24.0, and 22.0 [7][10].

Investment Rating - The report maintains a "Buy-B" rating for the company [1][8]. Core Views - The company has a rich pipeline of products under development and is accelerating its international expansion through acquisitions [1][6]. - In 2024, the company achieved a revenue of 3.026 billion yuan, representing a year-on-year growth of 5.45%, and a net profit of 1.958 billion yuan, also up by 5.33% [2][4]. - The company plans to distribute a cash dividend of 38 yuan per 10 shares, which accounts for 58.51% of the net profit attributable to shareholders [2]. Financial Performance - The company reported a gross margin of 94.64%, a net margin of 64.66%, and an overall expense ratio of 22.21% for the period [4]. - The revenue from solution products was 1.744 billion yuan, with a gross margin of 93.76%, while gel products generated 1.216 billion yuan with a gross margin of 97.98% [3]. - The company has three products in the registration application stage and three in clinical trials, indicating a robust product pipeline [3][4]. Regional Performance - Revenue from different regions showed varied growth: North China +33.21%, Central China +19.84%, while East China saw a decline of -4.08% [3]. - Direct sales accounted for 66.37% of total sales, while distribution sales made up 33.63% [3]. Acquisition Strategy - The company plans to acquire 85% of the Korean medical beauty company Regen Biotech for 190 million USD, which will enhance its product line and accelerate internationalization [6]. - The target company reported a revenue of 72 million yuan and a net profit of 30 million yuan for the first nine months of 2024 [6]. Earnings Forecast - The projected EPS for 2025, 2026, and 2027 are 7.06 yuan, 7.93 yuan, and 8.66 yuan respectively, with corresponding P/E ratios of 26.9, 24.0, and 22.0 [6][10].